Full text of The Northwestern Banker : October 1953, 58th Year, No. 795

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OCTOBER
1953

What the Bank
Director Can Do
For His Bank
— Survey— Pages 18, 19

Iowa Bankers’
Convention — Page

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Federal Reserve Bank of St. Louis

ABA's EVERETT D. REESE AND HOMER J. LIVINGSTON— See Page 11

Iowa’s 1953 State
Convention . . .
Field

D a y s of

ValuablIdeas Set the

NE of the professional highlights for Iowa bankers each
year is the annual convention to be held in Des Moines on

October 19 through 21. The program will include an outstanding
array of qualified speakers, offering practical suggestions in

various phases of banking. Your presence at the meetings will
benefit you and your fellow bankers.
Officers of The Merchants National are looking forward to the
"S-

program and to this opportunity for visiting with our long-

No. 795. Northwestern Banker, published monthly by the Northwestern Banker Company, at 527 Seventh Street, Des Moines, Iowa. Subscription,
per year. Entered as Second Class Matter January 1, 1895, at the Post Office at Des Moines, Iowa, under Act of March 3, 1879.

35c per copy, $3.00

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Federal Reserve Bank of St. Louis

OFFICERS
Jam e s E . H

a m il t o n

Chairman E xecu tive Committee

E . COQUILLETTE

Chairman of the Board
T. H a m il t o n II,
President
F red W . S m i t h ,
Vice President
J ohn

R e g n in a l d B. F igge ,

Vice President
M a r v in

Vice
R. W.
Vice
L. W .
Vice

S eld en ,

President
Manatt,

President
B r o u l ik

President

P eter B a il e y ,

Vice President
S. J . M o h r b a c h e r ,

Vice President
J . E . C o q u il l e t t e ,

Vice President
E verett C. P r a t t ,

Cashier
C. F . P e r e m s k y ,
A s s t. Cashier
V ictor W . B r y a n t ,
Asst. Cashier
A.

L in d q u is t , J r .,

Asst. Cashier
N. J. D a u t r e m o n t ,
Asst. Cashier
R obert A .

Hahn,

Asst. Cashier
W.

F . VOMACKA,

Asst. Cashier
TRUST DEPARTM ENT
G eorge F . M il le r ,

Vice President
R. D. B r o w n ,
Trust Officer

Pace fo r Annual Convention

O. A . K e a r n e y ,

Trust Officer

R u s s e l l I. H e s s ,

Trust Officer

standing friends and making new friends in the banking fra
ternity. Plan to attend the Iowa Bankers’ Convention . . . where
good ideas and good times join.

THE

Merchants National
Bank

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Federal Reserve Bank of St. Louis

CEDAR

RAPIDS

IOWA

■k

you can’t always
deal in tangibles
~x

T a k e t he N o r t h C e n t r a l

PROTECTED

LOAN

PLAN . . .

The mythical Thunderbird was a very versatile

If they get sick, have an accident or die, North

bird, for it protected ancient American Indians

Central takes care of their loan .. . it’s that simple.

from both excessive rain and drouth.

Such payment brings to your Lending Institution

Today, borrowers in the North Central states get

the benefit of an intangible money can’t buy—

protection from another intangible, the PROTECT

Goodwill.

ED LOAN PLAN — down-to-earth, guaranteed

knowledge that their families are fully protected;

protection to borrowers when they negotiate loans.

your loan risk is eliminated.

Your borrowers are secure in the

The P ROTE CT ED

LOAN

PLAN

It embodies every type of Credit Insurance coverage:
Y

Each Plan can be neatly tailored to your precise
needs. You can arrange to insure a few or all loans,
regardless of size.

Small Loan as well as Mortgage Insurance

V ' Life as well as Disability Coverage
Y

Level and Decreasing Protection

Individual as well as Group Plans

Is V e r s a t i l e Too . . .

For complete information, write, wire or phone:
Credit Insurance Division. A representative will be
at your desk at your convenience.
Theodore S. Sanborn, President

eAort/i R entrai
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hwest ern Banker, Oc t o be r , 1953
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Federal Reserve Bank of St. Louis

L I F E

I N S U R A N C E

S A I N T

P A U L

C O M P A N Y

M I N N E S O T A

Nort hwest ern Banker, Oc t o be r , 7953

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Federal Reserve Bank of St. Louis

We are sure you’ll agree that there are times in your
commercial lending when printed information and local
sources are not enough on which to base sound decision.
You need up-to-date, firsthand knowledge. And, more
often than not, you need it fast.

do financing in those industries and only in those in
dustries. They acquire a specialized knowledge not just
from analysis of statements, but by constant travel —
seeing the plants, studying the processes, attending in
dustrial meetings.

This is precisely the service we can offer you because
of the unique Divisional organization of our Commer
cial Department. For fifty years we have been building
up a specialized knowledge o f industry that, we believe,
is unparalleled. And much of it is gathered in the field
at first hand by our Divisional officers.

Thus when your problem arises, we’ve already done the
traveling and have the firsthand information you seek.

Here’s how we operate: in our Commercial Depart
ment we have ten Divisions. Each Division is assigned
a relatively small group of basic industries. Its officers

James B. F organ , Vice-Chairman

Of course, this is only one of the many correspondent
services of The First National Bank of Chicago, though
it is, without question, one of its most important.
If you would like to talk over the advantages of be
coming a correspondent of The First, just write, wire,
or phone. A man from The First will call on you—at
your convenience.

E dward E. Bro w n , Chairman of the Board
H omer J. L ivingston , President
W alter M. H eymann , Vice-President

H arold V. A mberg , Vice-President
H ugo A. A nderson , Vice-President
G aylord A. Freeman , Jr ., Vice-President
H erbert P. Snyder , Vice-President

The First National Bank of Chicago
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ern Banker, Oc t o be r , J953
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Federal Reserve Bank of St. Louis

MEMBER

FEDERAL

DEPOSIT

INSURANCE

CORPORATION

»l i

' ,i

illi

Mèi

IIIHÍ'S Fil li IUTE
ITIIIIIESFMUEIT BASE

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Federal Reserve Bank of St. Louis

Friendly Welcome iron
Iowa’s Friendly Bank”
\mlipil:

W M . J . GO O D W IN
Chairm an. Board o f D ire cto rs

W A LTER L . STEW A RT
V ice C hairm an, Board o f D ire cto rs

E . F . B U C KLEY
P resid en t

E . R . B O W LIN
V ice P resid en t

J . E . Q U IN ER
Vice P resid en t

H . C . W IN D ER
V ice P re sid e n t and C a sh ier

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Federal Reserve Bank of St. Louis

D. R. W IT H IN G T O N
A ss ista n t Vice P resid en t

A . B. D R ESSLER
A ssista n t C ashier

I F there is anything any of our officers

Annual Convention of the Iowa Bankers

can do to add to your comfort, conven-

Association, Des Moines, October 19-21

ience or pleasure while attending the 67th

— please feel free to call upon them.

CENTRAL NATI ONAL BANK
and TRUST COMPANY

•

DES MOINES, Iowa

Member Federal Deposit Insurance Corporation

FRED H . Q U IN ER
V ice P resid en t

1. R . C A PPS
V ice P resid en t

D A LE C . S M ITH
A ss ista n t V ice P re sid e n t

N O EL T . RO BIN SO N

Vice P re sid e n t and T ru st O fficer
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Federal Reserve Bank of St. Louis

I. L . W R IG H T
Trust O fficer

IR W IN ABRAM
V ice P resid en t

W . G. KANE
V ice P resid en t

C. M. LA R SO N
A ss ista n t C a sh ier

G EO R G E N ELSO N
A ss ista n t C a sh ier

A L B E R T C . R O B ER TS
T ru st O fficer

W IL L IS O . C A IR O
T ru st O fficer

The Iow a Banks
whom it is the honor and pleasure of
The CENTRAL N A T IO N A L B A N K & TRUST CO.
to serve as Correspondent, show composite resources of

OVER A BILLION DOLLARS!

Composite STATEMENT OF CONDITION
as of June 30, 1 9 5 3
Of the Iowa Banks—served by the Central National Bank and Trust Com pany of Des Moines

ASSETS
C a sh ........................................ ....... $
G o v e rn m e n t B o n d s......... .......
O th e r S ecu ritie s..................
Loans & D isco u n ts............. .......
B u ild in g , Fu rn itu re &
Fix tu res ...........................
O th e r A s s e ts .......................

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

C a p ita l .............. ............. ............. $
S u rp lu s

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

U n d iv id e d Pro fits & R e se rve

3 0 ,9 3 3 ,3 0 0 .0 0
3 3 ,9 8 1 ,4 3 2 .0 2

D ep o sits ...................................... . 1 ,1 5 9 ,9 7 5 ,6 3 2 .9 5
6 ,1 6 1 ,2 5 8 .0 8
1 ,7 6 7 ,5 4 5 .0 2
TOTAL

T O T A L ............... ........... ....... $ 1 ,2 5 2 ,0 1 1 ,8 6 4 .9 7

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Federal Reserve Bank of St. Louis

2 7 ,1 2 1 ,5 0 0 .0 0

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

I I î 'h i1 E d ito r

DES MOINES
O ld e s t F in a n c ia l J o u r n a l W e s t o f th e M is s is s ip p i
58th Year

The following letters are from
Northwestern Banker readers. Your
views and opinions on any subject
are welcome in this column.

"Worth Repeating"
“ Thank you very much indeed for the edi
torial which appeared in the September
N orthwestern B anker .
“ Naturally I am pleased that you thought
my remarks about executive effectiveness
were worth repeating and bringing to the
attention of the important group of people
who read the N orthwestern B anker .”
Donald K . David, Dean,
Harvard Business School,
Cambridge, Massachusetts.

"Thank You"
“ I appreciate so much your sending me a
copy of the photograph that later appeared
in the N orthwestern B anker , reporting the
annual convention of the Montana Bankers
Association.
“ I am most grateful for this courtesy.”
Vernon L. Clark, National
Chairman, U. S. Savings
Bond Program, Washington,
D. C.

"Likes Pictures"
“ Thank you for sending me four copies of
the colored print which appeared on page 13
of the August issue of the N orthwestern
B anker .”
Mrs.
Bernadette
Wilson,
Benton County Bank #• Trust
Co., Vinton, Iowa.

D E A R E D IT O R . . .

(Turn to page 12, please)

ON THE COVER
Pictured on the cover page of this
October issue of the N orthwestern
B anker are the two top officers of the
American Bankers Association, elected
at the 79th annual convention recent
ly concluded in Washington, D. C.
Everett D. Reese, left, new president
of A.B.A., is president of the Park
National Bank of Newark, Ohio.
New vice president of the American
Bankers Association, right, is Homer
J. Livingston, president of the First
National Bank, Chicago.
Sherman Drawdy, president of the
Georgia Railroad Bank & Trust Com
punja, Atlanta, was elected treasurer.

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Federal Reserve Bank of St. Louis

No. 795

IN THIS OCTOBER, 1953, ISSUE
EDITORIALS
Across the Desk from the Publisher............. ..........................—-

14, 15

FEATURE ARTICLES
Frontispage— The Roundup.................... ...........................................................
5
H
Dear Editor ............................... ...............................................................................
On the Cover----- ----- --------------- --------------------- ------ ------ -------------------- ------H
$125 Bank Aw ard Helps Farm Youth Start Dairy Herd... ..............
.......................................................................................................... A . J. Schueler 17
W h at the Bank Director Can Do for His Bank..........................................
....... .......... ......... .......... ............ ....A N or th w ester n B a n k e r S u rvey 1 8 ,1 9
How W e Helped Our County Get a Permanent Testing Plot.............
.............................................................................................. W alter K . Johnson 20
W hy the Banker and His C P A Should W ork Together.........................
............................................................................. J. R. M acNaughton, C .P .A . 21
Reese Elected President o f A .B .A ..................... Malcolm K . Freeland 22,23
News and Views of the Banking W orld...... .................. Ben Haller, Jr. 24
Bankers You Know— Winfield W . Scott........................................................
26

BONDS AND INVESTMENTS
Tax Exem pt Interest Bonds Bring Investment Opportunity. ..........
...................................... ........................ ..............................Raym ond Trigger 45
Investment Men Meet for Annual Field D ays.......................................... 55

INSURANCE
Selling Life Insurance in Rural A reas..............................E . D. Roelofs

STATE BANKING NEWS
Minnesota News ........
67
Twin City N ew s.................. ........................ .................. — • .............. —- 68
South Dakota N ew s....................................................... -........................................ 73
Sioux Falls N ew s........................ ...... ...............- .......- ............................. 75
North Dakota N ew s.................... ........... ....................... -....................................... 77
Montana News .................. -........-............................................................................. 78
Nebraska News ........................................................................................................ 81
Nebraska Convention Preview .................
81
82
Omaha News ............................. ..... ................ .......... ..................................
Lincoln News ...............................................
86
Iowa News ........................ ......... ..................... ........... .............................. ......... ....... 89
Iowa Convention Program ................... ................................................. —
89
Des Moines Presidents, Y ou r Hosts at 67th Iowa Bankers
Convention .................... ........................................................................... 96, 97
You W ill See Them at the Convention in Des Moines.................. 100
Des Moines N ew s.......................................................................... — ........... 114
In the Directors’ Room......... .................. ........... ......... .............................. ...... . 121
Convention Calendar -------------- ----- -------- ----- ------------------------ ------- ---------- 121
Is a M ortgage Lien A lw ays Entitled to Priority?
-— Legal Questions and Answ ers............ ................................................. „ 122
N O R TH W ESTER N

B A N K ER

527 Seventh S t ., Oes Moines 9 , Io w a , Telephone 4-8153

CLIFFORD DE PUy

R A LP H W . M O O RH EA D
A ss o sc ia te Publisher

Publisher
H EN R Y H . HAyNES
E d ito r
E L IZ A B E T H C O LE
A d v e rtis in g A ss ista n t
PA U L W . S H O O LL
F ie ld R e p re se n ta tiv e

BEN J . H A L L E R . J R .
M anaging E d ito r
AN N E W A L LIN
A u d ito r
A . M. LEM IEU X
F ie ld R e p re se n ta tiv e
NEW YO RK O F F IC E
Frank P . S ym s, V ice Pre sid e n t, 505 F ifth A v e ., S u ite

M ALCO LM K . FREELA N D
A d v e rtis in g D ire cto r
MARy LOU MURPHy
C ircu la tion D epartm ent
A L KERBEL
F ie ld R e p re se n ta tiv e
1806

M U rray H ill 2-0326

DE PUY PUBLICATIONS: Northwestern Banker, Underwriters Review,
Iowa-Nebraska Bank Directory
Nort hwest ern Banker, Oc t ober, 1953

12
V

DEAR EDITOR . . .
(Continued from page 11)

"Very Commendable"

Have you business in

SANTA BARBARA?
It’s possible that Santa Barbara —city and county —
is in both your Trust and Commercial active files.
This section of Southern California has been
a Mecca for Tourists and the Retired since the days
of the Dons. But today’s income is from
many sources. Santa Barbara has the state’s largest
annual county income from cattle and calves
(near $24,000,000)... a $7,000,000-plus yearly
lemon crop ... petroleum production, over
$86,000,000 ... other mineral production worth
$4,900,000 ... a per capita income (1950)
of $1,581.
Security-First National is the bank to serve you
in Santa Barbara County...
We’ve been there since 1886 —and we’ve
had five Branches in the county ever since 1905.
They’re in Santa Barbara, Santa Maria,
Guadalupe, Lompoc and Carpinteria.
And, of course, a single Correspondent account
with Security-First National puts at your
disposal the facilities of all our 140 Offices and
Branches ... providing complete, competent,
streamlined Correspondent service from Mexico
to mid-state Fresno, as well as throughout
the vast Metropolitan Los Angeles area.
We would be pleased to serve you as your
Correspondent. Write: Bank and Customer
Relations Department.
RESOURCES

OVER

BILLION

DOLLARS

MANAGING COMMITTEE
G e o rg e M. W a lla c e , Ch airm an
Ch airm an B o a rd o f Directors
Ja m e s E. Sh elto n
Presi den t

C h e ster A . Rude
Ch ai rm a n E x e c u t i v e Com mi tte e

C . T. W ie n k e
Vice Presi den t

Paul D. Dodds
Vice Pre siden t
Llo yd L. A u stin
Vice Pre siden t

ecurity -First
National Bank

LOS

ANGELES

Member Federal Reserve System
Member Federal Deposit Insurance Corporation

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FRASER
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Federal Reserve Bank of St. Louis

“ The article you had in your July, 1953,
issue, ‘You Can Help Save Farm Lives’ is
very commendable. Articles such as this
should do much to promote more active in
terest in the development of safe practices,
equipment, and surroundings.
“ Everyone is interested in safety. No one
wants to have an accident. However, the
facts of how to live safely are not widely
known. In fact, safety workers themselves
admit there is much yet to be learned in
safety. Research on what the real problems
of safety are and how to solve these prolems of safety is perhaps our number one
problem in safety.
“ I firmly believe that one of the main rea
sons for our failure to accomplish more in
safety is because we do not have the basic
facts at hand. More research is needed.
However, until more research is done we
must continue to promote safety as we know
it.
“May I congratulate you on a contribution
to the safe living of the farm people.”
N. J. Wardle, Extension A g
ricultural Engineer, Iowa
State College, Ames, Iowa.

"A Fine Editorial"
“ Thank you for sending me the editorial
from the N orthwestern B anker, which I
have read with interest. I think you have
written a fine editorial and I am naturally
very pleased that you quoted from my Smith
College commencement address.”
John J. McClóy, Chairman,
Board of Directors, Chase
National Bank, New York,
New York.

"Articles Suit Our Bank"
“W e’re more than pleased to have the
N orthwestern B anker come to us. We
already have found that it has more articles
in it that suit our type of bank than some
of the publications we have been receiving.
I know that we are going to enjoy it for the
next period of time that we subscribe for it.”
Claude A. Templeton, Vice
President, The First Nation
al Bank, Tarkio, Missouri.

"Very Gratified"
“ I am more than gratified over the won
derful space you have given to the God and
Freedom medallion beginning on page 44 of
the N orthwestern B anker for September,
and I thank you most cordially.
“ I am sure that your generous allotment
of space will have much to do with the in
creasing circulation of these medallions.
“ For myself, I have grown very humble
about it and very proud, too.
“ Thanks for your help.”
George V. Christie, V ic e
P r e s id e n t, First National
Bank of Arizona, Phoenix,
Arizona.

"Delighted With the Article"
“ I was delighted to see in the September
issue of the N orthwestern B anker the

DE A R E D IT O R . . .

(Turn to page 47, please)

^W
ORÍp^W
ÍOEBANKING

porter and the transporter— all

maintains close w ork in g relation

dreds o f them, provide N ew Y ork

depend upon commercial banks

ships with leading banks in the

with the greatest harbor facilities

markets o f the w orld.

in the w orld. O cean-going vessels,

that are organized to serve the
financial interests o f customers on

dock in g at the rate o f 12,000 a

a national and international scale.

year, have made the Port o f New

Such a bank is Chase National

Y ork a gigantic funnel through

with headquarters in the center o f

w hich pours about half o f Am er

N ew Y o rk ’s financial and ship

ica’s trade with the rest o f the free

ping districts. From here, Chase

world.

service reaches out through its

E ast Side, W est Side— piers, hun

Ij you have a foreign trade problem,
why don’t you talk to the people
at Chase?

T H E

Chase

It’s no accident that the finan

correspondent banks (the most

cial and shipping districts are lo

extensive system in the U. S.) into

cated side by side in dow ntow n

all 48 states. Overseas, Chase has

Manhattan:

hand in

branches and representatives’ offi

OF T H E

hand. T he “ Big T hree” o f foreign

ces in Europe, the Far East and
Latin America and, in addition,

HEAD OFFICE: Pine Street corner of Nassau

they work

com m erce— the importer, the ex

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Federal Reserve Bank of St. Louis

N A T I O N A L
CITY

B A N K

OF N E W

YORK

Member Federal Deposit Insurance Corporatiop

Nort hwest ern Banker, October, 1953

tinue a policy of pouring their dollars into foreign
countries, many of which do not want our aid, and
if they accept it express no appreciation for the
money we give them.
During the 12 years from 1941 through 1952
the American Foreign Aid Program has cost the
United States taxpayers 90 billion dollars.
The time must come, and the sooner the better,
when we start building up our own communities,
our own states, and our own nation with better
roads, better schools and a multitude of other
needs which our growing population will demand.
As the N orthwestern B anker has said before,
we repeat it again, that the greatest problem
facing the world today is to keep the United States
financially sound.

(Ùrcüu Slanlsdj^ CL. VIaUaml :
President, N ew York State Bankers Association and
President, Bank of Gowanda, N ew York.

A w os§ the Desk
From Ilie Publisher
(D ü W u S ^ d c d A , IxJ ssJ iA ^ :
Secretary of Commerce o f the United States,
W ashington, D. C.

A prominent correspondent who for the past
two months has been traveling throughout the
Southeast and Southern Asia, reports that he has
listened to the same complaint many times and it
is th is:
“These people in Washington are going to wreck
the United States trying to raise the living stand
ards in Asia. They are pouring money into a
bottomless hole. Russia would like to see us bank
rupt ourselves.”
In a recent statement of yours, Secretary Weeks,
you expressed a similar opinion when you stated
that “it was high time to halt international hand
outs and global boondoggling.”
You and Secretary o f the Treasury, George M.
Humphrey, seem to be in agreement because he
believes that “ the government must question both
its right and its financial ability to continue to
use taxpayers’ money to finance investments
abroad on a large scale in the development of
competitive enterprise.
“ Our scale of taxation is already too high and
to maintain a sound and honest dollar we must
bring our own expenditures and revenues into
balance.”
The taxpayers of the United States, in the opin
ion of the N orthwestern B an ker , will not conDigitizedNort
for FRASER
hwest ern Banker, Oc t o be r , 1953
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Ever since higher interest rates have been in
effect the banks have been accused of engineering
these higher rates as a “ political payoff by the
new administration.”
In the August issue of N orthwestern B anker
we answered the criticism made by Senator Wayne
Morse regarding the interest rates.
We were glad to see, Mr. Neilson, that you have
likewise answered the criticism about tighter
money and the so-called benefits which the banks
are supposed to be receiving. As you put it,
“Tighter money has restricted the growth of
banks’ loans and investments. The banks are get
ting more for the money they lend, but they don’t
have as many borrowers as heretofore. In the
long run, higher interest rates mean sounder dol
lars and sounder dollars are what this country is
striving for. Higher interest rates are to the bene
fit of more than 45 million families who have
placed their life savings in deposits with us, as
well as in savings accounts, savings bonds, annui
ties and pensions, stocks, bonds, mortgages and
life insurance.”
As the N orthwestern B anker has previously
emphasized, interest rates are not made by the
banks, but by the customers of banks whose de
mand for money or the lack of demand estab
lishes the going rate of interest for loans.
The cheap money policy of the former adminis
tration undermined the savings of thousands of
people in the United States, and was leading us
down the road to inflation and a constantly depre
ciating buying power for our dollars.
As one of the economists for a large eastern
bank analyzes the situation, “ The cheap money
policy under the New Deal was in reality a con
fiscation of income and tended to pauperize a large
proportion of our population. It penalized the

15
thrifty, undermined security, and imperiled our
entire economic system. The saving in interest
charges on Government securities under the cheap
money policy was comparatively insignificant
when compared with the incalculable but stagger
ing costs that this policy imposed on our country.
The rise in money rates is a partial compensation
to those that were unfairly and severely penalized
by the artificially low interest rates under the
cheap money policy. These include: 67 million
savings depositors, 88 million holders of life in
surance policies, 10 million beneficiaries of private
pension funds, and all other persons dependent
upon fixed income. In the aggregate, this list
comprises the vast m ajority of our people. These
groups represent the savers, the real creditors
whose funds are' held in trust by the savings and
commercial banks, life insurance companies, and
other financial institutions.”
As you also mentioned, Mr. Neilson, the bank
ers of the United States need to undertake a broad
educational program so that bank customers and
the entire public at large will know the real eco
nomic reasons back of the recent increase in inter
est rates. It is a step toward sounder credit and
better financial conditions than we have had under
an easy money policy.

( L ( D

ju.

(RlchcUicL U. cticfhL:

President, Am erican Geographical Society, N ew York.

A ccording to the report of your medical geo
graphical department almost two-thirds ( % ) of
the people are starving, despite sufficient food
production to feed everyone.
This coincides with the remark made several
years ago by a Harvard Business School professor
who said, “There is no such thing as over pro
duction, but just a lack of distribution.”
Here in the United States, we have over-pro
duction of corn, over-production of wheat, and
of other commodities. If we could ship this to the
starving sections of the world and get paid for it,
a large part of our agricultural problem would be
solved. Instead we will store corn, and store
wheat, and let the government pay the losses if
the corn and wheat are sold for less than the gov
ernment price support.
The farmers of the United States voted 7 to 1
in favor of the present guarantee of $2.21 a bushel
rather than to reduce their 1953 wheat acreage
about 20%, or from 78.6 million acres to 62 million
acres in 1954 and to take their chances in a free
and uncontrolled market.
AVe had a wheat surplus as of July 1, 1953, of
559 million bushels, plus another 1,202 million bu
shels from this year’s crop already harvested.
Unless we can increase our exports of wheat,
even with a reduced acreage we will probably have

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Federal Reserve Bank of St. Louis

an even greater wheat surplus at, the end of 1954.
Our solution then comes back, Dr. Light, to
better distribution as a remedy for feeding the
two-thirds of the world’s population who are
starving.
But who will pay the b ill1?
If people are starving they are not working, and
therefore not making the money necessary to buy
our surplus. Are we to continue to give away our
surplus? AVe have already done that to the tune
of billions. AVhat the countries of the world need,
and so do we, is “more trade and less aid.”
One hopeful sign for the future of farm sur
pluses is the population increase in the United
States, which is growing at the rate of 2.5 million
a year.
By 1975, or 22 years from now, it is expected to
reach 190 million, and that on the basis of 1950
per acre yields and rates of food consumption 100
million more acres of crop land will be needed to
support such a population.
In the meantime we still have our farm produc
tion problems which increased exports would help
to solve.

(DacVc (fL. JL. (BowditcpL:
President, Chamber of Commerce o f the United States,
W ashington, D. C.

In a recent report by the tax committee of the
Chamber of Commerce of the United States they
pointed out that the American people are payingtwo dollars in personal taxes for every dollar they
save.
Last year, for example, Americans paid $33.1
billion in federal, state and local personal taxes,
while personal savings were only $16.9 billion,
about half as much. The $33.1 billion sets a new
record. It averages $1.98 a day for every family
in the United States. And it does not include cor
porate and other business taxes.
The taxes we are now paying are the result of
20 years of mismanagement and bureaucracy at
its worst as evidenced by the fact that Americans
are only, saving one dollar whereas they are spend
ing two dollars in personal taxes.
The time is here and now, and the party in
power must see to it that government expenses
are reduced and thus taxes decreased.
America will only remain great so long as there
is a constant incentive among its people to save
and invest.

Nort hwest ern Banker, Oc t obe r , 1953

“ Q /fcaU on a lA have saved us their cost
many tim es over! ” —bowery savings bank, newyouc
"World’s Largest Mutual Savings Bank”

“ We use National Accounting Ma
chines exclusively, in all our offices,
to record transactions completely at
the windows, posting the depositor’s
record and our record in one simul
taneous operation.
“ We started installing National A c
counting Machines when they were
first placed on the market 30 years
ago. They have returned us their cost

many times over in savings in book
keeping expense . . . faster service to
our more than 500,000 depositors . . .
saving of valuable space . . . and by
providing strong control.
“ Our Nationals have been a highly
profitable investment.”

There is a National System that will cut
your costs, pay for itself out of the money
it saves, then continue savings every year.
National’s exclusive combination of fea
tures does up to 2A of the work automatic
ally. And employees like National’s ease
of operation. Let your National represent
ative show what you can save with the
National System adapted to your needs.

JL.

O/fcaùonal

I
TH E N A T IO N A L CASH R EG ISTER C O M P A N Y D A Y T O N
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hwest ern Banker, Oc t o be r , 1953
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9, O H IO

ACCOUNTING MACHINES
ADDING MACHINCS ■ CASH RCGISTCKS

S I 2.1 Hank A ira n i

H elps Farm Vani li
Start Ha irn

tfBBfc

W ritten Especially fo r
The N orth w estern Banker

By A. J. SCHUELER
Cashier
City State Bank
Central City, Iowa

I '

THE W IN N E R - -David Schatzle, left, stands with
Guernsey heifer purchased from Frank Andrews, second
from left, with $125 prize from City State Bank.
Others are: Wayne R. Ford, center, F F A chapter super
visor; Mahlon Mills, second from right, bank president;
and Lester Falcon, right, bank director.

IKE a lot of other banks, we have
done a lot of advertising for busi
ness, but we overlooked one very
important factor in our entire pro
gram. We felt we had not given any
thing back to the community for their
support of our bank.
About 16 months ago I proposed a
plan to our board of directors whereby
we might encourage our young farm
boys with an incentive to finish high
school and give them a start in a
field in which they are most inter
ested. Our board of directors ap
proved the plan, which would be an
annual award of $125 to the outstand
ing local FFA chapter member.
In adoping this plan we hoped it
would serve two purposes:

4. Complete project work and ex
hibit at shows.
5. Accurate and complete records on
projects.
6. Interest in and knowledge of
sound agriculture principles.
7. The need for assistance financial
ly in getting a project.

At the end of the school year last
June, the first year’s winner was an
nounced as David Schatzle, who was
adjudged best according to the score
sheets, and who also is the FFA chap
ter’s newly elected president. David
is the son of Mr. and Mrs. Carl Schat
zle, who farm seven miles southeast
of Central City.
He was given the $125 award by
Mahlon Mills, president of our bank,
1.
Encourage the young farm boys
and with the assistance of Lester Fal
to complete their high school educa
con, one of our directors, purchased a
tion.
10-month-old purebred Guernsey heif
2.
Give the winner of the award a er from the Frank Andrews farm near
foundation on which to build a regis Central City. This heifer was sired
tered dairy herd.
artificially and Mr. Andrews said it is
from a cow that holds an unofficial
Keep Score Sheet
record of over 700 pounds of butterOur plan has been well received by fat. Consequently, we think David
the school board, FFA members and has a fine start on a good purebred
the community in general. There was dairy herd project.
much interest in the program which
called for a score sheet to be kept on
Letter of Thanks
each boy entered in it, this score sheet
After the award was announced by
being for the purpose of selecting the Wayne R. Ford, FFA chapter super
most outstanding boy. There were visor and vocational agriculture in
seven points in the score sheet as structor, Mr. Ford wrote us a letter
follows:
which said in part:
1. General character of boy.
“ I believe the most difficult job an
2. Participation in school, church, Ag instructor, or any other teacher,
and community activities.
has is keeping up the student’s in
3. Attendance at and participation terest and motivating them to do
things. In their own words they will
in FFA meetings.

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say, ‘What is the value of studying,
learning or doing these things?’ This
award definitely helps keep up inter
est in our chapter and motivates stu
dents to do a better job in their
church, school and community be
cause your scorecard used to select
the outstanding FFA member bears
out the very foundation of these pro
grams.
“ I believe this award is a definite
community builder. I have always
said, ‘A rural community is no strong
er or more prosperous than the farm
families surrounding it.’ This award is
certainly building a prosperous com
munity because you are helping to
bring into this community outstand
ing quality livestock which is so neces
sary in profitable and efficient farming
today.
“For myself, personally, I think it
very fine to work in a community
where the bank takes such an interest
in the Vocational Agriculture pro
gram of the schools.”

Helps Community
In addition, John J. Hurwitz, su
perintendent of Central City Consoli
dated Schools, wrote a letter of appre
ciation in which he said in part:
“This year you presented David
Schatzle with $125 toward the pur
chase of a purebred Guernsey dairy
heifer. In so doing you have not only
provided David with an incentive to
do his best, but you have also encour
aged each member to do a better job.
BANK AWARD . . .

(Turn to page 54, please)
Northwestern Banker, October, 1953

11 hat
the Hank Hievet or
Can Ho fo r His Hank
Bank Directors Tell What Their Duties Are, and Make Suggestions
for the improvement of Bank Service to Customers
A NORTHWESTERN BANKER
Survey

ESS than half of the capital stock
of middle western banks is owned
by directors of those banks; onefifth of the banks do not have an ac
tive, functioning loan committee of
directors, and only 39 per cent of bank
directors try frequently to bring new
business into their bank.
These facts, with other information,
were ascertained from answers to a
survey made last month by the N orth
w estern B anker among several hun
dred bank directors in seven states
in the middle west. In making the
survey, bank officers, who are also
directors, did not receive question
naires. Those directors answering the
questions are business men in their
communities, such as merchants, farm
ers, doctors, dentists, attorneys, manu
facturers, and others. The banks they
serve are located largely in county
seat towns. They were requested not
to sign their names.
Answers bank directors made to the
questions have been analyzed, with
percentages noted on the several
charts on this and the opposite page.
The charts are completely self-explan
atory.

CHART NO. 1
As a Group, What Percentage
of the Capital Stock Owner
ship of Your Bank Does Your
Board Represent?
Less than
25%

2 5 % to 5 0 %

M ore th an
50%
52%

Nort
ern Banker, Oc t o be r , 1953
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forhwest
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How Long Have You Been a
Director of Your Bank?
A v e ra g e —
11.7 Y e a r s

Lo n g est—
35 Y e a rs

What Suggestions Do You
Have for Improving or Ex
panding the S e r v i c e s of
Your Bank?
ANK directors had a number of
suggestions to offer when they an
swered the above question, and it can
be assumed the suggestions they make
are not now included in the services
available at their bank. Since there
is some duplication of suggestions, we
quote below the ones which give the
best cross-section of answers to this
question:

Engineer: “ Organize a means of con
tact with all new residents as they
move into the community, and offer
banking services by personal call or
letter.”
*

“We should increase the
capacity of our bank lobby.”
Farmer:

DIRECTORS MEET EVERY
DAY
Starting on the basis of a six-day
week in December, 1933, the board of
directors of the First National Bank
in Yonkers, New York, has been meet
ing every banking day at 8:00 a. m.,
and last July 2nd held its 5,000th con
secutive board session, according to
Frank E. Xavier, president.
Each business day finds the direc
tors busy at early morning tasks, in
cluding tlie review of all loan appli
cations, officers’ daily reports, deter
mination of policies, and discussion
of the bank’s business, each phase of
which is given the closest sort of at
tention.
And not a single meeting day has
as yet failed of a quorum, and rarely
is there not a full attendance.

Merchant: “We should improve our
audit procedure. Depositors’ accounts
should be verified with a spot audit.”
* * *
Dairy Processing: “Banks should
take better care of rush-hour custom
ers. To meet the competition of gov
ernment subsidized loan associations
banks should have a salesman to sell
its complete line of services, just like
any other business with something to
sell.”
*

Farmer: “We should confine the op

erations of our bank strictly to the
banking and credit needs of our com
munity. Stay out of all sidelines, such
as insurance, contract making, real
estate, etc.”
*

“We should acquire a
more definite knowledge of the circum
stances of our bank clients, including
their manner of business operation
and possibilities of advancement. Make
Attorney:

CHART NO. 2
How Often Does Your Board
of Directors Meet?
Sem iM onthly

M o nth ly

-X

Q u a r te r ly
X

88%

CHART NO. 3
Do You Have an Active Loan
Committee of Your Directors?
Yes

80%

young people interested in saving and
making use of the bank.”
* * *
Attorney: “Every bank should have
a small loan department. This service
in rural areas is not adequately sup
plied.”
=)= * *
Farmer: “ Some of our employes
should live in this town. As it is
now, they all live in other towns.”

CHART NO. 5
How Often Do You Try Per
sonally to Direct New Busi
ness to Your Bank?
F re q u e n tly

O c c a s io n a lly

Seldom

56%

39%

What Do You Consider the
Most Important Duties of a
Bank Director?

fewer loans to non-deservers. Work
out a loan program to cover full time
until marketing can be expected.”
* * *
Manufacturer: “ I believe that the
best, if not the only way, for a bank
to expand its position in the commu
nity is to handle each transaction for
each customer in such a way that it
pleases him, and makes him a walking
ad for the bank.”
=t= * *

Farmer: “A more aggressive man
agement is needed in our bank. Our
cashier does not know his customers,
and makes no effort to become ac
quainted.”
* * *
Merchant: “Our officers should cir

culate freely among the farmer trade,
and keep in close touch with all activi
ties in our area.”
* * *
Farmer: “We are encouraging some
of the young farmers here to buy stock
in the bank, and make them feel a
little responsible for the growth of
the bank.”
* * *
Merchant: “We should have a large
billboard or sign boards at the edge
of town.”
* * *
Educator: “We need a night deposi
tory, and a drive-in window.”
* * *
Merchant: “Our bank should do
more advertising so that the general
public could better realize the impor
tance of our bank.”
* * *
Manufacturer: “We should get more

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I N STATING what they consider the
I most important duties of bank direc
tors, regular attendance and taking an
active part in meetings was mentioned
most frequently by those directors re
plying to the survey, and careful su
pervision of loans seems to be the next
most important duty. The replies to
this question, selected and quoted be
low, are indicative of all the answers:
* * >K
Real Estate: “Be courteous at all
times; when in the bank lobby, never
step to the window ahead of a cus
tomer; insist that bank employes wait
on customers promptly, and meet them
with a smile; see that the customer is
satisfied at all times; if not, take steps
to correct it.”

CHART NO. 4
Does Your Board of Directors
Take an Active Part in Formu
lating the Operating Policies
of Your Bank?
Ye s

95%

Merchant: “Make loans that are con
servative and safe; build a friendly
relationship with your customers and
show a friendly interest in them; teach
your officers to smile, so that a cus
tomer entering the bank will feel he
is welcome, and not a crook; so few
bankers take this attitude.”
* * *
Attorney: “Attend meetings regu
larly; follow up on loans; make officers
explain losses, since they are some
times brushed over too lightly and
charged off; use the FDIC report as a
guide rather than something to be
glanced at.”
* *
Contractor: “Review loans and in
vestments; be alive to current eco
nomic conditions so the assets of the
bank can be safely safeguarded; pro
mote good will for the bank; report
and be alive to the public attitude to
ward the bank, so the good will of
business men and the public is di
rected toward the bank.”
* * *
Farmer: “Know your responsibility
under the law; keep informed on busi
ness and farm operations locally as
they apply to national conditions and
trends; try to keep informed on real
estate values; do not be a yes man;
attend all meetings.”
* * *
Merchant: “Keep a close supervision
of bank employes; try to reason out
all the major problems so the board’s
decisions may be unanimous; make
investments that will minimize loss to
the depositor.”
* * *
Public Accountant: “Watch local and
BANK DIRECTOR . . .

(Turn to page 49, please)
Nort hwest ern Banker, Oc t o be r , 1953

H ow

W e H elped One

County Het a P erm a n en t
T estiny P lot
Written Especially for
The Northwestem Banker

-V

By WALTER K. JOHNSON
Vice President and Cashier
Farmers State Bank of Estelline
Estelline, South Dakota
W ALTER

HE history of the test plots in our
county (Hamlin) is that over the
past several years interest had
been waning in and around the coun
ty. Five years ago Vane Miller became
agricultural extension service agent
here and the county had no perma
nent test plot.
Each year two small plots were se
lected, one in the east section of the
county and one in the west, but be

cause the plots were changed yearly
there could be no permanent projects
in crop rotations of grasses and leg
umes. Since the yearly test plot tours
became a “repeat” to a great degree,
attendance slackened until last year
they had an attendance of less than
20.

It was then Victor J. Clark, editor
of the Estelline Journal, and I got to
gether, and we went to Vane Miller

" “

v%¡Lhv. .

Test plot near
Estelline as it
appears f r o m
the road.

' '

i , i

A r

JO H N SO N

to discuss with him the difficulties that
he was having. He told us what he
would like to have was a plot of about
six or seven acres where all of the
testing could be done.
Through the fall and winter we ar
ranged with Chan Westrum for a cor
ner of his farm located two miles west
of Estelline on Highway 28. The Es
telline Commercial Club, of which I
am president, paid the rent on the land
and turned it over to the county agent
and our Crop Improvement Associa
tion.
Four implement dealers in town got
behind the plan with promises of ma
chinery. Seed for the plantings was
secured from South Dakota State Col
lege or donated by seed dealers in the
area. County Agent Miller, the Crop
Improvement Association, County Soil
Conservation District, county weed
supervisor, Farmers Elevator in Es
telline, Mr. Westrum and many other
interested farmers are now promoting
this work.

Farmer Oliver Heismeyer, president
of the Hamlin County Crop Im
provement Association, explaining
qualities of test plot grain.

This summer we had more than 250
persons attending the test plot tour
and they inspected 161 different tests
being conducted. Two such demon
strations were held and another this
fall showed the many varieties of corn
and other things that develop later
than the grains demonstrated earlier.
The project has met with such
whole-hearted approval of farmers in
the territory and over the entire counTESTING PLOT . . .

(Turn to page 61, please)

« .

l il i

»
-<------------------------------------ — -------------

■ ¡■ H H

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for FRASER Banker, Oc t o be r , 1953
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(H i

MORE THAN" 250 persons attended the
test plot demonstrations earlier in the sum
mer. Banker Walter K . Johnson is shown
in center welcoming the group and intro
ducing the project to them.

11 If#/
the Hanker and His
CPA Shan id W o r k T ogeth er
Here's What Iowa, Pennsylvania and New York Bankers
Are Doing, and What Their Progress Means to You
Written Especially for
The Northwestern Banker

By J. R. MacNAUGHTON, C.P.A.
Ernst & Ernst
Des Moines, Iowa

HE 1953 banker works in an econ
omy that has year to year grown
steadily more complex. His major
responsibilities over the years, how
ever, have remained the same—the
protection and wise investment of his
depositors’ funds, and service and
counseling to his customers.
In discharging some of these re
sponsibilities, the banker has received
expert assistance from certified pub
lic accountants. This has come princi
pally through audit reports on finan
cial statements submitted for credit
purposes; through bank audits and ex
aminations, and through assistance
with internal control procedures, prep
aration of government reports and the
like.

Audit Reports
Audit reports have been a matter
of mutual concern to bankers and
CPAs for many years. By requiring
a CPA audit of prospective borrowers’
accounts, bankers have been aided in
selecting sound loans. As the pamph
let, “Financial Statements for Bank
Credit Purposes,” issued in 1951 by
the Robert Morris Associates puts it:
“ The practice of employing an inde
pendent certified public accountant to
examine and report upon the financial
statements has grown very substan
tially over the past twenty-five years
and is today a customary requirement
in connection with a loan application.”
Why should the National Associa
tion of Bank Credit Men express such
confidence in certified accountants?
There is no mystery about it. For
over 50 years, through their state so
cieties and the American Institute of
Accountants, CPAs have been devel
oping standards of education and ex
perience requirements for the CPA
certificate, standards of accounting
and auditing procedure, and standards
of professional ethics.
The uniform CPA examination—

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ONE OF tlie several services that CPAs can provide is assist
ance with supervision of director’s examinations.

used in all of the states, the District
of Columbia and the United States ter
ritories—assures the banker and the
public that every accountant certified
by his state board has met exacting
qualifications.
The standards of ethics and of ac
counting and auditing procedure pro
vide further assurance that the CPA
will use his knowledge independently
and judiciously.

Bank Audits

CPAs have not been as generally
employed in auditing or examining
smaller banks as in auditing other
business enterprises. Recently, how
ever, a movement of national scope
has started at the grass roots to make
CPAs’ services to smaller banks more
valuable and more widely available.
The movement is due primarily to
the considerable rise in defalcations.
Those reported by all banks insured
by the Federal Deposit Insurance Cor
poration rose from 270 in 1946 to over
600 in 1952.
In Iowa this national rash of defal
cations was localized in a survey made
by the Iowa Bankers Association in
cooperation with Lester A. Pratt, CPA,
of Washington, D. C. A questionnaire

sent to Iowa’s 556 state banks and 97
national banks asked searching ques
tions. The answers showed room for
improvement in audit and control
practices even in Iowa, where the rec
ord of defalcations for 1951 was less
than two per 100 banks, while for the
United States as a whole it was more
than four. Mr. Pratt discussed the re
sults of this survey in a talk, “ Still
Better Audit Control,” delivered be
fore the Iowa Bankers Association
66th annual convention in October,
1952.

Iowa Program
The Iowa Society of CPAs proposed
a program which included a bank
audit school for the Iowa CPAs, with
cooperating committees of the Society
and the Iowa Bankers Association to
advise and improve on bank audit pro
grams and a pattern for bank audits
to be drafted by the Society and sub
mitted to the IBA. This program—
generally known as the Iowa Plan—is
now well underway.
The CPAs have studied audit plans
which would best fit Iowa banks and
through a seminar on bank auditing
BANKER AND CPA . . .

