Full text of The Northwestern Banker : September 1918, Twenty-Third Year, Number 373

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

C H IC A G O C O N V E N T IO N , A . B. A .
September 23-28

T W E N T Y -T H I R D Y E A R

l! Northwestern National Life Insurance Co.
MINNEAPOLIS, MINN.
JOHN

U

A

PURELY

T . B A X T E R , P r e sid e n t

MUTUAL,

n

DES M OINES, IO W A , SEPTEM BER, 1918

OLD-LINE,

WESTERN

= =iiiiH iiim iiiiiiiiiiiiiiiiiiiiiiim i minili iim iiniiii umilili li i min iiimii 11

COMPANY

T O T A L N UM BER 373

D irecto rs
F. A. CHAMBERLAIN, Chairm’n First & Sec’ty Nat. Bank
E. W. DECKER, Pres. Northwestern National Bank
C. T. JAFFRAY, Pres. First & Security Nat’l Bank
T. B. JANNEY, Pres. Janney, Semple, Hill & Co.
E. L. CARPENTER, Pres. Shevlin-Carpenter-Clarke Co.
B. F. NELSON, Pres. Hennepin Paper Co.
A. A. CRANE, Vice-Pres. First & Security Nat’l Bank
J. A. LATTA, Vice-Pres. Northwestern National Bank
JOHN T. BAXTER, Pres. Northwestern Nat’l Life Ins. Co.

11111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111==

nil i in nim m in m m nil m inim

I HOTEL

= Hanover
National
Bank

=¡
|§
11
ii
1§
|i
l|
=§
11
=|

FONTENELLE

New Loan

$ 126,000

OM AHA - NEBRASKA

Polk County, Iowa
5 % F u n d in g B o n d s
M a tu r in g A n n u a lly F r o m 1919 to
193S

P r in c ip a l a n d s e m i-a n n u a l in te r e s t
p a y a b le a t B a n k e r s M o r t g a g e C o m ­
p a n y o r a t th e C o u n ty T r e a s u r e r ’s
office, D e s M oin e s, Io w a .

OF THE CITY O F N E W Y O R K
Nassau and Pine Streets

W IL L I A M W O O D W A R D .. P r e s id e n t
E . H A Y W A R D F E R R Y ......... V .-P r e s .
S A M U E L W O O L V E R T O N . . .V .-P r e s .
JO S E P H B Y R N E ..................... V .-P r e s .
C H A S . H. H A M P T O N ........... V .-P r e s .
H E N R Y P . T U R N B U L L .. . . .V .-P r e s .

A ssessed
A c tu a l V a lu ­
a tio n ....................................$165,000,000
T o ta l D e b t ( i n c l u s i v e ) . . . » 11,160,000
P o p u la t io n (e s t i m a t e d ) . . \
200,000

W M . E . C A B L E , J R .......................... Cashie

P r ic e on A p p lic a tio n

D e n o m in a tio n $1,000

J. N IE M A N N .......................................A sst. C ash.
W IL L I A M D O N A L D ..........A s s t. C ash.
G E O R G E E . L E W I S ..........A sst. C ash.
F o r e ig n D e p a rtm e n t

W IL L I A M H. S U Y D A M ____M a n a g e r
R O B E R T N E I L L E Y . .A s s t . M a n a g e r
Established 1851

Capital
$3,000,000
Surplus and Profits 17,000,000 I

BANKERS
M ortgage Com pany

Bankers are invited to
make this hotel their
hom e w hen visiting
Omaha.

Authorized Capital $2,000,000.
DES MOINES, IOWA
F. C. W a te r b u r y , P res.
J. M. C a lla n d er, V . P res.
©. S. M e s e rv e y , V . P re s .
C. R. H a n n a n , Jr., V . P res.
H on . G. W . C la rk e , S ec’ y.

