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OCTOBER
1940

Nebraska Bankers
Convention— PaSe

79

Iowa Bankers
Convention— Page

91


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

JOHN W. SNYDER AND SIR STAFFORD CRIPPS

TH E 1 0 4 9
STATE C O N V E N T IO N
promises Valuable Banking Ideas

promises to uphold the Association’ s tradition of presenting practical recommendations for
better banking management.

The Merchants National will be represented at the Convention

by several of its senior officers.

As usual, we are looking forward to this reunion with our

many friends and to the pleasure o f making new friends.

c*
A CEDAR RAPIDS RANK
M ID W E ST

SSV

SERVING THE

In accordance with our policy o f promoting the
welfare o f our correspondent banks, The Mer­
chants National announces a new radio series.
W e invite you to hear The Merchants National
Hour, featuring the “ MGM Theatre o f the Air,”
over W M T , 6 0 0 on your dial, 9 to 10 each Sunday
evening. Part o f the commercial time on this fine
dramatic production is used to promote “ local
banking” throughout the vast W M T listening

THE
Member Federal Deposit Insurance Corporation

No 747 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, under Act of March 3, 1879.


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Federal Reserve Bank of St. Louis

OFFICERS
J a m e s E. H a m il t o n ,

Chairman of Executive Committee
S. E. COQUILLETTE,

Chairman of the Board
Jo h n

T.

H a m ilt o n

II,

President
M ark J. M yers ,
Vice President
F red W . Sm ith ,
Vice President
George F. M iller,
Vice
President
and Trust Officer
M arvin R. Selden,
Vice President

R. W . M an att ,
Vice President
W. Broulik,
Vice President
P eter B ailey ,
Cashier

L.

R. D. Brown ,
Asst. Cashier
O. A. K earney ,
Asst. Cashier
Stanley J MohrH ACHFR,

Asst. Cashier
E verett C. P ratt,
Asst. Cashier
C. F. P eremsky ,
Asst. Cashier
V ictor W . B ryant ,
Asst. Cashier
J ames E. Coquil­
lette.
Asst. Cashier

Cw a n t W o o d

Merchants National
C

E

D

A

R


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Federal Reserve Bank of St. Louis

R A P I D S

I

O

W

A

BANK

4

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V

Jr

>

Í

Development and production of safety papers that
meet the most exacting specifications, in writing
surface, ap p earan ce, depend ability, has been the
fixed purpose of George La Monte & Son throughout
more than 75 years of operation. » » Today La Monte
check papers are recognized as the standard for qual­
ity and safety from coast to coast.

«

«
A C h e ck Pap er A ll Your O w n
T h o u sa n d s ot b a n k s a n d m a n y of the larger corporations u se La Monte
S a f e t y P apers with their o w n trade-mark or d es ig n m a d e in the p a p e r
itself. Such i n d i v i d u a l i z e d ch e c k p a p e r p ro v id es m a x i m u m protection
against both alteration a n d counterfeiting — m a k e s identification po sitive.

-<

w

*

.tH E W AVY UNES ® ARE A EA MONTE TRADE-MARK

K
N orthw estern Banker, Oc t obe r , 1949


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Federal Reserve Bank of St. Louis

' I "HE musical notes of a bell which had
once hung in an old French church
summoned the slaves at Belle Meade to
their daily tasks. By some strange chance
this bell had found its way across the sea
to a Mississippi steamboat where its mellow
tones so captivated Belle Meade’ s owner
that he bought it for his estate.
Located about six miles from Nashville,
Belle Meade is reached through a long
avenue lined with vine-covered cedars. The
house was built in 1853, the year The Home
was founded. It replaced an earlier dwelling
which had been destroyed by fire. The six
square columns on the portico were made
from stone quarried on the estate. John
Harding, the first owner, cleared and fenced
the property when he came to Tennessee in
1805. While a home was being built, he
lived in a log cabin where his son William
Giles Harding was born.
Brigadier general in the militia and prom­
inent agriculturist, William G. Harding
made Belle Meade one of the most pros­

A gardener

BELLE MEADE
th e ¿ B ea'id i/u l

w as brought from S w itzerland to care fo r the flow ers an d shrubs

internationally renowned. The sale of year­
perous farms in Tennessee. Within its 5,000
ling colts which was an eagerly awaited
broad acres was a park planted with blue
annual event brought thousands of visitors
grass where as many as 250 deer roamed
from this country and abroad. Representa­
unmolested. At one time elk, buffaloes and
tives of the French government who came
cashmere goats were also given sanctuary.
to inspect Am erican
But Belle M eade’ s
thoroughbreds in 1881
principal attraction was
r e p o rte d that Belle
its m agnificent thor­
Meade had the finest in
oughbred horses, many
of which, including
the country. Though his
horses were entered in
Bonnie Scotland, Iro­
all the leading races
quois and Luke Black­
and won many tro­
burn, won lasting fame
phies, General Flarding
in the annals of the
was interested in racing
turf. As probably Amer­
solely as a gentleman’s
ica’s oldest farm for
sport and refused to
breeding thoroughbreds
and one of the finest of
take part in betting.
IR O Q U O IS - O nly Am erican bred horse
that has ever won the English D erby
its day the estate was
B esides h orsem en


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Federal Reserve Bank of St. Louis

many prom inent persons
were visitors at Belle Meade,
including Andrew Jackson,
James K. Polk, Benjamin
Harrison and Grover Cleve­
land. As evidence of the hos­
pitality for which the planta­
tion was noted, the dining
table was kept extended to
its ftrll length with places
always set for unexpected
guests.
Like most of the southern
plantations of that time,
Belle Meade had its comple­
ment of slaves. They were,
however, treated with un­
usual consideration and con­
cern for their comfort and
welfare. Charles Sumner,
noted abolitionist, declared
that if conditions at Belle Meade were typ­
ical of the South, “ I must retract much that
1 have written against slavery.”
Two of General Hard­
ing’s daughters mar
ried brothers, W il­
liam H. and Howell
E. Jackson, who
continued to op ­
erate Belle Meade
af t er H a r d i n g ’ s
death. By General
LI. S. Grant’s own ad­

mission he narrowly es- w illia m H . Jackson
caped capture by William Jackson who was
a brigadier general in the Confederate
cavalry.
Though the property passed into other
hands after the death of General Jackson’ s
son and has been reduced in size through­
out the years, Belle Meade, still privately
owned, has been maintained as one of the
South’s most beautiful plantations.

Jhe

J-lome,

through

its agents

and

brokers, is America's . leading insurance
protector

of American

homes and the

homes of American industry.

a

THE

HOME

a

Home O ffic e : 5 9 M aid en La n e , N ew Yo rk 8 , N. Y .
FIRE

•

AU TO M O B ILE

•

M ARINE

The Home Indemnity Company, an affiliate,
writes Casualty Insurance, Fidelity & Surety Bonds
Copyrig-ht 1 9 4 9 . T h e H o m e I n s u r a n c e C o m p a n y

6

BANKERS

TRUST HAS

GIVEN

US A

VERY HELPFUL CREDIT REPORT, BILL.

,

IT'S A T H O R O U G H P E N E T R A T I N G J O B
— J U S T THE I N F O R M A T I O N WE N E E D . .

How you can get dependable Credit Information
Y o u , o f course, know the impor­

Our

credit

investigators

and

This "officer management” offers
you a decided advantage.

tance of getting accurate, depend­

analysts are well-trained, compe­

able credit information — credit

tent, and experienced. In addition,

This is just one of the many

information which can be acted

every credit inquiry receives the

services Bankers Trust offers its

personal attention of an experi­

correspondents and customers. If

enced credit officer. H e supervises

you require an efficient N e w Y ork

upon with confidence.
That is the kind of credit in­

the investigation and evaluates the

banking connection you are in­

formation you receive when you

facts obtained in the light of cur­

vited to write us at 16 W a ll Street,

send us your credit inquiries.

rent trade and business conditions.

N e w Y ork 15, N . Y .

b

»

Credit information from Bank­
ers Trust is based on personal in­
terviews with suppliers, customers,
competitors, banks, trade associa­
tions and regular credit agencies.

Bankers T rust Co m p a n y
NEW

YORK

MEMBER FEDERAL DEPOSIT INSURANCE CORPORATION

\

Nort hwest ern Banker, Oc t obe r , 1949


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

>

I,

.*

« If tr


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Federal Reserve Bank of St. Louis

Iowa’s Friendly Bank”

WM. J. GOODWIN
Chairman. Board of Directors

WALTER L. STEWART
Vice Chairman, Board of Directors

J. R. CAPPS
Vice President

IRWIN ABRAM
Vice President

E. F. BUCKLEY
President

FRANK R. WARDEN
Vice President

DALE C. SMITH
Assistant Cashier

DON KELLER
Assistant Cashier

m 1.

C. M. LARSON
 Assistant
Cashier
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

GEORGE NELSON
Assistant Cashier

I f there is anything any of our officers

Annual Convention o f the Iowa Bankers'

can do to add to your comfort, conven-

Association, Des Moines, October 17, 18

ience or pleasure while attending the 63rd

& 19th-—please feel free to call upon them.

CENT RAL N A T I O N A L BANK
and TRUST COMPANY

•

DES MOINES, Iowa

Member Federal Deposit Insurance Corporation

A. T. DONHOWE
Vice President

H. C. WINDER
Cashier

NOEL T. ROBINSON


Vice President and Trust Officer
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

LEHMAN PLUMMER
Vice President

EM M ETT E . JO H N S

FRED H . Q U IN ER

Vice President

Vice President

G. W. BARTMESS, JR.
Assistant Cashier

Assistant Cashier

D. R. WITHINGTON
Assistant Cashier

I. L. WRIGHT
Trust Officer

ALBERT C. ROBERTS
Trust Officer

RAYMOND W. JONES
Trust Officer

J . E . Q U IN ER

n T o B®

y

W-i-« ' ■
« M IR A I NATIONAL
bank

CURB TEUER

JWM\

Plans are well advanced
for the early installation of
a combined Curb Teller and
N ig h t D e p o s ito r y on th e
L o c u s t S tre e t side o f our
bank building.
This installation, the first
of its kind to be m ade in
Iowa, will add a new c o n ­
v en ie n c e —by p e r m ittin g
customers to bank easily and
quickly-right from their car.


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

DES M O I N E S , IO W A

mm

11

What’s your score...
_ ......... ....................

&

a test that can
make money
for many banks!

If you score even a single
NO, you need a National
Proof System!

Do you enter all of these on one machine: Incoming
* mail? Counter items? Clearing list?
Do you have positive identification of every credit
item? (Through a date, deposit number, classification
number, and amount printed on each incoming letter

Experience has proved that
the National Proof System
increases proof department
efficiency, permits a smooth
flow of work to all other de­

and clearing list.)
Do you have centralized control of every department?
(Compiling all proof figures at one source and on

partments, and saves money

one machine.)

at the same lime.

Do you have automatic accuracy? (\\ ith a proof sys­
tem that shows if a deposit is incorrect, that prints
the amount of the error, and that provides controlling

There’ s a National for
every bank and every
banking job.

* figures instantly.)

Regardless of the size of
your bank, there’s a National
System to meet your every
banking need . . . not only
in the proof department, but
in all departments. Call your
nearest National representa­
tive, or write to the Com­
pany at Dayton 9, Ohio.

Do you correct errors mechanically? (With a mechan­
ical lock enforcing correction of errors and preventing
entry of next deposit until error is corrected.)
Do you have accurate, directed sorting? (Speedy dis­
tribution of items with shutter-directed accuracy and
*0 seven individual tapes to save relisting of items.)

This 64-page, illustrated booklet describes the National line
for banks. Get it FREE from your National representative.

G/fhaËcnal

You’ll find it most interesting and useful.

ACCOUNTING MACHINÍS
C A SH

T H E

N A T I O N A L


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Federal Reserve Bank of St. Louis

C A S H

R E G I S T E R

RtGISTCRS•ADDI NG MACHINÍS

C O M P A N Y
Northwestern Banker, Oc t o be r , 1949

SOLVE THE PROBLEM OF INVENTORY LOANS
with

FIELD WAREHOUSE REEEIPTS
issued by
WILLIAM H. BANKS W AREHOUSES, INC.
1892

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

1949

5 7 continuous years o f service to Banks

FIELD WAREHOUSE RECEIPTS issued by WILLIAM H. BANKS
WAREHOUSES, INC., representing inventories stored RIGHT ON
THE BORROWER’S OWN PREMISES, furnish Banks with SAFE and
SOUND COLLATERAL to inventory loans, with a minimum of incon­
venience to the Borrower and maximum protection for the Bank.
★

★

★

★

★

★

★

★

★

★

★

★

★

★

★

★

Dave Coffman and Jim Fletcher will he attending the NEBRASKA
BANKERS ASSOCIATION MEETING at Lincoln, and will he registered
at the Hotel Cornhusker.

They will also attend the IOWA BANKERS

ASSOCIATION MEETING at Des Moines and will he registered at the
Hotel Fort Des Moines. They will be very happy to discuss our service
with yon in person and will appreciate an opportunity of a visit with you.

Division Offices:
DES MOINES, IOWA
ANGOLA, INDIANA

•
»

ST. LOUIS, MISSOURI
•
MADISON, WISCONSIN
•
SAN ANTONIO, TEXAS

GRAND RAPIDS, MICHIGAN
FAYETTEVILLE, ARKANSAS

WILLIAM H.BANKS WAREHOUSES
(INC.)

2 0 9 SO. L A S A L L E ST., C H I C A C O , ILL.

11JOT

f ie le t IVaAeluruNe 'R eceipts
B hid/jitujTHE GAP

BANKING and, INDUSTRY
Nort hwest ern Banker, Oc t o be r , 7949


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Federal Reserve Bank of St. Louis

13

!h*ar Miditur

DES MOINES
O ldest Financial Journal West of the Mississippi

•

54th Year

•

No. 747

IN THIS OCTOBER, 1949, ISSUE
The following letters are from
Northwestern Banker readers. Your
views and opinions on any subject
are welcome in this column.

"Received Many Inquiries"
“ Our bank, the Capital City State Bank,
has had many inquiries about our drive-in
banking and adjoining free parking lot for
depositors.
“ Our installation has been in operation
approximately one year. Being a combina­
tion forty-car parking area and drive-in
teller’s cage, we believe it is the only in ­
stallation of its kind in Iowa. It has been
exceptionally well received by our clientele.
“ At the present time we are using our
drive-in teller’s cage for checking account
deposits and filling payroll and change
orders. After several months of operation
we feel that because of parking conditions
in our city the parking area adjoining our
bank is o f equal importance to the drive-in
teller’s cage.
“ Our normal daily operation has been
very satisfying. On peak banking days we
have had a volume o f traffic which has taxed
both of these facilities; however, we have
been fortunate in securing the services of
an experienced traffic police officer who has
handled the situation ably. On capacity
days we handle several hundred cars through
our joint operation.
“ We shall be pleased to have any of the
‘visiting firemen’ see our installation during
the Iowa convention in Des Moines October
17th to 19th.”

Raymond G. Miller
Executive Vice President
Capital City State Bank
Des Moines, Iowa

"Serial Bank Statements"
“ We have just inaugurated the system of
‘ Serial Bank Statements.’ I say it is new be­
cause it is new to Nebraska; however, it has
been tried in some other places. We had the
regular amount of trouble getting our state­
ments out all at one time, and getting them
out in a neat and correct fashion. Up until
this month (September) we have had about
thirty-five different people in the bank
putting up a small section of our statements.
“ Starting on the 12th of September we
began mailing and putting up a few o f our
individual customer’ s statements as per the
schedule I enclose. (Editor’s Note: Schedule
shows statements closed as of 3rd of each
month up through the 26th o f each month,

(Turn to page 48, please)

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Federal Reserve Bank of St. Louis

EDITORIALS
A cross the Desk from the Publisher...................................................... 14, 15

FEATURE ARTICLES
Dear E ditor .............. .............................. ...........................................................
F rontispage ............. ........ ..........................- .................................................. —
That F.D.Í.C. Assessm ent— Keep It? Or K ill I t ? ................................
_________ _____ ___________ ______ A N orthw estern B a n k e r Survey
M y Im pression o f E uropean E con om y........— ............C. R. G ossett
How the 5-D ay W eek W orks fo r U s........................................ .................
........... ................ ........ ............ ........ A N orthw estern B a n k e r Survey
News and Views o f the Banking W orld ..................... Clifford D e P u y
W hat Is Y ou r Loan P o licy ? ....... A N orthw estern B a n k er Survey
H ow W e Prom ote P ublic Relations in Our Bank................................... .
............................................. .............A N orthw estern B a n k e r Survey
W h at D o Y ou Think o f Y ou r B ank?..........................................................
..........................................................A N orthw estern B an k er Survey

San Francisco Is Host to American Bankers Convention.................
Bankers You Know—Edward Eagle Brown.....................................
When Does a Person Become 21?—Legal Section......... .................
On the Cover......................................................................................

13
16
17
18
19
20
21
22
23

24
25
26
63

BONDS AND INVESTMENTS

7 Billions in Tax Exempt Housings Foretells Municipal Market
Change .............................................................. Raymond T rig g er 45
Iowa Investment Field Day—
....................—
............ — 49

INSURANCE
How I Sell in a Small Town.......................................... Andy Wolf
Advice for Young Men Who Want to Sell Insurance------- --------$300,000,000 Coverage Goes Begging................................................
To Sell Public on Life Insurance.....................................................

57
59
62
66

STATE BANKING NEWS
Minnesota News ...................... ..................... .....................................
Twin City News.........................................................................
South Dakota News....... ........... ........................... ................. ..........
Sioux Falls News......................................... ..............................
North Dakota News...................... ....................................................

69
70
75
75
77

NEBRASKA CONVENTION SECTION
Nebraska Bankers Prepare for 52nd Annual Convention...... ......... .
You Will See Them at the Nebraska Bankers Convention................
Nebraska Bankers Convention Committee Chairmen..... .......... ......
Omaha News ...................................................................................

79
80
82
87

IOWA CONVENTION SECTION
The Executive Committee for the Iowa Convention....... ............. 98, 99
You Will See Them at the 63rd Iowa Bankers Convention................103
Sioux City News................................................................................ I ll
Dual 50th Anniversary Observed in Lone Rock................................113
Des Moines News___ _____________ ____________ ______________ 116
NORTHWESTERN BANKER
527 Seventh St., Des Moines 9, Iowa, Telephone 4-8163

CLIFFORD DE PUY

RALPH W. MOORHEAD
Associate Publisher

Publisher

HENRY H. HAyNES
Editor

ELIZABETH COLE

Advertising Assistant
PAUL W. SHOOLL
Field Representative

BEN J. HALLER, JR.
Associate Editor
HAZEL C. STEPHENSON
Auditor

MALCOLM K. FREELAND
Associate Editor
SADIE E. WAy
Circulation Department
JOSEPH W. FRANKS
Field Representative

NEW YORK OFFICE
Frank P. Syms, Vice President, 505 Fifth Ave., Suite 1806

MUrray Hill 2-0326

DE PUY PUBLICATIONS: Northwestern Banker, Underwriters Review,
Iowa-Nebraska Bank Directory.
Nort hwest ern Banker, Oc t o be r , 1949

So again the N orthwestern B anker comes
back to the point it has tried to make so many
times, namely, is this the kind of government we
would want in the United States or any other part
of the world?
To us the answer is a thousand times no, but
there still seem to be some goofy crackpots who
are in favor of such a system.
Such thinking to us seems unbelievable.

(DqW u H&jimwL. lx). Sirnnkhm a^:
President, U. S. Chamber of Commerce

A survey was made recently among seniors
graduating from 60 universities asking them
what they wanted to do, and what they liked
most as an occupation.

A cro ss th e D esk
F ro m th e P u b lis h e r
(bsu ou t^ Q & ilsu ^

S

m jM l

:

1. Only 2 %

British Delegate to United Nations Economic
and Social Council

When you told the meeting of the United Na­
tions economic and social council in Geneva that
you had documentary proof and-photostatic copies
to show that there are 10 million persons in the
Soviet forced labor camps, this was not really a
surprise to most people, or at least it shouldn’t
have been.
However, this is the first time, Mr. Smith, that
we have had any evidence or proof of the exact
number and you are to be congratulated on bring­
ing this fact to light before all the world—prob­
ably all the world, except the people in Russia
outside of their own prison camps.
As you say, “ The basic motive underlying this
elaborate system is economic. Forced labor has
been used in the past, notably by the Nazi dicta­
torship, for other objectives, such as punitive
treatment or re-education.
“ Punishment and indoctrination are by no means
absent from the forced labor colonies of Russia,
but the main purpose is to insure that the govern­
ment

can undertake,

at cut rates

as regards

wages, the great engineering works and the heavy
industry demanded

by the gosplan

(the state

planning commission), the building of railways
and canals and the mining of precious ores, often
in the most desolate regions of the U .S .S .R .”
Nort hwest ern Banker, Oc t o be r , 1949


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The thing that surprised us, Mr. Steinkraus,
was that only 2% of the seniors wanted to own
their businesses.
Is this a reflection upon American business men,
and does it present an opportunity for education
on the part of the United States Chamber of Com­
merce to impress the future college graduate that
being an entrepreneur has many advantages, as
well as some disadvantages.
The 4 main points emphasized in this survey
are as follow s:
of the seniors want to own their

own businesses.
2. Sales

and

merchandising

is

the

favorite

career of college seniors this year.
3. Finance was third in their preference includ­
ing credit, financial analysis and trust and
estate work over brokerage and investment.
4. The class of 1949 primarily wants security,
meaning a job with a company with cash
reserves and a fairly depression-proof prod­
uct.

The survey emphasizes that since many of the
seniors have come back to civilian life from war
training, they are “ not impatient with authority”
and are accustomed to organization and to them
“ big business means security.”
It was the small shop-keeper and small indus­
trialist who owned his own business who helped
to build America and it is for that reason, Mr.
Steinkraus, that we believe the United States
Chamber of Commerce should continue to em­
phasize the advantages to be gained by “ owning
your own business.”
Perhaps this change of opinion will not come
until some of the restrictions both from a tax
standpoint and from regimentation are removed
by the authorities at Washington, and that too is
something in which you and your organization
are interested.

ize that through governmental spending and taxes,

(D&jgUc dioAb&AJL dlaovoA^:

our nation is blissfully driving down the back

A Great Statesman and American

road to it at top speed. ’ ’

At 75 years of ag'e you still amaze us with your
vitality and vigor and we want to again express
our appreciation for the great contribution you
have made to the American way of life.
The Hoover Commission report about which
we have commented several times in the N orth­
western B anker is a sound and logical basis for
reorganizing the government, hut so far very
little has been done to put this report into effect.
More recently you commented on the general
“ state of the nation” and brought out these suc­
cinct facts:

It is certainly time for us to “ slow down” on
our spending and to “ speed up” on our reduction
of government expenses.
America grew great through frugality aud en­
terprise and not through wastefulness and un­
balanced budgets.

(Dacia iRoqcA
Vice President, National City Bank of New York

1. Twenty years ago all varieties of government,
omitting federal debt service, cost the aver­
age family less than $200 annually.
2. Today, also omitting debt service, it costs an
average family about $1,300 annually.
3. Including debt service, the average family
may soon be paying $1,900 in yearly taxes.

Your recent analysis of consumer credit and its
value both to the borrower and to the bank is most
interesting.
A few of your points, Mr. Steffan, were these :
1. There is $9,133,000,000 of installment credit
outstanding today of which $3,854,000,000 is held
by commercial banks.

4. Twenty years ago there was 1 government
employe to 40 of the population.

2. This amount is only 4.3 per cent of current

to

national income compared with 6.1 per cent ten
years ago.

6. But worse than this there is 1 government

sumer credit to some 90,000 men and women which

5. Today there is 1 government

employe

every 22 of the population.

3. Over 12,000 banks are today providing con­

employe to every 8 of the working popula­

is a dynamic factor on the favorable side in the

tion.

current business picture.

7. Today the average citizen must work 1 week

4. Not all banks should enter into this type of

out of every month for the government in

business as it depends on competitive conditions,

order to pay his taxes.

statutory rate problems and other local conditions.

8. There is far more courage in reducing our
debts than increasing them.

Yes, indeed, Mr. Hoover, it does take a great
deal more courage to live within your income than
to spend like a “ drunken sailor” which is what
“ Harry Spendthrift” and our present Congress
have been doing.
As you also emphasize, “ Along this road of
spending, the government either takes over, which
is socialism, or dictates institutional and economic
life, which is fascism.

The American mind is trou­

bled by the growth of collectivism throughout the
world.
“ But there is a considerable group of fuzzyminded people who are engineering a compromise
with all these European infections.

They fail to

5. The future ability of borrowers to pay sets in
motion a chain reaction consisting of successive
business transactions.

This inherent credit-ability,

turned into cash, amounts in all banks to hundreds
of millions a month to pay for goods and services
in every conceivable area of business or industry.

Certainly commercial banks should continue to
grant sound “ consumer credit” in their commu­
nities and as you emphasize: “ Bank personal
credit, today and every day, is making a whole­
some and vital contribution to the American
economy. It offers millions a bright solution to
their budgetary problems and their constructive
ambitions, with self-respect and human dignity,
the rights of individuals in your land and my land
— in our good country.”

realize that our American system has grown away
from the systems of Europe for 250 years.

They

have the foolish notion that a collectivist economy
can at the same time preserve personal liberty
and constitutional government.
“ Most Americans do not believe in these com
promises with collectivism.

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Federal Reserve Bank of St. Louis

But they do not real
Nort hwest ern Banker, Oc t o be r , 1949

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

17

That I'.W.I.r. Assessment
it eep it?
O r K ill

I

Most Bankers Favor Elimination or at
Least a Substantial Reduction in
Assessment to Maintain a Minimum
Balance
A NORTHWESTERN BANKER
Survey

ITH funds now exceeding $1,000,000,000 in the cash box of
the Federal Deposit Insurance
Corporation, many bankers feel that
the rate of assessment should be re­
duced. or the amount of the deposit in­
sured in each bank should be in­
creased. or perhaps the assessment
should be entirely eliminated until
such time as the amount held by FDIC
falls to a certain minimum figure.
To find out just how bankers feel
about it. a number of them were asked
the following question in a recent
N orthwestern B anker survey:

W

"Arc you for or against
the Federal Deposit Insurance
Corporation assessment rate
of 1 12 of 1% on deposits?"
While a number of those replying
feel the assessment should be reduced
or eliminated, others are in favor of
continuing the assessment and eventu­
ally insuring bank deposits 100 per
cent.
Here are the replies:
J. C. HOFFERT, president Foster
County State Bank, Carrington, North
Dakota:
“ For banks that have paid in regu­
lar assessments to the Federal Deposit
Insurance since the inception of the
act. it would seem a 50 per cent re­
duction might be made. This, if we
continue our favorable experience,
might be discontinued after another
ten years.
“ It would seem to me that banks
coming under the benefits of the law
at a later date should continue the
1/12 of 1 per cent payments until they
are on the same footing as those who
came in originally. It would hardly
be fair for them or for new banks to
come in under the act without making
their proper contribution.”

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Federal Reserve Bank of St. Louis

FDIC HEADQUARTERS— Washington, D. C., is headquarters for the
Federal Deposit Insurance Corporation. Opinion is divided as to present
assessment practice, with some bankers continuing present rate and
eventually insuring deposits one hundred per cent.

AV. H. PIERCE, president First Na­
tional Bank, Shelby, Nebraska:
“ I am very much against the 1/12
of 1 per cent assessment rate of the
Federal Deposit Insurance Corpora­
tion. The Corporation should be selfsupporting by this time and assess­
ments should be discontinued, reduced
or increased as conditions require.”

T. E. VINYARD, vice president First
Trust and Savings Bank, Davenport,
Iowa:
“Without going into a long disser­
tation to discuss technicalities, the is­
sue seems rather elementary.
“The Federal Deposit Insurance
Corporation was set out to be a non­
profit organization with an indirect
guarantee by the government. As
such, it would appear that now that
sufficient reserves have been accumu­
lated, the rate of premium should vary
in order to maintain what might be
considered a normal reserve.
“This opinion is more or less a vote
against present rate of assessment,
and, while I am for an assessment, I
do feel that the rate should fluctuate
in keeping with the reserves desired.”

GUY S. BACON, president Empire
State Bank, Cottonwood Falls, Minne­
sota:
“In my opinion a good solution of
the present discussion as to the
F.D.I.C. assessment rate would be to
reduce the rate to 1/24, with the un­
derstanding that the other 1/24 be
added to capital structure. This meth­
od would assist the respective banks
in building up capital accounts and at
the same time the F.D.I.C. would also
be increasing its reserve at a good
rate considering the fact that it is ex­
periencing no losses. The rate of
1/12 of 1 per cent was instituted up­
on the basis of estimate and frankly
there seems to be no logic in main­
taining it in view of the past 18 years
experience.”

RICHARD W. TREFZ, president
The Beatrice State Bank, Beatrice, Ne­
braska:
“ I would favor an increase in the
coverage on $5,000 to $10,000 over a
reduction in assessment.
“An increase in the coverage would
further stabilize the deposits in the
country banks.”

O. E. FRISTAD, cashier The Mitch­
ell National Bank, Mitchell, South Da­
kota:
“ We are not in a position to com­
ment as to whether any change should
be made in the present assessment
rate, since an intelligent answer would
require considerable data, with refer­
ence to prior operations of the Fed­
eral Deposit Insurance Corporation.
We feel that the protection offered by
the F.D.I.C. is worth all that it has cost
us in the past since it has added a
certain amount of confidence and sta­
bility which means a great deal in the
operation of a bank in an agricultural
area.”

Y. AY. JOHNSON, president First
National Bank, Cedar Falls, Iowa:
“The capital structure of all insured
banks has been greatly strengthened
in late years. Examinations have
been exacting in scope. New charterings have been minutely scrutinized.
Managements have been improved
and adequately bonded. ' By and large,
banking has never been in better
shape to weather a storm.
“The Federal Deposit Insurance
Corporation has reserve funds exceed­
ing a billion dollars, largely obtained
from bank assessments. Losses have
been negligible. Annual income from
(Turn to page 28, please)
Nort hwest ern Banker, Oc t o be r , 1949

18

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4

Iowa Banker Gets First-Hand Information from a Month's Travel
in Germany, Switzerland, France, Belgium, Holland, and England
By C. R. GOSSETT
President
Security National Bank
Sioux City, Iowa
HE month Mrs. Gossett and I
spent in Europe was a most pleas­
ant vacation, for the principal rea­
son for our trip was to visit our son
and family who is with the Army of
Occupation in Germany. We flew from
New York to Paris, by the way of Lon­
don, and returned by the way of the
Azores Islands. We traveled by air
from Paris to Augsburg, Germany, to
Zurich, Switzerland, and back to
Paris. We did much of our traveling
by car in Germany, Switzerland, north­
ern France, Belgium and Holland,
also a day and a half in England which
gave us an opportunity to visit the
countryside, as well as the cities. It
was easier traveling than we had an­
ticipated. We found English speaking
people everj^where and it made it most
pleasant for us, as we had no dis­
courtesies by anyone. There was no
shortage of food except in England.
One of the things of much interest was
the economic conditions of the various
countries and I did have the privilege
of visiting with bankers in four of
these countries we visited.

production is 23 per cent greater than
1938. They have a 40-hour work week
and they are not as industrious as the
people of other countries. Their gen­
eral attitude is indifference, which is
reflected in their personal appearance,
the cities, homes and countryside.
They are more interested in recreation
for the present and not worrying very
much about the future.

T

Switzerland
In Switzerland they have sizable
banks and insurance companies. Their
readjustment is similar to ours, for
they have had abnormal expansion in
industry during the war. It is a pros­
perous country—very little unemploy­
ment and no relief problems; in fact,
there is no installment lending, for
the people save their money before
they spend it. It had the most beauti­
ful scenery of any place we visited
and apparently is the most prosperous.
Holland is another country that is
doing very well, and Amsterdam is the
Venice of the North. Our impression
was very favorable as to the cities,
homes, highways and countryside, all
of which are very well kept. The peo­
ple are well dressed and appear to be
happy and making progress. The gen­
eral conditions in Belgium were not
quite as favorable as those of Holland,
although they are making progress
Nort hwest ern Banker, Oc t ober, 7949


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Federal Reserve Bank of St. Louis

Ï

4

England

C. R. G O S S E T T
“ The situation in England
is not good”

and there is evidence of much activity
in industry, and prosperity.

Germany
In Germany they are rebuilding.
Last year the money was revalued.
They have a central bank similar to
our Federal Reserve Bank which is
owned by the government. They have
stock company banks as we have and
also some private banks. Their credit
policy is very stringent, for the longest
period of time for commercial loans is
90 days and the interest rate is 10 to 11
per cent. The longest time for repay­
ment of an installment loan is five
months. No real estate mortgage loans
are made by the commercial banks.
This lending is done mostly by private
parties. The people are working. They
have a 60-hour week and they are get­
ting the job of rebuilding done. They
would appear to be the most indus­
trious group of people of any of the
countries we visited. France is having
some inflationary trouble and the
banks limit their credit as to the
amount of outstanding loans. Their

The situation in England is not
good. It was the only place we found
where they were short of food. Their
import requirements are much greater
than their exports and they are run­
ning out of money. Labor is inefficient
and they are working a 40-hour week.
They have excessive taxes and have
so many socialistic policies endeavor­
ing to give people security from the
cradle to the grave and the country is
now in serious trouble. We found the
people to be very courteous and have a
certain dignity and refinement one can
not help but appreciate. We have
more in common with the English and
they are the ones who are really in
need of some help in a financial way.
The present situation where the taxes
are so excessive is destroying the initi­
ative of those who are in position to
make some money and taking away
from them income that could be used
for the development of business and
redistributing to others who are not
so industrious and are dependent on
the government to subsidize their liv­
ing and existence. They have found
that the government-owned and oper­
ated business is much less efficient
than the individually owned business.
After having made a summary of
the existing conditions with the lim­
ited amount of observation that was
made in foreign countries, it was
alarming to realize that our country
is following many of England’s poli­
cies in socializing our government. We
are operating at a deficit during a
period of what is termed prosperous
(Turn to page 32, please)

■4

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SAFE DEPOSIT— Inability to obtain ac­
cess to the vault is an objection voiced by
customers of one bank. Safe deposit hours
were changed from 8:30 a.m.-3 p.m. to S' a.m.4 p.m. However, few customers are in the
vault after 3:30 p.m. but a number o f them
desire entrance before 9 a.m. It is possible
that 8:30-a.m.-3:30 p.m. hours will be arranged.

Photo Courtesy Diebold Incorporated

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Bankers in Cities Where Plan Is in Effect
Describe Customer Reaction
A NORTHWESTERN BANKER
Survey
HE question as to public reaction
to banks operating on a five-day
week, with Saturday as the clos­
ing day, is definitely answered in this
survey made by the N orthwestern
B anker among banks in the Twin
Cities, Duluth, and Des Moines, where
the five-day week has been effective
during the past summer. Bankers re­
porting from these cities say the re­
sults have been entirely satisfactory.
In the Twin Cities merchants keep
their stores open Monday evenings,
and the banks are cooperating with a
7 or 7:30 p. m. closing, which many
customers say gives them better serv­
ice, since they are not able to get
downtown on Saturday mornings in
any case. All Twin City and Duluth
banks which are on the five-day week
remain open until 6 o’clock on Friday
afternoons, which permits local mer­
chants to adjust their cash positions
for the following day when the banks
are closed.
Here is what bankers say in re­
sponse to the survey:
S. T. STRAIN, cashier, First and
American National Bank, Duluth:
“ The five day week has now been
operating since April 23rd, and from
the management point of view em­
ploye good will has been enhanced ma­
terially. The longer week end afforded
has met with a good deal of enthusi­
asm and appreciation on the part of

T


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Federal Reserve Bank of St. Louis

the employes. Friday, the longest
work day of the group, nine until six
continuous service, and the regular
banking hours on Monday through
Thursday seems to have met with the
general approval of the banking pub­
lic.
“ In connection with internal oper­
ations, some difficulty has been ex­
perienced in the added peak loads, but
with the high morale of the employes
this has been overcome with slight
changes in the regular routine. This
now puts the banks in a competitive
position to obtain competent personnel
in competition with other industries
by reason of the shortened week gen­
erally experienced.
“We have experienced no material
customer resistance to the new work
week, and in isolated cases where ac­
ceptance was made with reservation,
time I think has eliminated for the
most part the objections made to the
change in banking hours.
“ In Duluth the situation was aided
in that all banks acted in harmony and
there was no great conflict in hours of
banking experienced in some of the
other cities.”
JULIAN M. BAIRD, president, The
First National Bank, St. Paul:
“We have recently completed a sur­
vey of those of our employes who con­
sistently contact the public, and this,

together with my own observations,
suggests that our new hours are prov­
ing quite acceptable to the public.
“ It is true that we have had a few
complaints, but the rather surprising
result of our survey is that the pre­
ponderance of comment by those who
have expressed any opinion has been
favorable to the new hours. Monday
night is a shopping night in St. Paul
and apparently a substantial number
of customers find it more convenient
to do their family banking on Mondayevening rather than making an extra
trip downtown Saturday morning.
Bank-By-Mail deposits have increased
about 15 per cent, which suggests that
the change in hours has induced more
people to use this convenient method
of making deposits.
“We are inclined to think that the
new hours will have a distinctly favor­
able effect on the type and quality of
applicants. Our Personnel Department
advises that several girls who had
been thinking of leaving because they
wanted a five-day week have now de­
cided to remain with us.
“Our schedule of present hours,
seems to be entirely satisfactory with
the possible exception of the Safe De­
posit Department. There we changed
the hours from 8:30 a. m.-3 p. m. to
9 a. m.-4 p. m. Experience shows that
we have very few customers in the
(Turn to page 34, please)
Nort hwest ern Banker, Oc t o be r , 1949

20

V

JVp

!m and
OF THE BANKING WORLD

k

By CLIFFORD DE PUY, Publisher

OME interesting figures w e r e
brought out regarding England’s
latest report on British income
taxes for the year ending March 31,
1948.
Out of 21 million income taxpayers,
only 70 had as much as $24,000 a year
after taxes. The average taxpayer—
17,210,000 of them—had from $12 to
$40 a week after taxes.
Gasoline for the average Briton is
rationed so he can drive only 90 miles
a month.

S

*

Brenton State Bank at Dallas Cen­
ter, and president of eight other Iowa
banking institutions, and a candidate
for the A.B.A. vice presidency, in
1950, will make a great vice presi­
dent and later an outstanding presi­
dent for the American Bankers Asso-

=i= *

of the
A. F. of L. is planning to raise 16 mil­
lion dollars^ for the 1950 elections in­
cluding what he calls a “blank check”
for the defeat of Senator Robert A.
William

Green, president

agencies are and should continue to
be separate and independent of each
other. To consolidate any of them
would undoubtedly destroy those deli­
cate checks and balances which have
protected the dual banking system.
This has been the bulwark of our
economy. The National and State
banking systems should be preserved
independently of each other. The
sovereignty of the states should not
be invaded.”

Taft.

He further says that, “cost what it
may, let it be what it will. We are
going to bring about the defeat of
Senator Taft.”
It might be that some of his good
union members would prefer to have
the 16 million dollars distributed
among the members rather than taken
out of their dues for such a political
campaign.
As a political guess, we think Sen­
ator Taft will be re-elected from the
state of Ohio.
*

*

*

Arthur R. Furnish, vice president

of the Louisville Trust Company in
a letter to the N orthwestern B anker
said, “Earl R. Muir, President of the
Louisville Trust Company gave some
very interesting testimony to the Sen­
ate Banking Sub-committee with refer­
ence to the Reconstruction Finance
Corporation and the probability of in­
creasing its scope of loans.
“Mr. Muir is getting a wide response
from bankers everywhere-—a splendid
reaction from men who understand
the trend of things and who are try­
ing to persuade other bankers to do a
better job and to increase their use­
fulness in their respective communi­
ties in order to make more friends for
banking as it is presently constituted.”
Incidentally, Mr. Muir believes that
the Reconstruction Finance Corpora­
tion is too aggressive in granting loans
and believes that any further liberal­
ization of the agency’s lending powers
would lead the government more deep­
ly into competition with private busi­
ness.
*

*

*

W. Harold Brenton, president of the
Nort hwest ern Banker, Oc t obe r , 1949


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Federal Reserve Bank of St. Louis

which had to do with the reorganiza­
tion of -‘Federal Executive Depart­
ments” reads as follows: “The need for
elimination and consolidation of Fed­
eral Executive Departments is self
evident. The public, however, does
not discriminate between those agen­
cies which are supported by taxes or
competing with private business and
the banking supervisory agencies,
namely; the Comptroller’s Office, the
Federal Deposit Insurance Corpora­
tion and the Federal Reserve System,
which are supported entirely by fees
and charges paid by the banks. These

^

*

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A

Wallace M. Davis was elected presi­
W . HAROLD BRENTON
Candidate for A.B .A . vice presidency
in 1950

dation. Harold is getting excellent
encouragement from friends in the
many corners of the nation.
The committee of Iowa bankers
spearheading in the work for his elec­
tion to the vice presidency of the
A.B.A. in 1950 report that they are
meeting with fine encouragement.
Knowing these men as we do, and in
fact being a member of their commit­
tee, we know the thoroughgoing, yet
dignified and fair way they are going
about in organizing and pushing
Harold’s campaign.
They are all men who, too, have only
the best interests of the American
Bankers Association at heart. They
know, and all bankers in Iowa know,
that Harold Brenton will give a good
account of himself if elected to the
high office of vice president, and later
to the high office of president of the
American Bankers Association.
Philip H. Speidel, president of the
First National Bank of Lake Forest
and president of the Illinois Bankers
Association, was chairman of the
“Committee on Declaration of Policy”
of the Association and one resolution

dent and director of The Hibernia Na­
tional Bank in New Orleans at a meet­
ing of the Board of Directors of the
Bank, according to an announcement
made by A. B. Paterson, chairman of
the board.
In making the announcement of the
election of Mr. Davis, Mr. Paterson
said: “ Mr. Davis has devoted his entire
life to banking. In fact for the past
thirty years he has worked in one
bank—The Citizens Fidelity Bank and
Trust Company of Louisville, Ken­
tucky. He has grown with that bank
until today he is not only widely
known and highly regarded in Louis­
ville, but also by the banking frater­
nity throughout the entire United
States. We feel very happy in having
Mr. Davis join us here at The Hibernia
National Bank.”
A. C. Beane, director Commodity
Division, Merrill Lynch, Pierce, Fen­
ner & Beane, New York, asks the ques­
tion: “When you make a loan against a
commodity inventory do you require
that the borrower insure his com­
modity against price fluctuation?”
“Commodity Department represent­
atives started asking this question of
bankers a few months ago. The an­
swers they received astonished them.
(Turn to page 50, please)

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21

1 1 7 # «/

is Your

Loan i*oU ry?
Bankers Tell How They Handle Loan Applications
With Respect to Small Business Enterprises
A NORTHWESTERN BANKER
Survey

FEELING exists in the banking
fraternity that in smaller towns,
particularly, many bankers are
rejecting loan applications that are
bankable, which situation either acts
as a damper on the advancement of lo­
cal and community enterprise, or
forces the applicant to obtain his help
from sources other than banks. Both
possibilities are, of course, undesir­
able.
In an effort to obtain some informa­
tion of definite nature, the N or th w est ­
ern B anker has conducted a survey
based on the following key question:

A

One banker says, “ Encouragement o f local and
private enterprise is not only a strengthening factor
in the economy o f our community, but also a strength­
ening factor in the economy o f the. Nation, and the
foundation o f democracy.” .

they obtain annual statements, and
“ordinary” statements only.
4. Do you seek the assistance of your
city correspondent in analyzing and
shaping loan requests?
Yes—22%
No—78%
(a) Has the response from your cor­
respondent been satisfactory?
Yes—94% . No—fi%

Answers to the question above were
based on the 22 per cent who answered
“yes” to Question 4, and represent
the quality of the response received
from their correspondent bank.

5. Do any of your local enterprises
seek bankable credit elsewhere than
through their local banker?
Frequently— 2% Occasionally— 17%
A questionnaire was mailed to sev­
Never—51%
eral hundred bankers in a number of
(a) Tf so, where do they seek such
middlewestern states, and a careful credit?
analysis of the replies is published
Private Capital— 17%
here. The first question asked was as
Finance Companies—21%
follows:
Government Agencies—26%
1.
Do you have applications for Other Banks—26% City Banks— 10%
credit from local business enterprises
It will be noted in Question 5 that
—grocery stores, merchants, or small
bankers said approximately half of
manufacturers?
their local enterprises did seek credit
Many— 1% Few—90% None—0%
from sources other than the local
2.
What has your experience been bank. The figures under “a” give the
with this type of loan?
proportionate percentage of sources
Good—73% Fair—23% Poor— 4%
where credit is sought. The replies
3.
Do you regularly ask for business indicated that where “Other Banks,
financial statements, or forms, setting
26%” as listed above, it means that
forth the balance sheet, and profit and
application was made to other banks
loss statement, as part of the credit file
in the same town, or within a 25-mile
used in analyzing loan requests?
radius. It is assumed that by “ City
Yes—92%
No—8%
Banks” is meant institutions in metro­
“WHAT IS YOUR LOAN POLICY
WITH RESPECT TO SMALL, BUSI­
NESS ENTERPRISES?”