(Turn to page 59, please)

Nort hwest ern Banker, Oc t obe r ,

1953

P R E SID EN TIAL CHAT— Left to right
are: W . Harold Brenton, retiring president
of the A B A ; President Dwight D. Eisen
hower; George M. Humphrey, Secretary of
the Treasury, and Merle E. Selecman, exec
utive manager of the A B A .

H eese E lected P resid en t o f A .B .A .
Homer J. Livingston, President, First National of Chicago, Named Vice President
By MALCOLM K. FREELAND
Advertising Director
The Northwestern Banker
VERETT D. REESE, president of
the Park National Bank, Newark,
Ohio, was elected president of the
American Bankers Association at its
79th annual meeting, attended by 7,292
bankers and their wives in Washing
ton, D. C., last month. One of his
first appearances in the middle west
is scheduled for the Nebraska Bank
ers Convention November 10th and
11th.
Succeeding W. Harold Brenton, pres
ident of the State Bank of Des Moines,

Iowa, Mr. Reese will be assisted by
Homer J. Livingston, president of the
First National Bank, Chicago, who
was named as vice president of the
A.B.A.
President Dwight D. Eisenhower
greeted members of the convention
at their first general session held in
Constitution Hall, and thanked all
bankers for the opportunity to work
with them in solving current prob
lems in the field of finance. The Presi
dent was particularly appreciative of

banker cooperation in helping sell and
distribute the government savings
bonds.
Secretary of Agriculture Ezra Taft
Benson gave one of the keynote ad
dresses at the breakfast of the A.B.A.
agriculture commission, attended by
an overflow crowd. Commenting on
the many serious problems ahead, Sec
retary Benson said that he and his
associates in government depend to a
great extent on bankers to assist farm
ers in making adjustments so that fu-

A
These pictures and those on succeeding pages were taken by
the N O RTH W ESTERN B A N K E R at the American Bankers
Association convention in Washington, D. C., last month. Left
to right in each photo are:
LEFT— Mrs. Homer J. Livingston; Mr. Livingston, president,
First National of Chicago, and newly elected vice president of
the A .B .A .; Albert J. Robertson, assistant postmaster general,
and senior vice president on leave from the Iowa-Des Moines
National, Des Moines, and Mrs. Robertson.

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CENTER— Ben H. Wooten, president, and Walter W . Schroeder, vice president, both of First National of Dallas, Texas, and
Donald L. MacGregor, vice president, First National of St. Paul,
Minnesota.
RIGHT— Porter L. Willett, vice president, Hanover Bank,
New York; R. E. McNeill, Jr., president, Hanover Bank, New
York, and W ally Boss, vice president, First National Bank, St.
Paul, Minnesota.

TOP LE F T — Philip Lichtenstein, president, American N a
tional, St. Louis; Mrs. Lichtenstein; Mack A. Aldrich, vice presi
dent, Mercantile Trust, St. Louis; Mabelle Kennedy, director,
National Bank of Commerce, Pawliuska, Oklahoma, and former
Assistant Secretary of the Treasury, and Mrs. Harry C. Lane,
whose husband is vice president, First National Bank and Trust,
Tulsa, Oklahoma.
TOP RIG H T— Ray R. Calkins, president, American National,
St. Joseph, Missouri; James P. Hickok, executive vice presi
dent, First National in St. Louis; G-eorge E. Porter, president,

ture agriculture prosperity and secu
rity can be assured. He further told
members that many of the current
farm problems and policies were in
herited from the previous administra
tion, bringing about many inadequa
cies. He stated that the future farm
program must provide for a constant
ly improved economy.
Secretary of the Treasury George M.
Humphrey spoke on the “ Three Pil
lars of Sound Money,” including a
proper budget policy; a properly func
tioning Federal Reserve System free
of domination, and proper debt man
agement. He termed the present fi
nancial policy as an honest or sound
one, rather than a “hard money pol
icy.” Mr. Humphrey agreed with Mr.
Benson in advocating an economy
which will be more free and competi
tive with less government interfer
ence. Many of the other speakers
from government, who appeared on
the three-day program, expressed sim
ilar feelings and suggested that they
want to be as helpful as possible with
out interfering.
W. Randolph Burgess, deputy to the
Secretary of the Treasury, former
chairman of the executive committee

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Federal Reserve Bank of St. Louis

First National, St. Joseph, and W . R. Mesenbrink, vice presi
dent, First National in St. Louis.
LOW ER LEFT— Everett M. Griffith and Harold P. Klein,
vice presidents, Iowa-Des Moines National, Des Moines; Stanley
Power, vice president, First National, Kansas City; Gerald O.
Nelson, vice president, Iowa-Des Moines National, Des Moines,
and C. J. O’Connor, First National, Kansas City.
LOW ER RIGHT— Reginald Figge, vice president; Marvin
Selden, vice president; John T. Hamilton II, president, and
S. E. Coquillette, chairman, all of Merchants National, Cedar
Rapids, Iowa.

of National City Bank of New York
and a former A.B.A. president, ex
pressed a favorable opinion of the fu
ture of public debt management when
he addressed the closing general ses
sion. He said, “You can’t force free
markets and the Treasury has no in
tention of doing so. It will take time
to readjust. There is every reason to
look forward with confidence to this
country’s ability to put its financial
house in better order without any
serious disruption of credit or mar
kets.
“The stream of the nation’s savings
is huge—larger than ever before; the
credit base is secure; the banking sys
tem is sound.
“With a reasonable assurance of
sound, honest money of stable buying
power, there is no better investment
than securities of the United States
government.
“The banks, insurance companies
and other financial institutions, busi
nesses, and individuals, have shown
both their capacity and desire to co
operate with their government in this
effort.
“For years, I have known the public
debt, but in the past nine months,

since I became her slave, I have
learned more of her tricks. She is a
tough old bird to handle. She pokes
her way into every cranny of Ameri
can life, and she goes around inter
fering with all sorts of people.
“The public debt levies interest pay
ments on every one of us as taxpay
ers. But her most serious misbehav
ior is the way she disrupts the flow
of our economic life when she gets
out of hand.
“ In the war, she and her wicked eco
nomic side partners caused inflation,
and ever since 1946 she and they got
out of control and put the cost of
living up 35 per cent.
“She breaks into the money market
and the investment markets and dis
turbs the peace. She seems to be al
ways under foot.”
More than 600 bankers attended
the Independent Bankers’ Breakfast,
which is an annual feature of A.B.A.
conventions. R. M. Evans, member
of the board of governors of the Fed
eral Reserve System, told the Inde
pendents that federal legislation proA .B .A . C O N V E N T IO N . . .

(Turn to page 28, please)

Nort hwest ern Banker, Oc t obe r , 1953

News

and Views

OF THE BANKING WORLD

By BEN H A L L E R , J R ., M anag ing E d ito r

EMBERS

Clearing

the

House

New York
Association

commemorated the 100th anni
versary of its founding at a dinner in
Hotel Pierre in New York City early
this month. Secretary of the Treasury
Humphrey was the guest of honor
and other notables at the function in
cluded Governor Thomas Dewey, Wil
liam McMartin, Jr., who is chairman
of the Federal Reserve Board of Gov
ernors, and Ray M. Gidney, Comptrol
ler of the Currency.
The New York Clearing House was
founded in a basement room at 14
Wall Street in October, 1853, the first
such organization in the country. The
founders were 52 banks with com
bined capital and surplus of approxi
mately $52,000,000 and deposits of $55,000,000. Member banks were assigned
Clearing House numbers according to
the date of their charters, so the Bank
of New York has been No. 1 for a
century. The last number assigned
was 132, although there are only 19
member banks today, the balance of
the numbers being lost in mergers,
closings or liquidations.
At present, daily clearings average
$1.8 billion, the largest record having
been the $4,109,000,000 cleared July 2,

1952. Daily balances average $396
million.
=t= * *
Harry A. Gillis, Jr., international
economist with the State Department,
has been appointed to the staff of
Transamerica Corporation, Frank N.
Belgrano, Jr., p r e s i d e n t , has an
nounced.
Mr. Gillis left his position with the
State Department in Washington, D.
C. , to become researcher, practical
economist and investment counsellor
in Transamerica’s new investment de
partment, Mr. Belgrano said. Prior to
joining the State Department he was
with the Federal Reserve System’s
division of international finance.
Mr. Gillis is a native of Washington,
D. C., was educated and has spent his
business life in the middle west and
east. He majored in economics at
Ohio Wesleyan University and re
ceived his masters degree in econom
ics from George Washington Univer
sity.
* * *
Clifton Blackmon, vice president and
director of advertising and public rela
tions of First National Bank, Dallas,
Texas, has been appointed public in
formation committee chairman for the

T ellers Use Counting JMaeltines

CURRENCY SORTING- and counting machines in receiving tellers’ units are an
innovation at the Continental Illinois National Bank and Trust Company of Chicago.
These machines are used by tellers for sorting and proving the currency received in
deposits and disposing of it in a single handling. Customers have been receptive to
the new idea and the machines are very popular with the tellers.
Before adapting these machines to use at the tellers’ windows, the Continental had
used them for many years in its bulk currency operations. The bank’s experience shows
that more than a 60 per cent increase in currency volume can be handled by tellers
who use this equipment.

Digitized
N ofor
r t h FRASER
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Federal Reserve Bank of St. Louis

Dallas County Chapter, American Red
Cross. He also is a vice president of
the Dallas Advertising League.
* * *
The assignment of additional terri
tory to Frank Fuchs, vice president in
the correspondent banking depart
ment, First National Bank in St. Louis,

T
F R A N K FUCHS
W ill also travel west coast

has been announced by William A.
McDonnell, the bank’s president.
Mr. Fuchs, who is well known in
the middle west and northern states,
now represents First National in Kan
sas, Iowa, Utah, Minnesota, Colorado,
Nebraska, Wisconsin and Idaho. Un
der the new setup he will also repre
sent the bank in the principal cities
of California, Washington and Oregon.
*
=t=
Fred F. Florence, president of the
Republic National Bank, Dallas, has
been elected to the board of trustees
of the American Heritage Foundation,
it was announced recently by Henry
Ford II, chairman of the Foundation’s
board of trustees.
The American Heritage Foundation
has assumed sponsorship of the Cru
sade for Freedom as its major project
for 1953-54. The Crusade, domestic
public information agency and prin
cipal fund raiser for Radio Free Eu
rope and the National Committee for
a Free Europe, provides information,
encouragement and leadership to those
resisting Communist tyranny in the
six eastern and central European “cap
tive counties.”

NEWS AND VIEWS . . .

(Turn to page 65, please)

A witch on a broomstick is not as
fast as airmail or railmail — but
we’d use the witch if it would
save you time in transit.

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Federal Reserve Bank of St. Louis

M EM B ER FEDERAL D E P O S IT IN S U R A N C E C O R P O R A T IO N

Northwestern Banker, Oc t ober,

1953

! t u n in g 's

Y/t èn u r

II in fii’lif
President
Valley Bank and Trust Company
Bes Moines, Iowa
. . there can be no progress without education.”

NE of the outstanding examples
of opportunities that exist in
O
banking today is the career of W in
field W. Scott, president of the Valley
Bank and Trust Company in Des
Moines. A look at his record should
convince younger people that the
field of commercial banking still has
room at the top for those who are
willing to spend the time it takes to
master the steps that lead to advance
ment.
Throughout the 41 years he has
worked in banks, Winfield Scott has
abided by a cardinal rule that has
been the key to his advancement from
messenger through clerical and execu
tive positions to his present post as
president — and that rule lias been
and still is that there can be no prog
ress without education.
It was this personal belief early in
his career that got him interested in
activities of the American Institute of
Banking. He pursued the various
courses offered by the A.I.B., receiv
ing his graduate certificate. In 1921,
at the age of 30, lie was elected presi
dent of the Des Moines Chapter.
Just learning, of course, did not
guarantee his steady rise to better as
signments. It was the application of
wliat he learned in his business classes
and from his job at hand that prompt
ed his supervising officers to mark
DigitizedNorthwestern
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Federal Reserve Bank of St. Louis

him for promotion. Winfield Scott
started as a messenger in the Iowa
National Bank on December 30, 1912.
After advancement through numerous
clerical tasks that familiarized him
with the hank’s operations he was
elected assistant cashier in 1924.
In 1929 he was named assistant vice
president of the lowa-Des Moines Na
tional Bank and Trust Company (now
the lowa-Des Moines National Bank).
He left there in 1938 to accept an ap
pointment as vice president of the
V alley Bank and Trust Company. He
was elected senior vice president of
the Valley Bank in 1945, then suc
ceeded his close friend and associate,
Frederick M. Morrison, to the presi
dency in November, 1952, following
Mr. Morrison’s death. The Valley
Bank now has $24,500,000 in deposits.
Mr. Scott’s election by the board of
directors was received with much
favor by his fellow officers and all
staff members. One of his outstanding
characteristics has always been his
readiness to discuss any matters with
other members of the staff, and they
all feel free to come to his desk for an
opinion or advice at any time.
Two other characteristics that have
won countless friends for Winfield
Scott are his keen sense of humor and
his ever-present smile. He can give

full attention to serious problems un
der discussion, but can still manage
to inject a much-needed spark of
humor, always at the appropriate
moment.
Winfield W. Scott was born Decem
ber 3, 1891, in Des Moines. He at
tended elementary schools here and
was graduated from old West High
School (now Des Moines Technical
High School). He was married to
Margaret C. Brennan in 1921.
His interest in civic and charitable
activities accounts for much of his
time outside the bank. He has been
very active in the Des Moines Cham
ber of Commerce, serving as president
in 1950, and currently serving as a
member of the board of directors.
Another prime civic interest is his
presidency of the Roadside Settle
ment, a charitable organization that
devotes its times to helping under
privileged children. He is a director
of the Inter-State Assurance Company
of Des Moines, and is a director of
Des Moines Still College of Osteop
athy and Surgery. Mr. Scott is a
past president and is at present the
treasurer and a director of Sertoma
Club. He is a Mason and Shriner, a
member of Westminster United Pres
byterian Church, and is a member of
the Wakonda Club and Des Moines
Club.

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For example:

T ra n sit it e m s
You may send all of your western transit items in one cash letter
to Bank of America at either San Francisco or Los Angeles. At
each point a day and night transit department handles such
items promptly and efficiently.
If you prefer, you may send two daily cash letters—
one to San Francisco—
containing items payable in Northern California, Oregon,
Washington, Utah, Nevada, Idaho, Hawaii, Guam and Alaska.
one to Los Angeles—
containing items payable in Southern California and Arizona.
Bank of America’s extensive correspondent relationship with
banks throughout the country and wide use of airmail assures
prompt handling of items payable anywhere, especially in the
West.

Send for your copy today. Just write Bank of America, Dept. AD, San Francisco, California.

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Federal Reserve Bank of St. Louis

o í A tu e rtra
NATIONAL ïîfô V S S ASSOCIATION
MEMBER

F E D E R A L D E P O S IT I N S U R A N C E C O R P O R A T I O N

Nort hwest ern Banker, Oc t ober , 1953

M ore

Left to right in each photo are:
TOP LEFT— Mrs. Dale R. Ainsworth, whose husband is vice
president, City National Bank and Trust, Kansas City; James
S. Neely, vice president of the same bank, and Mrs. R. Crosby
Kemper, whose husband is president of the City National Bank
and Trust of Kansas City.
TOP BIG HT— Mrs, William A. Herbrechtsmeyer; Mr. Herbrechtsmeyer,. vice president, First Security Bank and Trust,
Charles City, Iowa; L. Nevin Lee, vice president, Bankers Trust,

A.B.A. CONVENTION . . .
(Continued from page 23)
viding for the effective regulation of
bank holding companies is a must if
our private banking system is to be
maintained. Several regulatory bills
are now pending in Congress and the
bill (S. 1118) introduced by Senator
Homer S. Capehart, chairman of the
Senate Banking and Currency Com
mittee, has the strong support of the
Independent group.
Members of the American Bankers

Dos Moines, and William Haakinson, vice president and cashier,
First Federal State, Des Moines.
LO W ER LE F T — John Hejinian, assistant cashier, Chase N a
tional Bank, New York; Thomas Scott, vice president, Brenton
State Bank, Dallas Center, Iowa, and William H. Brenton,
cashier, State Bank of Des Moines, Des Moines.
LOW ER RIGHT— George Morrell, vice president and treas
urer, Morrell & Company, Ottumwa. Iowa; J. M. Potter, vice
president, National City Bank of New York; and Mrs. Morrell.

Association will hold their 1954 an
nual convention October 17th to 20th
at Atlantic City, New Jersey.
New officers were elected at each
of the A.B.A. division meetings with
the following results:

National Bank Division

vice president of the division.
Gibbs Lyons, president. First Stam
ford National Bank, Stamford, Con
necticut, was elected chairman of the
executive committee of the division.
Elected to the division’s executive
committee for three-year terms were:
A. E. Dahl, president, Rapid City Na
tional Bank, Rapid City, South Dako
ta, representing F. R. District 9; Hugh
W. Hicks, president and trust officer,

Henry A. Kugeler, president of the
Denver National Bank, Denver, Colo
rado, was elected president of the Na
tional Bank Division.
B.
Magruder Wingfield, vice presi
dent of the National Bank of Com A.B.A. CONVENTION . . .
merce of Houston, Texas, was named
(Turn to page 62, please)

Left to right in each photo are:
LEFT— J. B. Richardson, assistant vice president, Chemical
Bank and Trust Company, New York; Mrs. George A. Malcolm,
and Mr. Malcolm, president, Drovers National Bank of Chicago.
CENTER— Fred A. Irish, chairman, First National Bank and

Digitized Nort
for FRASER
hwest ern Banker, Oc t o be r , 1953
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Federal Reserve Bank of St. Louis

from the A . ft. .4. Conve

Pictures

Trust, Fargo, North Dakota, and S. J. Kryzsko, president,
Winona National and Savings, Winona, Minnesota.
RIGHT— J. W. Beasley, Jr., vice president and cashier, Guar
anty Bank and Trust Company, Alexandria, Louisiana; Mrs.
Beasley; Mrs. Fred Florence, and Mr. Florence, president, Re
public National -Bank, Dallas, Texas.

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Federal Reserve Bank of St. Louis

. . . the most significant development
in bank design in 50 years

read about this new Mosler development.

►

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Federal Reserve Bank of St. Louis

THE NEW

CENTURY-10
B A N K

V A U L T

It’s not just the modern, massive beauty of this new
Mosler bank vault door that makes you take a quick
breath.
It’s the fact that you recognize it as a reflection, in glisten
ing steel, of your own vision . . . o f your own bold,

D O OFT

forward-looking concept of modern banking and the
modem banking office.
You sense that here is a new starting point for the
modernization and expansion plans of your bank— any
bank. The symbol of the bank of tomorrow.

Ä M osler Safe
MOSLER BEAUTY IS FUNCTIONAL BEAUTY in this new Mosler Cen

tury-10 Bank Vault Door. Its magnificent, modern design was the
combined work of famed industrial designer Henry Dreyfuss and
Mosler engineers. No detail was overlooked to make its ease and
security of operation as outstanding as its appearance. Incorporated
are all the virtually impregnable protective features that have made
Mosler the overwhelming choice of leading banks throughout the world.

W o r ld ’s largest builders o f safes and bank v a u lts .. . M osler built the U. S. Gold Storage Vaults at Ft. Knox and the famous vaults that withstood the Atomic Bomb at Hiroshima

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Federal Reserve Bank of St. Louis

Nort hwest ern Banker, Oc t ober ,

1953

Auditors und Comptrollers
To Conrene in
York
HE largest group of bankers to
ever attend a convention of The
National Association of Bank Auditors
and Comptrollers is expected in New
York City, October 19th, for the open
ing of the association’s 29th annual
convention, a c c o r d i n g to General
Chairman Henry G. Diefenbach, who
is vice president and comptroller of
the United States Trust Company of
New York.
To insure that the program will fea-

S r y /t / y -f i f Y /

ture subjects that the delegates most
want discussed, a questionnaire was
sent to all NABAC members several
months ago by Program Chairman
Everett J. Livesey, who is vice presi
dent and secretary of the Dime Sav
ings Bank of Brooklyn, New York.
The results of this poll is an inter
esting and versatile program covering
such subjects as direct verification,
the future of the auditor in banking,
control of personnel turnover, pension

and profit sharing plans, audit control
without an auditor, review of service
charges, work simplification, various
systems of operating a Christmas Club
and a panel comprised of supervisory
authorities.
The session on Wednesday, October
21st, will be divided into two groups.
One of these will cover the current
problems in large banks and the other
group will discuss those problems per
tinent to smaller institutions.
The convention, which will be held
at the Roosevelt Hotel, will close on
Thursday evening, October 22nd, at a
banquet at the Waldorf-Astoria.

Manager of Operations
L.
H. Guinger, assistant vice presi
dent of the Bank Building and Equip
ment Corporation of America, has been
named manager of operations for the
corporation, according to an announce
ment from the firm’s St. Louis head
quarters.
Mr. Guinger, who has assumed his

it i r e t i r / t t f SJcfft

Your
Government Bonds

AS an aid in handling portfolios of United States Governi l .

ment securities, we send our correspondent banks a

weekly quotation sheet, buy and sell government securities
as agent without fee and if requested hold the securities in
L. H. G U I N G E R

safe keeping without charge.

25 years’ experience

This is one of many facilities we have developed from
an experience of more than three-quarters of a century as
Chicago correspondent for hundreds of Middle West banks.
W e shall be pleased to explain these facilities in full detail.

PT/te

LIVE STOCK
BANK

e A a fio n a /

c f

E S T AB L IS H ED 1868

U N I O N STO C K YARDS

Member Federal Deposit Insurance Corporation

Nort hwest ern Banker, Oc t o be r , 1953
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Federal Reserve Bank of St. Louis

new duties, has had 25 years’ expe
rience with Bank Building. He joined
the company’s accounting department
in 1929.
The continuing growth of the com
pany, both in this country and in Mex
ico and South America, has created
the need for a central coordinator to
facilitate Bank Building’s widespread
and complex operations.

New Office
The Valley National Bank, Phoenix,
will open a branch office at San Man
uel, 45 miles northeast of Tucson, the
latter part of October, it was an
nounced by Carl A. Bimson, president
of the bank.

33
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N o. 8 o f a S e rie s

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& W f.i

R e c e n tly voted “ D istin
guished Farm Banker of
Missouri” in a state-wide
poll, E. J. Evens earned
this honor hv p io n eerin g
many plans for soil im
provement. Born on a farm
in Bates County, N . J., he
joined People’s Bank in
Butler in 1920. He opened
his own bank in Am ster
dam in 1926. For two years
he was on the Soil Conser
vation Committee of the
A B A . M r. Evens was pre
sented the Master Conser
vationist Award by the
M is s o u r i C o n s e r v a t i o n
Commission in 1943 and
has won many other hon
ors during his long career.

1
IN S P E C T IN G S O Y B EA N S on a farm near Amsterdam, M o ., are

E. J. Evens

(left) cashier of Citizens Bank, and Jesse

Gregory (right), farmer. Evens recently was voted “ D istinguished Farm Banker of M issouri” in a state-wide poll.

Bank In Town of 175 Wins
National Fame As Model Farm Bank
borrow money for fertilizer. Tw o years ago E. J. (as
everyone in Amsterdam calls him) made a survey and
found that $370 was the average amount spent on each
farm for fertilizer. Today fertilizer loans of $2,000,
$3,000 or $4.000 are not uncommon.

A b o u t the m ost u n lik e ly place you would expect to find
a nationally famous bank is Amsterdam, Missouri, popu
lation 175. Y et Amsterdam is home of a half-million
dollar bank that often is cited as a model of farm bank
ing. Known as Citizens Bank, this institution was
founded in 1926 by a man who is one of Am erica’s real
pioneers in enlightened farm banking: E. J. Evens.

E. J.'s p h ilo so p h y is that fertilizer is a commodity, not
a luxury. “ These days,” he says, “ you can’t farm with
out gasoline. And you can’t farm without machinery.
And you can’t farm without fertilizer, either.” Always
active in everything that will promote better farming,
Evens organized the Amsterdam 4-H Club 24 years ago;
has been its sponsor ever since. As one farmer said,
“ Everybody around here depends on E. J. H e helps
with pretty near every problem they have. W orks out a
plan for them. Figures their income tax. And even sees
that their kids get in the 4-FI C lub!”

A u n iq u e featu re of M r. Evens’ bank is its 4 % soil im
provement loans. For many years, Citizens has been
making 4 % loans to farmers who show interest in soil
conservation and the Balanced Farming Program. If a
farmer needs money to buy fertilizer for waterways, per
manent pasture or terracing, he can get it at 4 per cent.

Loans for fe rtiliz e r to increase crop production, of course,
are considered operating loans and these are made at
6 % . M ore than half the customers of Evens’ bank
borrow money from the bank. And almost all of them

That's all consistent with E. J. Evens’ theory that farm
banking shouldn’t start or stop with an operating loan!

Supplies The Nitrogen

Spencer Chemical Co.

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Federal Reserve Bank of St. Louis

Dwight Bui ldi ng

•

K a n s a s C i t y , Mi s s o u r i

Northwestern Banker, O cto be r, 1953

34
Y

Huth #i. Sherrill
IIetuis Hank Women
M

RS. RUTH E. SHERRILL, as
sistant vice president, First Na
tional Bank of Memphis, Ten-

R e p r e s e n t in g O u ts ta n d in g
M a n u fa c tu r e r s :

ACCEPTED
ADVERTISING
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DENVER, COLORADO

“ Our representative will call
or full information by mail.
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nessee, was elected president of the
Association of Bank Women at its an
nual convention held at The Shoreham Hotel in Washington, D. C., last
month.
Other officers elected were:
Vice president, Miss Cora I. Blanch
ard, assistant treasurer, Suffolk Sav
ing Bank for Seamen and Others, Bos
ton, Massachusetts.
Recording secretary, Miss Mildred
E. Flaniken, National Bank of Com
merce, Memphis, Tennessee.
Corresponding secretary, Miss Luise
A. Weiner, Union Planters National
Bank, Memphis, Tennessee.
Treasurer, Mrs. Margaret S. Mc
Clure, auditor, The City Bank of
Washington, D. C.
Eight regional vice presidents chosen
were:
Lake Division — Miss Elizabeth
Kleindienst, Harris Trust & Savings
Bank, Chicago, Illinois.
Middle Atlantic Division — Miss
Leah N. Woodruff, assistant secretary,
The Community Savings Bank, Roches
ter, New York.
Mid-West Division—Miss Jennie R.
Williams, Empire National Bank in
St. Paul, St. Paul, Minnesota.

New England Division—Miss Louise
Seely, clerk of the corporation, Charles
town Savings Bank, Charlestown Dis
trict, Boston, Massachusetts.
Northwestern Division— Mrs. Sally
M. Lanham, assistant cashier, Fort
Lewis Branch, National Bank of Wash
ington, Fort Lewis, Washington.
Southern Division—Miss Elsie Park
er, trust officer, secretary and director,
Southern Trust Company, Clarksville,
Tennessee.
Southwestern Division—Miss Louise
Stevens, assistant cashier, HutchingsSealy National Bank, Galveston, Texas.
Western Division — Mrs. Lillian
Dolde, assistant vice president, Albu
querque National Bank, Albuquerque,
New Mexico.

Receives Award

Guaranty Trust Company of New
York has announced the appointment
of Temple E. Dalrymple as second
vice president. Mr. Dalrymple has been
an assistant treasurer in the banking
department since 1943, where he has
been associated with the bank’s busi
ness in the southern states.

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For the finest, most extensive and most econom ical advertising in America.
Northwestern
Banker. O c to b e r , 1953
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Second Vice President

Advertising Message for the Least Investment

FOR FARMERS AND
SMALL BUSINESSES

Miss June Marion Newcombe of the
Community National Bank of Pontiac,
Pontiac, Michigan, was presented the
Jean Arnot Reid Award by the Asso
ciation of Bank Women.

CALENDARS will always carry the
STRONGEST and MOST EFFECTIVE

INFORMATION STYLES

The phrase “banker’s hours”, as used by the average layman, is enough to bring
a quiet smile to any bank official’s lips. If your responsibilities include customer
relations, chances are you never really stop thinking about additional opportunities
for improving service. The quality of the checks you supply your customers is well
worth special scrutiny since they are your bank’s “good will ambassadors” in
the customer’s home or at his place of business. Thousands of bankers have
found that the safety and fine appearance of checks lithographed on La Monte
Safety Papers earn approval from the most discriminating customer. Why not
ask your lithographer for samples . . . or write us direct.
t
A Check Paper All Your Oivn
Thousands of banks and many of the larger corporations use La Monte
Safety Papers with their own trade-mark or design made in the paper
itself. Such i n d i v i d u a l i z e d check paper provides maximum protection
against both alteration and counterfeiting—makes identification positive.

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

THE

WAVY

L IN E S ®

ARE

LAMONTE

TRADE-MARK

N o r t h w e s t e r n B a n k e r. O c t o b e r . 1953

Elected Vice President
Robert M. Anderson, an official of
the Reconstruction Finance Corpora
tion, has been elected assistant vice
president of First National Bank in
St. Louis.
Mr. Anderson has been assigned to
the correspondent bank department
and will represent First National in
Oklahoma, New Mexico, Arizona and
Texas.

Window Displays
Designed by Raymond Loewy, the
first two in a series of special window
displays featuring bank services have
been installed by The Hanover Bank
at its Rockefeller Center office. The

displays may be extended to other
branches later.
The bank’s foreign and philanthrop
ic services are depicted in the initial
displays.

charge of security analysis and re
search.
V

Four Appointments
Lawrence F. Stern, president, Amer
ican National Bank and Trust Com
pany of Chicago, announced the ap
pointments of William B. Cudahy as
vice president, Luther C. Dilatush and
Harold N. Snapp as assistant vice
presidents, and Edwin C. King as as
sistant trust officer.
Mr. Cudahy, who is a member of
the investment division of the bank’s
trust department, will be placed in

W IL L I A M B. CU DA HY
Vice President

Mr. Dilatush and Mr. King are also
associated with the bank’s trust de
partment, Mr. Dilatush serving in the
capacity of an investment officer and

Henry H. Byers
President

Erwin W. Iones
Vice President

B A N K S B O U G H T A N D SO L D
*1

Our most recent bank sale—
The First National Bank
in Glidden, Iowa
was completed and the new owners in charge in less than two
weeks from the date we received our commitment from the owner.
Complete story in Iowa Section of this publication.
If you plan to sell your bank, or are in the market to buy a
bank, and you want the transaction handled efficiently and con
fidentially, consult us by letter, telephone or in person. All
correspondence and consultations are confidential.

Bankers Service Company
1108-1115 Register & Tribune Building
DES MOINES 9, IO W A
Digitized
N ofor
r t hFRASER
w e s t e r n B a n k e r, O c t o b e r , 1953
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

L U T H E R C. DI L A TUSH
Assistant Vice President

Instant Appeal
The LE E Bunga

SAVINGS

BANK
M ade of b rillia n t S tyre n e P la s tic , in co n tra st
ing co lo rs. Fine d e ta ils of a re a l home. M ov
able g arag e door, open w in do w s, flag-stone
p ath , stone w a ll, green la w n , shingle ro o f,
clapb oard siding and other fe a tu re s . Perm a
nent colors— not ju st p a in t.
LA R G E S P A C E FOR IM PR IN T — IN GOLD

See y o u r a d v e r t i s i n g s p e c i a l t y salesm an

THE
173-175

LEE
Lee

PLASTIC
A v e .,

MFG. CO.

B rid g e p o rt,

C o nn.

N O T JU S T R IC H

P E O P L E . All People. Yesterday’s poor

people are today’s rich people. Today’s poor people are
tomorrow’s rich people. People’s dreams are your business—
you can help to make their dreams come true. You need
people and people need you. Christmas Club brings people
to your institution. Christmas Club is the full time business
of Christmas Club A Corporation— not a side-line. There is
a definite ' Know H ow ” to educating the people in thrift
habits that lead to individual financial security.
"People are more important than m oney.” Christmas
Club, A Corporation builds savings— builds character and
builds business for financial institutions.

BUI LDS SAVI NGS

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

•

BUI LDS CHARACTER

•

BUI LDS BUSI NESS FOR F I N A N C I A L I N S T I T U T I O N S
N o r t h w e s t e r n B a n ke r, O c to b e r, 1953

38
Mr. King as a member of the persona!
trust division.
■\

New Way to Increase
Savings Deposits

PROVEN BY
BANKS
COAST TO
COAST
i

H A R O L D N. SNAPP
Assistant Vice President

• Already used successfully by
banks from coast to coast, our
SaveMaster wallet and dime-saver
plan may well mean additional
savings deposits for your bank, too.

SaveMaster is offered to one bank
exclusively in each community.
Without obligation, we will gladly
send you full details on SaveMaster
and what it has accomplished.

S ave M aster P lan

W r ite to :

National Thrift Plans, Incorporated
723 Fourth Ave., West Bend, Wis.

Mr. Snapp has a background of 43
years of active banking experience
and has served with American Na
tional Bank since its inception. He is
presently in charge of the savings
division of the bank.

Joins Todd Company
T. John Fleming has joined the
Minneapolis staff of the Todd Com
pany, manufacturer of protected, in
sured checks and check writing and
check signing equipment.
Thomas M. Stovall has been ap
pointed representative in Omaha for
the Todd Company. He recently com
pleted an intensive training course at
the firm’s home office in Rochester,
New York.

.ifa n n fa e tu re rs FOR BANK FIXTURES AND
o f Haul.BANK REMODELING
F ix tu re s
L00l( T 0 JAEGER f o r RESULTS
S P E C IA L
BA N K FU R N IT U R E
M AD E T O O RD ER
E xe cu tive Desks
Coupon Booths

Tables
Bank Chairs

Counter Tops
Check A sso rtin g Racks

S e tte es

Jaeger Manufacturing Company is staffed with experienced
engineers and designers who will he happy to consult with
you or your architect about your Bank Remodeling or Bank
Fixture needs. Every Jaeger job is hacked by over 70 years’
experience.

| JAEGER M AN U FA C TU R IN G C O M PAN Y
\ 8th and Vine Streets, Des Moines 9, Iowa
| □
i
j □

W e W ould Like Information on Rem odeling and M odernizing Our
Bank Fixtures.
W e W ou ld Like Information on N ew Bank Interiors.

i Bank Name............................................................................................... - .......................
| Address................................................................................... By.....................................
Northwestern Banker, O c to b e r , 1953

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

J a eg er
. i l a n a h if i u r i t i f f *
I'otn paag
t

While -the cify sleepsHESE people know h ow important time
can be to you and to your customers.
That’ s why they turn their days upside dow n,
g o in g to w ork when you are g oin g home.
Long after Chicago is dark this fast, capa
ble group picks up your cash letters from
Lock B ox H at the post office across Clark

Street. Your items are processed im m edi
ately and speeded on their way to save you
perhaps a full day on availability o f funds.
Day and night handling o f all items at
Continental Illinois is your assurance that
your checks are on their way in the shortest
possible time.

Continental Illinois National Bank

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

a n d T r u s t C o m p a n y o f C h ic a g o
LOCK BOX H, CHICAGO 90, ILLIN O IS
Member Federal Deposit Insurance Corporation

Northwestern Banker, O c to b e r, 1953

Mosler Unveils JVeic Hesit/n
in Hunk Vault Ilnur
N ENTIRELY new concept in
bank vault door design, styled by
Henry Dreyfuss and engineered by
the Mosler Safe Company, Hamilton,
Ohio, was shown for the first time at
a preview in the Statler Hotel during
the American Bankers Association
convention in Washington.
Available in a wide range of door
sizes weighing from 8,000 to 50,000
pounds and more, the new design
marks the greatest advance in bank
vault styling in half a century, accord-

ing to Edwin H. Mosler, Jr., president
of the 105-year-old firm.
“For many years,” he said, “leading
bankers and bank architects have com
plained that vault doors were the only
piece of important banking equipment
which had not been completely mod
ernized during the past five decades.

MADE FOR Y0 IM
S P E C IA L B A N K E R ’S C A SES

V A U L T DOOR — Simple lines which
characterize the exterior of the new Mosler
bank vault door have been carried out in
its interior design, as illustrated above.

y
“The Dreyfuss design,” added Mos
ler, “answers the long standing need
for a door more compatible with con
temporary bank architecture. It pro
vides bankers with an attractive unit
that combines functional beauty with
m axim um protection. Although it
shatters vault door precedent, its clas
sic simplicity conveys the feeling of
great strength and security. The new
design will help make local banks a
showplace and a conversation piece.”

Outstanding Features
One of the outstanding features of
the Dreyfuss design is a massive crane
hinge, sculptured in appearance, on
which the precision-tooled vault door
swings. In addition to its striking
appearance, the giant hinge develops
strength capable of carrying several
times the actual weight of the door.
Another completely new develop
ment is the styling of the door’s oper
ations panel. For the first time, the
door’s pressure wheel, bolt-handle and
combination locks have been mounted
on an integrated operations panel.
Except for the hinge and the oper
ations panel, which have been given
unusual treatment, the door face is
free of all ornamentation so that the
door appears as one massive block of
glistening steel.
In addition, Mosler’s new “CounterSpy” combination locks have been

INDEXED

1—
2—
3—

FULL

A to 2 — 21 pockets
Jan. to Dec.— 12 pockets
1 to 31 — 31 pockets

CA N VA S

PRESSBO ARD

B A N K E R ’S S O R T IN G CASE

m m m i■
y

Ready to Serve your
Bank Check needs

C O L U M B I A N

^T fiw O R K S

BAN KER’S SAFETY MAILERS
H E A V ILY G U M M E D FLA PS
1, 2 & 3 INCH EX PAN SIO N
Tops of gussets turn in over
contents be fore sealing, which
avoids g a p p in g corners, gives
protection again st tampering,
and reinforces the tight sealing
security of the full w ide flap
with its extra heavy gumming.
S afe ty fla p protects contents
when opened with knife. O n ly
two seals required; making
possible a g re at saving on each thousand envelopes. The
ord in a ry Registered M a il Envelope requires three or four seals
to insure safety.

B A N K C H E C K D IV IS IO N • M IL W A U K E E 9 ,W I S .

Printing C ra ftsm en Since 1861

Sizes— 11" x 5 "— 12" x 10"— 15" x 10"

See 'Ifou'i StaiicMtesi, S pecify Smead
Smead m a n u f a c t u r i n g c o m p a n y , i n c .
H A STIN G S ,

M IN N E S O T A

Northwestern Banker, O c to b e r , 7953

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

lliil

'§
j

There's a big difference in the w ay credit
information is furnished. Here's how to get

The information they gather is carefully
analyzed and evaluated in the light of current
trade and business conditions, under the

fast, accurate service.

personal supervision of our credit officers.

At Bankers Trust, every credit inquiry receives

If you believe that more thorough and depend

the personal attention of an experienced credit

able credit information could be helpful to

officer. W e make it our business to get first

you, investigate this phase of Bankers Trust

hand information from suppliers, customers,

service. It is one of the many dependable

banks, trade associations and regular credit

services we offer . . . another reason why more

agencies. W e know what information to get...

and more banks look to us for an efficient

and we send it to you promptly in clear,

New York banking connection.

detailed form.

W e invite your inquiry. Feel free to write us

Our credit investigators are experienced men,

fully. Address us at 16 Wall Street, New York

specially trained in this exacting kind of work.

15, New York.

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

ban kers

T rust co m pa n y
NEW YORK

Member Federal Deposit Insurance Corporation

Northwestern Banker, O cto be r, 7953

42
built into the bank vault door. Be
cause the combination numbers are on
the edge instead of the face of the
dial, the numbers can be seen only by
the bank official who works the com
bination. The possibility of combina
tion stealing is eliminated by the
dial’s “snoop-proof” design.

Day Gate
Another completely new feature is
the Dreyfuss design of the door’s
day gate which prevents access into
the vault by unauthorized persons
during the day when the main vault
door is open. The day gate has flat,
horizontal steel bars instead of round,
vertical bars as in conventional day
gates.

Mr. Mosler pointed out that the door
is engineered to give maximum pro
tection against fire as well as against
all known methods of attack, includ
ing sledges, explosives, drills and
torches. Alternating layers of openhearth steel, burn-resisting metal, and
five-ply steel make this possible.
The door’s bolt-work is controlled
by multiple movement, anti-concus
sion, 120-hour timelocks, and multiple
movement combination locks. The
combination locks are capable of 100
million changes.
The door is also provided with a
special relocking device which auto
matically protects the locking bolts
when explosives or external violence

are used.
Any one of several Mosler bandit
police alarm systems can be used with
the new door. Such alarm systems
are designed to thwart the Willie Sut
ton type of kidnap-holdup. Secret de-

DROVERS LOCATION
MAKES IMMEDIATE CREDIT
POSSIBLE ON LIVESTOCK PROCEEDS

T he I) rovers N ation al Bank* is located at
Cliicago’s Union Stock Yards. We give our corre
spondents immediate credit for proceeds of live
stock sold on the Chicago market by their farm
customers. Let us help speed up the availability
of your funds.
We invite your inquiry.
*The Drovers National Bank is a direct member of the Chicago Clearing
House Association and the Federal Reserve System. It has provided
continuous service to correspondent banks since February 12, 1883.

r o

r s

a n

D ro vers N a tio n a l B a n k a n d D ro v er s T r u st

if’

k s

S a v in g s B a n k

UNION STOCK YARDS, CHICAGO 9, ILLINOIS
Members, Federal Deposit Insurance Corporation

E A R L Y MODEL — Industrial designer
Henry Dreyfuss examines an early model
of the new vault door unveiled by the
Mosler Safe Company at the A B A conven
tion in Washington, D. C.

vices of this kind automatically sound
an alarm in the local police station
when a teller is forced to open a vault
door against his will.—The End.

Dividend
The board of directors of Manufac
turers Trust Company, New York,
have declared the regular quarterly
dividend on the bank’s capital stock
in the amount of 70 cents per share,
payable on October 15, 1953.

1 OUT OF E V E R Y 2%

People who live in Arizona should
know something about Arizona
banks. And over 350,000 of them
are our customers.
W h e n you have business in
Arizona, do as Arizonans do —
let us handle your transactions!
RESOURCES

$300

M IL L IO N

V A L L E Y N A T IO N A L B A N K
COMBINED RESOURCES OVER ONE HUNDRED MILLION DOLLARS
Northwestern
Banker, O c to b e r, 1953
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

F R IE N D L Y

OFFICES

Home O ffic e : P hoenix

MEMBER FEDERAL DEPOSIT INSURANCE CORPORATION

“THANK YOU”
Two small words that build
GOOD WILL, FRIENDS and BUSINESS

O. I j. K a r s t e n , P r e s id e n t,

N e w t o n N a t io n a l B a n k , N e w t o n , I o w a ,
s a y s “ T h a n k Y o u ” w i t h a g ift .

JOHN W A N A M A K E R

once

said :

“•Give me the Good Will of my customers and you can have my store. I could
build a new one in a few months, but it would take the rest of my life to rebuild
the Good Will which we have worked so hard to establish.”

Bankers Tell Us . . . Specialty Advertising Doesn't Cost . . . IT PAYS
B Y R O N D U N N , P r e s id e n t o f th e N a tio n a l B a n k o f C o m m e r c e , L in c o ln , N e b r a s k a , s a y s :

44We have found Specialty Advertising very pleasing and prof
itable. It gives an entrance and contact with the person to whom
you are presenting yourself, and it leaves something with him
to remember the call.
44In Specialty Advertising, we use such things as Mirror Cal
endars, Wall Calendars and Desk Sets— things that can be seen
by everyone who enters the plaee of business. To me, the article
must be carefully selected to meet the demands of the particular
type of business and something that is useful.
44I think all Specialties used should be carefully chosen for use
fulness and the ability to leave a pleasing impression on the
recipient.”
M ail
C oupon
Today

Benefit by our more than 44 years’ experience in this
business on a National scale. Lise this form,

Newton Mfg. Co.
Dept. 7
Newton, Iowa
Dear Newco:
We are interested in your suggestions for:
Please Check
Holiday Advertising ........................
Special Occasion.................................
Opening New Dept........... ................
Special Promotion...............................
Anniversary...........................................

NEWTONMANUFACTURINGCO.

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

NEW TON,

IO W A

□
□
□
D
□

Bank_____________
Officer’s Name
Address______________ ^____________
City_________________________ State
Northwestern Banker, O cto be r, 7953

Tax-free investments can improve your bank's net earnings
to analyze your bond list with you and, if
you wish, with your tax people. There
may be important benefits to your bank in
such a review at this time.
There will be no obligation in talking
the matter over, so call or write the Bond
Department at the earliest opportunity.