M anagem ent--H . E. GREGORY

......................................................... .. ................................................................................ m m i m m m m n

ESTA B LISH E D 1870

FIRST NATIONAL BANK
SIOUX CITY, IOWA
C a p i t a l ...................... $1600,000.00

New Business Invited

Surplus

.

.

.

.

.

$120,000.00

on the basis of

SATISFACTORY SERVICE
Resources Over $3,000,000.00

FIRST NATIONAL BANK
DAVENPORT, IOWA
L J. YAGGY, Cashier

A. F. DAWSON, President

= r .m m m m m m m m m m m m m m m m m m m m m m m m m m m iim im m m m m m m i
Ç-II il mi iiiiiiiiiii li in im iiiiiii iMiii i iu iiiii m in iiiiiiiim mi lim ili iiMAaiiitniBiiiiiim isiiiii mi


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

Our Facilities for Handling Bank A ccounts
A re, W e Believe, Unexcelled. W e Solicit
Y o u r Business.
JOHN J. LARGE, President
F. A. McCORNACK, Vice-President
H. A . GOOCH, Vice-President
L. H. HENRY, Vice-President
J. L. MITCHELL, Vice-President
O. D. PETTIT, Cashier
FRITZ FRITZSON, Asst. Cashier

„ „ „ „ ......„ „ „ „ „ m m , .......i........in......... ...... i........m u ...... m m m m m m m m m ......... ............................................................................... ...m u m m ...m m .,.- =
m m m m m m m m m m m m m m m m m m m m m m m m m m " m m m " , ! | m m i i " m i i " i " " " i ," " i i m n m i n m u m in i m u m i n m il m u ill Ii li u m iliiiiiin in ii- ’

THE

NORTHWESTERN

BANKER

September, 1918

................ ........ ........................................................................... ........................ iiim
iiiiniiiiiniiiiiiim
iiiiiiiniiniinM
iiniiiiiniiiiiiuiM
nniim
M
iiiniminM
iiininriM
M
nm
iiiim
inM
m
M
M
.i.nm
.m
iM
i.n.^

| T h e A m e r ic a n S t a t e B a n k

j

(

I

CA PITAL,

ë

M . F . S H A F E R , President

I

W . E . S H A F E R , Vice-President

$200,000.00

O M A H A

i O W A B a n k s desiring an
A a cco m m o d a tin g Om aha
connection are invited to cor­
respond with our officers.

l

L . M . S W I N D L E R , Cashier
R O Y E. K A R L S , A ss’t Cashier

lV /T A N A G E D by bankers of
practical experience who
k n o w the requirem ents of
M iddle-W eit Bankers.

5lUlflllllimHMIIUIIIIIHIIHIIIHIIIIIIIIIIIIIIIIIIUIII!llllllUIIIUUUHIIUIlUIIIUIUUIII!IIHIIIIIIIUIIIllllliniUIIIIIIIM
gJfllllllllllO IIIIIIIIllO illliiliiioiM iiiiiiiiuiitltllllllO llllllIlllIU lllllllllllO IIIIIIIIIIO IIItllllllO IIIIIIIIIIIU llllll lllll!C ]llllllllllll[]IIIIIIIIIIIOIIIIIIIIIIOIIIIIIIIIIO IIl||||||||[]|ll||||il||O I||||||||IO ||l||||!!||[:|||||ll||||O llim m <K *

I T H E F IR S T N A T IO N A L
J

BANK !