In replying to this question, one
banker said, “We have never been able
to get a correct profit and loss state­
ment.” Another said, “ It is hard to
get profit and loss statements from
small town businesses, because they
don’t keep good books.” Some said

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Federal Reserve Bank of St. Louis

politan centers.
6. Do you feel the encouragement of
local enterprise is of benefit in
strengthening the economy of your
community?
Yes—95%
No—5%

The replies to the above questions.

and the comment which follows, were
received on questionnaires which were
not signed. Bankers could express
themselves freely without fear of iden­
tification, as some of them do in the
remarks below:

Comment

“Being a small town in a farming
community we do not have much call
for commercial loans, but where such
credit has been sought the two local
banks have been able to handle the
demand.”
“ In normal times we have two auto
dealers and two farm implement deal­
ers. Now we have eight in each line.
Refrigerators, radios and household
utilities are represented by at least
eight regular dealers, plus drug stores,
Two-thirds or all of them will go broke
or fade out of the picture as saturation
is reached, which has just about hap­
pened in all but automobiles and farm
machinery. On one hand we are urged
by so-called economists to help, assist,
and finance every business, across the
board, with all of them over-repre­
sented, so what in hell is there left to
make what can be called sound financ­
ing? There is always a large group
ready to go into business without capi­
tal. experience or horse-sense. What
in hell are we supposed to do?”
“We encourage local enterprise, but
we believe there are too many inade­
quately financed small businesses that
will not be able to live up to their rosy
expectations.”
“Our city correspondents have of­
fered to cooperate even to the extent
of participating in loans with us.”
(Turn to page 42, please)
Nort hwest ern Banker, Oc t obe r , 1949

22

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Promotion and Advertising Directors Tell Their
Successful Methods of Publicizing Their Bank
“Public relations is a 365-day a year program”

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A NORTHWESTERN BANKER
Survey
A

N ORDER to learn what kinds of
programs are being carried out in
banks under the general heading of
“public relations,” the N orthwestern
B anker asked a number of members
of the Financial Public Relations As­
sociation the following question,
“What are you doing to promote pub­
lic relations in your bank?” Their in­

teresting replies appear below, the
first in a series to be presented to
N orthwestern B anker readers:
Julius K. Waibel, advertising man­
ager, Continental Illinois National
Bank and Trust Company, Chicago:
“ In our approach to public relations,
we accept the definition that public
relations are built on sound perform­
ance well received by the public.
‘To implement this concept, we have
in continuous operation an education
and training program for members of
the bank’s staff. This effort covers the
three primary fields of training for
people who must coordinate their
work in order to deliver accurately
and courteously the services bank and
fiduciary customers have a right to
expect.
“ Our program, therefore, concerns
itself with education and training on
individual jobs, in customer relations,
and in managerial responsibilities.
“ In the field of customer relations
alone, we believe that there are four
elements of vital importance:
1. Working on customer business
‘behind the scenes’;
N orthw estern Banker, Oc t obe r , 1949


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

2. Using the telephone effectively
with customers;
3. Using letters effectively with
customers;
4. Dealing with customers in per­
son.
“ These elements of customer rela­
tions, we feel, have their own justifica­
tion and are prerequisite to the
broader subject of relations with the
public generally. Our education and
training program separately empha­
sizes these four parts of our customer
relations activities by making exten­
sive use of the visual presentations—
including films, customer relations
analysis charts, customer relations
case studies, visual analysis of jobs,
and projection of illustrative exhibits
on the screen.
“ The latest addition to this visual
material is our sound-motion picture
‘Back of Every Promise . . .’ This is
a film story of commercial banking
which dramatizes the many things
banks do for industry and people, and
it points up the inter-relation of banks
in the correspondent banking system.
“This film, like our three sound-slide
films, was made to implement further
our education program here in the
bank. Requests for its use, however,
have come from banks, bankers assocations, c i v i c organizations, clubs,
schools, and other groups—with the
result that today this film story of
banking stands as the number one
piece in our public relations activities.

Requests for it have come not only
from all parts of our country but also
from Sweden, Norway, Denmark, Aus­
tralia, New Zealand, Switzerland, Ha­
waii, The Philippines, Canada, Puerto
Rico and South Africa.
“Another Continental Illinois public
relations project which also had its
origin close to ‘home’ is the Bank of
Gold Gulch’ in the old-west mining
town of that name at the 1949 Chicago
Railroad Fair.
“The ‘Bank of Gold Gulch’ exhibit
was erected and equipped by us as a
tribute to a customer industry—the
American railroads. But before the
Railroad Fair was one week old it
became evident that the ‘Bank of Gold
Gulch’ with its early western atmos­
phere and its exhibits of gold from
ore to coin and of old-time miners’
equipment was a ten-strike in terms
of public relations values. Visitors to
the Continental Illinois sponsored
‘Bank of Gold Gulch’ approach the
10,000 mark on weekdays and exceed
it by several thousand on Saturdays
and Sundays.
“A souvenir post card showing the
‘Bank of Gold Gulch’ in four colors
and a souvenir coin are given to vis­
itors at certain hours daily, seven days
a week.”
Mrs. James Gleason, Omaha Nation­

al Bank, Omaha: “A newspaper and
card advertising campaign is our an(Turn to page 55, please)

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IS THIS YOUR BANK?— “ There should be
a window or two for people with small de­
posits. It seems like one is always waiting
while tellers count out money for a big
deposit for some commercial business. This
is most frequent at noon, when my time is
limited.”

W hat Eta Yaa Thiah at l o u r
Customers of Middlewestern Banks Throw Bouquets,
But Also Direct Criticism at Some Bank Practices
A NORTHWESTERN BANKER
Survey
HE majority of the banks located
throughout the middlewest are
rendering excellent service to their
customers, according to a recent
N orthwestern B anker survey.

T

When asked the question

"Is Your Local Bank Serv­
ice Excellent, Good, Fair or
Po o r?the folldwing results were given:

73%
21%
5%
1%

say
say
say
say

EXCELLENT
GOOD
FAIR
POOR

The No. 2 question of the survey
also rated, in favor of the banker, and
is as follows:

"Do You Consider Your
Bank's Service Charges Fair
or Unfair?"
A total of 92 per cent of all bank
customers said that the service charges
were fair, with only 8 per cent saying
that charges were unfair.
In line with Question No. 2, bank
customers were asked if they had any
criticism of any certain service charge.
Most bank customers stated that they
had no criticism to make; however,
typical answers received from 8 per
cent of the customers who thought
charges to be unfair were as follows:
“ My bank does not make a charge
for cashing a check, but they charge
when a check is deposited.”

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

“ I don’t understand how banks ar­
rive at the charges they make.”
“ In view of the large profits being
made by banks today, they would cer­
tainly show good judgment in reduc­
ing service charges.”

Comment

Question No. 3 is: , *. >

"What Special Good Word
Do You Have for Your Local
Bank Service?"
Many interesting comments were re­
ceived on this question and a number
of them are as follows:
Telephone Executive: “My company
does business with over 600 banks in
the middlewest and the service is ex­
cellent in the great majority of these
banks.”
Retail Store: “Very friendly and ac­
commodating.”
Salesman: “Very progressive except
for the trust department. It is oldfashioned.”
Real Estate: “Most banks have ex­
cellent customer relations.”
Transportation: “Employes in most
banks very courteous.”
Theatrical Agent: “Saturday clos­
ings are not too popular from the talk
on the street in some cities, in spite of
the fact that it does give some of us
an extra day to cover overdrafts. The
service from a general standpoint is
excellent.”

Question No. 4 is:

"What Special Criticism Do
You Have for Your Local Bank
Service?”
Here again it should be stated that
the majority of the customers were
well satisfied and answered, “no criti­
cism.” Some typical answers among
those who felt that they did have cause
for complaint were:
Advertising Man: “ Courtesy and
service can be cultivated by all bank
employes, not just tellers and new
b u sin e ss departments, particularly
among employes who meet ‘small’ cus­
tomers.”
Business

M achine

Distributor:

“Many banks could have better cus­
tomer relationship through the use of
personal letters inviting new accounts,
congratulation letters to new accounts
and upon payment in full of loans.”
Dentist: “ I know the state requires
it but I don’t think it fair that after
a death, the husband or wife cannot
get into the safety deposit box without
bank officials being present and listing
all things.”
Air Transportation: “More city banks
should have branch offices similar to
those now operated in Minneapolis
and St. Paul, Minnesota.”
Communications Man: “ There are a
few banks whose account analysis or
(Turn to page 75, please)
Nort hwest ern Banker, Oc t o be r , 1949

24

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San Francisco Is H ost to
A m erica a H ankers t oneention
An Outline of the Program to Be Presented at the
Annual Meeting in the "Paris of the W est" on October 30 to November 2
OHN W. SNYDER, Secretary of‘the
Treasury; U. S. Senator John J.
McClellan of Arkansas; Allan
Sproul, president of the Federal Re­
serve Bank of New York; Paul G.
Hoffman, Economic Cooperation Ad­
ministrator; Robert Sproul, president
of the University of California; W.
Randolph Burgess, chairman of the
executive committee, The National
City Bank of New York, and chairman
of the A.B.A. Economic Policy Com­
mission; Fred I. Kent, director of the
Bankers Trust Company of New York,
and chairman of the A.B.A. Commerce
and Marine Commission; W. L. Hem­
ingway, chairman of the board, Mer­
cantile-Commerce Bank and Trust
Company of St. Louis, who has been
on a world tour with World Town
Hall Seminars, are among the speak­
ers to be heard on the program of
the annual convention of the American
Bankers Association to be held in San
Francisco, California, October 30November 2, according to the program
released by Evans Woollen, Jr., presi­
dent of the Association.

J

There will be two general sessions—
one on Tuesday morning, November
1st, and the second on Wednesday
morning, November 2nd. President
Woollen, Secretary Snyder and Robert
Sproul will be the speakers at the first

Nort hwest ern Banker, Oc t o be r , 1949


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

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Division Meetings

Guest Speakers
They are among the guest speakers
who will include: Robert Y. Fleming,
president of The Riggs National Bank,
Washington, D. C., and chairman of
the A.B.A. Government Borrowing
Committee; Maurice C. Sparling.
Superintendent of Banks of the State
of California; A. E. Steadman, presi­
dent of the Cooke Trust Company,
Ltd., Honolulu, Hawaii; R. M. Alton,
vice president in charge of Trust De­
partment of the United States National
Bank, Portland, Oregon; W. A. Reekman, president, Western Bank and
Trust Company, Cincinnati; and the
presidents of the four Divisions of the
Association, the National Bank Divi­
sion, the State Bank Division, the Sav­
ings and Mortgage Division, and the
Trust Division.
Preconvention meetings of commis­
sions, committees, and councils of the
Association will be held on Sunday,
October 30th. The sessions of the con­
vention itself will really get under
way on Monday, October 31st, with the
annual meetings of the four Divisions
mentioned and the annual meeting of
the State Association Section.

Mr. Alton and Mr. Steadman will be
speakers at the Trust Division meet­
ing on Monday afternoon, October 31st,
at the St. Francis Hotel. Delegates to
the Trust Division meeting will be
welcomed by William S. Hogan, presi­
dent of the Associated Trust Com­
panies of Central California, and as­
sistant trust officer, The San Francisco
Bank, San Francisco, California.

E V A N S W O O L L E N , JR.
President, American Bankers Association

general session on Tuesday, Novem­
ber 1. Paul G. Hoffman and Allan
Sproul will be the speakers at the
second general session on Wednesday,
November 2nd.
Frank L. King, president of the
State Bank Division, and president,
California Bank, Los Angeles, Cali­
fornia; Superintendent Sparling, and
Mr. Hemingway will be the speakers
at the State Bank Division meeting on
Monday morning, October 31st, at the
Palace Hotel.
W. W. Campbell, president of the
National Bank Division, and president,
National Bank of Eastern Arkansas,
Forrest City, Arkansas; Mr. Burgess
and Senator McClellan will be the
speakers at the National Bank Divi­
sion meeting on Monday afternoon,
October 31st, at the Palace Hotel.
H. M. Bardt, president of the Trust
Division, and vice president and senior
trust officer, Bank of America N. T.
and S. A., San Francisco, California;

Mr. Fleming, former president of
the American Bankers Association,
will address the State Association Sec­
tion meeting on Monday afternoon,
October 31st, at the Fairmont Hotel.
An innovation this year will be the
holding of the Savings and Mortgage
Division meeting in the evening. Wil­
liam A. Marcus, president of the Sav­
ings and Mortgage Division, and sen­
ior vice president, American Trust
Company, San Francisco, California;
Mr. Kent and Mr. Reckman will ad­
dress this meeting at the Palace Hotel
on Monday evening, October 31st.
The Agricultural Commission of the
Association will hold its annual con­
vention breakfast at the Palace Hotel
on Tuesday morning, November 1st.
Convention activities will be spread
out among three hotels this year and
the general sessions attended by all
the delegates will be held at the Cur­
ran Theater.

Registration
Registration of delegates and edu­
cational displays will be held at both
the Palace and the St. Francis Hotels.
The registration of delegates is being
simplified this year by an invitation
to those planning to attend to register
in advance by mail if they so desire.
Social events will include the annual
get-acquainted reception and tea on
Sunday afternoon, October 30th and
the usual evening symphony concert
which will be supplemented this year
with a technicolor movie, “ San Fran­
cisco—Queen of the West,” scheduled
for Sunday evening, October 30th.
There will be a luncheon and fash­
ion show for women visitors on Mon­
day noon. The San Francisco banks
will tender a “Hospitality Hour” on
Tuesday evening. Other plans are in
the making for scenic tours.—The End.

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•>5

R a n k ers You Mínoir

Edw ard
Brown

Eatjle

Chairman of the Board
The First National Bank, Chicago, Illinois
“An authority on international trade and finance”

N AN T discussion of contemporary
American financiers of national
and international reputation, the
name of Edward Eagle Brown will al­
ways he very prominent. As chairman
of the board of the First National
Bank of Chicago, he continues to be
chief executive officer of this nation’s
sixth largest bank (deposits of $2,095,438,000 at June 30, 1949) and the
largest financial institution between
New York and California.
Since joining the First National in
1910 early in his legal career, Mr.
Brown lias been a studious, inquisi­
tive traveler, a great reader with a
keen interest in history, biography,
scientific and monetary matters. His
avid interest in these affairs and prac­
tical application of the ideas learned
has made him an authority on inter­
national trade and finance. The ac­
companying photograph on this page
was taken of Mr. Brown at a meeting
of such importance— the Bretton
Woods Conference. He is especially
interested in the federal government
debt management and related prob­
lems. He became a member of the
Federal Advisory Council of the Fed­
eral Reserve System in 1936 and was
elected president of the Council in
1940, which office he now holds.
Edward Eagle Brown was horn
June 4, 1885 in Chicago. He was
educated at Harvard University, re­
ceiving his Bachelor of Arts degree in

I


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Federal Reserve Bank of St. Louis

1905 and his Bachelor of Laws degree
in 1908. He was admitted to the Illi­
nois bar the same year. He was mar­
ried to Phyllis Wyatt in 1913 and she
died in 1944. After joining the First
National as attorney in 1910 he served
in that capacity and as general coun­
sel until 1923. During the period
from 1923 to 1934 he was vice presi­
dent and from 1934 to 1945 was presi­
dent. His election as chairman of the
hoard came in January, 1945.
During this 39 years of progress
with the First National Bank, Mr.
Brown has developed many sincere
and long-lasting friendships with his
fellow associates. All of the hank’s
officers, as well as the employes, have
the deepest affection together with
the highest respect and admiration
for him. Despite his heavy duties in­
volving affairs of national or inter­
national importance, one of his chief
concerns is the welfare of the em­
ployes. He takes particular interest
and devotes much time to the oper­
ation and administration of the First
National Bank pension plan, which
has been in existence since 1899. At
the Quarter-Century Club annual din­
ners, Mr. Brown personally gives a re­
port on the pension fund to those at­
tending that event.
There are many demands on Mr.
Brown’s time each day, but he has an
outstanding retentive memory, with
an amazing ability to call to mind all

pertinent facts. He is a man of few
words, but those are always to the
point. He smokes a pipe, apparently
in preference to cigarettes, hut
smokes both. He enjoys motoring,
travels a great deal by air, and, as is
the habit of a vigorous, successful
businessman, he works early and late.
Many other interests claim his at­
tention. He is a director and member
of the executive committee of Peoples
Gas, Light and Coke Company, Chi­
cago; director and chairman of the
executive committee of Chicago. Rock
Island & Pacific Railroad ; director of
Cleveland-Cliffs Iron Company, Na­
tional Safe Deposit Company, Clear­
ing Industrial District, Inc., Inland
Steel Company, Texoma Natural Gas
Company, Natural Gas Pipeline Com­
pany of America, Texas-Illinois Natu­
ral Gas Pipeline Company, American
Overseas Aid, and Navy Council of
Illinois. He is a trustee of the Penn
Mutual Life Insurance Company, the
University of Chicago and the New­
berry Library of Chicago.
Llis affiliations with charitable,
civic and social agencies are nu­
merous.
Mr. Brown is a member of North­
western University Associates, Chi
Psi Alumni Association, Chicago
Council on Foreign Relations, the
American and Chicago Bar Associa­
tions, and the American Branch of
(Turn to page 117, please)
Nort hwest ern Banker, Oc t o be r , 1949

26

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L E G A L
À

W h en D oes a

P erson iteeinné
Y

On H is Hirth d a y —
ita y He fore —
o r ita y
A iter?
Attainment of the age of twentyone is ordinarily the cardinal point in
a person’s legal life. At this age one’s
legal emancipation is complete, one
then attains complete freedom in deal­
ing with his property, including the
right to devise realty. Complete con­
tractual capacity is attained as well as
the privilege of suffrage. Where no
statute provides otherwise does a per­
son become twenty-one legally in these
connections the day before his twentyfirst birthday?

Yes. Except where directed other­
wise by statute, the courts have held
that majority is attained from the first
moment of the day preceding the
twenty-first birthday. In doing this
they compute a person’s age by in­
cluding the day of his birth, so that a
given age is attained the day before
his birthday anniversary. Minnesota
and the federal courts are among the
numerous jurisdictions where rulings
supporting such law may be found.

Q

. Walshe, a bank cashier, was a
member of his local selective service
board during the war. One of the
young men coming before the board
claimed exemption from military serv­
ice as a minister of religion. His
claim was rejected and, because of his
resulting actions, he was arrested and
prosecuted. Later he sued Walshe and
other board members for damages as­
serting that he had been denied his
civil rights by them. Could he recover?

No. Members of selective service
local and appeal boards are quasi ju­
dicial officers. They are clothed with
the immunity of such officers from
damage suits for acts done within the
scope of their authority in performing
the duties imposed upon them by the
Selective Service Act.

Q.

Sequatchie, as a part of a prop­
erty settlement prior to a divorce, set
up an irrevocable trust with a bank

Nort hwest ern Banker, Oc t obe r , 1949


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

This and Other Timely Legal
Questions Áre Answered
by the

LEGAL DEPARTMENT
of the
NORTHWESTERN BANKER

as trustee which provided that the in­
come from the corpus would go to him
for life and that at his death the
corpus would go to his children. No
creditors were involved, but the trust
instrument contained a spendthrift
clause. After it had been in operation
for about ten years he notified the
bank to return the property to him
giving, as his reason, that the trust
was invalid and against public policy
because of the spendthrift provision.
Under the general rule applicable to
such matters should he be sustained?

uals, by means of a private agreement,
arbitrarily to restrict the right of the
Government to impose taxes upon the
actual value of property. However,
there are many decisions to the effect
that a contract or corporate bylaw
fixing the price at which specific prop­
erty may or must be sold, purchased,
or offered for sale should be given
consideration, although it is not neces­
sarily controlling, in the valuation of
such property for the purpose of the
assessment of an estate, succession,
or gift tax. In several instances, un­
der particular circumstances, the
amount specified in a restrictive agree­
ment or bylaw has been accepted as
furnishing the proper measure of
value.

Q.

Not necessarily. As a basic proposi­
tion, it is not competent for individ­

No. The Minnesota Supreme Court
has so held in a recent decision, ruling
that the question of actual survivor­
ship was regarded as unascertainable
and that the rights of succession to
the decedents’ estates and the rights
of their next of kin to recover for
their wrongful deaths were to be de­
termined as if death had occurred to
both at the same instant. Any other
rule would be a shield for the negli­
gent and permit them to go unwhipped
of justice. The End.

Dempster, a banker, and Walker
owned all of the stock in a corporation
which was very successful in the junk
business. There was an agreement be­
tween them that if either should die
or retire he would sell his stock to the
other and the other would buy it at a
certain figure. The named figure was
below the clear value of the stock.
Dempster died. In settling his federal
estate tax, should the value of the
stock designated in the agreement
prevail?

Y

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Q. A

young married couple were
found dead in their apartment in a
Minnesota city, their deaths having oc­
curred sometime within the previous
three days because of breathing methyl
chloride gas which had been permitted
to escape from the refrigeration sys­
tem due to the negligence of the per­
son servicing the system and the prop­
erty owner. Their only surviving next
of kin were their mothers who sued
for damages. The defendants contend­
ed that, to recover, the plaintiffs had
to show there was no surviving spouse
because under the law such spouse
would have had first claim to recovery.
Such a showing was not possible.
Should the defendants be sustained?

No. Generally speaking, a spend­
thrift provision in a trust agreement
which provides that the settlor of the
trust shall be the beneficiary of the
trust is against public policy and is
void as against creditors. Where
there are no creditors involved, how­
ever, the settlor cannot invoke this
legal principle for his own benefit and
use it to have an irrevocable trust de­
clared invalid and not operative.

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27

44

Want Your Money’s Worth?”

. . Yes, I’m the person to
whom you send all your items for
collection. My name is Otto Beck,
and I’m in charge of the Collec­
tion Department.”
‘ *We pride o u rse lv e s on the
speed of our collection system.
W h ene v e r possible, we present
OTTO P. BECK
Collection Department

the items for collection on the
same day they are received.

On

all distant points we use airmail, and all of our out-of-town items are sent DIRECT. Of course
we have other fellows helping us too— the railroads and the airlines. This adds up to virtually
overn ight service for you, at the minimum of expense.”
“ We invite you to take advantage of our speedy, efficient collection facilities.
our level best to he your ‘best friend in Omaha’ .”

We'll do

MEMBER FEDERAL DEPOSIT INSURANCE CORPORATION

The Omaha National Bank

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

Nort hwest ern Banker, Oc t o be r , 1949

28

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T hat F. it. I. C. A s se ss m e n t —
K eep
It?Or K ill
(Continued from page 17)
investments alone probably exceeds
present and prospective needs. Bor­
rowed capital has been repaid. Con­
duct of the Corporation’s financial af­
fairs is exemplary.
“ Historically, insurance companies
of all types reduce rates on their un­
derwritings under comparable circum­
stances. Since there is no compelling
competitive factor, the directors of the
FDIC should, of their own volition,
recommend to Congress a reduction
in assessments on the banks. Much
of the reduction will probably go into
capital structures, thereby improving
the underwriting risk. The preponder­
ance of evidence points to the justice
of lower premiums on deposit insur­
ance coverage. The banks have earned
it.
“And parenthetically, it would be
refreshing to have at least one Fed­
eral agency voluntarily surrender part
of its emergency powers when the
need has passed.”
WALTER L. FREDRICKSON, as

sistant vice president First and Amer­
ican National Bank, Duluth, Minne­
sota:
“ It’s my opinion inasmuch as sub­
stantial reserves have already been
built up by the F.D.I.C. that con­
sideration should be given to reduc­
ing the assessment rate until such
time as the trend of losses increases
to a point where an upward revision
of the rate may be necessary.”
K. J. McDONAED, president Iowa
Trust & Savings Bank, Estherville,
Iowa:
“ It is more important to give our
customers the fullest protection pos­
sible than to save ourselves the insur­
ance costs for that protection. It
seems well agreed that the assets of
the Federal Deposit Insurance Cor­
poration are now large enough to
cover the risk of the present $5,000
coverage, with a comfortable margin
above that.
“We can, and I believe should, give
our customers the added protection

afforded by increasing the protection
from $5,000 to $10,000. I look forward
to the time when that protection is
full without limitation of amount, but
think we should progress toward that
end as we are more certain of the as­
sessment and capital requirements
needed to cover the increased risk.
“ I am opposed to complete elimina­
tion of assessments, even temporarily,
but do feel that the following can and
should be done:
“ 1. Increase the coverage from $5,000 to $10,000 now.
“2. Provide a provisional reduction
in rate of assessment to not less than
50 per cent of the present rate, the
assessment to be sufficient to cover
losses and afford an increase in cap­
ital so that coverage can eventually
be in full.
“ The existing rate is to an extent a
penalty on present member banks,
since they are providing the capital
for future needs and increased cover­
age. The rate of capital growth is evi­
dence of the fact that banks have been
and are paying for more than the ac­
tual risk costs. When capital has been
built up to the desired level, assess­
ment rates can then be further re­
duced. Banks joining at a future pe-

X

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WHY DOES A CUSTOMER APPOINT fe te AS TRUSTEE?
Your customers who appoint you to the responsible duties of trustee, do so because
they have confidence in your bank. You have built this confidence by never letting
them down . . . by giving them alwavs the very best service. That’s why most banks
all over America promote die sale of American Express Travelers Cheques—because:
thev never let customers down and give the very best service.

. . . AND WHY DO YOUR CUSTOMERS PREFER
AMERICAN EXPRESS TRAVELERS CHEQUES?

V

Y

Known Everyw here! Your customers will find, wherever they go, that American

Express Travelers Cheques are the best known, the most widely accepted cheques
in the world. They’re easy to spend anywhere because American Express not onl\
originated the travelers cheque idea but has vigorously promoted it for 60 yeais.
Help A v a il a b l e E ve ryw h e re! Your customers never have to worry if their American
Express Travelers Cheques are lost or stolen. They can get help—quick help, when­
ever or wherever they may need it. At home or abroad your customers can depend
on one of the 160 conveniently located American Express offices or one of thousands
of agents and correspondents for fast, willing assistance and quick refunds.

\

V

Satisfied Customers E veryw here! So rely on American Express Travelers Cheques

to give your customers the dependable service they are accustomed to receive at
your bank. In your checking accounts, vault protection, loans and other facilities,
you give your best service. Be sure also to offer the best in travelers cheques American Express Travelers Cheques.
C O N V E N IE N T A S C A S H — 100% SAFE!

k

A

A m e r ic a n E x p r e s s T ravelers Cheques
M O S T W I D E L Y A C C E P T E D C H E Q U E S IN THE W O R L D !

Y
Nort hwest ern Banker, Oc t obe r , 1949


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

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

29

AN OUTSTANDING FEATURE OF
CHASE MONEY TRANSFERS
T „ , rap id transm ission of funds so vital to
A m erican commerce and industry largely de­
pends on three basic factors— an efficient o rg a n ­
ization, m odern m ethods of com m unication and
broad n atio n w id e coverage.

W h en a tran sfer o rd er is placed w ith Chase, it
is processed im m ediately by a staff o f specialists
and sped to its destination via teleg rap h , tele­
type o r telephone. A n im p o rtan t and flexible
link in this efficient tran sfer system is o ur net­
w ork o f correspondent bank relationships w hich
enables us to direct tran sfer orders to desig­
n ated points th ro u g h o u t the nation.

Banks can broaden
their services to customers
by using Chase facilities.

THE CHASE NATIONAL BANK
O F THE C I T Y

OF

NEW Y O R K

HEAD OFFICE: Pine Street corner of N a s s a u
M ember Federal D eposit Insurance Corporation

Northwestern Banker, Oc t o be r , 1949

30

y~

riod will have contributed less than
banks with earlier memberships.
“ Thus there should be some balance
attained in gaining the objectives of
lower assessments and increased cap­
ital.”
JOHN CARLANDER, president The
State Bank of Faribault, Minnesota:
“ I feel that insured banks should be
relieved of the Federal Deposit Insur­
ance assessment in full. The bor­
rowed capital from the Treasury De­
partment and the Federal Reserve
System at the time this fund was es­
tablished has been repaid, and accord­
ing to the latest information there is
accumulated now, in the Federal De­
posit Insurance Corporation, a sum
total of over one billion dollars. Au­
thority has been given making it
possible for the Federal Deposit Insur­
ance Corporation to borrow an addi­
tional three billion dollars making
available four billion dollars.
“ The income from the billion dollars
now in the fund will provide not only
for all administrative expenses of the
Federal Deposit Insurance Corpora­
tion but should leave a surplus to be
added to the fund annually. Should
the fund decrease to a sum less than
one billion dollars, then consideration
should be given to reinstating the as­
sessment.”—The End.

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Georgen Elected Cashier
M. A. Georgen, formerly assistant
vice president, has been elected cash­
ier of the City National Bank and
Trust Company, Chicago, by the board

facts about sources of supply in Wisconsin? . . .
credit information? . . . market data? . . . who’ s
who?

~v

■y

Whatever your requirements — routine bank­
ing service, special information, or off-the-beatenpath assistance — the chances are that the facil­
ities, long experiences and statewide contacts of
the first Wisconsin National Bank of Milwaukee
can supply the answer.

V

A

This bank is the largest in the state . . . 30th in
size among all banks in America . . . and over
90 per cent of the hundreds of banks throughout
Wisconsin are First Wisconsin correspondents.

A

*

New

M. A. G EO R G EN
cashier, City National,

Chicago

of directors, succeeding Frank A.
Curda, who died several weeks ago.
Mr. Georgen has been with the City
National Bank and Trust Company
since it was founded in 1932.
Nort hwest ern Banker, Oc t o be r , 7949


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

A

31

From one b an k e r
to a n o th e r. • . •

This will indicate that on the
2nd of January we will have had
an account with The First National
Bank for 75 years. It may seem a
long time, but I have never had
an occasion to note during all
these years a more pleasant
relationship, and I know of no
reason why this should not
continue for many years more.55

Your bank is cordially invited to use The First National Bank
of Chicago as your correspondent.
Every effort will be made by us to promote and maintain the kind of
helpful cooperation that brings us letters like the one quoted above.

The First N ational B an k of Chicago


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

B u ild in g w it h C h i c a g o a n d the N atio n Since 1863
MEMBER

FEDERAL

D EPO SIT

IN SU RA N C E

C ORPORATION

Nort hwest ern Bankerf O c t o b e r , 1949

32

N ew A m erica n E x p ress M r e e to r s

ABOVE, left, Ralph T. Reed, president o f American Express Company. Center
is Brownlee O. Cnrrey, and right is Joseph H. King, both o f whom are new direc­
tors and members of the executive committee of the American Express Company
and the American Express Company, Inc.

ALPH T. REED, president of Amer­
ican Express Company, has an­
nounced that Brownlee O. Currey,
president of Equitable Securities Cor­
poration of Nashville, Tennessee, and
Joseph H. King, president of Union
Securities Corporation of New York,
have been elected as directors and
members of the executive committee
of American Express Company and
The American Express Company, Inc.

R

The announcement stated that no im­
portant changes are contemplated in
the management or policies of Ameri­
can Express. Mr. Currey and Mr.
King were also elected as directors of
Amerex Holding Corporation.
Union Securities Corporation and
Equitable Securities Corporation re­
cently purchased the principal stock
holdings of Albert H. Wiggin in Am­
erex Holding Corporation, which owns

over 99 per cent of the shares of Amer­
ican Express Company.
The election emphasized the young
and strongly aggressive type of inde­
pendent leadership that has guided
American Express Company during
the past century. The lives of both
men, Mr. King at 47 and Mr. Currey
at 48, have been characterized by the
display of balanced judgment and a
wide knowledge of securities values.
Both Mr. Currey and Mr. King are
known throughout the country in the
investment banking industry and are
directors of a large and diversified
group of corporations.

MY IMPRESSION OF
EUROPEAN ECONOMY

V

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(Continued from page 18)
times which will inevitably increase
our taxes, for much of the taxpayer’s
money is being used by the govern­
ment for the purpose of subsidies for
the inefficient and non-industrious peo­
ple, which has a tendency to promote
inefficiency and retard industry. Some­
thing will have to be done to change
our present governmental operations,
or in a relatively short time we will
find ourselves in a position similar to
England.—The End.

>

■i

P.

T

l o u r Bank wants speed when it presents a

A

check or note lor collection. The kind of speed
that means prompt presentation and earliest
s/

availability of funds.
At American National we’re prepared to pro­

co llectio n
s e rv ic e

vide that kind of action. Our staff is experi­
enced. dependable, skilled at operating the

\

high speed machines that make swift service
possible.
\

g eared

We welcome your inquiry with the view to
securing vou the most advantageous mail and

to y o u r n e e d

express scheduling— both by rail and air.

fo r sp eed

AMERICAN NATIONAL BANK
AND T R U S T COMP A NY OF CHICAGO
MEMBER FEDERAL DE POS IT I N SUR ANC E CORPORATI ON

LA S A L L E S T R E E T AT W A S H IN G T O N , C H I C A G O

A
90

O
Nort hwest ern Banker, Oc t obe r , 1949


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

33

In 4 6 states, 1 3 0 0 banks are using
B u rrou gh s

C o m m e r c ia l T e l l e r ’ s

M achines to reduce lob by lines . . .

voice their approval of

save time in teller proving . . . win
customer approval as modern institu­

BURROUGHS COMMERCIAL

tions. Learn h ow easily you can add
this important asset to your bank.

TELLER’S MACHINES

Call your local Burroughs man today.

"R e a c tio n o f both d ep ositors an d e m p lo ye e s
of o u r M e sa O ffice v e ry fa v o ra b le . O rig in a l
in sta lla tio n w o rk e d Put so w et) w e are
in s ta llin g m a c h in e s in o u r T u cso n an d
P h o e n ix o ffic e s .”

Valley National Bank, Phoenix, Arizona

'Both cu stom ers an d tellers p le a se d w ith resu lts.
C h a n g e -o ve r m ad e w ith o u t a h itch . R ecom m end
k need ing to im p ro ve custom er
them to a n y
se rv ic e o r redu
ctnk a n d Trust Co
T h e F irst

Oi

■

C it y , O k la h o m a

________ i


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Federal Reserve Bank of St. Louis

" O u r lin e s at the w in d o w s m o ve
about 2 0 % fa ste r th an b efore. The
te lle r’s w o rk is speeded up
s id e ra b ly . B a la n c in g at the clo se
of the d a y is s im p lifie d . V e rific a ­
tion of cash an d co n so lid atin g
w ith v a rio u s to tals is m uch fa s te r.”
In d u s t r i a l N a t io n a l B a n k
D e t r o i t , M i c h ig a n

WHS

V£*

THSPE

Durrouoh

Northwestern Banker, O c to b ë r, 1949

34
y-

H oir

W o rk is W o r k i ity
(Continued from page 19)

Safe Deposit Department from 3:30
p. m. to 4 p. m., whereas a number of
customers have wanted access to the
vault prior to 9 a. m. It is quite pos­
sible, therefore, that 8:30 a. m.-3:30
p. m. hours would be more convenient
to the public.”

gered so that no one individual will
have to report more frequently than
once each five weeks.
“Naturally, any innovation such as
this brings forth pro and con reac­
tions, but I can truthfully say that we
have had more favorable reports than
unfavorable.
“We have had a few customers re­
port that Saturday closing is working
a great hardship on their business,
and that they feel their volume is defi­
nitely off by reason of bank closing.
I am not at all sure that their con­
clusions are correct so far as the gen­
eral slump in the Saturday volume is
concerned.
“ Since so many industries and crafts
are now on a five day week, it natu-

SCOTT C. PIDGEON, president,
Bankers Trust Company, Des Moines:
“As to whether or not we feel the
five day week is successful, I am
pleased to advise you that my reply is
in the affirmative. Our employes are
all well pleased with the plan even
though it means that a few of them
will have to devote a few extra hours
on Saturday in order to process the
cash letters from our country bank
correspondents. This work is stag-

Hinilii1nillllnM
in
imiiiimiiiiiiiiiiiiiiii

THE FIRST
N A T IO N A L BA N K

IN ST. LOUIS

ST. LOUIS’ LARGESTBANK

©
v v
V*
o

'

© V

N > '"

More than 90 years of experience
with correspondent banking problems
assures correspondent banks o f com­
petent service at the First National
Bank in St. Louis. We shall be pleased
to serve as your St. Louis corre­
spondent.
M em ber F ederal D ep osit Insurance C orpora tion

Northwest ern Banker, O c to b e r , 7949


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

rally is very pleasing to the bank help
that they can be on an equal basis.”
ARNULF TJELAND, president, Mid­
land National Bank, Minneapolis:
“We have been closed Saturdays
since April 30, 1949, a period of thir­
teen weeks. At the same time we ex­
tended our regular banking hours to
7 p. m. on Monday and to 4 p. m. from
Tuesday through Friday. The effect of
these changes is that instead of re­
ducing the time when we are open for
service to our customers, we have
added ten hours each week.
“We feel that the new hours have
been very well received by the public,
and have had no specific difficulty or
complaint. However, it is probably
inevitable that there are at least a few
people who would find it a little more
convenient to do their banking on
Saturday morning. We have tried to
serve such depositors by improving
our bank-by-mail service and by pro­
viding a night-and-day outside de­
pository that can be used twenty-four
hours a day and seven days a week, in­
cluding Saturday, Sunday and holi­
days.
“ Business has been light during the
late hours of Monday but we think
there may be increased activity during
this period after the summer months.
The 'extension of regular hours from
2 to 4 has proved very useful and has
been extensively used by customers
who formerly were rushed to complete
their banking business by 2 o’clock.
This has tended to lighten the pres­
sure at midday and to enable us to
give improved service throughout the
day. These longer hours have been
accomplished within a forty-hour work
week and, needless to say, the Satur­
day closing and five day week has been
enthusiastically received by all mem­
bers of our staff.”
C. R. CLARKE, president, American
National Bank, St. Paul:
“ This bank, along with other Twin
Cities’ institutions, began a five-day
week early in May. Substitution for
the Saturday closing was made by
keeping all departments of the bank
open on Monday until 7:30 p. m.
“We received little, if any, criticism
regarding the Saturday closing and, of
the few comments that were made,
none of them was material. We do
know that remaining open on Monday
evening has permitted certain of our
customers to come into the bank who
were never able to do so before, which
has occasioned a number of favorable
remarks—perhaps more than offset­
ting those which might be construed
as critical. We are in the process of
increasing our night depository facili­
ties so that none of our customers are
(Turn to page 39, please)

V.

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A

A

A

A

X

A

Y

t

-V

k-

..

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R ia n A k J IMUÔV
. . . a versatile microfilmer-reader unit designed
to handle the requirements of community banks at minimum cost.
With a R eco rd ak Ju n io r M icro film er . . . any community
bank can realize the same advantages enjoyed in a larger
bank where Recordak Microfilmers are installed depart-


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

mentally. See how you can save time, effort, dollars by
adapting the photographic speed, accuracy, and completeness of Recordak microfilming to your present routines!

y-

OU

O M

j

d escription of inco m in g item s

It 's no longer necessary for your tellers

to describe incoming checks on their
deposit slips. They need only list the
total amount . . . and the Record ak
Junior Microfilmer does the rest—
gives you a complete record of the
deposit slip and accompanying
checks. (Many banks microfilm both
sides of checks for a complete record
. . . are thereby assured maximum
protection.)
Result: Tellers give faster, more
efficient service at their windows . . .
backed up all the while by a photo­
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record of all items handled.


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

d u plication in bo okkeeping

d escription in transit

There's only one record to post . . .
there's only one posting a day with the

A n adding machine tape serves as
your Recordak transit letter.

unique Recordak Single Posting Sys­
tem. Your bookkeepers post only to
a statement which serves as a ledger
during the month. Then it is micro­
filmed for the bank’s future ledgerrecord . . . and forwarded to the
depositor along with his cancelled
checks, which were also recorded
for the bank’s protection.

Just list and total the check
amounts—that’s all. Manual, timeconsuming description of individual
transit items is unnecessary when
you have a Recordak Junior Micro­
filmer. For it compiles the record
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Result: Bookkeepers can handle

many more accounts per month . . .
using less equipment than is re­
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far less stationery, too.

Result: At least 60% of the time
now needed to prepare descriptive
transit letters can be saved. Further­
more, the job can be done efficiently
by any clerk familiar with an adding
machine.

with
a Recordak Junior Microfilmer: a
photographically accurate and com­
plete history of all items handled by
the bank . . . on compact rolls of
microfilm which can’t be tampered
with or altered without detection.
Protection . . . such as you’ve never
known before . . . that guards against
loss, carelessness, and fraud.
Look at the records you get

Im p r o v e d R e c o r d - C o n t r o l. Your
microfilm copies can be filed at your
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required for bulky paper originals
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review on the viewing-screen of the
Recordak Junior Microfilmer. In ad­
dition, duplicate film copies can be
made—vault-stored for maximum
protection.

¿ jo a l u l l A j ) M ( t h
Your depositors will appreciate the
greater protection . . . the new ser­
vices you can offer.
Your Recordak microfilm records
serve as a constant double-check on
their accounts . . . can point out
discrepancies resulting from fraud
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https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Also , should they lose or misplace

their cancelled checks you can sub­
stantiate their payments . . . provide
facsimilies of the originals.
Important advantages . . . proved
by the fact that many banks are
building new business by advertising
that they are Recordak-equipped.

Free Fa csim ile Service. Should your
transit letters be lost or destroyed
en route, you suffer no expense . . .
and your depositors are inconveni­
enced less. For Recordak will pro­
duce free facsimilies of all lost transit
items—directly from your microfilm
records. And those will be honored
in lieu of the missing originals.

i a ojtuâîuH U

with the Recordak Junior Microfilmer

The Recordak Junior Microfilmer, designed and built
by Kodak, is a compact self-contained unit requiring
approximately 3 square feet of set up space. It can
be installed on any desk or table . . . or on top of a
Recordak Film File.
To record checks, statements, or other documents
—bound or unbound, and up to 93^2 x 14 inches—
you simply place them on the copyboard and touch
the exposure buttons. The machine does the rest . . .
takes the picture . . . advances the film. Any clerk,
as part of her daily routine, can do the job . . . quickly,
efficiently. Should a front-and-back record be desired,
maximum speed can be realized by photographing the
fronts and backs of checks in one exposure.

& w m i(x d ~ to

To read y o u r m icrofilm reco rd s, you simply insert
the desired film roll . . . lower the viewing-screen . . .
and flick a switch. Every detail is projected sharp
and clear . . . enlarged to convenient reading size . . .
and you can speed the film from image to image
merely by turning a convenient handle.

. .w y tu m ic a lto M

You can have a Recordak Junior Microfilmer installed
in your bank-^realize all the advantages of Recordak
microfilming—without capital investment . . . at a
low monthly rental charge that includes servicing,
maintenance, and parts replacement.
Your film costs, too, will be surprisingly low.
Imagine being able to record up to 6,000 checks on a
" R eco rd a k ”

In their microfilming operations, many community
banks follow the Recordak Co-ordinated System: all
incoming items (mail, teller, exchange) are collected
at periodic intervals . . . microfilmed . . . entered on
the proof sheet. . . and then distributed to the various
departments. Also microfilmed, are all documents
which originate in the bank . . . such as return items,
statements, etc.

100-foot roll of film . . . costing only $3.63 . . . with
no extra charge for processing. For more information
on the way Recordak Junior Microfilmers serve thou­
sands of community banks — contact the nearest
Recordak branch office. Or write to Recordak Cor­
poration (Subsidiary of Eastman Kodak Company),
350 Madison Ave., New York 17, N. Y.

is a tra d e-m a rk

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Originator of modern microfilming—and its application to banking systems
Recordak
branch
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Federal Reserve Bank of St. Louis

ATLANTA

CLEVELAND

H O U ST O N

N E W ORLEANS

PO R TLAN D , ORE.

BO STO N

DALLAS

K A N S A S C IT Y , M O .

N E W YO RK

RO CH ESTER, N . Y .

C H IC A G O

DENVER

LO S A N G E L E S

P H IL A D E L P H IA

ST. LO U IS

C IN C IN N A T I

D E TR O IT

M IN N E A P O L IS

P IT T S B U R G H

SA N F R A N C IS C O

W A S H IN G T O N , D. C.

Service facilities
available in many
additional cities

39

HOW 5-DAY W EEK IS
WORKING
(Continued from page 34)
required to carry substantial amounts
of cash on their premises over the
weekend.
“ Needless to say, the five-day week
has had a very marked, favorable
effect on our personnel and a corre­
sponding effect in increased efficiency.”
J. C. BUCKLEY, assistant vice presi­
dent, Northern Minnesota National
Bank, Duluth:
“The banks in Duluth have been
operating on a five day week since
April 23, 1949, and during that period
the public reaction has been very
favorable.
“ We extended our banking hours on
Fridays until 6:00 p. m. but do not
have as much business during these
hours as had been anticipated. It
does, however, give the stores an opportunity to adjust their cash posi­
tions for the following day.
“ Many professional people, who
found it difficult to come into the bank
during our former banking hours, and
who did not work on Saturday morn­
ings, appreciate the opportunity of
doing business later on Fridays, thus
eliminating a special trip down town
on Saturdays.
“Our employe reaction has been
very good and we believe the five-day
week has created a much friendlier
attitude towards banking as a pro­
fession.”
A. AY. CROSSAN, vice president,
Des Moines Bank and Trust Company,
Des Moines:
“We have received very little com­
plaint from our customers in adjust­
ing their plans to do their banking
Mondays through Fridays each week.
It is helping our employment situation
as all our present employes are very
happy in this new plan notwithstand­
ing the extra work involved on Fri­
days and Mondays.”
HENRY E. ATWOOD, president,
First National Bank, Minneapolis:
“We have been well pleased with
bank operations on the basis of a fiveday week.
Customers’ complaints
have been negligible, due partially,
however, to the fact that we give ex­
tended service on Mondays and Fri­
days, our Main Office being open until
6 o’clock on Monday and Friday and
our branches being open until 7:30
o’clock on Friday.
“ Our employment situation has
been materially improved particularly
as to the quality of applicants for new
positions.”—The End.