HE Bond Department of The Northern
Trust Company stands ready to assist
you in reviewing your bank’ s bond ac
count . . . with a view to increasing your
net earnings per share.
Our Bond officers, investment special
ists in relation to the tax law, will he glad

SEND N O W

for the new Northern Trust booklet, “ You Can Have
Tax-Free In com e". You will fin d it a valuable aid in dis
cussing the advantages of municipal bonds with you r customers.

THE NORTHERN TRUST COMPANY
L O C K B O X N , C H IC A G O 90

•

F R A N K L IN 2 -7 0 7 0

Member Federal Deposit Insurance Corporation
-Jl-

NEW Y O R K REPRESENTATIVE

Northwestern
Banker, O c to b e r , 1953
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

•

15 BROAD STREET, NEW Y O R K 5

★

IN V E S T M E N T S

Tax
it via tj

iixvtapî
iarvstaivat

iaivvvst
Op

Alert Investors Are Taking Advantage of the Yield
Afforded By This Type of Security
By RAYMOND TRIGGER
Investment Analyst
New York City
OW that the bond market is
leaving behind the major phase
of its first bearish readjustment
in two decades, the tax-exempt inter
est bonds of state and local govern
ments and their agencies are emerging
as among the most interesting market
able investments of the postwar pe
riod.
These bonds have been attracting
attention yield-wise ever since mu
nicipal bond prices began to go into
visible retreat before the big veterans’
bonus bond issues of the early post
war days. But, on the whole, the
appeal of the rising yields was until
recently outbalanced substantially by
misgivings. Investors were unsure
about the traditional thinness of the
secondary market for municipal bonds,
where portfolio switches were not
easy to accomplish within a few basis
points of quoted yields. Further, it
was clear that a great new supply of
bonds of states and municipalities was
bound to come to make up for the
neglect of local public capital plant
that began in the depression and per
sisted through the war.

bonds since the end of the war and
that 1953 financing, if it continues at
the pace of the first six months, will
exceed the $5,000,000,000 mark. If so
ber statistics could ask a sarcastic
question, it would undoubtedly be:
just how thin can the municipal mar
ket get?
This record of absorbing swollen in
vestment supply proves that it is high
time for investors and market distrib
utors to get rid of the inferiority com
plex surrounding the market for taxexempt yields and to find assurance
in the market’s amply demonstrated
size. True, prices may recede further
from time to time according as the
supply and demand for such invest
ments fluctuate. But the big question
posed in 1946 about the tax-exempt
market’s absorptiveness has been an
swered conclusively.

A "Free" Market
An even these formidable considera
tions were overshadowed by the even
more crucial question hanging over
the whole market: Would Federal Re
serve System support be withdrawn
from the market for Treasury securi
ties, and if so, what would be the
consequences? In the early postwar
days the very thought of the Treas
ury’s 2Vz per cent bonds going through
par caused a shudder to go through
the marketplace, and even in top-pol
icy banking circles, officials did not
flinch from using the warning adjec
tive “bottomless.” Even after the
break with a par-supported market in
1951, the fundamental question per
sisted on modified form: Would the

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

Federal Reserve Attitude
authorities dare to let the market get
along on a “completely free” basis?
With questions such as these form
ing a background for the long delayed
emissions of local government debt,
the easy thing was to accept the post
war jitters as unshakable and to over
look the great measure of financial
progress and equilibrium achieved by
rundown local government capital
plants since the war.

Rise Striking
The rise in municipal yields, as
measured by the Bond Buyer’s index,
was indeed striking—from 1.29 per
cent in February of 1946 to 3.04 per
cent in July of this year. And appre
hension continues about the continued
big stream of borrowing looming
ahead. But what is forgotten—that
is, if it ever has been generally appre
ciated—is that the “thin” market for
tax-exempt securities has absorbed
more than $24,000,000,000 of serial

The second big reservation, the at
titude of the Federal Reserve System
toward a “free” bond market, seems,
too, to have been answered. Given
a renewal of virulent inflationary
forces, all bond prices may indeed go
to lower levels—even through those
touched in June and July—but it is
now clear that the central bank has
no intention of letting the bond mar
ket shift for itself altogether, as it
was content to do in the spring and
summer.
The disorderly declines that took
place in Treasury securities in the
weeks that succeeded the marketing
of the new 30-year 314 per cent bond
made it clear to the authorities that
the structure of the basic market,
that for United States securities, can
not at all times cope with the prob
lems likely to beset it and that the
Federal Reserve cannot be dispensed
with altogether as a residual under
writer.
Northwest ern Banker, O c to b e r , 1953

Investments

The Federal’s repeated reappear
ance on the buying side of the market
for Treasury bills in recent weeks is
pointed evidence, not necessarily of
an about-face in essential policy, but
of a more realistic and flexible ap
proach to the limitations of the mar
ket structure. It is now clear that
both the Federal and the Treasury
have come to the conclusion that much
time, perhaps years, will be needed to
reshape the structure of the public
debt as well as the structure of the
Treasury securities market to a point
where privately capitalized financial
enterprises can cope unaided with the
job of making a market for govern
ment securities under any and all con
ditions
This new perspective of the Federal
Reserve System should be reassuring
to all segments of the market for sen
ior yields, but especially to that for
tax-exempt securities, the most sensi
tive of them all. Now, for the first
time, banks and fiduciary investors
can eye up the current attractive as
sortment of tax-free municipal yields
without having background misgiv
— ------------------------------------------------

ings; doubts stemming not from the
intrinsic worth of any certain bond,
but from the absorptiveness of the
market as a whole, or from some doc
trinaire “hard money” crusade by the
Treasury and Federal Reserve.

A Many-sided Market
Today, the so-called “municipal mar
ket” is so many sided and complex
that it is a misnomer to call it a sin
gle market as in the prewar days. The
public revenue bond, both secured and
unsecured by the taxing power, is
challenging seriously the “single-bar
reled” tax-secured general obligation
bond as major market merchandise.
And “authorities,” both municipal and
regional, are cropping up all over to
undertake improvements on a pay-asyou-go basis. Moreover, such revenue
secured obligations are being inden
tured with more and more safeguards
for the investor in the way of segre
gated trust funds. Beginning with
sewerage, the improvements financed
by revenue bonds have moved on to
water, gas and electric utilities, to ir
rigation, to urban transit and port
development, to turnpike construction

We Buy and S e l l ----------------------------------------------------

ALL MUNICIPAL BONDS INCLUDING:
Bonds eligible for Bank Accounts, rated A or better.
Bonds eligible for Insurance Accounts.
Iowa Special Assessment Bonds and Certificates.
Local Utility Stocks and Bonds — I.E.Lt.&Pr., Pfd. & Common
Information and quotations cheerfully furnished on all stocks and bonds. Kindly call us.

IhisrÂam/Comur

Ernest Kosek
Ludmil Prastka
Frank C. Sladek
Otto F. Kosek
Agnes Hradecky

5 0 / M ffíC H A H T S NATIONAL ß/UVK B L D G

_
C e d a r Rapids Oldest and
C e d a r R a p id s, Io w a

P H O /V e 6 / 0 9

Largest Investment House
T e le ty p e CR-21

Greetings to the
Iowa Bankers Association
MUNICIPAL
BONDS
E X C L U S IV E L Y

VIETH, DUNCAN & WOOD
MUNICIPAL BONDS
Walter E. Vieth
Davenport Bank Bldg.
Phone 2-5379
Davenport, Iowa
Northwestern Banker, O c to b e r , 1953

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

A. M. MacLaughlin

and now to housing, school construc
tion and street parking.
From the standpoint of public ad
ministration, there is indeed something
irrational about the mushrooming of
these revenue-secured pay-as-you-go
enterprises on the public corporation
front, especially in view of the fact
that a higher interest cost is often
incurred by revenue-secured bonds
than by tax-secured bonds. If tax ratables and public debt limits rendered
obsolete by inflation could be changed
promptly through legislation, many of
the improvements now being financed
by revenue bonds through new-fan
gled “authorities” could be financed
more inexpensively through tax-se
cured general obligations.

Lean Toward Revenue Bonds
But that is not the way of the world.
In fact it is indeed ironic to contrast
the reluctance of public officials to
move to change tax ratables and debt
limits with the zeal they can show in
fashioning new type revenue secured
bonds and in winning legislative ap
proval for their issuance. Also in hav
ing laws passed making such bonds
acceptable as legal investments for
trust funds answerable to state laws.
However, what here is a setback for
the taxpayer in the form of higher
borrowing cost becomes a break for
the investor in the form of higher in
vestment yields.
A current instance of legislative at
titudes toward the problem is that
taken by the Pennsylvania lawmakers
in adopting three bills intended to
widen the private and public trust
fund acceptability for the school rev
enue bonds being issued on the mu
nicipal and state level. One law
amended the Fiduciaries Act of 1949
and provided that revenue bonds of
municipal authorities are legal invest
ments for trust funds and other fiduci
aries in Pennsylvania, placing them
in the same class with bonds of such
seasoned names as the Delaware River
Joint Toll Bridge Commission, the
General State Authority and the Penn
sylvania Turnpike Commission.
A second bill authorized expansion
of the investment powers of certain
state boards to permit them to buy
revenue bonds of local school authori
ties. A third bill limited to $425,000,000 the amount of school authority
revenue bonds that may be outstand
ing by 1955, when the legislature
meets again. The aggregate of such
bonds now outstading is estimated at
$325,000,000.

Investment Opportunity
What market effect such legislation
may have on the Pennsylvania school
authority bonds remains to be seen.
At present there are in distribution

Investments
a half dozen issues of municipal au
thorities totaling about $7,500,000 at
yields ranging up to 4.75 per cent, taxfree, for 50-year obligations of the
Greene Township Authority. Other
Pennsylvania authorities recently in
the market were Southern Lehigh,
with bonds yielding from 2 to 4.4 per
cent; Akron, with yields running from
2.2 to 4.2 per cent; Brecknock, with
yields running from 2 to 4.25 per cent,
and Cumberland Valley, with yields
running from 2 to 4 per cent. Consid
ering the elaborately contrived and
seemingly fool-proof state subsidies
behind these bonds, the yields offered
make for extraordinary investment
opportunities for alert investors.—The
End.

l u

DEAR EDITOR . . .

T a x -E x em p t

B onds

(Continued from page 12)
article which you ran on safety paper and
George LaMonte & Son. We are very proud
indeed to have you give us so much notice.”
G eorge V. LaM onte, P resi
dent, G eorge LaM onte $ Son,
N u tley, N ew Jersey.

"Pictures for Children"
“ In your August N orthwestern B anker
on page 13 you had a picture of two children
which could be detached from the page. As
my wife is teaching school, she would like to
have one-half dozen or so copies to give to
her children.”
Chas. M acK enzie, Jr., Vice
President, Security National
Bank and Trust Company,
Faribault, M innesota.

"Pretty Good Job"
“ Thank you for your editorial in the Sep
tember issue of the N orthwestern B anker
addressed to me.
“ This makes me wonder whether we have
done our job in publicizing wliat has actually
been done. By way of trying to make up for
that fault I am enclosing a copy of the ad
dress I gave before the American Bankers
Association. As you will see, we have al
ready made a very substantial reduction in
the budget deficit, and rve have committed
ourselves to a tax reduction January 1, 1954.
“As far as foreign aid is concerned, the
amount of aid as such, apart from the mili
tary program, is under $1 billion for the
present fiscal year.
“ I think that’s a pretty good job for the
nine months we have been at it.”
G eorge M. H um phrey, Sec
retary
of
the
Treasury,
W ashington, D. C.

Never before has the bank investment executive
had the variety of tax-exempt bond issues from
which to choose — issues that fill almost any re
quirements of safety, salability, maturities and
yield. Nor has he found such a large number of
bidders if he has bonds to sell.
We make available to banks an exceptional
diversity of tax-exempt bonds. Send without ob
ligation for our latest offering list.

H A L S E Y ,
123 S O U T H

AND

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Federal Reserve Bank of St. Louis

O THER

•

C O .

35 W A L L STR EET , N E W

P R IN C IP A L

Inc.
YORK 5

C IT IE S

See You at the

National Credit Conference
Leading bankers from all parts of
the United States will meet in Chicago.
Illinois, next January 25th to 27th to
discuss the problems of extending
bank credit under business conditions
which are in prospect for 1954. The
bankers will attend the Sixth National
Credit Conference of the American
Bankers Association, which will be
held at the La Salle Hotel.

S T U A R T

LA S A LL E STREET, C H IC A G O

Iowa Bankers Convention
Sherm Fowler

FI RST

IOWA

CORPORATION

200 Equitable Building

Des Moines 9, Iowa
Phone 4-7158
Northwestern Banker, O cto be r, 1953

Investments

C erem on y

PRIESTER & CO.
Eighth Floor Davenport Bank Building
DAVENPORT, IOWA

Listed and Unlisted Securities
H. E. Jacobs
J. H. Heath

phone 3'9931

H. C. Priester
H. M. Sweet

-X

S ix ty -F o u r Y e a rs o f I n v e s tm e n t B a n k in g

Underwriters

. Distributors

. Dealers

STATE and MUNICIPAL SECURITIES
INDUSTRIAL, PUBLIC UTILITY, RAILROAD
REAL ESTATE, BANK and INSURANCE SECURITIES
LISTED and UNLISTED BONDS & STOCKS

Stifel, Nicolaus & Company
I N C O R P O R A T E D
MEMBERS MIDWEST STOCK EXCHANGE

CHICAGO 3

MOLINE, ILL.

ST. LOUIS 2

105 W . ADAMS ST.
Bell Teletype CG 697

First Natl. Bank Bldg.

314 N. BROADWAY
Bell Teletype SL 392

JAMES C. SHAW

OWEN P. McDERMOTT

Silaw, McDermott

f> -

MUNICIPAL SECURITIES
And
GOVERNMENT SECURITIES
Suitable for Investment of Banks,
Institutions and Trust Funds
916 Liberty Bldg.
DES

Phone 3-6119
MOINES

Banker, O c to b e r , 1953
Digitized Northwestern
for FRASER
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Federal Reserve Bank of St. Louis

IOWA

PRINCIPALS in the James C. King
Home cornerstone-laying ceremony line up
behind 97-year-old Walter W . Boyd, the
Home’s oldest resident. The modern, sixstory structure, which is being built in
Evanston, a Chicago suburb, is expected
to be ready for occupancy next June.
Shown from left to right, are Harold Byron
Smith, president of the Home and the Illi
nois Tool Works, who presided at the cere
monies; Paul F. Gorby and Norman E.
Schmidt, Evanston village officials; Edward
Byron Smith, executive vice president of
The Northern Trust Company, which has
acted as trustee under James C. King’s
will; Solomon A . Smith, president of North
ern Trust and a director of the Home;
Norman McClave, Jr., vice president of
the bank and assistant secretary of the
Home; Arnold E. Morgan, King Home su
perintendent, and Nathaniel M. Symonds,
Northern Trust vice president and secre
tary of the Home.

Win Honors
Three Texas banks have won top
honors in the fourth annual company
report competition of the Texas Man
ufacturers Association and will re
ceive award certificates at TMA’s 31st
annual Conference of Texas Industry
in Houston October 28th to 30th.
The First National Bank in Dallas
has been awarded first place in the
“more than 500 employes” classifica
tion for its 1952 annual report to stock
holders, and the Republic National
Bank of Dallas was second place winned in this division. The Fort Worth
National Bank has been judged first
place winner in the “500 employes or
less” classification.

Receive Award
The banks of Illinios were cited for
outstanding service to the state’s agri
culture, when the Illinois Bankers
Association was presented with the
1000-point rating award of the Agri
cultural Commission of the American
Bankers Association. The presentation
of the award was made at the closing
general session of the A.B.A.’s 79th
Annual Convention.

Investments

What the /Sank iHreetov
Van # # « far His Itanh
(Continued from page 19)
national trends; don’t encourage lend
ing of funds if you feel customer can
not make a profit; watch balance sheet
ratios of your bank; watch for the
mistakes of other banks, and don’t
make the same ones in your own
shop.”
* *
Farmer: “ Help define the major pol
icies of the bank in the credit needs
of your community; hire help that
will be an asset and create confidence
in the bank; get all the business that
you should have in your territory
without too much active competition
with other banks; give help and coun
sel to all promising young farmers
and business men, and projects that
will be an asset to the bank and the
community in the future; always oper
ate for the best interests of the com
munity, rather than the interests of
a few large stockholders.”
* * *
Attorney: “ Acquire information to
assist in diversity of invested assets
and monies to be invested; be watchful
for any criticism of your officers and
employes by the public; endeavor to
provide stability and confidence in the
bank by the meritorious business con
duct of each director; maintain a board
with varied business and professional
knowledge to provide for wide expe
rience in the business and agricultural
activities of your community; try to
meet new business heads as they come
to your community, and suggest an
account in your bank.”
* * *
Public Utility: “ Keep close contact
with operating policies, and see to it
that the officers follow the policies for
mulated by the directors; have an ac
tive loan committee, with a limit on
loans that can be made by the officers
without the approval of the loan com
mittee; have the loan committee make
frequent inspection of chattels and
real estate as security.”
* * *
Manufacturer: “ Review loans made,
thereby acting as a check on the land
ing officers to prevent marginal loans;
use the varied opinions of members
of the board to maintain the proper
liquidity of the bank’s assets for pro
tection of the depositor; try to realize
a reasonable rate of return on the in
vestment of the stockholder.”
* * *
Farmer: “Advise and supervise the
cashier; help create good will between
the public and the bank; try to have
a cashier and bank personnel in whom
the people have confidence.”

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

Dairyman: “Be progressive and mod
ern and keep moving with the world;
help carry the bank into all civic and
community activities.”
* * *
Farmer: “Make sure the bond port
folio fulfills requirements for deposi
tors as well as for stockholders; be
aware of changes in shorter term in
vestment possibilities and require
ments of same for the bank; take an
interest as to whether the bank is ful-

filling its duties in public relations
and thus getting its share of business
and deposits.”
* * *
School Supplies: “Guide in the gen
eral policy of making loans; directors
should make their thinking known to
the officers, and if they wish to see
a change in policy, they should say
so; help in making major decisions in
capital structure, building changes,
personnel, etc.”
* * *
Engineer: “Bring to the manage
ment opinions and comments obtained
from customers which often do not
get back to them, preferably construc
tive criticism; keep abreast of local

VWl. SanksüL.:
Are you a

IF SO,

CITY TREASURER

MEMBER OF THE SCHOOL BOARD

FINANCE COMMITTEE MEMBER

BOARD OF TRUSTEES MEMBER

let us help you provide the best possible
preliminary planning for financing your

schools, your power and light plant,
sewers, swimming pools, auditoriums
and all types of municipal financing.
Write or phone us— no obligation
THIS FIRM SPECIALIZES IN IOWA
AND ILLINOIS MUNICIPALS AND
SPECIAL
ASSESSMENT
BONDS

QUAIL & CO.
(E s ta b lis h e d , 1922)

Davenport Bank Building

Davenport, Iowa

Waterloo Office — Commercial Building
M em ber Chicago Stock Exchange

Northwestern Banker, O cto be r, 1953

Investments
V

I A* G, Becker & Co*
I N C O R P O R A T E D

Established i 8 ç j

Underwriters and Distributors
Brokers of Listed and Unlisted Securities
Commercial Paper

Members

idwest

Y ork S t o c k E x c h a n c e
S t o c k E x ch an ge

merican

S t o c k E x ch ang e

S an F ra ncisco S t o c k E x ch ang e

120 South La Salle Street
Chicago 3
Telephone: FRanklin 2-6100

values, transactions and conditions;
volunteer the use of technical skills
of the directors to the management if
qualified, and where special assistance
is required; keep quietly in the back
ground, but give adequate counsel
when constructive suggestions seem
advisable.”
* * *
Farmer: “A bank director should
keep confidential what takes place in
the directors’ room; help to get all the
customers possible; attend all meet
ings regularly.”—The End.

Teletype: CG 1089

NEW Y O R K

SAN F R A N C I S C O

54 Pine Street

465 California Street

M O RRISSEY & CO.
MUNICIPAL BONDS EXCLUSIVELY
1108 Davenport Bank Building

DAVENPORT, IOW A

Panama City Beach, Florida
A very delightful place for those
who wish to spend their winter vaca
tion in the south is Panama City
Beach, Florida. This beautiful beach
is on U. S. Highway 98, just 11 miles
west of Panama City.
The Edgewater Gulf Beach Apart
ments, of which M. C. Buckley is resi
dent manager, have every conve
nience.
In connection with the apartments
there is a modern restaurant where
you can secure the finest meals if
guests do not wish to prepare all of
their meals in their own apartments.
Outstanding attractions at the apart
ments include the beautiful white
sand beach, surf bathing in the jade
and emerald colored water, and fish
ing, both deep sea and fresh water.
There are deep sea fishing trips daily
at reasonable prices, either on a per
person basis or boats may be char
tered. Also arrangements may be
made for a guide for fishing in the
fresh water streams nearby. One of
the south’s finest golf courses is lo
cated within a few minutes’ drive
from the apartments.

•ia/punese Visi top*

>■

M U N IC IP A L B O N D S
Specializing in Iowa
County, City, School and

Municipal Utility Revenue Issues

C a r l e t o iv
TE LE T YP E N O . D M . I

IN V E S T M E N T
DES

T E L E P H O N E S
<

4-0156
4-3)57

Banker, O c to b e r, 1953
Northwestern
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

D .B e i i

e s

M O IN E S

S E C U R IT IE S
BUILDING

o in e s

o w a

Co.

M IN ISTER HONORED — Sankuro Ogasawara, Japanese Minister of Finance
(center), was welcomed to San Francisco
with a party in his honor held by Bank of
America officials. Hosts were Marsden S.
Blois, vice president, loans and invest
ments (left), and George Curran, assistant
vice president, International banking de
partment. Ogasawara proceeded to Wash
ington, D. C., where he is attending the
International Monetary Conference and
World Bank meeting.

investments

saver, which holds $3 in dimes, was
filled, the customer deposited it and
received a new one in exchange.
SaveMaster accounts earn regular
interest and are just like regular sav
ings accounts, except that they must
have a balance of $36.50 or more at
the end of the first year. Otherwise,
the bank reserves the right to charge

New Sarint/s 1'unipuitjn Opens
15.000 Accounts in 15 W eeks
S A V E M A S T E R savings cam
paign which developed over 15,000 new accounts was recently com
pleted by the First National Bank of
Minneapolis.
First National undertook a concen
trated 15-week promotion in its 11
offices and affiliate banks in and

Fitted into each wallet was a com
pact, metal dime-saver to help a per
son “carry the savings habit right
with him always.” When the dime-

MUNICIPAL

BONDS

Iowa and Illinois

BEYER-RUEFFEL & CO.
DAVENPORT, IOWA
Jack Beyer
George L. Stennett

John M. Beyer
Calvin L. Rueffel

Mutual Funds
MUTUAL, INC.
An open-end management type mutual fund diversifying its invest
ments among common stocks, preferred stocks and bonds.

SELECTIVE FUND, INC.

Lorraine Cramer displays one of the
genuine leather billfold wallets given to
each person opening a “ SaveMaster” sav
ings account with the First National of
Minneapolis.

An open-end management type mutual fund diversifying its invest
ments among bonds, preferred stocks, and other senior securities.

STOCK FUND, INC.
An open-end management type mutual fund diversifying its invest
ments among common stocks and other equity securities.

around Minneapolis. Initial deposits
averaged more than $100 for each new
account opened.
The objective of the drive was to
attract new business and offset a sav
ings trend toward competing types of
financial institutions paying a higher
interest.
SaveMaster is a merchandising plan
for new business franchised to banks
around the country by National Thrift
Plans, Inc., of West Bend, Wisconsin.
It involves giving a high quality leath
er billfold to anyone opening a new
savings account with $3 or more. In
addition, a person could earn a $1
credit each time he got a friend to
open an account.

Face Amount Certifícate Company
'fm tfÓ frW á SYNDICATE OF AMERICA. INC.
A face amount certificate company issuing installment certificates
of 6, 10, 15 and 20 year maturities and single payment face
amount certificates.
This is not an offer to sell these securities. They are subject to the registration
and prospectus requirements of the Federal Securities Act. Information about the
issuer, the securities and the circumstances of the offering is contained in the
prospectus which must be given to the buyer.
Copies of the prospectus relating to the shares of capital stock or certificates
of the above companies may be obtained from the national distributor and invest
ment manager:

251

R oa n oke B uilding

M in n e a p o lis 2 , M in ne sota

OL.

Please send me the prospectus relating to the company I have checked:
□ Investors M u tu a l, Inc.

NAM E

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

□ Investors Stock Fund, Inc.
□ Investors S e le ctiv e Fund, Inc.
□ Investors S y n d ic a te o f A m e rica,Inc.

C I T Y ............................................................. S T A T E ...................

•

A SH W ELL & COMPANY

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

C O M M E R C IA L

COLLATERAL

PAPER

LOANS
176 W e st A d a m s Street
C H IC A G O 3, ILLINOIS
Telephone RA 6-5432
Northwestern Banker, O c to b e r, 1953

Investments

the account $2. to cover handling costs.
First National followed the basic
pattern of operations recommended
by National Thrift Plans. The bank
spent no more on advertising than it
normally would have spent in this
same period to promote as other serv
ices.
Three-quarter page newspaper ads
with dramatic, dominant photographs
were run once every three weeks. A
typical headline was: “YOURS with
out cost! . . . This handsome, leather
wallet complete with handy dime-sav
er.” In addition, three column by ten
inch ads ran on those weeks when
the larger ads were not used.
First National’s television show,
“Foreign Intrigue” on KSTP-TV at

9:30 p. m. Sundays, was used almost
exclusively to promote Save-Master.
During the final month of the cam
paign, a 100 per cent showing of bus
and street car cards was used. It im
mediately boosted the number of new
accounts opened each week.
The “final week” push was the high
point of the promotion. The “final
week” theme was backed by large,
two-color Da-glo posters in all bank
lobbies and windows, plus newspaper
and TV advertising. When the re
sults came in, nearly 2,000 new ac
counts were opened, making the final
week the best of the campaign. The
final day was the best single day.
Special SaveMaster booths were set
up in each bank lobby right near the

DOLLARS YOU CAN KEEP

“The market place for
Iowa Securities’

THE INCOME FROM TAX FREE

BONDS . . . STOCKS

MUNICIPAL
BONDS

IS PAID IN

DOLLARS YOU CAN KEEP

Ask for our suggestions

Becker & Cownie, Inc.
723-24 Insurance Exchange Bldg.
DES MOINES 9, IOWA
Phone 3-5189

Established 1930
M em b ers M id w est S to ck E xch a n ge

T. C. Henderson. Pres.
E. A. Petersen, Vice Pres.
T. J. Landstorfer, Vice Pres.
K. C. Shreve, Vice Pres.
G. D. Kaufman, Vice Pres.
O. I). Penn, Asst. Vice Pres.
G. O. Kearns, Secretary
Helen Walker, Treasurer
Des Moines

MUNICIPAL BONDS
FOR INVESTMENT
STATE
COUNTY
CITY
SCHOOL
FREE FROM ALL FEDERAL INCOME TAXES
FREE FROM MONEYS AND CREDITS TAX IN IOWA

THE WHITE-PHILLIPS CO ., INC.

DigitizedNorthwestern
for FRASER Banker, O c to b e r , 1953
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Federal Reserve Bank of St. Louis

Ben H. Wooten, president of the
First National Bank in Dallas, has
been appointed by President Eisen
hower to a 21-member advisory com
mittee on housing, under Chairman
Albert M. Cole, administrator of the

T. C. HENDERSON & CO.

206 Empire Bldg.

First National Bldg.
Davenport Iowa

On Advisory Committee

Best ivishes
to m em bers o f the
Iowa Bankers Association

P
You may find it possible to keep a larger
part of your bank’s income from in
vestments through the purchase of State
and Municipal Bonds, the income from
which, under present laws, is free from
Federal income tax.

main entrance, so people had to pass
within a few feet of the wallets. The
wallets were never displayed in neat
piles, but instead were put out helter
skelter on booth counters. That way
people weren’t hesitant to step up and
examine them.
Extensive lobby signs and tent-type
cards on counters, as well as state
ment inserts and letters to savings
depositors, supplemented other adver
tising.
Actually, the campaign was not
First National’s first venture into
Save-Master. The plan was pilottested at one of First National’s affili
ates in 1950 and again in 1952 at two
other affiliates. Both tests showed
good results. The percentage of close
outs has been running considerably
less than for regular accounts.

First National Bank Bldg.
Chicago 3, Illinois

B E N H. W O O T E N
Receives appointment

Housing and Home Finance Agency.
The President has established the Ad
visory Committee to review the Fed
eral government’s housing programs,
activities and agency organization; de
velop a series of recommendations
which will clearly identify the proper
role of the Federal government in
this field, and outline more economical
and effective means for improving the
housing conditions of the American
people. Currently chairman of the
Federal Home Loan Bank of Little
Rock, Arkansas, Mr. Wooten has been
actively concerned with housing mat
ters for more than 20 years.

Investments

SchooE Concludes Ninth Session
778 Bankers Attend Central States School of Banking
T HE 298 freshmen among the 778
bankers attending the ninth an
nual School of Banking at the ses
sion just closed at the University of
Wisconsin, brought with them an ag
gregate experience of 4,000 years.
Almost 40 per cent of the freshmen
had 16 or more years of experience,
and almost one man in three had 20
years or more of experience. Fortysix men have been in banking 20
years or more; 19 have had 30 years
or more of experience. The average
is 13 years.
Of the 298 members in the freshman
class, 174, or almost 60 per cent, were
in the age bracket 31 to 45 years; 102,
or 34 per cent, in the age group from
36 to 45 years; 50 are 46 years of age
or over, and four were 56 years or
older.
Over 61 per cent attended or gradu
ated from college. Several have mas
ters degrees, some have law degrees,
and two hold Doctors of Jurisprudence
degrees.
There were approximately 25 title
classifications, including bank presi
dents, executive vice president, cash
iers, assistant vice presidents, trust
officer, personnel managers, auditors,
and comptrollers. Sixteen bank ex
aminers are enrolled in the freshman
class.

Class Officers
The Junior Class of the School of
Banking at the University of Wiscon
sin elected their class officers as fol
lows:
Kenn E. Eastin of the City National
Bank, Colorado City, Texas, was se
lected by the group to be their presi
dent, and James R. Brown of the
Iowa-Des Moines National Bank, Des
Moines, Iowa, was elected vice presi
dent, Vyron B. Detamore of the First
National Bank in Marion, Marion, In
diana, was elected secretary. Allan

F. Siewert of the Yellow Medicine
County Bank of Granite Falls, Minne
sota, was the choice of the group for
treasurer.
Two hundred sixty-nine bankers
from 29 states and the District of
Columbia comprise the Junior Class.

Protection Wrong Policy
Economic protectionism was called
an “utterly unrealistic policy” for the
U. S. to follow at this period in world
affairs by John S. Coleman, president
of the Burroughs Corporation, Detroit,
Michigan, in a talk to the 776 bankers.
“For America, the world’s strongest
economic power, the greatest creditor
nation, the leader of free nations, pro
tectionism for industries is now an
utterly unrealistic policy,” Mr. Cole
man declared.
“At this crucial moment of world
history, we will, if we now turn back
to trade restrictions, be squandering
our opportunities and repudiating our
responsibilities.”

tiiiihan

r --------------------- “A
for Income or
for Profit
You Must Choose the Right

S e cu ritie s
• To help our customers in select
ing investments best suited to their
personal needs and offering good
possibilities fo r income or profit, or
both, our offices are well equipped
with latest market information
and statistical services.
W e invite you to come in and
use these services without cost or
obligation. W e ’ll be glad to help
you in any way we can.

•
Members New York Stock
Exchange
Midwest Stock Exchange
American Stock Exchange
(Associate)

i, m m :

At COMPANY
Investment Setnrities
ft It OS. & CO.

901 Merchants Bank Bldg.
CEDAR RAPIDS, IOWA
Phone 8127
★ ★ ★
SECURITIES OF
I O W A CORPORATIONS

141 W. Jackson Blvd., Chicago 4

BO U G H T

W illiam H . S ie v e rt, M gr.
W a lte r E . Copeland, A sso c. M gr.
Charles E . Deuben, A s s t. M gr.

SOLD
QUOTED
Prompt Reply to Inquiries

Established 18 74

DES M O IN E S O F F IC E
207 E q u ita b le Building

O M A H A O F F IC E
210 C it y N a tio n a l Bank Bldg.
Je w e ll W . B o ckw itz, M gr.
H enry B. M oss, A s s t. M gr.

L IN C O L N O F F IC E
335 S t u a r t Building

W e A r e A c t i v e l y I n t e r e s t e d in A l l Is s u e s o f

THjmkipcd. étondà.

dw cl

FIRM BIDS

FIRM OFFERS

QUOTATIONS

SPARKS & CO.
"Your C o rre s p o n d e n t for Municipal Bonds"

1203 Savings & Loan Bldg.

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

DES MOINES. IOWA

Telephone 3-5154

La yke V. H o w e tt, M gr.

S T . P A U L O F F IC E
210 P io n e e r Building
E . H . W lchelm an , M gr.

O TH ER BRAN CH ES
Ced ar R apid s, la .
D avenp ort, la .
Dubuque, la .
Fort Dodge, la .
M arsh allto w n , la .
Mason C it y , la .
Sioux C it y , la .
Storm La ke , la .
New

W ate rlo o , la .
Bloom ington, III.
La S a lle , III.
P e o ria, III.
Q u in cy, III.
Kansas C it y , Mo.
S t. Louis, Mo.
L a fa y e t te , Ind.
York C ity

U ______________________

Northwestern Banker, O c to b e r, 1952

Investments

Dividend

Ihitiloor MHsplay Wins Recoynitinn

The board of directors of the City
National Bank and Trust Company of
Chicago has declared a quarterly divi
dend of 45 cents per share of stock,
payable on November 2, 1953.

Specializing in

BOND
REQUIREMENTS
for
Investment Bankers
m

WILLIS
and
MOORE
G e n e r a l In s u r a n c e
201

L ib e r t y

B l d g ., D e s

M o in e s

GENERAL AGENTS FOR
CONTINENTAL
CASUALTY COMPANY

W IN N E R — A day-and-night sign advertising the First National Bank, St. Louis,
recently gained top honors in a nation-wide sign contest, winning fourth place in the
National Reflectorized Outdoor Sign Contest, sponsored by Minnesota Mining and Manu
facturing Company, St. Paul.
Reflecting automobile headlights up to 200 times brighter than white paint, the smooth
surface of the sign is visible in all weather, and easy to clean. The entire message
of the sign is visible in full color.

Kansas City A.I.B.

F e d e r a l H o m e L o a n B a n k o f D e s M o in e s
DES MOINES, IOWA
S T A T E M E N T OF C O N D ITIO N — SE P T E M B E R 30, 1953
R E S O U R C E S
Cash .................................................................................................................................. $ 1,959,837.53
Investments .................................................................................................................... 18,509,917.30
Advances Outstanding ............................................................................................. 56,243,034.52
Accrued Interest Receivable ................................................................................
170,130.78
Deferred Charges .......................................................................................................
16,675.17
Other Assets .................................................................................................................
167.66
Total Assets

.......................................................................................................... $76,909,762.96

L I A B I L I T I E S
A N D
C A P I T A L
Deposits ...........................................................................................................................$31,126,609.14
Accrued Interest Payable ........................................................................................
260,592.16
Consolidated FH LB Obligations ......................................................................... 21,500,000.00
Capital Stock— Members .......................................................................................... 21,649,500.00
Surplus Earned ...........................................................................................................
2,373,061.66
Total Liabilities

and Capital ...................................................................... $76,909,762.96

Consolidated Federal Home Loan Bank Obligations now outstanding, in the
amount of $349,500,000.00, are the joint and several obligations of all Federal
Home Loan Banks.

Since

1922
MUNICIPAL BONDS

Specializing in Revenue Securities

HASSETT-NEU COMPANY
INVESTMENT SECURITIES
406 Central National Bank Building
DigitizedNorthwestern
for FRASER Banker, O c to b e r , 1953
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Des Moines

The Kansas City Chapter of the
American Institute of Banking held
its 46th annual fall banquet on Satur
day, September 19th.
Robert P. Corbett, president of the
local chapter, introduced the principal
speaker, Carl E. Bolte, executive vice
president of Berl Berry, Inc.

BANK AWARD .
(Continued from page 17)
This means a better Vocational Agri
culture Department in our schools.
When one department becomes better,
other departments must improve and
so the entire educational program be
comes better.
“While I certainly can and do ap
preciate the good the award will do
in an economic sense by providing
better farming practices, I am fully
convinced that the standards which
you have set for the award will be an
important factor in improving educa
tional and community life.”
We know that our bank will benefit
by creating good will in the commu
nity and the winner of the award and
his family will always have a friendly
feeling towards our bank.
This plan has already paid dividends
in the way of new bank accounts that
were a direct result of giving this
award. Also, a lot of favorable com
ments have come to us. I feel this is
a very effective way of advertising.
The results have been far greater than
any other method of advertising that
we have done.—The End.

Investments

Nebraska

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

hura

W«i/

Inrestmen!

N E B R A SK A IN V E S T M E N T FIELD D A Y — Members of the
Nebraska Investment Bankers Association and about 40 guests
from Des Moines, Chicago, St. Louis, Kansas City and Topeka,
held their annual Field Day in Omaha last month. From break
fast through lunch and dinner, with golf, Calcutta pool, and the
“ squawk” exchange, the day was its usual successful occasion.
Several of those attending are pictured above. Reading from
left to right they are:
Upper left, Cecil Slocum, Cruttenden & Company, Omaha;
George Peterson, Stifel, Nicolaus & Company, Chicago; Frank
Lawson, Wachob-Bender, Omaha; and Charles Baucom, North
American Securities, St. Louis.

Maros! m

Upper right, John Douglas, Douglas & Company, Omaha;
Charles Main, Ballman & Main, Chicago; and John Brady, NASD,
Chicago.
Lower left, Harry Greenway, Central Republic Company, Oma
ha, and general chairman of the Field Day: Harry Smith, Smith,
Polian & Company, Omaha; Dade Clark, Smith, Polian, Omaha;
and Arthur Graham, Central Republic Company, Omaha.
Lower right, Robert Brinker, John Nuveen & Company, Chi
cago; Warren Chiles, Chiles-Scliutz, Omaha; Lawrence McCague,
The National Company, Omaha; and John Begert, Beecroft,
Cole & Company, Topeka, Kansas.

half

IO W A IN V E S T M E N T B AN K ER S met at Wakonda Club in
Des Moines for their annual Field Day. Several groups of
golfers at the outing are pictured above, left to right in
each photo:
TOP LE FT— Sampson Rogers, Jr., McMaster Hutchinson &
Company, Chicago; Norman Conway, Conway Brothers, Chi
cago; and Vernon Grant, Jr., Quail & Company, Des Moines.
TOP CENTER— Glenn Ravenscroft, Ravenscroft & Company,
Cedar Rapids; Gerald Nordberg, Dean Witter & Co., Chicago;
William P. Morrissey, Morrissey & Co., Davenport, and Calvin
L. Rueffel, vice president, Beyer-Rueffel & Co., Davenport.
TOP RIGHT— Bill Gardner, vice president, Kramer-Gardner
Company, Burlington; Tom Crabbe, Thomas L. Crabbe &
Company, Cedar Rapids; James L. Schroeder and A. L.
Kramer, president, both of Kramer-Gardner Company, Bur
lington.
LE FT— Thomas L. Ray, assistant vice president, Mercantile
Trust Company, St. Louis; Lyman Mitchell, Chapman-Cutler,
Chicago; Blair Phillips, Jr., president, White-Phillips Co., Inc.,
Chicago; Ray Condon, B. J. Van Ingen & Company, Chicago;
and A1 Bergquist, bond department, First National Bank of
Chicago.
Northwestern Banker, O c to b e r ; J953

Experienced in helping you
to get the full benefit of Consumer Credit Insurance
Growing “by leaps and bounds.” That
familiar phrase is no exaggeration
when applied to the growth of con
sumer credit insurance provided by
Old Republic . . .
Growth which has now placed Old
Republic in the top bracket among all
American companies in life-volume
written annually.
But to many banks and other busi
nesses extending installment credit,
consumer credit insurance is still rel
atively new. So the services of the
Old Republic field staff can be very
valuable to you.

E x p e rie n c e a t y o u r com m and. Ten re
gional offices and the Chicago home
office bring the counsel of our ex
perienced field-staff as close to you
as your telephone.

N atio n -w id e c o v e ra g e . In safeguard
ing every type of consumer credit,
you’ll find important advantages in
the specialized forms of coverage de
veloped by Old Republic. Rather than
trying to adapt ordinary policies to
consumer credit needs, Old Republic
developed methods particularly suited
to time-payment loans or contracts.

Bankers find that our men know
their business — and how it fits your
business. They will gladly explain
every detail of Old Republic’s Insured
Payment Plan — and demonstrate how
it can be smoothly integrated into
your own routines. Their long ex
perience with consumer credit insur
ance can help you get full benefit from
this important, modern protection.

Writing insurance in every state in
the Union, Old Republic offers com
plete, nationwide coverage—protect
ing over 4,000 leading financial insti
tutions and their customers against
Life, Accident and Health risks.

OLD REPUBLIC CREDIT LIFE INSURANCE COMPANY
N A TIO N -W ID E O F F IC E S

Ja m e s H . J a r r e l l , P r e s id e n t
E x e c u tiv e O ffic e s

•

307 N. M ichig an A v e .

•

C h ica g o

SOUTHERN REGION

ROCKY MOUNTAIN REGION

Birmingham.- Brown Marx Building

Denver: Colorado Building

SOUTHEASTERN REGION

PACIFIC REGION

Charlotte: independence Building

San Francisco: Russ Building

MID-WESTERN REGION
Chicago: Bell Building

SPECIALIZED INSURANCE SERVICE SAFEGUARDING CONSUMER CREDIT

Digitized
N ofor
r t h FRASER
w e s t e r n B a n k e r, O c t o b e r , 1953
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Resident Representative
Los Angeles: 101 South Burlington

Resident Representative

SOUTH CENTRAL REGION

Omaha: 4805 South 24th

Tulsa: American A irlines Building

SOUTHWESTERN REGION

EASTERN REGION

Dallas: 9339 San Fernando Way

Washington: lO O lConnecticutAve.N.W .

IN S U R A N C E

Selling Lift* Ênsurnnpp
in iin rai A rras
Five Reminders— Be Prepared— Be Friendly—
Be Courteous— Be Sincere— and Be Energetic
By E. D. ROELOFS
District Supervisor
Bankers Life Company
Dike, Iowa
AVING lived in a small town all
my life, and now that I am sell
ing insurance in a territory in
which the largest town has a popu
lation of only 2,100, I consider myself
a rural life underwriter.
In order to sell farmers it is neces
sary that they have confidence in you.
To give them assurance that you are
the man to handle their business you
must be properly qualified. It is for
this reason that I spend much time in
studying to learn all I can about the
product I have to offer. I have com
pleted a three year training course my
company gives to its qualified under
writers and I spend considerable time
reading professional magazines and
financial reports so I will be posted
on business trends especially of inter
est to farmers. Furthermore, many
erroneous ideas concerning life insur
ance have been ingrained upon the
minds of the prospects and a thorough
knowledge of our product is necessary
to help change their attitude.

high pressure salesmen on his farm
that he shies away from them. There
fore, I try to make my approach as
though I am making a friendly call

Let Them Talk

Getting Interviews
Many salesmen find it difficult to
obtain interviews with the farmer. I
also have that difficulty but I try to
minimize it by being friendly and as
sume that my prospect is not in the
market for life insurance at the pres
ent. Therefore I am contacting him
merely to get acquainted so when the
time comes that he might be interest
ed in our product he will know whom
to contact. A farmer does not like to
be high pressured. He gets so many

E. D. R O ELO FS

a THE AUTHOR— Last month Mr. Roelofs
com pleted four ye ars in life insurance,
entering the business following seventeen
years in school work. For seven ye ars prior
to 1949, he was superintendent of schools
in the town where he now resides.
In his four years of selling he has p ro
duced more than $2,000,000 of new busi
ness, most of it placed with farmers. He
has made the President's Club of his com
pany for each of the four years, and the
past tw o years has earned the National
Quality Aw ard.

SCARBOROUGH Associates Group Insurance Plan
covers the entire bank staff, including Directors. It
provides the most complete benefits at lowest cost. Let
us send you the details.