W ATERLOO, IO W A

Our Capital—$200,000.00

|

Our Surplus and P rofits—$250,000.00
O F F I C E R S

A . M . P L A C E , V ic e President
J A S . B L A C K , V ic e P resid en t

1
1

P« J . E I G H M E Y , P resident

F . P . H U R S T , A s s t . C a sh ier
V . J . W I L S O N , A s s t . C a sh ier

We solicit your business on the most favorable terms consistent with safe and conservative banking,
We pay interest on bank balances.

i
|

^liHiiiiiiiiaiiiiiiiiiiiiaiiiiiiiiiiiiuiiiiifiiiiiiniiiiiiiiiiiiciiiiiiiiiiiiiuiuiiiiiiiiioiiiiiiiiiiiiaiiiiiiniiiiaiiiiiiiiiiiioiiiiiiiiiiiiaiiiiiiiiiiiKiiiiiiiiiiiiiaiiiiiiiiiiiiauiiiiuiiiioiiiiiiiiiiiiniiiiiiiiiiiiQiiiiiiiiiiiiaiiiiiiiiiiiiaiiiHiiiiiiiaiiiiiiiiiHK I


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

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

-------

--

JAMES B. Mr.nnurtAi

Governor Federal Reserve Bank of Chicago.

Mr. McDougal was born in Peoria, Illinois, January 11, 1866. He was educated
in the public schools of Peoria and married Laura Gray, of Painesville, Ohio, Oc­
tober 6, 1896. He entered the Central National Bank of Peoria when a young man,
remaining there for twelve years. He was appointed National Bank Examiner in
1901 and was assigned temporarily to Kentucky, later being given the Pennsyl­
vania District, and afterwards being transferred to St. Louis. Mr. McDougal re­
signed June 1, 1906, and on that date assumed the duties of official examiner for
the Chicago Clearing House Association, which position he held until October,
1914, when he was elected Governor of the Federal Reserve Bank of Chicago. Mr.
McDougal’s broad experience and constructive policies have contributed much to
the success of the Federal Reserve system.

N o rth w estern B a n k e r
709-710 C R O C K E R BU ILD ING , DES M OINES, I O W A
T H F O L D E S T F IN A N C IA L JO U R N A L W E ST OF T H E M ISSISSIPPI R IV E R A N D T H E O N L Y ON E IN T H E
IH K O L D K b i r u n a in v í a
JW H IC H IS A M E M B E R OF T H E -A U D IT BU REAU OF C IR C U L A T IO N S .

Clifford D e Puy
Publisher

Special Representative
Charles Burke
Care Northwestern Banker
$2.00 per year, 20c a copy.

U N IT E D

I

STATE S

Frank Arm strong

SEPTEMBER, 1918

Minneapolis Office
ink S. Lewis
840 Lumber Exchange Bldg

Chicago Office
Herbert Armstrong
410 Advertising Bldg.

Editor

New York Office
H. C. Griffith
819 Brunswick Bldg.

St. Louis Office
R. Fullerton Place
418 Merchants-Laclede Bldg

Entered as second-class matter at the Des Moines post office to conform to the postal laws; everything else pertaining
to the journal being strictly F IR S T class.

I

A GREAT CONVENTION.
<j The annual gathering of the American Bankers Association at Chicago in September is of
particular moment because of the stress of the times and the tremendous part the hankers
of the United States are playing in winning the war. Most encouraging is the note of opti­
mism which runs through all the spoken and written communications of leading bankers
throughout the country. There is evident a calm determination to meet every situation as
it arises and to assist the government to the fullest extent of its needs. The days of the Chi­
cago convention will be filled with inspiration and helpful guidance and every banker at­
tending the convention will return to his home town better fitted to serve the community and
the nation. Convention attendance pays, because it affords an unusual opportunity for the
interchange of ideas, and in the final analysis it is ideas that make banks or any other busi­
ness useful and great.
WAR NEEDS DOMINANT
<r The dominant character of war demands becomes more obvious as the months go by and
American participation in the war becomes more complete. It has been said that nothing
is permanent in this world but change. During recent months the changes have been oc­
curring with intensified rapidity. Certain industries that were formerly very prosperous are
finding it difficult to continue maximum production. Others, such as the lumber industries,
that lagged behind in the general prosperity of the past two years, have received great im­
petus from expansion of government requirements. Bankers, in common with many other
lines, are confronting a shortage of labor. This condition is being rapidly met by training
women to fill the places formerly occupied by men who have gone into the service. Most
banks which have adopted thorough methods of training, report that women workers are dis­
charging in a splendid manner the duties of their positions. The employment of women
promises largely to increase. The forehanded executive is now laying plans for their as­
similation in his institution so that it may perform its functions with undiminished and, in
fact, with increased efficiency. One of the interesting phases of the larger employment of
women in business is the already apparent fact that they can be relied upon to measure up
to their responsibilities and that they are going to respond in a surprisingly efficient man­
ner to the demand of the hour.
THE NEXT LIBERTY LOAN
Within a very short time the bankers of America will be in the active campaign of another
Liberty Loan. The remarkable efficiency developed in connection with the last federal bond
issue promises to be greatly eclipsed in connection with the work of putting over the Fourth
Liberty Loan. Former organization units will provide the basis for the greatest selling cam-