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

w e p h o to g ra p h
c h e c k s . . . we

can sup p ly a com plete

d e s c r ip tio n o f a n y c h e c k p a y a b le o u ts id e
C h ic a g o t h a t h a s b e e n d e p o s ite d w ith us.
A lso , if any su ch check is lost, a facsim ile
m ade fro m o u r film is fo rw arded for p ay m en t.
U su a lly th is saves th e tim e a n d tro u b le o f
g e ttin g a d u p licate check.
W e invite you to d ep o sit y o u r checks w ith us.

Continental Illinois National Bank
and Trust Company of Chicago
C H I C A G O 90, I L L IN O IS

M e m b e r Federal D ep osit In su ra n ce C o rpora tion

Northwest ern Banker, O c to b e r , 1949

40
Y-

1

'anuda 's M a st M a d era B ank

LAWRENCE
SERVICE
Now Can
Protect Your
Smaller Loans

X

Y

A

V
I n addition to our
standard field warehousingservice as conducted for 35
years, Lawrence has now
opened a special “ Small
Business” Department.
The same efficient
safeguards which Lawrence
provides for your larger
commodity loans are now
available for loans ranging
from $ 25,000 down to as
low as $ 5,000.
This extension of
Lawrence service is ready
now to help improve your
present loan portfolio. It
opens a vast new field for
profitable loan business on
moderate size inventories.
A Lawrence repre­
sentative is ready to confer
with you or your client and
explain the working of this
new “ Small Business” serv­
ice in full detail.

Iawrence Warehouse
fOMPANY
N a t io n w id e

F ie ld W a r e h o u s in g

DIVISION

OFFICES:

SA N F R A N C IS C O 1 1 , C A LIF .
3 7 Drumm St.

N E W Y O R K 5 , N .Y .
7 2 W a ll St.

I

A

MORE THAN A CENTURY after the opening of the Bank of Montreal’ s first
Toronto office, a new 16-story building has been erected on the site o f that first
banking establishment. Pictured above is the spacious interior of the main bank­
ing room on the ground floor. Located in the heart o f Toronto’s financial district,
it is the most up-to-date and best-equipped bank and office building in Canada
today.

ARKING the end of one of the
biggest office building projects
in Toronto in recent years, Toronto
press representatives last month pre­
viewed the Bank of Montreal’s newlycompleted 16-story Ontario headquar­
ters building in the heart of Toronto’s
financial district. The building was

M

then open for public inspection for
two days before the bank’s Toronto
main office commenced business in its
new quarters after Labor Day.
Rising 224 feet above the northwest
corner of King and Bay Streets, this
most up-to-date and best equipped
bank and office building in Canada is

touts FOR Hit WHO

y

X o matter what the size, or the
specific need, of your Chicago account, we are
equipped to provide a complete banking serv­
ice, promptly and efficiently. Any and all o f
our services are at your disposal.

C it y

N a t io n a l

4

B an k

4

y
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N ew O rle a n s • Houston • D a lla s • D en ver • Phoenix
Portland • S e a ttle • S p o ka n e • Stockton • Fresno
W ashing to n , D. C . • M a n ila , P. I.

Northwest ern Banker, O c to b e r, 1949


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

A

41

Through
the
5

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s

W hat the Wessling Bank and T rust P rogram s
Can Do for You— and Why
Y ou’ll like Wessling Public Relations material

Is your institution progressive, yet conserva­

the moment you see it! For out of our years of

tive? If so, you have much to gain by teaming

experience, we have gradually evolved a new,

with Wessling Services on a consistent, year after

different kind of approach.

year basis. As Counsel on Bank and Trust Public
Relations, we have been providing coordinated
each

programs of modern newspaper ads, statement

Wessling message. As has been said, ‘“Successful

enclosures, direct mail letters and folders since

publicity sells not the advertisement but that

1922.

Striking simplicity

which is advertised.

gives strength to

And, you II like the flex­

ibility. You can adapt the Wessling Program,
edit it, add to it. and put your own personality

Wessling Services can do for you “ through
the fifties’ ' what it is doing for other banks and
trust companies all over the United States. So

into it.

won’t you write us today for a Portfolio? No
obligation, but we believe you’ll be enthusiastic

Always, we keep a dignity worthy of your
institution. Yet, each message leads the reader

when you have had an opportunity to study the
material.

step by step, in clear compelling words, to one
goal— ACTION.

The results achieved are con­

firmed by letters in our files from metropolitan
banks and trust companies with millions in cap­

W essling
DE S

Services

MOI NE S ,

I OWA

ital, and from alert country banks, too.

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

Northwestern Banker, O c to b e r , 1949

42
'Y'
the maximum size allowed under
building regulations for the ground
area covered. New home for the B
of M’s Ontario headquarters and its
Toronto main office, it also has office
space for some 35 tenants with staffs
numbering more than a thousand.
With its spacious rest rooms, lounges,
staff dining rooms and kitchens and
its small, well-equipped first aid hos­
pital, it is like a self-contained com­
munity.

On Old Site
The B of M’s ultra-modern Toronto
headquarters stands on the spot where
its first Toronto office was located,
more than a century ago. Before mov­

ing in 1845 to a building erected for
it on the corner of Front and Yonge
Streets, the bank occupied a threestory building on this very site, which
later became the celebrated Metropoli­
tan Hotel. This old landmark was
eventually demolished to make room
for the new office of the Toronto Mail,
later the Mail and Empire. This struc­
ture in 1938 yielded to the B of M’s
new building.
Work on the project was begun in
1939. Work was halted by World War
II, was resumed in March, 1946, and
was finally completed this month, aft­
er a number of delays caused by post­
war shortages of labor and materials.

Into this modern edifice of Queenston limestone, steel and concrete have
gone three million hours of work by
Canadians of many occupations. It is
Canadian-designed and built entirely
of Canadian materials, except in the
few instances in which the required
product was unobtainable in Canada.

y

X

W HAT IS YOUR LOAN
PO LICY?
(Continued from page 21)
“We have not been over-enthusiastic
about starting or keeping new busi­
ness in our city, consequently the num­
ber is limited and so far there have
been no failures.”

á

“We believe that all new business
that is starting now will be better fi­
nanced with earned capital.”
Ì

O U R

WAREHOUSE RECEIPTS

protect Y O U R

INVENTORY LOANS

To assist you in m aking sale, profitable loans St. Paul Terminal
W arehouse Com pany offers:

• Experienced Personnel with technical "kn ow -h ow ."
• Financial responsibility guaranteeing our custodian
obligation.
• Centrally located offices for prompt and efficient service.

(OiL (x)ilL VYIsmL 'IjßUL ÛL:
Nebraska Bankers Association convention, Cornhusker Hotel,
Lincoln, Nebraska
Iowa Bankers Association convention. Hotel Fort Des Moines,
Des Moines
R. C. Schall
T. C. Cannon

ST. P AUL T E R M I N A L
WAREHOUSE COMPANY
DES MOINES OFFICE
511 lowa-Des Moines National Bank Bldg.
OMAHA OFFICE
1104 First National Bank Bldg.
T. C. CANNON, District Manager

Northwest ern Banker, O c to b e r, 1949


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Federal Reserve Bank of St. Louis

425 East 8 th Street
ST. PAUL. MINNESOTA

“Accountants are what is needed
more than anything else in small busi­
ness. They do not seem to understand
the importance of a good bookkeeping
system.”
“Extreme caution is indicated on
loans to small business. The casualty
rate is high.”
“Some of our people go elsewhere
for credit, but not bankable credit. If
it were bankable, we would take care
of them ourselves. We have a couple
of competing banks that take many
loans which we do not think are good.
We are glad to let them have them,
because we do not consider them bank­
able credit. We would be glad to have
help from our correspondents, but
doubt if they would help us any. We
have never found them to be inter­
ested in anything except to get our
account.”
“We find that state and Federal ex­
aminers are against us in making
these small loans.”
“Encouragement of local and private
enterprise is not only a strengthening
factor in the economy of our commu­
nity, but also a strengthening factor
in the economy of the Nation and the
foundation of democracy. Bankers of
the Nation should take more definite
leadership in their respective commu­
nities in an endeavor to sell private
enterprise to the many people with
whom they transact business, and con­
tact. Many bankers are asleep at the
switch.”
“Most applications for loans are from
young men with no experience. This
type of business is dangerous.. Too
many G.I.’s want to get in business,
but don’t realize their responsibility.—
The End.

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CALLS FROM BANKERS
T ru st

o f th e c lo se , f r ie n d ly r e la tio n s h ip

than

th a t e x ists b e tw e e n th is b a n k and

3 0 ,0 0 0 c a lls a n d p e r s o n a l v is its

its c o r r e s p o n d e n ts w h ic h n u m b e r

fro m h a n k e rs . This is o n e e x a m p le

m o re th a n 7 0 0 .

E ach

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C om pany

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HOW

m ore

NORTHERN TRUST

SERVES YOU:

Collects local and out-of-town checks, drafts, notes, maturing bonds and coupons.
No day-to-day holdovers.
Assists in selection and purchase of commercial paper to be held, if desired, in safe­
keeping without charge until maturity.
Ships currency according to most advantageous postal and express schedules.
Provides credit information, undertakes special investigations upon request, and offers
industry studies prepared by our analysts.
Participates in excess loans of banks to their customers of approved responsibility.
Assists banks in the management of their bond accounts.
Transfers funds by wire or other means to any accessible point in the United States.

These services are part of the more than 50 individual services offered your
bank, its customers and employees through the complete, modern facilities of
our Trust, Bond, Commercial Banking and Foreign Departments.

THE NORTH ERN TRUST COM PANY


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

50 SOUTH LA SALLE

STR E E T, CHICAGO

90

M em ber Federal D eposit In su ra n ce Corporation
N E W Y O R K R E P R E S E N T A T IV E

• 15

BR O AD S T R E E T , N E W Y O R K

5,

N E W YORK

Northwestern Banker, O c to b e r , 1949

44
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Gift Checks for Christmas.♦.

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...a n d for every gift occasion!

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Here’s a personalized service that’s a real good will builder
This complete, easily handled service in beautiful, fullcolor Gift Checks can be a real salesman for your bank.
It fulfills a “ gift problem” need, not only of your present
customers, but of your whole community as well. Today
more than 400 banks in 38 states are displaying gift
checks in their show windows and on their counters.
The service consists of 10 different designs of Gift
Checks— one for each widely observed gift occasion. Each
individual check is imprinted with your bank's name.
Each bears a design appropriate to its particular occasion,
beautifully lithographed in full color. Each has a matching
greeting card, as well as a mailing envelope.
So that you can make the fullest use of this attractive
service, promotional material with your bank name, such
as folders, showcards, and newspaper mats is available at

cost, and a manual of operations and a supply of opera­
tional forms are included of course.
On all orders received by November 1st we can have
the Christmas checks and promotional material shipped
to you by November 15th. Write today for complete
information and free specimen checks.

Á

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G IF T C H E C K S F O R T H ESE O C C A S IO N S
|

1. G rad u atio n

4. Father’s D a y

7. Ch ristm as

|

2. W edding

8.

Easter

3. W edding
A n n iv e rs a ry

5,
6

Birth

I

Birthday

9

SPecial
O ccasio n

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10. M other’s D ay

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!____________________________________________________ !

M anufacturers Trust Company

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Member Federal Deposit Insurance Corporation

Head O ffice: 55 Broad Street, New Y ork 15, N . Y .
Northwest ern Banker, O c to b e r, 1949


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

L

45

IN V E S T M E N T S

7 UiIIions in Tax E xem p t lioa sin ys
F oretells M u n ieipa l M a rk et Fhanpe
Bonds Maturing in Less Than 15 Years Attractive,
Indicating Bank Investors May Be Large Buyers
By RAYMOND TRIGGER
Investment Analyst
New York City
HE market for municipals ordi­
narily follows, rather than leads
the other sectors of the investment
bond market, hut a violent change is
right ahead. Under the Housing Act
of 1949, something on the order of
$7.0000,000,000 of new, wholly taxexempt bonds, practically government
obligations, will come onto the market.
The proceeds will go into slum clear­
ance and the building of multiple unit
housing for families in the lowest in­
come groups.
The purpose is laudable enough, but
the magnitude of the project is the
awe-inspiring feature. At the start,
and sales of new Housing Authority
bonds will start before the end of 1949,
perhaps only $100,000,000, or so, of
bonds will be offered. Further, these
first emissions will be for refunding
presently outstanding obligations and,
consequently, will not add to the total
supply of exempts. But, after they get
under way, something like $100,000,000
a month, or about $1,250,000,000 a year
will come forth. This prospective
spate of new exempts may be com­
pared to the probable total of around
$2,500,000,000 of ordinary municipals
in 1949, a record of itself, if attained.
The forthcoming Housings are, in
simplest terms, next thing to a gov­
ernment bond and are also fully ex­
empt. The only substantial difference
is that the government has pledged
its full faith and credit to both, but, in
the case of Housings, affirmative ac­
tion must be taken by Congress each
year whereas, in the case of Treasury
obligations, service on the national
debt is automatic. Conceivably, a par­
ticularly obstreperous Congress might
dilly and dally or even refuse to ap­
propriate the funds, but such a concept
is pretty far out in the blue.

T

Tax-Free
Realistically, then, what amounts
to a government bond on which in­
terest is tax-free will be coming to

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

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.
market in staggering amounts. Should
the investor conclude that the prices
of all exempts will decline sharply in
response to the vast increase of sup­
plies? And, should the investor rec­
ognizing that the tail is about to wag
the dog, more or less, take thought as
to the wisdom of retaining present
holding of governments?
In both
cases, the answer appears to be in the
negative.
There are a variety of reasons for
expecting the Federal Reserve to keep
money easy and to keep the govern­
ment bond market orderly at its pres­
ent fairly high levels. This will be
impossible, of course, if the market is
not also receptive to the flood of near­
government exempts that is right
ahead.
The position of the Housings has
been summarized in a few words by a
competent observer in this fashion:
“ Housing bonds will hereafter over­
shadow the fully tax-free market, will
ultimately make up 25 per cent of the
total. For the next few months they
promise to dominate the market.”

Concrete Advice
The concrete advice that can be ten­
dered to commercial banks on the
forthcoming Housings is simple and
easy. They will be a prime obligation
and, at least insofar as the first few
emissions are concerned, likely will be
most invitingly priced. There are

special technical features which con­
tribute more to the attraction of
bonds maturing within 15 years than
to the longer maturities and every
bank investment officer instinctively
inclines to invest in obligations matur­
ing in ten, or not more than 12, years.
With that qualification, then, bank in­
vestors, and they may go into Hous­
ings about as far as they will, should
be large buyers of the new bonds.
As it happens, the next few months
will also be a period during which
banks may well consider the wisdom
of shifting from some of their shorter
municipals into new Housings, pro­
vided always that the latter are as at­
tractively priced as is now expected.
The reason for suggesting that bankrange municipals are approaching a
vulnerable level is that the municipal
market has managed to work itself
into a state of imbalance in recent
months and that the supply of new
municipals will be ample to large be­
tween now and the end of 1949.

Remainders Mounting
Over recent weeks, dealers’ re­
mainders of new municipals have
been mounting. Of itself, there is no
particular significance in a “float” of
around $150,000,000. The situation,
though, is complicated by the pros­
pective large volume of new munici­
pals and, more importantly, by the
composition of the “float” .
If a given issue of new municipals,
with maturities of from one to 20
years was only half sold, and if each
maturity was, roughly, only half sold,
it would mean that the dealers had
paid too much, or over-priced, or other­
wise fumbled the deal in a routine
way. The remainder, in such a case,
could be sold by adjusting prices for
all maturities. But the current “float”
is not made up of equal amounts un­
sold in each maturity. Commercial
banks have been buying the first ten
maturities avidly. The “float” consists
Northwestern Banker, O c to b e r , 7949

46

Investm ents
Y

y---------------------------------------The loans were based on beans!
T11HEY had been for years. Every time the candy-maker
/

X client of a certain bank thought the price of cocoa beans
was attractive, he borrowed enough to stock up.
It was the system he’d always used—but only sometimes to
advantage! If cocoa did go up after buying, he was in a strong
competitive position . . . could sell his candy at a price based
on lower costs. But when prices fell, he took a loss on his
inventory—and found it extremely difficult to match his
competitors’ prices.
And that’s just what happened late last year . . . what
finally decided him to ask his bank if there wasn’t some way
he could reduce that inventory risk — operate on a more
stable basis.

We suggested that instead of buying months and months
ahead, he should buy only enough cocoa for the next six
weeks or so. At the same time, however, he should sell futures
contracts for like amounts.
Then no matter what happened, he’ d have a fair measure
of protection. If cocoa prices jell several cents a pound before
he needed more, he could buy his futures contracts back at a
profit— still buy additional cocoa as cheaply as his competi­
tors. If prices rose several cents a pound, he would lose on
his futures contracts, but this loss could at least be partially
offset by the increased price he and his competitors would
charge for candy.
Such a program, we said, had to be carried on continu­
ously . . . would greatly simplify his inventory problem—
and make him an even better credit risk to his bank.
Of course, this is only one of the many ways we’ve man­
aged to he of service to hanking institutions.
If you think we might be able to help any of your clients,
we’ll he happy to consult with you—or with them— at any
time. Naturally, there’s no charge. Just call or write—

M

errill

o m m o d it y

Ly n c h , P

D iv is io n

ie r c e ,

F en n er & B e a n e

70 P IN E S T R E E T

N E W Y O R K 5, N . Y .

Offices in 96 Cities

We Buy and Sell

------------------

ALL MUNICIPAL BONDS INCLUDING:
Bonds eligible for Bank Accounts, rated A or better.
Bonds eligible for Insurance Accounts to yield 3%.
Iowa Special Assessment Bonds and Certificates.
Local Utility Stocks and Bonds — I.E.Lt. & Pr„ C.S.E., Ia.Elec.Co.
In form a tion a n d q u o ta tio n s c h e e r fu l l y

Ernest Kosek
Ludmil Prastka
John W. Donnelly
Edward Hollander
Frank C. Sladek
Agnes Hradecky

fu rn ish ed on all s to c k s a n d b o n d s .

K in d ly ca ll us.

£ m estÂosek£ Compajw
I . . . • PHON£
/ >

C e d a r Rapids Oldest and
C e d a r Rapids, Iow a

Northwest ern Banker, O c to b e r , 1949


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

6/09

A

A

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Leads to Higher Prices

The bank was glad to help . . . suggested that he consult
with us about the possibility of using the futures markets.
So that’s how we came to outline the simple program this
manufacturer now follows.

C

of what has come to be called the
“longs.” Apparently, no one thinks
of “middle” maturities any more. They
are either in the bank range and
therefore “short,” or they’re “long.”
One of the solutions will be to make
the “longs” more attractive to savings
banks and insurance companies, insti­
tutions primarily concerned with yield
and practically allergic to tax exemp­
tion. To achieve this, and having in
mind the credit standing of the com­
munity borrowing, and that, from the
viewpoint of the dealer anxious to do
business and to have an inventory of
high-grade exempts on hand at all
times, “to buy bonds, you must bid for
’em,” a new approach to the re-offer­
ing scale must be undertaken.

i

L argest Investment House
Teletyp e CR-21

All this leads up to higher prices for
the bank range maturities in order
that the “longs” may be priced and
sold to investors justified in buying
the more distant maturities. Higher
prices and lower yields, on the bank
range maturities will, then, create a
good opportunity for commercial
banks to pass new issues, invest in
Housings and even trade out of pres­
ent short municipals into Housings of
comparable, or a little longer maturity.
Viewed from almost any angle, then,
the Housings invite the most careful
study by investing officers of com­
mercial banks. The prospective vol­
ume is breath-taking, but who will
question the quality?
In another important, though not
nearly so large sector of the invest­
ment market, are the Consolidated
Federal Land Bank bonds of 1957,
callable from 1955, recently sold at
10014 to provide funds for redemp­
tions, bank loans and new lendings.
They were rather fully priced, even
though of high quality. In fact, the
obligations are those of a government
instrumentality operating under fed­
eral charter with governmental super­
vision, but they are not government
obligations, either direct or guaran­
teed.
A reasonable appraisal of their cur­
rent worth might be closer to a 1.85
per cent basis than the less than 1.75
per cent basis on which they were
marketed. Should the market, on
more sober second thought, or per­
haps influenced by a reaction in gov­
ernments, drop a few points under
100, the Land Banks might well merit
consideration.

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Federal Reserve Policy
From time to time, commentators
point out that the Federal Reserve,
which, in fact, runs the money show
in this country, appears to have either
a contradictory, or, worse, no policy.
The criticisms are doubtless well-in-

k

investments
tentioned and, superficially at least,
have some validity. It is sometimes
overlooked, though, that the Federal
Reserve cannot very well embark on
a hard and fast policy for an indefinite
period until it has some reasonably
acceptable idea of what the Treasury’s
needs and income will be. In turn, this
waits on the Congress which, perhaps
bumblingly at times, determines what
the Treasury is to spend and fixes the
rate at which earnings shall be taxed.
The net from the latter, of course, is
again dependent upon how much is
earned. All in all, if Federal Reserve
policy seems timid and hesitant at
times, confusing and annoying to
bankers, to be sure, should the System
be blamed too much?
The general scope of the activities
of investment. officers of commercial
banks is intimately related to the state
of affairs which concern their con­
ferees, the lending officers. Recently,
a highly regarded economist told an
audience of commercial bankers: “ So
long as the readjustment continues
downward the volume of loans of the
commercial banks will continue to de­
cline. Later on in the year, however,
when the trend turns and the accumu­
lation of inventories again sets in, ac­
companied by an increase in business
activity, a moderate increase in the
volume of loans is to be expected. The
increase in the holding of government
securities, accompanied by a moderate
increase in the volume of loans as well
as by an inflow of gold and a return
flow of currency from circulation, will
bring about an increase in the volume
of bank deposits.”


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

W e are pleased to announce
the formation of

A

G . La

u b r ey

y s ton

8 c

Co.

INCORPORATED

to deal primarily in obligations of the
U . S. Government and its instrumentalities
and of States and Municipalities

The

Company

opened

offices at

Fifteen Broad Street, N e w

York

on Tuesday, September Twentieth,
Nineteen Hundred and Forty'Nine.

A u b r e y G . Lanston
President

Philip D . H olden

Leonard M . H o r to n

Vice President

Vice President

John D . C . T o w n e , Jr.

L ero y M . Piser

Vice President

Vice President

Warning

And, warningly, he continued, “ It
would be inadvisable to lower interest
rates further from the present level,
because such a movement might force
some of the banks to seek an outlet
for their funds in assets which may
not be considered particularly suitable
for commercial banks.”
Rephrased, in somewhat less wary
language, this observation could be
taken to mean that commercial banks
should be constantly on the watch
against the natural tendency to trade
down for better income.
From other sources comes a steady
flow of comment to the effect that the
government market is solidly pro­
tected by the fiscal authorities in
Washington; that, even if it is too high,
it will hold and, finally, that corpo­
rates are relatively cheaper than
Treasuries. The argument is flimsy
and the view short-sighted. It may be
true that corporates are relatively
cheaper than governments, but the
correct approach is that corporates are
relatively less over-priced, not that
they are cheap.

47

Telephone WHitehall
Teletype New York

3-1200
13690

MUNICIPAL BONDS
(Iowa and Illinois)
STA TE
COUNTY
C ITY
SC H O O L

THE WHITE-PHILLIPS CO ., INC.
First National Bldg.

First National Bank Bldg.

Davenport, Iowa

Chicago, Illinois
Northwestern Banker, O c to b e r , 1949

48

Investm ents
y

The government market likely will
be held at high levels indefinitely, but
the support is artificial and mishaps
can happen, and have. Taking the
pessimistic, the gloomy, or, if you
will, the conservative view, it is surely
better to make a mistake in govern­
ments than in corporates.

y

Summary
Summarizing at this stage, the forth­
coming Housings likely will be attrac­
tive; current Land Banks are not bar­
gains; governments are better than
corporates from a defensive stand­
point.
If, however, yields better than those
afforded by governments must be ob­
tained, a certain degree of selectivity
in corporates is indicated. Thus, oil
and chemical industries are up and
coming and there is no discernible end
to their expansion. Other fields offer
less, with the exception of railroad
equipment obligations. In a special
category, requiring careful study, are
tax-exempt r e v e n u e
obligations.
These, sometimes called step-children,
are, as a group, one of the weirdest
aggregations in the whole field of in­
vestments, but not all of them should
be consigned to a museum. Some, un­
questionably, have been soundly put
together and are efficiently adminis­
tered. Because of the relatively high
returns, the field should be explored.
—The End.

A

Y

A

DEAR EDITOR
(Continued from page 13 i

BONDS
Public Utility— Railroad
Industrial— Muni cipal
Bankers are cordially invited to avail
themselves of the complete invest­
ment facilities of our organization.

E. H. Rollins & Sons
Incorporated

135 S O U T H L A S A L L E S T R E E T , C H IC A G O 3
New York

Boston

Northwest ern Banker, O c to b e r , 1949


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

Philadelphia

San Francisco

with each day’s statement closings being
taken in alphabetical order.) We appreci­
ate that this method may be a little more
expensive than delivering the statements to
our customers as we have done in the past,
but we have released space enough in our
lobby to put in two additional commercial
teller’s cages, which means that we have
utilized this space to an advantage para­
mount to the extra cost which the mailing of
the statements involves.
“ We have had very good reception o f this
new system from our customers. You will
note by our schedule that it leaves a period
from the 26th o f one month to the 3rd of
the following month for putting up our com­
mercial accounts who insist on getting their
statements closed on the last day of the
month.
“ A little bit better than 10 per cent o f our
statements are commercial accounts. How­
ever, not more than half of our commercial
accounts, or about 5 per cent of the total,
request their sta'tements closed as of the end
of the month.
“ I am sending you this information be­
cause I thought it might be of interest. I
believe that this system is a coming thing in
banks and I know that when eve were lookingfor information during the past several
months, it Avas rather scarce.”
Glenn Yaussi, Vice President
National Banlc o f Commerce
Lincoln, Neb rash’a

A

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Investments

49

Moiva In v estm en t F ield H u y

MEMBERS o f the Iowa Investment Bankers Association, 125
o f them and their guests from Omaha, Chicago, Twin Cities, New
York, St. Louis, and Cincinnati, held their annual Field Day last
month at the Cedar Rapids Country Club in Cedar Rapids. Golf,
tennis and horse shoe pitching comprised the outdoor sports,
with certain kinds o f table games holding the interest of those
so inclined. The luncheon was delicious, the dinner was out of
this world, and the prizes were tops. G olf winners were James
Rasley, Iowa-Des Moines National Bank, low gross, and K. B.
Newcomer, Harold L. Allen and Company, Des Moines, blind
bogey.
Pictured above, upper left, is a part of the Cedar Rapids con­
tingent who helped make the party a grand success. From left
to right, John Vavra, Figge-Vavra Company; Harry Strothers,
Thomas L. Crabbe and Company; Tom Crabbe, chairman o f the

affair; Reg Figge, o f the Figge-Vavra Company; and Henry
Gundling, Gundling Investment Company. Upper right is a view
down the fairw ay from number one tee with several foursomes
waiting to tee off.
Lower left— Jack Emery, Keystone Fund, Chicago; Jack
Parker, Lord Abbott, Chicago; Henry Ladd, Keystone Fund;
John M. Saunders, Allen Blair and Company, Chicago; and C. G.
Kaufman, Shields and Company, Chicago.
Investment departments o f several banks are represented in
the lower right picture-— Dale Smith, assistant cashier, Central
National Bank, Des Moines; Roland White and Roswell B.
Swazey, assistant vice presidents, both o f the Harris Trust and
Savings Bank, Chicago; George B. Wendt, assistant vice presi­
dent, First National Bank, Chicago; and Frank Warden, vice
president, Central National Bank, Des Moines.

Quarterly Dividend
The board of directors of Manufac­
turers Trust Company, New York, has
declared the regular quarterly divi­
dend on the bank’s capital stock in the
amount of 60 cents per share, payable
on October 15, 1949, to stockholders
of record September 20, 1949.

Receives Bar Appointment
John W. Kearns, counsel of The First
National Bank of Chicago, was elected
chairman of the section on corpora­
tion, banking and mercantile law at
the annual meeting of the American
Bar Association in St. Louis last
month.

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

UNDERWRITERS

—

DISTRIBUTORS

—

DEALERS

MUNICIPAL BONDS
CORPORATION BONDS and STOCKS

KALMAN & COMPANY
Endicott Building
ST. PAUL
Garfield 3305

McKnight Building
MINNEAPOLIS
Atlantic 5313

Northwestern Banker, O c to b e r , 1949

50

Investments
*

NEWS AND VIEWS

MUNICIPAL BONDS
Iowa

Illinois

CORPORATION BONDS
Public Utility

Industrial
Railroad

U rite fo r current list

q u a il

& co .

Davenport Bank Building

Davenport, Iowa

W aterloo Office — Commercial Building
M e m b e r C h ica go S to c k E x c h a n g e

Greetings . .

. IOWA BANKERS

R A V E N S C R O F T & CO.
Specializing in Municipal Bonds for Institutional Investment
W e Trade All Securities
f t e a p p r e c ia te o p p o r t u n i t i e s t o b e o f s e r v i c e
a n d s t r i v e t o m e r i t y o u r c o n t i n u e d p a tr o n a g e

M ERCHANTS NATIONAL BANK BUILDING— CEDAR RAPIDS, IO W A

(Continued from page 20)
Merrill Lynch soon learned, however,
that many bankers, because they had
not had occasion to come in close con­
tact with the futures market, failed
to appreciate how hedging afforded
price protection.
“ In essence, loan hedging is very
simple. For example, a miller who
held an inventory of say 15,000 bushels
of wheat against which he wanted to
make a bank loan would simultaneous­
ly sell three futures contracts of 5,000
bushels each.
Ordinarily the banker protects him­
self against a possible drop in value
of the wheat by restricting his loan to
some arbitrary percentage of the in­
ventory value. If prices take an un­
expected turn for the worse, even this
may not protect the banker and his
customer. However, if futures have
been sold against the inventory, the
lower the price falls, the greater the
profit on the short futures contract.
As futures prices and cash prices gen­
erally move together, one loss is off­
set by a compensating gain. Natur­
ally, with this type of price protection
the banker can safely loan more on
the given inventory and even a sharp­
ly adverse price movement creates no
serious problem for either the banker
or the borrower.”
Michael Dearth is Des Moines man­
ager for Merrill Lynch.
* * *
J. L. Robertson, deputy comptroller
of the Currency in Washington, be-

1

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i

*

1

A

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“ The market place for
Iowa Securities '

BONDS... STOCKS

MUNICIPAL BONDS

p

p

A
B est w ishes

Specializing in Iowa
County, City, School and
Municipal Utility Revenue Issues

to m em b e r s o f the
Iow a B ank ers Association
P

P

r

T. C.HENDERSON&CO.
Established 1930
Members Chicago Stock Exchange

C

arleton

D.

B

eh

INVESTMENT SECURITIES
DES MOINES BUILDING

DES MOINES, IO W A
TELEPHONES:

4-8156, 4-8157

C

o

.

T. C. Henderson, Pres.
E. A. Peterson, Vice Pres.
T. J. Landstorfer, Vice Pres.
K . C. Shreve, Vice P res.
G. D. K aufm an, Vice Pres.
G. O. Kearns. Secreta ry
Helen W alker, Treasurer
2 0 6 Empire Bldg.

V

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Des Moines

V
Northwest ern Banker, O c to b e r, 1949


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

Investments

Mtanlwrs

51

ie
u
g
a
L hum p hm s
H

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s a le

the notes of
these
representative
finance
THE WINNERS— Pictured above is the Mississippi Valley Trust Company’s
Girls’ Softball Team which recently won the championship of the St. Louis bankers
league for the third consecutive year.
Members o f the team, standing, left to right are: Doris Campbell, Betty Sandler,
Del Holden, Sara Greco, Gladys Tipton, Dorothy Hinshaw, Betty Weitkamp, and
manager Roy Anderson. Seated, left to right: coach Bob Svoboda, Cleo Brown,
Viola Laurenti, Dorothy Zaccanti, Dorothy Metzger, Ada Sterthman, captain
Pauline Gish, and coach Jim Barry.
Other teams in the league are: Industrial Bank, Federal Reserve Bank, First
National Bank, Mercantile-Commerce Bank and Trust Company, and St. Louis
Union Trust Company.

companies
Aid Investment & Discount, Inc.
Akron, Ohio

Automobile Banking Corporation
Philadelphia

Bilderback Inv. Trust
Champaign, III.

S. W. Coe & Company

lieves that “Governmental economic
policies can and should be forwarded
by all legitimate means—the interest
rate on the public debt, public works
programs, flexible taxation policies
and many others. The American
banking system has rendered excellent
service to this end, while operating as
independent institutions, supervised
only to the extent necessary to pro­
vide soundness and compliance with
law.

efforts were made, through bank ex­
amination policies with primary aims
other than individual bank soundness,
to make the American banking system
subservient to Government economic
policies of the moment, dictated from
headquarters.”

‘It would be a calamity, I think, if

“It is just nonsense to say that The

*

* *

Secretary Ernest Bevin has at least

the good manners to say “thank you”
for the help the United States has
given his country and Europe.

Springfield, Illinois

Colonial Finance Company
Lima, Ohio

Consolidated Finance Corp.
Indianapolis, Ind.

Contact Purchase Corporation
Detroit

Interstate Finance Corporation
Dubuque, Iowa

Interstate Securities Company
Kansas City, Mo.

Mercantile Acceptance
Corporation
San Francisco

Mercantile Discount Corporation
Chicago

Mossier Acceptance Company
New Orleans

National Discount Corporation
South Bend

({¿/ / ¿ am

North American Acceptance
Corporation
Chicago

tyor/e S/h>cA Sxc/uzxi^,e

^/¿ocA Sxc/um^e

Northern Illinois Corporation
De Kalb, III.

Securities Acceptance
Corporation

Underwriters and Distributors o f

Omaha

Winter & Hirsch, Incorporated
Chicago

Corporate and M unicipal
Securities
L. H. RYAN: I o w a R e p r e s e n t a t i v e
Union Bank & Trust Company Bldg.
Ottumwa, Iowa

/S S ffcttCA í£ ctf/cL¿/e '9 ¿V€€¿
Telephone Franklin 2-4157


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

foA iea ^ o S
Teletype CG 546

ASHWELL
& COMPANY
176 W E ST ADAMS S T R E E T

CHICAGO, IL L .
Commercial Paper

Collateral Loans

Northwestern Banker, O c to b e r , 1949

52

Investments

%

John M. Beyer

Calvin L Rueffel
lo u m

a n d

Illin o is

M U N IC IP A L

B O N D S

Marshall plan oc the organization for
European Economic cooperation have
failed,” he said. “I don’t know what
would have happened without it. It
has saved Europe from complete chaos
and ruin.”

*

>1=

Louis Yaeger, vice president of the

B E Y E R -R U E F F E L & C O .
In v e s tm e n t S e c u r itie s

Kahl Building

Davenport, Iowa

S p e c ia liz in g

H IG H

THOMAS l. I li ll!l!i:
&COMPANY

in

GRADE

MUNICIPAL
BONDS

InvestmentSecurities
Merchants Bank Bldg.
CEDAR RAPIDS, IOWA

•

★
In q u ir ie s

In v ited

IOW A CORPORATIONS
BOUGHT
SOLD

823-24 Insurance Exchange Bldg.
DES MOINES 9, IOWA
Phone 3-5189

a m

s o

★

SECURITIES OF

Becker&I’liwiiie. Inc.

L

★

QUOTED
Prompt Reply to Inquiries

B

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o

s

C o.

.

141 West Jackson Blvd., Chicago, Illinois

S

to c k

and

C

o m m o d it y

B

r o k e r s

Established 1874
M em b e rs

Leading Securities and Commodity Exchanges
DES MOINES OFFICE
207 Equitable Bldg.

LINCOLN OFFICE
335 Stuart Bldg.

William H. Sievert, Mgr.
Layke V. Howett, Mgr.
Walter E. Copeland,
Assoc. Mgr.
Charles E. Deuben, Asst. Mgr.

O T H E R
Bloomington, III.
Cedar Rapids, la
Davenport, la.
Dubuque, la.
Fort Dodge, la.

Jewell W . Bockwitz, Mgr.
Henry B. Moss, Asst. Mgr.

B R A N C H E S

Iowa Falls, la.
Marshalltown, la.
Kansas City, Mo.
Mason City, la.
Lafayette, Ind.
New York City
LaSalle, III.
Omaha, Nebr.
Lincoln, Nebr.
Peoria, III.
Waterloo, la.

Horthwest ern Banker, O c to b e r , 1949


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

OMAHA OFFICE
210 City Nat’l Bank Bldg.

Quincy, III.
St. Louis, Mo.
St. Paul, Minn.
Sioux City, la.
Storm Lake, la.

y

Wheeling Dollar Savings and Trust
Company, and retiring president of
the West Virginia Bankers Associa­
tion, in a very brief address before
his state association emphasized these
important factors about our American
economy:
“If we Americans are selfish in deal­
ing with our country it is doomed.
Social trends are developed by people.
Life is determined by trends. Too
many people are willing to let the
other fellow run the country. Too
many people are concerned with what
they can get from Government. Too
few are concerned with what they can
do to strengthen our Government
along sound economic lines. It is our
responsibility as bankers to do the
best we can to ‘Wake up America
now.’ Now is the time to stop Social­
ism in the United States. Tomorrow
will be too late.”
* =k *

1

A

Y

A

f-

Total mortgage debt of the country

is now $52,343,366,140 as against $44,069,054,006 at the end of 1947, an in­
crease of 18.7 per cent according to
the annual compilation of total U. S.
mortgage debt by the Mortgage Bank­
ers of America.
“Life insurance companies supplied
the largest amount of mortgage money
in 1948, increasing their holdings $2,305.000.000 or 27.7 per cent over 1947.
Commercial banks increased their
mortgages by $1,451,000,000 or 15.3 per
cent; savings and loan associations
increased their holdings by about $1,400.000.000 or 15.6 per cent; mutual
savings banks by $728,000,000 or 15 per
cent and fraternal societies by $22,827,000 or 9.1 per cent.
=1=
*
Evans Woollen, Jr., retiring presi­
dent of the A. B. A. in a recent ad­
dress said, “We wish our banks not
to become bureaus of Government, but
to remain free implements of the econ­
omy. To do so, we must be reason­
ably in step with the economy as it is.
“Organized banking, like every seg­
ment of the nation, feels an impelling
duty under existing circumstances to
make common front with the Govern­
ment wherever possible. We shall
bend our efforts toward widening that
common front.”
^ 5|{ >j
Roland E. Benge, vice president of
the Detroit Bank, Michigan, believes
that the recent pause in purchasing

4

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Investments
throughout the country is building up
an increased demand that will swing
the economic pendulum in the other
direction much sooner than many be­
lieve.
Mr. Benge points out that “Potential
buyers have greater reserve purchas­
ing power than formerly. Maturing
War Bonds are increasing the money
supply. Savings deposits are increas­
ing, but buyers are waiting for lower
prices. They will wait just so long
before purchasing the goods and hous­
ing they need.”
Ij. H. Roseberry, retired vice presi­

dent and manager of the trust depart­
ment, Security-First National Bank.
Los Angeles, speaking about commun­
ism said that certainly every trust
officer should fight against this in­
sidious ideology because it is an im­
portant threat to the property of the
beneficiary.
As Mr. Roseberry puts it, “The trust

To Bankers, With Our Compliments

A Handbook on Transfer o f Securities
This booklet, which we, have just prepared, will be helpful
in answering many questions which arise in connection with
transfers of securities, including posthumous transfers.
A special section of the book shows Stock Exchange com­
mission rates.
You will receive your copy promptly on request.

4. G. Becker & Co.
120 South La Salle Street
Chicago 3, Illinois
Members Nezu York Stock Exchange and Other Exchanges

business should not hesitate, at ap­
propriate times, openly, persistently
and strongly to defend and advocate
the American way of life.
“There has been entrusted to us for
management billions of dollars in
value of other people’s property. Let
us not only guard it zealously, but also
fight to protect the system of laws and
the economy which enables indus­
trious people to earn and possess this
wealth and transmit it to dependents,
worthy people and charitable objec­
tives.”

*

*

*

WHEELOCK & CUMMINS, INC.
IO W A

UNDERWRITERS
200 Equitable Bldg.
DES MOINES 9. IOWA

135 South LaSalle St.
CHICAGO, ILLINOIS

Greetings to the
Iowa Bankers Association

Titus, Alex O. Benz, Jesse Taylor,
E. C. Damrow, C. R. Burnton, E. A.
Maze and Math Simon.

MUNICIPAL

Gifts were presented to Mrs. lone
A. Chambers, who has been cashier

EXCLUSIVELY


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

DISTRIBUTORS

M e m b e r s C h ic a g o S tock E x c h a n g e

Russell L. Stotesbery, president of
the Marquette National Bank and vice
president of the Federal Discount Cor­
poration of Dubuque and M. E. Pat­
rick, vice president of the latter cor­
poration, attended the 25th anniver­
sary of the Citizens Loan and Invest­
ment Company of Fond Du Lac.
Eight of the original organizers of
the company were present at the an­
niversary dinner and included the fol­
lowing gentlemen: H. F. Wetter, W. A.

since the company was founded and
now also holds the office of secretary;
E. A. Maze, vice president and Math
Simon, director.
Citizens Loan has been a subsidiary
of the Federal Discount corporation
of Dubuque, Iowa, since 1942, and the
officers of the parent company at­
tended to honor the 25-year records
of the three local persons.

AND GENERAL MARKET MUNICIPALS

PUBLIC UTILITY, INDUSTRIAL. AND RAILROAD SECURITIES
IO W A CORPORATE SECURITIES

BONDS

V IE T H , DUNCAN & WOOD
MUNICIPAL BONDS
Walter E. Vieth

A. M. MacLaughlin

Davenport Bank Bldg.
Phone 2-5379
Davenport, Iowa
Northwest ern Banker, O c to b e r , 1949

investments

54

A

New Investment Firm
A new investment firm, Aubrey G.
Lanston & Company, Inc., made its
debut last month in New York City.

The new firm will handle United
States government, state and munici­
pal securities, although it will not con­
fine itself exclusively to these fields.
The founder and president of the

new firm is Aubrey G. Lanston, for­
merly executive vice president and a
director of the First Boston Corpora­
tion.
Leonard M. Horton, vice president
and a director, was formerly vice presi­
dent in charge of the Wall Street Divi­
sion of the Chemical Bank and Trust
Company.
Other officers include John D. C.
Towne, Jr., vice president; Philip D.
Holden, vice president, and Leroy M.
Piser, vice president.
Mr. Towne has been with Blair and
Company, Inc., Mr. Holden has been
with the Chemical Bank and Trust
Company, and Mr. Piser has been with
the First Boston Corporation.

A U B R E Y G. L A N S T O N
President and Director
Aubrey G. Lanston & Co., Inc.

^

LEO N ARD M. HORTON
Vice President and Director
Aubrey G. Lanston & Co., Inc.

-4

r

A

Other stockholders outside of Mr.
Lanston include Archibald R. Graustein, formerly president of the Inter­
national Paper Company, and William
Rosenwald of the Sears, Roebuck &
Company Rosenwalds.

In v e sto rs M u tu a l
Prospectus on request from Principal Underwriter

The new firm has offices at 15 Broad
Street, New York.

INVESTORS
DIVERSIFIED SERVICES
ESTA B U S H E D

Mr. Lanston is known throughout
investment circles as an outstanding
authority on government financing.
He has been with the First Boston
Corporation continuously since 1929,
except for a period of time in 1934
when he went with the Treasury De­
partment in connection with some
government deficit financing in that
era.
The new firm starts out with a
capital of $1,400,000.

k

€

18 9 4

(as Investors Syndicate)

Specializing in

MINNEAPOLIS, MINNESOTA

BOND
A.

REQUIREMENTS

Federal Home Loan Bank of Des Moines

for

DES MOINES. IO W A

Investment Bankers

STATEMENT OF CONDITION, SEPTEMBER 1. 1949
R E S O U R C E S
Cash ........................................................$
7 84 ,0 5 8 . 3 2
Investments:
U. S. Govern­
ment Obliga­
tions ............. $ 2 0 ,5 2 5 , 7 0 5 .5 6
Consolidated
F H L B Obliga­
tions .............
1 ,7 7 6, 18 3. 9 9
2 2, 3 0 1 ,8 8 9 .5 5
Advances to members........................
Accrued Interest Receivable.............
Deferred Charges ................................
Other Resources ..................................
Furniture and Equipment
(Cost $ 9 , 9 9 2 .7 8 ) ........................

1 9, 1 1 3 ,8 3 9 .6 0
1 70 ,9 0 9. 32
1 0 ,4 63 .2 2
2 58 .1 5
1.00

5 42 ,3 8 1 ,4 1 9 .1 6

■ ■ ■

T I E S
A N D
L I A B
Deposits— members ........................$
......................
Deposits— Others
Deposits— From Other F H L
Banks .............................................
Accrued Interest Payable..............
"Consolidated Obligations F H L
Bank ................................................
Capital Stock Subscriptions
Paid In:
U. S. Govern­
ment . . . $ 3 ,2 9 8. 70 0. 0 0
member In­
stitutions 9 ,6 3 5 , 6 0 0 .0 0
Surplus:
Reserves .
Undivided
Profits

AL
CA
8 .5 1 0, 70 7. 1 8
2,0 0 0. 00
6 ,0 0 0 , 0 0 0 .0 0
1 2 3 ,4 3 9. 47
1 3, 0 0 0 ,0 0 0 .0 0

North western Banker, O c to b e r , 1949

and
MOORE

1 2,9 3 4 ,3 0 0 .0 0

V-

General Insurance
201 Liberty Bldg., Des Moines

.$ 1,671, 62 5.21
1 3 9 ,3 4 7. 30

1 ,810,972.51
5 42 ,3 8 1 , 4 1 9 .1 6

*Participation in $214,500,000.00 C onsolid ated F ederal Home Loan Bank O bligation s
issued b y the Home Loan Bank Board and n ow outstanding, w h ich are the joint
and severa l ob liga tion s of all Federal Home Loan Banks.