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

and not revealing my purpose for call
ing until I have visited with him for
some time. To illustrate, last fall dur
ing the broadcast of the World Series
I called on a farmer who had a tele
vision set. It was during the noon
hour and the lady of the house in
formed me that her husband was ab
sorbed in the baseball game and didn’t
care to come to the door. I informed
her that I was a baseball fan and was
wondering if he would mind if I
watched the game with him. Although
these people were total strangers I
enjoyed the entire game and visited
with them between innings. All this
time they didn’t know who I was or
what I wanted. Fortunately the game
ended fairly early in the afternoon so
when the last out was made I went to
bat. I had a short interview showing
them the advantages of our retirement
program. Within a few weeks I deliv
ered a $10,000 policy.
Farmers like to talk about their
farms and their livestock. Ask ques
tions—get them to talk about them
selves. Much of the information you
need will be given to you unwittingly
by your prospect from this informal
visit. A word of caution—do not try
to visit when it is evident that the
man is extremely busy. If you do not
wish to reveal your identity at the
time merely ask where a certain man
lives who is usually his neighbor.
When he tells you, move on and call
back at a more opportune time.

P R O V ID IN G G R O U P L IF E , A C C ID E N
T A L D EA T H A N D D IS M E M B E R M E N T ,
A CC ID EN T A N D S IC K N E S S , H O SP ITA L
A N D S U R G IC A L B EN EFIT S

FIR S T N A T IO N A L B A N K B U IL D IN G , C H IC A G O 3 , IL L IN O IS
Northwestern Banker, O c to b e r, 1953

Insurance

Since the majority of my calls are
cold canvass I try to make my calls
when it is the most convenient for the
farmer. During the winter months it
is possible to have interviews during
the day but during the planting and
harvesting season most of my work
must be done in the evenings. It is
also important to make the interviews
short and snappy during these busy
months, as the farmer rises early and

Greetings
to
Iowa Bankers
FROM

The Northw estern M utual Life
Insurance Co. of M ilw aukee

does not wish to be kept awake late
at night.
Money for a Farm
To the person who says he has am
ple insurance or that he is not interest
ed in insurance I usually compliment
him if he has insurance and I usually
ask him about the kind he has and the
company. I again congratulate him
on his program and then ask if he
owns his farm or intends to own one
some day. If he doesn’t own one he
usually says he would like to. I then
remind him that if he doesn’t have the
money saved at the present time to
purchase a farm, it is going to be a
long drawn out process if he is to
start from scratch. He is reminded
that today’s high cost of operation
and high income taxes deprive him
of savings that our parents were able
to save for the purchase of their

HAROLD C. MYHRE C. L. U.
GENERAL AGENT

The

633 Insurance Exchange Building

Connecticut Mutual
Life Insurance

Des Moines

There is A Significant Difference in

Company

Life Insurance Companies.

One hundred seven years of
Dependable Service

W ELC O M E,..
IOWA
BANKER AGENTS

Eastern Iowa Agency
PAUL C. OTTO
General Agent

1112 Davenport Bank Building
Davenport, Iowa

to the

IOWA BANKERS CONVENTION
Nou are cordially invited to
come to our office and visit with
us during your stay in Des
Moines. And remember—let us
know if there is anything that
we can do to make your visit
more enjoyable.

L. E. ELLIS k CO.
IO W A G E N ER A L A G EN T S
H . G. Zimmerman
H . A . Petersen
A . L . Voris
415 S e cu ritie s Bldg.
Phone 3-5118

Northwestern
Banker, O c to b e r , J953
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

tothe

hum

Bianhers
Association!
A Cordial

fa r WELCOME
from all the folks at
Inter-State Assurance
ACCIDENT • SICKNESS ® POLIO
HOSPITAL PROTECTION • MEDICAL

INTER-STATE ASSURANCE
COMPANY
Robert A. Brown, President
Des Moines, Iowa

farms. He is then informed that we
have programs in which he may save
to purchase a farm and in the event
he does not live to make the pur
chase, his family will receive the
amount he had intended to save. On
the other hand he may approach re
tirement age and still find it unwise
or difficult to purchase a farm. He
then can use our savings program to
guarantee him an income for life. I
usually follow these remarks with the
assurance that to better understand my
program I would want to present it
to him and his wife at a time suitable
to them; that I am going to give them
some ideas to think about and that
they will not use our program until
they get good and ready to do so.
If the idea of purchasing a farm in
the future does not appeal to them my
next suggestion is that of using a sup
plemental savings program. At the
present farm income is good. How
ever, can my prospect assure me that
his farm income will be good when
he is ready to retire or is forced into
retirement because of ill health? I
then inform him that plans my com
pany can offer him today will assure
him of income should he become dis
abled and also a life income should
he reach retirement age. Here again
I make only a few key suggestions—
just enough to arouse his curiosity
and then try for an appointment.
In many cases my prospect is a
young married man loaded with debt
and unable to consider a savings pro
gram. My approach is still that of a
savings program but with the stipu
lation that he is not in a position to
use such a program at present, but by
using one of our low cost protection
programs he will assure his family
that his debts will be cancelled in the
event of his death. Should he sur
vive his years of debt, he will have
assured himself of this wonderful sav
ings program even though his health
might have become impaired in the
meantime.
I have always tried, either from in
formation gathered from neighbors or
by introductory visits, to determine
my prospect’s greatest needs and de
sires. By so doing it is easier to de
cide which approach will most appeal
to the prospect.

Important Reminders
A few important reminders when
soliciting rural areas are:
1. Be prepared. Know the product
you are selling and he conversant in
many related subjects such as mar
kets, land values, business trends, etc.
2. Be friendly. Do not rush your
prospect. While visiting with him
learn as much as possible about his
family and his ambitions.

Insurance
3. Be courteous. Try to make your
calls, especially your first call on the
prospect, at a time when it is con
venient for him. Chore time is a poor
time.
4. Be sincere, it is your job to de
termine what the prospect’s needs are,
then recommend a plan that best fits
his needs, rather than suggesting one
that makes you the most money.
5. Be energetic. Only the life insur
ance men who are selling prospects
daily are the ones who yvill remain in
the business. The law of averages still
works wonderfully.—The End.

G ood Company with
which to Insure
A

Six Services
He can give at least six types of
services adaptable to varying needs:
1. Review and advice on internal
control procedures.
2. Assistance with supervision of
directors’ examinations.
3. Assistance with direct confirma
tion of deposits, loans, etc.

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

G ood Company
to Represent

BANKER AND CPA . . .
(Continued from page 21)
earlier this year have disseminated
this information to its members. Many
Iowa banks have consulted with Iowa
CPAs on auditing, direct confirmation
of deposits, internal controls, govern
ment reports and similar subjects. In
short, Iowa bankers and CPAs have
voluntarily joined hands to minimize
irregularities in their state.
In Pennsylvania, too, a pattern has
been developed. The Pennsylvania
Bankers Association has issued a
booklet, “Audit Safeguards and Inter
nal Controls.” The Pennsylvania In
stitute of CPAs cooperated with PBA
in preparing a booklet on the “ Mini
mum Scope of External Bank Audits
by Independent Public Accountants”
and published “ Supervision of Direct
ors’ Examinations by Independent
Public Accountants” by Frederick
Martin, CPA, of Philadelphia.
In New York, R. G. Rankin, CPA,
wrote “ Safeguarding the Bank’s As
sets” for the New York State Bankers
Association, a comprehensive treat
ment of internal controls and external
audits.
The Federal Deposit Insurance Cor
poration and the American Bankers
Association, as well as bankers asso
ciations in individual states, endorsed
these projects. Widespread interest
was shown by banking and account
ing publications. Newspaper stories
indicated that the movement had
gained national attention.
What does this movement mean to
the banker?
It means that the machinery is be
ing set up which will enable the CPA
to serve the banker in some of the
same ways that he has served the busi
nessman for many years.

Oldest National Mutual Fire Insurance Company West of
the Mississippi.
Assets ____________________________________________ $ 7,255,118
Surplus to Policyholders------------------------------------- $ 2,274,626
Savings to Policyholders Since Organization-----$22,240,507
F ir e , A llie d

lin e s , I n la n d M a r in e

A u t o m o h i le a n d C a su a lty c o v e r a g e s

MILL OWNERS MUTUAL
FIRE INSURANCE CO M PA N Y
O F F IC E R S

H. B. Carson
........ ....President
L. K. Sharp........ Vice Pres.; Secy.
L. McK ibban........... Vice President
John W ise ................... Treasurer
C. W. Letz............. Asst. Treasurer
J. E. Robb.................Asst. Secretary
F. Don Meurer......Asst. Secretary
Don T. K irkman . .Asst. Secretary

Des Moines, Iowa

S u tV u xn ia sL

H. E. H udelson.... Supt. of Agents
H. J. Brewington..........Manager,

Casualty Div.

A. P. Jones.....................Manager,

Inland Marine Dept.
E. B. Y oungstrom..Cftie/ Engineer
I. E. Sams .... Mgr. Canadian Dept.
John W atters...... Asst. Manager,
Canadian Dept.

Our 78lhYear

Hamilton, Ontario

PAYMENT OF INSTALLMENT DEBTS

WITH

Q h sd iL J jjfsL

U nA uA ancsL

A special form of life insur Juvenile Savings
ance which covers personal
Insurance from
birth to age 15
loan payments made by time
buyers of automobiles, re
frigerators or anything sold on the installment plan.

A ll forms of
Life Contracts
Underwritten

Bankpr A g en ts!

In form a tion

w ill

sent

you

upon

your

request.

WEBSTER LIFE INSURANCE CO.
1733 G ra n d A venue

Des M oines 14, Io w a

Telephone 4-9311

Northwestern Banker, O c to b e r, 1953

Insurance

4. Audits or examinations to ascer
tain whether the bank’s resources on
a particular date are all accounted for
and fairly stated, and whether all lia
bilities are accurately recorded. This
is the most common type of examina
tion. It usually includes a review of
the stockholders’ equity accounts—
capital stock, surplus and undivided
profits—and at the discretion of the
bank may or may not include an ex
amination of income and expenses for
a given period.
5. Periodic audits or examinations
of accounts pertaining to a specific

HOME INSURANCE
COMPANY o( New York

The

activity, such as the administration of
a common trust fund.
6. Special investigations of particu
lar transactions or of suspected irregu
larities.
Every CPA has proved his ability in
auditing, accounting and taxation. He
is independent and can bring a fresh
viewpoint to the problems of bank
audits and examinations. He can also
bring broad and varied experience
which has accustomed him to become
familiar with new types of business
operations, as the bank audit pro
grams now under way in Iowa, Penn
sylvania, New York and other states
indicate specifically in relation to
banks,
The main point is this. Bankers

To Discuss Estate Planning

and

The HOME

INDEMNITY
COMPANY

GET TRIPLE !
PROTECTION

EXTENDS GREETINGS

through your

to m em bers o f the

STATE FARM

Iowa Bankers Association

INSURANCE AGENT

A. Augustine

W . F. Roberson

Art E. Holm

W . P. Eagleson

Lon Wherry

R. L. Russell

W . J. Matthes

T. C. Touhy

Lee Roland

P. N. Gilchrist

E. B. Jobe

B. Loughridge

• AUTO • LIFE
• FIRE

State Farm Insurance Co’s

1140 Des Moines Building

Iowa State Farm Agency, Inc.
603 Royal Union Building
Des Moines, Iowa

DES MOINES

I OWA

MU T U A L

IN S U R A N C E CO M P AN Y
• NON-ASSESSABLE

POLICIES

• MULTIPLE

L I NE S

Ä i Ki

a p su i y
53

YEARS

S E R V IC E

AG EN TS

DE W ITT IOWA
Banker, O c to b e r , 1953
Digitized Northwestern
for FRASER
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

and bank directors want to do the best
job possible in discharging their dual
responsibility of the protection and
enlightened investment of the funds
of their depositors. They want to bet
ter protect their employes through in
ternal controls, just as other busi
nesses have, from misappropriation of
funds. In some cases this can be done
v/ithout outside help. More and more
modern bankers, however, are learn
ing that the surest way is to avail
themselves of all the professional help
they can economically and efficiently
use. The CPA is prepared by the tra
ditions of his profession to provide
some of this skilled assistance.—The
End.

AND

P O L IC Y H O L D E R S

On Saturday, November 7th, at 10:00
a. m., in the Hotel Fort Des Moines,
seven groups will meet to discuss es
tate planning.
The groups include the Polk County
Bar Association, The Iowa Fiduciary
Association, Iowa Accountants Asso
ciation, The Des Moines Life Under
writers, Des Moines Agents & Man
agers, members of C.L.U. and Quarter
Million Dollar Round Table. Every
one in Iowa associated with any oi
these groups is invited to this meeting.
The meeting will open at 10:00
o’clock and will be presided over by
Walter N. Hiller as moderator. Mr.
Hiller is a member of the Stumes &
Loeb Agency of the Penn Mutual Life
Insurance Company at 1 North La
Salle Street, Chicago. At the noon
luncheon a skit will be put on by pro
fessional actors, depicting an actual
estate problem. After lunch questions
will be answered pertaining to the
problem proposed by this skit. At the
end of the afternoon session at 5:00
a cocktail party will be given for all
those present.
Mr. Hiller, who will preside over
the one-day session, is a life and quali
fying member of the Million Dollar
Round Table of the National Associa
tion of Life Underwriters and 1952
marked his 20th consecutive year of
qualification for this exclusive group.
Altogether he has qualified 22 times
since joining Penn Mutual in 1925.
Chairmen of the various committees
in Des Moines who are planning the
November 7th meeting include the
following:
Gregory Brunk, chairman, executive
committee, vice president, Polk Coun
ty Bar Association, Brunk & Janss.
Noel Robinson, chairman, program
committee, vice president and trust
officer, Central National Bank & Trust
Company. Fred Van Rheenen, chair
man, publicity and printing; C.L.U.,

Insurance
general agent, Prudential. Orville L.
Dykstra, chairman, audience partici
pation, chairman, 1949-50 Tax Schools
Iowa State Bar Association, Dykstra
& Brown. Fred Royal, chairman, re
ception and activities, Royal & Royal.
J. Locke Macomber, chairman, tickets,

project has attracted so much atten
tion locally, that possibly other bank
ers would be interested in it, and those

who are not engaged in doing things
similar to this might wish to consider
doing so.—The End.

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trust officer, Valley Bank and Trust
Company. Fred Peterson, chairman,
finance committee, C.P.A., W olf &
Company.

Made Vice President
Andrew McNally III, president of
Rand McNally & Company, has an
nounced the appointment of D. E.
(Pat) Cronin as a vice president of
the company.
Mr. Cronin came to Rand McNally
& Company in 1920 and joined the
sales staff of the Bankers Directory,
traveling throughout the south. La
ter his activities were confined to the
metropolitan centers. In 1947 he was
appointed manager of the Bankers Di
rectory, Bankers Monthly and Christ
mas Club division.

casualty company in Iowa. Assets
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TESTING PLOT . . .
(Continued from page 20)
ty that its continuation is practically
a certainty, although no action has
yet been taken to arrange for the
land or the payment of the rent. How
ever, it was planted with the idea of
carrying it on year after year as cer
tain types of grasses and legumes were
included in the testing. These, of
course, need to be observed over a
period of years in order to determine
their qualities.
It was my thought that since this

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Federal Reserve Bank of St. Louis

Greetings to the
IOWA BANKERS A S S O C IA T IO N
Bob Aschim

Bill Hankinson
Tom Irvine

Andy Ingram
Ai Jennings

John Munn

NATIONAL OF HARTFORD
706 Insurance Exchange, Des Moines 9, Iowa
Northwestern Banker, O c to b e r, 1953

62
.5

M ore Pictures front the A .B .A . Convention

Left to right in each photo are:
LEFT— John O. Huso, president, First State, Storden, Minne
sota, and L. L. Klasse, president, Westbrook State, Westbrook,
Minnesota.
IN SE T— Max von Schrader, president, Union Bank and Trust,
Ottumwa, Iowa, and Ernest J. Hultgren, assistant cashier, First
National of Chicago.

RIGHT— Seated— J. F. Kennedy, president, First National
Bank, New Hampton; Carl L. Fredricksen, president, Live Stock
National Bank, Sioux City, and Harold V. Bull, senior vice
president, First National Bank, Sioux City. Standing— Ralph
Eastburn, president, Iowa State Bank and Trust Company, Fairfield. All are from Iowa.

Burlington, Vermont, District 1.

A.B.A. CONVENTION . . .

John W. Kress, executive vice pres
ident of the Howard Savings Institu
tion, Newark, New Jersey, was elected
president of the Savings and Mortgage
Division.

(Continued from page 28)
First National Bank, Jackson, Ten
nessee, District 8; Walter B. Jacobs,
president, First National Bank of
Shreveport, Louisiana, District 11, and
William M. Lockwood, president, How
ard National Bank & Trust Company,

Joseph R. Jones, vice president of
the Security-First National Bank of

Los Angeles, was elected vice presi
dent of the division.
The following were elected to the
division’s executive committee for a
three-year term expiring in 1956:
Crawford H. Stocker, Jr., president,
Lynn Five Cents Savings Bank, Lynn,
Massachusetts; Paul A. Warner, presi
dent, Oberlin Savings Bank Company,

Welcome Bankers to the Convention . . .
W e hope you have a fine, profitable time at your convention. Again,
we want you to know that while you are alw ays w elcom e at our
home office, we hope you will visit us during the convention, as we
are just across the street from convention headguarters.

HAWKEYE-SECURITY
INSURANCE CO.
INDUSTRIAL
INSURANCE CO.
Des Moines, Iowa
Digitized Northwestern
for FRASER
Banker, October, 1953
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Insurance
Oberlin, Ohio; Earle A. Welch, treas
urer, Meredith Village Savings Bank,
Meredith, New Hampshire.
Chairman of the division’s federal
legislation committee for 1953-54 will
be Mr. Warner.
Chairman of the division’s state leg
islation committee for 1953-54 will be
Fred B. Wheaton, president, York
County Savings B a n k , Biddeford,
Maine.

J. C. Whitten, vice president, the First
Trust Company, Lincoln, Nebraska.
At the meeting of the new executive
commitee held immediately following
the division meeting, Richard P. Chap
man, president, the Merchants Nation
al Bank of Boston, was elected chair
man of the executive committee.—The
End.

Bank Commissioners Elect

Lynwood Elmore, state commission
er of banking for Connecticut, was
Harry M. Arthur, president of the elected president of the National Asso
Arthur State Bank, Union, South Caro ciation of Supervisors of State Banks
lina, was elected president of the State at their closing session in Philadel
Bank Division.
phia. He succeeds Newton P. Black
Ben S. Summerwill, president of the of Iowa.
Iowa State Bank & Trust Company,
Grant E. Robison, superintendent of
Iowa City, was named vice president banking for Nevada, who was unable
of the division.
to attend the convention, was elected
first vice president; J. M. Falkner,
Trust Division
bank commissioner of Texas, second
N.
Baxter Maddox, vice president vice president, and Elmer T. Beck,
and trust officer, First National Bank, Kansas bank commissioner, third vice
Atlanta, Georgia, was elected president president.
of the Trust Division.
John H. Hoffman of West Virginia
George C. Barclay, vice president of was elected treasurer. Edward H.
the City Bank Farmers Trust Com Leete was re-elected as secretary.
pany, New York City, was elected vice
president of the division.
Heads Robert Morris
The following were elected to the
T.
W. Johnson, vice president of
division’s executive committee for a Security-First National Bank of Los
three-year term expiring in 1956: Angeles, was elected president of Rob
William J. Fitzpatrick, vice president ert Morris Associates for the 1953-54
and trust officer, the Walker Bank & fiscal year at the annual meeting in
Trust Company, Salt Lake City, Utah; Philadelphia. The organization, estab
Aurie I. Johnson, vice president, First lished in 1914, as the national associa
Trust & Deposit Company, Syracuse, tion of bank loan officers and credit
New York; Walter Kennedy, presi men and is made up of more than
dent, First National Bank, Montgom 2,200 individuals representing 21 chap
ery, Alabama; Ralph A. Mclninch, ters with a membership of more than
president, Merchants National Bank, 750 banks in the United States, Can
Manchester, N e w Hampshire, and ada, Puerto Rico, Alaska and Hawaii.

State Bank Division

THflANooF OPPORTUNITY openedto MEN WITH VISION
. . . AND OPPORTUNITY IS OPEN
TO BANKERS TODAY!
T H E PO N Y E X P R E S S . . . highlights one of the
most dramatic episodes in The Saga of the W est.
Speeding riders spurring from St. Joseph, Missouri, to the Pacific, amidst unbounded hazards,
*xvr
helped to link more closely the contact of the
nation’s people.
Today, Bankers who are leaders in hundreds of
prosperous communities, know National Reserve Life is a $146,000,000
organization, rapidly speeding ahead in the rich areas west of the Missis
sippi, “ where the spirit of the pioneer still prevails.”
Our result achieving “ Banker’s Plan” offers unlimited opportunity for
progressive bankers— and remember our special home office representatives
do the work.
Let our popular “ Banker’s Plan” of cooperation point the w ay to addi
tional profit for you!
W rite W . E. Moore, A g e n cy V. P ., A g e n cy H q ., Topeka
S. H . W itm e r, Chm. of the Board
H . O . Chapm an, Pres.

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Federal Reserve Bank of St. Louis

Mr. Banker—
Probably the largest percentage
of your customers are the men
who are in partnership with the
earth, the soil, the winds, the
clouds, and the sunshine— MR.
FARMER.
He looks to you for valued ad
vice. See that he is fully pro
tected insurance-wise.
Western Mutual is now writing
coverage on Grain in Storage
along with protection on Feeder
Cattle. Investigate this cover
age so you may help protect
the farmer.
Our Home Office will be glad
to supply you with information
on this as well as on Fire, Auto
mobile, Plate Glass, and Public
Liability Insurance.
Recently we entered the field
of Polio and Ten Dread Disease
Insurance (including C a n c e r
coverage). Write or phone your
inguiry to

WESTERN MUTUAL
INSURANCE COMPANY

LIFE INSURANCE COMPANY
TO PEKA • • • SIOUX FALLS

616 Te n th

Des M oines 8, io w a

trong as the St ronge st - E n d u r i n g as Rushmore
N o r t h w e s t e r n B a n ke r, O c t o b e r ,

1953

Mending Institutions Urged
To Otter Credit U te Protection
ENDING institutions in the home
mortgage field were urged to of
L
fer their customers consumer credit
insurance protection by Francis J.
Mulhern, manager, Home Guard Divi
sion, Old Republic Credit Life Insur
ance Company of Chicago, in a recent
address.
Pointing to the $7% billions of in
stallment debt protected last year with

DigitizedNorthwestern
for FRASER Banker, O c to b e r , 1953
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

consumer credit insurance, Mr. Mul
hern stated that “such a record could
not have been achieved unless the
public desired and demanded the
peace-of-mind and security which cred
it insurance brings.” With mortgage
lending at an all time high in the
nation’s history, the insurance execu
tive continued, lenders must examine
their possible jeopardy in the repay

ment of home loans by their borrow
ers because of unemployment or re
duced income; loss of income due to
an injury; loss of income due to an
illness; and permanent loss of income

FRANC IS J. M U L H E R N
“ Credit insurance is highly important”

due to death. “ The consumer credit
insurance company is prepared to
eliminate three of the four possible
reasons why borrowers may become
delinquent accounts,” he added.
A special adaptation of consumer
credit insurance has been developed
to provide low-cost protection for the
borrower and his family during the
“critical period” following an injury,
illness or death.
In the event of death. Mr. Mulhern
stated, the credit insurance company
assumes the mortgage payments for
a stated period of time, usually one
year, giving the family time to adjust
its finances. “ Income in the form of
insurance benefits at this most ‘criti
cal period,’ ” Mr. Mulhern pointed
out, “relieves the widow of the burden
of making a hasty and oftimes rash
decision concerning the home.”
If the wage earner is disabled by
an illness or accident and the family
income is thereby reduced or cur
tailed, the insurance company will
make the monthly payments for as
long as one year. “When the borrow
er’s income is temporarily cut off and
doctors’ and hospital expenses in
crease the financial burdens on the
family, the insurance is there to tide
them over this difficult period of re
adjustment,” he stated.
Credit life insurance is at least as
important to the lending institution
and its borrowers as is fire insurance,
Mr. Mulhern stated, since during the
period of a 15-year mortgage there
will be 16.3 death losses to each fire
loss.—The End.

Insurance

Agricultural Credit
Conference
The outlook for agriculture and the
problems of meeting the financial
needs of the nation’s farmers will be
the major subjects of discussion when
the American Bankers Association
holds its Second National Agricultur
al Credit Conference in the La Salle
Hotel, Chicago, Illinois, on November
16th to 18th. The advance program
for the conference was announced by
Jesse W. Tapp, chairman of the
A.B.A.’s Agricultural Commission, and
executive vice president, Bank of
America N.T. & S.A., San Francisco,
California.

On Advisory Committee
Russell G. Smith, executive vice
president of Bank of America, has
been appointed to the advisory com
mittee to the Banking and Currency
Committee of the United States by
Senator Capehart, it was learned re
cently.
Mr. Smith, who is in charge of the
bank’s international activities, will
serve to counsel the Capehart com
mittee in its study of the operations
of the Export and Import Bank and
the International Bank for Recon
struction and Development.

is an annual tourney, open to resi
dents of suburban Broadview. Eightyfive golfers competed for the cham
pionship.
* =1= =t=
The Philadelphia National Bank,
which last month celebrated the 150th
anniversary of its opening for busi
ness, has the distinction of having as
its first president a signer of the Dec
laration of Independence, George Clymer. Its president today is Frederic
A. Potts, eleventh in line of bankers
that includes such as Mr. Clymer, John
Read, Thomas Robins, Benjamin B.
Comegys, Levi L. Rue and Joseph
Wayne, Jr.
The men who made The Philadel
phia National Bank also helped to
make the nation and much of its finan-

cial history from the infancy of the
United States to its present position
as the foremost country of the world.
And the bank has been identified with
the financial life of the city from its
Colonial days to the present industrial
boom in the Delaware Valley.
Frederic A. Potts became president
in January, 1947. He had joined the
bank in 1941 and was elected a vice
president in December of that year.
Before long he had conclusively dem
onstrated that he had the qualities
the bank was seeking.
Election of Mr. Potts, then only 42
years of age, established a precedent
for Philadelphia banks in seeking out
younger, although fully experienced,
men as head of the institutions.—The
End.

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NEWS AND VIEWS . . .
The Northwest Security National
Bank of Sioux Falls, South Dakota, is

ENJOY GOOD HEALTH
Eat More Beef
BEEF IS PLENTIFUL
Eat More Beef
BEEF IS CHEAP
Eat More Beef
ASK YOUR DOCTOR
He AVill Tell You
BEEF IS GOOD
For Y'ou and
YOUR CHILDREN, TOO
Eat More Beef

The Northwest Security National
and its branches are located in the
heart of a rich part of the cattle coun
try and the bank has long made it a
policy to consistently promote the in
terests of the livestock industry.
* * *
Gilbert J. McEwen, Iowa representa
tive of the Harris Trust and Savings
Bank, Chicago, recently won the
Broadview, Illinois, “open” golf cham
pionship with a sparkling 76 over the
Woodridge Country Club course. This

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Federal Reserve Bank of St. Louis

★

T. D. CARNAHAN
General Agent

(Continued from page 24)
doing its part toward increasing the
sale of beef. On every letter sent
out from the bank and its six branches
a two by four inch sticker is affixed
which has the following message
printed in red:

WITMER-KAUFFMANEVANS CO.
210 Equitable Bldg,
Des Moines

The Minnesota Mutual
Life Insurance Co.
913 Savings & Loan Building
Des Moines

r
BANKERS SECURITY'S
CREDIT LIFE PLAN Has
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W ILL, LOAN and TIME SALES VOLUME. Write today for
complete information about the oldest and finest credit life plan.
We will also send you a copy of the LOAN BUILDER, which is
a real loan and time-sales building help.

BANKERS SECURITY LIFE INSURANCE SOCIETY
1017 W a ln u t S t re e t
Des Moines 9, Io w a

103 P a rk A ve n u e
N ew Y o rk 17, N. Y ,

ARTHUR J. MORRIS
GEORGE OLMSTED,
Chairman of the Board
President
FRANK J. SCOTT,
HARRY O’ BRIEN,
Vice Chairman of the Board
Vice President and Treasurer
W. L. COBB,
Executive Vice President

L .
Northwestern Banker, O c to b e r , 1953

^ Here at the First National o f Minneapolis, w e make it our job
to be on the job for you all the time.
Service that’s com p eten t... prom pt .. personalized... is the reason
over 1,000 banks have us as their correspondent. Most o f them have
been w ith us for many years, for they recognize the importance o f
choosing a strong, dependable corre
spondent— and then staying w ith it

throughgoodtim esand bad. N om atter
what their problem, they kn ow they

Ed g a r

elle,

ordon

GEORGE

HENRY,

.. . Stop in next time you’re in M in

o m l ie ,

Vice President

Assistant Cashier

FIRSTNATIONALBANK
bankers’ bank of the Upper Midwest”
MEMBER FEDERAL DEPOSIT INSURANCE CORPORATION

Assistant Cashier

ALDON E. OMDAHL,

or phone M A in 7111—any time.

Northwestern Banker, O c to b e r , 1953
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Assistant Cashier

RICHARD o . WEYRAUCH,
g o r d o n olson,

neapolis, w o n ’t you? Or drop us a line

OF MINNEAPOLIS

Vice President

m a r t in

JOSEPH M. DOWNES,
styr k

And that goes for your bank, too

President

C O R R E S P O N D E N T B A N K D IV IS IO N

K e n n e t h T.

can bank on us for the help they need.

Chairman o f the Board

urray,

Representative

M in n e s o ta

N EW S
W A LLA C E
President
S t . Paul

BOSS

Win Scholarships
A number of Minnesota farm youth
have won the Bankers Scholarship
award which entitles them to $400 to
attend the University of Minnesota
School of Agriculture for two years,
in periods of six months each year.
Among the winners are Avis Wallin,
Anoka; sponsoring banks, State Bank
of Anoka; First National Bank, Ano
ka; Farmers State Bank, Cedar, and
Columbia Heights State Bank.
Richard Hayes, Mountain Lake:
Westbrook State Bank, Storden State
Bank, Jeffers State Bank, Farmers
State Bank of Mountain Lake; Windom
State Bank and Windom First Na
tional.
Harvey Wilmer, Williams: First Na
tional Bank of Baudette and First
State Bank, Williams.
John L. Meincke, Lake City: Wa
basha County, Lake City State Bank.
George Scherzer, Jr., Callaway: First
National Bank, Detroit Lakes.

FLO YD W . LA R SO N
S e c re ta ry
M inneapolis

prize and Herman Harare of Wood
Lake won the “eight ball.”
There were 81 members and guests
present representing 20 banks.

Charles M. Soderlind
Charles Marshall Soderlind, 68, pres
ident of the Farmers State Bank, Lake
Benton, Minnesota, died at his home
early last month.
He had been active in the banking
business for the past 47 years, in the
bank organized by his father, the late

Division Meeting
The West Central Division of the
Minnesota Bankers Association held
their annual meeting at Montevideo
last month.
The following officers were elected
for the coming year: President, Mi
chael Connolly, State Bank of Dan
vers, Danvers; vice president, H. W.
Reiter, National Citizens Bank, Canby,
and secretary-treasurer, E. A. Thronrud, N. W. State Bank, Dawson.
The division went on record as fa
voring the nomination of Don Crow
ley for vice president of the Minnesota
Bankers Association.
At the golf game in the afternoon
Don Anderson of Madison won first

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Federal Reserve Bank of St. Louis

At Two Harbors
Henry Dwan, an employe of the in
stitution for the past 27 years, was
elected to the office of cashier of the
Commercial State Bank of Two Har
bors, Minnesota, according to an an
nouncement by Paul A. Essen, who
was appointed executive vice presi
dent.
Other personnel changes made at
the meeting included promotion of
Dorothy Watts and Paul W. Essen as
assistant cashiers.

Federal Depository
Last month the First National Bank
of Spring Valley, Minnesota, received
notification that it has qualified as a
depository for federal taxes. This
means that the local bank is now au
thorized to accept payments of social
security taxes, withheld income taxes,
railroad taxes and excise taxes.
The bank has advised its customers
of the procedure followed in availing
them of this additional service.

Banker Appointed
Announcement is made that M. J.
Dwyer, executive vice president of
The Bank of Elk River, Minnesota,
has been reappointed as chairman of
the National Federation of Independ
ent Business, Inc.
Mr. Dwyer’s appointment was an
nounced by R. S. Erstad, district man
ager of the Federation.

New Drive-In
Both an extension of service and a
distinct novelty to the community is
the new Auto Bank Drive-In at the
Alexandria, Minnesota, State Bank.
One wishing to make a deposit will
not have to search for a parking spot
around the business section. He or
she merely turns into the alley behind
the bank, from Fifth Avenue, drives
right up to the new window at the
rear of the bank and makes the deposit
without getting out of the car.

tral State Bank, Duluth, before joining
the staff of the Park State Bank.
The third promotion was for John
L. Banks, Jr., who was named cashier
of the Central State Bank. He was
formerly connected with the First
National Bank in Superior.

CH AR LES M. SO D E R L IN D
1887-1953

Alfred Soderlind. The bank is the
oldest home-owned bank in Lincoln
county.
Mr. Soderlind was active in com
munity affairs, a member and clerk
of the school board for 12 years, a
member of the volunteer fire company
since 1907 and had been president and
trustee of the Relief Association and
treasurer for over 30 years.

Three Promotions
Three promotions were made re
cently at a meeting of the board of
directors of the Park State Bank, Mor
gan Park, Duluth.
Mrs. Cecilia Hart was elected to
the assistant cashier’s post as Alvin
G. Schlegel was named cashier. Mr.
Schlegel served as cashier of the Cen

Passes $1 Million Mark
The Farmers State Bank of Dorset,
Minnesota, has passed the $1 million
mark in resources, it has been an
nounced by C. R. Hewitt, bank presi
dent.
Resources early last month were
$1,001,025.97, according to G. L. Hew
itt, cashier.
He pointed out that the bank has
added over $200,000 in resources over
the past two-year period.
Surpassing the $1 million mark
came just a week before the Dorset
bank observed its 34th anniversary.
It was founded September 1, 1919, and
a year later C. R. Hewitt became one
of the bank’s principal stockholders.

MORE MINNESOTA NEWS
ON PAGE 77
Northwestern Banker, O c to b e r, 1953

Twin City News

llilililiii

S IX Minneapolis b a n k ers

were
among 210 men from 21 states
who were graduated from the
school of banking at the University of
Wisconsin.
They are James H. Bailey, office of
the comptroller; Christopher E. Bjork
and Roger K. Grobel, Federal Reserve
Bank of Minneapolis; Henry T. Neiger,
First Bank Stock Corporation; Silas
Olson, Midland National Bank of Min
neapolis, and Styrk R. Oinlie, First Na
tional Bank of Minneapolis. W. R.
Chapman of Midland National was a
faculty member at the school.
* * *
Carl E. Bahmeier, Jr., secretary of
the South Dakota Bankers Association,
was a dinner speaker at a meeting of
Minnesota Farm Bureau Federation
officials recently at the Lowry Hotel
in St. Paul.
* *
Eugene Hedlund, assistant vice pres
ident of the Northwestern National
Bank of Minneapolis, has been elected
to the board of directors of Downtown
Auto Park, Inc., which operates the
two downtown parking decks in Min
neapolis.
Lyman E. Wakefield, Jr., of the First
National Bank of Minneapolis was re
elected president and a director.
* * *
The Midland National Bank of Min
neapolis was a joint host at a recent

UNDERWRITERS

—

luncheon for new teachers in the Min
neapolis public schools. Arnulf Ueland, president of the bank, conducted
a series of interviews.
* H
= *
Carol Anderson, a member of the
auditing department of the Marquette
National Bank of Minneapolis, re
ceived the grand prize for scholastic

CAR O L A N D E R S O N
W ins A.I.B . grand prize

achievement in study through the
American Institute of Banking at the
fall commencement of the Minneapolis
A.I.B. chapter in Hotel Radisson.

DISTRIBUTORS

—

DEALERS

MUNICIPAL BONDS
CORPORATION BONDS and STOCKS

KALMAN & COMPANY
Endicott Building
ST. PAUL
Garfield 3305

Banker, O c to b e r , 1953
Northwestern
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

McKnight Building
MINNEAPOLIS
Atlantic 5313

Russell L. Stotesbery, president of
Marquette National, said Miss Ander
son completed the pre-standard and
standard A.I.B. courses with a 95.3
average. She will receive an expensepaid trip to Los Angeles next June to
represent the Minneapolis chapter at
the organization’s national conven
tion.
Winners of $25 cash awards were
Harold Underhill, First National Bank
of Minneapolis; Edward Allen, Cam
den Park State Bank, and Caroline
Gottneid, Midland National Bank of
Minneapolis.
They completed the
courses with averages above 90.
Twenty-four employes of Minneap
olis banks received certificates of grad
uation.
Owen Harris, assistant cashier of
the University National Bank of Min
neapolis and president of the Minne
apolis A.I.B. chapter, announced that
more than 600 students have enrolled
for the winter session.
* * *
The First Robbinsdale State Bank
has announced that it will construct
a $250,000 bank building across the
street from its present location at W.
Broadway and Forty-second Avenue.
The Minneapolis s u b u r b a n bank
moved into its present building only
two and a half years ago.
Joseph W. Roche, president, said the
present building will be sold.
Officers, in addition to Mr. Roche,
are T. P. Howard, vice president; Sven
Grundstrom, cashier, and L. W . Randahl and John G. Brauch, assistant
cashiers. Members of the board of
directors are Arop M. Berg, AVT. H.
Cavanagh, Dr. Martin Nordland, Wal
ter C. Sipe, Larry Haeg, Mr. How
ard and Mr. Roche. Mr. Haeg, general

manager of radio station WCCO and
a Minnesota state representative, was
named to the board only recently.
* * *
Carl (). Lindeman, vice president of
the Northwestern Bell Telephone Com
pany, and general manager of its Min
nesota operations, has been elected to
the advisory committee of the St.

A /ê w á e fo f o t fa u ik d -. . .
Meet just about the most versatile partner any bank ever
had—ready, willing and able to perform a variety of
figuring functions in every department: Commercial Teller
. . . Savings . . . Proof . . . Bookkeeping . . . Transit. . . Loan
. . . Trust . . . Genera! Ledger.
This latest Burroughs has two accumulating registers. It
can add and subtract, directly, in either or both. It accumu
lates individual group totals and the grand total simul
taneously, without recapping.

Does These Important Banking Jobs . . .
T ria l b a la n ce with net group
totals and g ran d total
T ria l b a la n ce with multiple amounts
listed and accum ulated from one
card
O ld and new b a la n ce p ro of and
ticket listing
Batch p ro o f

T e lle r b lotter consolidation
Balancing cash
Listing money ord ers b y fe e and
amount
Auditing cash ie r’s checks b y check
number and amount
Prelist o f old b alan ce s

R e cap o f p ro o f machine totals

Listing groups o f checks prior to
"list posting”

B reakd o w n o f p ro o f machine or
batch sheet bulk totals

Listing d eb it and cre d it tickets

R e cap o f batch p ro o f sheets

Listing o f incoming an d outgoing
transit and cle arin g letters

Pre p arin g m o rtg age loan notices
R ecap of branch o ffice blotters

Account number an d amount listing

Listing hours and w a g e s b y
departm ents

C ash e d check listing

D a ily statem ent o f condition

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Federal Reserve Bank of St. Louis

What’s more, the exclusive Burroughs alternating register
control enables the machine to store successive amounts
alternately in the two registers, automatically. And each
transaction is fully identified by easy-to-read symbols.
Compact, light, and styled in the modern manner, the new
Burroughs with Multiple Totals and Direct Subtraction
crowns the efforts of five years’ research. Have your
Burroughs man show you all it can do, today. Available in
10-column and 13-column models, with wide or narrow
carriage. Burroughs Corporation, Detroit 32, Michigan.
WHEREVER THERE’S BUSINESS THERE’S

Burroughs
Northwestern Banker, O c to b e r, 1953

Minnesota News

A t S ch ool F rom A th in csotu

STUDENTS— Pictured above are Minnesota bankers who attended the ninth annual
session of the School of Banking at the University of Wisconsin. All reading from
left to right, they are:
First row: Lowell E. Thorson, Norman County State Bank, Hendrum; Robert F.
Lichty, First National Bank, Austin; Styrk R. Omlie, First National Bank, Minneapolis;
Ray L. Roberts, First National Bank, Rochester; Robert Branham, Stock Yards National
Bank, St. Paul; Cyril L. Mulliner, The State Bank, Faribault; Howard A. Barrett,
Security National Bank, Faribault; William T. Stoll, Farmers and Merchants State
Bank, Pierz; William K. Bartig, State Bank of Long Lake; E. G. Brecht, Farmers
State Bank, Osseo; Goodwin S. Anderson, Empire National Bank, St. Paul; Donald
Grina, The Union National Bank, Rochester; Raymond J. Wiskow, First National Bank,
St. Charles; Burt J. Plehal, Austin State Bank, Austin, and Silas Olson, Midland
National Bank, Minneapolis.
Second row: Ray M. Wollum, Jr., office of the comptroller, Billings, Montana; Roger
K. Grobel, Federal Reserve Bank, Minneapolis; Lester I. Davis, Western State Bank,
St. Paul; Granvil J. Gilbertson, First National Bank, St. James; Robert J. Nelson, First
National Bank, Moorhead; Newton H. Dashiell, Jr., Northwestern National Bank,
Minneapolis; Allan F. Siewert, Yellow Medicine County Bank, Granite Falls; George P.
Scroggie, First National Bank, Pipestone; Donald L. Smith, First National Bank, St.
Paul; Theodore V. Zabel, Peoples State Bank, Plainview; James M. Wilson, First N a
tional Bank, Roseau; Zane H. Smith, First National Bank, Brainerd, and Joe Halverson,
First State Bank of Wabasha.
Third row: Walter L. Fredrickson, First & American National Bank of Duluth;
Clifford H. Zaffke, Backus State Bank, Backus; Clifford G. Swenson, The First National
Bank, W alker; Richard O. Weyrauch, First National Bank, Minneapolis; A. F. Lietzke,
Farmers & Merchants State Bank, Sacred Heart; Chuck Peterson, First National Bank,
Anoka; C. J. Wiersma, First National Bank, Pipestone; S. R. Wheaton, The First
National Bank of Elk River; William Beery, Alexandria State Bank, Alexandria; Carl
Bergquist, Federal Reserve Bank of Minneapolis; Dan Fiala, Ogilvie State Bank, Ogilvie,
and Elwood Throndrud, Northwestern State Bank, Dawson.
Fourth row: Donald A. Weckwerth, office of comptroller, Duluth; K. M. Barnett,
Northwestern National Bank, Minneapolis; Jim Claypool, The City National Bank,
Duluth; Kent S. Rogstad, First National Bank, Detroit Lakes; William Lambert, The
Winona National and Savings Bank, Winona; W . O. Paradise, F'ederal Reserve Bank
of Minneapolis; John Cadwell, Richfield State Bank, Richfield; Roland L. St. Clair, First
Produce State Bank, Minneapolis; H. K. Swanson, Federal Reserve Bank of Minneapolis;
H. A. Bustrack, State Bank of Warren; F. E. Hansen, Blue Earth State Bank, Blue
Earth; C. E. Bjork, Federal Reserve Bank of Minneapolis.

Great Northern Insurance
Company
A Stock Company

M i n n e a p o lis

F IR E A N D C A S U A L T Y IN S U R A N C E
Home Office — McKnight Building

lien iu i n - - u t u u iiot.

M in n e s o t a

uon i ■anuijou - - j jj oamai ina oi.

Chicago: Special Representative’s Office, 38 South Dearborn St.