ssssssssssssssssssssssssssssssssssssssssssssssss^^


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

I

paign America has ever seen. The government is making a market for bonds which should
endure for generations. People are being taught to save and to invest in high-class securi­
ties. The active part bankers are playing in these campaigns is bound to result to the per­
manent benefit of American financial institutions. A result is being accomplished through
the agencies of the government that would have been practically impossible for the finan­
ciers of the United States to achieve as individuals. We believe that work for the good of
the community and the good of the nation always brings its reward and that the bankers of
America will -reap a tremendous harvest of good will from their activities in connection
with war financing that cannot fail to entrench the banks of this country more thoroughly
in the regard of the people than they have ever been before. This good-will value will be a
by-product of good work well done by the bankers in connection with winning the war, but
it will prove an asset to their institutions for many years to come.

I

THE BIGGEST ELEMENT IN ANY MAN’S BUSINESS IS HIMSELF.
HThis aphorism applies especially to the banker, whose personality is a fundamental ele­
ment of success. It is worth remembering that we are constantly making impressions upon
those about us—either favorable or unfavorable. And it is very much worth while to give
consideration to making every action result in a favorable impression. In every town there
is one bank, one drug store, one hardware store, one grocer enjoying popular approval in a
marked degree. The banker, merchant or professional man who possesses this intangible
asset, known as good will, cannot be ruined by fire or other calamity. He can go out of his
office with a bag in his hand and take more with him than he leaves behind. Employes
usually take their cue from the proprietor. He keys the business—he sets the pace. Emer­
son said that “ Every business is the lengthened shadow of one man.” Definite thinking
every day about methods of increasing good will is quite certain to prove the most profitable
work the banker can do.

I

EXCHANGES OF LIBERTY BONDS.
ft The Treasury Department calls renewed attention to the fact that in order to successfully
finance the war it is necessary that owners of Liberty Bonds hold their bonds if possible.
Where for any good reason it is necessary for them to turn their bonds into cash, they are
advised to seek the counsel of their local banker. In thus wisely suggesting to owners that
they secure the counsel of their local banker before disposing of their Liberty Bonds, the
Treasury Department is opening to our readers a new avenue of service to the public. The
banker is in position to know whether or not a customer needs to dispose of his bonds. He
is usually in position to know whether or not the proposed use to which the proceeds of the
bond sale is to be devoted is proper or advisable. This action by the Treasury Depart­
ment is in full accord with the resolution adopted by the Iowa Bankers Association and
other organizations seeking to stop the trading of Liberty Bonds for gold brick stocks and
other get-rich-quick investments. It is a suggestion that will be appreciated by our readers,
who will be quick to respond to this further opportunity for serving their customers.