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

Y

WILLIS

GENERAL AGENTS FOR
CONTINENTAL
CASUALTY COMPANY

X

Investments

f f Off 11 V* P r o m o te P u b lic
lieh st i tuts in O ur Hunk
(Continued from page 22)
swer this year to the ever-present pub­
lic relations problem.
“About six months ago we began a
series of ads in the Omaha WorldHerald, using the title ‘Meet The
Bank.' We introduce one of our em­
ployes, using the best picture we can
obtain, and the copy is written in the
first person, purporting to be from the
employe himself. In many cases, it is.
The style is easy, familiar, and downto-earth. These ads, 3 column by 8
inches, are inserted every two weeks,
in the morning and evening sections,
for one day.
“The newspaper runs off a copy of
the ad on glossy paper each time,
which we mount on cardboard and in­
sert in the display space provided in
each of our elevators. We change one
display every two weeks, so that each
elevator shows a different bank per­
sonality.
“ In June of this year we applied
the same formula to our street car and
bus cards. Using a good photograph
of the employe who handles the sale
of travelers’ checks, we invited the
public to come in and buy them from
her. Another month we used the pic­
ture of one of our savings department
tellers to urge people to come in and
open a ‘Television Savings Account’
in our savings department.
“We have concrete proof that our
ads are being read. Comments have

reached the bank from every quarter
concerning this series, and with no
exceptions, they have been favorable.
Equally important is the reaction the
ads have had upon the employes.
Those whose pictures have been used
have had innumerable people remark
about it to them, and have received
letters from as far away as Los Ange­
les in the west, and Trenton, New
Jersey, in the east. Telephone calls

55

have been frequent. The employes
have thoroughly enjoyed it, and have
been most cooperative in helping for­
mulate the copy, or in giving us ideas
as to ‘color’ to use in it. They have
been pleased by the publicity and flat­
tered by the implication that the bank
is proud of them and wishes the gen­
eral public to know it.
“Generally speaking, we have ‘intro­
duced’ employes who meet the public
in their jobs, but on occasion we have
taken some from behind the scenes, as
for instance the head of our transit
department. We have used no particu­
lar order in our presentation, varying

I A M E S C. S H A W

O W E N P. M cD E R M O T T

Shaw, McDermott &(^¡o.
INVESTMENT SECURITIES
MUNICIPAL
INDUSTRIAL
RAILROAD
PUBLIC UTILITY
914 Liberty Bldg.
D E S

Phone 3-6119
M O I N E S

9,

I O W A

Investment Management
for

Fifty-Nine) ears

In d iv id u a l. Kstato
and

In stitu tional
A ccounts

of
INVESTMENT BANKING

1890—1949
•I. (1. E n ya rt

S tife l, N icola u s & C om p a n y
I N CO R P O R A T ED

Insurance Exchange Building
Des Moines, Iowa


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

ST. LOUIS

•

CHICAGO

Northwest ern Banker, O c to b e r, 1949

56

Investments

Ju s*
j ^ c t ° sS
S tteet
th e
You have a standing invitation to visit the HAWKEYESECURITY-INDUSTRIAL Companies at any time, of course,
but while you're here for the Iowa Bankers Convention we
would like to extend a special invitation to see us. The
HAWKEYE - SECURITY - INDUSTRIAL Companies are just
across the street from your convention headquarters. Con­
gratulations on your fine convention and enjoy the hospitality
of Des Moines.
Remember, too, that teamwork is making your convention
a success . . . just as teamwork makes a success of your
business. Teamwork is the basis of the relationship between
the HA WKEYE - SECURITY - INDUSTRIAL Companies and
their Agents. The Companies work closely with Agents . . .
do all in their power to help Agents build sales while per­
forming insurance service in their communities.

C A S U A L T Y CO.

HAWKEY

F IR E IN S. CO.

SECU RITY

I N S . CO .

IN D U ST R IA L
Des M oines, Iowa

between a junior officer, a bank guard,
and a paying teller.
“We feel that the idea has brought
our bank into the public eye as a good
place to work, and a good place to do
business. You can’t ask more that that
from a public relations program.
“The
GEORGE
WASHINGTON
CLUB, which we founded in Novemher, 1947, has continued at a steady
pace. The club honors children up to
14 years of age who find billfolds con­
taining money and return them to
their owners. We now have 206 mem­
bers in the club, which has been or­
ganized to operate almost entirely
through the city schools.
“ In February, on the Saturday near­
est Washington’s Birthday, we had
our annual party for the club. It took
the form of a luncheon at a downtown
hotel, followed by a magic show and a
radio broadcast. The children parti­
cipated in the radio show, which was
transcribed and broadcast the follow­
ing day, so that they could hear their
own voices on the air. Club pins, con­
sisting of a tiny gold pin showing the
head of George Washington, were dis­
tributed as favors.
“Requests for information concern­
ing our checks for the blind come in
with regularity from all over the
United States, and we have received
them from such distant points as Lon­
don and Rio de Janeiro. While we
have opened only eight or nine check­
ing accounts for blind persons, we feel
that much good will has been engen­
dered by our service to handicapped
people.”

Open Direct Wire
William Blair & Company, Chicago,
Illinois, recently opened a direct wire
to Dominick & Dominick of New York
City, who will be their New York cor­
respondents.
This move extends the operations of
William Blair & Company, which is
well known among banks, institutions
and individual investors as underwrit­
ers and distributors of corporate and
municipal securities. The company’s
Iowa representative is L. H. Ryan of
Ottumwa.

New Personal Checks

HOPKINS INSURANCE AGENCY
B. C. Hopkins

B. W . Hopkins

INSURANCE

COUNSELORS

206 Securities Building
Des Moines 9, Iowa

Northwestern Banker, O c to b e r, 1949


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

W . V. Hopkins

Phone 4-5253

A new plan for providing personal­
ized checks for individuals has been
announced by the Republic National
Bank, Dallas, Texas.
As a further service and conveni­
ence to its customers, personalized
checks can be obtained at the Republic
in one day. This has been made pos­
sible by the use of specialized equip­
ment which imprints the name, ad­
dress and phone number on each indi­
vidual check.
The first book of the new checks
was presented by Fred F. Florence,
president, to Mrs. Jeanne Fogel Rose.

57

IN SU RA N CE
ff o#f

T Sell in a Sm all Town
/

Varying Selling Conditions Build Valuable Experience
By ANDY WOLF
Business Men's Assurance Co.
Flagstaff, Arizona
AYING written more than 90 per
cent of my business during the
past eight years within the con­
fines of a town having less than ten
thousand people, my underwriting ex­
perience has been broadened by hav­
ing to cope with nearly every conceiv­
able situation. I have been unable to
specialize in any particular line of
business, but have had to be prepared
to handle whatever problem I ran
into.
However, in reviewing my methods
of operation, certain definite patterns
of procedure stand out. The great
majority of my business has been han­
dled on the two interview plan. A
typical case in mind was that one in
which I heard of a very successful
young fellow living in our city whom
I had never met.
Learning that he was out of town a
great part of his time, I phoned him
at his home until on one occasion I
found him there. I introduced myself
over the phone, and told him that I
was interested in discussing his insur­
ance program with him at some con­
venient time. He agreed to do this,
but told me that he had just purchased
$3,000 life insurance. I complimented
him on his excellent foresight and ex­
plained that my company had a spe­
cial plan for men like himself which
others had found to be beneficial and
I would like to have him know about
it, even though it might not be some­
thing he would like to buy.

H

Five Minute Interview

About one month later I saw him on
the street and he said he could give
me about five minutes of his time. We
sat in his truck and I briefly explained
that my company had a voluntary
social security plan for men like him

ANDY W OLF
“ Most of my business is handled on the two
interview plan”

who otherwise were not provided for
under existing social security laws.
This was of interest to him, because
he said that he wanted to know some­
thing about annuities. I then told him
that I would like some personal infor­
mation about his birth date and that
of each in his family and that I would
prepare a complete outline of the man­
ner in which this special plan would
work for him.
When he had given me this data, I
then put the following key question:
“Mr. Prospect, presuming that this
special plan which I will outline for
you is something you would like to
have, and in order that I will set it up
in the proper light for a man in your
financial situation, can you tell me the
amount of money you could obligate

Did you know that adoption of our Cash Letter
insurance enables you to dispense with detailed
Cash Letter transcripts and keep only a duplicate
adding machine tape? Ask us for details.
F IR S T N A T IO N A L B A N K


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

B U I L D IN G

C H IC A G O

each month for it? Of course, this is
no commitment or obligation on you
to take it, but you understand that it
will be valuable to you only in the
proper balance with your ability to
handle it.” (I have had some very
startling replies to this question.) His
reply was, “Well, if you are going to
save your money, you might as well
save a lot. I believe I can save $200
a month.” I added this bit of infor­
mation to that I had already written
down, thanked him for his time and
said that I would call him for an ap­
pointment when I had prepared the
outline.
I then spent half a day in my office
working out what I felt was the best
plan for his case. When I had com­
pleted all the information necessary,
1 wrote him a letter in which I out­
lined all the benefits of the plan and
clearly stating the things it would do
for him if he lived, and how it would
take care of his family if he failed to
live to enjoy his retirement benefits.
The letter was brief and covered about
one and one-half pages of my personal
stationery. In the letter I talked only
about income and did not clutter it
with technical details which usually
serve to confuse the prospect rather
than aid in making a sale.
Second Interview

A few days later I had my second
interview in my client’s home, to­
gether with his wife. It was in the
evening. After a few minutes visit­
ing, I brought out the letter which I
had written and said, “Mr. Prospect,
I have carefully worked out a plan
which I am pleased to recommend for
your consideration. In order to keep
the details clear, I have written you
a letter which outlines this plan and

Scarborough & Company
Insurance Counselors
3, IL L IN O IS

STATE

to Banks

2 4325

Northwest ern Banker, O c to b e r , 1949

58

Insurance
h

have signed my name to it. I want
you to read and keep this letter. If
we succeed in doing business, I want
you to check the details of this letter
with the provisions of the contract my
company will issue for you. Then,
finally, I want you to file this letter
with the contract for future reference
when you may forget some of the de­
tails in the plan you have purchased.
Now, if you will please read it care­
fully, I will then answer any ques­
tions which I may not have antici­
pated in my letter.”
He then took the letter and read it
through, then handed it to his wife
who also read it. Afterwards, they
both asked me questions, which I an­

G r e e tin g s

to

swered by referring to paragraphs in
my letter. I used it as a track along
which to guide the discussion, for this
was the plan I was recommending and
wanted to sell. When both were ap­
parently satisfied, I suggested that if
it were acceptable to them I would
like to find out if Mr. Prospect could
qualify for the plan. When I had com­
pleted writing the application, I asked
if they would like to make their de­
posits monthly or would they prefer
to take advantage of the annual dis­
count and make yearly deposits. Mr.
Prospect said he would prefer to make
annual deposits and wrote his check
for $2,541. (The monthly premium
would have been $225.) He was ex­

th e

IOW A BANKERS A S S O C IA T IO N
William K. Hankinson
Andrew A. Ingram
Don O. Jones
Robert L. Aschim
V. C. Mickunas

N ATIO N A L

FIRE G R O U P

507 10th Street, Des Moines 9, Iowa

amined the following day and I sub­
sequently delivered the policy which
was happily issued as applied for. It
has now been in force for three years.
Additional Coverage

Having learned that he had three
children, I called back the following
September and explained our special
educational savings plan and wras suc­
cessful in placing $4,000 educational
insurance on each child with an an
nual premium of $925.
While this is the largest case I have
written, the system I used with it is
identical with the one I use in writing
cases of any size.
I have found that if you can get
from the prospect an expression as to
the limit his finances place on his abil­
ity to handle an insurance program
that it is much easier to interest him
in the plan you submit. Otherwise,
it is too easy for the prospect to defer
acting on your proposal for various
stated reasons when, actually, the real
reason may be that your plan involves
more money than he can handle.
I have learned that most men are
willing to look over a plan if reason­
ably approached, even though they
may not always buy. I feel that it is
a distinct advantage to tell my story
in all cases where a need exists. The
law of averages will more than take
care of you.—The End.

M e Pause to Pay Tribute to Our Friends o f the Banking Fraternity
w ho are resonsible in a large m easure fo r our . . .

ACHIEVEMENT
under the Company’ s present management and active program
GROW TH IN ASSETS

JANUARY

INSURANCE IN FORCE

$ 1 4 8 , 4 7 5 . 0 0

1924

$ 1 , 7 6 5 , 5 0 0 . 0 0

$ 3 0 3 , 4 7 7 . 0 0

1929

$ 6 , 0 3 4 , 2 9 1 . 0 0

$ 6 9 9 , 5 7 5 . 0 0

19 3 4

$ 8 , 4 2 7 , 6 5 0 . 0 0

$1,468,596.00
$3,495,638.00
$8,917,069,00
Note in F orce O ver

1939
1944

1949

$16,308,766.00
$30,710,491.00
$56,896,106.00

S 0 0 .0 0 0 .0 0 0

L ife Insurance

POLICYHOLDER'S NATIONAL LIFE INSURANCE COMPANY
H o m e O ffic e s:

Northwestern Banker, O c to b e r, 1949


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

Fourteenth Street - Main Avenue, Sioux Falls, South Dakota

4

A

A

r

59

A d vice foe I onm j M en
W ho W ant to Sell Insurance
Sound Counsel from Veteran Insurance Men
With Successful Selling Experience
R ECENTLY several l o c a l agents
were asked to describe briefly
their ideas and sales tips they
would pass along to a young man who
is about to engage in the sale of in­
surance. These agents were asked
what they would tell this young man
concerning:
1. How you keep your name before
the public.
2. A telephone approach which you
use in talking with new prospects.
3. A method which you use in get­
ting policyholders to bring their insur­
ance coverage up to today’s values.
4. Closing ideas which you use to
clinch sales.
5. The system you find most suc­
cessful in obtaining renewals.
Here are the agents’ answers to the
above problems: *
Fred O. Rumble, Plainwell, Michi­
gan:
“ 1. Run a yearly ad in your local
newspaper. Find a downstairs or
ground floor location for your office
if possible.
“2. Do not call by phone. See them
personally.
“3. Keep a little chart handy which
insurance companies furnish on build­
ing costs.
“4. Just explain to the prospect
what it costs to repair.
“5. See your assured, and often, let­
ting him know that you are interested
in his business (and yours), keeping
him posted on expirations.”
T. J. Bordner, Freeport, Illinois:

“ 1. A little newspaper advertising,
some mailing of circulars and a lot of
talking, telling people that you are
selling protection for them.
“2. Never use the telephone on new
prospects and only on old ones in con­
nection with a service call.
“3. Get them to take an inventory
and compare their values to be pro­
tected with their actual insurance.
“4. Take it or leave it idea. Show
them that it is far more important for
them to buy than it is for you to take
an application.
“5. Always take the attitude that
they are renewing and question
whether they have enough coverage.”
George O. Fletcher, Michigan City,

Indiana:

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

“1. I find using calendars at ga­
rages, body shops and other public
buildings helps about as much as any
form of advertising.
“2. My telephone approach is very
brief. In fact, I don’t try to sell over

the telephone. I try to make my ap­
pointments by phone and follow up
personally as there is no method of
selling like a personal call.
“3. I usually show the policyholder
where he is insured with figures ac-

b o n d s ..
at real savings to YOU!
Banks all over Iowa are recommend­
ing Employers Mutual for every type
of fidelity and surety bonds. Here’s
why . . .
R A T E S . . . Substantially lower on
m ost types o f bonds.
PROBATE BONDS
Administrators,
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PUBLIC OFFICIAL
BONDS
City, School,
County, State
LICENSE BONDS
Beer, Cigarettes, etc.

FIDELITy BONDS

Individual, Schedule,
Primary Commercial,
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3-D . . . the Compre­
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Disappearing and
Destruction Bond

CONTRACT BONDS

S E C U R I T Y . . • L a r g e s t casualty
c o m p a n y in Io w a . A s s e t s o v e r
$ 1 8 ,0 0 0 ,0 0 0 .0 0 .
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S E R V I C E . . • A n Io w a c o m p a n y .
A g e n ts in every locality. Prom pt serv­
ice on all your bond needs.
W rite

f o r in form ation

on this B E T T E R

B O N D IN G S E R V IC E fo r you r custom ers.

C. L. WILLIAMS
M anager, Bond D ept.

EM PLOYERS

MUTUAL CASUALTY COMPANY
Des M oines
FI DELI TY AND SURETY BONDS • WORKMEN' S COMPENSATI ON
AUTOMOBI LE • PLATE GLASS • PUBLIC LI ABI LI TY I NSURANCE
Northwest ern Banker, O c to b e r , 1949

60

In surance

A

G ood Company with
which to Insure

A

G ood Company
to Represent

Oldest National Mutual Fire Insurance Company West of
the Mississippi.
Assets_____________________________________ $ 4,623,949.70
Surplus to Policyholders___________________ $ 1,342,385.36
Savings to Policyholders Since Organization_$2(),505,742.79

MILL OWNERS MUTUAL
FIRE INSURANCE CO M PA N Y
OFFICERS
H. B. C a r so n ................ President
L. K. S h ar p ........ Vice Pres.; Secy.
L. M c K ib b a n ........... Vice President
J o h n W ise ................... Treasurer
C. W . L e t z ............. Asst. Treasurer
J. E . R obb ..... ........ Asst. Secretary

F. D on M eurer .... Asst. Secretary
D on T. K i r k m a n ... Asst. Secretary
H. E. H ud elson .... Supt. of Agents
I. E. S a m s .... Mgr. Canadian Dept.
J o h n W atters ...... Asst. Manager,

Canadian Dept.

Des Moines, Iowa

Cto J L

lA x L

Hamilton, Ontario

d is lp L

Charles O. Townsend, Kirwin, Kan­
sas:
“ 1. Personal contact. Using adver­
tising matter furnished by your insur­
ance companies. Public gatherings
and meetings of any kind.
“2. Telephone prospect that you
have a proposition that you are sure
will interest him. Ask when he can
spare a few minutes with you. Usually
he will say, ‘Come on over any time.’
Don’t lose any time getting there.
“3. Call policyholders’ attention to
the increased cost of material and la­
bor. Check on new furniture and
other equipment. I checked with one
of my policyholders on a renewal one
morning recently and found that he is
adding some $700 worth of new equip­
ment in his kitchen and bathroom.
Result—$700 new business.
“4. Figure cost of stated amount of
insurance for one year. If prospect
hesitates, suggest that he save some
money by taking a three or five year
policy. This will usually interest him.
If he is interested in a one year policy,
I then suggest the three or five year
term anyway. It is always appreci­
ated.
“5. I find personal contact best in
obtaining renewals. You have a good
chance, in this way, of additional cov­
erage on articles the assured had not
thought of.” •

IjjD JU L

CREATE and CONSERVE Your Estate—
and the Estates of Your Clients
Meet this problem, as many other bankers are meeting
it, by using the personalized financial planning
service of Iowa's oldest Life Insurance Company.
FRANK L

McCORMICK

G EN ER A L A G EN T

EQUITABLE LIFE INSURANCE CO. OF IOWA
419 Equitable Building

Northwest ern Banker, O c to b e r, 1949


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

cording to present day values com­
pared with prewar values.
“4. In closing a sale I try to be
casual and get my prospect to do the
talking as much as possible. I always
try to point out what the coverage will
do for him and how important it is.
In fact, I don’t try to talk too long.
“5. My renewals are not worked too
far ahead of expiration. If you call
on your assured too far ahead, he will
tell you he has plenty of time and to
see him later. I usually call about
three days before the policy expires
and that doesn’t give him time to shop
elsewhere. I am frank to say that my
percentage of renewals runs better
than 95 per cent, which is a very good
average.”

DES M O IN ES, IO W A

Frank T. Priest, Dulaney, Johnston
& Priest Insurance, Wichita, Kansas:
“ I’m from the old-fashioned school,
use horse sense, make a lot of friends,
keep the old friends and make new
ones. Do a bit of civic work, contact
new people, new businesses, watch for
buyers of new cars, new homes—just
keep on seein’ lots of people every
day.
“You don’t need a publicity pro­
gram; just hard work. There is no
telephone approach that equals a
friendly, interested voice. The system
I find most successful in obtaining re-

Insurance
newals is to see those people occa­
sionally during the year, then see
them at the time of renewal to be sure
they haven’t made some changes and
that their values are O.K. Believe
you me, it pays big dividends.
“ There is no patent on the best way
to get people to trust you with their
insurance problems, there is no new
approach, just the good old friendly
approach. Make friends with people;
they buy more insurance than anyone
else.
“ I believe the following sums it up
pretty well:
“ He who works with his hands is a
laborer.
“He works with his hands and head
is a craftsman.
“ He who works with his hands, head
and heart is an artist.
“ He who works with his hands,
head, heart and feet is a salesman!”
Frank A. Leberman, Harrisburg, Il­
linois:
“ I would begin by telling him to
‘learn -the insurance coverages thor­
oughly and keep up to date on them
and ahead of the other fellows by
reading all trade magazines. If and
after he knows his product, he can
sell because he has the confidence of
knowing what he sells and gets the
confidence of his prospects and cus­
tomers because they know that he
knows insurance.
“After you have your customers’
confidence, renewals are practically
automatic and 100 per cent. This

agency has been built on knowledge
and service. We do not solicit re­
newals; haven’t for many years. When
extended coverage came out we did
not ask permission to add it—we did.
No complaints. When medical ex­
pense came out we added it to every
policy—no complaints. In fact, many
commended us. We increased all pub­
lic liability limits to at least a mini­
mum of 15/30. No complaints. We
did it because it was a protection to
our assureds.
“This is just a phase of what I
would tell him but I would also add

61

that nothing takes the place of work.
I would have him remember:
“He who whispers down a well
About insurance he has to sell,
Won’t get those shiny golden dollars
Like him who moves around and hol­
lers.”

Addresses Texas Meeting
Fred J. Sudekum. auditor, First
National Bank in St. Louis, spoke on
the subject “What Makes a Good Au­
ditor” at the 19th annual meeting of
the audit section, Texas Bankers Asso­
ciation, held in Dallas last month.

knows there may be a hidden de
falcation in his bank; that sooner
or later any defalcation will grow
until it is finally discovered.
Is your bank’s fidelity bond
adequate? Call in a specialist
Call a Saint Paul agent.

BANKER’S BLANKET BONDS
GREETINGS

int Paul-Mercury Indemnity Company

to the

111 West Fifth Street

Saint Paul 2, Minnesota

Insurance C oun sellors to Banks

I O W A BANKERS
ASSOCIATION
1894

1949

L. E. E L L I S & CO.
INTER-STATE ASSURANCE
COMPANY

H. G. ZIMMERMAN

55

H. A. PETERSEN

A. L. VORIS

YEARS OF SERVICE TO THE
LOCAL AGENTS OF IOWA

Iowa's Largest General Agency
ACCIDENT
SICKNESS
HOSPITAL PROTECTION

CAPACITY - COVERAGE - COOPERATION
FOR ALL LINES OF GENERAL INSURANCE

Robert A. Brown, President
Des Moines, Iowa

HARRY H. WARNER, Spec. Agent
DON F. CARLSON, Spec. Agent
C. M. ZIMMERMAN, Spec. Agent


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

415 Securities Bldg.

Telephone 3-5118
Northwest ern Banker, O c to b e r , 1949

62

$ Î30090 0 0 90 0 0
ELL over $300,000,000 worth of
insurance coverage, probably a
much higher amount, is going
begging in this country today because
policies providing needed protection
are not available. This figure was re­
vealed in the results of a survey made
by the research department of Schiff
Terhune & Company, Inc., insurance
brokers.
The survey, which started last April,
was aimed at determining what inter­
est existed in protection against the
hazards of non-war atomic explosion
and the accompanying dangers of dam­
age caused by radiation. It was con­
ducted among top executives of lead­
ing companies in each segment of in­
dustry and commerce in the United
States.

W

$250 PER MONTH
FOR LIFE!
— com m encing
¥

Age

65!

¥

If you die before Age 65, your
fam ily w ill receive $250 per month
until you would have been Age 65.

Coverag

Among those replying to the sur­
vey, more than 70 per cent indicated
they would be interested in obtaining
details concerning coverage of this
type. The $300,000,000 figure repre­
sents coverage specifically described
as needed. Many other companies in­
dicated their desire for coverage with­
out specifying amounts.
Forty per cent felt that such insur­
ance should be developed and pro­
vided by private insurance interests.
Another 31 per cent indicated their
belief that the government and priv a t e companies working together
should provide such coverage. Only
8 per cent felt that the government
alone should provide insurance of this
type.
Greatest interest was shown in in­

We Specialize in

BANKERS BLAN K ET
and
FO R G ER Y BONDS

Also, cash values and total
disability income!
★

your inquiries Invited

★

T. D. CARN AH AN
General Agent

The M innesota M utu al
Life Insurance Co.

WITMER-KAUFFMAN
EVANS CO.
(Established 1892)
410 Equitable Bldg.

913 Savings & Loan Building
Des Moines

Des Moines

THE D A R L I N G
A G E K C r

surance covering buildings and equip­
ment against the possibility of being
rendered unusable because of radio­
activity, 47 per cent of the replies in­
dicating that this coverage would be
desirable.
Second in importance was coverage
for building and equipment against
damage and destruction from non-war
atomic explosions. Insurance cover­
ing raw materials and finished prod­
ucts against damage caused by explo­
sion or radiation was next in demand
with 26 to 30 per cent of those re­
sponding deeming this desirable. Only
15 per cent were interested in liability
coverage for damage and destruction
caused by atomic explosion or radia­
tion emanating from their plants.
Eight per cent of the companies
replying were currently employing
atomic or radio active processes or
materials which they felt could pos­
sibly cause damage or injury. About
half that number indicated that re­
search was being done on the use of
atomic power or fissionable materials
in plant operations.—The End.

k

'i

-i

A

r

Chemical Bank Appointees
N. Baxter Jackson, chairman of the
Chemical Bank & Trust Company, New
York, has announced the appointment
of Alfred H. Hauser, Hugh Weir and
John L. Gibbons as vice presidents.
All have long been associated with the
bank and are presently officers of the
personal trust department. Mr. Haus­
er becomes the investment officer of
the bank, Mr. Weir will supervise the
administration of trust accounts and
estates, and Mr. Gibbons will super­
vise the development of corporate
trust and pension trust business.
Other appointments in the personal
trust department were W. Brewster
Winton, formerly assistant trust offi­
cer, as trust officer, and Earl C. Wil­
liams and Charles A. Rosebrock as
assistant trust officers.
In the corporate trust department,
Richard J. Lighthall was appointed
trust officer and Albert W. Doyle was
appointed assistant trust officer.
Mr. Jackson also announced the
election of Kenneth W. Fraser, comp­
troller of J. P. Stevens & Company,
Inc., to the advisory board of the 29th
Street & Fifth Avenue office of the
bank.

-4~-

K

r'

V-

Heads Morris Associates
BANKERS LIFE COMPANY
818 Merchants Nat. Bk. Bldg.
CEDAR RAPIDS. IO W A

Northwestern Banker, O c to b e r , 7949


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

At the annual meeting of the Robert
Morris Associates, the national associa­
tion of bank credit men and lending
officers, Milton J. Drake, vice presi­
dent, The Detroit Bank, Detroit, Michi­
gan, was elected to head the organiza-

A

1

in su ra n ce

tion for the coming year. The meeting
was held in the central office of the
Associates in Philadelphia.
To assist Mr. Drake in running the
affairs this coming year, the Associates
also elected Fred C. Witte, vice pres­
ident, The Chase National Bank, New
York, as first vice president, and B. F.
Barnett, president, Commercial Na­
tional Bank, Shereveport, Louisiana,
as second vice president.

ON THE COVER
Two figures currently cutting a wide
swath in international financial affairs
are pictured on the cover of the
N orthwestern
B anker this month.
They are John W. Snyder, left, Secre­
tary of the Treasury, and Sir Stafford
Cripps, Britain’s Chancellor of the Ex­
chequer.
Sir Stafford became the center of
worldwide attention last month when,
in a 29-minute radio broadcast from
London, he made public the world’s
best kept state secret since the hushhush of the atomic bomb during World
War II. Sir Stafford announced to
Britons and the entire world that the
pound was being devalued from $4.03
to $2.80, a cut of 30.5 per cent in its
value.
The devaluation decision had been
made by the British cabinet prior to
the monetary conference in this coun­
try last month of British, Canadian
and United States officials. These
countries and commonwealth leaders
were told of the proposed move and
the secret then was kept until an­
nounced later by Sir Stafford.
Close on the heels of this crucial de­
cision came word from 11 other coun­
tries that they were following Great
Britain’s lead. Before the end of Sep­
tember this number had been boosted
to well over 100.
Varied reactions greeted the an­
nouncement.
Stock exchanges and
banks in England were closed the next
day until a readjustment could be
made. London streets were mobbed
with formally attired brokers who
worked at blackboards and charts on
sidewalks and in gutters; people hop­
ing to get in banks and financial cen­
ters; others hastening to stores to
make purchases of key commodities
that might find a price hike before the
day was out.
A stern financial taskmaster for the
country, Sir Stafford pointedly warned
against any individual or business tak­
ing advantage of the situation and or­
dered a halt to all wage, salary and
personal income increases until the
situation clarifies itself. He said there
was no other choice except to devalue
the pound or see large scale unemploy­
ment.

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

63

AN AGENCY COMPANY
• Automobile
• Workmens Compensation
• Public Liability Insurance

ALLIED M U T U A L
CASUALTY COMPANY
Harold S. Evans, President
4th and Park Stree ts

Des Moines 9, Iowa

GREETINGS TO OUR MANY

IOWA BANKER FRIENDS!
W e sincerely appreciate the m any fine business contacts we
have enjoyed for years among members of the Iowa Bankers
Association.

W e specialize in Credit L ife Insurance
and are the on ly Iowa com pany offering
this typ e o f protection to Iowa hanks.
•

Webster Life Insurance Company
1733 Grand Avenue, Des Moines, Iowa

The Davenport A gen cy of the Equitable
Life of Iowa is making its fifty-seventh
year its greatest one. It is one of the
Com pany's leading agencies because
of the outstanding service rendered an
expanding

clientele

through

a

well

trained sales and service organization.
W h en you or your clients have need
for life insurance service, Write or call

NEWELL C. DAY. Gen'l Agent
Equitable Life of Iowa
730 Davenport Bank Bldg.
Ph. 2-6239
Davenport, Iowa

Northwest ern Banker, O c to b e r , 1949

64

In surance

h

M*uMish R e v ise d C om m en ts on
MAfe P o lic ies ns C olln tern l
O ENABLE banks and their coun­
sel to have a clearer understanding
of the standardization form for assign­
ment of life insurance policies as col­
lateral which was developed by the
Bank Management Commission of the
American Bankers Association, the
commission has recently published a
new booklet, “Revised Comments on
Form No. 10—Assignment of Life In­
surance Policy as Collateral.” The
new booklet was announced by E. V.
Krick, chairman of the commission
and senior vice president and cashier,
American Trust Company, San Fran­
cisco, California.
Form No. 10 was developed in 1939
by joint committees of the Bank Man-

T

IT WILL
HAPPEN

Gree tings
to

M aybe not today or tomorrow.

Iowa Bankers

M aybe not to your best client.
M aybe

you

will

year, but the day

escape

this

is coming

when one of your clients is go­
ing to be involved in a serious
loss. Are you prepared to serve
his needs?

Have you assured

him of the best possible protec­
tion to his personal and busi­

FRO M

j

The Northwestern Mutual Life
Insurance Co. of Milwaukee
KIMBALL J. M. CORMACK
GENERAL AGENT
635 Insurance Exchange Building
Des Moines

ness interests?
W e are proud of our record of
complete insurance protection
program.

We

invite your in­

"The Dividend Paying Company of

vestigation.

America"

agement Commission and the Associa­
tion of Life Insurance Counsel to re­
lieve insurers of the expensive duty of
examining the hundreds of different
forms of assignment then in use.
The booklet states: “The form in its
inception represented a reconciliation
of the views of the insurers and the
banks. The Bank Management Com­
mission has never represented that
Form No. 10 was perfect nor that it
would be implemented by all insurers,
but it does believe that the form pro­
vides adequate protection for banks
and at the same time recognizes the
special character of the collateral and
assures fair treatment of the insured.
After nearly ten years of actual use, it
appears that the vast majority of
banks which make life insurance loans
are now using Form No. 10 exclusively,
and that the major insurers are now
implementing the terms of the form—
in fact, a substantial number of them
have adopted Form No. 10 as their own
company form of collateral assign­
ment.
“ Insurance companies have been
burdened considerably over the years
with questionnaires from banks, sug­
gestions as to procedure etc.,” the
booklet continues. “The Bank Man­
agement Commission strongly urges
all members of the A.B.A. to clear all
such suggestions and questionnaires
through the A.B.A. offices in New
York. All such matter should be fun­
nelled through the special committees
of the two associations in order to pre­
serve good relationships and promote
further cooperation.”
The new booklet includes the prin­
cipal provisions requested by the in­
surers and special information on use
of the form in California, Louisiana
and Oklahoma in the light of the laws
in those states.

'K.

A

-ç

A

i

Á

Western Mutual

DISTRICT M AN AGERS
B. T. Agard, Sioux City
D. A . Epperly, Atlantic
H. G. Griffith, M ason City
C. E. Miller, Waterloo
R. A . Roth, Dubuque
Robert Smyth, Ft. Dodge
R. L. Swarzman, Des Moines
C. U. W alker, Burlington
K. L. W arboy, Cedar Rapids
R. D. Ryan, Davenport

FireInsurance Company

★
Ninth & Grand, Des Moines 8, Iowa

A gency Manager
Life Assu ran ce S o c.

of U.

1220 Des Moines Building
Des Moines, Iowa

Northwestern Banker, O c to b e r , 1949


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

★

THE EQUITABLE LIFE

CURTIS W. POOLE
E q uita ble

★

S.

ASSURANCE SOCIETY
OF THE UNITED STATES

V

65

In su rance

New Forms Holder
The “ Slip Pak,” an entirely new
type of forms holder for use in retail
stores and other types of business, has
just been placed on the market by
The National Cash Register Company.

done during peak periods. Less than
10 seconds is the normal time re­
quired. It is not necessary to remove
any carbon paper retainers or carbon
sheets. The forms are fully protected
against soiling or tearing, as the fold­
er covers the forms completely. The
“ Slip Pak” is very simple in construc­
tion and has no springs, hinges, gears,
latches or slip ejection mechanism. It
is designed to accommodate stand­
ard sizes of salesbooks and other
forms. Special forms are not neces­
sary. In its larger sizes it functions
as an enclosed clipboard and as such
has distinct advantages on many types
of work.
The National “ Slip Pak” is now
available through the branch offices of
The National Cash Register Company
located in more than 450 cities.

easily. Made of aluminum, the hold­
ers are very light. One holder of
medium size weighs only a little more
than six ounces. Each model can be
adjusted to accommodate a consider­
able range of form sizes. Forms can
be loose-leaf, bound together in book
form like a salesbook or can be of
the one-time carbon type.
A distinctive feature of the National
“ Slip Pak” is its sliding lid which can
be extended as a hand rest. This as­
sures better writing as the hand has
as much support when writing on the
bottom line as on the top line of the
form. The firm, smooth writing sur­
face provided by the extendable lid
simplifies writing and assures greater
legibility of carbon copies.
Speed of reloading is an important
factor, especially when this must be

1948

CHAMPIONS
ABOVE PHOTOGRAPH of the
“ Slip Pak” illustrates the convenient
hand rest which is provided by ex­
tending the lid. The size illustrated
is that o f the average salesbook
used in the retail store. There are
many other sizes.

Made in a number of different sizes,
this new holder accommodates forms
ranging from the average sales slips
used in retail stores to the large forms
used in many types of businesses.
Most models are pocket size, and
even the largest can be carried very

Special Agents
C. D. Wherry
R. S. Ingham
A. B. Mehaffey
T. R. McDonald
R. J. Mugge

OF THE UNITED STATES
This Champion Agency, with more
than $50,000,000 in Force, is now larger
than 224 Life Insurance Companies in
the United States.
W. K. NIEMANN, Mgr.

The

W. K. N I E M A N N

Nine-O-Nine Fleming Building

Room 700, 507 W . 10th Street
DES M OINES


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

Des Moines

The
Connecticut Mutual
Life Insurance
Company
Over one hundred years of
Dependable Service

State Farm Membership Plan gives
you more insurance for your money.
One million five hundred and fifty
thousand automobile policies in
force.
Over 8,000
Canada.

★

Hartford Fire Insurance Co.
Citizens Insurance Co.

Agency

Bankers Life Company of Iowa

Eastern Iowa Agency

agents

in

43

states

and

State Farm Mutual policies are non­
assessable.
Write for FREE Booklet for details.

PAUL C. OTTO
General Agent

State Farm Insurance Co’s.

1112 Davenport Bank Building
Davenport, Iowa

Iowa State Agency
Royal Union Building
Des Moines, Iowa

»

Nort hwest ern Banker, Oc t o be r , 1949

66

L

To Soil P ublic on iAie insurance
NEW campaign with a two-fold
objective of citing the American
tradition of individual oppor-

A

MERCHANTS
MUTUA

L

B O N D IN G
COM PANY
Incorporated 1933

Home Office
SAVINGS & LOAN BUILDING
Des Moines, Iowa

•

-

This is Iowa’ s oldest surety company.
A

progressive company with experi­

enced, conservative management.
W e are proud of our two hundred and
fifty bank agents in Iowa.
To be the exclusive representative of
this company is an asset to your bank.

E. H. WARNER

Secretary and Manager

tunity and presenting facts about life
insurance has been launched by the
life insurance business, the Institute
of Life Insurance announced.
This campaign will reach a larger
segment of the American audience
than any yet undertaken, using 421
newspapers in 263 cities and five farm
publications. The newspapers’ com­
bined circulation is 37,300,000 and that
of the farm papers 6,900,000, making
an aggregate of 44,200,000. This is
2,000,000 more than in last year’s cam­
paign and represents an addition of
46 newspapers and 29 cities to the list.
The ads will be 1,000 lines each in the
larger cities and 750 lines in smaller
cities.
The new campaign maintains the
public service approach which has
characterized the life insurance adver­
tising in recent years. Inviting the
people to meet “Another Do-It-Your­
self American,” each advertisement
will present a thumb-nail sketch,
drawn from real life, of a typical Amer­
ican who has grasped his opportuni­
ties and is on the way up.
Each advertisement will also invite
the reader to look for similar case his­
tories in his own community and cite
life insurance and the service of the
life insurance agent as a part of this
do-it-yourself tradition.
A box called “ It’s a Fact About Life
Insurance” appears in each advertise­

ment, answering one specific question
about life insurance each time. These
“Fact Boxes” will emphasize educa­
tional topics which are an important
part of life insurance understanding
and will also invade the areas of mis­
information and misconception about
the institution. There will be more
about life insurance in the messages
of the new campaign than in any pre­
vious ads sponsored institutionally by
the business.
The keynote for the campaign was
sounded in the opening advertisement
under the heading, “ Today’s American
Frontier is right on your own Main
Street!”
“Yes, for every man and woman
there are still opportunities freely
open for the taking,” the message
reads: “America is what it is because
it sees more in the ‘do-it-yourself’
spirit than in a spoon-fed security. In
other countries people are coming to
wait for things to be done for them.
But in America we have much more
because we do much more for our­
selves. Seeing the evidence of this all
around us, we keep on developing new
skills, new occupations, new ideas.
We make new inventions, develop
new materials, organize new services.
This means that our opportunities are
constantly expanding. These are to­
day’s frontiers. They are open to all
of us.”—The End.

Crum and
F orster

Connecticut Mutual
Life Insurance Co.

W. W. WARNER
Assistant Secretary

YOUR "EXTRA" TRUST
OFFICER
You will be surprised how
our EXTRA M A N in your trust
department can increase your
Trust Business.
Connecticut General men are
trained in Complete Estate
Analysis and are in a position
to sell to the client the services
of your Trust Department and
your Trust Officers.
W h en a Connecticut General
specialist from the Charles M.
Maxwell A gen cy works with
bankers, they find out quickly
that he is cooperative and
knows bankers' problems.
For full information on this
valuable service address
CHARLES M. M AXW ELL
640 Des Moines Building
Des Moines
»

Telephone 3-7644

Iowa State Manager
Connecticut General
Life Insurance Company
Hartford, Connecticut

Nort hwest ern Banker, Oc t o be r , 1949


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

Managers

f>

p

v

United States Fire Insurance Co.
The North River Insurance Co.
Westchester Fire Insurance Co.
British-America Assurance Co.

Inquiries Invited for Brokerage
or Part-Time Contracts

?

p

p

W . H. FAULKNER
State Agent
HOMER TEMPLETON

C. R. BAUMA

Special Agents
505 Insurance Exchange Building
Office Telephone No. 4-5932
DES MOINES, IOWA

Sherry 1!. Fisher
Gener al Agent
912 Fleming Building
DES M O IN ES

IO W A

K

\

In su rance

Appoint Supervisor
Appointment of C. B. Clark as super­
visor of banking arrangements for The
Royal Bank of Canada was announced
last month. He succeeds J. L. Lawson,

SUPERLATIVES
In reading over some of our
recent advertisem ents, we are
rather shocked to find that we have
been indulging in superlatives,
whereas it is our intention always
to deal in understatements.

C. B. CLARK
Supervisor of banking arrangements
Royal Bank of Canada

who retired on pension October 1st,
after a long and distinguished career
with the bank.
Mr. Clark brings to his new post a
wide and varied experience in the
field of both domestic and interna­
tional banking.
Mr. Lawson’s retirement completes
a period of over 45 years’ continuous

During the course of his career he has
become one of the best known Cana­
dian bankers in the United States
and Europe and is an acknowledged
authority in the field of foreign ex­
change.

service with The Royal Bank of Can­
ada. He has been supervisor of bank­
ing arrangements since 1926 and was
largely responsible for the organiza­
tion and development of this impor­
tant section of the bank’s operations.

r

67

W hy do people go off the deep
end and brag so much in adver:
tising? Why, especially, do people
who normally exercise restraint
take off the wraps when they start
writing about their product? The
only justification we can see for such
conduct is that the copy writer is not
making claims for his own achieve­
ments but rather for those of the
hundreds of people who produce
the thing he is trying to sell. Per­
haps on that basis superlatives are
justified.

folks who produce for DeLuxe do
a really commendable job, so per­
haps it’s all right to say so. He thinks
they are about the most sales-minded
production people and the most
production-minded sales people he
has ever seen. He thinks that com­
bined they constitute the most
service-conscious group ever gath­
ered together in one organization.
And thus, having quickly rational­
ized himself into accepting this con­
dition, he now ceases to worry about
the repetitious use of superlatives.
O n e thing is certain... and that is
that DeLuxe is in all respects a serv­
ice organization. Last year it was
privileged to make some few checks
for 10,184 banks across the country.
Consequently, it feels that it is at­
tuned mentally and equipped phys­
ically to render any service involv­
ing the distribution o f bank checks.

Take DeLuxe, for example. This
writer is of the opinion that the

DeLuxe

Manufacturing Plants at:

'J

N E W Y O R K , C L E V E L A N D , C H IC A G O , K A N S A S C I T Y , ST. P A U L

CHECK PRINTERS

■HP

The HOME

INSURANCE
COMPANY«( NewYork
THE PRIN TED W O R D

EXTENDS GREETINGS
to m e m b e r s o f th e

Next to word-of-mouth, the Printed W ord is the
world's principal means of communication.

Iowa Bankers Association

Make sure that your communication with clients
makes the best impression by the use of the
very best grade of paper.

•

•

•

THE HOME FLEET
E. H. Davis
Art E. Holm

A. Augustine

L. J. Wherry

W. J. Matthes

FOR THE BEST IN PAPER S T O C K

Wm. D. Gehringer

L. W. Roland

C. S. Cathcart
W. F. Roberson

Consul t this Firm

NEWHOUSE PAPER COMPANY
“ B e tte r P rin tin g P a p e r s”

1201 Des Moines Bldg.
DES MOINES


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

Minneapolis

St. Paul

Des Moines

Moline

Dubuque

Nort hwest ern Banker, Oc t o be r , 1949

68

mM
^
Now a huge
skyline from
banking
hank sign in

quar

^

'

,
•, ¡he Minneapolis
B A N K ” flashes n
Nortbwestern’s
gign on top of N«rt

Brightest sign west ? tbe world’ s only
it is surmounted »Y
above the
10.foot illuminated sp ^
forecasts that

, i i i )V where a warm
elements
in Northwestern !‘ ' “^ b a l l may predict aboU^
mieap„Hs.
whate7 eV T f o r T h e sign next time you corn6 to M
. ^
to
outside. Look
weather, which
-liquide you
It Will tell youI ^ o u t 1 ,n tbi9 are
alli\ in you give yonr
agriculture and " 1
stands ready to help y » » .
•

iiic o D E

W eatherball an

Weatherball as
white as snow..
Down the temper­

emerald green...
Forecast says no
change fo re s e e n .

ature will go.

\ J //

When colors blink
Weatherball as
red as fire • • •
temperature is

in agitation . • •
There’s going to
be precipitation.

going higher.

/^ T ^ f o f ^ n n e a p o l i s
N a tio n a l
, 0 S e v e n th « r e e «

a » » * « - “”

y. '
•
— _ _____

Nort hwest ern Banker, Oc t obe r , 7949


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

69

awarded the Leslie Schuldt Company
of St. Paul.