5 7 5 ‘S'uzttcTieA
Banker, O c to b e r , 1953
Northwestern
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

•Resources Exceed $2 Billion

Anthony Falls office of the First Na
tional Bank of Minneapolis.
* * *
King Bennethum of the First Na
tional Bank of Minneapolis has been
elected to the board of directors of
the Minneapolis Aquatennial Associa
tion, which operates the city’s sum
mertime civic celebration.
* * *
A deferred compensation profit shar
ing plan was to be submitted for ap
proval to stockholders in the North
west Bancorporation at a special
meeting in Minneapolis this month.
In substance, as outlined by J. Camerson Thomson, president, the plans
call for setting aside in a trust fund
each year, beginning with 1953, for
the ultimate benefit of employes 30
years of age and over who have com
pleted five or more years of service, a
small part of the profits of the cor
poration and its affiliates.
The total amount so to be set aside
would not exceed the smaller amount
of 3 per cent of the combined net
earnings from current operations for
the year, or one-fourth of the com
bined net profits for the year in ex
cess of 5 per cent of the total capital
accounts for the year.
This would assure retention for
stockholders of profits after taxes
equal to 5 per cent on total capital
accounts, plus 75 per cent of all prof
its above that amount.
* * *
F. K. Weyerhaeuser, president of
the Weyerhaeuser Sales Company of
St. Paul, and Charles H . Bell, presi
dent of General Mills, Inc., of Minne
apolis, have been named to advise the
senate banking committee in its study
of international trade.
* * H
=
The third annual Finance Forum
for women and a special one night
forum for men will be sponsored by
the American National Bank of St.
Paul this fall, according to an an
nouncement by Rollin O. Bishop, pres
ident of the bank.
The forum for women will consist
of a series of four weekly meetings
held on successive Tuesdays starting
October 6th and ending October 27th,
with a morning session at 10:00 and
an evening session at 8:00. Meetings
will be held in the Marquette Room
of the Ryan Hotel.
* * H
=
A new type of charge account serv
ice for a group of merchants on St.
Paul’s East Side was put into opera
tion recently by the Northwestern
State Bank of St. Paul.
Walter V. Borle, president, explained
that the bank serves as the credit,
bookkeeping and collection office for

✓

Minnesota News
participating merchants. One “chargeit” credit plate is good at all member
stores. A single monthly statement,
covering all purchases at member
stores, is issued by the bank.
The service is supervised by Robert
V. Kochendorfer, bank vice president.
5{c >}c
The retirement of T. Gray Cassidy,
assistant manager of the foreign de
partment of the Northwestern Nation
al Bank of Minneapolis, and William
E. Johnson, new accounts department,
was announced recently by Joseph F.
Ringland, president.
Mr. Cassidy joined the bank in 1907
and Mr. Johnson in 1915. Mr. Cassidy
had the second largest service period
at the bank.
* * *
Top Twin Cities bank executives
were hosts to bankers in Minneapolis,
St. Paul and rural Hennepin and Ram
sey counties at a United States sav
ings bond luncheon recently in the
Federal Reserve Bank of Minneapolis.
They discussed ways and means of
increasing bond sales. Wallace L. Boss,
of the First National Bank of St. Paul,
presided.
* * *
Election of Rufus W . Hanson as a
senior vice president of the First Na
tional Bank of Minneapolis was an
nounced recently by Gordon Murray,
president.
Mr. Hanson has been a member of
the bank’s staff since 1928, except from
1936 to 1942 when he was a vice presi
dent of the First Bancredit Corpora
tion in St. Paul.
* * *
Goodrich Lowry, executive vice pres
ident of the Northwestern National
Bank of Minneapolis, has been elected
to the board of directors of Northrup,
King & Company, Minneapolis seed
house.
* * *
Gordon Malen of the First National
Bank of Minneapolis has been named
secretary-treasurer of the Advertising
Club of Minneapolis.
* * *
Mrs. Rachel Lilly, wife of R. C. Lilly,
chairman of the board of directors of
the First National Bank of St. Paul,
died recently at the age of 65 after*
an illness of several months. She is
also survived by two sons, four grand
children and a brother.
* * *
Ewing T. Boles, Columbus, Ohio,
president of the Investment Bankers
Association of America, believes the
general economic picture of the United
States is “very good.”
Speaking recently in St. Paul he
predicted that national spending will
continue at a high level and pointed
out that the securities market is good.

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Federal Reserve Bank of St. Louis

Mr. Boles and Murray Hanson,
Washington, general counsel for the
association, spoke at a meeting of the
organization’s Minnesota chapter. Also
present at the session were members
from Minnesota, North Dakota, South
Dakota and Montana.
L. E. Shaughnessy of Shaughnessy
& Company, Inc., St. Paul, was elected
chairman of the chapter. Ira Owen of
Allison-Williams Company, Minneap
olis, was named vice chairman, and
Robert Krysa of Harold E. Wood &
Company, St. Paul, secretary-treas
urer.
* * *
Members of the board of directors of

the First Bank Stock Corporation met
recently in Fargo, North Dakota. They
were guests of the Merchants National
Bank & Trust Company and the Fargo
Chamber of Commerce, and visited
First Bank Stock affiliates at Grand
Forks. Ellwood O. Jenkins, president,
said the purpose of the trip was to
give directors first-hand information
on economic conditions and trends.
Following the meeting the election
of Robert S. Macfarlane, president of
the Northern Pacific Railway Com
pany, as a director of First Bank
Stock was announced.
Mr. Macfarlane also is a director of
the First National Bank of St. Paul

Over fifty-six years we have endeav
ored to give the service you desire in
connection with feeder loans.

Will

you keep us in mind this fall if in need
of assistance with excessive volume
or overlines?

Stock Yards National Bank
of South St. Paul
SOUTH ST. PAUL, MINNESOTA
M E M B E R F E D E R A L D E P O S IT IN S U R A N C E

C O R P O R A T IO N

Northwestern Banker, O c to b e r, 1953

Minnesota News

Opon

Loan

LOAN DEPARTMENT — Pictured above is the personnel of the recently opened
Bankloan department of the First Citizens National Bank, of Watertown, South Dakota.
From left to right, those shown are Roy Nugent, assistant cashier; Joanne Beskow,
secretary; Fern Loats, note teller; Mrs. Helen Schmeling, secretary, and Cecil Pogatchnik,
assistant cashier.
The Bankloan Plan of the First Citizens is for the service of customers to finance
automobiles, home improvement or remodeling, finance household equipment or appli
ances, and to meet personal or business loans.

and of the First Trust Company of
St. Paul.
Also announced after the meeting
was an amendment to the corpora
tion’s by-laws providing that the an
nual meeting of stockholders and di
rectors henceforth will be held on the
third Wednesday of April each year
instead of on the second Tuesday in
February as in the past.
*
Six Minneapolis bankers were among
the 100 young men chosen recently as
outstanding representatives of Minne
apolis’ future leaders.
They are Harry C. Benson, assist
ant cashier of the Midland National
Bank of Minneapolis; Edward C.
Brown, Jr., assistant cashier of the
First National Bank of Minneapolis;
Henry Doerr III, trust officer of the
Northwestern National Bank of Min
neapolis; Robert W. Fischer, assistant
comptroller of the First National;
James C. Harris, trust officer of the
Northwestern National, and Willis F.
Rich, Jr., president of the Northwest
ern National Bank of BloomingtonRichfield, and assistant cashier of the
Northwestern National of Minneap
olis.

C A R L L. F R E D R IC K S E N
P r e s id e n t
C L I F F O R D L. A D A M S
V ic e P r e s id e n t
W IL L IA M C . SC H E N K
V ic e P r e s id e n t
STANLEY W . E V A N S
V ic e P r e s id e n t
JO H N S . H A V E R
C a s h ie r
J A M E S L. S M IT H
A s s t. C a s h ie r a n d A u d it o r
K IN L E Y W . S M IT H
A s s t. C a s h ie r
BE N E. H O L T D O R F
A s s t. C a s h ie r
R A W S A . JENSEN
A s s t. C a s h ie r

Convention Chatter
W hen Iowa bankers convene this month in
Des Moines, they will chat about many things—
including correspondent connections. If Sioux
City is mentioned, you'll hear special praise for
the well-rounded service here at this bank.
Your account, too, is w elcom e at the Live Stock
National Bank in Sioux City.

-V

R. K. D R A P E R
R e p re s e n ta tiv e

Northwest
ern Banker. O c to b e r , J953

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

MEMBER

FEDERAL DEPOSIT

I NSURANCE

CORPORATI ON

ture of common sense, humorous sto
ries and perfect dialect combine to
make him outstanding in his field.”

South Dakota

Watertown Change

NEWS
C A R R O LL H.
LO C K H A R T
President
W a te rto w n

H unk

C A R L E. B A H M E IE R , J R .
S e c re ta ry
Huron

Is H ost to

N INE HUNDRED UH Club mem

bers, leaders and friends were
guests of the Northwest Security Na
tional Bank of Sioux Falls at the First
Annual 4-H Club Barbecue held in con
junction with the Sioux Empire Fair
in Sioux Falls.

Featured on the entertainment side
was the Minnehaha and Lake County
4-H Club band, as well as Rufe Davies,
nationally known comedian, who also
appeared on the fair program.
Since the bank has set up a policy
of working very closely with the 4-H

Eugene H. Paine and Arthur J.
Dondelinger of Brainard, Minnesota,
have purchased controlling interest in
the Farmers and Merchants Bank of
Watertown, South Dakota, from An
drew Kopperud.
Mr. Kopperud, who is widely known
in South Dakota banking circles, and
in the entire midwest through his
Rotary work and as a former presi
dent of the Federal Land Bank in
Omaha, organized the Farmers and
Merchants Bank in Watertown in
1935. According to the latest pub
lished statement, the bank has depos
its of $6,739,764 and capital accounts
of $418,535.
Mr. Paine will assume the position
of president and Mr. Donelinger in
active vice president. Mr. Paine,
through other business connections,
has many friends in Watertown and
is looking forward to a long and pleas
ant association with customers and
friends in the community served by
the bank.
All parties to this sale were repre
sented by Charles E. Walters Com
pany of Omaha, Nebraska.

Claremont Branch

COME AND GET IT — Here are a few of the 900 4-H members and others who lined
up for the big barbecue feed sponsored by the Northwest Security National Bank of
Sioux Falls.

The superintendent of banks, Roy
Fenner, has advised that the First
State Bank of Claremont, South Da
kota, has opened a branch “A” office
at Columbia, South Dakota.

Clinic Dates Set

Featured on the menu was 350
pounds of boneless, choice Morrell
beef which was prepared under the
very close supervision of three men
from John Morrell & Company. Along
with the barbecued beef, there was
plenty of potato chips, baked beans,
pickles, ice cream, milk, cookies and
some delightful entertainment.

Club boys and girls, believing that
they represent the future farmers of
the area, the Northwest Security Na
tional Bank of Sioux Falls was proud
to be host to these fine young folks.
Bank officers and employes acted as
servers and other bank personnel as
sisted in completing the entire prepa
ration.

Group Meeting Speaker

Association recently said of Mr. Ram
sey, “ His appearance before a group
of critical executives, whose expe
rience with public speakers and enter
tainers is far from limited, was a real
test of his ability. He captivated the
audience and actually had it applaud
ing for more, which is truly an accom
plishment. Mr. Ramsey’s skillful mix

Samuel H. Ramsey of Boston, Mas
sachusetts, was the featured banquet
speaker at the Annual Fall Group
Meetings of the South Dakota Bankers
Association. Born in Scotland, he has
been a most successful business con
tractor for the last 32 years. The ex
ecutive secretary of The Boston Trade

The bank management committee of
the South Dakota Bankers Association,
chairmanned by L. L. Lillibridge,
Burke, South Dakota, announces the
following dates for the 1953 Bank Man
agement Clinic. They are November
10 and 11. The Marvin Hughitt Ho
tel, Huron, will host the meeting. The
committee has made elaborate plans
to bring an outstanding program to
Huron. Mark your calendar now and
be sure to attend the Bank Manage
ment Clinic. Those requiring hotel
space are advised to make reserva
tions at the earliest possible moment.

South Dakota Report
Time and demand deposits in South
Dakota’s state banks on June 30th of

THE NATIONAL BANK OF SOUTH DAKOTA
H uron

Member Federal Deposit Insurance Corporation

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Federal Reserve Bank of St. Louis

Sioux Falls

V erm illion

Affiliated with FIRST BANK STOCK CORPORATION
Northwestern Banker, O ctober, 1953

South Dakota News
deposits
A t t v n d v d H a Svinati time
Loans and

HERE are the South Dakota bankers who this year attended the Central States School
of Banking at the University of Wisconsin:
Front row, left to right: Roy A. Cannon, First National Bank, Philip; T. W . Diefondorf, Farmers State Bank, Irene; R. G. Knodel, First State Bank, McLaughlin; Fred
Roesch, First National Bank, Aberdeen; D. W. Angerhofer, First National Bank of
Aberdeen, Groton; Leonard Matinek, The National Bank of South Dakota, Sioux Falls.
Back row: R. O. McKellips, State Bank of Alcester; H. A. Lohmann, Security Bank,
Madison; Melvin S. Berens, N. W . Security National Bank of Sioux Falls, Gregory;
G. D. Hansen, Sioux Valley Bank, Sioux Falls; T. E. Neiger, First State Bank, Warner;
G. D. Biiiice, Farmers & Merchants Bank, Watertown, and Frank E. Duffy, Union Sav
ings Bank, Sioux Falls.

this year totaled $208,509,267, com
pared to $208,817,675 at the'same time
last year.
The highest point for June in time
and demand deposits in the history of
the state was reached in 1948 with a
total of $211,304,637.
Demand deposits decreased nearly

$7 million from last year, and time
deposits increased more than $6% mil
lion, As s i s t ant Superintendent of
Banks Verne W. Abeel reported.
The number of banks reporting was
134 in both years. In 1921 when 566
banks reported—the peak year for the
number of state banks—demand and

totaled $30,713,711.
discounts on June 30,
1953, totaled $80,080,085, compared to
$75,320,955 a year ago. A June low of
loans and discounts was $3,599,878 in
1897, compared to a high of $168,172,628 in June, 1920.
U.
S. government obligations to the
state banks totaling $126,158,151 on
June 30th this year were $2,896,956
more than June 30, 1952.
The total deposits were slightly low
er than at the same time last year,
but were still second highest for June
in the history of the state. The June
30, 1953, total deposits were $245,811,219, compared to the all-time June
high of $245,850,099 on June 30, 1952.

Williams Promoted
The resignation of Charles E. Pendo
as president of the Miners and Mer
chants Savings Bank in Lead, South
Dakota, was accepted by the board of
directors.
Mr. Pendo is leaving Lead to take
a position with a bank in Port Or
chard, Washington.
Donald C. Williams, cashier of the
Miners and Merchants Bank was
elected to the position of executive
vice president and cashier.
John Treweek, a member of the
t ard oi directors for many years, was
elected to the office of president.

Remodeling
S O

|
!

I
1
|

O n occasion one is impressed with some
little piece of routine business that nor
mally creates not a ripple, and one won
ders whether other people realize how
significant this little piece of business
could be. A case in point is the simple
task of reconciling a personal checking
account balance.

Last night this copy writer, for the ump
teenth time, was impressed with the ease
with which he struck a balance in reconciling his monthly statement. Including
the sorting of forty-two paid checks re
turned by the bank, the whole job was
checked and proved in a matter of three
minutes and fifteen seconds by the stop
watch. For the umpteenth time, this copy
writer decided to write an ad about i t . . .
and this is it.
T h e che c k b o o k used by this zip -zip
mathematician is known as the DeLuxe
SECRETARY. It is a small, fully person
alized, three-on-a-page job designed to
be used at the desk at h om e, and it

Northwest
ern Banker, O c to b e r , 19S3

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

E A S Y
carries, instead of the conventional check
stubs, a simple, single-line register which
has room for thirty transactions on a page.
W e ll, sir, after arranging the checks in
numerical order, it was then just a ques
tion of check, check, check, right down
the page, followed by a little hocus pocus
dealing with outstanding checks, and lo
and behold, the balance was reconciled.
Three minutes and fifteen seconds . . . not
a record, perhaps, but fast enough to im
press anyone eager to be impressed.
I f you want to see what this little check
book looks like, you will find a pretty
good picture of it on page 31 of our cata
log, a copy of which is in every bank. It
sells for two dollars and ten cents with
a nice cover, gold-stamped with the de
positor’s name, and even though we speak
with restraint we are of the opinion that
anyone who used it for a month or so
w ould never consider g o in g back to
time-consuming check stubs.

A $30,000 remodeling program is
planned by the Rosholt, South Dako
ta, Community Bank. L. F. Waddington, president, said plans call for a
complete new front, using Kasota
stone. An addition to the rear of the
structure will be built for office space.
New features will be an enlarged
lobby, air conditioning and automatic
heating.

Bank Director
George Campbell, Custer, South Da
kota, automobile dealer and lumber
man, was elected director of the Cus
ter County Bank, to replace the late
M. J. Webber.

Given Bank Award
Joann Holman, Sisseton, South Da
kota, has been awarded the Roberts
County National Bank scholarship for
1953-54 at South Dakota State College.
The grant for $100 is given to a
student from Roberts county. Joann
is a freshman at State College this
fall.

Bank School Staff
W. M. Willy, president of the Secu
rity Bank of Madison, South Dakota,
was one of the faculty at the two

South Dakota News
weeks’ school of banking held at the
University of Wisconsin. Mr. Willy
is chairman of the county bank opera
tions commission of the American
Bankers Association.

New Vice President
Carl E. Bonnell was recently elected
a vice president of the State Bank of
Anoka, Minnesota, and will assist the
present officers in the bank during the

absence of Julian Schmidt, president,
who is ill with polio.
Gerald L. Bryan, cashier, will as
sume the duties of Mr. Schmidt dur
ing his illness.

1954 Convention
The South Dakota Bankers Associa
tion will hold its annual convention in
Deadwood in 1954, it was announced at
a Deadwood luncheon of the Chamber
of Commerce. The convention, ob
tained through the efforts of C. C.
Gorder of the First National Bank,
will meet in May.

S i o u x I 'o l l s
D OORS at the National Bank of
South Dakota have been remod
eled. Work consisted of placing of
four pairs of slab safety plate glass
doors, necessary marble work and in
stallation of a heating unit to elimi
nate lobby and entrance area drafts.
The improvement was jointly author
ized by the bank and Baron Bros.,
Mitchell, South Dakota, owners of the
nine-story building. The new-type
doors provide full vision and improve
the general appearance of the institu
tion. Tom S. Harkison is president of
the bank.
* * *
Leonard E. Martinek, assistant cash
ier at the National Bank of South
Dakota, spent two weeks at the School
of Banking at the University of Wis
consin. This was his first year at the
school, which requires a two-week
resident attendance each year for
three years to earn a graduation cer
tificate.
í
^
Lee Olson retired as assistant cash
ier of the Northeast Security National
Bank after 35 years of association with
that institution. His working days are
by no means over, however, for he
accepted appointment as bank examin
er in South Dakota by Roy Fenner,
superintendent of banks in the state.
Mr. Olson is continuing to make his
home in Sioux Falls while performing
his new duties.
* * *
Sioux Falls bank clearings dropped
from $25,102,235.51 in August, 1952, to
$23,791,035.30 in August, 1953. The
decline amounted to 5 per cent.

Hits a Million
The Blackduck State Bank passed
a milestone in its history last month
when for the first time the total foot
ings at the bank passed the million
dollar mark. Total footings on Sep
tember 4th were $1,036,000.
O.
E. Jamtaas, cashier of the bank,
started work there on August 1, 1925.

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N orth D akota

NEWS
S H A R P E PR U ETZ
President
Ku!m

C. C. W ATTA M
S e c re ta ry
Fargo

H iyh G ravity Oil
IL recovered from Amerada Petro
leum Corporation’s Heath Sands
discovery at Fryburg, North Dakota,
has proven to be high quality 49.2
gravity crude, Amerada said recently.
Early estimates based on visual in
spection of the crude indicated the oil
would be low gravity, probably less
than 20. But tests indicated 49.2 grav
ity, higher than any crude being pro
duced in North Dakota. Oil from the
Beaver Lodge and Tioga fields and Mc
Kenzie county wells is 40 to 45 gravity.
One reason for the early low gravity
estimate may be the apparent high
“ four point” of the crude in the Heath
discovery, an Amerada spokesman
said. Some crude oils will congeal at
a higher temperature than others of
the same gravity and behave some
what like low-gravity, high asphalt
content crude oils.
The oil which Amerada produced
from Devonian age formations for a
period in 1951 from the Clarence Iver
son discovery well had a relatively
high four point because of a high par
affin content. That oil was harder to
produce and handle than the Madison
oil which Amerada subsequently pro
duced.
Oil from the new discovery has not
been tested yet for paraffin content.

Test Well Permit
Permission to drill a test oil well in
Barnes county is among the latest
group of drilling permits issued by
the North Dakota Geological Survey.
The permit went to Pollard and
David to drill the No. 1 Gregory in
the SE SW 23-143-61, about four miles
east of Wimbledon.

Hettinger Meeting
A bankers’ regional association meet
ing comprising the nine southwestern
counties was held last month in Het
tinger, North Dakota. After a lunch
an interesting business meeting fol
lowed, with a free discussion on the
problems of the banks in this district.
The discussion was under the leader
ship of C. L. Mensing, executive vice

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president of the First National Bank
of Hettinger.
Officers elected for the ensuing year
were: President, I. E. Giedt, executive
vice president of the Farmers State
Bank of Richmond, and secretary, J.
A. Kampf, assistant cashier of the
First National Bank of Dickinson.

Mohall Cashier
John D. Banker has been named
cashier of the Citizens State Bank of
Mohall, North Dakota, according to an
announcement released by E. L. Hub
bard, president of the bank.
Mr. Banker brings with him to Mo
hall eight years of banking experience.
His first bank job was in Minot, then
Cavalier and for the past several
years has been at Park River, North
Dakota.

To Cleveland
Frank T. Nicklawsky, native of
Hillsboro, North Dakota, has been ap
pointed to the staff of the National
City Bank of Cleveland. He will be
a tax analyst in the bank’s trust de
partment.

On Banking Committee
William Stern, president of the Da
kota National Bank of Fargo, North
Dakota, is among eight nationally
prominent bankers who have been
named by Senator Homer E. Capehart
(R. Ind.), chairman of the senate bank
ing committee, to serve with 75 busi
ness men for “an exhaustive study of
the financial aspects of international
trade.”
Agriculture and labor leaders also
have been asked to aid in the study
which was scheduled to begin Septem
ber 15th.
The focal point of the study is di
rected towards functions of the Ex
port-Import Bank and the World
Bank. Senator Capehart pointed out
that these institutions have never
been studied by Congress since their
creation.
Another former Fargoan, Lynn U.
Stambaugh, is deputy director of the
Export-Import Bank.

Henry A. Jones, vice president of
Provident Life Insurance Company,
has been elected to the board of direc
tors of the Dakota National Bank of
Bismarck, North Dakota.
Mr. Jones was named during the re
cent stockholders’ meeting after the
group voted to increase the number
of directors from 10 to 11.
Also announced was the election of
A. L. Hirsch as vice president as well
as cashier of the Dakota National
Bank. Mr. Hirsch heretofore has been
cashier. He has been associated with
the bank since 1946.

MORE MINNESOTA NEWS
Meet in Erskine
The Red River Valley Division of
the Minnesota Bankers Association
held a special dinner meeting in Ers
kine. The purpose of the meeting was
to discuss the Bankers’ Scholarship
which is given to an eligible farm boy
or girl each year.
Bankers within the Polk County
Red River Valley area, and including
Bagley, Gonvick and Oklee, were pres
ent together with agriculture exten
sion agents and 4-H leaders.

John F. Haeckel
John F. Haeckel, Fairmont, Minne
sota, banker and former treasurer of
Martin county, died at his home there
recently.
Mr. Haeckel was named cashier of
the Fairmont National Bank in 1918
and later was named president of the
bank in 1939, a position he held at the
time of his death. He was also presi
dent of the Fairmont Building & Loan
Association and secretary of the Fair
mont National Farm Loan Associa
tion.

Annual Meeting
Omar E. Glessing of the Security
State Bank, Howard Lake, was elected
president of the Wright county divi
sion of the Minnesota Bankers Asso
ciation.
The election of officers preceded the
annual banquet. Oilier officers elected
were James W. Peterson, Buffalo Na
tional Bank, vice president; Harold F.
Dickson, Oakley National Bank of
Buffalo, secretary-treasurer.

Tri-County Election
The Central Tri-County Division of
the Minnesota Bankers Association,
at its annual dinner meeting elected
E. T. Fridner, cashier of the First
National Bank of Willmar, as its presi
dent.
Other officers named for the comNorthwestern Banker, O cto be r, 1953

North Dakota News

ing year are as follows: D. G. Nordlie, cashier of the First State Bank,
Litchfield, vice president, and R. B.
Haakenson, cashier of the State Bank
of Bird Island, secretary-treasurer.

George N. Millard
George N. Millard, 72, veteran In
ternational Falls, Minnesota, banker
and well-known civic leader, died re
cently after many months of poor
health. He was board chairman and
former president of the First National
Bank of International Falls, with
which he was associated since 1908.
His banking career dated back to
1901.

Pass Resolution
The bankers of Kandiyohi, Renville
and Meeker counties, Minnesota, have
passed a resolution indorsing the John
Brandt Memorial Foundation. The
resolution follows:
“Whereas, The late John Brandt was
one of the great men of our times; and
“Whereas, We recognize that dairy
ing is an important part of the farm
income in our communities;
“Now, Therefore, Be it resolved that
the bankers of Kandiyohi, Renville
and Meeker counties, assembled as

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Federal Reserve Bank of St. Louis

>
the Central Tri-County Division of the
Minnesota Bankers Association, heart
ily endorse the efforts of the John
Brandt Memorial Foundation in so
liciting funds to provide Research
Scholarships in the fields of produc
tion, marketing and utilization of milk
and its products.”

Kilbourne is a partner of W. J.
Jameson, the recently inaugurated
president of the American Bar Asso
ciation.
This is the first Women’s Finance
Forum to be held in Montana and reg
istration will be limited to 200 at each
session.

Bank Sold

Resigns

Directors of the Elysian, Minnesota,
State Bank announce the sale of the
interest in the bank held by the late
Floyd B. Strom, to R. L. La France
of Mankato, the stock being trans
ferred recently. At a meeting of the
directors Mr. La France was appointed
to fill Mr. Strom’s unexpired term of
director and executive vice president.

Edward A. Harden, long-time em
ploye of The Whitehall, Montana,
State Bank, resigned his position last
month to retire from full time em
ployment. Mr. Harden will be occu
pied as town clerk for the town of
Whitehall now instead of in his full
time capacity at the bank.
Mr. Harden was first employed at
the Whitehall State Bank in the spring
of 1922 and worked there until 1935.
From 1935 to 1945 he engaged in the
grocery business and owned a Mar
shall Wells store later. In 1945 he
sold the store and returned to the
bank where he remained until his re
tirement.

Elected President
George Hanson
George Hanson, 72, retired pioneer
rancher and president of the First
National Bank of Hinsdale, Montana,
died in a Glasgow hospital following
a brief illness.
Mr. Hanson was born at Pomeroy,
Iowa, April 10, 1881, and spent his
early life there.
He went to Montana in 1900, but re
turned to Iowa. Then in 1906 he
moved his family to this state, settling
on a farm four miles north of Hins
dale, where he farmed and ranched
until his retirement in 1948.
Mr. Hanson was active in commu
nity affairs during his nearly half a
century here and was one of the found
ers of the First National Bank of
Hinsdale when it was organized in
1916, later becoming a director in 1920
and president last year.

Women's Finance Forum
The Midland National Bank of Bill
ings, Montana, has scheduled a Wom
en’s Finance Forum for five successive
weeks, beginning October 20th and
ending November 19th. Identical ses
sions will be held each afternoon and
evening at the ballroom of the North
ern Hotel.
Among the speakers are Fred D.
Moulton and James H. Kilbourne, at
torneys who are recognized authori
ties. Mr. Moulton is president of the
Montana Bar Association and Mr.

State Senator Glenn H. Larson has
been elected the new president of the
First State Bank of Thompson Falls,
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Montana News
Montana, to succeed the late W. A.
Barto. Mrs. Lucy R. Barto was named
chairman of the board of directors.
Other officials of the bank are: J.
W. Miller, vice president; P. B. Banis
ter, cashier, and Vera Hotzel, assistant
cashier.
Senator Larson joined the First
State Bank in October, 1937, as a book
keeper and later that year was ele
vated to the position of assistant cash
ier. The following year he was ap
pointed cashier and in 1945 elected to
the board of directors. He became
executive vice president of the bank
in 1948.

79
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To Great Falls
Lyle Olson, assistant cashier of the
First National Bank of Le Center,
Minnesota, has resigned his position
with the bank and has accepted a posi
tion with the Great Falls National
Bank at Great Falls, Montana.
His resignation became effective Oc
tober 1st and Mr. Olson and his fam
ily have moved to Great Falls.

Vice President Resigns
Joseph N. Blankenbaker, vice presi
dent of the Great Falls, Montana, Na
tional Bank since 1944, has retired,
according to D. J. Dundas, president.
Mr. Blankenbaker, associated with
financial institutions in Montana 35
years, is being succeeded by Forrest
C. Hedger of Mankato, Minnesota. Mr.
Hedger was vice president of the Na
tional Citizens Bank there.

Montand Well
Another oil well will be sunk close
to the best producer yet drilled in the
Williston basin of Montana and North
Dakota.
This is the Shell Oil Company’s
Cabin Creek discovery in Fallon coun
ty, Montana, which was completed last
May for a tested potential of 4,253
barrels of oil daily from the Silurian
and Ordovician formations.
Petroleum Information reported that
Shell has announced location for a con
firmation well offsetting Cabin Creek.
It is planned as a 9,000-foot test to
the Ordovician.

In New Building
The Fairview, Montana, Bank has
moved to its new building, which had
been under construction since early
spring. The building is fireproof and
modern in every way. The interior
is tiled and decorated in the latest
style for banking houses.

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81
A. C. Eisenhart, born in Osceola,
Iowa, came with his parents to Cul
bertson in 1886, the year his father
started the bank.
The bank’s founder served the in
stitution more than 50 years as presi
dent, the position his son holds today.

Cecil Bachoritch

A ¡ebvasha C onvention M*review
H ERE is a preview of the speakers,
entertainment and other features
of the 56th annual convention of the
Nebraska Bankers Association, to be
held in Omaha, Monday, Tuesday and
Wednesday, November 9th to 11th.
Headquarters and all business ses
sions and entertainment will be at
the Hotel Fontenelle.
A brilliant array of speakers to ad
dress convention sessions had been
obtained by Secretary Carl Swanson.
Among them is the new A.B.A. presi
dent, Everett D. Reese; D. Emmert
Brumbaugh, president of the Inde
pendent Bankers Association; Guy E.
Reed, executive vice president of the
Harris Trust & Savings Bank, Chi
cago, and Frank W. Mueller, manager
of the northwestern division of the
•United States Chamber of Commerce.
Negotiations are also being conducted
for another speaker, a well-known
member of the Cabinet from Washing
ton. Secretary Swanson feels sure
this speaker will materialize.
The evening of Monday, November
9th, which might be termed pre-con
vention day, the Past Presidents’ Club
of the Nebraska Association will have
its annual dinner. On this day also
there will be a meeting of the associa
tion executive council and of the resotions committee.
Registration will start the morning
of the 10th and the festivities will be
gin at noon with the men’s luncheon
at the Fontenelle, while the ladies
will be entertained at a luncheon at
the Omaha Athletic Club. The first
convention session will start after the
luncheon.
Tuesday evening the social hour and
annual convention banquet will be
held. Banquet speaker is Dr. Kenneth
McFarland of Topeka, Kansas, lectur
er and educational consultant. There
will be special entertainment features
and the evening will close with danc
ing.
At the business session on Wednes
day morning Nebraska bankers of the
American Bankers Association will
hold their election, there will be the
report of the resolutions committee,
nomination and election of officers of

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the Nebraska Bankers Association and
their installation. The Nebraska Con
servation Foundation, Inc., will also
hold its annual meeting at this session.
The luncheon on Wednesday is for
both men and women attending the
convention.
The detailed and complete program
will appear in the November issue of
the N orthwestern B an k er .

Agricultural Credit
Conference
The first Agricultural Credit Con
ference of the Nebraska Bankers Asso
ciation will be held in Lincoln begin
ning Wednesday, October 14th, and
running through Friday, the 16th. All
sessions, luncheons and dinners will
be held at the Agricultural College.
Wednesday morning will be given
over to registration. After lunch two
professors of the department of eco
nomics will speak, followed by a panel
on “Credit for Beginning Farmers.”
Thursday morning the panel dis
cussion will be on “Short Term Lend
ing Policies Under Adverse Price Con
ditions.” The afternoon panel will be
on “Commercial Fertilizers, Types,
Soil Testing, Fertilizer Economics.”
Two panels will be held on Friday
morning, “Setting Up an Agricultural
Loan Department in a Local Bank”
and “Economics of Loans for Farm
Machinery and Small Buildings.” The
conference will close with the lunch
eon Friday noon.

New Assistant Cashier
E. E. Placek, chairman of the board
of directors at the First National Bank,
Wahoo, Nebraska, announced that
Mrs. Donna Thege has been promoted
to the post of assistant cashier at the
bank.
The announcement was made fol
lowing the regular board meeting.

50th Anniversary
Last month A. C. (Bink) Eisenhart
observed his 50th year of service with
the Culbertson, Nebraska, Bank, which
was founded by his father, the late
George G. Eisenhart.

Cecil J. Bachoritch, 63, vice chair
man of the board of directors of the
First National Bank of Fairbury, Ne
braska, and president of the City In
vestment Company, died last month.
In November, 1940, with Luther Bon
ham and other local investors, the
First National Bank stock was pur
chased from the Northwest Bancorporation and Mr. Bachoritch was
elected a director and vice chairman
of the board.

Bank Sold
Forty-four years ago, V. Krikac, Jr.,
and E. J. Crawford started work in
the Farmers & Merchants Bank in
Comstock, Nebraska, which was or
ganized, by E. J. Crawford and V.
Krikac, Sr. Last month Mr. Krikac
and Mr. Crawford sold their stock in
this institution to Mr. and Mrs. L. M.
Cole of Sargent and D. D. Cole of
Keystone.
L. M. Cole is cashier of the Sargent
Bank and will continue there until
another cashier can be obtained. V.
Krikac, Jr., will continue as cashier
of the local bank until at least Janu
ary 1st. D. D. Cole is owner of the
bank at Keystone, Nebraska. E. J.
Crawford, who has been president of
the bank, plans to retire.
Mr. and Mrs. Cole plan to move to
Comstock as soon as he is released
from his Sargent position.

Personnel Changes
Misses Arlyce Horn and Joanne
James have resigned their positions at
The Tilden, Nebraska, Bank and have
gone to Memphis, Tennessee. Their
future plans are indefinite.
Miss Dorothy Deckert and Miss
Sharon Schulze of Pierce are now in
the bank. Miss Schulze has been em
ployed at the Cones State Bank at
Pierce.

Kiwanis Governor
Vernon Rice, cashier of the Com
mercial National Bank, Grand Island,
Nebraska, will be governor of the
Iowa-Nebraska Kiwanis District be
ginning next January.
Mr. Rice was elected without op
position at the closing of the annual
district convention in Grinnell, Iowa.
Lincoln was selected for the 1954 con
vention.
Northwestern Banker, O cto be r, 1953

Nebraska News
V

and Oscar H. Holquist.
Mr. Holquist holds the bank’s old
est term of service, with the excepVoorhees

Omaha News
MAHA is in the midst of plans
for celebration of its Centennial
O
in a year-long festival in 1954.
J. Leroy Walsh, chairman of the
Centennial Outstate Co-operation Com
mittee, has named Henry C. Karpf as
a member of the committee. Mr.
Karpf is president of the Live Stock
National Bank of Omaha.
Other members include Harry B.
Coffee, reigning King of Ak-Sar-Ben
and head of the Omaha Union Stock
Yards Company; A V . D . Lane, Knights
of Ak-Sar-Ben leader, and John R.
Jirdon of Morrill, Nebraska.
The committee will serve as a liai
son group with the governor and oth
er state officials. It will also handle
matters of joint interest between the
Omaha Centennial Committee and the
Nebraska Territorial Centennial Com
mission.
It will invite outstate entertainers
to appear on Outside Day and Night
at the Centennial Theme Center in
Omaha’s Turner Park.
On “C-Day,” which opened with the
sounding of sirens and whistles, ad
vance ticket sales of $10 books for
Centennial entertainment events be
gan by teams of 1,800 men and wom
en workers.
John F. Davis, president of the First
National Bank of Omaha, is chairman
of the Centennial Finance Committee.
*
*
Interest rates on City of Omaha
bond issues stand far below the cur

Banker, O c to b e r , 1953
Northwestern
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Federal Reserve Bank of St. Louis

rent municipal bond interest index,
city records show.
City Comptroller Franklin E. Dinges
said that the city still has a “tight grip
on its AAA credit rating with bond
firms.”
Voters have authorized the city to
issue $28,155,200 in bonds. Of that
amount the city has issued and sold
$18,781,500 in bonds. A total of $2,761,000 has been retired. The city will pay
off $715,000 more this year. About
$2,000,000 of the bonds sold will ma
ture every year after this year until
1960.
The city’s interest rates vary from
the .0602 of 1 per cent being paid on
an issue of $300,000 sold in 1947 to
1.577224 per cent on this year’s $3,100,000 issue. On June 25th, the munici
pal bond interest index reached a high
of 3.09. On August 13th it was 2.90.
* * *
The Packers National Bank, 24th
and O Streets, is undergoing a gen
eral renovation. The lobby is being
remodeled along with the interior and
a new air conditioning system is being
installed.
President Arthur L. Coad said when
the project is complete in a few weeks
more working space will be available
to service the bank’s customers.
* * *
A veteran employe and a compara
tive newcomer have been elected vice
presidents of the First National Bank
of Omaha. They are Charles K.

C. K. V O O R H E E S
Vice president

tion of T. L. Davis, board chairman.
Mr. Holquist joined the bank in July,
1906. He started in the mail depart-

IN ST. JOSEPH

No Other Bank Gives You

M O RE* for YOUR M ONEY
Than the

TOOTLE-LACY
MILTON TOOTLE
P R E S ID E N T

R. E. WALES
EXEC.

FRED T. BURRI
V IC E

P R E S ID E N T

E. H. SCHOPP
V IC E

P R E S ID E N T

E. L. CRUME
V IC E

P R E S ID E N T

Nebraska News
ment as a messenger and worked
through all operations. He became
assistant cashier in 1942 and cashier

Donald R. Ostrand, an employe of
First National since 1950, has been
selected by North Side to replace Mr.
Ryan.
* * *

The Omaha Incinerator Corporation,
headed by Donald L. Pettis, Omaha In
vestment banker, was the apparent
low bidder to build a garbage and
trash disposal unit for the city.
Mr. Pettis submitted two bids to
the city council. The first was $1,104,120 if the Federal government de
clared the corporation a non-profit or
ganization and allowed it to issue taxfree bonds. The second bid was $1,111,740 if the government did not approve
the contention that the corporation is
non-profit.

E R N E ST T. T A N N E R
Assistant vice president

in 1950. He retains his cashier post.
Mr. Voorhees, a native of Edgar, Ne
braska, started in banking in the First
National Bank of Hastings. Later he
was with the Clay County State Bank
in Edgar, the Federal Intermediate
Credit Bank in Omaha and the Re
construction Finance Corporation in
Omaha. He joined First National in
1947 and was elected assistant cash
ier the following year.
Two new assistant vice presidents
were named: E. T. Tanner and Don

Two other bids were submitted, both
considerbly higher. The Omaha In
cinerator Corporation bid was based
on an annual rental to the city of
$104,112 or $111,740, under the two
plans outlined, for 10 years. At the
end of 10 years the incinerator would
go to the city on a $l-a-year basis.

Mr. Pettis said that the other officers
of the Omaha Incinerator Corporation
are J. Clifford Rahel and S. R. Kirk
patrick, vice presidents and directors,
and Mervyn J. Warren, secretarytreasurer.
The Wachob - Bender Corporation
and Kirkpatrick-Pettis Company, in
vestment banking concerns, would
handle the financing. Construction
would be a joint project of the Peter
Kiewit Sons Company and the FosterSmetana Company, both with Omaha
headquarters.
*
*
A drive for new members of the
Omaha Chapter, American Institute of
Banking, has been opened, according
to Robert Cunningham of the Omaha
Branch, Federal Reserve Bank of
Kansas City. The A.I.B. is the educaYO U R STATE BANKERS ASSO CIATION
O F F IC IA L SA FE. V A U LT AND
TIM ELOCK EXPERTS

F. E. DAVENPORT & CO.
OMAHA

J lin c o -L t----- ^JUe G o -n tU ie ,* ita l-

Ask Our Trust Department
About

ald W. Ryan.

Estates and Estate Taxes

Mr. Tanner, a native of Ireland, has
been with the bank since 1925. He
became assistant cashier earlier this
year.
Mr. Ryan is returning to the bank
from the North Side Bank. He started
with First National in 1935 and went
to North Side in 1947. He will remain
on the board of North Side. Mr. Ryan
will be in charge of the loan center,
succeeding E. N. Solomon, a vice pres
ident who is moving to the commer
cial department.

(Co n tin en ta l R a tio n a l
B a/ k
LINCOLN
Member Federal Deposit Insurance Corporation

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

*MORE people who are

interested in you.

NATIONAL BANK
MILTON TOOTLE, JR.
V IC E P R E S .

& C A S H IE R

CHAS. BURR1
ASST.

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Federal Reserve Bank of St. Louis

V IC E

PRES.

GILBERT TOOTLE
A S S T . V IC E PR ES.

A. E. LABOUFF
A S S T . C A S H IE R

& A U D IT O R

ST.JOSEPH,

mo.

PAUL R. ABERSOLD PHOEBE BUZARD ROBERT DOUGLAS
A S S T . C A S H IE R

A S S T . C A S H IE R

T R U S T O F F IC E R

M em b er o f F ed era l D e p o sit Insu rance C orporation

Northwestern Banker, O c to b e r, 1953

Nebraska News
y

N eb ra sk a t'oa serra tioa E xh ibit

James Thomas Jones, 4-year-old son
of Mr. and Mrs. Clarence Jones of
Omaha, died at an Omaha hospital
recently of leukemia after an illness
which began last May. The child’s
father is an assistant cashier of the
Omaha National Bank. Besides his
parents, survivors include two broth
ers.

Kort Receives Citation

STATE FAIR—-Dick Donahoe, right, acting director of the Nebraska Conservation
Foundation, explains a display in the booth of the Foundation at the recent Nebraska
State Fair. The booth attracted many persons. About 1,200 were interviewed by Mr.
Donahoe and Gerald Stahl, field representative for the Foundation, on matters pertaining
to conservation, soil fertility, and related matters. More than three thousand pieces
of literature were distributed. The membership of the Foundation consists mainly of
Nebraska banks and bankers.

tional group of the American Bank
ers Association.
* * *
The University of Wisconsin School
of Banking has announced the elec
tion of Walter W. Clark, officer of the
Douglas County Bank of Omaha, as
secretary of the “Nebraska Club.” The
club is composed of students and alum
ni of the school from Nebraska.
Mr. Clark is a son of Dale Clark,
chairman of the board of the Omaha
National Bank.
* * *
Omaha Attorney John R. Cockle was
named assistant trust officer of the
Omaha National Bank.
The announcement was made by W.
B. Millard, Jr., president.
Mr. Cockle left his own law firm
of Neely, Otis & Cockle to accept the
position.

Banker, O c to b e r , 7953
Northwestern
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

A native of Omaha, Mr. Cockle was
graduated from the University of Ne
braska in 1942.
* ^ *
The Douglas County board of super
visors voted recently to invest $1,500,000 of the county’s surplus funds.
Commissioner Robert Munch, who
headed a movement to invest the
money so that it will bring an inter
est return to the county, called it “just
a starter.”
He said he believed that more than
the $1,500,000 can be invested in gov
ernment bonds or other securities ap
proved under state law. He asserted
that the county, during the last seven
or eight years, has had $3,000,000 to
$4,000,000 in “idle” cash in banks. He
estimated that such a policy cost the
taxpayers $500,000.

William Kort, executive vice presi
dent of the Commercial Bank of Blue
Hill, Nebraska, received for the Ne
braska Bankers Association an honor
award by the Extension Service of
the College of Agriculture of the Uni
versity of Nebraska, in a program held
on the state fairgrounds in Lincoln.
Mr. Kort is a member of the Nebraska
Bankers Association committee on
agriculture and has been active locally
as well as in the state organization
in promoting farm land conservation
practices.
The presentation of the honor to
the Bankers Association is in recog
nition of the support which the mem
bership has given to the 4-H activities
of Nebraska and subscription to the
magazine, the National 4-H Club News.

Farm Representatives
A g r i c u l t u r e representatives from
banks throughout Nebraska were en
tertained at a dinner meeting in Fre
mont by Robert L. Voss and Merl C.
Townsend.
About 15 men attended from Fre
mont, Kearney, Pender, Omaha, Co
lumbus, Beatrice, Hastings, Lexing
ton, Seward, Fairbury, Lincoln and
Holdrege.
Following the dinner a discussion
was held concerning agricultural cred
it problems.
The Fremont meeting was the sec
ond held by the agriculture represent
atives from Nebraska banks. The first
meeting was held in Beatrice last
spring.