“ A CASHIER'S CHECK” For $2.00 is all that is required t o s e
euro the monthly visits o f the Northwestern Banker for an entire
year. Each issue contains from 56 to 64 pages o f mighty inter­
esting matter pertaining to banks and banking interests in
the territory covered by the magazine.
“ OCR CORRESPONDENTS” E v e r y b a n k in the
Northwest is invited to a place on this list.
Send us
items o f local interest, tell us about your bank and its
growth, prospects, e tc., also any other financial news of
interest to bankers in your section. W e are always
glad to hear from our friends.
“ SIGHT DRAFTS” W e always carry a large “ Re­
serve” o f good will and additional service, and will
promptly honor drafts made upon same by any bank.
This department is for your special benefit. It may
be made o f very great benefit to your bank. D o not
fail to avail yourself o f its privileges.
“ A CLEARING HOUSE*' Our columns are a clear­
ing house for all our readers. Express your views on any

topic of interest to the banking fraternity and submit same for publi­
cation. You do not have to agree with us, or with anyone else.
W e learn things by an interchange o f ideas, and people with whom
we disagree often prove valuable teachers. W e shall be glad
to hear from you.
“ NO PROTEST” Has ever been offered to the state­
ment that the field covered by the Northwestern Banker
is the money-producing section of the American continent,
rich in hogs, cattle, corn, etc., and dotted with thou­
sands o f prosperous banks, all doing a good business,,
and the majority o f them are readers of “ The North­
western.”
“ SURPLUS AND UNDIVIDED PROFITS” Increase
very rapidly with those banks, whose advertisements
appear regularly in the columns o f this magazine.
Pull information as to rates and our special service
will be promptly furnished on application. Your
business solicited and appreciated. The “ Banker”
has been twenty-three years in its present field.