Minnesota
N EW S
N. A. WELLE
President
Bemidji

Honor Ivanhoe Banker
L. V. Widmark, president of the
Farmers & Merchants National Bank
in Ivanhoe, Minnesota, was honored
by directors and employees of the
hank on the 35th anniversary of his
banking career. Mr. Widmark joined
the bank at Ivanhoe on September 1,
1914, and has continued at the present
location during the entire 35 years.
H. J. Tillemans, who at present is
chairman of the board, was president
of the bank where Mr. Widmark began
his career.

Retires at Brandon Bank
Because of impaired health, O. W.
Harrison, president of the Citizens
State Bank of Brandon, Minnesota, re­
tired October 1st. He has been a chief
stockholder and executive officer of
the bank since its organization in De­
cember, 1927.
L. O. Wallin, formerly assistant
cashier of the American State Bank in
Watertown, has moved to Brandon
and assumed management of the Citi­
zens State Bank. Both of these insti­
tutions are affiliated with the Bremer
bank group and Mr. Harrison sold his
interests in the Brandon bank to this
group.

Receives Gold Watch
In appreciation of his 30 years of
continuous service in the Lake City
State Bank, Lake City, Minnesota, Roy
Wittenborg was guest of honor at
a dinner last month.
The dinner was attended by all em­
ployes of the bank and, as part of the
informal program, Mr. Wittenborg was
presented with a solid gold wrist
watch, the gift of the staff and the
board of directors.
Mr. Wittenborg is assistant cashier
of the bank, which is the oldest bank
in Minnesota, having been established
in 1867. F. W. Sprague, cashier, made
the presentation in behalf of the
group.

Central Division Officers
Newly elected officers of the central
tri-county division of the Minnesota
Bankers Association are: President,
F. N. Prelvitz, cashier of the State
Bank at Buffalo Lake; vice president,

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

ROBERT E. PyE
Secretary
Minneapolis

Ed Erickson, cashier of the First State
Bank at Lake Lillian, and secretary,
M. E. Finken, assistant cashier of the
State Bank of Eden Valley. Retiring
president is D. N. Tharalson, formerly
of the First State Bank of Litchfield.

Half Century of Banking
The First National Bank of Lake­
ville, Minnesota, passed the half cen­
tury mark in banking last month and
an open house affair was held by the
bank’s directors and officers to honor
the occasion.
It was organized in 1899 as a private
bank, The Dakota County Bank, by
F. A. and W. H. Samels. Two years
later a state charter was obtained, paid
up capital amounted to $10,000 and
the name was changed to Dakota
County State Bank. W. PI. Samels is
the only living member of the first
board. Growth of the bank forced
several moves in location and in 1915
a national charter was obtained with
capital set at $35,000 and deposits in
excess of $250,000. Total capital struc­
ture now is over $108,000, with depos­
its of $1,425,000.
Officers are Palmer Hammer, presi­
dent; Adon A. Zimmer, vice president
and cashier; J. H. Zimmer, vice presi­
dent, and Margaret Sorensen, Lucille
Kulzer and Richard Keher, assistant
cashiers.

On State USO Drive
Willis D. Wyard, president of the
First and American National Bank in
Duluth, is a member of the Minnesota
USO committee for a campaign to be
conducted October 8th to 15th, accord­
ing to John A. Moorehead, Minneap­
olis, state chairman.

Remodeling Glencoe Bank
Extensive changes are to he made
in the interior of the First National
Bank of Glencoe, Minnesota, that will
be the first since the bank was built
in 1898.
These changes will modernize the
interior and also provide more bank
lobby space.
New oak desks, chairs and fixtures
are being purchased and more uniform
arrangements will be made.
The contract for the work has been

Start New Building
The State Bank of Worthington,
Minnesota, recently moved into tempo­
rary quarters next door while its old
bank building is being razed to make
way for a new structure. Wrecking of
the old building began immediately
and work is progressing rapidly. The
new bank will include part of the
building in which temporary quarters
are housed.

30 Year Anniversary
The Farmers State Bank of Hamel,
Minnesota, celebrated its 30th anniver­
sary last month with an open house.
The first officers of the Hamel State
Bank were L. C. Dorweiler, president;
H. F. Haughart, vice president; B. M.
Dorweiler, director; Eugene Morin,
director, and Mable Larson, now Mrs.
Roy, assistant cashier. H. J. Dor­
weiler, now president, became cashier
shortly after the bank had been organ­
ized.
H. J. Dorweiler now heads the bank
as president, with D. D. Dorweiler, vice
president; Eugene Morin, vice presi­
dent; C. O. Dorweiler, cashier; and
Robert J. Roehl, assistant cashier.
For H. J. Dorweiler, H. F. Haughart
and Clemens Roehl, one of the first
directors, it was also an anniversary
celebration. They have been associ­
ated with the hank since it was organ­
ized.

Heads National Surety
Ellis H. Carson has been elected
president of the National Surety Cor­
poration and National Surety Marine
Insurance Corporation, to succeed Vin­
cent Cullen, who retired at the end
of last month under the corporation’s
pension plan.
Arthur O. Dietz, chairman of the
board, in making this announcement
paid high tribute to Mr. Cullen who
has headed National Surety since
1933. During this 16-year period, said
Mr. Dietz, National Surety has had
exceptional growth, its premium vol­
ume having doubled, and total assets
having grown from $11,570,000 to $43,857,963 at mid-1949.
The new president, Mr. Carson, was
born in Liverpool, England, in 1904.
After service with merchant marine
services, he joined the Liverpool and
London and Globe Insurance Com­
pany, was transferred with Royal In­
demnity to New York in 1938 and
joined National Surety in July, 1948.
During his work in New . York, Mr.
Carson became one of this country’s
noted and respected insurance com­
pany officials, having handled success­
fully many insurance problems during
the war and afterwards.
Nort hwest ern Banker, Oc t obe r , 1949

70
A

k-

i
<
UROPE has shown great economic
improvement in the past two years,
with France’s recovery the most sur­
prising, H e n r y S . K i n g m a n , president
of the Farmers & Mechanics Savings
Bank of Minneapolis, reported recent­
ly on his return from a five weeks’
survey of European savings institu­
tions.

E

Mr. Kingman made the trip as
president of the National Association
of Mutual Savings Banks. He based
his comparison on conditions he noted
on a similar trip in 1947.
The Minneapolis banker found less
fear of Russia, disappearance of the
black market in France, elimination of
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•

food rationing, except in England, and
a start in housing construction.
He said savings banks are prominent
in making mortgages. In Sweden,
Finland and Norway, savings bank
passbooks are standardized, and de­
posits and withdrawals may be made
at any savings bank throughout the
country, regardless of where the de­
positor may have his account, Mr.
Kingman explained.
Mortgage loans in Sweden are made
on the basis of 60 per cent valuation,
with the loan rate averaging 3% per
cent, he said. Finnish savings banks
receive 8 to 10 per cent on mortgage
investments and pay 614 per cent in­
terest on savings deposits.
l e n

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i t e o u

t i e s

QUEEN TOR A QUEEN — When the Minnesota Dahlia Society held its annual
show last month in the lobby of Northwestern National Bank of Minneapolis, one
o f the entrants displayed a “ Queen Jean” dahlia, named after Minneapolis’ Aquatennial queen, Jean Johnson. Queen Jean was one of the 13,000 people who passed
through the bank’s lobby during the two day show to see the new dahlia and
thousands of others.
The dahlia show was one of the three flower shows that every year brings thou­
sands o f visitors into Northwestern’s ample lobby. The peony and gladiola shows
are the other two offerings.
Nort hwest ern Banker, Oc t o be r , 1949


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

Mr. Kingman was accompanied on
his trip by J o h n W . S a n d s t e d t , execu­
tive secretary of the National Asso­
ciation of Mutual Savings Banks.
* * *
Three Minneapolis bank employes
retired recently after more than a cen­
tury of total service with the North­
western Bank group.
Jo sep h
F . R in g la n d ,
president of
Northwestern National Bank of Min­
neapolis, announced retirement of J a ­
c o b A . K u n z , manager of the North
American office; M a r t i n E . H e d l u n d
of the exchange department at the
main office, and N i c k P r y t k a , utility
employe of the Lincoln office.
Mr. Kunz began his banking career
in 1902 at the former German Ameri­
can Bank. He was elected manager of
the bank in 1922, when it became the
North American office of Northwest­
ern.
Mr. Hedlund began work for North­
western National in 1907 as a book­
keeper, and became manager of the
collection department in 1924. Since
1928 he has been in charge of the wire
transfer section of the draft and for­
eign exchange department.
The three will be presented with
signet rings at the annual dinner of
employes in January.
W i l l i a m A . B e n s o n was elected man­
ager of the North American office to
succeed Mr. Kunz. A native of Min­
neapolis, Mr. Benson began work in
1913 for the German-American Bank.
From 1922 to 1945 he served as assist­
ant manager of the North American
office. In 1945 he was elected assist­
ant cashier at Northwestern’s main
office and until recently was manager
of the bank’s mortgage department.
* * *
H a r r y H a r r i s , a member of the board
of directors of the American National
Bank of St. Paul, died recently in St.
Paul on his 80th birthday. Mr. Harris
was the founder and president of H.
Harris Company of St. Paul, fur man­
ufacturers.
* * *
R u s s e l l L . S t o t e s b e r y , president of the
Marquette National Bank of Minneap­
olis, recently announced the retire-

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71

BOARD OF ST R A TE G Y
The responsibility for planning and performing
a large proportion of every community’s civic
project falls upon its “ board of strategy” . By
w hatever nam e it is known, Chamber o f
Commerce, Community Club or Commercial
Club, this group of leaders has the specific job
of helping to make a community better—
whether it’s planning a harvest festival or build­
ing an airport, arranging a 4 - H banquet or

HOW

CAN

WE

welcoming tourists, providing a recreational
program for teen-agers or inviting new business
concerns to locate there.
W hat’s good for their community is good for
them. First National of Minneapolis feels the
same way about its friendly relationship with
you. W hat’s good for your community is good
for your bank, and your continuing success helps
to further ours.

HELP

p T P Q T

YOUH E L P

YOUR

COMMUNITY?

NATIONAL BANK OF MINNEAPOLIS
henry e . atwood ,
DEPARTMENT

M. o. GRANGAARD, Vice President
K. T. martin, Assistant Vice President

OF

BANKS

President
AND

BANKERS

G. s. henry, Assistant Vice President
c. E. corchran, Assistant Vice President
j. m . downes, Assistant Cashier

s. r . omlie, Assistant Cashier
r. o. weyrauch , A s s ’t. Cashier

M em ber Federal Deposit Insurance Corporation
Nort hwest ern Banker, Oc t o be r , 1949


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Federal Reserve Bank of St. Louis
a

72

Minnesota News

ment of G e r t r u d e E . D o r d a n , manager
of the savings department, following
28 years of service.
Miss Dordan entered the employ­
ment of the old Continental State Bank
in 1921. Four years later, when that
institution was absorbed by Marquette,
she was named manager of the sav­
ings department.
^ ^ >(i
Eleven midwest college professors
of economics, money and banking re­
cently attended a central banking sem­
inar, sponsored by the F e d e r a l R e ­
s e r v e B a n k of Minneapolis.
They studied the practical applica­
tion of central banking theories as
guests of the federal reserve system.
Following the Minneapolis “course”
they spent two days at the Federal

THE

Reserve Bank of New York and at­
tended a two-day seminar in Washing­
ton with the board of governors of
the federal reserve system. They were
accompanied by I ) r . J . M a r v i n P e t e r ­
s o n , research director for the Minne­
apolis bank.
The seminar plan has aroused the
interest of college presidents, accord­
ing to O l i v e r S . P o w e l l , first vice presi­
dent of the Minneapolis bank.
The Minneapolis bank was the first
in the federal reserve system to cir­
culate a movie on its operations: to
stage conferences of district bankers;
to put on a radio program; to conduct
forums, reciprocal industrial tours and
bond clinics; to issue farm news and
a picture book, “Your Money,” and to
issue annual statements carrying illus-

trated departmental feature sections.
J o h n N . P e y t o n is president of the
Minneapolis bank.
îj< ^ ^
While on her recent trip to Sweden
and Denmark, M i s s M a r i o n M a t t s o n ,
assistant cashier of the Northwestern
National Bank of Minneapolis, suc­
ceeded in making foreign newspaper
headlines.
Miss Mattson’s tour included the

DI SC H A R R O W S . . .

M ISS M A R IO N M A T T S O N
Rates headlines in Sweden

DISC E V E R Y I NCH
EVEN ON TURNS . . .
WITHOUT D I GGI N G IN!
They Follow the Tractor!
MM'S DISC HARROWS PENETRATE
DEEPER, PROVIDE BETTER SEED BEDS.
In loose soils . . . in ordinary soils . . . in soils difficult
to penetrate, MM Disc Harrows uniformly break up
clods, smooth out ridges, fill up holes without digging
in— e v e n o n t h e t u r n s . M M Disc Harrows provide wellworked uniform seed beds for proper planting, more
uniform germination and ripening of crops.
Constructed for heavy-duty service, designed for
strength without great bulk or weight, M M Disc Har­
rows last longer, perform better, handle easier, and
operate more smoothly. They have extra width capac­
ity and better penetration because of proper disc
spacing.
Disc bearings are self-lubricating, never require oil
or grease. Engineered design of gang assembly dis­
tributes load evenly over full length of each bearing,
MM’S QUALITY DISC AND PEG TOOTH
reduces bearing and assembly wear to minimum.
HARROWS THOROUGHLY WORK THE
Powerful tension springs regulate disc penetration
GROUND.
to even depth. Special coupling design permits u p - __________________________________________
ami-down flexibility to assure even penetration on
rough ground. Wide-blade rigid scrapers of thin spring steel keep discs clean. Disc gangs can be
set into working position by merely backing the tractor, and angle of work can be regulated “ on
the go” by pulling trip rope from tractor.
With Uni-Matic Power, the desired working position can be hydraulically set by merely touch­
ing a conveniently located lever. Wide variety of M M Disc Harrows provides types to do every
harrow job faster with better results. M M deep pan weights are available to increase or decrease
penetration for various conditions of soil. See your friendly M M dealer for complete facts.

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PIONEERS

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Minn e apolis -M oline
W f c B W

MINNEAPOLIS

Nort hwest ern Banker, Oc t obe r , 1949


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

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town of Umea in northern Sweden.
She had returned to her hotel one aft­
ernoon after “doing” the town with
her cousin, a native of Umea. A re­
porter of the Umea daily paper met
her in the lobby and requested an in­
terview. Miss Mattson complied, al­
though with some difficulty, as the
reporter spoke only Swedish.
Miss Mattson explained her position
as budget counselor in the Northwest­
ern National Bank and described gen­
eral economic conditions in the United
States. The following morning she
rated “headlines.”
Miss Mattson pointed out that life
in Sweden didn’t vary a great deal
from American life, but was aston­
ished at the number of adults who
ride bicycles, at the amount of food the
people eat, and the amount of coffee
they drink.
The Farmers & Mechanics Savings
Bank of Minneapolis will celebrate its
75th anniversary this month, accord­
ing to an announcement by H e n r y
S . K i n g m a n , president.
Special guests at a dinner for trus­
tees, officers and employes of the bank
were to be J o h n XV. S a n d s t e d t of New
York, executive secretary of the Na­
tional Association of Mutual Savings
Banks, and O l o f N o r b e c k , president of

O ft*

No other correspondent
can do more for you
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The F I R S T N A T I O N A L B A N K
of Saint Paul
I» ir lia r d C . L illy , C h a irm a n , B oard o f D irectors

P h ilip L . R a y , C h a irm a n , E xecu tive C o m m i t t e e
J u lia n B . B aird , P resid en t

D E PA R TM E N T o f B AN KS and BAN KERS
W a lla ce L. B oss, V ice P resid en t
L loyd L. L eid er, A ssista n t Cashier
[m er M . V o lk e n a n t, A ssista n t V ice P resid en t
D o n a ld W . B u c k m a n , A ssista n t Cashier
Lee A . S a u e r, A ssista n t V ice P resid en t
D o n a ld L . S m it h , R ep resen ta tive

■


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Federal Reserve Bank of St. Louis

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Nort hwest ern Banker, Oc t o be r , 1949

74

Minnesota News

A

the Stockholm Savings Bank of Stock­
holm. Sweden.
The bank’s original charter was
signed September 9, 1874. The last
survivor of the nine trustees who
signed that charter was G e n . C h a r l e s
M c C . R e e v e , who died in 1947.
The
bank first opened for business October
10, 1874, in a small office. Over the
75 years there have been 47 trustees,
of whom 15 comprise the board at the
present time.
* * *
W a l t e r M . R i n g e r , president of the
Foley Manufacturing Company of Min­
neapolis, recently was elected a mem­
ber of the industrial advisory commit­
tee of the Federal Reserve Bank of
Minneapolis. The committee was es-

tablished in 1934 to aid the bank in
making emegency loans to industry
when such loans are not available
from usual sources.
* * *
Headed by H a r t w e l l F . T a y l o r , presi­
dent, seven national officers of the
American Institute of Banking were
in Minneapolis recently to plan for
the 1950 anniversary convention of the
organization, scheduled for Minneap­
olis, June 11th to 16th.
The golden anniversary convention,
which will honor the memory of its
Minneapolis founder, J o s e p h C h a p ­
m a n , is expected to draw 2,500 bank­
ers, the largest attendance in AIB con­
vention history.

oftSIOUX CITY
MEMBER FEDERAL DEPOSIT INSURANCE CO RPORATIO N

Accompanying Mr. Taylor to Minne­
apolis were J . K a y e E w a r t , vice presi­
dent of the AIB and an assistant vice
president of the National Bank of
Washington at Tacoma, Washington;
P i e r r e N . H a u s e r , past president, vice
president of the First Wisconsin Na­
tional Bank of Milwaukee; L e r o y
L e w i s , educational director; F l o y d W .
L a r s o n , national secretary, and R o b e r t
C. R u t h e r f o r d , associate secretary, all
of New York, and L e s t e r G i b s o n , dep­
uty manager of the American Bankers
Association and head of its news bu­
reau. Mr. Taylor is president of the
Bank of Virginia at Richmond, Vir­
ginia.
C l a r e n c e R . C h a n e y , vice chairman
of the board of the Northwestern Na­
tional Bank of Minneapolis, is general
chairman of the Minneapolis chapter
convention committee.
* * *
Capital accounts of state-chartered
banks in the United States and Hawaii
climbed $201,618,000 in the last six
months, according to a study by
C h a r l e s M . W e n z e l who, until recently,
was acting Minnesota commissioner of
banks.
Mr. Wenzel reported a general
strengthening of capital structures.
K . ( ) . S a t i r e , Blue Earth, Minnesota,
banker, whose appointment was re­
ported in a previous issue of the
N orthwestern B an k er , has assumed
the position of Minnesota commission­
er of banks. Mr. Wenzel has returned
to his duties as deputy commissioner.
H e r b e r t D o w e r , who held the latter
post temporarily, has resumed his for­
mer position as supervisor of loan
companies.
* * *
Among Twin Cities bankers who at­
tended a two-week school of banking
at the University of Wisconsin recent­
ly were D o n a l d L . M a c G r e g o r , assist­
ant vice president of the First Na­
tional Bank of St. Paul, and D o n a l d
W . B u c k h a m , assistant cashier of the
bank.
* * *
The First Hennepin State Bank of
Minneapolis held open house recently
to mark completion of its new quar­
ters at Third Street and Hennepin
Avenue. The site is the original loca­
tion of the former Security Bank of
Minneapolis, which was founded in
1878.
The latter bank became the Security
National and in 1915 was merged with
the First National Bank of Minneap­
olis, with which First Hennepin is
now affiliated.
Chartered in 1929, First Hennepin
has deposits of about $3,000,000. Offi­
cers are V i c t o r F . R o t e r i n g , president;
G . E . R y d e l l , vice president; R a l p h V .
(Turn to page 76, please)

Nort hwest ern Banker, Oc t obe r , 1949


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

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South Dakota
N EW S
TOM S. HARKISOM
President
Sioux Falls

CARL E. BAHMEIER. JR.
Secretary
Huron

Joins Lead Office

Lorentz Eide has joined the staff of
the Lead office of the First National
Bank of the Black Hills, Rapid City,
South Dakota. Mr. Eide was instruc­
tor and a member of the United States
Army Olympic Ski team which com­
peted at St. Moritz, Switzerland, last
year. This appointment was announced
by John M. Ryan, vice president and
manager of the Lead office.
Mr. Eide is well acquainted with the
Black Hills, having visited there as a
member of the United States Infantry
mountain troop ski teams. He is a
native of Norway, spent five years in
Norwegian Intelligence Service fight­
ing the Germans, and at one time
joined several companions in escaping
from a concentration camp by an eightday cross-country skiing get-away.

Remodel Aberdeen Bank
Work on remodeling of the Aber­
deen National Bank, Aberdeen, South
Dakota, is well under way and should
be completed quite soon, according to
L. H. Ickler, Jr., president. Complete
rearrangement, redecoration and mod­
ernization of the bank is being under­
taken. The building was erected in
1912 and is still in sound condition.
The main purpose of redesigning the
main banking floor is to give custom­
ers more convenience in transacting
business at the tellers’ cages or with
the timepay department.
Complete new lighting, air condi­
tioning and heating equipment is be­
ing installed.

Office Remodeled
The Spearfish, South Dakota, office
of the First National Bank of the
Black Hills, Rapid City, has been re­
modeled and redecorated.
New counters, fixtures and floor
have been installed, the ceiling low­
ered and two new offices and extra
storage space have been added in the
rear of the building. W. E. Dickey is
vice president and manager of the
bank.

Murdo Bank Sold
Controlling interest in the Jones
County State Bank of Murdo, South

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Federal Reserve Bank of St. Louis

Dakota, has been sold by R. P. Eng­
land, president; H. C. Parker, vice pres­
ident, and G. C. Parker, cashier, to
L. L. Lillibridge and associates of
Burke, South Dakota.
Mr. England has been principal own­
er of the Murdo bank for many years,
although not active in its manage­
ment. Vice President Parker has been
executive office since 1934 and Cashier
Parker joined the bank after World
War II.
Mr. Lillibridge took possession of
the bank October 1st and continues as
president of the Burke State Bank.
H. C. Parker will continue with the
Jones County State Bank for an in­
definite period.
All parties in the transaction were
represented by Charles E. Walters
Company, bank sales agency, Omaha.

S io u x

F it its

X o it s

of four local
R
banks attended a Federal Reserve
forum in Minneapolis last month.
They were N . W . W i l s o n , E . L . M e l l o o n
and F r a n k E . D u f f y , assistant cashiers,
Union Savings Bank; L e o n a r d M a r t i n e k , assistant cashier, National Bank
of South Dakota; R o b e r t H a h n , assist­
ant cashier, First National Bank &
Trust Company, and J o h n H i n m a n ,
cashier, and W i l b u r H e i m e r m a n , as­
sistant cashier, Northwest Security
National Bank.
* * *
W . E . P e r r e n o u d , cashier of the
First National Bank & Trust Com­
pany, showed a Ducks Unlimited film,
“Prairie Wings,” to the Junior Cham­
ber of Commerce. He is state treas­
urer of Ducks Unlimited.
* * *
Officers, directors and employes of
the N a t i o n a l B a n k o f S o u t h D a k o t a
and their families, altogether about 60
in number, enjoyed a picnic at the
Sioux Empire fairgrounds. Various
games and a treasure hunt preceded
a chicken dinner.
e p r e s e n t a t iv e s

R o s s E . H u n t , assistant vice presi­
dent of the National Bank of South
Dakota, spent two weeks at the School
of Banking at the University of Wis­

consin, this being his first year of at­
tendance there.
* * *
T o n y W e s t r a , agricultural agent for
the Northwest Security National Bank,
and L o u i s H a g e n , assistant cashier
with that bank, clerked the 4-H baby
beef sale at the State Fair at Huron.
There were 370 head of cattle sold at
a total of $72,744. A similar sale at
the Sioux Empire Fair here, clerked
by the same men, saw 150 head of
beef sold for an aggregate of $42,200.
* * *
The Northwest Security National
Bank will rightfully boast of having
the largest and most commodious bank­
ing house in South Dakota as a result
of an ambitious remodeling program
announced by President R a l p h M .
W a t s o n . A new two-story addition is to
be erected to the south of the present
six-story structure, providing larger
mezzanine space, a new personal loan
department and basement room for
the vault. Requiring about a year, the
work is expected to be done in time
for the bank’s 60th anniversary cele­
bration near the end of 1950, Mr. Wat­
son said.

W HAT DO YOU THINK
OF YOUR BANK?
(Continued from page 23)
whose method of analyzing an account
are different and perhaps excessive in
comparison with the procedure used
by the average bank.”
R e t a i l S t o r e O w n e r : “Hours seem to
be made for the convenience of the
banks rather than for the customers.”
M o v in g a n d S to r a g e M a n :
“ Banks
should have a window or two for peo­
ple with small deposits. It seems like
one is always waiting while tellers
count out the money for a big deposit
from a company. This is most fre­
quent at noon and when everyone’s
time is limited.”
T h e a tre
M an:
“Since each year
many banks have a flower show for
the benefit of their feminine custom­
ers, which pleases them no end, why
not break down and have a party or
stag for the men?”—The End.

Delivers Lectures
O. Paul Decker, vice president,
American National Bank and Trust
Company of Chicago, delivered three
lectures on investments last month
before the Ninth Virginia Bankers
Conference at the University of Vir­
ginia, Charlottesville.
Mr. Decker lectured on “Present Day
Considerations in Investing for a
Bank,” “Considerations in the Pur­
chase of Other Than Federal Govern­
ment Securities,” and “ Management of
a Bank’s Government Bond Account.”
Nort hwest ern Banker, Oc t o be r , 1949

76

South Dakota News

TWIN CITY NEWS
PICTURE THE

(Continued from page 74)

FO R Y O U R CLIEN TS

country’s immense undeveloped re­
sources, their consistent climb indi­
cates that Canada can be your clients’
most profitable export market.
You’ll want to know more about
this land of profit— and one of the
best places to find the answers is from
the Bank of Montreal. For the Bank of
Montreal has grown up with Canada
— the Canadian banking system be­
gan with the incorporation of the
Bank of Montreal in 1817.
So we invite you to talk Canada
with us. Contact our offices in New
York, Chicago or San Francisco, or
our Foreign Department in Montreal.
*
*
*
Our 100-page booklet, C AN ADA T O D A Y , will
serve as your introduction to
the country. It was prepared
to supply you with informa­
tion about the provinces, the
people and the industries o f
Canada. For your free copy,
write for Booklet C-53 to
any o f our U. S. offices, or
to our Foreign Depart­
ment in Montreal.

B a n k of
M o n treal
Canada’s First ‘Bank
InCanada since 1 8 i y . . . In U .S . since 1859

u. s.
NEW Y O R K ..........................64 Wall St.
CHICAGO................27 S. La Salle St.
SAN FRANCISCO - 333 California St.
HEAD OFFICE
MONTREAL

LO N D O N
47 Threadneedle St.. E. C. 2
9 Waterloo Place, S. W. 1

H agen,

cashier, and

D o n a ld

A Y.

M c­

and D o n ­
a l d AAT. J u d k i n s , assistant cashiers.
* * *
J o h n P . K n u t s o n , assistant cashier
of the Midland National Bank of Min­
neapolis, has been appointed an assist­
ant to the chairman of the Sister Eliza­
beth Kenny Foundation’s 1949 polio
fund drive in the downtown Minneap­
olis district.
G re g o r, J. H o m e r T h o m p so n

N o r m a n H . N e l s o n , vice president of
the Minnesota Mutual Life Insurance
Company of St. Paul, recently was
elected to the board of governors of
the Mortgage Bankers Association of
America at the group’s annual conven­
tion in Chicago.
* * *
L . S t a n l e y W i l l i a m s , comptroller of
the First National Bank of St. Paul,
recently was elected treasurer of the
Minnesota American Legion.
* *
Practical country banking was the
subject of a series of bank clinics pre­
sented in eight Minnesota towns re­
cently. Participants included O s c a r
N e l s o n , Windom, Minnesota; O r a G .
J o n e s , J r . , Red Wing, Minnesota; I v . O .
S a t i r e , new Minnesota state commis­
sioner of banks, and H . R . K u r t h ,
Hutchinson, Minnesota. W i l l i s A . P u t ­
nam
of Duluth, vice president of the
Minnesota Bankers Association, was
moderator of a panel discussion. Places
where the clinics were presented were
Winona, Mankato, Granite Falls, Alex­
andria, St. Cloud, Hibbing, Brainerd
and Crookston.
* * *
O s c a r A . S c h u l t z of Duluth recently
was elected vice president of the Mar­
quette National Bank of Minneapolis,
R u s s e l l T j . S t o t e s b e r y , president, an­
nounced.
Mr. Schultz has assumed duties in
the general banking department. He
will continue as president of the Bank

of Commerce and Savings of Duluth
until January 1st, when his successor
will be named. He has been an official
of banks in Montrose, Mahtowa and
Moose Lake, Minnesota, and was asso­
ciated with the Marquette National in
1946 and 1947.
* * >i=
Minnesota hank debits increased 1
per cent in August, compared with
August, 1948. For Minnesota, the to­
tals were $2,088,620,000 in August this
year, against $2,065,317,000 in August
a year ago. For the first eight months,
however, the total was down 5 per
cent from that of the same months
in 1948.
* * *
Nearly 400 mid western bankers at­
tended the fourth annual forum spon­
sored in Minneapolis recently by the
Federal Reserve Bank of Minneapolis.
Started in 1946, the forum is designed
primarily for young bankers who are
potential bank executives.
H a r o l d S t o n i e r , New York, executive
manager of the American Bankers
Association, one of the speakers, said
the nation is moving toward a business
boom in the next year comparable to
that of 1947 and 1948.
Mr. Stonier warned, however, that
one of the largest single factors that
remains a threat to the national econ­
omy and can affect also the world bal­
ance is the size of the American na­
tional debt.
Most bankers at the conference said
conditions are good to excellent in
their home areas. Among these were
J . A . A n d e r s o n , president of the First
State Bank of Pierpont, South Dakota;
E . G . N y l u n d , cashier of the First
National Bank of Rhinelander, Wis­
consin; H . K e i t h B u n d y , cashier of the
State Savings Bank of Manistique,
Michigan; M . W . G o f f e r , cashier of the
First National Bank & Trust Company
of Fargo, North Dakota: J a m e s A . I r v ­
i n g , cashier of the Farmers National
Bank of Alexandria, Minnesota; E . T .
E r i d n e r , cashier of the First National
(Turn to page 77, please)

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Nort hwest ern Banker, Oc t obe r , 1949


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Federal Reserve Bank of St. Louis

Owned and Operated by Ten Hundred Fifty-one Reporting Bureaus Throughout
the United States

E. Delafield Smith
E. Delafield Smith, 88, long time
resident of Carrington, North Dakota,
died recently. A native New Yorker,
Mr. Smith settled in Carrington during
North Dakota’s territorial days, about
1882. He founded the Foster County
State Bank in 1896 and later left that
institution for various forms of trad­
ing and property negotiations.

TWIN CITY NEWS
(Continued from page 76)
G

r o u

p

M

o o t i n

g

Bank of AVillmar, Minnesota, and J o h n
president of the State Bank
of Faribault.
However, C . W . H o l d e n , assistant
cashier of the First National Bank of
Miles City, Montana, said his territory
has had a “very had year.” He blamed
last winter’s heavy snow and the later
summer drouth.
C a rla n d e r,

t t e g i n

s

O

c t o b

e r

U

G ROUP meetings of the North Da­

kota Bankers Association will be
held this month according to the fol­
lowing schedule:
Southeast Group: Elks Hall, Val­
ley City, October 11th, 6. p. m.
Northeast Group: Dacotah Hotel,
Grand Forks, October 12th, 2 p. m.
Northwest Group: Clarence Parker
Hotel, Minot, October 13th, 6 p. m.
Southwest Group: Municipal Coun­
try Club, Bismarck, October 14th,
6 p. m.(CST).
As in previous years, these will all
be dinner meetings, with the exception
of the Grand Forks meeting, which
will begin at 2 p. m. and conclude with
a dinner. This is due to the legal
holiday on October 12th.
In charge of local arrangements for
each of the meetings are the following
men: Southwest Group — H. Lundholm, cashier, First National Bank,
Valley City; Northeast Group — Don
AV. Westbee, vice president and cash­
ier, Red River National Bank, Grand
Forks; Northwest Group—T. A. Solheim, vice president, American State
Bank, Minot, and Southwest Group—
George M. Thompson, assistant man­
ager of credit department, Bank of
North Dakota, Bismarck.
A main point of discussion in the
interesting program will be the pro­
posal of the constitutional amendment
providing for a “Progressive Gradu­
ated Property Tax” which will be on
the ballot at the primary election next
June.

Retires After 41 Years
After 41 years in the banking pro­
fession, Harold S. Pond retired last
month as assistant cashier and assist­
ant trust officer of the First National
Bank in Grand Forks, North Dakota.
During the coming year Mr. Pond
will devote his time to conducting
business of the North Dakota Masonic
Grand Lodge, of which he is grand
master, and to the duties of grand
lecturer and director of Masonic serv­
ice and education activities.

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Federal Reserve Bank of St. Louis

t h

Moving to Grand Forks in 1908, he
took a position with the old First Na­
tional Bank.
In 1913, Mr. Pond moved to Crary
where he was assistant cashier, cash­
ier and vice president, respectively,
of the First National Bank of Crary.
Returning to Grand Forks in 1932,
he was in charge of real estate hold­
ings of the First National Bank until
1937, when he was named assistant
cashier and assistant trust officer, posi­
tions he has held for the past 12 years.

Anthony Kostelecky
Anthony Kostelecky, 59, a veteran
hanker of 33 years’ service with the
Liberty National Bank in Dickinson,
North Dakota, died recently of a cere­
bral hemorrhage. He was assistant
cashier of the bank at the time of his
death.
He is survived by his wife, one son
and two daughters.

29 Capital Increases
Twenty-nine state banks have been
given special permission to increase
their total common stock to $50,000
each, State Examiner J. A. Graham
has announced.
The First Security Bank, Under­
wood, was authorized to increase its
common stock by $15,000, while the
Bank of Steele was given permission
to increase its stock by $25,000.

Remodel Fargo Bank
The basement of the Fargo National
Bank, Fargo, North Dakota, has been
extensively remodeled and is now oc­
cupied by the installment loan depart­
ment, Earl L. Shaw, president, an­
nounced recently. The vault and
safety deposit boxes are also in the
basement.
Formerly used as the board of direc­
tors’ room and for storage space, the
basement was completely renovated
and decorated.
A d d itio n a l improvements a r e
planned, Mr. Shaw said.

W i l l i a m G . K i r c l i n e r returned to the
Richfield State Bank last month as
executive vice president.
He left the bank less than a year
ago to enter the credit department of
the N o rth w e ste rn Bancorporation
main bank.
* * *
Rapidly nearing completion, which
is scheduled for early this month, is
the 157 foot “weatherbalF sign on top
of the Northwestern National Bank of
Minneapolis.
Thirteen-foot letters reading “Bank,”
visible only at night, are being im­
posed over the yellow neon “NW” on
each of the sign’s three sides, allowing
the completed sign to flash “NAY” and
“ Bank” alternately.
The “Weatherball” sign gets its
name from the ten-foot plastic ball on
top of the sign, 367 feet above the
street, which will flash United States
Weather Bureau forecasts to local resi­
dents by means of a color code. Every
midwesterner within a radius of many
miles can get the weather forecast at a
glance, for the neon weatherball will
glow red for warmer, white for colder,
and green for no change. Possible
rain or snow will be indicated by a
flickering of any of the three colors.
—The End.

With St. Louis Bank
The board of directors of the First
National Bank in St. Louis has an­
nounced the election of John F. Hallett
as a vice president. Mr. Hallett has
been an assistant vice president and
territorial officer of the Chemical Bank
& Trust Company of New York City.
In addition to handling local business
he will represent the bank in connec­
tion with certain important national
accounts.
Nort hwest ern Banker, Oc t o be r , 1949

78

Nort hwest ern Banker, Oc t obe r , 1949


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Federal Reserve Bank of St. Louis

79

N ebraska Hunkers Hrepuve
5 2 m l Annual

Con

Nationally Prominent Speakers Will Address
Meeting in Lincoln, October 11th and 12th
FFICERS of the Nebraska Bank­
ers Association and host city
convention chairmen have put
the final polish on plans for the asso­
ciation’s 52nd annual convention, to be
held at the Cornhusker Hotel in Lin­
coln, October 11th and 12th.
Retiring President J. R. Kenner,
president of the Thayer County Bank,
Hebron, has called an executive coun­
cil meeting for 4 p. m. on Monday,
October 10th. This important meeting
will be followed by the Past Presi­
dents’ Annual Dinner at 6:30 p. m.
Other officers of the association serv­
ing with Mr. Kenner during the 194849 year are: Vice president, W. H.
Pierce, president of the First National
Bank at Osceola; treasurer, Austin L.
Vickery, vice president of the United
States National Bank of Omaha, and
Carl G. Swanson, secretary, Omaha.
Six nationally known prominent
speakers appear on the convention
program. The first afternoon of the
convention, Harold V. Amberg, vice
president and general counsel of the
First National Bank of Chicago, will
have as his topic, “What’s Going on
in Washington Affecting Banks—Lit­
tle and Big.” Following this address,
Louis Bromfield, famed novelist and
conservationist of Malabar Farms, Lu­
cas, Ohio, will speak to the assembly.

O

Governor Speaks
The second day of the convention
the first speaker will be Nebraska’s
Governor Val Peterson. F. Raymond
Peterson’s address will precede annual
elections and reports. He is vice pres­
ident of the A.B.A. and chairman of
the board of the First National Bank
and Trust Company, Paterson, New
Jersey.
Closing the afternoon session will
be Johan Willem Beyen, executive di­
rector for the Netherlands and Nor­
way in the International Bank for
Reconstruction and Development, and
Kenneth K. DuVall, president of the
First National Bank in Appleton, Wis­
consin.
A main topic of discussion at the
convention will be the Nebraska Foun­
dation, Inc., which was activated re­
cently through efforts of the Nebraska
Bankers Association, and has as its
main aim the conservation of Nebras­
ka’s soil and inherent wealth in vari­

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Federal Reserve Bank of St. Louis

ous forms. This Foundation meeting
will take place at 7:30 p. m. Tuesday
evening for the purpose of electing
officers.

Ladies' Entertainment
A program for entertainment of vis­
iting ladies includes a style show and
luncheon tentatively scheduled for
Tuesday noon and entertainment at
the Lincoln Country Club on Wednes­
day noon. All bankers’ wives and
women guests are invited to all busi­
ness sessions and functions of the
convention.
The complete convention program is
as follows:

Monday, October 10th
P. M.
4:00
6:30

Meeting of Executive Council.
Past Presidents’ Annual Din­
ner.

Governor of the State of Ne­
braska.
10:00 Address — F. Raymond Peter­
son, vice president, The Ameri­
can Bankers Association; chair­
man of the board, First Nation­
al Bank & Trust Company, Pat­
erson, New Jersey.
10:45 Meeting — Election of A.B.A.
officers for Nebraska; presiding,
Glen T. Gibson, A.B.A. vice
president for Nebraska; presi­
dent, Exchange Bank, Gibbon.
Report of Resolutions Commit­
tee.
Report of Nominating Commit­
tee.
P. M.
12:30
1:45

Tuesday, October 11th
A. M.
9:00

Registration
husker.

at

Hotel

Corn­

2:30

Luncheon.
Convention session.
Invocation.
Welcome.
Response and President’s Ad­
dress—President J. R. Kenner,
president, T h a y e r County
Bank, Hebron.
2:00 Address—“What’s Going on in
Washington Affecting Banks—
Little and Big,” Harold V. Am­
berg, vice president and gener­
al counsel, The First National
Bank of Chicago.
Remarks—Fred L. O’Hair, presdent, Central National Bank,
in Greencastle, Indiana. (Will
present Louis Bromfield, pref­
aced by a few remarks.)
Address—Louis Bromfield, nov­
elist and conservationist, Mal­
abar Farms, Lucas, Ohio.
5:30 Social hour.
6:30 Buffet supper, Ballroom, Corn­
husker Hotel.
7:30 Meeting — Nebraska Conserva­
tion Foundation, Inc., for elec­
tion of officers.

6:30

P. M.
12:00
1:30

Wednesday, October 12th
A. M.
7:45

Breakfast meeting. Speaker,
the Honorable Val Peterson,

Luncheon.
Address—Johan Willem Beyen,
executive director for the Neth­
erlands and Norway, Interna­
tional Bank for Reconstruction
and Development.
Address — Kenneth K. DuVall,
president, First National Bank
of Appleton, Wisconsin.
Banquet and entertainment.

Colon Bank 50 Years Old
The State Bank of Colon, Nebraska,
passed the half century mark this
year. Comparative statements of the
opening day and 1949 show assets in
1899 of $3,801 against present day
assets of $674,492. Capital accounts
on opening day totalled $2,700; today
they are $66,827 and deposits published
in the State Bank’s most recent state­
ment total in excess of $600,000, where­
as 1899 deposits were slightly over
$1,000.
Present officers of this institution
are John Murren, president; Victor
Franson, vice president; and A. F.
Vasina, cashier.

Joins Kimball Bank
Charles Fisher has joined the Amer­
ican National Bank in Kimball, Ne­
braska, moving there from Arnold
where he was assistant cashier of the
Arnold State Bank for a number of
years.
Nort hwest ern Banker, Oc t o be r , 1949

80

Y

N eb ra sk a N e w s

o u

W

i l l

S

e e

T

h e m

a

t

t h

ing, vice president, and William B.
Whitman, assistant vice president.

e

C ity

N

e b

r a

s k

a

H

a

n

k e r s

NUMBER of officers and repre­
sentatives of larger banks and
representatives of affiliated banking in­
dustries in Nebraska and other states
are looking forward with pleasure to
renewing acquaintances with Nebras­
ka bankers at the Nebraska Bankers
Association’s 52nd annual convention

C o n tin e n ta l

Chicago
C om pany

N a tio n a l B a n k

o f C h ic a g o :

Charles C.

T ru st
K un-

Equipped ior Double Duty
Officers of the First St. Joseph Stock

T. J. McCullough
Vice President

Yards Bank understand the details
of the farming and live stock indus­
try, as well as the routine of city
hanking. These features make this
your logical connection in St. Joseph.

M. E. Blanchard
Cashier
L. J. Komer
Assistant Cashier
H. H. Broadhead. Jr.
A s s is ta n t

C e n tra l

and

S a v in g s

B ank:

H. B anks

V

W a r e h o u s e s , I n c .:

<

r

N a tio n a l

B ank

and

T ru st

Dale Smith, assistant cash­

ier.
B a n k e rs

S e rv ic e

C om pany:

Henry

H. Byers, president.
S t.
pany:

Y A R D S

T ru st

i

Des Moines
C om pany:

FÜB-

B ank

David H. Coffman, executive vice pres­
ident, and James E. Fletcher, district
manager.
De L u x e C h e c k P r i n t e r s , I n c . : John
C. Larsen, western sales manager, and
Philip G. Lyster, sales representative.
L a w r e n c e W a r e h o u s e C o m p a n y : G.
A. Johnson, assistant vice president.
S c a r b o r o u g h & C o m p a n y : H. F. 01lendorf and Horace A. Smith.

C a s h ie r

l/qpj

N a tio n a l

Arthur G. Osgood, assistant vice presi­
dent.
N o r t h e r n T r u s t C o m p a n y : John V .
Haas, second vice president.
A s h we 11 & C o m p a n y : Fred W. Trier.
W illia m

J. A. Greenfield
President

Illin o is

T ru st C om pany:

H a rris
and

OFFICERS
G. E. Porter
Chairman of the Board

T ru st C om ­

W. E. Resseguie,
vice president, and J. Q. Adams. Jr.,
assistant cashier.
F i r s t N a t i o n a l B a n k : Harold V. Amberg, vice president and general coun­
sel; Verne L. Bartling, assistant vice
president, and Ernest J. Hultgren.

and

at the Cornhusker Hotel in Lincoln,
Tuesday and Wednesday, October 11th
and 12th. Those who have informed
the N o r t h w e s t e r n B a n k e r of their in­
tention to attend the convention are:
A m e ric a n

and

pany:

Omaha and Out-of-State Bankers and Businessmen
Who Will Attend the 52nd Annual Convention in Lincoln
A

N a tio n a l B a n k

William H . Miller, vice presi­
dent, and John M. Davis, assistant vice
president.

0 ' o a r e a t i o a

P aul

T e rm in a l W a re h o u s e

C om ­

Tom C. Cannon, district man­

ager.

X

Kansas City
C ity

N a tio n a l

B ank

&

T ru st

C om ­

Dale Ainsworth, vice president,
and Guy Hadsell, assistant cashier.
C o m m e rc e T ru s t C o m p a n y :
Bruce
H. Thomas, vice president, and Pleas
V. Miller, Jr., representative.
In te r-S ta te
N a tio n a l B a n k :
H
W.
Humphreys, vice president and cash­
ier, and George C. Dudley, assistant
cashier.
(Turn to page 84, please)
pany:

“ OALY BANK IN THE YARDS9
Member Federal Deposit Insurance Corporation

A

irst National
Bank oí Omaha

f

Nort hwest ern Banker, Oc t o be r , 1949


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Federal Reserve Bank of St. Louis

Oldest N a tio n a l B a n k F r o m O m aha
Member Federal Deposit Insurance Corporation

W7es/

Y

81
Advertisement

N e b ra s k a
**HoH o f Honor** Hanks
It is an honor to be listed among the H O N O R RO LL BANKS. It indicates that the
bank has SURPLUS and UNDIVIDED PROFITS equal to or greater than its capital
T h e hanks listed on this page are som e o f
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position.