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Federal Reserve Bank of St. Louis

If it pertains to livestock . . .
We can serve you.

Northwestern Banker, O cto be r, 1953

F INTEREST to Nebraska bank
ers was the passage of a law al
lowing small loan companies to sell
insurance to customers in connection

with loans. The law, passed by the
1953 legislature, went into effect Sep
tember 14th.
State Insurance Director Thomas R.

ÖWl Sind. IjjlWc

W e are looking forward to visiting
with you at the Nebraska State Rankers
Convention this year in Gmaha,
November lDth and 11th.

THE FIRST NATIONAL BANK OF LINCOLN
10th and O Street
M em b er F ed era l

DigitizedNorthwestern
for FRASER Banker, O c to b e r , 1953
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

LINCOLN, NEBRASKA
D e p o sit Insu rance

C orporation

Pansing of Lincoln issued a warning
that citizens were under no obligation
to take the insurance in order to get
a loan. He said that often the insur
ance was useful because it kept the
family of a man injured or killed from
suddenly being faced with paying off
the loan unaided.
The law allows small loan compa
nies to sell fire, theft, windstorm, $50
or more deductible collision, bodily
injury liability and property damage
liability upon motor vehicles, fire and
extended coverage upon real and tan
gible personal property and life, health
and accident insurance.
* * *
C. Wheaton Battey, president of Con
tinental National Bank, has been
elected to the board of trustees of
Cooper Foundation. The Foundation
is a philanthropic organization which
operates several theaters in Nebraska,
Oklahoma and Colorado and uses its
funds for service projects. T. B. Strain,
chairman of the board at Continental
National Bank, is president of Cooper
Foundation. Another member of the
board of trustees is Sam Waugh, on
leave of absence from his position as
president of First Trust Company
while in Washington, D.C., with the
State Department.
Mr. Waugh is conducting his chair
manship of the Capitol Murals Com
mission by “commuter” arrangements.
The commission is engaged in provid
ing murals for Nebraska's statehouse
in Lincoln. The building, constructed
30 years ago, had spaces for murals.
But these have never been painted.
Mr. Waugh’s committee received an
appropriation from the Nebraska leg
islature to complete the task. On his
trips back to Nebraska, Mr. Waugh
calls meetings of the commission to
continue planning. Governor Robert
Crosby asked him to continue as chair
man even though he would be gone
from the state most of the time.
* * *
First National Bank and National
Bank of Commerce have re-established
a policy of being open on Thursday
nights, traditionaly the night stores
are open in downtown Lincoln. The
banks will be open from 4:00 to 6:00.
The Thursday night hours were not
kept during the summer.
*
*
First National Bank and First Trust
Company are making plans for the
third women’s finance forum, which
will probably be held in January or
February. Highly successful in pre
vious years, the forum offers classes
for housewives and business women
in budgeting, estate planning and
wills, and investments in securities,
government bonds and annuities. Plan
ning has been launched by a tempo-

Nebraska News
rary committee of Burnham Yates,
president of First National; Jack
Thompson, executive vice president of
First Trust; Gene Keece, assistant
cashier at First National, and Gene
Pester, trust officer with First Trust.
* * *
Officers of National Bank of Com
merce have been getting in trim for
the pheasant and duck shooting sea
son with trapshoots at the Lincoln
Izaak Walton gun grounds.
* * *
The Toastmasters Club at National
Bank of Commerce has been organized
for fall. John Shiperling is president;
Harold Rauscher, vice president, and
Chester Nielsen, secretary-treasurer.
Members hold breakfast meetings each
Tuesday morning and coach each oth
er in the art of public speaking.

Talks to Farmers
Livestock and soils shared the spot
light at a meeting at the Stanton, Ne
braska, fairgrounds last month.
J. M. Shonsey, vice president of the
Livestock National Bank in Omaha,
spoke on the trend of livestock. In
cluded in his talk was an explanation
of the cattle cycle, what the situation
has been in the past, what it is now
and what to look for in the future.
Mr. Shonsey gave possibilities as to
prices this fall, looking at them from
a banker’s point of view.
Companion speaker was Gerald D.
Stahl, field representative for the Ne
braska Conservation Foundation.

tional Bank, has been a member of
the board of trustees of Memorial
Hospital in Seward since the corpora
tion was formed some seven years
ago, serving as chairman at organiza
tion and for several terms following.
This is Mr. Wake’s second appoint
ment to a state committee, as he was
a member of Governor Val Peterson’s
commission for the maintenance of
the state capitol building.

Returns to Nebraska
Norman O. Peters, who has worked
for the Bank of America in Woodland,
California, for the past seven years,
has accepted a position with the Bank
of Yutan, Nebraska, of which his cou
sin, Hubert H. Peters, is president.
Mr. Peters graduated from the Uni
versity of Nebraska and worked in
banks in Greenwood, Nebraska, and
Auxvasse, Missouri, before moving to
California.

Corn Show
Charles E. Moyer announces the
judging date of the Second Annual

At Aurora Bank
The Farmers State Bank, Aurora,
Nebraska, announces that Chester Ol
son will join the staff of the bank as
assistant cashier.
G. K. Waldron, president of the
Farmers State Bank, said, “We are
pleased to have a man of Mr. Olson’s
calibre on our bank staff. We are en
deavoring to give our customers a
complete banking service and we are
confident that he will be a valuable
asset to our institution.”

BANKS

B O U G H T ‘N!> S OLD

4 8 Y EA R S O F C O N F ID E N T IA L D IG N IF IE D

S E R V IC E

glir (0lii Srliablc
CHARLES E. WALTERS CO.
1313 FIRST NATIONAL BANK BUILDING

OMAHA, NEBR.

When You Need Help

G. E. Porter
Chairman of the Board
J. A. Greenfield
President
T. J. McCullough
Vice President
M. E. Blanchard
Cashier
H. H. Broadhead, Jr.
Assistant Vice President
L. J. Komer
Assistant Cashier
Clemens P. Drag
Assistant Cashier

When you need help in financing
the needs of your own local live
stock customers, this bank is at your
service. Moreover, our cooperation
is based on long time experience in
all phases of the live stock business.
Let us serve you, both in your own
community and here at the St. Joseph
market.

FIRST
" S t .

J o s e p h ^

STOCK YA R D S
• j .

Nebraska Governor Robert Crosby
has announced the appointment of
Thomas Wake of Seward, Nebraska,
as a member of the Nebraska Hospital
Advisory Council, for a term ending
September 1, 1955.
Mr. Wake, president of Jones Na

*¡v

■ONLY BANK IN THE

”

Member Federal Deposit Insurance Corporation

Scarborough’s planning and service are by-words in

the banking fraternity. They are available to you, along

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

Corn Show in Wood River, Nebraska,
as October 30th. Sponsored by The
Bank of Wood River, the exhibits will
be displayed at the bank.
Entries will be received any time
prior to the judging date, and the bank
will remain open on Saturday eve
nings in October to accept entries for
the show.
Rules of the show are:
1. Limit of one entry of five ears by
any one farm family unit.
2. All entries become the property
of the sponsor. (The yield from the
the 1952 show was given for hog feed
ing purposes.)
3. Name of the producer should ac
company each entry.
4. Decisions of judges to be final.

OFFICERS

Receives Appointment

with the broadest protection at the lowest cost.

Scarborough &
Company 1
Insurance

Counselors

to B a n k s

FIR S T N A T IO N A L BANK B U ILD IN G . C H IC A G O 3, IL L IN O IS . Stale 2 -4 3 2 3

Northwestern Banker, O c to b e r, 1953

Gateway to the West
Omaha— home of the Live Stock National Bank— is the
largest cattle market in the world! Things are happening
in the great Mid-West.

Many banks, for instance, are

expanding their facilities by taking advantage of the many
correspondent services which Live Stock National provides.
Perhaps now is the time for you to talk to us.

W hy don’t

you do it today, while you’re thinking about it.

LIVE 1NATIONAL BANK
STOCK1

N orthw
estern Banker, O cto b er, 1953

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

O M A H A ,

N E B R A S K A

M E M B E R OF FED ERA L RESERVE AND FED ERA L DE P O S IT I N S U R A N C E CO RP ORA TIO N

Eddy

Gilm ore»

V a n Fleets S e n a to r W ile y
T o S p e a k a t 117th tow n
H a n k e rs t
'on re
Only Three of Outstanding Speakers Who Will
Appear at Convention October 18-21
HE program for the 67th annual
convention of the Iowa Bankers
Association again looks like the
results of a popularity poll on bank
ers, businessmen, educators and gov
ernment leaders in the news. This
all-star cast, with a top-rated support
ing card of entertainment features,
will be presented to more than 2,700
persons during the Iowa convention
in Des Moines, Sunday, October 18th
through Wednesday, October 21st. Ho
tel Fort Des Moines will be headquar
ters hotel.
Iowa Association President Harry S.
Lekwa and his associates have ar
ranged a diversified program that will
appeal to all groups attending the con
vention.
A few of the headliners on the
speaking program are: Allan B. Kline,
president of the American Farm Bu
reau, Chicago; Dr. James H. Hilton,
president, Iowa State College; Edward
S. Mason, dean of Harvard Graduate
School of Public Administration; James
Q. du Pont of the Du Pont Corpora
tion; Keith Funston, president of the
New York Stock Exchange; Dr. You
Chan Yang, Korean Ambassador to
the U. S.; Eddy Gilmore, recently re
turned Associated Press correspond
ent in Moscow; General James A. Van
Fleet and Senator Alexander Wiley of
Wisconsin.
A special attraction this year will
be an investment panel of four promi
nent Chicago bankers. They are James
H. Clarke, moderator, American Na
tional Bank and Trust; John H. Grier,
First National; Richard H. Wayne,
Harris Trust and Savings, and Andrew
E. Wigeland, City National Bank and
Trust. All are vice presidents of their
banks.
The Agricultural Committee and
IBA Agricultural Credit School Com
mittee will again have a joint break
fast and morning meeting Monday,
October 19th. Speakers for this out
standing sectional get-together are
listed in the program.
The Iowa Club of the School of

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Federal Reserve Bank of St. Louis

Banking at the University of Wiscon
sin will sponsor its third annual Dutch
Treat luncheon Tuesday noon, October
20th, in the south ballroom at Hotel
Fort Des Moines. All students, former
students and graduates of the School
of Banking who are attending the con
vention either from Iowa or other
states are invited to the luncheon, ac
cording to Dale C. Smith, assistant
vice president of the Central National
Bank and Trust Company, Des Moines,
and president of the club. Elections
and a business meeting will follow
the luncheon. Those planning to at
tend the luncheon may make reserva
tions with Mr. Smith.
The program follows:

H A R R Y S. L E K W A
President
Iowa Bankers Association

Sunday, October 18th

Iowa Bankers Association; vice
president, Ackley State Bank,
Ackley.
Musical Program — Helen Bir
mingham Kane, pianist, lec
ture-recitalist, Des Moines.
8:30 “ The Will to Believe”—Dr. Mar
cus Bach, Associate Director,
School of Religion, State Uni
versity of Iowa, Iowa City.
10:00 Adjournment.

P. M.
2:00 Registration begins—Mezzanine
Floor.
7:45 Grand Ballroom — Presiding
Harry S. Lekwa, president,

A. M.
8:00 Registration—Mezzanine Floor.
8:00 Fifth Annual Convention Agri
cultural Breakfast Conference.

Monday, October 19th

One o f J in n y "H ip p o d r o m e 39 A c ts

ONE OF THE MANY ACTS that will appear in the “ Hippodrome of 1954” is the roller
skating group of seven blonde dancers shown above. As former members of “ Skating
Vanities” they will stage this act, besides participating in numerous others of the eolorful
performances to be seen at K E N T Theater Tuesday night, October 20, as part of the
Iowa Bankers Association convention entertainment.
Northwest ern Banker, O c to b e r, 1953

8:30

Iowa News

Quartette, School of Banking at
the University of Wisconsin—
P. J. Dykema, vice president,
Industrial State Bank, Kalama
zoo, v Michigan; Lawrence H.
Frowick, assistant cashier, Con
tinental Illinois National Bank
& Trust Company, Chicago; Jo
seph G. Knock, president, Iowa
State Savings Bank, Creston,
Iowa; L. D. Stevens, assistant
cashier, First State Bank, Ki
owa, Kansas.
Meeting Called to Order—J. E.
King, chairman, Agricultural
Committee of I.B.A.; president,
Peoples National Bank, Albia.
“ Iowa’s Agriculture and the

Future”—Allan B. Kline, presi
dent, American Farm Bureau
Federation, Chicago, Illinois;
president, International Feder
ation of Agriculture Producers.
“Developing Iowa’s Resources”
—Dr. James H. Hilton, presi
dent, Iowa State College, Ames.
“ The Importance of the Live
stock Industry and the Outlook
for Feeding Operations for the
Year Ahead”—Fred H. Hatch,
president, The Chicago Live
Stock Exchange, Chicago.
“ Some Agricultural Credit Con
ditions” -— Dr. W. G. Murray,
head, Department of Agricul
tural Economics and Sociology,

9:25

10:25

Y O U R
B A N K

FOR SOUTHERN IOWA
Through cur broad knowledge of industry and
agriculture in Southern Iowa, we are able to pro
vide complete and efficient correspondent service
for any bank in this area.
Our service is friendly and personal, because it is
based on 82 years of close personal contact with
Iowa banks and bankers.

i in
[JMflllii itin / n m
H
I
Ml'ill II JM ill
m

* IT

OTTUMWA,

IOWA

Capital Funds $1,550,000
D I R E C T O R S
MAX

V O N SCH R ADER
President
J. R A Y N E R H AR PER
S. S. BAR K ER
President
President, Barker Poultry
Harper & Mclntire Co.
Equipment Co.
T. J. M A D D E N
J. C. BLACK FO R D
President
Vice President
T. J. Madden Co.
D. W . COOK
C. G. M E R R IL L
Vice President, Deere
Vice President
Manufacturing Co. of Iowa
and Trust Officer
C. C. C O U PL AN D
H. L. P O LIN G
Cramblit & Poling
J. M. F O STER
President
F R A NK M. PO LLAR D
John Morrell & Co.
Vice President and Cashier
F R A NK V O N SCH R AD ER
C. P. GLENN
Vice President
L L O Y D W IN G E R
President, Winger
M E R R IL L G IL M O R E
Manufacturing Co., Inc.
Attorney
MEMBER FEDERAL DEPOSIT INSURANCE CORPORATION
MEMBER FEDERAL RESERVE SYSTEM

Northwest
ern Banker, O c to b e r , 7953
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Iowa State College, Ames.
“ O u r A g r i c u l t u r a l Credi t
School; How It Serves” —
Robert W. Turner, Jr., chair
man, I.B.A. Agricultural Credit
School Commi t t ee; assistant
cashier, City National Bank,
Council Bluffs.
10:35 “Our Bank’s Commercial Fer
tilizer Loan Program”—James
M. Jackson, farm manager, Cen
tral National Bank and Trust
Company, Peoria, Illinois.
“ Tree Farming in Iowa”—C. M.
Frudden, president, Commer
cial Trust & Savings Bank,
Charles City; president, Frud
den Bridge Lumber and Supply
Company, Greene, Iowa.
“ Reforestation in Iowa; How
Bankers Can Help” — Richard
E. Crane, Jr., chairman, I.B.A.
Forestry Committee; vice pres
ident, Guaranty Bank & Trust
Company, Cedar Rapids.
11:05 “Grassland Farming”—Dr. D. F.
Beard, head, Division of Forage
Crops and Diseases, United
States Department of Agricul
ture, Washington, D. C.
“Financing the Co mme r c i al
Feed Dealer” — Lindley Finch,
vice president, State Bank of
Des Moines, Des Moines.
11:45 Adjournment.
P. M.
1:30 Convention Called to Order—
Harry S. Lekwa, president,
Iowa Bankers Association; vice
president, Ackley State Bank,
Ackley.
Invocation — Reverend May
nard Smith, pastor, Douglas
Avenue Presbyterian Church,
Des Moines.
Remarks of the Vice President
—Charles J. Spies, vice presi
dent-treasurer, Iowa Bankers
Association; president, I o w a
Trust & Savings Bank, Emmetsburg.
Annual Address of the Presi
dent—Harry S. Lekwa.
Presentation to the President
of the Ivory Gavel — Roy A.
Sweet, president, Story County
State Bank, Story City.
Response—Harry S. Lekwa.
Adopting reports of chairmen
of the association’s committees.
2:05 “ U. S. Natural Resources—Sur
plus or Deficit?” — Edward S.
Mason, dean, Graduate School
of Public Administration, Harv a r d University, Cambridge,
Massachusetts.
2:45 “ Retailing Money”—Edward M.
Donahue, president, ChargeP l a n Corporation, Rockville
Centre, New York.

-f

V-

Our Sincere W elcom e
To A ll Iowa Bankers
Hospitality is always the keynote
at Bankers Trust Company. W e’ll
hope to see you in Des Moines during
the Annual Meeting of the Iowa
Bankers Association, October 19-21.

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Des M o i n e s , Iowa

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Federal Reserve Bank of St. Louis

Member: Federal Deposit Insurance Corporation
Federal Reserve System

Northwestern Banker. O cto be r. 1953

Iowa News

3:15

Panel Discussion—“ The U. S.
Government Bond Market”—
James H. Clarke, moderator;
vice president, American Na
tional Bank & Trust Company,
Chicago; John H. Grier, vice
president, First National Bank,
Chicago; Richard H. Wayne,
vice president, Harris Trust &
Savings Bank, Chicago; An
drew E. Wigeland, vice presi
dent, City National Bank &
Trust Company, Chicago.
4:15 Session adjourned.
4:30 Caucus of Iowa A.B.A. Mem
bers—Green Room, Mezzanine
Floor.

9:00

P. M.
7:30

Doors Opened — No Reserved
Seats — Des Moines Women’s
Club Auditorium, Hoyt Sher
man Place, 15th and Woodland.
8:15 Master of Ceremonies — Bert
Stolpe, public relations officer,
Des Moines Register and Trib
une, Des Moines.
Des Moines Chapter of the So
ciety for the Preservation and
Encouragement of Barber Shop
Quartette Singing in America,
Inc. Fifty-voice Barber Shop
Chorus, Roger C. West, presi
dent. Also the well-known
“ Hawkeye Four” Quartette.

Got your sights set
on Chicago?
The American National Bank is close to Chicago industry —
close to Chicago businessmen— is thoroughly familiar with the
problems confronting the out-of-tow n bank concerned
with the greater Chicago area.
We serve many banks in many different ways — to
their advantage and complete satisfaction. Our experience
and our facilities are available to you through our
correspondent banking service. We invite you to call on
us at any time — for any purpose.

American National Bank
a n d T ru st C o m p a n y o f O iic a q o
LA

SALLE

Northwestern Banker, October, 7953
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

WASHINGTON,

CHICAGO

90,

ILLINOIS

MEMBER FEDERAL DEPOSIT INSURANCE CORPORATION

Colored Motion Pictures—Coro
nation and London, by Senator
and Mrs. C. S. Van Eaton, Sioux
City, Iowa.
10:15 Adjournment.

Tuesday, October 20th
Hotel Fort Des Moines
A. M.
8:00 Registration—Mezzanine Floor
9:30 Convention Called to O rderPresident Harry S. Lekwa.
Meeting of Iowa A.B.A. Mem
bers. Remarks, John B. Keeline, A.B.A. vice president for
Iowa; president, Central Trust
and Savings Bank, Cherokee.
Election of Iowa A.B.A. officers.
Any new or unfinished busi
ness.
Iowa A.B.A. meeting adjourned
Mr. Keeline turns meeting back
to President Lekwa.
9:40 “We’re Working While Rome
Burns”—James Q. du Pont, ad
ministrative assistant, E. I. du
Pont de Nemours & Company,
Inc., Wilmington, Deleware.
10:20 “ Equity Capital and the Stock
Exchange”—G. Keith Funston,
president, New York Stock Ex
change, New York, New York.
11:00 “Latest Report on Korea”—Dr.
You Chan Yang, Korean Am
bassador to the United States.
Washington, D. C.
11:40 Session adjourned.
P. M.
1:30 Convention Called to Order—
President Harry S. Lekwa.
“A Good Bank Audit Program
Is Important and Essential”—
N. P. Black, State Superintend
ent of Iowa Banks; president,
Perry State Bank, Perry; presi
dent, Dallas County Savings
Bank, Minburn.
“ Still Better Audit Programs
for Iowa Banks” — Roy A.
S w e e t , chairman, Banking
Analysis Commi ttee, Iowa
Bankers Association; president,
Story County State Bank, Story
City.
1:40 “ Safeguarding Your Bank Opations”—Lester A. Pratt, C.P.A.;
president, Lester A. Pratt &
Company, public accountants,
Washington, D. C.
2:10 “ The Audit Program for Banks
of the County Bank Operations
Commission of the American
Bankers Association” — W. M.
Willy, chairman, Country Bank
Operations Commission of the
American Bankers Association;
president, Security Bank, Madi
son, South Dakota.
2:40 “ Report on Russia”—Eddy GilIOA Y A CONVENTION . . .

(Turn to page 116, please)

LOOKING FORWARD
TO SEEING YOU
AT THE CONVENTION
IN DES MOINES

VALLEY BANK AND TRUST COMPANY
DE S M O I N E S

MEMBER FEDERAL DEPOSIT INSURANCE CORPORATION

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

Northwestern Banker, O c to b e r, 1953

Iowa News

New Boxes
Volney Palmer, cashier of the Citi
zens Savings Bank, Hawkeye, Iowa,
announces that the bank has installed
450 new safe deposit boxes.

Depository
G. S. Krouth, president of the Iowa
Trust & Savings Bank, Oskaloosa,
Iowa, writes as follows:
“We have recently installed a mod
ern Nite and Day Safe Depository,
manufactured by the Mosler Safe Com
pany. It is now in use and seems to
be greatly appreciated by the public.
“ In addition to the usual night de
pository facilities the unit has what is
known as the envelope slot, which is

used by anyone who desires to deposit
funds without the bag rental proce
dure.”

Holland Is Candidate
For Iowa Presidency

S. Lekwa, who is now serving as
president.
Mr. Holland first entered the bank
ing business in 1918. In 1921 he joined
the Washington State Bank. During

Lee Holland, vice president of the
Washington State Bank, Washington,
Iowa, is the announced candidate for
election as president of the Iowa Bank
ers Association at the annual conven
tion this month. Mr. Holland was
first endorsed for state president by
Group 11 at the annual meeting in
Burlington in February, 1952. He was
a candidate for the Iowa Bankers
presidency at the convention last Oc
tober, but withdrew in favor of Harry

In Kansas City

It's City National...
LE E H O L L A N D
Candidate for President
Iowa Bankers Association

the ensuing years he has been on
many standing committees of the
Iowa Bankers Association. He has
been both secretary and chairman of
Group 11 and has long taken an ac
tive interest in affairs of the group.
Mr. Holland also has held numerous
civic offices in Washington. Iowa.

Convention Exhibitors

fJ iy

■ ;:1
.....“ W"

...fo r prompt
and helpful service
on your excess loans.

C ity National
MEMBER
F E DE RAL DEPOSI TI NSURANCE
CORPORATI ON

K ansas C ity 1 0 f M iss o u ri

DigitizedNorthwestern
for FRASER Banker, O c to b e r , J953
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Iowa bankers again will have an op
portunity to inspect first-hand many
bank machines and supplies at the
67th annual convention of the Iowa
Bankers Association at Hotel Fort Des
Moines, October 18th to 21st. Many
of these exhibitors are regular adver
tisers in the N orthwestern B anker
and consequently are familiar to bank
ers of this region.
Firms who will have displays at the
Iowa convention and their booth num
bers are:
Booth
N o.

Firm

18— Le Febure Corporation, Cedar
Rapids, Iowa.
19— Cummins Business Machines Corp.
20— James L. Smith Company.
22-23—Burroughs Corporation.
24-25—National Cash Register.
26— Shaw-Walker Office Fitters, Inc.
27— Todd Company.
29— Rowan Company.
30- 31—Recordak Corp.
32— Pitney-Bowes, Inc.
33— Colorado Insurance Group.
34— International Business Machines.
35— American Lithographing & Print
ing Company.

■Ob

, , 'î l

COWVE^'0'*
at tbe \OW A
ale'll be see'1"? Yott

• • • Exploring
MARQUETTE
Land

IOWA
builds a bridge
to market
A century ago there were few farmers on the
rolling Iowa prairies. Then, in 1856, the Missis
sippi was bridged at Davenport and railroad
service established to eastern markets. One result
was a land rush that saw Iowa’s population jump
350 per cent in a single decade.
Among these pioneers were a number o f
Independent Bankers whose newly chartered
banks helped many a settler establish himself on
Iowa’s rich soils. Today Iowa is a leading farm
state and is first in the production o f many
farm products. Its banks total 830, many o f them
working with Marquette on a correspondent
basis.
For these Iowa banks, as for Independent
Banks throughout the Northwest, Marquette
offers a complete correspondent service. We
learn your problems and interests, the type o f
service you want, and do everything possible to
see that your requirements are fulfilled.

DEPARTMENT OF BANKS AND BANKERS
R u sse ll L. Stotesbery
President

C a rl R. Po hlad
Wee President

STRONG FRIEND OF THE INDEPENDENT B A N K E R

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

Otfo H. Preus
Vice President

Jo h n D. C le a ry
Representative

MEMBER FEDERAL DEPOSIT
INSURANCE CORPORATION

Northwest ern Banker, O cto be r, 1953

96
Y

M rs M o in r s P rrs id ru ts * Y o u r H o sts
A t tiT th Moira H anIters C o n v e n tio n
/
Pictured on this and the opposite page
are Des Moines bankers who will be hosts
to all those attending the 67th annual con
vention of the Iowa Bankers Association
in Des Moines from Sunday, October 18th
through Wednesday, October 21st. All of
these men, along with their many officers
and employes, will be happy to do what
they can to make your stay in Des Moines
during the convention a pleasant one.
The Valley Bank and Trust Company, the
Iowa-Des Moines National Bank, the Cen
tral National Bank and Trust Company,
the Des Moines Bank and Trust Company
and Bankers Trust Company are all cen
trally located in the West Side business
section.
Winfield W . Scott, president of the V al
ley Bank and Trust Company, is president
of the Des Moines Clearinghouse this year.

E D W IN F. B U C K L E Y
President
Central National Bank and Trust Company

W IN F IE L D W . SCO T T
President
Valley Bank and Trust Company

Y-

4—

SC O T T C. P ID G EO N
President
Bankers Trust Company

Digitized
for hwest
FRASER
Nort
ern Banker, Oc t o be r , 1953
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

C A L V IN W . A U R A N D
President
Iowa-Des Moines National Bank

R A Y M O N D G. M IL L E R
President
Capital City State Bank

W. H. B REN TON
President
State Bank of Des Moines

CHARLES O. RUSSELL
President
Highland Park State Bank

R. B. M U LD E R
President
First Federal State Bank

Banks in East Des Moines are the
and the Capital City

State Bank
Bank.

Iowa
State

Neighborhood banks are the Highland
Park State Bank, State Bank of Des
Moines in Beaverdale and the First Fed
eral State Bank at 24th and University.

HUGH N. GALLAGH ER
President
Iowa State Bank

Lohrville Bankers Buy First
National Bank of Glidden
The sale of majority interest in the
First National Bank, Glidden, Iowa,
b y J. H. Redman and A. G. Redman
to O. E. Van Horn, president of the
Lohrville Savings Bank, and his son,
Robert H. Van Horn, vice president of
the Lohrville Bank, was completed
September 25th. E. W. Jones, vice
president of the Bankers Service Com
pany, Des Moines, Iowa, negotiated
the sale.
O.
E. Van Horn has been elected
chairman of the board and Robert Van
Horn, executive vice president. The
senior Van Horn will continue to re
side in Lohrville, where he has been
associated with the Lohrville bank

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

since 1923. He will divide his time
between the two institutions. Robert
Van Horn, a graduate of Drake Uni
versity where he received his degree
in commerce and finance in 1949,
promptly accepted an appointment as
examiner for Federal Savings and
Loan Associations. He gave up this
position in October, 1951, to accept a
position as vice president of the Lohr
ville Savings Bank. He and Mrs. Van
Horn and their young son will move
to Glidden, where they have pur
chased the J. H. Redman home.
J. H. Redman, who is widely known
among Iowa bankers, has been the
managing executive of the Glidden
bank for the past five years. He was
with the State Banking Department
from February, 1943, through 1948,
serving as a bank examiner and the
last two years as assistant to the su
perintendent. Mr. Redman and his
family are moving to Des Moines. He
will be associated with Allen & Com
pany, certified public accountants.

THE THOS. D. MURPHY CO. LINE

EFFECTIVE sales promotion media
Exclusive art and specialized calendars, maps, booklets, business
and social greetings, blotters, wood, bullet and mechanical pencils,
ball points, pens, also an elaborate variety of specialty items.
RED OAK, IO W A

"The Birthplace of the Art Calendar Industry"
N o r t h w e s t e r n B a n ke r. O c t o b e r , 1953

y
A d v e rtise m en t

i otra **Holt oí H on or 99 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
The banks listed on this page are some of the outstanding “Honor Roll” Banks in Iowa.
By careful management and sound banking they have achieved this enviable position.
These banks will be especially glad to handle any collections, special credit reports or
other business in their communities which you may entrust to them. Correspondence is
invited.
TOW N
BANK
Ackley................................... Ackley State Bank..........................................
A lta ......... ..........................First Trust & Savings Bank_____
Am es..................................... Union Story Trust and Savings Bank
Andrew................................. Andrew Savings Bank.................................
Aredale.......
.................... Aredale State Bank..... .............. .....
Audubon...............................First State Bank...... ................... .................
Baldwin................................Baldwin Savings Bank .......... ...............
Bellevue................................First National Bank.
......
Bennett....................... .........Bennett State Bank...............
Bloomfield..........................Davis County Savings Bank......................
Bode...................
.............Bode State Bank.......... ........ ......................
Bridgewater......................Union State Bank............................................
Burlington......................... Burlington Bank and Trust Company..
Burlington......................... National Bank of Burlington..........
Carlisle................................ Hartford-Carlisle Savings Bank..........
Cedar F alls.........................Cedar Falls Tr. & Savings Bank...........
Cedar F alls........................First National Bank...................................
Cedar Rapids....... ..............First Trust and Savings Bank
Cedar Rapids..................... Merchants National Bank...................
Cedar Rapids.................... .Peoples Bank and Trust Company.........
Cedar Rapids....... .............United State Bank...........................................
Centerville......
............ Centerville National Bank...............
Central City...................... City State Bank...............................................
Chariton..............................First State Bank.............................................
Charles City..........
.....Citizens National Bank..........
.........
Cherokee............................. Cherokee State Bank...................................
Clarence.............................Clarence Savings Bank....................... .........
Cleghorn............................. Cleghorn State Bank...........................
Columbus Junction........ Columbus Junction State Bank..............
Coon Rapids..................... Iowa Savings Bank........................................
Crawfordsville........ ......Peoples Savings Bank... ...........
Cromwell............................. Cromwell State Savings Bank................
Dallas Center....................Brenton State Bank
Davenport......
......... Northwest Bank & Trust Co.....................
Des Moines..........................Bankers Trust Company............ .............
Des Moines............. ........ State Bank o f Des Moines........................
Dike.......... .............
........ Iowa Savings Bank_____
____ ______
Dixon..........
....... .......... Dixon Savings Bank ........................
Donahue............... ..............Donahue Savings Bank. ........ ...................
Donnellson.........................Citizens State Bank____ ____ ___ ___ ____
Dubuque..............................American Trust & Savings Bank............
Dubuque.................... ......First National Bank
Dumont............ ...... ......State Bank of Dumont...............................
..................Farmers Trust and Savings Bank______
Earling........
Edgewood..................... ...... Community Savings Bank.....
Eldridge------------Central Trust & Savings Bank_________
Epworth............. ..............Epworth Savings Bank............................
Estherville...... ......... ......Emmet County State Bank........ ...............
Farley................................... Farley State Bank ....... ......... ...............
Farnhamville.................... Security Savings Bank. ..... ....................
Galt........................................Bank of Galt...................................................
Garner.................
Hancock Co. National Bank...................
Gilbertville................ .....Gilbertville Savings Bank_____ ________
Gladbrook_____ _______ State Bank ........................................................
Gooselake........................... Gooselake Savings Bank....... ......................
Grand Mound__ ______ Union Savings Bank............................ .....
Grundy C e n te r __
... Farmers Savings Bank
............
Hampton.............................First National Bank..........
Hanlontown........................Citizens Savings Bank.................................
Hawarden............................ Farmers State Bank............. .....................
Hawarden......... ..............First National Bank..................................
Hubbard..............................Security State Bank......................................
Independence..................... Farmers State Savings Bank................
Independence______ _____Security State Bank........... .........................
Inwood.............. ....................Inwood State Bank................... ................
Iowa City.............. .............. Iowa State Bank and Trust Company..
Kiron..............................
Kiron State Bank..........................................

N o r t h w e s t e r n B a n k e r, O c t o b e r , 1953
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

CAPITAL
OFFICER
..11. S. Lekwa...................... ........ $ 75,000
25,000
J. J. Gordon...................... ____
100,000
..Mortimer Goodwin...........
50,000
..Eber V. Flint...................
25,000
-W. K. Juncker.................
100.000
-D. C. Perley......................
50,000
-C. A. Harding................. ........
50,000
Herman J. Kueter............. ........
60,000
- D. L. Davin.... .................
80.000
-Ed W. Shaw.....................
30,000
. J. M. Rood .....................
25,000
-W. F. Kniep...... ............... ........
300.000
..Wesley H. Swiler...... .....
____
200,000
V. P. Cullen
50,000
G. D. Schooler.................. ........
100.000
-H. C. Smith. .................. ____
100,000
-W. E. Brown...................
100,000
-F. J. Stastny....................
500,000
..John T. Hamilton II......
400,000
- Frank C. Welch........ ....... ____
50,000
..Charles Driz...................... ........
100,000
-F. L. Sawyers.................
30,000
..A. J. Schueler...................
100,000
- George R. Garten..... ........
75,000
J. H. Nelson............. .... ........
120,000
-Loren Anderson...............
50,000
-C. Wayne Saunders........ ........
50,000
F. R. Ducommun............ ____
60,000
11. Lee IJuston.................
75,000
..Walter Buenneke..............
32,000
-Orrin H. Johnson............ ........
30,000
.A. Omar Cannon............. ____
150,000
..Thomas N. Scott............. ......
200,000
B. F. McGee..................... ____
F. C. Atkins................. . ____ 1,250,000
100,000
Wm. H. Brenton........... ____
50,000
Lee Chandler.................... ........
50,000
J. B. Bowen......................
60,000
vValter E. Paustian...... .
75,000
M. G. Addicks.................
500,000
R. F. Glab—....................
600,000
Joseph V. Keppler.... ..... ____
D. M. Harrison...............
30,000
30,000
A. .). Heese.............. ........
50,000
James F. Adams...............
100,000
E. J. Kuhl........................ .....
25,000
Henry C. Kiefer............... ........
50,000
Wayne C. Currell.... ....... ........
50,000
J. L. Mahony................... ____
25,000
.0. W. Madson...... ...........
10,000
-M. D. Schroder................. ____
100,000
-W. L. Baggs.............. .... ____
30,000
..A. W. Breitbach.............
50,000
..Lavera M. Boll_________ ......
25,000
0. F. Walker.... ............ ........
50,000
L. J. Stotesbery............ . ........
60,000
A. V. Dieken............... .....
100,000
J. M. Boots.......................
25,000
M. 0. Hall.................................
50,000
-C. A. Slife—...... ..............
50,000
11. Visser........................... ........
37,500
-V. H. Reid.... ............ ..... ........
100,000
E. F. Sorg........................
75,000
John Corcoran................... ____
30,000
Cliff Pruitt........................
200,000
..Ben S. Summerwill...... .......
50,000
C. E. Dahl.........................

SURPLUS
PROFITS
$ 170,000
131,000
282,000
116,000
28,000
308,000
102,000
187,000
62,919
202,766
35,000
56,000
567,000
765,000
158,000
196,000
232,000
235,000
6,170,989
870,000
310,000
286,000
48,000
203,000
140,000
343,000
140,000
107,000
223,000
150,236
129,000
61,000
220,000
475,000
4,131,000
107,000
120,000
169,000
88,000
129,000
826,000
872,688
82,004
73,000
139,000
160,000
85,000
684,000
106,000
150,000
29,000
142,000
40,000
153,000
135,000
115,000
130,000
220,000
70,000
193,000
125,000
63,000
375,000
149,000
60,696
414,000
96,000

99
A d v e rtise m en t

Iowa "R o ll o f

99 Ban
H

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
The banks listed on this page are some of the outstanding “Honor R oll' Banks in Iowa.
By careful management and sound banking they have achieved this enviable position.
These banks will be especially glad to handle any collections, special credit reports or
other business in their communities which you may entrust to them. Correspondence is
invited.

<<C

TOW N
BANK
Lansing................................ Kerndt Brothers Savings Bank......
LaPorte City..................... LaPorte City State Bank...............................
Laurens....______ ________ Laurens State Bank----------------- ----- —
Lawler____ ___ __________State Bank of Lawler.. .......
Lineville.............................. Lineville State Bank.....................
Lisbon............
.......... .....Lisbon Bank & Trust....................................
Lone Tree............................Lone Tree Savings Bank.............................
Lowden................................. American Trust and Savings Bank.........
Manchester..................
First State Bank......................
Marengo............
Iowa County Savings Bank......
Marshalltown........... ......Fidelity Savings Bank. ................................
Marshalltown....................Security Savings Bank.....
.......
Maynard..............................Maynard Savings Bank..........
McClelland......................... McClelland Savings Bank_____ __________
McGregor............................First State Savings Bank.............................
Mechanicsville............... Mechanicsville Trust and Savings Bank
Mt. Vernon............... ......... Mt. Vernon Bank and Trust Company...
Muscatine........................... Muscatine Bank and Trust Company.....
Nashua..............
..........First Nashua State Bank...............................
Nevada.................. ......... Nevada National Bank ...............
New H am pton................... First National Bank....................... ..............
Newton................................. Jasper County Savings Bank............. .......
Oelwein................................ First National Bank.......................................
Ogden....................................City State Bank................ ...........
............
Onslow................................. .Onslow Savings Bank.............
...............
Oskaloosa_____ ____ _____ Mahaska State Bank......................................
Pella......................................Marion County State Bank.......... ................
Pella.............. ....................Pella National Bank......................................
Postville...... .................. ..... Citizens State Bank...................... ...................
Postville...............................Postville State Bank......... ......
........
Randolph__ ______ _______Randolph State Bank_______ _______
Rembrandt......... ................First National Bank......................................
Rock F alls................... ...... Farmers Savings Bank...................................
Ruthven............................... Ruthven State Bank.........................................
Sanborn__ ______
____ Sanborn Savings Bank........
Shelby................................... Farmers Savings Bank........................ ......
Sheldon................................ Security State Bank.......................................
Sheldon................................. Sheldon National Bank................... ............
Sibley....................................First National Bank...................................... .
Sigourney............................First Trust & Union Savings Bank..........
Sioux City...........................First National Bank................ ....... ............
Sioux C ity....................... ..Morningside Savings Bank______ ______
Sioux City............ ...............Toy National Bank..........................................
Stacyville............................ Stacyville Savings Bank...............................
Steamboat Rock.............. Farmers Savings Bank....... ..........................
Storm Lake............. ..........Commercial Trust and Savings Bank.....
Story City........................... Story County State Bank..........
............
Strawberry Point.. ....... Union Bank and Trust Co............................
Sumner.................................First National Bank
Teeds Grove....... ................feeds Grove Savings Bank...................
Thurman..............................Thurman State Savings Bank........
Union.................................... Union-W hitten State Savings Bank___
U te......................................... Ute State Bank..................... ........
Victor.................................... The Farmers Savings Bank________ ____
W aln u t..................................W alnut State Bank................................. .........
W ashington...................... W ashington State Bank..............................
W aterloo..............................The National Bank o f W aterloo............ ..
W aterloo....... ...................... Peoples Bank & Trust Company.................
W aterville...........................Farmers and Merchants Savings Bank
W ellsburg........... ............. Peoples State Bank...........................................
W esley .................................. Exchange State Bank..................... ...............
W e st Branch...................... First State Bank...............................................
W estC h ester......................W est Chester Savings Bank........................
W e st Des Moines.............W est Des Moines State Bank.....
.......
W estside.............................. W estside State Savings Bank............ ......
W illiam s.............................W illiam s Savings Bank...................................
W illiam sburg.................... Farmers Trust and Savings Bank...........
W illiam sburg.................... Security Savings Bank....................................
W interset...........................Union State Bank..............................................
W yom ing................... ......... Citizens State Bank......... .................. ........

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

CAPITAL
OFFICER
60,000
. C. M. Kerndt _....... ........... ......
50.000
L. C. McGill...................... ......
75.000
E. B. Pannkuk.................... ......
50,000
.Vincent Kelly ................... ......
25,000
-R. C. Anderson---------- ----- ......
50.000
II. W. Sizer........................ ......
25,000
...R. R. Hudachek.................
50.000
...W. H. Witte...................... ___
50,000
—Chas. Kelley......................
100.000
W. R. Hatter....................
100,000
E. J. Paul.......................... ___
200,000
...Will A. Lane....................
40,000
. .L. H. Buenneke................ .......
25,000
...L. W. Barnes..._____ ____
40,000
...J. J. Goheen...................... ____
50,000
...R. H. Britcher.................. ___
50,000
.J. A. Fordyce.______ ___ .......
125,000
F. W. Allen......................
70,000
A. L. Kout...............................
108.000
..D. F. Warnke.__________
75,000
H. W. David...................... .......
200,000
Ray 0. Bailey.................... .......
_..M. C. Hanson....................
125,000
-L. A. Good.........................
100,000
...Geo. H. Paulsen..... ......... .......
30,000
200,000
Russell S. Howard....... ...........
K. H. Bean....................... .......
50,000
C. Smorenberg............ ..... .....
100,000
L. 0. Beucher....................
80.000
50,000
_.W. A. Kneeland........................
.J. S. Zdychnec_____ ___ _
30.000
.11. L. Haraldson........................
25,000
_.R. V. Wilkinson................. ___
10,000
..Win. Brennan....... .................
25.000
50,000
_.C. F. Watters...... ............ .......
...L. 0. Stoker......................
50.000
...R. A. Schneider........................
50,000
W. P. Iverson..... ......... ............
50,000
50,000
C. L. Ramsey.... ................ .......
C. E. Baylor....... ..............
62,500
J, T. Grant.................... . .......
500.000
_.K. A. Scheibe....................
100,000
.E. E. Erickson..... ............. ___
300,000
...Q. 0. Heimerman............. .......
25,000
Ben Jaspers........................
25,000
..Elmer J. Knebal..... ......... ......
50,000
-R. A. Sweet...................... ___
100,000
..J. J. Matthews...................
80,000
-C. G. Niemann.................... .......
50.000
John Thomsen... .......................
50.000
. C. C. Case........................... .......
25.000
45,000
K. J. Lyon______ ___ __ _ .......
E. W. Nun........................ ......
25,000
Wayne S. Mathews_____ ......
50,000
M. J. Otto................................
25.000
L. S. Holland___________ ......
100.000
_.R. L. Penne........................
700,000
.Win, A. Dewees ... .............
150,000
C. V. Nelson_________ ___ ......
25.000
G. H. Ballard.................... .......
25,000
L. H. Kleinpeter...............
30,000
L. C. Rummells................. ......
50,000
C. C. Wolf.........................
25,000
F. P. Galbraith ..........
......
50,000
W. 11. Noack........ ............
50,000
T. H. Lekwa ...... ............... ......
50,000
0. E. Jones...................... ......
50,000
J. T. Heaney...... ............... ___
50,000
...H. L, Pauli. ...........
100,000
Ralph L. Orth...... .............. ......
50,000

SURPLUS
PROFITS
100,000
118,000
182,000
58,000
71,000
110.000
53,000
133,730
52,000
218,000
655,000
450,000
97,000
70,000
88,000
91,000
158,000
894,302
143,000
118,000
220,000
900,000
350,000
226,000
77,369
415.000
155.000
299,000
122,000
155,000
53,000
100,000
35,500
64,000
97,000
150,000
260,000
172,000
111,241
142,549
930.000
120,000
989,000
71,000
60,000
239,000
218,000
145,000
218,006
83,000
37,617
128,000
81,000
114,000
81,854
200,000
1,239,000
1,950,000
65,000
160,000
47,000
245,000
60,000
75,000
100,000
127,000
264,000
134,000
220,000
175.000

N o r t h w e s t e r n B a n ke r, O c t o b e r , 1953

100

Iowa News

You
W ill
SeeTliom ul
The Convention in lies
D ES MOINES will be the gathering
place from October 18th to the 21st
for officers and representatives of
larger banks, and those representing
industries which serve banks, when
the 67th annual meeting of the Iowa
Bankers Association convenes. With
headquarters at the Hotel Fort Des
Moines, many banks will have head
quarters rooms where they will greet
their many friends, and equipment
firms and others will have elaborate
displays in the hotel lobby.