!
m

8BSS88SS8$8S8S8S88888S888S8SSS88S8S8S88888888888S8888S88888S8388888888S8SS^


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

^

The Northwestern Banker
$2.00 Per Annum

DES MOINES, IO W A , SEPTEMBER, 1918

20 Cents Per Copy

T o Hell W ith the Kaiser
By S. L. Frazier
wise hope to do. Oh, yes,
W e still have a few peo­
we are in this war to the
ple who think it an unpar1
knife, and the knife to the
donable sin to say “ hell,”
or think “ damn” in dealing with “ Hun” brutality and hilt, for God and home and humanity.
W e are in the war to straighten things out, to square
perfidy and outrage. W e still have a few “ pacifists”
(yellow dogs) who wouldn’t fight to save their daugh­ things up, to protect the weak, to whip the “ bully,” to
make “ right RIGH T,” to shame the devil and put a
ters from the ravishers.
W e still have a few “ conscientious objectqrs” who smile on God’s face, to play the part of the “ big broth­
go about with an air of “ injured innocence” and a bilious er” to all the world, to protect the honor of woman­
expression on their pious ( ?) features, who wring their hood, the virtue of girlhood, the dignity of manhood
hands and roll their eyes heavenward, as they preach and the sweetness and innocence of childhood and to do
the coward’s side of the question of war, “ Thou shalt all this it is incumbent on us to “ shoot” the “ Germs”
not kill.” All this is mere subterfuge, cowardice or out of Germany and the “ buddies” are “ sure” doing it.
It is up to us to put four million men “ over there,”
bigotry. The “ hypocrite” we should “ damn”—the
“ pacifist” we should “ intern”—the “ conscientious ob­ march straight through to Berlin, plant “ Old Glory”
jector” we should convert or “ convict” and give him on the flagpole in the kaiser’s front yard and make such
the twenty years we are giving his friend, the pacifist. a hot time in that old town as will make “ Hades” seem
W e still have a few “ traitors” and “ spies,” who, like an ideal spot for a cold plunge.
“ War is hell” all right and
when found guilty, should be
the only way to annihiliate the
“ shot.” If not, why not? War
“ It is up to'us to put four million men ‘over
hell of war is to annilihate the
is a might serious business.
there,' march straight through to Berlin, plant
“ devils” who started it, so I
Old Glory on the flag pole in the Kaiser’s front
W e are in this war because
yard, and make such a hot time in that old
say “ To hell with the kaiser”
we could not keep out and ever
town as will make hades seem like an ideal
,(the system) and “ damn” the
look a decent man in the face.
place for a cold plunge. ‘War is hell’ all right,
whole rotten outfit of HohenW e are in it as a protest
and the only way to annihilate the hell of war
zollern ravishers, murderers,
is to annihilate the devils who started it, so I
against the unconscionable
head hunters and baby killers
say ‘To hell with the Kaiser’ and the whole rot­
infamy, the brutality, bestial­
ten outfit.”
and “ to hell” with the “ might
ity and depravity of the “ kais­
is right” theory, and the “ di­
er” and his savage hordes. W e
vine right of kings” theory,
are in it to prevent Prussian
militarism from dominating the world and making of and the “ superman” theory and the “ invincible line”
the United States a hundred Belgiums. W £ are in it to theory and the “ unbeatable army” theory and the “ Ger­
save England and France and Italy from a like fate. man God” theory—and “ damn” the dirty bunch at
W e are in it for no other purpose than that of making “ home” who still want to know why we are in the war
the world a decent place in which to live, that all na­ and who are criticising and finding fault and circulating
tions, great and small, strong and weak, may enjoy the “ Hun” propaganda and peddling lies and hindering the
right to self-determination and be guaranteed and safe­ government and shooting at “ our boys” from the rear.
Four million American soldiers will march straight
guarded hereafter, that no such unpardonable crime
may be perpetrated, as Germany perpetrated, when she through to Potsdam or any other d—n place in that
violated every sense of justice, every principal of right, “ hell-making” country.
Four million “ buddies” will swamp the German army
very sentiment of humanity, when she tore up the
treaty of neutrality and invaded brave little Belgium, and so let’s unite in a high and mighty resolve to put
pillaging, plundering, burning, destroying, devastating, them “ over there” at the earliest possible moment.
Let us fill the air with flying machines, cover the
raping, ravishing, murdering, converting her happy
homes into broken tombstones and her fertile fields into ground with tanks and machine guns and 37’s and
cemeteries, and that splendid, beautiful, glorious coun­ 75’s and munitions and men, and bridge the Atlantic
with ships and back the boys in “ khaki” every foot of
try into a shambles, a slaughter house.
No, people, in all the history of time, ever did such the way »and every moment of the time.
Our boys are fighting in the cause of humanity and
a fiendish, devilish, hellish, brutal, heartless thing and
why “ soft pedal”—why “ gumshoe” around on this prop­ justice and to make men free. It is a glorious work, an
osition of the kaiser and his dirty bunch of hound dogs ujiselfish work. There are to be no annexations and
who pulled off this “ world-war stunt” and who slit, no indemnities. Millions of men, billions of dollars,
“ slathered” and slaughtered her neutral and friendly worlds of suffering, heartaches, sacrifice, service— a
neighbor, without one single, solitary, good reason, con­ mighty nation laying its all, if need be, on the altar of
trary to her solemn promise, contrary to her signed human liberty, that the Christ spirit may prevail, that
treaty, and in defiance of the protests of the whole civ­ men the world over may be free^-free to think for them­
ilized world, and for no reason excepting that by so selves, free to worship according to the dictates of con­
doing the “ Hun wolves” might fly at the throats of science, free to enjoy life, liberty and the quest of hap( Continued on page 44.)
the French a few days sooner than they could other­

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

Here is an article that will warm the cockles of your
heart with patriotism—that wil,l make you want to throw
into the world conflict the last ounce of energy you possess.