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TOWN

BANK

Arapahoe....................... Citizens State Bank...................
Aurora................ ........... Farmers State Bank...................
Aurora.............. ..... ....... First National Bank...............
Beemer...........................First National Bank..................
Bertrand......... ........
Bank of Bertrand ...................
Blue Hill..._______ ___ Commercial Bank.......................
Broken Bow.................. Nebraska State Bank...............
Bruning.....................
Bruning State Bank...........
Brunswick..................... Brunswick State Bank..... .........
Clarkson........ .............. Clarkson Bank..........................
Clay Center................... Commercial State Bank............
Colon..............................State Bank of Colon..................
....... City National Bank..... ..............
Crete. .............
DeWitt............. ...........DeWitt State Bank..... ............
Elk Creek............... ........State Bank of Elk Creek..........
Fairbury...... ................ Fairbury State Bank.... .............
Fairbury...................... First National Bank..................
Franklin...................... Franklin State Bank................
Fremont. .................. Stephens National Bank...........
Fullerton........................ First National Bank________
Genoa.......................... .Genoa NationalBank ..............
Gering.................. .......... Gering National Bank..............
Hay Springs............. ..... First National Bank
.....
Hay Springs..................Northwestern State Bank.........
Hemingford............. ......Bank of Hemingford................
Holbrook— ......... ....... Security State Bank......... .......
Kilgore......... ........... Farmers State Bank_________
Leigh..............................Bank of Leigh....................
Lincoln
......................National Bank of Commerce
Linwood.........................Farmers and Merchants Bank
Madrid........................... Security State Bank..................
Mai mo............................ Security Home Bank..................
McCook.......
......First National Bank__________
M e r r im a n .... ...........The Anchor Bank........ ...........
Milligan..........................Farmers and Merchants Bank
Mitchell......................... First National Bank...............
Morrill............. ....... ...... First National Bank.................
Mullen.........
Bank of Mullen
.......
Murray............... ..... ..... Murray State Bank..................
Newcastle.................. American State Bank..............
Omaha......... ......
First National Bank of Omaha
Omaha
.....
....Live Stock National Bank......
Omaha....................... ... The Omaha National Bank.....
Omaha................. .......United States National Bank .
Old.................... ..... ....... Nebraska State Bank..............
Paxton........................... Bank of Paxton............... .....
Petersburg ............... Petersburg State Bank _____
Ponca
................. ....Bank of Dixon County......... .
Rising City.................... Farmers State Bank_____ ___
Scribner.........................Farmers State Bank.................
Spencer......................... Spencer State Bank....................
Stanton.........................First National Bank ............
Stromburg.............. ....Stromburg Bank ...................
Syracuse............... ......... First National Bank........ ........
Tilden............... ........ The Tilden Bank.... ..............
Trenton........................ ..State Bank of Trenton............
Valley.........................
Bank
of Valley................
Wauneta................... ..... Wauneta Falls Bank.................
Wisner.................... ....... First National Bank
......
Wood River................... Bank of Wood River.................

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Federal Reserve Bank of St. Louis

OFFICER

CAPITAL

.R. F. Emmett............................. $ 25,000
George Wanek............
50,000
Frank M. Farr............................
50,000
E. H. Sutherland........................
25,000
.A. H. Walentine..............
25,000
.William Kort ............................
50,000
,C. H. Rowan...............................
50,000
50,000
Fred H. Bruning.... .......
Leonard Hales .....................
25,000
J. A. Kucera...... .........................
40,000
H. E. Swedburg..........................
25,000
A. F. Vasina........ .......
25,000
B. F. Aron........ .......
50,000
R. E. Burkley....... ...............
30,000
R. A. Kovanda............... —.........
15,000
50,000
H. R. Dressier...... ...........
Ivan C. Riley..... ....................
150,000
P. L. Slocum...............................
50,000
Ernest C. Gaeth....................----- 125,000
E. M. Black........................
50,000
50,000
E. L. Burke, Jr.........................
A. N. Mathers........ ...............—
90,000
Frank L. Tulloss......... ...............
25,000
-R. Gustafson .........
50,000
Y. H. Seaton..............................
25,000
S. F. Curry..................................
25,000
H. L. Campbell..........................
15,000
25,000
-G. C. Kumpf...............................
Albert A. Held..... ...................... 600,000
I. D. Mundil...............................
25,000
-W. W. Allen.... ........
25,000
Amy H. Houfek .......... .......... —
13,000
Rolland Larmon .......
100,000
L. A. Brooks...............................
25,000
J. J. Klima..............................
25,000
-C. W. Wright..........................
50,000
-R. T. Covington.........................
50,000
-W. H. Bramer...... ............
50,000
.Charles H. Boedeker..... .......
25,000
M. M. Nelson..............................
25,000
J. T. Stewart, III................
2,000,000
Paul Hansen .....
1,000,000
-W. B. Millard, Jr....................... 2,500,000
Austin L. Vickery.--.................... 1,500,000
R. J. Cronk...........
70,000
Betty A. Beveridge.....................
25,000
.A, E. Chittenden........................
25,000
.F. R. Kingsbury........................
35,000
11. F. Garhan..............
30,000
.Arthur H. Shultz........................
40,000
_Gus Bentz .......................
25,000
Leo Nixon ........................
50,000
-E. C. Nordlund..... ....................
30,000
.Eugene Pratt ............................
50,000
J. J. Ryan...................... ,...........
25,000
.B. G. Shillington...........
35,000
-T. F. Green........................
25,000
Wiley Green --------------35,000
Neil D. Saville............................
50,000
10,000
-E. C. Huxtable......... .................

SURPLUS
PROFITS
$

5 6 ,0 0 0
7 6 ,0 0 0
9 7 .0 0 0
6 2 .0 0 0
3 8 .0 0 0
7 1 .0 0 0
1 0 3 ,4 7 8
8 0 .0 0 0
2 9 .0 0 0
6 0 .0 0 0

37.000
4 5 .0 0 0
6 3 .0 0 0

32.000
3 2 .0 0 0
1 4 0 .0 0 0
3 4 2 ,3 2 9

88.000
2 2 9 .0 0 0
9 0 .0 0 0
9 5 ,2 0 0

220.000
6 2 .0 0 0
7 8 ,6 2 3
5 5 ,8 2 1
3 5 .0 0 0
2 5 .0 0 0
4 5 .0 0 0
1 . 4 3 2 .0 0 0
3 0 .0 0 0
5 0 .0 0 0
3 7 .0 0 0
3 4 5 ,9 9 3
6 7 .0 0 0
2 8 ,7 8 7
2 4 0 ,9 5 6
9 1 .0 0 0
5 5 .5 0 0
4 8 .0 0 0
2 9 .0 0 0
3 ,7 0 8 ,7 2 4
1 .8 6 7 .0 0 0
5 .9 9 6 .0 0 0
2 .7 1 8 .0 0 0
9 3 ,5 3 2
4 3 .0 0 0
2 8 .0 0 0
6 3 .0 0 0
4 3 .0 0 0
6 2 .5 0 0
5 4 .0 0 0
2 7 1 .0 0 0
8 2 .0 0 0
1 0 6 .0 0 0
9 5 .0 0 0

68.000
3 6 ,3 0 0
9 2 ,0 0 0
1 8 0 ,0 0 0
4 7 ,6 8 9

Nort hwest ern Banker, Oc t o ber , 1949

82
A

Com m ittees N am ed for
N ebraska B an kers Convention
These Lincoln Bankers Will Welcome You to the
52nd Annual Convention October 11th and 12th

T. B. S T R A IN
President
Continental National Bank
Chairman, General Committee

Pictured on this page are Lincoln bank­
ers serving as committee chairmen for the
1949 convention o f the Nebraska Bankers
Association. In addition to these five men
shown here, committee chairmen include
Howard Freeman, executive vice president,
First National Bank, who heads the ar­
rangements committee; and A1 G-landt, vice
president and cashier, First National Bank,
who is chairman of the entertainment com­
mittee.
Assisting these chairmen are the follow ­
ing men: Arrangements— Albert A. Held,
vice president, National Bank o f Com­
merce, and Wheaton Battey, vice president,
Continental National Bank; Hotel and
Registration— Walker S. Battey, vice presi­
dent, Continental National Bank, and E. U.
Guenzel, vice president, First National
Bank; Reception— William Strateman, vice
president, National Bank of Commerce,
and Lyle F. Stoneman, vice president,
First National Bank; Entertainment— E. A.
Becker, senior vice president, Continental
National Bank, and Glenn Yaussi, vice
president, National Bank of Commerce.
The ladies committee is composed of Mrs.
Byron Dunn, chairman, Mrs. E. A. Becker,
and Mrs. Burnham Yates.

V

i

H

i

i

r

FRED S. A L D R IC H
Vice President
Continental National Bank
Chairman, Reception Committee

X

X

A

-V

BYRON DUNN
President
National Bank of Commerce
General Committee

Nort hwest ern Banker, Oc t obe r , 1949


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

CARL D. GAN Z
Vice President
National Bank of Commerce
Chairman, Hotel and Registration

GEO RG E W . H O L M E S
President
First National Bank
General Committee

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

I f Your
Customers Raise
or Feed Live Stock
o

We Can Be o f
P articular
Service to You
THE ONLY BANK IN OMAHA’S GREAT UNION STOCK YARDS

Member of Federal Deposit Insurance Corporation

Nort hwest ern Banker, Oc t o be r , 1949

84

Nebraska News
À

A t ten t! (Jen t r a i S t a t e s S e lutiti

y o u W ILL SEE THEM AT
THE CONVENTION
(Continued from page 80)
A .0. Woods,
district sales manager, and Laird P.
Gillem, Nebraska representative.
M o s le r S a fe C o m p a n y :

Minneapolis

i

Russell
L. Stotesbery, president, and Lynn
Puller, executive vice president.
M a rq u e tte

N a tio n a l

B ank:

New York
C e n tra l

H an o v er

B ank

and

T ru st

Foster M. Hampton, assist­
ant vice president.
C hase
N a tio n a l
B ank:
Jacque C.
Frost, second vice president.

C om pany:

C h e m ic a l

&

B ank

T ru st

V-

C om pany:

Robert G. Lockton, assistant secretary.
G u a r a n t y T r u s t C o m p a n y : R . Alton
Atkinson, second vice president.
M a n u fa c tu re rs

T r u s t

C om pany:

Douglas M. McAvity, assistant treas­
urer.
NEBRASKA BANKERS attending the 1949 Central States School of Banking
at the University of Wisconsin are shown in the above informal photograph.
There were 15 students registered from Nebraska. Shown in the picture are:
Seated, left to right: William P. Doran, assistant cashier, Federal Reserve Bank
of Kansas City, Omaha; Russell A. Loring, bond department, Live Stock National
Bank, Omaha; C. L. Van Horne, assistant vice president, The Hastings National
Bank, Hastings; L. E. Souba, auditor, Live Stock National Bank, Omaha; Max B.
Horn, vice president, The First National Bank, Hay Springs; M. B. DeLay, assist­
ant cashier, The DeLay National Bank, N orfolk; and Glenn Yaussi, vice president
and assistant trust officer, National Bank of Commerce, Lincoln.
Standing: Carl C. Tollander, supervisor o f collection department, Federal Re­
serve Bank of Kansas City, Omaha; John Lauritzen, vice president, First National
Bank of Omaha; John W. Cattle, cashier, Cattle National Bank o f Seward; Sumner
Slater, assistant trust officer, The /Omaha National Bank, Omaha; Harold R.
Deitemeyer, cashier, First National Bank, Beatrice; George W. Taylor, cashier,
McDonald State Bank, North Platte; W. Britton Knight, comptroller, The Omaha
National Bank, Omaha; and C. W. Gorr, assistant cashier, The Omaha National
Bank.
Those graduating in this year’s class were John Lauritzen, George Taylor, and
Britton Knight.

As the official experts of the Nebraska Bankers
Association, we have served Nebraska bankers
since 1881 in timelock, safe and vault inspection.
•
Our 24-H ou r Continuous Service Guaranteees You
Im m ediate Atten tion

•

W E SELL
SAFE DEPOSIT BOXES— VAULT DOORS— SAFES— NIGHT DE­
P O S IT O R Y -V A U L T VENTILATORS— BANK LOCKS
PROTECTION EQUIPMENT.

and

Discount to members of the Nebraska
Bankers Association

DAY

P u b lic
C om pany:

N a tio n a l

Earl

R.

B ank

and

T ru st

Gafford, vice presi­

Omaha

Fred W. Thom­
as, president; J. F. McDermott, senior
vice president; J. T. Stewart, I I I , vice
president and cashier; John F. Davis,
O. H. Elliott, John R. Lauritzen and
E. N. Solomon, vice presidents; Carl
N. Bloom, assistant cashier; Ernest
Tanner, Lee Snell, Frank Shonka and
Glenn Coon.
L i v e S t o c k N a t i o n a l B a n k : Henry C.
Karpf, president; Wade R. Martin, R.
H. Kroeger, Paul Hansen, W. Dean
Vogel and H. H. Eehtermeyer, vice
presidents; C. G. Pearson, cashier; El­
mer C. Olson, Louis Barta and Victor
Nielsen, assistant cashier; Russell Lor­
ing and Jack Shonsey.
O m aha
N a tio n a l
B ank:
W. Dale
Clark, chairman of the board; W. B.
Millard, Jr., president; Ray R. Ridge,
senior vice president; John A. Changstrom, David F. Davis, Daniel J. Monen, and James H. Moore, vice presi­
dents; A. J. Rhodes and S. J. Wirtz,
assistant vice presidents; W. Britton
Knight, comptroller; G. F. Kroeger,
trust officer, and Clarence Jones, rep­
resentative.
S t o c k Y a r d s N a t i o n a l B a n k : W. A.
Sawtell, president; John McCumber
and A. J. Hallas, vice presidents; C. A.
Masilko, cashier, and P. J. Krogh.
U n i t e d S t a t e s N a t i o n a l B a n k : Ells­
worth Moser, president; Casper Y.
F ir s t N a tio n a l B a n k :

BANKS

Bought and Sold

Confidentially and with becoming dignity

F. E. D A V E N P O R T
OMAHA

& CO.

BANK EM P LO Y EES P LA C ED
44 Y e a rs S a tis fa c to ry S e rv ice

CHARLES E. WALTERS CO.
OMAHA,

Nort hwest ern Banker, Oc t o be r , 1949


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

4

dent.

NEBRASKA

F

■y

4

85

S T O C K ER & F E E D E R B U Y E R S -

ASK YOUR BANKER!
H e knows Omaha is the World's second
largest stocker and feeder market—where you
can find a broader selection of the finest cattle
from the western range country at a fair price.

WORLD S SECOND LARGEST LIVESTOCK MARKET AND MEAT PACKING CENTER

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Federal Reserve Bank of St. Louis

Nort hwest ern Banker, Oc t o be r , 1949

86

Nebraska News
4

Off'utt, vice president and trust officer;
Victor B. Caldwell, Edward W. Ly­
man, Richard H. Mallory, Thomas F.
Murphy and Austin L. Vickery, vice
presidents; Fred Peters and Harry E.
Rogers, assistant vice presidents; Ar­
thur D. Anderson, cashier; James L.
Shields and Nels L. Sholin, assistant
cashiers; Henry B. Pierpont and
George E. Winslade, assistant trust
officers, and Leo M. Brown, comp­
troller.
A d d r e s s o g r a p h S a le s A g e n c y :
Roy
AV. Hawk, J. Herbert Freeman and
Rolland A. Poff.
C h a r l e s E . W a l t e r s C o m p a n y : Rob­
ert L. Goethe, president; Paul L. Keller
and Léo Goethe, vice presidents.
S t. P a u l
pany:

T e rm in a l

W areh o u se

kins, president; Beverly Pitts, vice
president; Benton M. Calkins, Jr., and
Charles K. Richmond, assistant cash­
iers.
F i r s t N a t i o n a l B a n k : George E. Por­
ter, president, and Vern P. Meyer, as­
sistant vice president.
F irs t

tor.

N a tio n a l B a n k :

Y a rd s

B ank:

Frank Fuchs,

N a tio n a l B a n k :

vice president.
M is s is s ip p i

V a lle y

T ru st

C om pany:

M. C. Hook, Jr., assistant vice presi­
dent.

St. Paul

St. Joseph
A m e ric a n

S to c k

St. Louis
F irs t

C om ­

A\T. H. Otto, Omaha office audi­

S t. J o s e p h

Thomas J. McCullough, vice president,
and H. H. Broadhead, Jr.,- assistant
cashier.
T o o tle -L a c y N a tio n a l B a n k :
R. E.
Wales, executive vice president, and
E. L. Grume, assistant vice president.

S t. P a u l F i r e

R. R.

Cal­

C om pany

and

and

M a rin e

S t.

P a u l-M e rc u ry

In su ra n c e
In -

L. R. Moeller, as­
sistant secretary; D. W. Lyle, Nebras­
ka manager; J. H. Littlehohn, special
agent; C. D. Hohaus, Nebraska state
agent, and R. T. Earley, special agent.
d e m n ity

S t.

C om pany:

P aul

T e rm in a l W a re h o u s e

C om ­

R. C. Schall, manager of field
warehouse division.
pany:

Sioux City
B ank:
Harold Bull,
vice president, and W. L. Temple,
assistant vice president.
L i v e S t o c k N a t i o n a l B a n k : Carl L .
Fredricksen, president; M. A. Wilson,
vice president, and S. W. Evans, as­
sistant cashier.
S e c u rity
N a tio n a l
B ank:
B. M.
AVheelock, vice president, and C. H.
AAMlcott, assistant cashier.
T oy
N a tio n a l
B ank:
R. R. Brubacher, president; E. E. Erickson, vice
president, and C. E. Aronson, assistant
cashier.
F irs t

N a tio n a l

N o rth w e s t

*7<4e

—

W elcome to
Neb raska Bankers Association

S e c u rity

N a tio n a l

L

)

A

Sioux Falls
9 * t J U * tc & b t —

4

B ank:

Ralph M. Watson, president.

Recuperating

T

C. E. Taylor, president of the Citi­
zens National Bank, St. Paul, Nebras­
ka, was recuperating last month from
a major operation in an Omaha hos­
pital. Last report indicated he was
recovering rapidly at his home.

t-

Annua! Meeting, O ctober 11-12.

'x

Meet me at "The Continental"

(ONTINENTAL RATIONAL

W IN D O W and
LO BBY D ISPLA YS
for BANKS

<

Write for samples, etc.
LIN C O LN
Member Federal Deposit Insurance Corporation

HARLAN L. SHATTUCK
1481 S. G aylo rd

Denver 10, Colo.
A

IN ST. JOSEPH

No Other Bank Gives You

MORE* for YOUR MONEY
Than the

TOOTLE-LACY
MILTON TOOTLE
PRESIDENT

N orthwestern Banker, Oc t o be r , 1949


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

FRED T. BURP
CASH.

R. E. WALES
VICE PRESIDENT

G R A H A M G. LACY
CH. OF THE BOARD

87
and Encouragement of Barber Shop
Singing in America, spoke at an Oma­
ha Junior Chamber of Commerce
luncheon, recently.
The luncheon featured the Jaycee
membership campaign. K e n n e t h
Q u a i f e sat down to what he supposed
was a chicken dinner for being the
fiftieth new member signed. But Mr.
Quaife’s chicken had not yet been
cooked. A live chicken was placed be­
fore him at the table.
ifc

>{«

5fc

Omahans have been warned to be
on the lookout for b o g u s R e d C r o s s

T HERE is all Omaha women’s organ­

ization so small that it has no offi­
cers, dues or clubroom.
But it has been abuzz with conven­
tion talk.
It is the O m a h a A s s o c i a t i o n o f B a n k
W o m e n , membership four.
There are only four members in
Omaha because the roster is limited to
bank women in executive positions.
The convention talk has been about
the ABW ’s twenty-seventh annual
meeting in San Francisco, October 2729.
Only one of the four members, M i s s
E t h e l M e l l o r , manager of the Omaha
National Bank’s Women’s Depart­
ment, had definitely decided to go. She
is on the ABW ’s resolutions, research
and nominating committee.
Other Omaha members are M i s s
R e g i n a N a g l e , assistant cashier of the
Douglas County Bank; M i s s A n n a T .
O l s s o n , manager of the Live Stock Na­
tional’s savings department, and M i s s
W a n d a Y o s i k , assistant cashier of the
South Omaha Savings Bank.
The four members meet at each
other’s homes and “not all the talk is
shop.”
* * *
Five

Omahans, including W . B .
J r . , president of the Omaha
National Bank, left from Offutt Air
Force Base recently in an Air Force
plane for a 1%-day stay at the Air
M illa rd ,

Materiel Command’s Wright-Patterson
Field at Dayton, Ohio.
Wright-Patterson is the Air Force’s
“ testing laboratory.” They were met
in Dayton by A r t h u r C. S t o r z of
Omaha, who had received the invita­
tion to visit the field. R . H . S t o r z , a
reserve lieutenant-colonel, was co­
pilot of the B-17 converted bomber
which took the Omahans on the trip.
* * *
M i- ,

and

M rs.

W a lte r

B.

R o b e rts

have returned after a two-month stay
at Lake Miltona, Alexandria, Minne­
sota.
Also home from the Minnesouri
Angling Club at Lake Miltona are M r .
and
M rs.
L a w re n c e
B rin k e r,
who
spent the summer there. Mr. Brinker
heads the investment concern bearing
his name.
* * *
M r . a n d M r s . W i l l i a m A . S a w t e l l and
their son, Stephen, have returned from
Jenkins, Minnesota, where they va­
cationed at Piney Ridge Lodge. The
son hasreturned toNorthwestern
University for his sophomore year.
W. A. Sawtell is president of the Stock
Yards National Bank of Omaha.
* *
R . H . M a l l o r y , vice president of the
United States National Bank of Oma­
ha and president of the Omaha Chap­
ter of the Society for the Preservation

checks.

One hank said that a bogus check
for $25, made out on a blank for use
within a bank by customers, was
cashed at the bank recently. The check
was purported to be issued in the
name of the “American Red Cross
Chapter 167.”
Chapters do not have numbers, ac­
cording to Red Cross officials. Be­
sides, the Red Cross has its own
printed checks.
The fraudulent check was made out
to a man who indorsed it, using a
veteran’s serial number, and was
cashed by a woman who signed as the
man’s wife.
Typing on the check read: “ Issued
in lieu of veterans’ disability check.”
M i s s L e o t a N o r t o n , home service di­
rector of the Douglas County Red
Cross Chapter at Omaha, said that the
Red Cross makes loans to veterans,
hut not in lieu of disability payments.
* *
J . De F o r r e s t R i c h a r d s , 66, former
cashier and vice president of the Oma­
ha National Bank, died recently in
Chicago, where he had made his home
since 1920.
Mr. Richards was the son of a for­
mer Governor of Wyoming. He organ­
ized the Alamo Farm Lighting Com­
pany in Omaha. He left Omaha to be­
come president of the Boulevard
Bridge Bank in Chicago.

*MORE personal service — *MORE types of service — *MORE
friendliness —

*MORE people who are interested in you.

NATIONAL BANK
E. H. SCHOPP
ASST. VICE PRES.


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

E. L. CRUME
ASST. VICE PRES.

MILTON TOOTLE, JR.
ASST. CASHIER

GILBERT TOOTLE
ASST. CASHIER

ST. JOSEPH, MO.

A . E. LA BOUFF
AUDITOR

M em ber Federal Deposit
Insurance Corporation

Nort hwest ern Banker, Oc t o be r , 1949

88

Nebraska News

Polk Banker Killed
Arnold P. Isaacson, 52, cashier of
the Citizens State Bank, Polk, Ne­
braska, was killed early last month in
a plane crash that claimed the lives of
two other Polk residents. Mr. Isaac­
son and his companions, Gilbert Ben­
son, 46, prominent Polk farmer, and
his son Ronald, 18, were operating a
four passenger Stinson Voyager dur­
ing a Canadian fishing trip when they
became lost in a low fog 15 miles south
of Sisseton, South Dakota. The plane

crashed while banking at a low alti­
tude.

New Gordon Cashier
L. A. Brooks is the new cashier of
the Gordon State Bank, Gordon, Ne­
braska. During the past four years he
has been affiliated with Chris J. Ab­
bott, who is also president of the Gor­
don State Bank. More recently he has
been cashier of the Anchor Bank at
Merriman.
Fay Hill, vice president of the Gor­

GREETINGS

Smith, Polian & Co.

to

NEBRASKA BANKERS
ASSOCIATION

424 Om aha National Bank Bldg.

As

Underwriters,

you

meet

in Lincoln,

October 11-12 for your

Participating Distributors

Annual Convention

and Dealers in Railroad,

Monroe Calculating
Machine Company, Inc.

Public Utility and
Industrial Bonds and

423 So. 15th Street

Stocks

OMAHA, NEBRASKA

Harry F. Smith, President

1342 P Street

Harold O. Polian, Vice Pres.-Treas.

LINCOLN, NEBRASKA

F. Arthur Flodeen, Statistician
I. M. Kadlecek, Sales Manager

MONROE ACCOUNTING
MACHINES FOR
BANKS

Bell System Teletype 180-181
Telephone JAckson 5065

TO ALL BANKERS

(jOsdcwmsL
Jjo

Nebraska Bankers Convention

don State Bank, retired last month
after 38 years as a banker. He became
president of the Gordon State Bank in
1918, serving in that capacity continu­
ously until recently.

Returns to Broken Bow
T. S. Forsyth has recently returned
to Broken Bow, Nebraska, and is again
associated with the Nebraska State
Bank.
Mr. Forsyth was connected with the
bank in Broken Bow for a number of
years but for the past six years has
been associated with his brother-inlaw in the operation of a travel agency
in San Diego, California.

Samuel D. Elzea
Samuel D. Elzea, 52, federal bank
examiner, who was transferred from
North Platte to Lincoln in 1948, died
last month in Montpelier, Vermont.
Death followed an emergency oper­
ation three weeks previously.
Survivors include his wife, Mary;
sons, William and Samuel; mother,
brother and sister. Burial was in New
London, Missouri.

With Lexington
Adolph Stuchlik has resigned his
position as assistant cashier of the
Lexington State Bank and has ac­
cepted a position as head teller of the
National Bank of Norfolk at Norfolk,
Nebraska.

Aiming at 100 Years
C. A. Sweet, Sr., 93 years young, is
planning to carry on his work until
after he passes the century mark.
He has been a notary public continu­
ously for 65 years. His commission
expires in November, and recently he
asked the secretary of state to forward
renewal blanks. The new commission
would not expire until after his 100th
birthday.
Mr. Sweet is an attorney at Palmyra
and also cashier of the Bank of Pal­
myra. His son, Hyde Sweet, is pub­
lisher of the Nebraska City NewsPress, and another son, C. A. Sweet,
Jr., is associated with him in the bank
as vice president.

President Second Time

Lincoln, Nebraska —Oct. 11 & 12

N A T IO N A L B A N K of C O M M E R C E

Mrs. Irene Barber, gracious savings
bond teller at the First National Bank,
Lincoln, Nebraska, was elected presi­
dent for a second term by the Women’s
Division of the Chamber of Commerce.
She is also president of the Inter-Club

LINCOLN, NEBRASKA
47 years at 13th and O St reet s
Member Federal Deposit Insurance Corporation

YOUR STATE BANKERS ASSOCIATION
OFFICIAL SAFE, VAULT AND
TIMELOCK EXPERTS

F. E. D A V E N P O R T & C O .
OM AHA
Northwestern Banker, Oc t obe r , 1949


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Federal Reserve Bank of St. Louis

Nebraska News
Council, a group made up of repre­
sentatives of all business and profes­
sional women’s groups in the city.

Resigns at Papillion
Reese Laughlin, assistant cashier at
the Banking House of A. W. Clarke
in Papillion, Nebraska, the past sev­
eral years, resigned from that institu­
tion.

89

Talks to Industrialists

Guaranty Trust Dividend

A. M. Strong, vice president of Amer­
ican National Bank and Trust Com­
pany of Chicago, addressed the fall
conference of the Illinois Industrial
Council at French Lick Springs, Indi­
ana, last month, on the topic “ Inter­
national Developments of Current In­
terest to Industry.”

The board of directors of Guaranty
Trust Company of New York has de­
clared a quarterly dividend of $3 per
share on the capital stock of the com­
pany for the quarter ending Septem­
ber 30, 1949, payable on October 1,
1949, to stockholders of record at the
close of business September 14, 1949.

Pay 4-H Subscriptions
W. F. Wenke, president of the Pen­
der State Bank, and J. B. Rossiter,
president of the First National Bank
at Walthill, recently paid the subscrip­
tions to the National 4-H Club News
magazine for every 4-H Club leader in
Thurston county.
Both Nebraska banks have cooper­
ated in this project for the past sev­
eral years.

St. Joseph's Oldest Bank

Heads Clearinghouse
George E. Porter, chairman of First
National Bank, St. Joseph, Missouri,
was elected president of the St. Joseph
Clearing House Association at the an­
nual meeting. A. J. Greenfield, presi­
dent of First St. Joseph Stock Yards
Bank, was elected vice president, and
Charles F. Burri, assistant vice presi­
dent of Tootle-Lacey National Bank,
was re-elected secretary-treasurer.

INVESTMENT
SECURITIES

You can always count on us
to do everything we can
to cooperate with our
banker friends

1. G overnm ent bonds, all issues
2. M unicipal and co rp o rate bonds
3. Listed and local stocks
4. FH A and G l loans

▼

The Friendly

Underwri t ers — Distributors
Dealers

AMERICAN NATIONAL
BANK

▼

THE NATIONAL COMPANY
OF OMAHA
500 F irst N ational Bank Bldg.

ST. JO SEPH , MISSOURI

Members
M idw est Stock Exchange

Member Federal Deposit Insurance Corporation

Did you know that your Banker’s Blanket Bond
does not protect your Cash Letter while it is in
transit by mail or express? Ask about our
Cash Letter Policy, which fills the gap.
F IR S T N A T IO N A L B A N K


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

B U I L D IN G

C H IC A G O

Scarborough & Company
Insurance Counselors
3, IL L IN O IS

STATE

to Banks

2 4325

Nort hwest ern Banker, Oc t o be r , 1949

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

14326

F i r s t N a t io n a l .B a n k
A. G. REDMAN, Chairman of the Board
H. W. PORTER. President

0

00 0

. B, M RH U SE, Vice President
J . H. REDMAN, Exec. Vice Pres. & Cashier

•ESTABLISHED 1877

O U D D E ^ IO W A
A p r il 28, 19^9

Mr. Henry C. Karpf,
President,
Live Stock national Hank,
Omaha, Nebraska.
Dear Mr. Karpf:
Permit me to take th is means of commending you and your "bank upon
the splendid service which you are rendering to your country hank
accounts in establish ing an "In tern al Operations Survey" service
for th eir u se.
The report of your Internal Operations Surrey was read to the Board
o f Directors at i t s regular monthly meeting on April 26, 19^9* The
report was very favorably received and the follow ing resolution was
voted and made a part of the minutes of this meeting:
"Resolved, that a communication be directed
to the O fficers of the Live Stock National
Bank o f Omaha, Nebraska expressing th eir
appreciation fo r the "In tern al Operations
Survey" which they conducted for this bank
during the past month."
The directors were very pleased with the resu lts of this survey and
they f e e l that it was very b e n e ficia l to u s.
A ll of the suggested changes have eith er been placed in operation
or w ill be by May 1 s t .
Personal regards.

J . H. Redman
Executive Vice-President and Cashier

91

N ationally P eotniaent
Speakers H eadline
ii:ted Mourn Convention
Activities Begin Sunday Night, October 16th, and
Continue Through to Wednesday Noon, October 19£h
ITH a national reputation al­
ready well established for pre­
senting programs considered
tops throughout the United States, the
Iowa Bankers Association has come
up with another outstanding program
for its 63rd annual convention. Under
the capable direction of President
Harry W. Schaller, president, Citizens
First National Bank, Storm Lake, and
other officers of the Association, an ar­
ray of speakers from diversified fields
of business will appear before Iowa
bankers at the Hotel Fort Des Moines
for the convention, which starts Sun­
day evening, October 16th, and contin­
ues through to 12:30 p. m. on Wednes­
day, October 19th.
Nationally prominent speakers on
the program include Franklin D.
Roosevelt, Jr., U. S. Representative
from New York; Philip LeBoutillier,
president, Best & Company, New York
City; Charles Seymour, president, Yale
University; Maple T. Harl, chairman,
F.D.I.C.; Guy E. Reed, chairman, Chi­
cago Crime Commission and vice
president, Harris Trust and Savings
Bank, Chicago; Allan B. Kline, presi­
dent, American Farm Bureau Federa­
tion, Chicago; William S. Beardsley,
Governor of Iowa; Sylvia. F. Porter,
financial editor, New York Post, New
York City, and a panel of six men
discussing the subject “ Still Better
Public Relations Toward Banks.”

W

A glance at the accompanying pro­
gram assures convention-goers of one
thing—plenty of excellent entertain­
ment. An innovation is the informal
get-together planned for Sunday night
at the Hotel Fort Des Moines ballroom,
where early arrivers, their wives and
friends can enjoy themselves visiting
and listening to a brief entertainment
program.
Monday evening everyone attending
the convention will be the guests of
the Des Moines Clearing House Asso­
ciation, of which Rolfe Wagner, presi­
dent, Capital City State Bank, is presi­
dent. This social hour, from 5 p. m.
to 6 p. m., is entirely free and admis­
sion is by convention badge. This so­
cial hour will be held in the grand

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Federal Reserve Bank of St. Louis

ballroom, south ballroom, Palm Room
and Mezzanine Floor. Mr. Wagner
reports that it will be the “last word”
in tea parties.
Immediately after this event the rest
of the evening will be devoted to “ A
Night in the ‘Gay ’90’ Era” in the low­
er level of the KRNT Radio Theater,
where an excellent hot cafeteria din­
ner will be served amid the atmos­
phere of the Gay ’90’s, with Keystone
Cops and ah the backprops thrown in.
A “Gay ’90’s” show, headed by Lulu
Bates, singing star of Lucky Strike’s
similar show in New York City, will
follow the dinner and the rest of the
evening will be given to modern and
old-time square dancing and waltzing.
On Tuesday another innovation finds
the bankers’ wives being entertained
at a tea and reception at the Hotel
Savery, featuring a talk by Ilka Chase,
national known speaker and humorist.
The annual convention dinner will
begin promptly at 6:15 p. m. Tuesday
and adjourn at 7:30, with no speeches
or any program, in order that diners
may have ample time to go to KRNT
Radio Theater where the evening’s
entertainment will be headlined by
George Jessel, master of ceremonies.
This show starts promptly at 8:15.
Advance registrations h a v e been
made by most people attending the
convention, but those who have not
done so are being urged to register
promptly upon arrival.
The detailed program is as follows:

Sunday, October 16th
H o te l F o r t D e s M o in e s
G ra n d
8 :0 0

B a llro o m

P . M .—

Des Moines Chorus of the “ Society
for the Preservation and Encour­
agement of Barber Shop Quartet
Singing in America” (over 50
voices).
Do not forget to bring your
registration badge and entertain­
ment tickets when you leave
home for the convention. Please
drive carefully! ! !

H A R R Y W . SCH ALLER
President, Iowa Bankers Association
8 :4 5

P . M .—

Radio and Television Skits by
Drake University students, under
the direction of Edwin G. Barrett,
assistant professor, Radio, Drake
University, aided by Mr. Leonard
Randolph of Radio Station KCBC,
Des Moines.

Monday, October 17th
H o te l F o r t D e s M o in e s
1 0 :0 0 A . M .—

1.

commences on Mezza­
nine Floor for ah not preregistered.

R e g is tra tio n

1 0 :3 0 A . M . —

2.

(South Ballroom).
The Convention of the American
Bankers Association will adjourn
in San Francisco on Wednesday,
November 2, 1949. The United Air
Lines, operating regular planes to
Honolulu, will increase the num­
ber of its planes should sufficient
number of bankers wish to go to
Honolulu following the A.B.A. Con­
vention. In view of the fact that
a number of Iowa bankers and la­
dies may desire to consider mak­
ing this plane trip, arrangements
have been completed with officials
of the United Air Lines for them
to present at the above time and
place their new 30-minute full col­
or film entitled “ High-Way to Ha­
waii.” Admission is free. An at­
tendant of the United Air Lines
will be present to answer any in­
quiries that any interested Iowa
bankers may have with respect to
this trip.
3. C o n v e n t i o n C a l l e d t o O r d e r (Grand
Ballroom)................ H . W . S c h a l l e r
President, Iowa Bankers Associa­
H a w a iia n F ilm

is 5

P .M .—

tion; president, Citizens First Na­
tional Bank, Storm Lake.
Nort hwest ern Banker, Oc t o be r , 1949

92

Iowa News

4 . I n v o c a t i o n ..................................................................

6. A n n u a l

..................l i t . R e v . M s g r . L . G . L i g u t t i

A d d re ss

of

th e

......................................................H .

Executive secretary, National Cath­
olic Rural Life Conference, Des
Moines.

7. P r e s e n t a t i o n
th e

I v o ry

to

th e

W .

S c h a lle r

P re s id e n t

............................................................ J . V . K e p p l e r

Vice president and treasurer, Iowa
Bankers Association; cashier, First
National Bank, Dubuque.
( N o t e : Mr. Keppler as vice presi­
dent of the Iowa Bankers Associa­
tion at this time assumes the Chair
and presides over the convention
until after the presentation of the
Ivory Gavel to the president.)

G a v e l. . . . W . H . B re n to n

8 . R e s p o n s e ........................... H .

S e s s io n

of

President, Brenton State Bank,
Dallas Center, among other Iowa
banks.

5. R e m a r k s o f t h e V ic e P r e s i d e n t . . . .

Speakers

P re s id e n t

lic R e l a t i o n s T o w a r d

National director, banking and in­
vestment section, U. S. Savings
Bonds Division, Washington, D. C.;
president, Commercial State Bank,
Pocahontas, Iowa.

\V . S c h a l l e r

1 9 3 0 - 3 1 ) ........................

“T he

Im p o rta n c e

.....................................................................C . B . M i l l s

p a tio n

16th president of Iowa Bankers
Association, Moline, Illinois.

g ra m .”

A d o p tin g

R e p o rts

of

C h a irm e n

of

P ub­

1 :5 5 P . M .—

9. M e m o r ia l to th e la te C . C . J a c o b s e n

10.

B e tte r
B a n k s .”

1 1 . T a l k ...................................................C . E . W a t t s

(The president resumes presiding)
(president I.B.A.

T h e m e — -“ S t i l l

2 :0 0

in

th e

of

B ank

S a v in g s

P a rtic i­

B onds

P ro ­

P . M .—

1 2 . R e m a r k s ...................... N o e l T . R o b i n s o n

Chairman, Trust Committee, Iowa
Bankers Association; vice presi­
dent and trust officer, Central Na­
tional Bank & Trust Company, Des
Moines. (Mr. Robinson will intro­
duce the next speaker.)

t h e A s s o c i a t i o n ’s C o m m i t t e e s .

13.

JK

A d d r e s s .......... G i l b e r t T . S t e p h e n s o n

Director, Trust Research Depart­
ment, American Bankers Associa­
tion, Wilmington, Delaware.
“ T r u s t B u s in e s s in
2 :4 0

14.

I o w a .”

P . M .—

T a l k .................... C a r l e t o n

C. V an

D yke

Chairman, Public Relations and
Educational Committee, I o w a
Bankers Association; assistant vice
president, T o y National Bank,
Sioux City.
“ W h a t A re

th e

A n sw e rs

to

B e tte r

I).

B a in e r

r

P u b lic R e la tio n s ? ”

15.
f OR
~

. ™

e a

.s «

r n

i

°

w

Chairman, “Know Your Bank”
Committee of the Pennsylvania
B a n k e r s Association; president,
Merchants National Bank & Trust
Company, Meadville, Pennsylvania.

a

n bankers

A d d r e s s .............................. J o h n

“ ‘K n o w

Y o u r B a n k W e e k ’ in P e n n ­

s y lv a n ia .”

16.

A d d r e s s ........................... A . G o r d o n

B ra d t

Second vice president, Continental
Illinois National Bank & Trust
Company, Chicago.
“ F iv e

Iv e y s

to

B ank

P u b lic

R e la ­

tio n s ”

*-*1

liai Ban ’
{ 0 use the
.
J a h
Y O CR advantag
fin d

it ^

p rom p t/ e f f i c i e n t —

.

r t Jl h

4 :0 0

P . M .—

17. S e s s io n
4 :0 0

C au cu s o f Io w a
(G re e n
M onday

corp°

ONAL
,NK
JF

' mioN'

6 :0 0 P . M .—

N ig h t

L

th e

‘G a y

’9 0 ’ E r a ” —

R a d io T h e a te r

(L o w e r L e v e l)

(Open to all having purchased tickets
from the Iowa Bankers Association.)
P . M .—

D o o rs

(Pleasant Street En­
Let everybody come pre-

O pen

trance).
Northwestern Banker, Oc t obe r , 1949

in

K R N T

6 :1 5


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

F lo o r)

E v e n in g — E n te r ta in m e n t

Grand Ballroom, South Ballroom,
Palm Room and Mezzanine Floor
—for both men and ladies. No
charge; admission by Convention
Registration B a d g e only. Des
Moines Clearing House, host.
“A

IRLOO

A .B .A . M e m b e r s

R o o m , M e z z a n in e

S o c ia l H o u r — H o te l F o r t D e s M o in e s
5 :0 0 t o

H E

A d jo u rn e d .

P . M .—

Y

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

93

Serving both Industry
and Agriculture
Located in th e h e a rt o f th e U n io n Stock Yards
a n d C h ic a g o ’s g re a t C en tral M an u fa c tu rin g
D istrict, w e h av e served fa rm e r a n d m an u fac­
tu re r as w ell as h u n d re d s o f c o rre sp o n d e n t
b an k s fo r o v e r th re e -q u a rte rs o f a c en tu ry . T h is lo n g and
v aried e x p e rie n c e is a t y o u r disposal. I f y o u are seek in g a
C hicago c o n n e c tio n , w e co rd ia lly in v ite y o u to w rite us.

£TAe

i/ V

LIVE STOCK
BANK
W

a tto n a /

/ r c a fjc

ESTABLISHED 1868

U N IO N

STOCK YARDS

M em ber F ederal Deposit Insurance Corporation

Nort hwest ern Banker, Oc t o be r , Ì949

94

Iow a N ew s

y.
pared to spend an entire evening
in the atmosphere of the “Gay
Nineties.”
6 :3 0

P .M .

(f)

nine Floor.
C o n v e n tio n

3.

M e e t i n g o f I o w a A .B .A . M e m b e r s —

(a)

C a lle d

to

O r d e r ..................

(b )

E le c tio n

of

Io w a

A .B .A .

o ffi­

cers.

B re e se

and his Orchestra

of

(c )

Chicago.

A ny

new

or

u n fin is h e d

n ess.

m e e tin g

ad­

tu rn s

b u s i­

m e e tin g

P r e s id e n t S c h a lle r.
of

S p e c ia l

R e s o lu tio n s

................................
A. T. D onhow e

Vice president, Central Na­
tional Bank & Trust Company,
Des Moines.

R e m a r k s .................. W . H . B r e n t o n

A.B.A. vice president for Iowa;
president, Brenton State Bank,
Dallas Center, among other
Iowa banks.

P . M .—

to

............ C h a i r m a n

2.

A great and new kind of “Gay
’90’s” show, consisting of various
top performers and featuring L u l u
B a t e s of New York City, singing
star of the “Old-time Lucky Strike
Hit Parade.”

B re n to n

Committee

........................... P r e s i d e n t H . W . S c l i a l l e r

8 :0 0 P . M .—

M r.
back

R ep o rt

9 :3 0 A . M .—

P . M .—

L ou

continued on Mezza­

1. R e g i s t r a t i o n

A .B .A .

jo u rn e d .

(e)

8 :0 0 A . M .—

S h a rp !!—

Dinner period ends.

9 :0 0

I o w a

H o te l F o r t D e s M o in e s

A fine hot cafeteria dinner. Ample
table and chair facilities.
7 :4 5

(d)

Tuesday, October 18th

Speakers
9 :5 5

A . M .—

4 . A d d r e s s ........................... S y l v i a

F . P o rte r

Editor, Reporting on Governments
(a weekly newsletter on U. S. Gov­
ernment Securities); financial edi­
tor, New York Post, New York
City.
“T he

S ta tu s

of

th e

G o v e rn m e n t B o n d
O u tlo o k

fo r

L Tn i t e d

M ark et an d

G o v e rn m e n t

th e

S e c u ri­

tie s ”

f

1 0 :3 0 P . M .—

Y O U R BANK FOR
SOUTHERN IOWA

h

S ta te s

5. A d d r e s s . . . .H o n . W in . S . B e a r d s le y

Governor of Iowa, Des Moines.
“ A m e ric a L o o k s A h e a d ”
6. T o T a k e a B o w . . . . E . H o w a r d H i l l

President, Iowa Farm Bureau Fed­
eration, Minburn.
7 . A d d r e s s ................................. A l l a n

B . K lin e

President, American Farm Bureau,
Chicago.
“ F a r m i n g ’s F u t u r e ”
1 1 :5 0 A . M .—
8. S e s s io n

By keeping constantly in touch with the business
development of Southern Iowa we are able to provide
complete and prompt correspondent service for any
bank in this area.
The service you obtain here is based on the experi­
ence gained through 78 years of close personal con­
tact with Iowa banks and bankers.

1 :3 0

1. C o n v e n t i o n

C a lle d

to

O r d e r ............

........................... P r e s i d e n t H . W . S c h a l l e r
2 . A d d r e s s ..................... P h i l i p

L e B o u tillie r

President, Best & Company, New
York City; one of the great mer­
chants of the nation; a distin­
guished student on the monetary
and fiscal policies of the govern­
ment; director, Commercial Na­
tional Bank & Trust Company,
New York.
“ A re
Go

HIM BANK

a d jo u rn e d .