The following have reported to the
their intention
to be in Des Moines for this Iowa
bankers convention.

N orthwestern B anker

Cedar Rapids
Merchants National Bank: S. E. Co
quillette, chairman; John T. Hamilton
II, president; Marvin R. Selden, Leon
ard W. Broulik, Reginald B. Figge and
James E. Coquillette, vice presidents,
and Arthur Lindquist, assistant cash
ier.
Peoples Bank & Trust Company:

Midland National Bank
OF MINNEAPOLIS

extends greetings to the
IO W A B A N K E R S A S S O C IA T IO N

Frank C. Welch, president; Paul H.
Huston, vice president and trust offi
cer; Ervin F. Stepnak, vice president
and cashier; and Ted J. Welch, vice
president.

Chicago
American National Bank and Trust
Company: Chas. C. Kuning, vice presi

dent; Wm. B. Whitman, assistant vice
president, and Walter Armstrong, as
sistant cashier.
City National Bank and Trust Com
pany: Wm. H. Miller, senior vice presi

dent; Alfred H. Lindgren, vice presi
dent, and John M. Davis, assistant vice
president.
Continental Illinois National Bank
and Trust Company: John W. Nichols,

Arthur J. Frey and Merle J. Glanville,
vice presidents; Leland C. Parkin, as
sistant vice president, and Lawrence
H. Frowick and John D. Falvey, assist
ant cashiers.
Drovers National Bank: George A.
Malcolm, president; Frank N. Covert,
vice president; Fred C. Cummings, vice
president; and Bernard B. Miller, rep
resentative.
First National Bank: J. H. Grier and
John J. Anton, vice presidents; Verne
L. Bartling and Leroy Winterhalter,
assistant vice presidents; Victor C. von
Meding and J. C. Hemmerle, assistant
cashiers; and Nevin G. Bowser.
Harris Trust and Savings Bank: Vin
cent Yager, Richard H. Wayne and
Charles A. Carey, vice presidents;
Thomas C. Barnes, assistant vice presi
dent; Roland White, sales manager;
and Gilbert J. McEwen, correspondent
bank division.
The Livestock National Bank: A. S.
Bagnall and P. T. Betz, vice presidents;
James L. Johnson, assistant vice presi
dent, and Darrell J. Lindbom, assist
ant cashier.
The Northern Trust Company: John
V. Haas, second vice president, and
John B. Rigler, assistant cashier.

Clinton
City National Bank: Bruce Town

send, president.
A s always we look forward to the Iowa Bankers
Association Convention, as one of the outstanding
State Conventions of the country as to attendance,
program and good fellowship.

Council Bluffs
Council Bluffs Savings Bank: L. W.

Ross, president; Fred W. Radtke, Roy
Maxfield and Chas. W. Langmade, vice
presidents; and Ed H. Spetman, Jr.,
auditor and assistant cashier.

Davenport

M id la n d

-tlie, btwikwjübkfkkbig WELCOME !

M ID LA N D NATION AL BANK
401 Second Avenue South, Minneapolis
M E M B E R F E D E R A L D E P O S IT IN S U R A N C E C O R P O R A T IO N

o r tFRASER
h w e s t e r n B a n ke r, O c t o b e r , 1953
DigitizedNfor
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Davenport Bank & Trust Company:

V. O. Figge, president; J. M. Hutchin
son, executive vice president; Fred
Gruenwald and Kenneth C. Hartman,
senior vice presidents; Edmund W.
Braack, vice president; Ernest H. Ketelsen, cashier; and James F. Gruen
wald, assistant vice president.
First Trust & Savings Bank: F. A.
Johnson, vice president; and G. W.
Thompson, assistant vice president.

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

101

N o r t h w e s t e r n B a n ke r, O c t o b e r , 1953

102

Iowa News
H. Waterman, Jr., vice president.

Io w a C ity
Io w a State B an k & T r u st C om p an y:

Ben S. Summerwill, chairman; and W.
W. Summerwill, president.
K a n sa s C ity
City N ation a l B a n k and T r u st C om
pany: James F. McPherson, vice presi

dent; James F. Mack, assistant vice
president; and R. C. Kemper, Jr., as
sistant cashier.
C om m erce T ru st C om p an y : Thomas
C. Cannon, assistant vice president;
and Russell Woolley, assistant cashier.
F irst N ation al B an k : Edward A. H uwaldt, assistant vice president.
In ter-S tate N ation al B an k : Charles
H . Griesa, vice president.
Los A n g e le s
S ecu rity-F irst N ation a l B an k :

Paul

M ilw a u k e e

Don
ald A. Harper, assistant vice presi
dent.
F irst W isc o n sin N ation al B ank:

M in n e a p o lis

George S.
Henry and Kennth T. Martin, vice
presidents.
M arqu ette N ation al B an k : Carl R.
Pohlad and Otto H. Preus, vice presi
dents; and John D. Cleary, representa
tive.
M idland N ation al B an k : W. E. Brock
man and Clifford C. Sommer, vice pres
idents.
N orth w estern N ation al B an k : Fritz
W. Conrad, vice president; and K. M.
Barnett, assistant vice president.
F irst

N ation al

B an k :

D e p e n d a b le
B a n k in g
S e rv ic e

N e w York
B an k : Jackson D.
Breaks, vice president; Jacque C.
Frost, second vice president; and John
Hejinian, assistant cashier.
Chase

N ation al

C h em ical B an k and T ru st C om p an y:

James L. Sharp, Jr., representative.
G u aran ty T ru st C om p an y : Dale E.
Sharp, vice president; and H. C. Whit
man, districts.
H a n o v e r B an k : Foster M. Hampton,
assistant vice president.
M an u fa ctu rers T ru st C om p an y: Joe
Snyder, assistant vice president.
P u blic N ation a l B a n k and Tru st
C om p an y : Earl Gafford, vice president.

Om aha
B an k : John Lauritzen, vice president; Carl Bloom, assist
ant cashier; and Ernest Tanner, as
sistant vice president.
F iv e Stock N ation al B an k : Henry
Karpf, president; R. H. Kroeger, Wade
R. Martin, Paul Hansen, Herbert Echtermeyer and John Shonsey, vice pres
idents.
O m aha N ation a l B an k : Bruce Thom
as, vice president; Morris F. Miller,
assistant vice president; and Clarence
C. Jones, assistant cashier.
Stock Y ard s N ation al B an k : W. A.
Sawtell, president; A. J. Hallas and
John McCumber, vice presidents; C. A.
Masilko, cashier; and J. P. Krogh, as
sistant vice president.
U n ited States N ation al B ank: Austin
L. Vickery, vice president; and Harold
L. Potter, assistant cashier.
F ir st

N ation al

O ttum w a

Max
von Schrader, president; and Clarence
P. Glenn and J. C. Blackford, vice
presidents.
U n io n B a n k & T ru st C om p an y:

St. Jo se p h

J. M. Ford II,
vice president; and Vern P. Meyer, as
sistant vice president.
F irst N ation al B an k :

F irst

St. Joseph

S tock yard s B an k :

Harry H. Broadhead, Jr., assistant
cashier.
St. Lo uis
F irst N ation a l B an k :

S O .O A K ./ N E B R

M IN N

Servino
bankers In 4 states
____ ________* ________:____________________________________

d E C U R m /
OP Sioux City JL
Member Federal Deposit Insurance Corporation

N o r t h w e s t e r n B a n ke r. O c t o b e r , 1953
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Frank Fuchs,

vice president.
M ercan tile T ru st C om p an y :

Holland

Chalfant, assistant cashier.
S io u x C i t y

Joe T. Grant,
president; and William L. Temple, vice
president.
L iv e Stock N ation a l B an k : Carl L.
Fredricksen, president; Stanley W.
Evans, vice president; and R. K. Drap
er, representative.
S ecu rity N ation al B an k : B. M. Wheelock and Charles H. Walcott, vice pres
idents.
T o y N ation a l B an k : E. E. Erickson,
vice president; and Conrad Aronson,
assistant cashier.
F ir st N ation a l B an k :

W a te rlo o
N ation a l B an k

o f W a te r lo o : R.

103

WELCOME IOWA BANKERS
TO Y O U R

CONVENTION
HEADQUARTERS
HOTEL
FORT DES MOINES
• IOW A'S LARGEST HOTEL
• FAMOUS FOR COMFORT
AND CONVENIENCE
• THREE WONDERFUL EATING
SPOTS . . . THE HOB NOB . . . THE
LOUNGE . . . THE COFFEE SHOP
J. E. Whalen, Mgr.

... also in Des Moines
Beautiful Hotel Savery
• 350 MODERN GUEST ROOMS
• THE ROCKET ROOM
• FOOD FOUNTAIN ROOM
• SAVERY LOUNGE

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

Faul A. Leitern, Mgr.

Hotel Randolph
« 136 COMFORTABLE GUEST ROOMS
. THE "RAN-DA-VOO"
. RANDOLPH COFFEE SHOP
A. L. Abbott, Mgr.

BOSS HOTELS COM PANY
EDW. A. BOSS, President
N o r t h w e s t e r n B a n k e r, O c t o b e r , 1953

104

Iowa News

Penne, president; A. J. Burk, vice pres
ident; R. L. Kilgore, cashier; H. F.
Hoffer, assistant vice president; and
R. C. Mexdorf and Don L. Wenthe, as
sistant cashiers.
Waterloo Savings Bank: V. Spalding
Miller, vice president and cashier; F.
R. LaBarre, vice president; Dale K.
DeKoster, assistant vice president; and
Earl J. Underbrink, assistant cashier.
Bank

E q u ip m e n t and

O t h e r Firm s

American Lithographing & Printing
Company, Des Moines: A. B. Myers.
Ashwell & Company: Fred W. Trier.
Bankers Security Life Insurance
Society, Des Moines: J. Reuben Darr,

credit life department; E. Griffith
Webbies, bond department; and Ray
L. Smith, agency vice president.
Banks, William H., Chicago: Dave
Coffman, executive vice president; and
James Fletcher, Iowa district mana
ger.

Bankers Service Company, Des
Moines: Henry H. Byers, president;

Minneapolis: Wayne Childs, secretary;
and N. A. Drager, state agent.

Irwin Jones, vice president.

International Business Machines,
New York: R. L. Dixon, Des Moines.
LaMonte, George and Son, Nutley,

Burroughs Corporation, Detroit: R.

L. McCormick, regional representa
tive, St. Louis; and James R. Rowen,
branch manager, Des Moines.
Colorado Insurance Group, Boulder:

Howard McCoy, Lincoln, Nebraska.
Columbian Art Works, Milwaukee:

Donald C. Marks, sales manager; and
William B. Norman, Iowa representa
tive.
Cummins Business Machines, Chi
cago: Abe Greenspan, Minneapolis; and

Bud Greenspan, Iowa representative.
De Luxe Check Printers, Chicago:

New Jersey: J. S. Porterfield, Chicago;
and Robert P. O’Connor.
Lawrence Warehouse Company, Chi
cago: G. A. Johnson, assistant vice

president.
LeFebure Corporation, Cedar Rap
ids: William Redmond, Cedar Rapids;

C. M. Hayward and Bruce Ingels, Des
Moines; H. M. Kerr, Mason City; Mar
vin Pearson, Davenport; and John
Talley, Omaha.
Morrell, John, & Company, Ottum
wa: George A. Morrell, vice president

Clyde McEntire, Jr., Iowa representa
tive.
Diebold, Inc., Canton, Ohio: Rich
ard S. Gwinn, regional manager, Des
Moines.

Mosler Safe Company, Hamilton,
Ohio: R. C. Howenstine, assistant man

Great Northern Insurance Company,

ager mid-west division, Chicago; and

and treasurer; Hollis F. Peck, public
relations.

W here Customers Park Free-Right Next to P. B.

Peoples Bank Also Offers These EXTRAS :
1. Sixteen Extra Banking Hours Each Week
2. Drive-In Teller's Window
3. Drive-In Night Depository
4. Bank-By-Mail Service
5. Offices in Newhall and Center Point
6. Christmas Savings Club
7. Auditors Verifications of Customer Accounts

PEOPLES BANK AND TRUST COM PANY

N o r tfor
h wFRASER
e s t e r n B a n k e r, O c t o b e r , 1953
Digitized
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

FRANK

C. W E L C H ,

P re sid e n t

CEDAR RAPIDS, IOWA

Iowa

V. T. Giuntoli.
N ation a l C ash
D ay to n , O hio: A.

R eg ister

C om p an y,

J. King, Iowa mana
ger, Des Moines; and assistant mana
gers W. L. Shea, Sioux City; J. M.
O’Connor, Cedar Rapids; John D. Hiett,
Davenport; J. M. Roberts, Burlington;
and M. H. Planck, Omaha.
N o rth C en tral Life In su ran ce C o m
p an y, St. P au l: William H . Muhl, vice

president credit division; and Richard
Brooks, assistant vice president, cred
it division.
P itn ey-B o w es, In c: G. L. Bachman,
Des Moines.
R ecordak
N e w Y o rk :

C orporation ,

News

105

To Bankers

Ia w r e n ç e ° na ™

receipt

is like

C E R T IF IE D

ON A CHECK

R och ester,

John P. Eager, manager,
Kansas City; Jack A. Ludwig, mana
ger, Omaha; Mike Breisch, representa
tive, Chicago.
R o w a n C om p an y , D es M o in es: Frank
Gustafson, Des Moines.
S h a w -W a lk e r Office O utfitters, Inc.:

Joseph A. Popple, Des Moines.
S m ith , Jam es L . C om p an y, D es
M oin es: James L. Smith, Des Moines.
St. Paul C om p an ies— F ire and In
d e m n ity , St. Paul: L. R. Moeller, assist

ant secretary, and George P. Leaf,
superintendent bond department, both
from St. Paul; H. P. Martin, manager,
M. Toussaint, state agent, R. A. Alex
ander, special agent, R. C. Knudson,
special agent, and Richard E. Knox,
special agent; all from Des Moines.
St. P a u l T e rm in a l W a re h o u se C om
p an y, St. P aul: Tom Ford, Chicago;

and G. V. Mickelsen, Iowa manager.
Todd
C om p an y ,
Y o rk : H. J. Martin,

R o ch ester,

N ew

manager; and Carl
L. Mayle, district representative.
W a lte r s , C h arles E ., C om p an y , O m a
ha: Robert L. Goethe, president; Louis

R. Boettcher, vice president.

Hippodrome of 1954
KRNT Theatre announces the big,
new spectacle show “Hippodrome of
1954” will play a six-day engagement
in Des Moines October 20th through
25th, with a premiere Des Moines
opening on Tuesday night, October
20th, for the Iowa Bankers Conven
tion. It is a new type of arena show
produced like a musical comedy on a
spectacular scale to play the larger
arenas and auditoriums. There are
few theatres in the world, other than
the KRNT, large enough to house such
a big production. The stage at KRNT
will be expended out over the orches
tra pit to give more space for the large
production numbers.
“Hippodrome of 1954” is produced
by Harold Steinman, who played Des
Moines with his roller skating show
“ Skating Vanities” for many years.
He patterned “ Hippodrome of 1954”
after the eye-filling spectacles that
made the old Hippodrome theatre fa
mous. The star attraction of “Hippo
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

A G uarantee of INTEGRITY, SECURITY and FACILITY
INTEGRITY. T h e in tegrity o f the L aw ren ce W a r e h o u se C o m
p a n y , expressed for fo r ty years in con scien tiou s service, has
w o n th e con fiden ce o f b a n k lo an officers th ro u g h o u t the
U n ite d S ta tes, C a n a d a an d M e x ic o .
SECURITY. S o u n d , experienced L aw ren ce o p eration is b ack e d
u p b y lega l lia b ility and fid elity b o n d s totalin g $ 1 ,0 0 0 ,0 0 0 at
e a c h o f our m ore th an 2 5 0 0 field w areh ou se lo cation s. T h is

u n iqu e

bond

coverage

p rovides

the

m o st

com p reh en sive

secu rity a v a ila b le to b an k s and other receipt holders to d a y .
FACILITY.

E sp e c ia lly

p o p u la r w ith

b an k s

is the exclu sive

L a w r e n c e -I B M C o m m o d ity C olla te ra l R e p o r t for lo an o ffi
cers. T h is m od ern , electronic record n ot o n ly cuts the cost
o f servicing c o m m o d ity

lo an s — it also keeps the banker

co n tin u o u sly u p to date on in ve n to ry valu es.

/TawrenceN
VSystem)

Ia w ren ce WarLEHC)USE (ÔMPANY
N A T IO N W ID E

F IE L D

W A R E H O U S I N G -------------------

3 7 Drumm S tre e t, San F ran cisco , C a lifo rn ia
100 N . La S a lle S t., C h icag o 2, III.
O F F IC E S

•

79 W a ll Stre e t, N ew Yo rk 5 , N .Y .

P R IN C IP A L

CITIES

N o r t h w e s t e r n Ba n ker, O c t o b e r ,

1953

106

Iowa News

drome of 1954” will be “Dancing Wa
ters,” which was discovered in Europe.
It is a colorful, dancing fountain dis
play, imported to make its first Amer
ican appearance at Radio City Music
Hall in New York where it was seen
by 1,500,000 people.
Other features of “Hippodrome” in
clude “Ballet at Its Best,” with prima
kellerina Patricia Bowman, a roller

skating number, a “Disappearing Div
ing Ballet” number with shapely
swimming girls; Harry Stockwell, the
singing start of “ Oklahoma,” and many
acts from Europe never before exhib
ited in America.

County Election

sociation, Floyd L. Anderson, cashier
of the Harlan National Bank, was
named secretary and treasurer. Other
officers are vice president, A. L. Poe,
cashier, State Bank of Portsmouth,
and president, Dewey Kuiken, execu
tive vice president of the Landmands
National Bank, Kimballton, Iowa.

At the recent annual meeting of the
Shelby-Audubon County Bankers As

Bank Audit Department
Allen and Company, certified public
accountants, Des Moines, Iowa, an
nounce the opening of a new bank
audit department.
Manager of the new department will

u p e n o r Ba n k in g
S ervice

. . . for

N O RTH EA ST IO W A

J. H. REDM AN
W ith Des Moines firm

___

be J. H. Redman, who has been the
executive officer of the First National
Bank in Glidden, Iowa, for the past
five years. From 1942 to 1948 he was
in the State Banking Department, serv
ing as a bank examiner, and the last
two years as assistant to the superin
tendent.
In his new position he will organize
and head a new department which will
specialize in services to banks in the
field of auditing, internal control and
systems installation, including ac
counting machine applications.

D IV ER SIFIED
EX PER IEN C E

LEAD ERSHIP

• MEMBER

FEDERAL

DEPOSIT

IN S U R A N C E

C O RP O RA TIO N

•

FEDERAL

S ca rb o ro u gh ’s Loss Prevention program will save your

bank many headaches and many dollars. It is yours

along with the broadest protection at the lowest cost.

RESERVE

SYSTEM

Large Increase

•

When W. A. Lane was made presi
dent of the Security Savings Bank in
Marshalltown, Iowa, in 1933, resources
of the institution were $618,311.
On September 1, 1953, 20 years after
Mr. Lane and his associates took over
the bank, total resources were $11,663,578.

Scarborough &
Company
In su ra n ce

C o u n selo rs

Banks

FIRST N A T I O N A L BANK B U IL D IN G . C H I C A G O 3, I L L I N O IS . STcrte 2- 432 5

N o r t h w e s t e r n B a n ke r, O c t o b e r , 7953

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Federal Reserve Bank of St. Louis

107

Iow a Bankers
to the

Sixty-seventh Annual Convention
of

IGWA BANKERS ASSOCIATION

October 10- 21, 1953
Your many orders for I. A. B. Standard Forms are very much appreciated.
W e stock the following forms for immediate shipment:
Chattel Mortgage

Note Form— Single

FORM No. 29

FORM No. 26A

Chattel Mortgage

Extension of Chattel or Real Estate Mortgage

FORM No. 45
(Short form covering automobiles and other
collateral taken to secure personal loans)

FORM No. 36

Satisfaction of Real Estate Mortgage
by Corporation

Collateral Note
FORM No. 12

FORM No. 49

Collateral Receipt and Agreement

Agreement to Subordinate Landlord's Lien

FORM No. 39

FORM No. 55

Conditional Sales Contracts

Safe Deposit Box Lease and Receipt

FORMS No. 26 and 60

FORM No. 7

All carried in stock for immediate shipment.
Samples and prices sent promptly on request.

W a lla e e -H om estead Com pany
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BINDING

1912 G ran d Avenue

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ENGRAVINGDES MOINES 5, IOWA

Than

Forty Years
N o r t h w e s t e r n B a n ke r, O c t o b e r , 7953

108

Iowa

News

Sehooi

of itankinif

To Remodel
Extensive remodeling is planned for
the first floor of the Union State Bank
of Monona, Iowa, according to Ken
neth W. Rash, cashier. New low-type
fixtures will be installed, ceilings low
ered and a new directors’ and posting
room will be added. The work is ex
pected to be completed by early De
cember. Gage and Wolfers Wood
Manufacturing Company has the con
tract.

Buys Bank Control
SCHOOL D A Y S— Forty-seven bankers from Iowa attended the recent School of
Banking at the University of Wisconsin. Reading from left to right, those pictured
below are:
First row: P. J. Juffer, Security Savings Bank, Ireton; James F. Meyer, The First
National Bank, Paullina; Conrad E. Aronson, The Toy National Bank, Sioux City;
Orville E. Allender, Henry County Savings Bank, Mt. Pleasant; James R. Brown, IowaDes Moines National Bank, Des' Moines; James W . Cravens, Sanborn Savings Bank,
Sanborn; Edward V. Hoffman, First National Bank, Sioux City; Charles E. Krejci,
Peoples Bank and Trust Company, Cedar Rapids; Lodge F. Mrkvicka, First Trust and
Savings Bank, Cedar Rapids; Leo J. Capdevielle, First Federal State Bank, Des Moines;
George A. Moeckly, Bankers Trust Company, Des Moines; H. V . Rowenhorst, North
western State Bank, Orange City; Patrick F. Cook, Security National Bank, Sioux City;
Ralph M. Wilson, Security Savings Bank, Marshalltown; R. G. Barnard, Bankers Trust
Company, Des Moines, and Carroll W . Grimes, First National Bank, West Union.
Second row: Lewis L. Holland, Grinnell State Bank, Grinnell; Roland H. Tornblom,
City National Bank, Council Bluffs; H. T. Edwards, The First National Bank, Perry;
Fred A. W olfe, Poweshiek County National Bank, Grinnell; Rex J. Willis, The First
National Bank, Riceville; Robert J. White, City National Bank, Clinton; T. P. Feddersen, Crawford County Trust & Savings Bank, Denison; Howard E. Qualheim, Crawford
County Trust & Savings Bank, Denison; Erwin A. Meisenbach, First Trust and Savings
Bank, Davenport; Lincoln N. Shonkwiler, The Emmet County State Bank, Estherville;
G. Morris Barnett, Jr., Guthrie County State Bank, Guthrie Center; F. A. Rummel, Jr.,
First State Bank, Britt, and J. G. Knock, Iowa State Savings Bank, Creston.
Third row: Robert Van Horn, Lohrville Savings Bank, Lohrville; Churchill T. W il
liams, Oelwein State Bank, Oelwein; Paul M. Shain, Benton County Bank and Trust
Company, Vinton; Leslie Jacobsen, Rock Rapids State Bank, Rock Rapids; Robert F.
Malmberg, Centerville National Bank, Centerville; William R. Schooler, Hartford-Carlisle Savings Bank, Carlisle; William R. Jansen, Dubuque Bank & Trust Co., Dubuque;
Dean Knudson, College Savings Bank, Ames, and J. H. Redman, First National Bank,
Glidden.
Fourth row: Thomas R. Smith, Brenton State Bank, Dallas Center; William J.
Degnan, Palo Alto County State Bank, Emmetsburg; Kenneth S. Clancy, First Security
Bank & Trust Co., Charles City; Edwin H. Spetman, Jr., Council Bluffs Savings Bank,
Council Bluffs; Dale E. Tisdale, Tri-County State Bank, Zearing; Ramon J. Nolte, Ute
State Bank, U te; Edgar L. Ballou, Security Trust & Savings Bank, Storm Lake; R. W.
Barlow, Iowa Falls State Bank, Iowa Falls; Gordon C. Hall, Citizens State Bank,
Wyoming, and M. D. Dreibelbis, The Citizens State Bank at Belle Plaine.

R ow an C o m p a n y

Des Moines 9, Iowa

Announcement was made by Robert
Weidenbach that he has purchased
the controlling interest in the First
National Bank of Eldon, Iowa, from
the J. A. Bradley estate of Centerville.
Mr. Weidenbach has been cashier
and executive in charge of the Eldon
bank since January of 1941. He now
succeeds John H. Young of Centerville
as the president.
Mr. Weidenbach began work in a
bank at Aberdeen, South Dakota, in
1910 and went to Norfolk, Nebraska,
in 1932, going to Eldon nine years
later.
Glenn Hughes, Eldon groceryman,
and Joe A. Rodosky, Washington town
ship farmer and stockman, have been
appointed to the board of directors.

On State Board
Roy A. Sweet, 52, Story City, Iowa,
banker, was selected as fifth district
member of the new state board of
public instruction at a district conven
tion in Des Moines.
Mr. Sweet was named on the sev
enth ballot.

P e n c ils

COIN COUNTERS • COIN W RAPPERS • BILL STRAPS

PURE RUBBER BANDS IN 1 LB. BOXES
Duplicate Deposit Tickets • Savings Banks • Coin Bags

As the official experts of the Iowa Bankers A ssocia
tion, we have served Iowa bankers since 1881 in
timelock, safe and vault inspection.

WE SELL
SAFE DEPOSIT BOXES — VAULT DOORS — SAFES

F. E. D A V E N P O R T & C O .
O M A H A , NEBRASKA

Northwestern

Banker,

October,

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Federal Reserve Bank of St. Louis

1953

F I R S T N A T IO N A L
B A N K O F A R IZ O N A
HEAD OFFICE • PHOENIX, ARIZONA
MEMBER FEDERAL DEPO SI T I N S U R A N C E C O R P O R A T I O N

Iowa News
Mr. Sweet, president of the Savings
Bank, was president of the Iowa State
Bankers Association in 1950.

Brenton Anniversary
A double anniversary will be com
memorated October 14th in Dallas
Center, Iowa, that day being the 80th
anniversary of the Brenton State Bank
and the 100th anniversary of the ar
rival of the Brenton family in Dallas
county.
It was 100 years ago October 14th
when Dr. J. B. Brenton, a country
doctor, came to Dallas county from
Indiana in a covered wagon. His son,
William H. Brenton, was then 13 years
old. Dr. Brenton settled on a Dallas
county farm and practiced his profes
sion for 38 years until his death in
1891. He was the first doctor west of
Des Moines.
The son, William Henry Brenton,
became interested in farming and live
stock raising at an early age. He
farmed between Adel and Dallas Cen
ter, moving to Dallas Center in 1878.
The first bank was started in Dallas
Center in 1873 when the Moshers and
Kridlers took over a meat market and
transformed it into a bank.
William H. Brenton, Slocum and
Hoopes bought the banking institu
tion and operated it as Brenton and
Hoopes. In 1888 William H. Brenton

109

bought out Hoopes and took his two
sons into partnership with himself as
president; Charles R. Brenton, vice
president, and Clyde E. Brenton, cash
ier. For six years, from 1891 to 1897,
Eva A. Brenton McCall, his daughter,
was associated with the bank.
Upon the death of William H. Bren
ton in 1893, Charles and Clyde formed
the partnership of Brenton Brothers
and operated the bank in Dallas Cen
ter.
Head of the Brenton interests now
is W. Harold Brenton, who has just
concluded his term as president of
the American Bankers Association.

Blanchard Promoted
Henry G. Blanchard, formerly of
Des Moines, has been elected execu
tive vice president of the Commercial
National Bank of Kansas City, Kan
sas.
Mr. Blanchard had been a vice pres
ident of the bank in charge of the
correspondent banking department.
The bank has resources of 50 million
dollars.

On Service Board
Retired banker, Carl E. Child, of
Grinnell, Iowa, is the new member of
the Poweshiek county selective serv
ice board, succeeding T. T. Cranny,

A D JU ST O
T R A Y - B IN D E R

Statement of Condition

IO W A STATE BANK & TRUST COM PANY
Iowa City, Iowa

SAVE SPACE,
TI ME,
COST.
Speed paper h an d lin g
w ith fa ste r f in d i n g .
E X C L U S IV E . . .
Co m pressor p l a t e s
m ad e to f i t y o u r s h e e t
s i z e a t no e x t r a c o s t .

June 30, 1953
RESOURCES
C a sh a n d D u e f r o m R a n k s ................................................ ........... $ 2 ,9 1 7 ,9 8 7 .6 0
U . S . R o n d s .................................................................................................
4 ,5 4 7 ,7 0 0 .0 0
O t h e r B o n d s a n d S e c u r it ie s .........................................................
8 2 ,6 3 6 .4 3
C o m m o d i t y L o a n s ..............................................................................
4 6 7 ,7 5 4 .5 1

Key
c o m p re ssio n
p r e v e n t s s h e e t s fro m

curling.

C A S H O R I T S E Q U I V A L E N T ....................................................................................$ 8 ,0 1 6 ,0 7 8 .5 4
L o a n s a n d D is c o u n t s .................................................................................................................
5 ,6 0 5 ,5 1 1 .7 1
O v e r d r a ft s .........................................................................................................................................
5 5 8 .3 6
B a n k in g H o u s e ............................................................................................................................
5 0 ,0 0 0 .0 0
F u r n it u r e a n d F ix t u r e s ............................................................................................................
4 9 ,1 0 0 .6 4

W o r ld ’ s m o st c o m p l e t e
l i n e of P o s t i n g T r a y s ,
T r a y - B in d e r s , and S ta n d s

I I

$ 1 3 ,7 2 1 ,2 4 9 .2 5
L IA B IL IT IE S
C a p it a l S t o c k ................................................................................
S u r p lu s .............................................................................................
U n d i v i d e d P r o fit s ....................................................................
D e p o sits
............................................................................................

$ 200,000.00
200,000.00
2 1 4 ,3 0 9 .3 8
1 3 ,1 0 6 ,9 3 9 .8 7
$ 1 3 ,7 2 1 ,2 4 9 .2 5

Most Principal Cities

OFFICERS
Ben S. Summerwill, Chairman of the Board
W. W. Summerwill, President
W. F. S chmidt, Vice President
B en E. Summerwill, Vice President
M. B. Guthrie , Vice Pres. & Cashier

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Federal Reserve Bank of St. Louis

Trained Representatives in

J as . H. Schmidt, Assistant Cashier
M ilo N ovy, Assistant Cashier
O. D. Bartholow, Assistant Cashier
D. D. N icholson, Assistant Cashier
M. E. T aylor, Auditor

MEMBER FEDERAL DEPOSIT INSURANCE CORPORATION

N o r t h w e s t e r n Ba n ker, O c t o b e r , 1953

Iow a

News

ciated with the bank as executive vice
president since 1943, had suffered a
heart attack earlier this year and
rested at home before returning to
work several months ago.

longtime member who moved to Wa
terloo.
Retiring in February of this year,
Mr. Child was associated with the
banking business in Grinnell 46 years.
He was vice president of the Powe
shiek National Bank when he retired.

Under New Ownership
When bankers come to Des Moines
October 19th to 21st for the annual
convention of the Iowa Bankers Asso
ciation, they will find some new faces
as well as some familiar ones at the
Hotel Fort Des Moines, convention
headquarters. They will also find the
hotel under different management and

Elmer R. Ringoen
Elmer R. Ringoen, 60, executive vice
president of the Citizens State Bank
of Iowa Falls, Iowa, died last month
following a heart attack.
Mr. Ringoen, who had been asso-

much of it completely remodeled and
redecorated.
Earlier this year the Hotel Fort Des
Moines was acquired by the Boss Ho
tel system, which is headed by E. A.
Boss, president of the Boss Hotels
Company.
In addition to the holdings of the

(O hsASL Q u c d ik f fo w d tA .
Bankers and financial leaders, by necessity,
think in terms of quality. They know the differ
ence between paper that is merely "good" or
superlatively fine.
«

•

E. A. BOSS
Heads 32 hotels

•

FO R T H E B E S T IN P A P E R S T O C K
C o n s u lt th is Firm

NEW HOUSE

PAPER

COM PANY

“"Better P rinting P apers ’ ’
M inneapolis

S t. Paul

Des Moines

Moline

Dubuque

GRO W TH . . . in the volume of correspondent business
transacted offers convincing proof that our
staff is rendering fast, depend able service.

BANKING HEADQUARTERS SINCE 1902

W A T E R L O O
SAVI N G S BAN K
Member — Federal Reserve System and
Federal Deposit Insurance Corporation

A T 533 C O M M E R C IA L S T R E E T

DigitizedNfor
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h w e s t e r n B a n ke r, O c t o b e r , 1953
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Federal Reserve Bank of St. Louis

W A T E R L O O , IO W A

Boss family, substantial interests in
the Fort Des Moines were also ac
quired by John Reilly, and Herbert
Drey, who is general manager of the
Boss Hotels, and by Joseph Whalen,
former manager of the Hotel Savery,
Des Moines, but who now becomes
manager of the Hotel Fort Des Moines.
Hotel Fort Des Moines was former
ly owned by the Tangney-McGinn Ho
tels Company.
At the Hotel Fort Des Moines a
large remodeling program has been
almost completed, including a remod
eled lobby, the rebuilding of the coffee
shop and the barber shop and the
redecorating of the rooms.
The Boss Hotels now have 32 hotels
in operation, of which the Fort Des
Moines is the second largest. The
largest is the Pere Marquette Hotel in
Peoria, Illinois. They have operated
the Hotel Savery in Des Moines since
1945. Their complete list of hotels in
cludes the following:
Algona Hotel, Algona, Iowa; Anthes
Hotel, Ft. Madison, Iowa; Bothwell
Hotel, Sedalia, Missouri; Bradford Ho
tel, Storm Lake, Iowa; Castle Hotel,
Omaha, Nebraska; C om m on w ealth
Apartment Hotel, Cedar Rapids, Iowa;
Continental Hotel, Centerville, Iowa;
Ellis Hotel, Waterloo, Iowa; Fort Des
Moines Hotel, Des Moines, Iowa; Gardston Hotel, Estherville, Iowa; Hilton
Hotel, Beloit, Wisconsin; Holst Hotel,
Boone, Iowa; Lafayette Hotel, Rock
ford, Illinois; Linderman Hotel, Clar-

Iowa News
inda, Iowa; Mealey Hotel, Oelwein,
Iowa; Missouri Hotel, Jefferson City,
Missouri; Orleans Hotel, Estherville,
Iowa; Osage Hotel, Arkansas City, Kan
sas; Pathfinder Hotel, Fremont, Ne
braska; Pattee Hotel, Perry Iowa; Pere
Marquette H o t e l , Peoria, Illinois;
Randolph Hotel, Des Moines, Iowa;
Royal Hotel, Excelsior Springs, Mis
souri; Savery Hotel, Des Moines, Iowa;
State Hotel, Algona, Iowa; Tioga
Hotel, Chanute, Kansas; Tupelo Hotel,
Tupelo, Mississippi; Wahkonsa Hotel,
Fort Dodge, Iowa; Warden Hotel, Fort
Dodge, Iowa; Whitney Hotel, Atlantic,
Iowa; Willson Hotel, Webster City,
Iowa; Winneshiek Hotel, Decorah,
Iowa.
E. A. Boss, who heads the Boss Ho
tels, has had a remarkable career,
starting in a St. Louis restaurant at
the age of 19 and acquiring his first
hotel at Emmetsburg, Iowa, at the age
of 25. He had also worked as a din
ing room steward and a department
head at the Union League Club and
the Hotel Sherman in Chicago.
Headquarters for the Boss Hotels
are in the Randolph Hotel in Des
Moines.

lA n d & h w h iio A A ,

£ --------—

---------—

111

-------------- -— — ---------

IO W A AND NEBRASKA MUNICIPAL BONDS
Public Utility, Industrial, Railroad & Corporate Securities

CENTRAL REPUBLIC C O M P A N Y
INVESTMENT BANKERS

CHICAGO 90, ILLINOIS
DES M O IN E S
H A ROLD

OMAHA

CLEM ENTS

H ARRY R. GR E E N W A Y

Vice Pres. & Res. Mgr.

INS. EXCH ANGE BLDG.

FARNAM

BLDG.

MEM BER S M ID W E S T STOCK EXCHANGE

Serving All

Eastern Iowa

For Rush Periods
The LeFebure Corporation, Cedar
Rapids, Iowa, recently announced pro
duction of a Mobile Lobby Teller
Unit to answer one of the big ques
tions confronting bankers everywhere,
“What to do about rush .periods and
the attendant lobby congestion.” These
problems have always been hard to
handle. Usually rush periods do not
continue for long enough periods to
warrant building additional teller
space, but are a definite strain on the
bank’s personnel and on customer re
lations while in progress.
The LeFebure unit, which can also
be used behind a counter, is known
as the Roto-Lift Teller Unit. Accom
panying the unit is a matching guard
rail which, when placed around the
unit, actually creates an additional
teller station in the lobby.
The unit is easily moved into posi
tion and the guard rail is easily set
up in a matter of minutes. Then the
rush period subsides, the unit and the
collapsible railing are both whisked
away and stored in a small space.
Present users are enthusiastic in their
reports on the practicability and effi
ciency these units offer to aid banks
with this pressing problem.
Some banks use the units for com
plete teller services, while others use
it to handle deposits only. Under
the latter system this unit is an ideal
place for training new tellers. These
trainees can serve as limited function
tellers and for short periods.

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Federal Reserve Bank of St. Louis

OnSL

§DWOA pZiJtßAt

qjwwimf. MdJjmiu . . . ÂsûwacL
hlf. OtUL

Ha&iMt

ÿowcÙL
qJwwiiiq,ùankâu . . .

M ember of The Fed eral Deposit Insurance Corporation, W ashington, D. C.
$ 10,000 — Maximum Insurance fo r Each Depositor — $10,000

N o r t h w e s t e r n B a n ke r, O c t o b e r , 1953

Iowa News

112

P reserve

hat

f t

e l*ossess
B y N. P. B L A C K

Iowa Superintendent of Banking
Des Moines

ACORN
S a le Registers
“ A ccepted Sale R egisters by
Bank Clerks E veryw here 99
STYLE A— ACORN SALE REGISTER

Size 7x11 inches. Front section printed in
duplicate and lines numbered consecutively
from 1 to 240. Four improved settlement
pages in back. This is our most popular
number.
Per dozen, f.o.b. Oakland........................$6.00
STYLE E— ACORN SALE REGISTER

Size 9x12 inches. Same general design as
Style A.
Front section has column for
“ Price Each.” Lines numbered from 1 to
350. Ledger pages have twenty divisions
instead of sixteen as in Style A.
Per dozen, f.o.b. Oakland........................$7.00
Style

M— ACORN

SALE

Once again metal backs for this loose leaf
style are in production. Customers having
metal back can be furnished with addition
al supplies. This style is the same as the
A except that it is a loose leaf style.
Backs, f.o.b. Oakland, each.....................$1.00
Index Section, f.o.b. Oakland, dozen.. $3.00
Original Sheets, f.o.b. Oakland, 1 0 0...$1.50
Duplicate Sheets, f.o.b. Oakland, 100.. $1.50

IN DISCUSSING current banking
I problems before recent bankers con
ventions, N. P. Black emphasized that
we should “preserve what we pos
sess.”
Mr. Black, in addition to being state
superintendent of banking for Iowa,
is also president of the National Asso
ciation of Supervisors of State Banks
and has recently been touring the
United States, speaking before various
associations.
Mr. Black was appointed superin
tendent of banking in Iowa in 1946, to
fill out the unexpired term of the late
Melvin Ellis. In 1949 he was reap
pointed for a four year term, which
expired July 30, 1953, and he has been
appointed for another four-year term
which runs until 1957.
Not long ago Mr. Black, together
with other members of the executive
committee of the National Association
of Supervisors of State Banks, went
to Washington for a two day confer
ence with the Comptroller of the Cur
rency and his deputies, the Federal
Reserve Board and the directors of
the Federal Deposit Insurance Corpo
ration, and as a result of this meeting
he emphasized the following points in
his discussions of current conditions.
In referring to consumer credit fi
nancing Mr. Black said: “ All Federal
agencies are greatly concerned with
this type of financing. Paper delin
quency 90 days or more has reached
an all-time high throughout all the

states. The same condition exists with
auto financing. Used cars are being
sold on contract with only 5 to 10 per
cent down payment. The prices of
used cars have so declined that some
purchasers drop their contract and
purchase the same type of car on used
car lots for less than the balance due
on their contract.”
In analyzing the bond accounts of
banks he said that “The FDIC pre
sented interesting surveys pertaining
to this subject.
“Since 1938, to about 1951, U. S. gov
ernment bond market values have
been steadily increasing.
“Since 1951 there has been a decline.
The recent estimate shows a deprecia
tion of about 900 million dollars in the
government bond account of all in
sured banks. This shows the extent
to which market values have departed
from book values. Most of us know
from experience market values are
most important, when banks find it
necessary to realize funds from their
bond account for needed cash. Mu
nicipal bonds were discussed. In 1946
the average return on municipal bonds
reached a low of 114 per cent. Be
tween 1946 and 1948 there were ups
and downs. Since 1948 a persistent
upward trend. At the present time
the average yield is between 2V2 and
3 per cent.”
At the conclusion of his remarks
Mr. Black quoted the Secretary of the
Treasury, George M. Humphrey, who

STYLE K— ACORN SALE REGISTER

Size 9^4x12 inches. In 25 original and
25 duplicate, similar to front section of
style A and E. Includes settlement and
ledger columns complete on same page.
Per dozen, f.o.b. Oakland.......................$7.00

Mr. Hanker . . .
Find out whether you are now
using the most efficient and most
economical sale register on the
market, at no cost to you, by order
ing a dozen on this money-back . . .

As Always
Several Officers W ill Be on Hand
To Greet You at the Convention in
Des Moines This Year.

GUARANTEE
Order a dozen Acorn sale registers. After
examination if you are not satisfied the
Acorn sale register is the best on the mar
ket, return the remainder and your money
will be promptly refunded on the full order.
Please do not enclose money with order.
We have no jobbers, no salesmen, you buy
from us wholesale.

Order From

THE

ACORN

COUNCIL BLUFFS SAVINGS BANK

PRINTING COMPANY

C O U N C IL B L U F F S . IO W A

Oakland, Iowa

M ember F ed eral Deposit Insurance Corporation

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Federal Reserve Bank of St. Louis

Iow a

explained that there would not be a
depression, but that there would be “a
readjustment.” In his concluding re
marks Mr. Black said: “ It is quite
evident, our present national adminis
tration is making an honest effort to
restore the value of our dollar. If
this is to be accomplished, we should
not plan on further inflation but, as
Secretary Humphrey says, a readjust
ment. So let us get our borrowers
and ourselves in proper condition to
successfully weather this corrective
period. A corrective readjustment
should bring confidence to business.
Therefore, during these unpredictable
times in this changing world, we
should put forth every effort to pre
serve what we now possess.”

and assistant cashier, and Mrs. Helen
Masey, assistant cashier.

Open House
When the Mechanicsville, Iowa,
Trust and Savings Bank celebrated
their 50th anniversary last month,
about 250 guests attended the open
house held during the afternoon and
evening.
Bankers from Chicago, Clinton, Dav
enport, Cedar Rapids, most of the
banks in the county and surounding
communities came and extended their
congratulations.
Officers of the bank were hosts at

News

113

the open house. They are: H. J.
Maurer, president; John H. Nie, vice
president; Robert H. Britcher, cashier,
and John W. Uhlenhake, assistant
cashier.
“ O P P O R T U N IT Y ”
Chicago suburban bank of 25
million needs services of man un
der 40, personable and well trained.
Starts as second man, future un
limited. Through an active part, in
community affairs, can promote the
growth and good will of the bank.
A great opportunity for the right
young man. Reply to MHC, c /o
Northwestern Banker.