'September, 1918

THE

N O R T H W ESTERN

BANKER

__ ______________ _

7_

Preparing for After W ar Conditions
By Otto H. Kahn
Otto H. Kahn, of the banking firm of Kuhn, Loeb & Co.,
At present I know of
exercise the “ recall” by
New York, emphasizes-the necessity for preparing to meet
no one go.vernmentally
withdrawing i t s c o n f i ­
after-the-war conditions in this article, which is of timely
a p p o i n t e d body here
dence and ceasing to fol­
interest and importance.
charged specifically with
low him.
the task o f studying and advising on industrial and
W e must and we shduld cheerfully recognize the
economic post-bellum problems. England, France, democratic spirit and tendencies of the day. W e must
Germany and Italy have such bodies at work. There cordially co-operate towards all rational measures cal­
is every expectation that we shall emerge from the culated to augment the opportunities, the happiness,
war in a position of commanding economic potency and contentment and well-being of the people. W e must
prestige. But in order to retain that position and help to correct such shortcomings of the present so­
fully to utilize it for our country’s welfare, we must cial order as justly call for reform. W e should dis­
be ready to act along well-planned lines and with suit­ countenance profiteering in war times, unfair treat­
able instruments at our hands. It is none too soon to ment of employes and other objectionable practices,
prepare.
and denounce those indulging in them as enemies of
W e must all save, rich and poor. But a general ex­ business, as they are enemies to that national good
hortation to save is not enough. The people ought feeling and that fair and reasonable adjustment of so­
to be instructed in exact detail how and where and in cial relationship which must be striven for, sincerely
what way to save. If necessary, such directions ought and persistently, if class misunderstandings, class ani­
to be given the force of law. Some savings are more mosities and the resulting evil consequences are to be
needed and more effective than others. Some are avoided.
wiser than others. Certain excesses of saving are ac­
This war is, to a very large extent, a test of organ­
tually unwise, some positively harmful.
izing ability and industrial power. On that field of
Moreover, the national benefit derived from saving battle, the experience and training of business men en­
is not and cannot be accom­
title their voices to be heard.
plished entirely by the indi­
They must not be raised, of
vidual. If he saves ten dol­
course, in carping or partisan
“We must all save, rich and poor. But a gen­
lars, the immediate result is
eral exhortation to save is not enough.
The
criticism. But we may fulfill
people ought to be instructed in exact detail
that he can loan that amount
a useful function by seeking
how and where and in what way to save. If
to the government. But an
to ascertain facts, to point
necessary, such directions ought to be given the
equally important result is
out errors and shortcomings,
force of law. Some savings are more needed
that to the extent of ten dol­
and more effective than others.
Some are
to suggest remedies, to offer
wiser than others. Certain excesses of saving
lars, he.has set labor free from
constructive advice.
are actually unwise, some positively harmful.”
private purposes to war pur­
Equal in importance to in­
poses.
dustrial effort is e c o n o m i c
How to direct and utilize
power and endurance. There,
the labor thus set free by private thrift, is the task— again, is a great task calling for business to make its
and a highly important task—of the government.
thoughts articulate and effective through an organized
It is also worthy of note— and may be worthy of agency. Wherever and whenever a great unheaval
adaptation—that in Great Britain, as well as in sev­ takes place in the, world it brings to the surface eco­
eral others of the belligerent countries, it has been nomic error, social fallacies, quack remedies and nos­
found well to include in the cabinet a few men as “ min­ trums, the true’ character and effect of which often are
isters without portfolio” and to assign to them specific not recognized till they have brought suffering and
tasks which the regular members of the cabinet, im­ privations upon the people and the old lessons have
mersed in the necessary and absorbing routine of their been learned again in the school of bitter experience.
offices, cannot possibly find time, energy and strength
The wastage of war is enormous, but most of the
to deal with adequately.
money the government spends is used at home, and the
It is too little realized that, though not in form, yet, temporary burden can be borne without causing too
certainly in fact, the leaders of business are elected by great a strain provided we all bend our backs to it and
the business community at large, and hold their posi­ the load is not too unwisely adjusted by our legislat­
tion subject to “ recall.” There is no other calling in ors. In many ways we are establishing, national as­
which the label counts for less and the man of worth sets of the greatest value, we are creating for ourselves
is more certain to come to the top. With insignificant world aspects and a world position such as we never
exceptions, the men at the head of big affairs are self- had before, we have become a creditor nation, we are
made men, haying risen from the ranks to their pres­ scrapping and overhauling and inventing; and the na­
ent stations.
tion is learning the lesson of co-operation, and the no
No one can occupy a prominent and influential place less valuable and needed lesson of economizing.
in the republic of business unless he is trusted com­
Unless we make grave mistakes of omission or com­
pletely by those who observe him closest and know mission, we have a right (after the temporary disturb­
him best— i. e., his fellow business men. Brains, ance probably incidental to readjustment from a war
knowledge, character and service are the qualifications to a peace basis) to look for a period of great prosper­
required. Let a man retrograde, deteriorate, go ity and auspicious achievement after the war, and I
astray, and the business community will soon find it believe we shall all be surprised to see with what ease
out and, however high the position he may occupy, will
(Continued on page 53.)