P .M .—

2 :1 5

W e

B y

G o in g

To

L et

th e

D o lla r

D e fa u lt? ”

£

P . M .—

3 . A d d r e s s ....................................... G u y E . R e e d

C l.

O T T U M W A ,

IO W A

Chairman, Chicago Crime Commis­
sion; vice president, Harris Trust
and Savings Bank, Chicago.
“T he
m ent

Im p o rta n c e
in

of L aw

M a in ta in in g

E n fo rc e ­

H ig h

G ra d e

C o m in a n itie s .”

OFFICERS
MAX VON SCHRADER, President
CLARENCE P. GLENN, Vice President
J. C. BLACKFORD, Vice President
FRANK M. POLLARD, Vice President and Cashier
C. G. MERRILL, Vice President and Tr. Officer
W. C. MILLER, Assistant Cashier
GEORGE HALLER, Assistant Cashier

MEMBER FEDERAL DEPOSIT INSURANCE CORPORATION
MEMBER FEDERAL RESERVE SYSTEM

Northwestern Banker, O ctob er, 1949


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

3 :0 0

P . M .— S o m e t h i n g

4. Y o u r F a v o r it e

E x tra

A dded!

C a rto o n is t—

Forty-five minutes of entertain­
ment by world renowned cartoon­
ists in person. They will draw
cartoons which each has made fa­
mous. Among those expected are:
A1 Capp....................... “Li’l Abner”
Milt Caniff.............“ Steve Canyon”
Rube Goldberg. .. ........................
..................“Goldberg Machines”
Ed Reed.............. “Off The Record”
Allen Saunders....... “ Mary Worth”
Through the joint courtesy of

AS ALWAYS
A CORDIAL WELCOME
AWAITS YOU AT THE
VALLEY BANK

VALLEY BANK AND TRUST COMPANY
DES

M OINES

MEMBER FEDERAL DEPOSIT INSURANCE CORPORATION


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Federal Reserve Bank of St. Louis

Nort hwest ern Banker, Oc t o be r , 1949

96

Iowa News

y
Iowa’s Vernon L. Clark, national
director of the U. S. Savings Bonds
Division of the U. S. Treasury De­
partment, and the Des Moines
R egister and Tribune, arrange­
ments have just been completed by
your Association officers for the
appearance of such popular and
famous cartoonists on our conven­
tion program.
3 :4 5

5.

F

P . M .—

S e s s io n A d jo u rn e d .
S a v e ry H o te l— G ra n d B a llro o m

A

N ew

C o n v e n tio n

F e a tu re — F o r

L a d ie s A tte n d in g

T he

O u r C o n v e n tio n

(Open to all having purchased tickets
from the Iowa Bankers Association.)
2 :0 0

h

P . M .—

1 . T a l k ......................................................I l k a

C hase

A renowned personality who has
won fame on screen and stage, in
radio and as an author. A delight­
ful speaker and humorist.
“ S p e a k in g
3 :0 0

2.

IOWA BANKERS
INVITED
are

To See T h e se Two M odern
S e rv ic e s in O p e ra tio n
The officers and staff of this Bank extend greetings and best
wishes to Bankers attending the convention of the Iowa
Bankers Association.

W e cordially invite you to visit our

Bank and observe our customers using the Drive-In Teller's
W indow and customer parking area.

If we can supply

information, or make your convention visit more pleasant,
we shall be pleased to do so.

--------------------------------- O F F I C E R S ---------------------------------Rolfe O. W agner, President
Raymond G. Miller, Exec. Vice President

P .M .—

R e c e p tio n

<

Y

G ra n d
0 :1 5

P . M . S h a rp !

B a llro o m
—

A nnual

C onven­

tio n D in n e r — N o P r o g r a m

r~x

This annual dinner is open to all
Iowa Bankers and ladies who
bought tickets from the Iowa Bank­
ers Association prior to the “cut­
off” date of Wednesday, October
12th. No tickets can be purchased
at the hotel nor from the hotel any
time prior to or during the con­
vention.
7 :2 9

P . M . — W e l c o m e ..............H . R . Y o u n g

I.B.A. president, 1940-1941; vice
president, City National Bank,
Wichita Falls, Texas; president of
the “Organization of Past Presi­
dents and Ex-Councilmen of I.B.A.”
P . M .— E n d s t h e D i n n e r P e r i o d
R a d io

T h e a te r

(U p p e r L e v e l)
P . M . — D o o r s O p e n ( U s e Pleasant
Street Entrance).
This top stage show is open to all
men and ladies registering for our
convention who will have bought
their KRNT tickets for reserved
seats from the Iowa Bankers As­
sociation.

7 :3 0

Fred C. Sutton, Assistant Cashier
Frank J. Tamse, Assistant Cashier
Warren Ferguson, Assistant Cashier

Capital City State Bank
Founded 1878

DES M OINES

MEMBER FEDERAL RESERVE SYSTEM
MEMBER FEDERAL DEPOSIT INSURANCE CORPORATION

Northwestern Banker, Oc t o be r , 1949

and

K R N T

C. Allen Evans, Asst. Vice President


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Federal Reserve Bank of St. Louis

M y s e lf.”

H o te l F o r t D e s M o in e s

George Radcliffe, Cashier

EA ST L O C U S T AT FIFTH

F o r
4 :0 0

for which I l k a
Chase will remain to greet and
visit with the ladies attending this
informal occasion.
This fine social event will be pre­
sided over by Mrs. Harry W. Schaller, of Storm Lake, assisted by Mrs.
J. V. Keppler, of Dubuque, and the
wives of the other members of the
Council of Administration of your
State Association.
T ea

7 :3 0

J. N. Coffey, Vice Pres, and Trust Officer

P . M . to

8 :1 5

P . M .— C u r t a i n

*

T im e —

M a s t e r o f C e r e m o n i e s ..............................
......................................................G e o r g e J e s s e l

Mr. Jessel is one of the great fig(Turn to page 112, please)

L

97

IT

«

»

S

T

V

t O

E

N

D

J

W e are accustomed to seeing the horn o f plenty
depicted pouring forth its annual flood o f the good
things o f the farm. And—while we offer thanks for bumper
crops, we should realize that the "horn” needs priming.
Before the farmer can harvest his grain or market his birds,
he needs seed . . . and feed. In many cases, he would
have neither without the aid o f the local banker.
So . . . when you see the big end o f the horn o f
plenty pictured in connection with the
harvest season, keep in mind the role of
the country banker at the other end . . .
providing the money that made na­
ture’s bounty possible . . . and be
thankful that he’s there.

C i

RUSSELL L. STOTESBERY

LYNN FULLER

President

Executive Vice President

DEPARTMENT OF BA N KS AN D BA N KER S

THE

S T R O N G

F R I E N D

OF

CH A R LES C. RIEGER

OTTO H. PREUS

Vice President

Assistant Vice President

THE

I N D E P E N D E N T

M ARQUETTE


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Federal Reserve Bank of St. Louis

OF
MEMBER

FEDERAL

B A N K E R

BANK
MINNEAPOLIS

DEPOSIT

INSURANCE

CORPORATION
Northwest ern Banker, O c to b e r , 1949

98

T h e E x e c u t i v e i tn n m itte e
f o r th e Mourn € 'o n v e n tio u

Pictured on this and the top
of the opposite page are the
Des Moines bankers serving
on the Executive Committee
for the 1949 Convention of
the Iowa Bankers Association.
These men, appointed by
Rolfe O. Wagner, president
of the Des Moines Clearing
House Association, represent
the Des Moines Clearing House
Association and its affiliates.

R O LF E O. W A G N E R
Chairman
President, Capital City State Bank

E.

F. B U C K L E Y
President
Central National Bank & Trust Company

Northwestern Banker, O c to b e r , 1949


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

H E R B E R T L. H O R T O N
President
Iowa-Des Moines National Bank

G. B. JEN SEN
President
Des Moines Bank & Trust

Company

|g |

H U G H N. G A L LA G H E R
President
Iowa State Bank

N. P. BLACK
Superintendent
Iowa Banking Department

F R E D E R IC K M. M O R R ISO N
President
Valley Bank and Trust Company

Your

'

*

Conrrnlion

Kn1rr1 u
inC
om m ittee

AT THE RIGHT is Winfield Scott, senior vice presi­
dent o f the Valley Bank and Trust Company, Des
Moines, who is chairman of the entertainment com­
mittee for the 63rd annual convention o f the Iowa
Bankers Association to be held in Des Moines Monday,
Tuesday and Wednesday, October 17th, 18th and 19th.
Complete details of the entertainment arranged for
bankers and their wives can be found in the program
appearing at the beginning of this Iow a section.
Assisting Mr. Scott on the entertainment committee
are: Fred C. Atkins, vice president and cashier, Bank­
ers Trust Company; C. Allen Evans, assistant vice
president, Capital City State Bank; Erwin W. Jones,
vice president, Iowa-Des Moines National Bank; L.
Nevin Lee, vice president, Bankers Trust Company,
and Frank R. Warden, vice president, Central National
Bank and Trust Company, all of Des Moines.

W IN F IE L D W . SCO TT
Senior Vice President
Bank and Trust Company

Valley

Remodel Burlington Bank

Ramm Named President

The interior of the National Bank
of Burlington, Iowa, has been com­
pletely remodeled. Visitors to the
bank are now greeted with an all-glass
double door, replacing the old revolv­
ing door. From that point on through­
out the bank, the interior has been
completely changed. Pleasant color
schemes, remodeled fixtures, new light­
ing and equipment, larger banking
area and many other features combine
to give the bank a very enjoyable at­
mosphere both for employes and cus­
tomers.

John J. Ramm of Cascade, Iowa,
was elected president of the Farley
State Bank at a meeting of the bank’s
board of directors last month.
A former vice president, Mr. Ramm
succeeds President William F. Kluesner, who died in April.


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

Fred G. Parsons
Fred G. Parsons, 68, vice president
of the Iowa Trust and Savings Bank,
Estherville, Iowa, died last month of
a heart ailment. He moved to Esther­
ville from Garner in 1903 and had been

associated with the bank as vice presi­
dent and director for several years.

New Popejoy Manager
Folmer Faaborg announced his res­
ignation as manager of the Popejoy
office of the Farmers State Bank of
Dows, Iowa, last month. Mr. and Mrs.
Faaborg, who have resided in Dows
the past year, will move to Jefferson
where Mr. Faaborg will operate a gro­
cery store which he recently pur­
chased.
H. W. Janssen, executive vice presi­
dent of the bank, announced that
Amos Gardalen of Dows succeeded Mr.
Faaborg as manager at Popejoy.
Northwestern Banker, O c t o b e r , 1949

100
Advertisement

h u rtI

o f H o n o r 99 H a n k s

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 banks listed on this page are some of the outstanding “ Honor R oll ” Banks in Iowa.
B y 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 yo u may entrust to them.
invited.

TOWN

BANK

Ackley........................... Ackley State Bank..................................
Allerton...............
..Security State Bank. .._____ ____ ____
Anamosa.....................
Citizens SavingsBank......................
Andrew............................Andrew Savings Bank.........................
Arlington......... .............American National Bank.............. .......
Audubon.........................First State Bank...................................
Aurelia.......................... First Trust and Savings Bank.............
Baldwin............................Baldwin Savings Bank............. .......
Beaman........................... Farmers Savings Bank........................
Bellevue......................... First National Bank..............................
Bennett.......................... Bennett State Bank..............
.......
Bloomfield...................... Davis County Savings Bank................
Britt................................First State Bank....................................
Burlington.................... Burlington Bank and Trust Company
Burlington..................... National Bank of Burlington...............
Cantril........................... State Savings Bank................................
Carlisle............... ...... Hartford-Carlisle Savings Bank..........
Cedar Falls........... ........ First National Bank....... ......................
Cedar Rapids................. First Trust and Savings Bank...............
Cedar Rapids................. Merchants National Bank.... .......... .....
Cedar Rapids............... ..Peoples Bank and Trust Company.......
Cherokee.......................Cherokee State Bank......................
Clarence.........................Clarence Savings Bank.................... .
Clarksville.................... Iowa State Bank................ ....................
Clermont__________ __ Farmers Savings Bank_______________
Colfax............................ First National Bank..............
Council Bluffs................ Council Bluffs Savings Bank.................
Cromwell........................Cromwell State Savings Bank.............
Davenport...................... First Trust & Savings Bank.................
Davenport.....................Northwest Bank and Trust Company...
Decorah..........................Security Trust and Savings Bank.... .....
Des Moines....................Bankers Trust Company...............
Des Moines.....................Des Moines Bank and Trust Company...
Donahue..................... ... Donahue Savings Bank__ _______ ____
Donnellson.................... Citizens State Bank............ ...................
Dows.............................. Farmers State Bank......................
Dubuque........................ Dubuque Bank and Trust Company.......
Dubuque.........................First National Bank.... ................ ........
Eldridge.........................Central Trust and Savings Bank..........
Elgin.............................. Elgin State Bank........... .........................
Fairbank.......................Fairbank State Bank.............................. .
Fairfield.........................First National Bank in Fairfield..........
Farley............................ Farley State Bank..........................
Farnhamville................ Security Savings Bank.............. .......
Fostoria......................... Farmers Savings Bank.................. ........
Glidden...........................First National Bank in Glidden ...........
Gooselake.......................Gooselake Savings Bank.... ........ ..........
Grand Mound.............. ...Union Savings Bank................ ...... ....
Grinnell.......,................. Grinnell State Bank............. ......... ..........
Grundy Center..............Farmers Savings Bank..........................
Guthrie Center.............. Guthrie County State Bank....................
Hampton........................ First National Bank............. .... ..... ......
Hawarden...................... First National Bank.,............................
Hospers.........................Hospers Savings Bank...........................
Hubbard............... ......... Security State Bank......................... ....
Humboldt.............. ....First National Bank..... ....
........
Independence................. Farmers State Savings Bank...............
Inwood......................
Inwood State Bank.............. ..................
Iowa City...................... Iowa State Bank and Trust Company...
Ireton.............................Security Savings Bank............ .........
Jesup--........................... Farmers State Bank...............................
Kalona....... ........ ...... .... Farmers Savings Bank__ _____ __ _____
Northwestern Banker, O cto be r, 1949


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

Correspondence is

OFFICER
--H. S. L ekw a..............
-J . R ay Shriver..........
..Leo J. W egm an ........
...Eber V. F lint............
-F . E. Breckner..........
- A . A . K ruse..............
-E . M. Johnson..........
-C . A . H arding...........
-L . H. K lin efelter.....
..Herman J. Kueter....
-J . G. E ngel................
..Ed W . Shaw..............
-V . D. K oons..............
...Wesley H. Sw iler.....
..Thomas L. D yer........
-H . D. K oenecke........
-G . D. Schooler..........
.W. E. Brow n.............
..Frank J. D vorak......
..John T. Ham ilton II
..Frank C. W elch .......
,.W. F. Brunk...............
..E. C. Hasselbusch....
..Clint L. Varnum ......
..J. A . E rickson...........
.Charles M. Stinson...
.E. H. Spetman Sr.....
.A. Omar Cannon.... .
.T. L. V inyard.............
.L. W . F rom m e..........
R. W . K aster.............
-F. C. A tk in s...............
H. F. G all....................
.W alter E. Paustian...
.M. G. A dd icks.............
-C. A . H andfelt...........
.G eorge F. Jansen......
.J. V. K eppler.............
.R obert J. Tank...........
_G. J. M osby..................
-F. F. Cow lishaw .........
.Glenn A . Sherm an....
.J. L. M ahony..........!..
.0 . W . M adson.............
_H. A. O’F arrell.........
.J. H. Redm an.............
.0 . F. W alker.............
L. J. Stotesbery.........
.C. A . F rasier.............
.A. V. Dieken................
.M. C. Barnett.............
.D. D. B ram w ell.........
.H. V isser_________
.C. F. Sheel..................
.V. H. R eid....................
B. B. W atson ..... ........
E. F. S org .....................
.Cliff P r u it t ..................
W . W . Summerwill....
G. T. Juffer..................
C. E. Stew art..............
F. E. Skola___ __ ____

CAPITAL
$

50,000
30.000
60.000
50.000
25.000
50.000
25.000
25.000
25.000
50.000
30.000
40.000
50.000

200,000
200,000
25.000
50.000

100,000
100,000
500.000
300.000

120.000
50.000
35.000
35.000
50.000
300.000
15.000

200.000
100,000
52,500

1,000,000
150.000
30.000
75.000
60.000

200.000
300.000
50.000
30.000
26.000

100.000
25.000
25.000
30.000
50.000
25.000
25.000
60.000
30.000
50.000

100,000
50.000
25.000
25.000
50.000

100,000
30.000
150,000
30.000
75.000
25.000

SURPLUS
PROFITS
$ 125,000
45.000
162,086
67,664
60.000
232.000
105.000
74.000
60.000
118.000
59.000
152,878

200,000

381.000
561.000
90.000
117.000
142.000
194.000
4,474,507
485,143
207.000
89.000
61.500
45.000
140.000
747.000
47.000
323,810
149.000
81.500
3,230,000
310.000
78.000
77.000

66.000

299,462
734.000
136,418
75.000
50,811

222.000

85.500
91.000
75.000
61.000
75.000
77.000
123.000
100,970
170.000
172.000
90.000
130.000
42.000
320.000
250.000
30.000

200.000
44.000
77.000
81.000

101
Advertisement

l o i r a " R o i t o f H o n o r 99 R a n k s
it is an honor to be listed among the H O N O R RO LL BANKS. It indicates that the
bank has SURPLUS and UNDIVIDED PROFITS equal to or greater than its capital
TOWN

OFFICER

BANK


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

.

Livermore......................Livermore State Bank________ _______
Lone Tree.......................Lone Tree Savings Bank........
Lowden.......................... American Trust and Savings Bank
Luana............................ Luana Savings Bank................................
Lynnville........... .... .....First State Bank........
Manning...... ........
First National Bank_____
Mapleton........................First State Bank..................................
Mapleton..—...................Mapleton Trust and SavingsBank.
Marion........................... First National Bank.......... ........
Marshalltown................ Security Savings Bank ........
Mason City.....................United Home Bank and Trust Company
Maynard.........................Maynard Savings Bank..........................
McClelland.................... McClelland Savings Bank.......................
Mediapolis..................... Mediapolis Savings Bank.........................
Miles.............................. Miles Savings Bank.......................
Missouri Valley........... First National Bank ..............................
Modale............................Modale Savings Bank ............................
Muscatine...................... Muscatine Bank and Trust....... ...............
Nashua.......................... First Nashua State Bank........................
Neola..............................Farmers and Merchants State Bank.....
Nevada...........................Nevada National Bank............................
New Hampton............... First National Bank...............................
New Sharon............. ..... Taintor Savings Bank..... .........................
Newton.......................... Jasper County Savings
Bank
..
Norway.......................... Benton County Savings Bank...............
North English............... Farmers Savings Bank............................
Oelwein.........................First National Bank................................
Ogden.............................City State Bank........ ...................
Onslow...........................Onslow Savings Bank..............................
Oskaloosa................. ..... Iowa Trust and Savings Bank.................
Oskaloosa...................... Mahaska State Bank................................
Ottumwa........................ Union Bank and Trust Company..........
Palmer........................... Palmer State Bank..................................
Parkersburg............... ...Parkersburg State Bank_____ _____—
Pella.............................Marion County State Bank..................... ...
Peterson........................ Peterson State Bank................................
Postville........................ Postville State Bank................................
Prescott......................... First National Bank................... ............
Protivin......................... Bohemian Savings Bank...........................
Readlyn............ ............. Readlyn Savings Bank. ..__ ____ ______
Rockford........................First State Bank.....................................
Ruthven......................... Ruthven State Bank................................
Schleswig...................... Farmers State Bank...............
.
Sergeant Bluff...............Pioneer Valley Savings Bank............—
Shelby............................Farmers Savings Bank.......... ..................
Sheldon..........................Security State Bank................................
Sioux City......................First National Bank................................
Sioux City........... .......... Woodbury County Savings Bank...........
Soldier........................... Soldier Valley Savings Bank.............
Spencer..........................Clay County National Bank_____ _____
Spragueville................. Farmers Savings Bank.......................
Stacyville...................... Stacyville Savings Bank..........................
Stanwood....................... Union Trust and Savings Bank...............
Strawberry Point.......... Union Bank & Trust Co.... .... ..... ..........
Sutherland..................... Security State Bank........ ....... ....... ........
Tipton................ ............Tipton State Bank............................ ......
Toledo................... ......... The National Bank of Toledo................
Union............................ Union-Whitten State Savings Bank........
Wapello.........................State Bank of Wapello.............................
Waterloo........................The National Bank of Waterloo.........
Waterloo.................. ... Peoples Savings Bank..........................
Waterville.....................Farmers and Merchants Savings Bank
Wellsburg...................... Peoples Savings Bank.................. ..........
West Branch..... .............First State Bank. ...................................
West Burlington______West Burlington Savings Bank______
W estchester................. West Chester Savings Bank..................
West Des Moines........... West Des Moines State Bank................
West Union................. ...First National Bank................................
Williamsburg.................Farmers Trust and Savings Bank........
Winfield.........................Peoples State Bank...................................
Winterset......................Union State Bank..............................
Worthington................ ..State Bank of Worthington_____ _____
Wyoming........................Citizens State Bank...............................

.... J. F. H am m ..................
...Ralph R. H udachek....
.... _W. H. W itte ..................
..... Cornell R iv ela n d -------___ L. W . Gause...............
....E, D. Sutherland.......
..... J. R. W elch ....................
..... A. H. B runing.............
....H, F. Lockw ood...........
......W ill A. Lane................
..... R. A. P otter..................
..... L. H. Buenneke............
....... L. W . B arnes................
......R. A. Daedlow ..............
___ J. B. Thom pson...........
...... F. C. Burke................
___R. S. Sassm an..............
...... B. L. M cK ee..................
...... A. L. K out....................
...... T. L. Hall........... ..........
....... L. R. B assett....... ........
...... H. W. D avid..................
...... 0 . H. Pathoven..............
..... Ray 0 . B ailey.—............
..... P. G. F olv a g ..................
...... R. S. F erris......... ..........
...... M. C. H anson.......... —
..... L. A . G ood....................
...... G eorge H. Paulsen.....
...... G. S. Krouth..................
...... Russell S. H ow ard.......
......C. P. Glenn....................
...... H. 0 . Beneke................
...... 0 . A . B ailey..................
....... K. H. Bean....................
...... G. D. Setzler..................
...... W. A . Kneeland............
.... Bradford O u th ier......
...... W . C. D ostal..................
.......A u gust F. M eyerhoff.
.......H. C. B a tty....................
.......William Brennan.........
.......H. A. K lotz...................
.......A. W . W ies................. .
.......L. O. Stoker..................
.......R. A. Schnieder..........
.......J. T. Grant...................
.......A. R. M iller...................
.......O. S. N ordaker..........
.......A. E. A n derson ......
.......0 . J. N elson.................
.......A. J. Heim erm an........
.......Carl H. Haesem eyer..
....... J. J. M atthew s.............
.... R obert F. Green..........
..... J. W . E dge...................
.......A sa Thom as......... .......
.......K. J. L y on ....... ........... .
.......B. P. Parsons...............
,—R. L. Penne__________
...... G. E. A lbee...... ..........
C. V. N elson .............. .
...... G. H. Ballard...............
.......L. C. Rum m ells..........
,.L. R oy Trout..............
.......C. C. W o lf......................
.... __F. P. G albraith..........
.......C. W . G rim es...............
..... O. E. Jones...................
. G. R. A rth au d............
...... H. L. Pauli...................
____Frances M. F eltes......
.......Ralph L. Orth.............

CAPITAL
25.000
25.000
35.000
25.000
30.000
75.000
50.000
75.000
50.000
150.000

200.000
40.000

20.000
50.000
30.000
50.000
25.000
125.000
35.000
50.000
54.000
75.000
50.000

200.000
15.000
30.000

100,000
100,000
20.000
50.000
125.000
300.000
27.000
50.000
25.000
25.000
50.000
25.000
30.000
25.000
40.000
25.000
75.000
25.000
25.000
50.000
400.000

200.000
20.000
100,000
20,000

25.000
50.000
40.000
25.000

100,000

80.000
45.000
25.000
250.000

100.000
25.000
25.000
25.000
50.000
25.000
25.000
50.000
50.000
25.000
50.000
25.000
50.000

SURPLUS
PROFITS
50.000
46,800
71.000
46.000
44.000
84.000
67.000
97.000
300.000
235.000
259.000
54.000
38.000
57.000
75.000
138.000
29.000
633.000
124.000
51.000
160.000
140.000
125.000
533.000
47.000
44,140
217.000
122,628
52.000
165.000
335.000
900.000
32.000
79.000
98.000
50.000

100.000
29,409
40.000
51.000

66.000

39.000
142.000
30.000
128.000
167.000
625.000
395.000
74.000
240,410
55.000
40.000
135.000
144,879
61.000

221.000
169.000
80,000

66,000

968.000
106.000
45.000

100,000
160,000
80.000
43.000
50.000
117.000
180.000
44,158
157,000
40.000
96.000

Northwest ern Banker, O c to b e r, 1949

Iowa News

102

★

★

Entertain Bankers

★

Officers and directors of the Teeds
Grove Savings Bank, Teeds Grove,
Iowa, were hosts to about 50 members
of the Clinton County Bankers Asso­
ciation at a dinner meeting last month.
The dinner and meeting was held in
the basement of the new bank build­
ing.
The interesting speakers’ program
included Fred J. Bousselot, manager
of the Calamus office of the Union
Savings Bank of Grand Mound and
vice chairman of the Clinton County
Agriculture Conservation Association,
and Will Jargo, chairman of the Clin­
ton County Cattlefeeders Association.
Mr. Bousselot discussed grain storage
problems, while Mr. Jargo’s subject
was the Brannan Plan.

Friendly and Competent
Centrally located in Sioux City, the market center
of a 4-State area in the Northwest, the First National
Bank in Sioux City provides friendly and competent
banking service to all correspondents.
The First National Bank in Sioux City, cordially
invites you to use its complete correspondent
facilities.

Full Hour Program
The Merchants National Bank, Ce­
dar Rapids, Iowa, which had been
sponsoring a one-half hour program on
its local station, WMT, on September
18th went to a full hour on the same
station with the MGM Theatre of the
Air as the program. All top line ar­
tists are featured, and the program
will be heard every Sunday evening
from nine to ten o’clock.
This sponsorship by the Merchants
National of a full hour program is not
equaled by any other bank in Iowa,
and quite probably by few other banks
in the nation.

A. G. SAM, Chairman of the Board
J. T. Grant, President

E. A. Johnson, Assistant Cashier

H. V. Bull, Vice President

H. H. Strifert, Assistant Cashier

W . L. Temple, Assistant Vice President
J. R. Graning, Cashier

E. E. Snell, Assistant Cashier

K. J. Shannon, Assistant Cashier

‘pàue NATIONAL
BANK

New Vice President
At a meeting of the directors of the
Onawa State Bank, Onawa, Iowa, last
month, Oscar C. Bakke, senior partner
in the shoe firm of Bakke & Son, was
elected vice president of that organi­
zation. At the same meeting William
Irwin, cashier, was chosen to fill the
director’s vacancy on the board.
Allen Muir is president of the board,
which includes Wayne Virtue, Edwin
Holmes, Mrs. Harry Huntington, O. C.
Bakke and William Irwin.

in SIOUX CITY

MEMBER FEDERAL RESERVE SYSTEM
MEMBER FEDERAL DEPOSIT INSURANCE CORPORATION

★
•

Customer Checks

O Cerla Metal Binding
•

Pocket Checks

•

Counter Checks

9 Letterheads

and

Envelopes

★

★

Have You Tried the AMERICAN Way?
Finer quality, better service, fair prices . . . that's the AMERICAN
w ay of serving banks with modern lithographing and printing.
Write, wire or phone for samples and prices.

n

• Bank Drafts and Notes
•

Statement Sheets

© Ledger Sheets
•

Municipal Bonds

•

Special Bonds

•

Deposit Slips

•

Statement Folders

•

Pass Books

•

Check Covers

f ìlT lE R / C f ìn
?_/zLzl
- /

AND

P R I N T I N G

3rd and Keo Way

Northwestern Banker, O c to b e r , 1949


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

C O M P A N Y

DES M OINES

Phone 4-8146

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

Iowa News

I on 11 ill

SeeThem
tifird Ioira ttanhers Convention
A List of Convention-Goers from Larger Cities
FFICERS and representatives of
many of the larger banks and
affiliated banking industries in Iowa
and other states are planning to attend
the 63rd annual convention of the
Iowa Bankers Association in Des
Moines, October 17th, 18th and 19th, to
renew acquaintances with their many
Iowa banker friends.
The following have reported to the
N orthwestern B anker their intention
to be in Des Moines for the annual
convention:

O

C. Kuning, vice presidents; William
B. Whitman, assistant vice president,
and Walter Armstrong, assistant cash­
ier.
City National Bank and Trust Com­
pany: William H. Miller, vice presi­
dent; Alfred H. Lindgren and John
M. Davis, assistant vice presidents.
Continental Illinois National Bank
and Trust Company: Norman B. Shaf­
fer, vice president; Arthur J. Frey and

103

M. G. Glanville, second vice presidents;
L. C. Parkin, assistant cashier, and
John J. Jensen.
Drovers National Bank: George A.
Malcolm, president; Frank M. Covert,
vice president, and Fred D. Cummings,
assistant vice president.
First National Bank: John J. Anton
and John H. Grier, vice presidents;
Verne L. Bartling, assistant vice presi­
dent; L. F. Winterhalter, assistant
cashier, and Ernest J. Hultgren.
Harris Trust and Savings Bank: Guy
E. Reed, vice president and director;
Vincent Yager and Charles A. Carey,
vice presidents; Richard H. Wayne, as­
sistant vice president; Robert F. Balsley, assistant cashier, and Roland C.

Cedar Falls
First National Bank: V. W. Johnson,
president; Walter E. Brown, cashier,
and Hoyt C. Messerer, assistant cash­
ier.

Cedar Rapids
Merchants National Bank: S. E.
Coquillette, chairman of the board;
John T. Hamilton, II, president; Mar­
vin R. Selden and L. W. Broulik, vice
presidents.

Chicago
American National Bank and Trust
Company: O. Paul Decker and Charles

The new T odd P o c k e t -C h eck
Imprinter is the success story of
the year. From all parts o f the
country, thanks to the Imprinter,
banks report m ore a ccou n ts...
faster operations... increased cus­
tomer good-w ill... bigger business
all along the line!

Here’s just a sampling of
what they say —
"In our first month we opened
about 500 new accounts.TheTodd
Imprinter has been a great asset
to us not only in increasing busi­
ness but also in building excellent
public relations.”—Central Bank
& Trust Co., Denver, Colo.

use more fillers instead of buying
complete checkbooks.” —Springfield National Bank, Springfield,
Mass,
"We are well pleased with Todd
Imprinter results.We sold 459
orders of Todd imprinted pocket
checks, making a total of 90,500
checks in 18 working days. The
statement department can easily
handle orders without extra help
or overtime.”—National City Bank
of Dallas, Dallas, Texas.
A N D T H ES E A R E O N LY A FEW O F TH E

Manned by officials with years of
experience, our Correspondent
Bank Division renders a complete
service, conducted in an intimate
and personalized manner.

"It has become evident that our
installation of the Imprinter
is going to save us money. By
standardizing our checks and
imprinting the customer’s name,
we enable a bookkeeper to handle
more accounts. Another saving is
the economy in binding, since we

E N T H U S IA S T IC C O M M E N T S W E H A V E
R E C E IV E D .

Increase yoiir bank’s profits and build
customer satisfaction with the new
Todd Imprinter. For complete infor­
mation without obligation, just clip
and mail the coupon below.

MAIL THIS C O U P O N N O W !

Cooperation is our guiding policy.

THE TO D D C O M P A N Y , In c ., R o c h e s t e r 3 , N .Y .

y z

new Todd Imprinter.

Please give me full information about the

Public National
BAN K AND TRU ST
COMPANY OF NEW YORK
Established 1908
Member: New York Clearing House

Association, Federal Deposit
Insurance Corporation

" COMPANY, INC.
V T T jrif
ROCHESTER

SALES OFFICES IN

Bank---------------------------------------------------Address__________________________________________

N E W YORK

PRINCIPAL CITIES

DISTRIBUTORS T H R O U G H O U T THE WORLD

City.

Zone_____ State______

By--------------------------------- -------------------NW B—

10-49

Northwestern Banker, O c to b e r, 1949

104

Iowa News

White, Iowa representative in munici­
pal bond department.
Live Stock National Bank: David
H. Reimers, president; Alden S. Bagnail and Paul T. Betz, vice presidents,
and Darrell Lindbom, representative.
Northern Trust Company: Charles
M. Nelson, vice president; John V.
Haas and Robert E. Hunt, second vice
presidents; J. B. Rigler, divisional as­
sistant, and L. L. Siems, assistant
manager.

Be Luxe Check Printers, Inc.: John
C. Larsen, western sales manager, and
Philip G. Lyster, sales representative.
Mosler Safe Company: V. T. Giun­
toli.
Scarborough & Company: H. F. 01-

lendorf and Horace A. Smith.

Ciinton
City National Bank: Bruce Town­

send, president, and Edgar H. Jorgen­
sen, cashier.

Iowa City

William H. Banks Warehouses, Inc.:

David H. Coffman, executive vice pres­
ident, and James E. Fletcher, district
manager.

Kansas City
City National Bank and Trust Com­
pany: James McPherson, vice presi­

dent, and A1 Wolfgang, bond depart­
ment representative.
Commerce Trust Company: Richard
L. Dunlap, vice president, and Am­
brose S. Rucker, Jr., assistant cashier.
Inter-State National Bank: Charles
H. Griesa, vice president.

V

Lincoln
Nebraska Salesbook Company: C. P.

Iowa State Bank & Trust Company:

Henderson, sales manager, and W. O.
Leonard, division office manager.

Ben S. Summerwill, president; W. W.
Summerwill, vice president.

First Wisconsin National Bank: Don­

Milwaukee
ald A. Harper, assistant vice president.

Minneapolis
Kenneth T.
Martin, assistant vice president.
Marquette National Bank: Lyle J.
Stotesbery and Charles C. Rieger, vice
presidents, and Otto H. Preus, assist­
ant vice president.
Midland National Bank: W. E. Brock­
man, vice president, and Silas Olson,
assistant cashier.
Northwestern National Bank: Fred
W. Conrad, vice president, and Al F.
Junge, assistant cashier.
First National Bank:

American Express Field Warehous­
ing Corp: T. Stanley Jackson, vice

4

Y

president, and Charles R. Gill, special
representative.

New York
Central Hanover Bank and Trust
Company: Foster M. Hampton, assist­

For prompt, efficient service on
all items and collections, many midwestern bankers use the specialized
facilities of the D rovers N ational
B ank. T h ese ban k ers have found
that the highly trained staff of the
Drovers does speed collections.
They appreciate the immediate
personal attention that each out-ofthe-ordinary item receives from an
experienced executive.

ant vice president.
Chase National Bank: Jacque C.
Frost, second vice president, and Hugh
R. Kirkpatrick.

X

Chemical Bank & Trust Company:

Robert G. Lockton, assistant secretary.
Guaranty Trust Company: Dale E.
Sharp, vice president, and Guido F.
Verbeck, Jr., assistant treasurer.
Manufacturers Trust Company: Jo­
seph Snyder, assistant treasurer.

Your In q u iry W ill Receive P rom pt A tten tio n
Y~

BRDYERS NATIONAL BANK
DRDYERE TRUGT B SAYINGS BANK
UNI ON

STOCK

Northwest ern Banker, O c to b e r , 1949


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

YARDS,

CHI CAGO

Iowa News

105

Public National Bank & Trust Com­
pany: Joseph M. Barnes and Earl M.

Gafford, vice presidents.

Omaha
First National Bank: John Laurit-

zen, vice president; Carl Bloom, assist­
ant cashier; Ernest Tanner and Lee
Snell.
Live Stock National Bank: Henry
C. Karpf, president; Wade R. Martin,
R. H. Kroeger, Paul Hansen, W. Dean
Vogel and H. H. Echtermeyer, vice
presidents; Elmer Olson, assistant
cashier; Jack Shonsey and Fred Bel­
lows.
Omaha National Bank: Ray R. Ridge,
senior vice president; John A. Changstrom and James H. Moore, vice presi­
dents; A. J. Rhodes, assistant vice
president, and Clarence Jones, repre­
sentative
Stock Yards National Bank: W. A.
Sawtell, president; John McCumber,
vice president, and P. J. Krogh.
United States National Bank: Aus­
tin L. Vickery, vice president, and
Fred Peters, assistant vice president.
Charles E. Walters Company: Rob­

ert L. Goethe, president; Leo Goethe
and Paul L. Keller, vice presidents.

Ottumwa
Union Bank and Trust Company:

Max von Schrader, president; J. C.
Blackford and Clarence P. Glenn, vice
presidents, and Frank Pollard, vice
president and cashier.
William Blair and Company: L. H.

Ryan, Iowa representative.

St. Joseph
American,, National Bank:

Result of PIONEER Research
for Better and Better Corn
C orn b e lt fa rm e r s ca n p la n t th e ir c h o ic e o f 50 t o p -n o t c h ,
“ crea m o f th e c r o p ” P io n e e r h y b rid s . .
se le c te d fr o m o v e r
10,000 e x p e r im e n ta l h y b rid s bred an d tested d u rin g th e la st 10
y e a r s . T h ese are th e “ c re a m ” o f th ou sa n d s o f h y b rid s d e v e lo p e d
b y P io n e e r rese a r c h fo r b e tte r an d b e tte r corn . T h e y o ffe r th e
“ b e st” a w e ll-b a la n c e d , la r g e co rn b r e e d in g p ro g r a m can p r o ­
duce. P io n e e r co rn b reed ers h a v e d e v e lo p e d a n d use d ozen s o f
e x c lu s iv e P io n e e r in b red s in th e ir h y b rid s. For 1950 p la n tin g ,
th e y o ffe r 50 “ crea m o f th e c r o p ” h y b rid s w h ic h ca n n ot be p r o ­
d u ced b y a n y o n e else. O rder d e p en d a b le P io n e e r seed corn n o w

Beverly

Pitts, vice president.
First National Bank: Graham Por­

ter, assistant cashier.
First St. Joseph Stock Yards Bank:

Thomas J. McCullough, vice president,
and H. H. Broadhead, Jr., assistant
cashier.

St. Louis
First National Bank: Frank Fuchs,

PIONEER HI-BRED CORN CO.
DES MOINES 9, IOW A

GARST & THOMAS HYBRID CORN CO.
CO O N RAPIDS, IOW A

vice president.
Mississippi Valley Trust Company:

M. C. Hook, Jr., assistant vice presi­
dent.

St. Paul
St. Paul Fire and Marine and St.
Paul Mercury Indemnity Company:

Greetings to the

L. R. Moeller, assistant secretary; H.
P. Martin, Iowa state manager; M.
Toussaint, Iowa state agent, and R.
A. Alexander, Iowa special agent.

Iowa Bankers Association

St. Paul Terminal Warehouse Com­
pany: R. C. Schall, manager of field

ON ITS 63rd ANNUAL CONVENTION

warehouse division, and Tom C. Can­
non, district manager.

P eoples Bank

Sioux City

and Trust Com pany

J. T. Grant,
president, and W. L. Temple, assistant
vice president.
Live Stock National Bank: Carl L.
Fredricksen, president; M. A. Wilson,

C E D A R RAPIDS, IO W A

First National Bank:


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

Frank C. Welch, President
Paul H. Huston, Vice Pres.

Ervin F. Stepanek, Vice Pres, and Cashier

Northwestern Banker, O c to b e r , 1949

106

Iowa Ne ws
V

vice president, and S. W. Evans, assist­
ant cashier.
Security National Bank: B. M.
Wheelock, vice president, and C. H.
Walcott, assistant cashier.
Toy National Bank: R. R. Brubacher, president; E. E. Erickson, vice
president, and C. C. Van Dyke, assist­
ant vice president.

Waterloo
National Bank of Waterloo: R. L.

Penne, vice president; A. J. Burk,
cashier; R. L. Kilgore and H. F. Hoffer,
assistant vice presidents.
Waterloo Savings Bank: V. Spalding

Miller, vice president and cashier; R.
W. Waite and F. R. LaBarre, vice
presidents.

Oskaloosa Bank Remodeled
The Iowa Trust & Savings Bank of
Oskaloosa, Iowa, has recently remod­
eled the front of the building and en­
trance to the banking room. The cor­
ner entrance has been eliminated by
squaring out the corner and making
entrance to the bank from the south,
thereby keeping the steps in the vesti­

bule leading to the lobby. Steps are
now on the inside and protected, mak­
ing a neat, easy entrance. Glass block
was used on upper part of front to
gain insulation and light. The officers'
quarters were remodeled and a private
office made available to the officer in
charge, accessible from the front of­
fice directly off the lobby.

Buys Humeston Stock
G. K. Waldron, formerly of York,
Nebraska, has purchased majority in­
terest in the Citizens State Bank at
Humeston, Iowa, from H. E. Long,
who has been serving as president of
the bank. Mr. Waldron has taken over
his new duties as president and execu­
tive officer. Mr. Long is continuing
with the bank as vice president. E. L.
Waldron also has been elected a vice
president.
Mr. Waldron had been vice presi­
dent of the York State Bank in York
for the past 18 months and prior to
this association was executive vice
president of the Arlington State Bank
in Arlington, Nebraska.
This sale was negotiated by Charles
E. Walters Company, bank sales or­
ganization of Omaha.

J.

k

l

X

Agriculture Meetings

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td / r m

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OF

ia t lo n a / ft ß a n A

M INNEAPOLIS

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IOWA BANKERS
ASSOCIATION

A series of 20 meetings sponsored
by the Iowa Extension Service were
held throughout Iowa last month as
training schools on the public prob­
lems in agriculture that give rise to
a national farm program. Considera­
tion was given to income problems of
agriculture, their causes -and possible
publication that might be appropriate,
plus a study of current agricultural
proposals.
This series was a part of adult edu­
cation on public problems. Another
phase of this program was included in
the curriculum of the Agricultural
Credit School last June.
^ A & s r f ir u f A ..

s always we look forward to the Iowa
Bankers Association Convention this month.
Your contribution to the progress of Iowa is
an annual inspiration to all of us in banking.
Attending the meeting will be :
W. E. Brockman, Vice President
Silas Olson, Assistant Cashier

id la n d
M
M E M B E R

FE D E R A L

Northwestern Banker, O c to b e r , 1949


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

n a t io n a l

bank

401 Second Avenue South, Minneapolis
DEPOSIT

INSU R A N C E

C ORPORATION

.

V

4

.

To Our Banking Friends

À

W e hope to see you in
Des Moines
October 17-18-19

<
y

IO W A STATE B A N K
DES MOINES, IO W A
Hugh N. Gallagher, Pres.
Geo. H. Borg, Exec. V. P.
L. A. Rodenbaugh, V. P.
J. Hamilton Dawson, V. P.
Carl W . Moody, Cashier
W . L. Wilder, Asst. Cashier
F. T. Lewis, Asst. Cashier
Carl M. Williams, Asst. Cashier
Member Federal Deposit Insurance Corp.

/

Iowa News

107

Re-elect Officers
All officers of the Clutier State Bank,
Clutier, Iowa, were re-elected at the
annual stockholders’ meeting held last
month. They are: J. P. Novak, presi­
dent; John Holst, vice president; C. A.
Grover, cashier, and Nena Babor and
R. J. Fischer, assistant cashiers.

C o m p le te , d e p e n d a b le correspondent
banking service is rendered by the officers
of the Security National Bank, Sioux City,
Iowa.

Streamline Operations
The Hedrick Savings Bank at Hed­
rick, Iowa, has been the center of
much attention recently. Although lo­
cated in a town of only 1,000 popula­
tion, Floyd F. Whitmore, president,
and other officers of the bank decided
to streamline operations of the bank
to permit as much time as possible to
be spent where it counts most—with
the customers.
Following this decision a microfilmer
was installed which is used to photo­
graph transit items, thus effecting a
saving of two and one-half to three
hours of clerical work a day. Also, a
new five-register duplicate posting ma­
chine has been installed, which saves
approximately 35 per cent on posting
time.
Mr. Whitmore says these two steps
have enabled the bank personnel to
give more personal and friendly serv­
ice at the counter where, despite the
size of the town, there is an excep­
tionally large amount of counter work.

C. R. GOSSETT, President
Correspondent Banking Department

B. M. WHEELOCK, Vice President
CHAS. H. WALCOTT, Assistant Cashier
Bonds

A. C. ECKERT, Vice President
Trust Department

HOWARD L. JOHNSON, V. P. and Trust Officer
L. C. JENSEN, Assistant Trust Ofiicer
Real Estate Mortgage Department

D. B. SEVERSON, Vice President
D. L. MIDDLETON, Assistant Cashier
General Banking

R. E. BROWN, Cashier
ORVILLE BOE, Assistant Cashier
PAUL SNYDER, Assistant Cashier
Auditing and Comptroller

R. W. LEWIS, Assistant Vice President
Transit and Bookkeeping

F. H. ABEL, Assistant Cashier
Personal Loan Department

E. C. THOMPSON, JR., Assistant Cashier

Open House at Kalona
In recognition of 50 years of continu­
ous banking service, an open house
celebration highlighted the opening of
the new building housing the Farmers
Savings Bank at Kalona, Iowa. Ferd
E. Skola, president since 1940, invited
bank customers and other people of
Kalona to inspect the bank’s new quar­
ters.
The Farmers Savings Bank has in­
creased its assets from $41,364 at the
time of its opening to $1,546,214 today.
Officers include Mr. Skola; William
C. Chapek, vice president, and A. A.
Jackson, cashier.