Increases Surplus
The Toy National Bank, Sioux City,
Iowa, has increased its surplus from
$700,000’ to $900,000, transferring $200,000 from the bank’s present undivided
profits account. This will give the
bank a combined capital and surplus
of $1,200,000.
Ralph R. Br ubac he r , president,
pointed out that the total capital struc
ture of the bank, including undivided

RALPH

R. BRU BACH ER
President

profits, is now $1,305,788, as compared
with an initial capital structure of
$120,000 when the bank was originally
organized as the National Bank of
Commerce.
The increase in the combined capital
and surplus enables the bank to better
serve its customers and affords a
greater opportunity for service to the
bank’s entire trade territory.

Stock Dividend
At the recent annual stockholders’
meeting of the Oelwein, Iowa, State
Bank a 100 per cent stock dividend
was declared. The capital stock was
increased from $50,000 to $100,000, with
1,000 shares of common stock at a
par value of $100 per share. Surplus
is $25,000, undivided profits $25,000,
with reserves of $16,000.
Officers of the bank are W. Palmer
Wilson, president; Churchill T. W il
liams, vice president and cashier;
Lloyd Jensen, manager, Aurora office

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N o r t h w e s t e r n B a n ke r. O c t o b e r . 1953

114
parking spaces at the curb near the
tellers’ windows have been leased dur
ing banking hours from the city and
are reserved for use of customers tak
ing advantage of the sidewalk teller
facility.
Special bullet-proof glass protects

SIDEWALK teller window has
been opened by the Bankers
Trust Company. The window provides
space for two tellers and is located on
the Sixth Street side of the building.
On the inside of the bank, this win
dow teller space is included in the
same floor area as regular teller win

dows facing the lobby, thus giving it
an ideal location for quick customer
service.
Scott C. Pidgeon, president of Bank
ers Trust, sent a special letter and
folder to customers of the bank, in
forming them of the new service and
also announcing curb service. Two

S ID E W A L K TELLER service at Bank
ers Trust Company is conducted at this
recently installed facility.

assure you of prompt, efficient
handling of every type of banking transaction.
Our extensive services are at the disposal of
ail banks.

C i t y

N a t i o n a l

A N D

TR U S T

208

SOUTH

B a n k

C O M P A N Y o f C h ic a g o

LA S A L L E

STREET

( ME MB E R FEDERAL D E P O S I T I N S U RA N C E CORP.)

If you plan to remodel or to build a complete
new building we can handle the ENTIRE jo b !
F o r r e f e r e n c e s , c o n su lt any o f our
f o u r m o sf r e c e n t l y c o m p le t e d j o b s :

The Guthrie County State Bank, Guthrie Center
The First Federal State Bank, Des Moines
The Adair County Bank of Greenfield
The Perry State Bank of Perry
N ow re m o d e lin g the Firs t Trust and Union Sa vi ng s Bank, Sig our ney ,
and the Pella National Bank

T U SA N T

C O N S T R U C T IO N

J . B. Tusant
1239 M aine S tre e t

N o rfor
thw
e s t e r n B a n ke r, O c t o b e r , 1953
Digitized
FRASER
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Federal Reserve Bank of St. Louis

T e l. 2-5430

CO.

J . E . Tusant
DES M O IN ES

the two tellers. Communication be' tween them and customers is main
tained by a microphone system and
transactions are carried on by using
specially designed doors at the bottom
of the windows. An after-hours de
pository has been installed directly
below the window, for use in making
deposits or payments with other than
cash. A regular night depository for
cash is also maintained by the bank.
=1= * *
For many years the Central Na
tional Bank and Trust Company has
been bothered like other business
houses by flocks of birds using the
building for roosting. Because of the
high cost of cleaning the building, Cen
tral National officials cast around for
another method to scare the birds
away, since other “sure-fire” remedies
had no effect.
They came up with an electrical
hotfoot, a high voltage wiring system
located in strategic spots which gives
the birds a jolt when they alight, and
sends them on their way slightly
dazed. Vice President Frank ft. War
den says that .J. M. Dean, partner in
Delavan Engineering Company, which
installed the grid work, has assured
bird lovers that this new system does
not kill or permanently injure the
birds. It has not received any objec
tions from the Audubon Society or
other interested groups.
* * *
Des Moines Chapter of A.I.B. activi
ties got off to a start last month with
the annual fall dinner dance. Irwin

)

Iowa News

N e ir IV ir/.fiii/ L o t

Annual Meeting
The stockholders of the Peoples
State Bank of Missouri Valley, Iowa,
re-elected as directors D. A. Schwertley, John A. Kovar, D. F. Schwertley,
F. X. Tamisiea and Fred E. Egan.
Officers re-elected are: D. A. Schwert
ley, president; John A. Kovar, vice
president and cashier, and D. F.
Schwertley and Howard Wilding, as
sistant cashiers. The other employes
of the bank were reappointed. They
are Mrs. Bonnie Spark, Miss Delores
Fry and Mrs. Shirley Bertelsen.

William A. Anderson
William Arthur Anderson, 59, for
mer president of the City National
THE SECOND of two large parking lots
was opened recently by the Iowa State
Bank in Des Moines, as reported in last
month’s issue of the N O RTH W ESTE RN
B A N K E R . The new lot pictured above is
directly south and adjacent to the bank
building and will accommodate more than
50 cars. Another lot, located directly across
the street from the bank, has been in oper
ation for several years. It also accom
modates more than 50 cars.
A b ra m , vice president of the Central
National Bank and Trust Company,
and chapter president for 1953-54, pre
sided at the meeting.
* =t= *
D es M oin es b an k s experienced a
20.1 per cent rise in check transac
tions during August, it was reported
last month by the Federal Reserve
Bank of Chicago. This was a state
high figure, Ottumwa showing an 11.5
per cent increase, and Burlington a
10.7 per cent increase.
* * *
Des Moines bankers who plan to
attend the annual convention of Rob
ert Morris Associates in Atlantic City,
New Jersey, October 12th to 14th, in
elude: Scott C. P idgeon , president, and
G eorge A . M o eck ly , vice president,
Bankers Trust Company; Irw in A b ra m
and W illia m G. K a n e, vice presidents,
Central National Bank and Trust Com
pany; J am es R . B ro w n , assistant vice
president, lowa-Des Moines National
Bank, and E . P. K a u tz k y , vice presi
dent, Valley Bank and Trust Com
pany.
* * *
Among those from Des Moines who
will attend the Financial Public Rela
tions Association meeting in Detroit,
October 11 to 15, are:
F ran k R . W a r d e n , vice president,
Central National Bank and Trust Com
pany; H arold P. K le in , vice president,
lowa-Des Moines National Bank; M . J.
D w ig a n s, assistant cashier, Iowa State
Bank,; Clifford D e P u y , publisher of
N orthwestern B ank er , and P au l J.
Stelter, vice president, Wessling Serv
ices.—The End.

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Federal Reserve Bank of St. Louis

115

Bank, Clinton, Iowa, died in Colum
bus, Ohio, where he had been residing
for some months.
Before going to Clinton, Mr. Ander
son had been president of a Wash
ington, Iowa, bank for about 10 years.
He was named executive vice presi
dent of the City National in 1930.
Three years later he was elevated to
the presidency and served in that
capacity until 1936.

Don C. Kent
Don C. Kent, vice president of the
Cherokee, Iowa, State Bank, passed
away at a hospital in Cherokee on
September 28th. He had been asso
ciated with the bank for more than

M ORRELL
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Pork

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JO H N M O R R E L L & C O .
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Visitors W elcom e . . . Regular Plant Tours at
9 :3 0 a.m. and 1 :0 0 p.m. Monday through Friday.
You are cordially invited to visit us.

N o r t h w e s t e r n B a n ke r, O c t o b e r , 1953

116

Iow a

News

20 years, following the steps of his
father, who had been a prominent
Iowa banker and also a member of
the first Iowa legislature.
Among the survivors are J. D. Kent,
president, and R. J. Kent, vice presi
dent of the Western Mutual Insurance
Company, Des Moines.

In Iowa Banks
IOW A LITHOGRAPHING •COM PANY
POUNDED BY CEOR.GE H. RAGSDALE • •

• EDWIN G. RAGSDALE • »ICRETARV

John S. Zdychnec of Iowa City has
accepted a position as an assistant

515 TWENTY EIGHTH STREET

DES •M O IN E S

QUALITY -

e x p e r i e n c e

•SERVICE

W h ile in Des M oines Vor
67th A n nual C o n ven tio n
o f the Io w a B an ke rs A s so c ia tio n

City, Iowa, died September 29th after
a long illness.
Mr. Graning was named to a vice
presidency at the annual meeting last
January. A lifelong resident of Sioux
City, he was employed as a messen
ger for the bank February 1, 1910, and
his service had been continuous since
that time except for a period of mili
tary service which took him overseas
in World War I.
He served as cashier from January
1, 1948, until January of this year. He
was an assistant cashier from Janu
ary of 1936 through December, 1947.
He served in all capacities at the bank,
from messenger to vice president.

IOW A CONVENTION . . .
(Continued from page 92)
more, correspondent in Russia
for the Associated Press, New
York, New York.
3:20 Session adjourned.

BE SU R E TO SEE

THE BIG NEW SPECTACLE SHOW
J. S. ZD YCH N EC
At Muscatine

H IP P O D R O M E

M A R Y JO ZD YCH NEC
At Iowa City

auditor with the Muscatine Bank and
Trust Company at Muscatine, Iowa.
He assumed his duties on October 1st
and he and his wife plan on moving
to Muscatine about November 1st.
Miss Mary Jo Zdychnec, his sister,
is a teller in the savings department
at the Iowa State Bank and Trust
Company in Iowa City.
They are the only children of J. S.
Zdychnec, cashier of the Randolph
State Bank, Randolph, Iowa, and Mrs.
Zdychnec, assistant cashier of the
same bank.

of W54

T u e s d a y , O c t o b e r 20th
H otel

P. M.
12:15

John R. Graning
Internationally Famous

SKATING VANITIES 1
★
BALLET AT ITS BEST

PATM W M AN
D isa p p e a rin g
D IV IN G B A L L E T
HARRY STO C KW ELL
B ro a d w a y Sin ging
S t a r o f "O k la h o m a "

7 LARGE PRODUCTION
NUMBERS FEATURING * | [ J ? j
NOVELTIES FROM V '
EUROPE AND
' m
AMERICA!
m

John R. Graning, 60, a vice presi
dent at the First National Bank, Sioux

N o r t h w e s t e r n B a n k e r, O c t o b e r , 1953
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Luncheon—Terrace Room and
Des Moines Room—Presiding,
Mrs. Harry S. Lekwa of Ack
ley, assisted by the wives of the
other members of the Council
of Administration of the Iowa
Bankers Association, and Mrs.
Irwin Abram, president of the
Ladies of the Des Moines Bank
ers Club.

SOLVE THE PROBLEM OF INVENTORY LOANS
with

FIELD W AREHOUSE RECEIPTS
W IL L IA M

issued by
H. BANKS W A R EH O U SES .

IN C.

Dave Coffman and Jim Fletcher will be attending the IOW A
BANKERS ASSOCIATION MEETING and will be registered at
the Hotel Fort Des Moines. They will appreciate an opportunity
of a visit with you.
D IV IS IO N O F F I C E S :
DES M O IN E S , IO W A
S T . L O U IS , M IS S O U R I
SAN A N T O N IO , T E X A S
A N G O L A , IN D IA N A

WILLIAM H.BANKS
WAREHOUSES
(INC.)
2 0 9 S O. L A S A L L E ST

OCT. 20-25

Savery

For the ladies attending our
convention (Grand Ballroom,
Terrace Room, Des Moines
Room, Iowa Room).

C H I C A G O . ILL.

Jield lioàehvu&e 'R.eceifdòBhicifjituj. THE GAP Between
BANKING and INDUSTRY
60 yea rs of continuous s e rv ic e to Banks

Iowa News

1:45

Music—Concert Orchestra from
Fine Arts Faculty Department
of Music, Drake University.
Grand Ballroom and Iowa
Room—Mistress of Ceremonies
and Commentator, Miss Vyvyan
Donner, fashion editor, Fox
Movietone News, Hollywood
and New York.

Tuesday, October 20th
KRNT Theatre
P. M.
8:20 Curtain Time—“Hippodrome of
1954,” company of 150 people.

Wednesday, October 21st
Hotel Fort Des Moines
A. M.
8:00
9:30

Registration—Mezzanine Floor.
Convention Called to Order—
President Harry S. Lekwa.
Election of officers— (a) Presi
dent. (b) Vice president-treas
urer.
10:00 “ Loyal Allies”—General James
A. Van Fleet, former Command
er of the 8th Army in Korea
and as such was top Command
er in the Korean War.
10:40 “Alexander Botts — the Super
Salesman” — William Hazlett
Upson, humorist and self-styled
ergophobe, Middlebury, Ver
mont.
11:20 “American Leadership in For
eign Affairs”—Hon. Alexander
Wiley, U. S. Senator from Wis*
consin; chairman, Foreign Re
lations Committee, U. S. Sen
ate, Washington, D. C.
Noon
12:00 The Council of Administration
of the association will, in ac
cordance with custom, fix the
1954 Convention dates as soon
as possible so that they may
be announced to the member
ship at an early date.
Any new or unfinished busi
ness.
P. M.
12:15 Adjournment of 67th Annual
Convention.—The End.

Women's Forum
The Jefferson, Iowa, State Bank an
nounced a second Women’s Finance
Forum to be held this fall during Oc
tober and November.
A series of three forums is being
planned and will be held in the even
ing to accommodate those who were
unable to attend the last series which
were afternoon sessions.

Farm Forum
The Grinnell, Iowa, State Bank held
a farm forum last month on the Grin

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

ned College campus for a discussion
of price trends, farm outlook, agri
cultural financing and the role of gov
ernment in present day agriculture.
Speakers were Allan Kline, presi
dent of the American Farm Bureau
Federation; Harold L. Cheadle of the
Chicago Federal Reserve Bank; C. C.
Glenn, state PM A administrative of
ficer; Herb Howell of Iowa State Col
lege, and Jerry Sotola, Armour & Com
pany, Chicago.

117

pers, Steamboat Rock, sold their in
terest in the Steamboat Rock bank to
P. G. Ruppelt, Grundy Center. Mr.
Lundy resigned as a member of the
board of directors. E. W. Ruppelt of
Grundy Center was elected to take
his place.
Since
1905

Bank Interest Sold
Ben Jaspers, who for the past ten
has been president of the Farm
ers Savings Bank at Steamboat Rock,
Iowa, has sold his interest in the bank
to Robert and Doris Ruppelt from
Steamboat Rock.
The directors of the bank have
elected Doris Ruppelt as cashier. She
takes the place of Alvin Jaspers, son
of the retiring president. He resigned
his position to take a place with the
Decatur County State Bank at Leon.
At a meeting of the board of direc
tors of the bank, Lyman R. Lundy
of Eldora, Abe Jaspers and A. H. Jas

3rears

• T h e la te st
e q u ip m e n t an d
m e t h o d s , p lu s a
fr ie n d ly a ttitu d e ,
are g e a r e d to b e
o f se rv ic e to
y o u at an y tim e .

M EM B E R
FD IC
FRS

77ie Friendly

AMERICAN TRUST & SAVINGS BANK
Dubuque, Iowa

A M ost Cordial Greeting
To Our Banking Friends

I O W A STATE BANK
E A S T S E V E N T H A N D L O C U S T STREETS

g H A W - ^ y A L K E R e q u i p m e n t and
SYSTEMS for Financial Institutions
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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

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S U IT E 318-320 K, P. B U IL D IN G

In c.

P H O N E 4 0189

S IX T H A V E N U E A T L O C U S T ............................................................ DES M O IN E S 9, IO W A

N o r t h w e s t e r n B a n ke r, O c t o b e r , 7953

118

Iowa

News

YOUR STATE BANKERS ASSOCIATION
OFFICIAL SAFE, VAULT AND
j TIMELOCK EXPERTS

F. E. DAVENPORT & CO.
OMAHA

¡JOSEPHS

Increases Capital
The First Trust & Savings Bank of
Remsen, Iowa, has recently voted to
increase their capital stock from $85,000 to $100,000, with a stock dividend.
This will leave the bank $100,000 in
capital, $75,000 in surplus and $64,999
in undivided profits.

Jewelers to Iowa

SINCE187Ì

82 Years of Quality
in
Diamonds — Watches

With Drovers in Iowa
Bernard D. Miller has been ap
pointed Iowa representative of The
Drovers National Bank of Chicago, ac
cording to an announcement made
by the president, George A. Malcolm.
He will devote his entire time to call-

Letters that Work
Multigraphing - Mimeographing
Addressing - Mailing
B
Multilithing - Vari-Typing
WORK
724

Jewelry — Silver

LETTER

S e c u r itie s

SERVICE

B l d g .,

D es

M o in e s

Selling honest
m erchandise and

The China Room

abstaining from

Imported and Domestic

China — Crystal
Gifts for the Home

false claim s is
the surest w ay
we know of
to win and to

Des Moines

keep the
public's respect.
S in ce 1861

M E R C H A N T S
MUTUAL

B O N D IN G
COM PAN Y
In co rp o rated 1933

Home Office
2100 GRAND AVENUE

Des M o ines, Iow a

T h is is Io w a ’s oldest surety com pany.
A pro gressive com pany w ith e xp e ri
enced, co nservative m anagem ent.
W e are p ro ud of o u r three hundred
bank agents in Io w a .
T o be the e x c lu siv e rep resentative of
th is com pany is an asset to y o u r ban k.

•
E. H. W A RN ER
President and Manager

W. W . W A RN ER
Secretary-Treasurer

N ofor
r t hFRASER
w e s t e r n B a n k e r, O c t o b e r , 1953
Digitized
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

BERN ARD D. M ILL E R
Iowa Representative

ing on Iowa bankers. Mr. Miller has
been connected with the Federal De
posit Insurance Corporation, with the
division of examination in Iowa, for
the past five years. He served pre
viously in the U. S. Armed Forces, and
was connected with the Livermore
State Bank and the Williams Savings
Bank of Iowa.
The Drovers Banks will be repre
sented at the forthcoming Iowa Bank
ers Convention by George A. Malcolm,
president; Vice Presidents Frank M.
Covert and Fred D. Cummings and the
new representative, Mr. Miller.

Sales Manager
Owen B. Gardner, formerly in Los
Angeles, has been appointed manager
of accounting machine sales of The
National Cash Register Company, to
succeed the late C. B. Tompkins.
A graduate of Illinois College, Mr.
Gardner joined NCR as a salesman in
1939 and through promotions served
as manager of sales in Akron, Pitts
burgh, and for five years in Chicago.
He had been in Los Angeles since
January of this year and will now
make his headquarters in Dayton.

FRAMKEL S
DES M O IN E S

Julhp ¿quippsuL
J jo S u p p ly CUL
y jo u A . O fflia L

V b w o lA .

Eaton Paper
(Oorrasable Bond)

Ruled Forms
Blank Books
Wood and Metal Office
Furniture
We Specialize in Approved Legal
Forms
If It’ s Stationery— We Have It

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THE
STATIONERS
4/4 ser&vr// ossM o/^es
Phone 4-3281

Iow a

News

119

I 1'i r n i
S p e r in iiz e s
I t e n i o i i e i i n y / S fin ii I n t e r i o r s
NE of the most active firms in
the remodeling of bank interiors
and outmoded fixtures is The Jaeger
Manufacturing Company, Des Moines.
Established 70 years ago the firm
specializes in modernizing drab, out
dated interiors and fixtures. Reports
from satisfied customers say business
increases after remodeling, and em
ployes are said to be more efficient
and satisfied with their work. Cus
tomer reaction is said to be good, too.
At the present time The Jaeger
Manufacturing Company is complet
ing work on new interiors for The
Toy National Bank of Sioux City and
The Hastings National Bank of Hast-

There IS a reason for
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Engineered protection—
designed and built in the
knowledge that fresh air
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No reduction in vault
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ings. Nebraska. Work on these two
banks is being completed under the
direction of A. Moorman, architect.
Other bank interior jobs which the
Jaeger firm has in the process of com
pletion are: Boone State Bank and
Trust Company, Boone, Iowa; Peo
ples National Bank, Albia, Iowa; Iowa
State Savings Bank, Crestón, Iowa;
Capital City State Bank, Des Moines,
Iowa, and the banking rooms for the
new Scandia Savings and Loan Asso
ciation of Des Moines, Iowa.
In addition to this list there are six
other bank interiors which the Jaeger
firm has in blueprint stages, work
on which will be started at later dates.
Some of the bank interior and bank
fixture remodeling jobs completed by
The Jaeger Manufacturing Company
include The Nebraska State Bank,
South Sioux City, Nebraska; Ames
Trust and Savings Bank, Ames, Iowa;
Plattsmouth State Bank, Plattsmouth,
Nebraska; First State Bank, Scotts
Bluff, Nebraska; The First National
Bank, Sioux City, Iowa; First Nation
al Bank, Missouri Valley, Iowa; Cresco
State Bank, Cresco, Iowa; Guarantee
Bank and Trust Company, Cedar Rap
ids, Iowa; Goodhue County National
Bank, Red Wing, Minnesota; First
National Bank, Bridgeport, Nebraska;
Citizens National Bank, Michigan City,
Indiana; First National Bank, Wauwa
tosa, Wisconsin; Henry County Sav
ings Bank, Mount Pleasant, Iowa; Mis
sissippi Valley Savings Bank, Burling
ton, Iowa, and Fort Madison Savings
Bank, Fort Madison, Iowa.—The End.
PUBLISHER’S STATEMENT
Statement of the Ownership, Management, Cir
culation required by the Act of Congress of March
3, 1933, of the N orthwestern Banker , published
monthly at Des Moines, Iowa, for October, 1953.
1. Name of Publisher: Clifford De Puy, Des
Moines, Iowa. Associate Publisher, Ralph W.
Moorhead, Des Moines, Iowa. Editor, Henry H.
Haynes, Des Moines, Iowa. Managing Editor, Ben
J. Haller, Jr., Des Moines, Iowa. Advertising Di
rector, Malcolm K. Freeland, Des Moines, Iowa.
2. Owner: N orthwestern Banker Company .
Stockholders, Clifford De Puy, Des Moines, Iowa,
and Frances Prouty De Puy, Des Moines, Iowa.
3. That the known bondholders, mortgagees and
other security holders owning or holding 1 per cent
or more of total amount of bonds, mortgages or
other securities are: None.
Clifford De P uy, Publisher.
Sworn to and subscribed before me this 18th day
of September, 1953.
H enry H. H aynes , Notary Public.
(My commission expires July 4, 1954.)

the S im p li f i e d
No M inim u m
B a la n c e
C h e c k P lan

U nited States Check B ook Company
1311 HOWARD ST.

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

Welcome
to
Iowa
B

a n k e r s

■Oldest in Des Moines-

Des Moines Savings
and Loan Association
Current
High
3%
Dividend
2 1 0 6th Ave.

Investments
Insured
To

$10,000
Dial 2-8303

N o r t h w e s t e r n B a n ke r, O c t o b e r , 1953

120

Iow a

News
J
J a e g e r M a n u fa c tu r in g C o............................... 38
J osep h s J e w e lr y C o m p a n y .............................. 118

IN D E X OF

A D V E R T IS E R S

K a lm a n an d C o m p a n y ....................................... 68
K o c h B r o th e rs .......................................................119
K o s e k , E r n e s t, and C o m p a n y ...................... 46
K R N T T h e a te r .......................................................116

O C T O B E R , 1953

A
A c c ep ted A d v e r tis in g ....................................... 34
A c o rn P rintin g- C o m p a n y .................................112
A m e ric a n E x p r e s s C o m p a n y ........................ 75
A m e ric a n N a tio n a l B a n k and T r u s t
C o m p a n y — C h ic a g o ....................................... 92
A m e r ic a n T r u s t and S a v in g s B a n k — D u b u q u e ................................................................ 117
A s h w e ll and C o m p a n y ..................................... 51
B
B a n k o f A m e r ic a ................................................. 27
B a n k o f M o n t r e a l............................................. . 70
B a n k e r s R u b b er S tam p , In c ............................112
B a n k e r s S e c u rity L ife In su ra n c e
S o c ie ty
.................................................................. 65
B a n k e r s S e rv ice C o m p a n y , In c ................... 36
B a n k e rs T r u s t C o m p a n y — D e s M o in e s . 91
B a n k e rs T ru s t C o m p a n y — N e w Y o r k . . 41
B a n k s, W ill ia m H ., W a r e h o u s e s , I n c ...1 1 6
B e c k e r, A. G., an d C o m p a n y , In c ................. 50
B e c k e r &. C o w n ie , In c ......................................... 52
B eh, C a rle to n D., C o m p a n y ........................... 50
B e y e r -R u e ffe l & C o .............................................. 51
B o ss H o te ls C o m p a n y ........................................ 103
B u rro u g h s C o rp o ra tio n , T h e ........................ 69

COMPLETE
MAILING AND PRINTING
SERVICE
fr o m th e

C
C a rn ah an , T. D., M in n e s o ta M u tu a l L ife 65
C e n tra l N a tio n a l B a n k and T r u s t
C o m p a n y .................................................... 7 -8 -9 -1 0
C e n tra l R e p u b lic C o m p a n y ............................ I l l
C h ase N a tio n a l B a n k ....................................... 13
C h em ic a l B a n k and T r u s t C o m p a n y . . . .101
C h ristm a s Club, A C o r p o r a tio n ................. 37
C ity N a tio n a l B a n k — C lin t o n ....................... I l l
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 icago .............................................................. 114
C ity N a tio n a l B a n k and T r u s t C o m p a n y
— K a n s a s C ity ................................................... 9 4
C o lu m b ian A r t W o r k s ..................................... 40
C o n tin e n ta l Illin o is N a tio n a l B a n k and
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 .. 83
C o u n cil B lu ffs S a v in g s B a n k ....................... 112
C rab b e, T h o m a s L ., and C o m p a n y ............ 5 3
D
D a v e n p o rt, F . E ., an d C o..................8 3 -1 0 8 -1 1 8
D eL u X e C h eck P rin te rs , In c ........................ 74
D es M oin e s S a v in g s and L oan A s s n . . . . 119
D ieb old, In c ..........................................................78-119
D ir e c t A d v e r t is in g ............................................. 120
D o r n b e r g e r and C o m p a n y ............................. 75
D r o v e r s N a tio n a l B a n k .................................. 42

IDEA TO THE MAIL BAG

E
E llis , L . E ., and C o m p a n y .............................
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 .

Copy — Plans — Art — Mailing Lists

F e d e ra l H o m e L o a n B a n k ............................. 54
F ir s t o f Io w a C o r p o r a tio n ............................. 47
F ir s t N a tio n a l B a n k o f A r i z o n a .................. 108
F ir s t N a tio n a l B a n k — C h ic a g o ....................
6
F ir s t N a tio n a l B a n k — L i n c o l n .................... 86
F ir s t N a tio n a l B a n k — M in n e a p o lis .......... 66
F ir s t N a tio n a l B a n k — O m a h a ...................... 84
F ir s t N a tio n a l B a n k and T r u s t
C o m p a n y — T u ls a
............................................ 79
F ir s t St. Joseph S tock Y a r d s B a n k .......... 87
F ish e r, S h e rry R .— C o n n e c tic u t M u tu a l
L ife
......................................................................... 64
F ra n k e l C lo th in g C o m p a n y ............................ 118

Multigraphing — Mimeographing
Pianographing — Photo-Offset
Multi-Color — Letter Press Printing
Addressing Typing Machine and Hand
Folding

D irect A dvertisin g
S. P. WHITING FRANK ARMSTRONG
CLIFF BUNKER
R. B. WHITING
S. P. WHITING, JR.
424 East Grand

Tel, 4-0106

DES MOINES 9, IOWA

^_____________ r

o r t FRASER
h w e s t e r n B a n k e r , O c t o b e r , 1953
DigitizedN for
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Federal Reserve Bank of St. Louis

58
61

G
G re a t N o rth e rn In su ra n c e

L a M o n te , G e o rg e and S o n ............................. 35
L a m so n B r o th e rs and C o m p a n y ................. 53
L a w re n c e W a r e h o u s e C o m p a n y .................. 105
Lee P la s tic M a n u fa c tu r in g C o...................... 36
L e F e b u re C o rp o ra tio n ......................................109
L iv e S to c k N a tio n a l B a n k — C h ic a g o . . . 32
L iv e S to c k N a tio n a l B a n k — O m ah a . . . . 88
L iv e S tock N a tio n a l B a n k — S io u x C i t y . 72

M
M a n u fa c tu r e r s T r u s t C o m p a n y .................. 123
M a rq u e tte N a tio n a l B a n k ............................. 95
M cC o rm ic k , F r a n k L ., E q u ita b le of
I o w a ......................................................................... 64
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 .. 118
M e rc h a n ts N a tio n a l B a n k ...............................2 -3
M idland N a tio n a l B a n k ......................................100
M ill O w n e rs M u tu a l F ire In s u ra n c e Co. 59
M o rr ell, John, and C o.— O t t u m w a ............ 115
M o rris P la n C o m p a n y ........................................ 119
M o rr is s e y and C o m p a n y .................................. 50
M o sle r S a fe C o m p a n y ............................2 9 -3 0 -3 1
M u rp h y, T h o m a s D., C o m p a n y .................... 97
M yh re, H a r o ld C., C L U , N o r th w e s te r n
M u tu a l L ife ........................................................ 58

N
N a tio n a l B a n k o f S ou th D a k o t a ................ 73
N a tio n a l B a n k o f T u l s a ................................. 76
N a tio n a l B a n k o f W a t e r l o o ........................... 106
N a tio n a l Cash R e g is t e r C o m p a n y ........... 16
N a tio n a l F ir e G r o u p ........................................ 61
N a tio n a l R e s e r v e L ife In s u ra n c e C o . . . . 63
N a tio n a l T h r ift P la n s , In c ............................. 38
N e w h o u se P a p e r C o m p a n y .............................. 110
N e w to n M a n u fa c tu r in g C o.....................
43
N o r th C e n tra l L ife In s u ra n c e C o m p a n y
4
N o r th e rn T r u s t C o m p a n y ................................ 44

O
Office O u tfitters, In c ............................................ 117
Old R e p u b lic C re d it L ife In s u ra n c e C o .. 56
O m ah a N a tio n a l B a n k ....................................... 25
O tto, P a u l C.— C o n n e c tic u t M u tu a l L ife 58
P
P e o p les B a n k and T r u s t C o m p a n y ..........104
P io n e e r H i-B r e d C orn C o m p a n y ................ 113
P r ie s te r and C o m p a n y ............................. .. . 48
P u b lic N a tio n a l B a n k and T r u s t C o . . . . 78

<1
Q u ail and

C o m p a n y ............................................

R ow an Com pany

.................................................. 108

S
S c a rb o ro u g h and C o m p a n y ............ 5 7 -8 7 -1 0 6
S e c u r it y -F ir s t N a tio n a l B a n k o f L. A . . . 12
S e c u rity N a tio n a l B a n k — S io u x C i t y . . . 102
S haw , M c D e r m o tt an d C o m p a n y ............... 48
S m ea d M a n u fa c tu r in g C o m p a n y , I n c . .. 40
S p a rk s and C o m p a n y ......................................... 5 3
Sp encer C h em ic a l C o m p a n y ........................ 33
S ta te F a r m In s u ra n c e C o m p a n y ............... 60
S tife l, N ic o la u s and C o m p a n y, In c ......... 48
S to c k Y a r d s N a tio n a l B a n k — O m a h a . .. 85
S to c k Y a r d s N a tio n a l B a n k —
S ou th St. P a u l...................................................... 71

T
T o o t le -L a c y N a tio n a l B a n k ....................... 8 2-83
T u s a n t C o n s tru c tio n C o..................................... 114

F
C o m p a n y ...

H
H a ls e y , S tu a rt and C o m p a n y, In c .............. 47
H a r tfo r d F ir e In s u ra n c e C o m p a n y — C. D. W h e r r y ...................................................... 64
H a s s e tt-N e u C o m p a n y ..................................... 54
H a w k e y e -S e c u r ity In su ra n c e C o m p a n y 62
H e n d e r so n , T. C., and C o m p a n y , I n c . . . . 52
H o m e In su ra n c e C o m p a n y ............................. 60
H o n o r R o ll B a n k s — I o w a ............................9 8-99
H o p k in s In su ra n c e A g e n c y ........................... 64

I
In t e r -S ta te A s s u r a n c e C o m p a n y ............... 58
In v e s to r s D iv e rsifie d S e rv ice s, In c ......... 51
I o w a -D e s M o in e s N a tio n a l B a n k ................124
Io w a M u tu a l In s u ra n c e C o m p a n y ............ 60
Io w a L ith o g r a p h in g C o m p a n y .....................116
Io w a S ta te B a n k — D es M o in e s .....................117
Io w a S ta te B a n k and T r u s t C o m p a n y —
Io w a C ity .............................................................. 109

U nion B a n k and T r u s t C o.— O t t u m w a .. 90
U n ite d S ta te s C h eck B o o k C o m p a n y . . . 119
U n ited S ta te s N a tio n a l B a n k ...................... 80
V
V a lle y B a n k and T ru s t C o m p a n y ............ 93
V a lle y N a tio n a l B a n k — P h o e n ix ............... 42
V ie th , D u n can and W o o d ................................ 46
W
W a lla c e -H o m e s t e a d C o m p a n y .................. 107
W a lt e r s , C h a rle s E ., C o m p a n y ................... 87
W a t e r lo o S a v in g s B a n k ................................... 110
W e b s te r L ife In s u ra n c e C o ............................. 59
W e s te r n M u tu a l In s u ra n c e C o m p a n y ... 63
W h it e -P h illi p s C o m p a n y , In c ..................... 52
W illis & M o o r e ...................................................... 54
W it m e r -K a u f f m a n -E v a n s C o m p a n y . . . 65
W o r k L e tte r S e r v ic e ...........................................118

Z
Z a is e r’ s

........................................................................118

121

Q r

In the
D IR E C T O R ’ S
ROOM
%
?•
l

' • ,-

Condensed Courtship

Always Behind

Too Many

Our office boy says lie persuaded an
extremely shy friend to attend a
dance on the promise that he could
just sit and watch. Instead, upon
their arrival, the fiendish office boy
led the timid one onto the floor, into
the arms of a girl and walked away.
Returning after several dances, the
shy lad was with the same girl, beam
ing at her and had one arm about her
waist. She was gazing at him with a
look of adoration.
“We’re engaged!” he announced hap
pily.
“ How in the world did it happen so
fast?”
“ I danced with her six times,” he
said, blushing, “and I just couldn’t
think of anything else to ask her.”

John: How do you spend your in
come?
Charlie: Thirty per cent for shelter,
40 for food, 30 for clothing and 20 per
cent for entertainment.
John: But that adds up to 120 per
cent.
Charlie: Don’t I know it.

Cashier (to employe complaining
about a 50 cent deduction in his paycheck) : But you didn’t say anything
last week when we overpaid you 50
cents.
Employe: Well, one mistake is all
right, but I felt it necessary to say
something when there were two in a
row.

Gets Thrill
Asked what he did for recreation if
and when he got to town, one of those
long, lean Texas cowboys reluctantly
confessed, “ I most always go dancin’
if there is one.”
“Why, nobody’d guess you knew
how to dance,” the questioner ex
claimed in surprise.
“Heck, I can’t dance a lick,” the
cowhand admitted, “but boy I sure
like to hold ’em while they do.”

Unfair to Labor
The new office boy had been neglect
ing his duties and his employer de
cided to give him a gentle reminder.
“ Pulaski,” he began, “ I wrote your
name with my finger in the dust on
my desk this morning.”
“ Yeah, Boss, I know,” the youth
calmly replied, “and you spelled it
wrong.”

Twaining Again
Erstwhile political campaigning re
calls to mind this Mark Twain tidbit:
Present at a rally one evening,
Twain was approached by a local can
didate after an hour of vociferous ora
tory and violent gestures.
“Well, how did you like it?”
“ Not bad,” replied Twain. “What I
liked best was the way you pounded
the stand extra hard when you had
nothing to say.”

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Single Jointed
“Let’s see,” said the bank teller to
the wife, “ this is to be a joint account,
isn’t it?”
“That’s right,” smiled the lady, “he
will do the depositing and I will do
the checking.”

A Little Married

The doctor was questioning the hos
pital nurse about one of the patients.
“Have you kept a chart of the pa
tient’s progress?” he asked.
“ No,” she blushingly replied, “but
I can show you my diary.”

Floorwalker: Yes, madam, what can
I do for you?
Gal: I’m going to be married next
week, and I want a nightgown for my
trousseau. What color is customary
for a bride?
Floorwalker: Well, it all depends.
If it’s the first wedding, white would
be the color, but if you’ve been mar
ried before it would be lavender.
Gal: Hm! Well, let me have a white
one with just a few wee touches of
lavender.

C O N V E N T IO N S

Lipstick—something which adds col
or and flavor to an age-old pastime.

Fast Work

Dizzy Definition
October 5-9, Nebraska Bank Week.
October 14-16, Nebraska Bankers Assn.
First Agricultural Credit Confer
ence, University of Nebraska, Lin
coln.
October 18-21, Annual Convention,
Iowa Bankers Association, Hotel
Fort Des Moines.
October 19-22, National Association of
Bank Auditors and Comptrollers,
National Convention, New York
City.
November 4-5, Mid-Continent Trust
Conference, Drake Hotel, Chicago.
November 10-11, Annual Convention,
Nebraska Bankers Association,
Omaha, Hotel Fontenelle.
November 10-11, Bank M an agem en t
Clinic, South Dakota Bankers As
sociation, Marvin Hughitt Hotel,
Huron.
November 30-December 5, Investment
Bankers Association of America,
Hollywood Beach Hotel, Holly
wood, Florida.

1954
January 25-27, ABA National Credit
Conference, Chicago, La Salle Ho
tel.
May (dates to be announced), Annual
Convention South Dakota Bankers
Association, Deadwood.

Suit Yourself
Patient: Five dollars is a lot of
money for pulling a tooth that just
takes a couple of seconds to do.
Dentist: Well, if you wish, I can
pull it very slowly.

Satisfied
A “presidential-preference” poll-tak
er was interviewing a mid-western
farmer:
“ There are three principal aspirants
for the Republican presidential nomi
nation—Taft, Eisenhower and Stassen
— and three Democrats — Harriman,
Russell and Kefauver. Which one do
you prefer”
“Dewey,” replied the farmer with
no hesitation.
“ But Dewey is not a candidate,” re
monstrated the poll-taker. “Why do
you want him in preference to those
others?”
“Waal, I voted for Dewey in 1944
and 1948 and I don’t want no change.
I ain’t never had it so good!”
N o r t h w e s t e r n Ba n ker, O c t o b e r , 1953

122

L E G A L

i s a M o rtg a g e L ien A i stags

P rio r

Entitled to
Q . A n d erson and his w ife ow ned land
in South D akota w hich w as their
hom estead. C ertain ju d g m en ts w ere
pen din g again st th em w hich w ou ld be
liens if the p roperty had been nonh om estead
in character.
The Andersons valid ly m ortgaged the prop
erty to a b an k . T h e m ortgage w as not
paid and the bank sued to foreclose.
Th e o w n ers of the ju d g m en ts in ter
vened and sough t to have established
liens in th eir fa v o r ahead o f the m o rt
gage lien. T h e A n d erso n s endeavored
to assist th em by w a iv in g th eir h o m e
stead righ ts. Should th ey p rev ail?
No. The rights of one obtaining a
lien on homestead property must be
determined as of the date of the execu
tion of the instrument creating the
lien. It follows that the mortgage lien
of the bank was entitled to priority
over any lien claims of the judgment
owners. The latter had no lien until
a time after the creation of the mort
gage. The South Dakota Supreme
Court has so ruled in a recent decision
involving similar facts.

G ) . A N orth D akota b an k er ow n ed a
large tract of land th ro u gh w hich ran
a section line. T h e section line w as
opened b y the state for h igh w ay pu r
poses.
T h erea fter the o w n er posted
both sides o f the h ig h w a y against
h u n tin g. Green hunted from the h igh
w ay by sh oo tin g geese as th ey H c a v
o ver and so on. T h e b an k er sough t to
stop h im . Could he do so?

Yes. In the establishment of the
highway the public acquired merely
an easement of passage and the fee
title remained in the owner. The
easement of passage did not include
the right to hunt and the banker was
within his rights in stopping Green
from doing so. The North Dakota Su
preme Court has so ruled in a recent
decision, citing a similar holding by
the Minnesota Supreme Court as a
precedent for its position.

Q . A N eb ra sk a b an k er and an indi\ddual entered into a partnership
through Avhieh they OAvned and oper
N o r t h w e s t e r n B a n k e r, O c t o b e r , 1953
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Federal Reserve Bank of St. Louis

th eir earnin gs. T h ey agreed th at such
pool o f earnin gs should be used to pay
h ou seh old ex p en ses and buy federal
sa vin gs bonds in their joint n am es.
Th e pool A v a s so dealt w ith except that
som e $5,000 w ere w ro n g fu lly used by
the w ife to b u y bonds in her nam e and
the n am e of h er m oth er. Could the
husband enforce a con stru ctive tru st
in his fa v o r upon the bonds th u s p u r
chased and in effect set up a join t o w n
ership fo r h im se lf in th e m ?

LEGAL

DEPARTM EN T

of the
NORTHW ESTERN

BANKER

ated a mercantile establishment. Un
der the partnership agreement the in
dividual could come to oavu the busi
ness on the payment of a certain sum
to the banker. Difficulties developed
betAveen them and dissolution proceed
ings were started. In them the indi
vidual testified he had told the banker
he Avould pay the stipulated amount
and contended that, because of this, he
Avas entitled to full ownership. He did
not prove, hoAATeArer, that he AA'as actu
ally able and in a position to pay the
amount. Should he be sustained?

No. The situation here outlined,
under a recent Nebraska Supreme
Court decision in a case involving sim
ilar facts, is governed by the rule that
an offer is a valid and binding tender
only if coupled with a present ability
to pay. The simple fact that the indi
vidual told the banker he would pay
was not enough to permit him to suc
cessfully contend thereafter that he
was entitled to the full ownership of
the business under the partnership
agreement.

Both Cider, a Minnesota bank em
ployee, and his Avife A v o r k e d and p o o l e d

Yes. The Minnesota Supreme Court
has so held in a recent decision. In
so doing it applied the well established
rule of law in that state that, where a
wrongdoer uses money of another in
the purchase of property in the name
of a third person, the owner of the
money is entitled to follow it into the
property and enforce a constructive
trust or equitable lien upon the prop
erty purchased.

Q . A wealthy Iowa resident died
leaAing a will appointing a trust com
pany executor of his estate. The will
was contested on the ground the tes
tator Avas mentally incompetent for a
long period of time. The contestants
sought to prove their case by non
medical testimony of a layman that on
occasion the decedent would lose the
thread of his thought or that the sub
ject under discussion in conversation
would escape him. Was this sufficient
to permit the layman to giAre an opin
ion that might be considered in the
circumstances?
No. The fact that one may lose the
thread of his thought or that the sub
ject under discussion may escape him
for a time does not justify the admis
sion to a jury in a will contest suit of
an opinion by a layman that such
person was mentally incompetent
through an extended period of time.
The Supreme Court of Iowa has so
ruled in a recent decision, pointing out
that, before a nonexpert may be legal
ly heard to give an opinion that a per
son is of unsound mind, he must tes
tify as to matters reasonably tending
to support such an opinion.

One word you’ll never find in
our dictionary
As our Correspondents all over the country
know, the Manufacturers way of transacting
business is the personal, alert, non-routine way.

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Federal Reserve Bank of St. Louis

That’s why more and more bankers all over
the country are turning to Manufacturers for
Correspondent services.

Manufacturers Trust Company...
E V E R Y B O D Y 'S

BANK

Head Office: 55 Broad Street, New York 15, N. Y.
Member Federal Deposit Insurance Corporation

S888S888S

B A

To The 67'.h

ANNUAL CONVENTION
of the

IOWA BANKERS
A SSO CIA TIO N
Des Moines, Iowa

October 18-19-20-21

DEPARTMENT of BANKS
and BANKERS

W h enever we can

GERALD O. NELSON
Vice President
EVERETT M. GRIFFITH
Vice President
E. STANTON MILLER
Assistant Cashier
MICHAEL J. COSTELLO
Assistant Cashier

be helpful, please
contact us.

IOWA-DES MOINES NATIONAL BANK
DES

M O IN ES ,

FOUNDED

IO W A

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Federal Reserve Bank of St. Louis

Member Federal Deposit Insurance Corporation

1868