Excuse It Please, Harry!
the September N orthwestern
appeared a group picture of
the new Iowa Banking Board, which
was entertained at a recent luncheon
in Des Moines, along with Governor
Beardsley, Superintendent N. P. Black
and various Des Moines bankers. In
the story it was stated that Des Moines
banks were hosts at the luncheon.

C EC U R TTV
VJP oF Sioux Cits?JL
Member Federal Deposit Insurance Corporation

g H A W -W ALKER

S Y S T E M S fo r Financial Institutions

In

B anker

equipment and

•

SYSTEM FORMS— Standard or Made-to-Order

•

COUNTER AND CAGE WORK— Designed to Fit Your Needs

•

FURNITURE for Executive Office or Work Room

•

FIRE-FILE PROTECTION for Important Records

•

FILING EQUIPMENT AND INDEXING for All Purposes

•

LOOSE-LEAF FORMS AND BINDERS

PLUS— Sound Counsel and Help in Selecting Wisely!
SEE THIS EQUIPMENT DISPLAYED IN BOOTH 32 AT THE CONVENTION

YOUR STATE BANKERS ASSOCIATION
OFFICIAL SAFE, VAULT AND
TIMELOCK EXPERTS

F. E. DAVENPORT & CO.

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

OMAHA

O ffice O utfitters, Inc.
SUITE 318-320 K. P. BUILDING

.

.

.

PHONE 4 0189

SIXTH AVENUE AT L O C U S T ..........................................DES MOINES 9, IOWA
Northwestern Banker, O c to b e r , 1949

108

Iowa News

r

A

BANKS FOR SALE

This was incorrect, since the host was
Harry W. Schaller, president, the Citi­
zens First National Bank of Storm
Lake, who is now completing a most
efficient year as president of the Iowa
Bankers Association.

Several Attractive Opportunities Now Available

Honor Marcus Banker

In Iowa and Adjoining States. Write Us Outlining

O. J. Strampe, cashier of the Farm­
ers State Bank, Marcus, Iowa, was
honored at a dinner party last month
commemorating his 35th year in the
banking business. Attending the din­
ner were staff members, directors and
their wives, and officials of the Toy
National Bank of Sioux City.
Carleton C. Van Dyke, president of
the Farmers State Bank and assistant
vice president of the Toy National
Bank, was toastmaster. Ralph R. Brubacher, president of Toy National, re­
viewed his early associations with Mr.
Strampe.
Mr. Strampe began his banking ca­
reer with the Farmers State Bank of
Paullina in 1914. After service in
World War I he re-entered banking
business and moved to Marcus 20 years
ago. During that time he has been
very active in civic and organizational
work.

l o u r Wants.

All Negotiations Confidential.

BANKERS

S E R V IC E

Henry H. Byers, President
110 8 Register & Tribune Bldg.

CO .

E. M. Wliisler, Secretary
Des Moines 9, Iowa

J

With Jefferson Bank
Chalmer P. Spiker of Bushnell, Illi­
nois, was recently elected cashier and
director of the Jefferson State Bank,
Jefferson, Iowa, succeeding F. L.
(Roy) Smith, w h o resigned two
months ago to move to Arizona.
Mr. Spiker has been in the banking
business for the past 30 years in Illi­
nois.

Win Float Prize

Resources Over
$ 7 5 ,0 0 0 ,0 1 )0 .1 )0

A float sponsored by the Farmers
and Merchants State Bank of Neola,
Iowa, won third prize in the Hoo-Doo
parade last month. Edna Morrical and
Lorraine Schnitker, both employes of
the bank, provided the attractive ani­
mated decor for the float.

Passes 40th Year
The Taintor Savings Bank of New
Sharon, Iowa, passed the 40-year mark

DAVENPORT B A N K

ANDTRUST^^COMPANY
'H le n ib ei

fed eu il

IZva e w e Sysiij&M

M em ber F ederal Deposit Insurance C orporation

DES MOINES BUILDING-LOAN &
SAVINGS ASSOCIATION
Oldest in Des Moines
210 6th Ave.

Dial 2-8303

ELMER E. MILLER
Pres, and Sec.

HUBERT E. JAMES
Asst. Sec.

FOR YOUR ENJOYM ENT . . .

Third Street at Main

Davenport, Iowa

Listen to the
“ WORLD OF MUSIC”
KRNT, 1350 KC

Northwestern Banker, O c to b e r , 1949


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

1 to 1:30 p.m. Sundays

109

JL

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à.

W e lc o m e

.

.

IOW A B A N K E R S

.

to

th e

Sixty-Third Annual Convention
o f

IOWA B A N K E R S A S S O C IA T IO N
O c to b er 1 7 - 1 8 - 1 9 , 1 9 4 9
Y our many orders for I. B. A. Standard Forms are very much
appreciated. W e stock tlie follow ing forms for immediate shipment.
Chattel Mortgage

Real Estate Mortgages

FORM NO. 45
(Short form covering automobiles and other collateral
taken to secure personal loans)

FORMS NOS. 6 AND 28


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

Chattel Mortgage
FORM NO. 29

Collateral Note

Extension of Chattel or Real Estate Mortgage

FORM NO. 12

FORM NO. 36

Collateral Receipt and Agreement
FORM NO. 39

Satisfaction of Real Estate Mortgage by
Corporation

Conditional Sale Contracts

FORM NO. 49

FORMS NOS. 26 AND 60

Agreement to Subordinate Landlord’s Lien
FORM NO. 55

Extension of Time for Payment

Safe Deposit Box Lease and Receipt

FORM NO. 41
(Supplemental to Form No. 26)

FORM NO. 7

S a m p le s a n d p rices se n t p r o m p tly o n re q u e st

WAllACE-HOMESTEAD COMPANY
!PRINTING
1912 Grand Avenue

•

BINDING

•

ENGRAVING!
DES MOINES 5, IOWA

Printers of tbe NORTHWESTERN BANKER for More than Forty Years
Northwest ern Banker, O c to b e r, 1949

110

Iowa News

Let Ds Serve Your Customer!
W h en ever you have a customer in Clinton,,
we invite you to direct him to the City
National Bank.

The service of this bank is

last month. The bank was opened
originally in Taintor on September 2,
1909. In February, 1935, the bank was
moved from Taintor to New Sharon,
ending a three-year period during
which New Sharon had been without
a bank. A new building was erected
in 1938, the bank’s present home. A
new room was added last year. Cur­
rent deposits are in excess of $2,027,000. Charles H. Linsted is chairman
of the board; O. H. Pothoven is presi­
dent; Charles M. Garner is vice presi­
dent; Claire Phillips, cashier, and G.
B. Craver is assistant cashier.

convenient, and is characterized by a spirit
of friendliness which both you and your
customer will like.

, BANK

NATIONAL

FIFTH AVENUE
SOUTH*

226

ú £ ¿ n íc n , ¡P crtvzi

M em ber Federal Deposit Insurance Corporation

On October 15 , 1949 , we will celebrate our
15TH ANNIVERSARY!

IOWA STATE BANK & TRUST COMPANY
Iowa City, Iowa
June 3 0, 1949
RESOURCES

Cash and Due from Banks................................ $1,981,713.10
U. S. Bonds ............................................................ 4,573,975.00
Other Bonds and Securities..............................
162,350.77
CASH OR ITS EQUIVALENT

Loans and Discounts..............
Overdrafts ...............................
Banking House .......................
Furniture and Fixtures............

$ 6,718,038.87
4,017,442.94
163.71
50.000.
00
31.000.
00
$10,816,645.52

Capital Stock ....................................................................................................
Surplus and Undivided Profits......................................................................
Deposits ..............................................................................................................

150,000.00
221,986.19
10,444,659.33

Hold First Conference
The Iowa Corporate Fiduciaries As­
sociation held its first annual confer­
ence at the Savery Hotel in Des
Moines, October 5th.
Presiding at the opening session was
J. M. Hutchinson, vice president of
the association and executive vice pres­
ident of the Davenport Bank and
Trust Company, Davenport. Rolfe
Wagner, president, Des Moines Clear­
ing House Association and president,
Capital City State Bank, welcomed the
group to Des Moines.
President of the association is Noel
T. Robinson, who is also vice president
and trust officer of the Central Na­
tional Bank and Trust Company, Des
Moines.
Following the president’s address,
the first speaker of the day was Wil­
liam F. Riley, prominent Des Moines
attorney and president of the Iowa
State Bar Association. A talk on
“ Taxes in Estate Planning” was deliv­
ered by Paul E. Farrier, assistant vice
president of the First National Bank
of Chicago.
At the afternoon session, with Presi­
dent Robinson presiding, Burns W.
Swenson, vice president, Northwest­
ern National Bank, Minneapolis, spoke
on “ Public Relations and Your Trust
Development Program.”
Clyde H. Doolittle, chairman of the
association’s executive committee and
vice president, Iowa-Des Moines Na­
tional Bank, Des Moines, then dis­
cussed “A Legislative Program for
Iowa.”

Letters that Work

$10,816,645.52
OFFICER S

Multigraphing - Mimeographing
Addressing - Mailing

J a s . H . S c h m i d t , Ass’t Cashier
B e n S. S u m m e r w i l l , President
M i l o N o v y , Ass’t Cashier
W . W . S u m m e r w i l l , Vice President
B e n E . S u m m e r w i l l , Ass’t Cashier
W . F. S c h m i d t , Vice President
O. D . B a r t h o l o w , Ass’t Cashier
M. B . G u t h r i e , Vice Pres. & Cashier
M . E . T a y l o r , Auditor

Many Bank and Investment
Houses are our clients. Prompt
service to out of town customers.

MEMBER FEDERAL DEPOSIT INSURANCE CORPORATION

W O R K LETTER SERVICE
724 Securities Bldg., Des Moines

Northwestern Banker, O c to b e r, 7949


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Federal Reserve Bank of St. Louis

Iowa News
This was followed by a trust forum
participated in by Howard L. Johnson,
vice president and trust officer, Secu­
rity National Bank, Sioux City; Ed­
ward L. Carmody, assistant vice presi­
dent and trust officer, Davenport Bank
and Trust Company; C. Deam Daughrity, trust officer, lowa-Des Moines Na­
tional Bank, and E. H. Spetman, vice
president and trust officer, Council
Bluffs Savings Bank.

Three Sioux Cityans were among
599 bankers from 28 states and the
District of Columbia who attended the
fifth annual summer session of the
University of Wisconsin school of
banking.
They are Stanley W. Evans, assist­
ant cashier, Live Stock National Bank;

111

Charles H. Walcott, assistant cashier,
Security National Bank, and Henry
K. Larsen, assistant cashier, Toy Na­

tional Bank.

Resigns at Fairfield
The resignation of Leonard N. Frescoln, president of the First National

At a banquet in the evening con­
cluding the one day meeting, President
Robinson introduced Daniel J. Monen,
vice president of the Omaha National
Bank, Omaha, whose topic was “Per­
sonal Equations.”

S io u x C ity N ew s
T HE Toy National Bank and the
Farmers Loan and Trust Company
have announced that E. H. Spiecker,
vice president, has taken an indefinite
leave of absence from his bank duties,
starting October 1st. His plans are
not as yet definite, but Mr. Spiecker
explains that he will spend more time
with other interests he has had.

In

Mr. Spiecker has been with the Toy
organization since December, 1921, and
started as a beginner in the First
National Bank at Aurelia, Iowa. Be­
sides being a vice president of the
local organization, he is president of
The First Trust & Savings Bank at
Remsen, Iowa. He is also a past pres­
ident and director of the Sioux City
Real Estate Board. Mr. Spiecker now
resides at the Sioux Apartments and
has farming interests near Remsen.

C o o p e r a tio n

. . .

S tr e n g th

An inspiring aspect o f America’s competitive economy is
the readiness with which individual banks cooperate
under the correspondent banking system in the better
service o f the public.
The Harris Trust takes a deep professional pride in the
helpful relationships maintained with its circle o f corre­
spondent banks throughout the country.
When you encounter challenging situations and
unusual service requirements, call upon this
Bank and make use o f its broad experience.

Harris Trust and Savings Bank
Organized as N. W. Harris & Co. 1882

• Incorporated 1907

115 W est M onroe Street, Chicago 90
Member Federal Deposit Insurance Corporation

Did you know that this company pioneered in putting
Bank Insurance on a scientific basis and forcing
rate reductions? Ask us about our counseling service.

Scarborou gh & C om p an y
Insurance Counselors

F I R S T N A T I O N A L B A N K B U I L D IN G


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Federal Reserve Bank of St. Louis

C H IC A G O

3, IL L IN O IS

STATE

to Banks

2 4325

Northwestern Banker, O c to b e r, 1949

112

Iowa News

Bank, Fairfield, Iowa, was announced
recently by the board of directors.
The board announcement said Mr.
Frescoln tendered his resignation be­
cause of continuing ill health. The
action became effective September 1st.
A. G. Jordan, chairman of the board
of directors, will serve as bank presi­
dent until the annual meeting of the
shareholders of the association in Jan­
uary. Glenn A. Sherman was elected
executive vice president and cashier
of the bank by the board. Leroy Wil­
liams will continue as vice president.
The announcement said the board,
with great reluctance, was impelled
to accept Mr. Frescoln’s resignation.
It said that Mr. Frescoln has no plans

for the immediate future other than
a period of rest to restore his health.
Mr. Frescoln moved to Fairfield
from Eldon in 1941 to join the Staff
of the First National.

Mow With Laurel Bank
Frederick T. Nissen has joined the
staff at the Peoples Savings Bank of
Laurel, Iowa.
Mr. Nissen was born near Clinton,
Iowa, and lived on a farm until gradu­
ating from high school, at which time
he began working for Curtis Com­
panies, Inc., as a cost accounting clerk,
remaining there until enlisting in the
Army Air Corps. Mr. Nissen served
three years with the Air Corps, spend­

ing eight months in the European
Theater as a navigator.
He has recently graduated from the
University of Wisconsin School of
Commerce. While at the university
he was a member of the university re­
ligious council, vice president of the
Lutheran Student Association and
helped to organize the University Fi­
nance Society.

THE IOW A CONVENTION
(Continued from page 96)
ures of the American amusement
world.

Wednesday, October 19th
Hotel Fort Des Moines
Final Session
8:00 A. M.—
1. Registration continued on Mezza­

nine Floor. Please register if you
have not already done so.
9:45 A. M.—
2. Convention Called to Order........
............. President H. W. Schaller
3. Election of Ï.B.A. Officers—

(a) President.
(b) Vice President-Treasurer.

Mr. HAM
G oes

to
Town!

10:15 A. M.—
4. Address............... Charles Seymour

President, Yale University New
Haven, Connecticut.
“Responsibilities of an American
Man.”
11:00 A. M.—
5. Address........... Hon. Maple T. Harl

Chairman, Federal Deposit Insur­
ance Corporation, W a sh in gton ,
D. C.
“Fax and Figures.”
11:45 A. M.—
6. Address............................................
. Hon. Franklin D. Roosevelt Jr.

Member, U. S. House of Represent­
atives, Washington, D. C.

Yes, Mr. Ham goes to town carrying the name of Morrell
Meats and Iowa to all sections of the country and foreign
lands.
Our raw material comes "on the hoof" from the fruitful
Corn Belt. The Meat Team transforming this raw material
is made up of growers, feeders, bankers, meat dealers
and our own skilled employees. All have a high regard
for superiority . . . the kind of superiority that character­
izes Morrell Pride Meats.

“Government Economy— Real and
Imaginary.”
7. Receiving Invitations for 1950 Con­
vention.
8. Any New or Unfinished Business.
12:30 P. M.—
9. Adjournment of 63rd Annual Con­
vention.— The End.

Jo h n M o r r e ll & Co.
E s ta b lis h e d in E n g la n d in 1 8 2 7

•

•

In A m e r ic a s in c e 1 8 6 5

IOWA ■LITHOGRAPHING •COMPANY
FOUNDED BY CEORCE H. RAGSDALE •

P a c k in g P la n ts :
O ttum w a, Iow a

♦ S io u x F alls, S . D . • T o p e k a , K ansas

•

EDWIN G. RAGS DALE! »SECRETARY-

315TW
EN
TYEIG
H
THSTREET'
DES • M O IN E S

QUALITY - EXPERIENCE.

Northwestern Banker, O c to b e r , 7949


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Federal Reserve Bank of St. Louis

• SERVICE

Iowa News

Ih m I .70/If

A n

O bserved

in

A LTHOUGH not the largest, the
/ \ Lone Rock Bank in Lone Rock,
Iowa, probably has the most distinc­
tive and attractive new home in the
state of Iowa. It is a Quonset-32 all
steel building, artistically completed
with modern brick design and pre­
sents a striking picture to Lone Rock
visitors.
The new bank building was formally
dedicated with an open house cere­
mony attended by 1,000 persons last
month that marked a dual milestone.
It was the bank’s 50th anniversary
and also the half century mark for its
founder and president, N. L. Cotton.
A resident of Kossuth county for 66
years, Mr. Cotton has been a leader in
his community in several fields. As a
school teacher he was soon respon­
sible for teaching all eight grades in
Whittemore. In addition, he taught
advanced lessons for a group of teach­
ers wanting additional instruction.
For another 12 year period he worked
for J. M. Farley in Whittemore, han­
dling heating and building supplies
and hogs. During this time he learned

banking, since Mr. Farley was the
town’s banker, although there was no
official bank available. Mr. Cotton was
elected mayor of Whittemore also.
In 1899 he built a small one-story
frame building with board sidewalk in
Lone Rock for $700, and in partnership
with several business men, among
them the late Gardner Cowles, Sr.,
noted publisher, began operating the
Lone Rock Bank. He was its first
cashier. One of the bank’s first cus­
tomers was O. J. Ranney, who is still

113

farming west of Lone Rock and is still
a customer of the bank.
While waiting for the railroad to be
built through Lone Rock at the turn
of the century, Mr. Cotton began help­
ing Lone Rock develop by reorganiz­
ing the cooperative creamery, getting
a local telephone company organized,
establishing a cooperative hotel so
visitors wouldn’t bypass the town and
assisting on many other civic projects.
His son, Angus L. Cotton, Sr., is
cashier in the bank, and his other son,
Willis, operates the Cotton Hatchery
at Lone Rock. A married daughter
lives in Spencer.
Located in a community of 200 peo­
ple, the Lone Rock Bank has deposits
in excess of $800,000.

.

. .

9 w jL d J u q cd &

A r t « « * eS '

A d c J r e s jo jjr a p h
S a v in g
Addressing by hand or
typewriter method costs
10 times as much as the
m o d e rn Addressograph
method.

oí every

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OMAHA — DES MOINES
DAVENPORT

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

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MEMBER

FEDERAL

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

Northwestern Banker, O c to b e r, 1949

114

i

youcUpyicC

H otto lead túio

"Every bank—your bank

—

has relations with the public. The quality
of that relationship will go a long
way toward determining the degree of success
your bank may achieve."
No modern bank can afford to ignore public relations.
This new booklet, published by the non-profit Financial
Public Relations Association, will help you determine,
quickly and easily, how well your bank is doing in this
vitally im portant field.
You’ll read it quickly—but you will find it thoughtprovoking and stimulating. It has been made possible
by the cooperation and guidance of many of the leading
financial public relations men of the country, yet it is
yours without charge. Simply write, on your bank’s
letterhead, for your copy.

Some of the Questions
Y ou W ill Find Answered
Here:
• W hat do “ public relations” mean to yo u ?
• H ow m uch should your bank tell the
public— about p olicy — about services—
about functions in the com m unity?
® H ow m uch should your bank spend for
advertising ?
• D o you know what people dislike about
your bank?
• W hat is your attitude toward the “ bank
across the street” ?
• Should your bank’ s public relations be
directed by the president?-— some other
officer?— a specially trained em ployee?
• W hat w ould you do to offset unjustifiable,
malicious criticism o f your bank?
• W hat is the prime objective o f a sound
public relations program ?
• W hat can your bank do to reach that part
of your market which is not using bank­
ing services?
• H ow will you measure the success— or
failure— of your bank’s public relations
program ?

WRITE FOR YOUR COPY TODAY

'pcuuuccut "Pccßtcc TRetaUouo rfoooccatiou
231 South La Salle Street, Chicago 4, Illinois

Norfhwesfern Banker. O c to b e r, 1949


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

I

*3

Telephone S T ate 2 -5547

Iowa News

Heads Walcott Bank
A. M. Sindt was elected president of
the Walcott Trust and Savings Bank,
Walcott, Iowa, last month, to succeed
P. A. Dietz, who resigned to enter a
roofing and insulating firm in partner­
ship with his brothers.
Clemons A. Werner, a Davenport
attorney, was elected to fill the va­
cancy on the board of directors. Mr.
Sindt has been a vice president of the
bank.

115

lo in in s at liant, ini/ School

Organize Youth Group
The Greene County Youth Founda­
tion, to be composed of 50 Greene
county organizations and individuals,
is now being organized. Sponsor of
the movement is the Greene County
Bankers Association.
Chairman of the organizing commit­
tee is Gerald Clouse, assistant cashier
in the Home State Bank, Jefferson,
Iowa.
The Foundation has for its purpose
the support, promotion and assistance
in the education and training of boys
and girls in 4-H Clubs and vocationalagriculture classes. Sponsors hope to
strengthen the entire program of
youth work.
Each part of the county has been
allotted a certain number of member­
ships. Total membership in the foun­
dation is to be limited to 50. Each
member will contribute $25 for the
work. Members will have the right
to retain their memberships in suc­
ceeding years. New members will be
accepted only when vacancies occur.

W e do not

IOWA STUDENTS attending the 1949 Central States School of Banking at the
University of Wisconsin are shown in the above picture. There were 29 Iowans,
six o f whom received certificates o f graduation upon completion of the two-year
course. Those in the above picture are:
Front Bow, left to fight: Roger Whieland, Security State Bank, Independence;
G-. K Edge, Farmers Trust and Savings Bank, Spencer; Edward Manuel, George
State Bank, George; Stanley R. Evans, Live Stock National Bank, Sioux City;
E. W. Nuckolls, Hardin County Savings Bank, Eldora; G. G. Clause, Home State
Bank, Jefferson; Charles R. Hannan, City National Bank, Council Bluffs; Robert
T. Knapp, First National Bank, Denison; and Hugo P. Ross, Lyon County State
Bank, Bock Bapids.
Second Bow, left to right: Blaine L. Hoien, First National Bank, Spirit Lake;
Clarence M. Wegman, F. D. I. C., Springfield; Robert Dixon, The Farmers Savings
Bank, Stratford; William M. Goodyear, Department of Banking, Des Moines;
Alvin C. Kramer, State Banking Department, Iowa City; G. A. Chmelieck, United
States Bank, Cedar Bapids; Richard E. Crane, Jr., Guaranty Bank and Trust Com­
pany, Cedar Bapids; Greg Corken, Dubuque Bank and Trust Company, Dubuque;
and Harvey B. Adkins, F. D. I. C., Park Bidge.
Third Bow, left to right: James H. Pullman, Jr., Fremont County Savings Bank,
Sidney; John B. Kelly, Iowa Trust and Savings Bank, Emmetsburg; Jon A. Nelson,
Farmers State Bank, Luverne; Charles H. Walcott, Security National Bank, Sioux
City; Lloyd A. Tymeson, The Commercial Trust and Savings Bank, Storm Lake;
Wilfred C. Siddle, First Trust and Savings Bank, Davenport; Hoyt Messerer, First
National Bank, Cedar Falls; Paul W . Mack, Lake City State Bank, Lake City;
Dale H. Smith, Tipton State Bank, Tipton; and Dale C. Smith, Central National
Bank and Trust Company, Des Moines.
The graduates were Messrs Corken, Adkins, W alcott, Siddle, Messerer and Vic
B. Perkins, Iowa Trust and Savings Bank, Estherville, who is not shown in the
picture.

G r e e t i n g s

believe in
to

the counterfeit
economy that

l o u

a

Be Sure to Use
ZAISERS NEW

B a n k e r s

skimps quality
for profit
and bases
its appeal
only on the
price ticket

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If you Buy, Sell, Rent,
Trade, Borrow or Lend
on Real E sta te ..............

*

Des Moines Bank
and Trust Co.
310 Sixth Avenue

"A P P R O V E D "
REAL ESTATE
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• THE LATEST UP-TO-THE-MINUTE REAL
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F r a n k e l’s

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Federal Reserve Bank of St. Louis

DES MOINES

G. B. Jensen, President
A. W. Crossan, Vice President
H. F. Gall, Cashier

\

Z A /S& &
THE
<4/4 s e / e / v r/ /

STATIONERS
D es m o w es

Northwesfern Banker, O c to b e r , 1949

116

Iowa News

J ------------------------------ ^
COMPLETE
MAILING AND PRINTING
SERVICE
from ihe

IDEA TO THE MAIL BAG
Copy — Plans — Art — Mailing Lists
Multigraphing — Mimeographing
Pianographing — Photo-Offset
Multi-Color — Letter Press Printing
Addressing Typing Machine and Hand
Folding

VARI - TYPER
Composition

and

Stencil-Cutting

D es M o in e s X e tr s
Arthur H. Keyes, assistant vice pres­
ident in the trust department of the
Iowa-Des Moines National Bank, suf­
fered a heart attack last month and
was taken to the Iowa Methodist Hos­
pital in Des Moines.
* * *

Ogle Lee Minear, assistant cashier
with the Newton National Bank of
Newton, Iowa, is moving to Des
Moines where he will become associ­
ated with the Capital City State Bank
in a similar position. Mr. Minear has
been with the Newton bank for two
years.
* * *
A large contingent of Des Moines
bankers will be on hand for the Ameri­
can Bankers Association annual con­
vention in San Francisco. At last re­
port there were more than a dozen
bank presidents and other officers
planning to make the trip.

Direct Advertising
S. P. WHITING

FRANK ARMSTRONG

CLIFF BUNKER
424 East Grand

Tel. 4-0106

DES MOINES 9, IOW A

S_____________ r

Rowan Company
5 2 7 Seventh St.
Des Moines, Iowa

Boone President Resigns
R. H. Barber announced last month
his resignation as president and di­
rector of The Citizens National Bank
of Boone, Iowa, having disposed of
his holdings to his associates, after ex­
pressing his desire to retire because
of ill health.
Mr. Barber had been president and
director of the bank since moving to
Boone in 1935' from Kearney, Nebras­
ka, where he was vice president and
the substantial stockholder of a bank
in that city.
The announcement followed a spe­
cial meeting of the directors of the
bank, at which Elmer E. Wiemer, cash­
ier of the bank since 1937, was named
president, to fill the vacancy created
by Mr. Barber’s resignation, and
James E. Judge, well known farmer
of Colfax township, was named a di­
rector to fill the vacancy. Arthur C.
Herman, who has been an assistant
cashier with the bank since 1934, was
named as cashier to succeed Mr.
Wiemer.
There were no other changes in the
bank’s personnel.
Mr. Barber started in the banking
business as cashier of a newly organ­
ized State Bank in western Nebraska
in 1910, and was a senior officer or

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Coffee Shop
m .
Northwestern Banker, O c to b e r , 1949


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Federal Reserve Bank of St. Louis

Komos cit* 8' Mo-

Iowa News
director in four Nebraska banks prior
to his banking connection in Boone, in
addition to having served as a presi­
dent of the Nebraska State Bankers
Association in 1933.

K

in d e x o f

ADVERTISERS

George J. Ruska
George J. Ruska, an assistant treas­
urer of Bankers Trust Company, New
York, and former midwestern banker,
died in a New York hospital last
month.

October, 1949

B

(Continued from page 25)

B a lla r d -H a s s e t t C o m p a n y ........................... 48
B a n k o f M o n t r e a l............................................. 76
B a n k e r s R u b b e r S ta m p ...................................I l l
B a n k e r s S e r v ic e C o m p a n y , I n c .....................108
B a n k e r s T r u s t C o m p a n y — D es M o in e s .. 119
B a n k e r s T r u s t C o m p a n y — N ew Y o r k . . . .
6
B a n k s, W illia m H., W a r e h o u s e s , I n c . . . . 12
B e c k e r a n d C o w n ie , I n c ......................... . . . . 52
B e c k e r , A . G., an d C o m p a n y , I n c ............... 53
B eh, C a r le to n D. C o m p a n y ........................... 50
B e y e r - R e u ff e l a n d C o m p a n y ......................... 52
B la ir, W illia m , a n d C o m p a n y .................... 51
B u r r o u g h s A d d in g M a ch in e C o m p a n y . . . 33

Young man with 7 years bank
experience and excellent references,
desires position as cashier of small,
progressive country Bank in north­
ern Iowa or southern Minnesota.
Write B. H., N orth w e s te rn
Banker, Des Moines 9, Iowa.


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Federal Reserve Bank of St. Louis

K a lm a n an d C o m p a n y .................................... 49
K o c h B r o t h e r s .................................................... 104
K o s e k , E r n e st, an d C o m p a n y ...................... 46

I.
L aM on te, G e o r g e an d S o n ...........................
L a m s o n B r o th e r s an d C o m p a n y ................
L a n s to n , A u b r e y G., an d Co., I n c ...............
L a w r e n c e W a r e h o u s e C o m p a n y ................
L iv e S to c k N a tio n a l B a n k — C h ic a g o . . . .
L iv e S to c k N a tio n a l B a n k — O m a h a .........
L iv e S to c k N a tio n a l B a n k — S io u x C ity . .

A

A d d r e s s o g r a p h S ales A g e n c y ........................113
A llie d M u tu a l C a s u a lty C o m p a n y .............. 63
A m e r ic a n E x p r e s s C o m p a n y ......................... 28
A m e r ic a n L it h o g r a p h in g a n d P r in t in g
C o m p a n y ........................................................... 102
A m e r ic a n N a tio n a l B a n k — St. J o s e p h . . . 89
A m e r ic a n N a tio n a l B a n k a n d T r u s t C o .. 32
A s h w e ll an d C o m p a n y .................................... 51

BANKERS YOU KNOW
the- Newcomen Society of England.
His clubs include: Bankers, Bondmen's, Legal, Law, Economic, MidDay, Chicago, Old Elm, Chicago Golf,
Wayfarers, Commercial, all of Chi­
cago, and the Harvard Club and The
Links, of New York. He is a member
of the Democratic party.
Along with all the physical and
mental strain attendant upon such a
busy life, Mr. Brown reserves for him­
self a singular hobby— “ Trying to
make a cotton plantation in Louisiana
pay.”

117

C

C a p ita l C ity S ta te B a n k ............................... 96
C a rn a h a n , T. D., M in n e s o ta M u tu a l L ife 62
C e n tr a l N a tio n a l B a n k an d T ru s t C o m ­
p a n y ........................................................7, 8, 9, 10
C h a se N a tio n a l B a n k ...................................... 29
C ity N a tio n a l B a n k — C lin t o n ........................110
C ity N a tio n a l B a n k an d T r u s t C o m p a n y
— C h ic a g o ........................................................ 40
C o n t in e n t a l-I llin o is N a tio n a l B a n k an d
T r u s t C o m p a n y ............................................. 39
C o n tin e n ta l N a tio n a l B a n k — L i n c o l n . . . 86
C o r m a c k , K im b a ll J. M .-N o r th w e s t e r n
M u tu a l L i f e ...................................................... 64
C ra b b e, T h o m a s L., a n d C o m p a n y ........... 52
C r e d it B u r e a u R e p o r t s , I n c .......................... 76

0
D a r lin g A g e n c y ................................................. 62
D a v e n p o r t B a n k and T ru s t C o m p a n y . . .108
D a v e n p o r t, F. E., an d C o m p a n y ..84, 88, 107
D ay, N e w e ll C.— -E q u ita b le o f I o w a ......... 63
D e L u x e C h e ck P r in te r s , I n c ........................ 67
D es M o in es B a n k an d T ru s t C o m p a n y .. 115
D es M o in e s B u ild in g , L o a n a n d S a v in g s
A s s o c ia t io n .......................................................108
D ir e c t A d v e r t i s i n g ............................................116
D r o v e r s N a tio n a l B a n k ...................................104
E

E llis , L. E., an d C o m p a n y ............................. 61
E m p lo y e r s M u tu a l C a s u a lty C o m p a n y .. 59
E n y a r t, J. C............................................................ 55
F

F a u lk n e r , W . H .— C ru m a n d F o s t e r . . . . 66
F e d e r a l H o m e L oan B a n k o f D es M oin es 54
F in a n c ia l P u b lic R e la t io n s A s s o c ia t io n . 114
F ir s t N a tio n a l B a n k — C h i c a g o .................... 31
F ir s t N a tio n a l B a n k — M in n e a p o lis ........... 71
F ir s t N a tio n a l B a n k — O m a h a ...................... 80
F ir s t N a tio n a l B a n k — St. L o u i s .................. 34
F ir s t N a tio n a l B a n k — St. P a u l .................... 73
F ir s t N a tio n a l B a n k — S io u x C i t y ...............102
F ir s t St. J o se p h S to c k Y a r d s B a n k . . . . . . 80
F ir s t W is c o n s in N a tio n a l B a n k .................. 30
F is h e r , S h e r r y R .— C o n n e c t ic u t M u tu a l
L ife ..................................................................... 66
F o r t D es M o in e s H o t e l .....................................116
F r a n k e l C lo th in g C o m p a n y ..........................115

II
H a rr is T r u s t an d S a v in g s B a n k .................I l l
H a r t fo r d F ir e In s u r a n c e C o .......................... 65
H a w k e y e C a s u a lty C o m p a n y ...................... 56
H e n d e r so n , T. C., an d C om p a n y , I n c ........ 50
H o m e F le e t — E d D a v i s .................................... 67
H o m e I n s u r a n c e C o m p a n y ...........................
5
H o n o r R o ll B a n k s in I o w a ................... 100-101
H o n o r R o ll B a n k s in N e b r a s k a .................. 81
H o p k in s I n s u r a n c e A g e n c y ........................... 56

1
I n t e r -S t a t e A s s u r a n c e C o m p a n y ................ 61
I n v e s t o r s D iv e r s ifie d S e r v ic e s , I n c ........... 54
l o w a - D e s M o in es N a tio n a l B a n k .................120
I o w a L it h o g r a p h in g C o m p a n y ..................... 112
I o w a S ta te B a n k — D es M o in e s ..................... 106
I o w a S ta te B a n k an d T ru s t C o m p a n y —
I o w a C i t y ..............-........................................... 110

M
M a n u fa c t u r e r s T ru s t C o m p a n y .................. 44
M a r q u e tte N a tio n a l B a n k ............................. 97
M a x w e ll, C h a rle s M.— C o n n e c t ic u t G e n ­
era l L i f e ............................................................ 66
M cC o r m ick , F r a n k L.— E q u ita b le o f
I o w a ................................................................... 60
M e rr ill L y n c h , P ie r c e , F e n n e r a n d B ea n e 46
M e rc h a n ts M u tu a l B o n d in g C o m p a n y . . . 66
M e rc h a n ts N a tio n a l B a n k .............................. 2-3
M id la n d N a tio n a l B a n k ...................................106
M ill O w n e rs M u tu a l F ir e I n s u r a n c e C o .. 60
M in n e a p o lis -M o lin e P o w e r Im p le m e n t
C o m p a n y ......................
72
M is s is s ip p i V a lle y T ru s t C o m p a n y ........... 113
M o n r o e C a lc u la t in g M a ch in e C o r p ........... 88
M o rr e ll, Joh n , an d C o m p a n y ..........................112
M o rr is P la n C o m p a n y ....................................... 116
N a tio n a l B a n k o f C o m m e r c e ......................
N a tio n a l B a n k o f W a t e r l o o .........................
N a tio n a l C ash R e g is t e r C o m p a n y ...........
N a tio n a l C o m p a n y o f O m a h a ......................
N a tio n a l F ir e G r o u p — W . K . H a n k in s o n
N e w h o u s e P a p e r C o m p a n y ...........................
N iem a n n , W . K ., A g e n c y — B a n k e r s L ife
C o m p a n y ...................................... .-.................
N o r th e rn T r u s t C o m p a n y .............................
N o r th w e s t e r n N a tio n a l B a n k ....................

88
92
11
89
58
67
65
43
68

O
O ffice O u tfitters, I n c ........................................... 107
O m ah a N a tio n a l B a n k ............................. .. . . 27
O tto, P a u l C.—-C o n n e c tic u t M u tu a l L if e . 65

P
P e o p le s B a n k an d T ru s t C o m p a n y —
C ed a r R a p id s .................................................. 105
P io n e e r H i-B r e d C orn C o m p a n y .................105
P o lic y h o ld e r ’s N a tio n a l L ife In s u r a n c e
C o m p a n y .......................................................... 58
P o o le , C u rtis W .— E q u ita b le o f N ew
Y o r k ............................................................ .. •• 64
P r ie s t e r a n d C o m p a n y .................................... 48
P u b lic N a tio n a l B a n k a n d T r u s t C o .........103

Q
Q u a il a n d C o m p a n y ........................................... 50
It

R a v e n s c r o ft a n d C o m p a n y ........................... 50
R e c o r d a k C o r p o r a t i o n ................... 35 -36-37-38
R o llin s , E. H. an d S o n s ................................. 48
R o w a n C o m p a n y ................................................ 116
St. P a u l M e rc u ry I n d e m n it y C o m p a n y . . 61
St. P a u l T e rm in a l W a r e h o u s e C o m p a n y . 42
S c a r b o r o u g h an d C o m p a n y .............. 57-89-111
S e c u r ity N a tio n a l B a n k ...................................107
S h a ttu c k , H a rla n L .................
86
S h a w , M c D e r m o tt an d C o m p a n y ................ 55
S m ith, P o lia n an d C o m p a n y ......................... 88
S ta te F a r m In s u r a n c e C o m p a n y ................ 65
S tife l, N ic o la u s an d C om p a n y , I n c ............. 55
S to c k Y a r d s N a tio n a l B a n k — O m a h a . . . . 83

T
T e n s io n E n v e lo p e C o r p o r a t io n ................... 116
T o d d C om p a n y , T h e ........................................... 103
T o o t le - L a c y N a tio n a l B a n k ..................... 86-87

U
U n io n B a n k a n d T ru s t C o.— O t t u m w a .. 94
U n ion S to c k Y a r d s C o m p a n y o f O m a h a . 85
U n ite d S ta tes N a tio n a l B a n k ...................... 78
V

V a lle y B a n k an d T r u s t C o m p a n y .............
V ie th , D u n ca n a n d W o o d ...............................

95
53

AV

W a lla c e -H o m e s t e a d C o m p a n y ................... 109
W a lte r s , C h a rle s E., C o m p a n y .................... 84
W e b s t e r L ife I n s u r a n c e C o m p a n y ........... 63
W e s s lin g S e r v i c e s '.......................................... 41
W e s te r n M u tu a l F ir e I n s u r a n c e C o ......... 64
W h e e lo c k an d C u m m in s, I n c ........................ 53
W h it e - P h illip s C om p a n y , I n c ...................... 47
W illis an d M o o r e ............................................... 54
W it m e r - K a u f fm a n - E v a n s C o m p a n y . . . . 62
W o r k L e tt e r S e r v ic e ......................................... 110
Z

J

J o s e p h J e w e lr y C o m p a n y .............................. 117

4
52
47
40
93
90
74

Z a is e r s

....................................................................103

Northwest ern Banker, O c to b e r , 1949

In the

DIRECTOR’ S
ROOM
Real Troubles

Flowery Phrasing

A woman in the midst of divorce
proceedings was complaining to a
friend about the boring conferences
she had to endure with lawyers. “Oh,”
said her friend, “don’t talk to me about
them! I’ve had so much trouble over
my property that sometimes I wish
my husband hadn’t died.”

Rosebud: What brought me here.

For Example
A man and a boy were walking
along a quiet street when the former
bent down and picked up a glove ly­
ing in the street.
“There’s nothing like honesty, my
son,” he remarked, as he placed the
glove beside some railings.
A hundred yards farther on they en­
countered a second glove.
“Goodness me!” ejaculated the man,
as he picked it up and tried it on; “if
this isn’t the neighbor to the first one
—and just my fit. Go back, Johnny,
and fetch the other.”

Conceited
“ Did any of your family ever make
a brilliant marriage?”
“Yes, my wife did.”

State Your Purpose
“Would you marry a man for his
money?”
“Tell me first, Mister, is this a Gal­
lup poll or a proposal?”

Ever Present Dilemma
Prof.: What is a vacuum?
Student: I have it in my head but
I can’t explain it.

Qualified
Youth (to new girl friend): I hope
you never park with boys on dark
roads.
Gird Friend (coyly): Not unless I’m
driven to it.

New System
Hollywood stars marry so regularly
and often their fans now estimate
their ages as they would trees—by the
number of rings.
Northwestern Banker, O c to b e r, 1949


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

Rose: The stalk.

Not All Roses
An English setter met a recently ar­
rived Russian wolfhound in London.
“ I’m afraid you’ll find things a little
tough here,” he told the wolfhound.
“ It’s gotten so, with food rationing,
by master even keeps the bone. How
are things in Russia,”
“We had all the food we wanted,”
said the wolfhound. “ Red meat, plenty
of bones, no shortages.”
“ If things were that good,” inquired
the setter, “why did you come over
here to England to live?”
The wolfhound replied g l u m l y ,
“Well, a fellow likes to bark once in
a while, too.”

C O N V E N T IO N S
October 11-12, Annual Convention,
Nebraska
Bankers
Association,
Lincoln, Hotel Cornhusker.
October 17, 18, 19, 63rd Annual Con­
vention, Iowa Bankers Associa­
tion, Des Moines, Hotel Fort Des
Moines.
October 19-22, Annual Convention,
Financial Public Relations Asso­
ciation, Chicago, Edgewater Beach
Hotel.
October 23-26, 25th Convention, Na­
tional Association of Bank A udi­
tors and Comptrollers.
October 27-29, Annual Meeting, Asso­
ciation of Bank W om en, San
Francisco.
October 30-November 2, 75th Annual
Convention,
American Bankers
Association, San Francisco.
December 1-2, 18tli Annual A .B .A .
Mid-Continent Trust Conference,
Chicago, Drake Hotel.
May 19-20, 1950, Annual Convention,
North Dakota Bankers Associ­
ation, Grand Forks.
June 5, 6 and 7, 1950, Annual Conven­
tion, Illinois Bankers Association,
Chicago, Hotel Sherman.

Modern Mother Goose
Ride a cock-horse to Banbury Cross
To see a young lady on a white hoss.
Rings on her fingers, wearing no
clothes.
Tickets $4.40; first seven rows.

Juvenile Judgment

*

Little Boy: Which has more legs,
a cow or no cow.
Mother (puzzled): I guess a cow
has more legs, dear.
Little Boy: Nope. No cow has eight
legs.

Now It s Out
Deranged patients in a well known
mental institution have been designing
women’s hats. This confirms our long­
standing suspicion.

More Than He W anted
Stern Parent: Young man, can you
support a family?
Young Man (meekly):
I only
wanted Sarah.

t

V

Current Financing
“Dad, what’s the meaning of capital
and labor?”
“ Capital is the money you lend. La­
bor is getting it back.”

Poor Vision
The bum approached a farmer and
said, “ Mister, will you give me some­
thing to eat?”
“ See that pile of wood over there?”
asked the farmer.
“No,” said the bum.
“Why, I saw you see it,” said the
farmer.
“Well,” the bum said as he started
away, “ maybe you saw me see it, but
you won’t see me saw it.”

i
*
p

Silent
Money no longer talks.
without saying.

1

It just goes

Good Lead
Housewife (to salesman at door): I
am not in the market for a vacuum
cleaner, but try the people in the next
house. We borrow theirs and it is in
terrible condition.

*

A CORDIAL WELCOME
O F F IC E R S
J. W . HUBBELL
Chairman o f the Board
S. C. PIDGEON
P resident
C. W . MESMER
V ice President
F. C. ATK IN S
V ice President and Cashier
L. N E V IN LEE
V ice P resident
F. S. LOCKWOOD
V ice P resident and Trust Officer
W M. ELLISON
V ice P resident
G. A. MOECKLY
V ice P residen t
A. F. ERICKSON
A ssistan t Cashier
J. B. M O N AH AN
A ssistant Cashier
M. N. BAIRD
A ssistant Cashier
S. G. BARNARD
A ssistan t S ecretary

On your calendar, you’ve probably circled October 17,

D IR E C T O R S
PAU L BEER
P residen t, The F lyn n Dairy Co,

18 and 19 — the dates of the Iowa Bankers Convention

THOS. A. BURCHAM, M. D.
Radiologist
F. W . HUBBELL
Pres., Equitable L ife Ins. Co. o f Iowa

at Des Moines.

J. W . HUBBELL
Chairman o f the Board

Speaking as officers and directors of the Bankers Trust
Company, we look forward to seeing you at the Conven­

E. J. LINDHART
P res., N ational B y-P roducts, Inc.

s. f . McGi n n
V. P., T angney M cGinn H otels Co.
E. T. M EREDITH, JR.
V. P., M eredith Publishing Co.

tion, and we hope you will find time to visit us at the bank.


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

SHIRLEY PERCIVAL
P res., G reen Colonial Furnace Co.
S. C. PIDGEON
President
RUSSELL REEL
P resident, Yellow Cab Co.
W IL LIAM F. R ILEY
A tto rn ey
R. R. ROLLINS
Real E sta te and In vestm en ts
JOSEPH F. ROSENFIELD
Chairman of Board, Younker B ros., In c.

JOHN D. SHULER
President, Shuler Coal Co.

BANKERS TRUST COMPANY
6th and Locust, Des Moines, Iowa
Member Federal Deposit Insurance Corporation

Member Federal Reserve System

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W e w ill be honored to be of serv ice . . .


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

IOWA-DES MOINES
NATIONAL BANK
Founded 1868

Des Moines

Member Federal Deposit Insurance Corporation

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