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

8

THE

NORTHWESTERN

BANKER

September, 1918

Adjusting Industry to W ar Finance
By Charles H. Sabin
In which Mr. Sabin, president of the Guaranty Trust
It is quite generally
The machinery of de­
Company, of New York, shows why the declaration of
stated
that our industrial
mocracy is not easily
peace is certain to leave America in a strong position as
problem is mainly that of
adapted to war. It is es­
a creditor nation.
restriction to supplies
sentially designed to pro­
mote the pursuits of peace. And, therefore, when which are essential to war purposes, and the curtail­
called upon suddenly to defend itself against the at­ ment of our production of non-essentials. This state­
tack of an aggressive enemy it invariably proves inade­ ment may be reasonable from the standpoint of theory,
quate until radical readjustments have been effected, but when an attempt is made to apply it in practice it
That has been the history of all democracies, and ours is a very different matter because of the difficulty of
determining just when a product is noriessential. How
certainly is no exception to the rule.
W e are now in the throes of such a period of revo­ shall we draw the line? The problem of economy for
lutionary transition; the greatest in our history. Upon the nation is very much the same as for the individual.
the successful accomplishment of the attendant read­ It is the problem of choosing the more important to
justments depend not only the outcome of the issue the exclusion of the less important things; not that the
in balance upon European battlefields but also the less important things, in themselves, are undesirable,
preservation of our own economic and political inde­ but merely that they are less essential than other
pendence. W e must not forget that vital fact for one things. To say that one group of products is more
needed ‘than another does not necessarily mean that
moment.
If we are inclined to make allowances for the un­ one group should be produced to the exclusion of the
avoidable delay while democracy’s constructive ma­ other. It may mean only that the production of the
chinery is being converted into the destructive mechan­ one should be expanded and the other contracted.
The number of industries,
ism of war we should also
however, whose products are
keep in mind that that is all
absolutely useless or non-es­
the more reason for accelerat­
“The problem of economy for the nation is
sential is very limited. Most
ing the conversion and for
very much the same as for the individual. It
is the problem of choosing the more important
of those which are not classed
speeding up the engine we are
to the exclusion of the less important things;
as absolutely essential belong
building. Every hour is pre­
not that the less important things in them­
in the middle group, which
cious. The need for America’s
selves are undesirable, but merely that they
means that their products are
are less essential than other things. But let
utmost assistance in stem­
me emphasize that we must go slowly in the
useful in limited quantities.
ming the tide of barbarism
matter of suppressing what may be termed
Clearly, our problem in regard
was never greater than at
relatively non-essential industries. We must
to
nonessential products is
present.
so adjust industry that we will be able to main­
mainly that of consumption,
tain present organizations, and if possible adapt
To meet the issues of the
them to producing products which can be util­
and not that of production.
hour not only must industry
ized for war purposes.”
Drastic action might indeed
be adjusted to meet the strain
definitely impair the country’s
of war finance, but finance
abilities to produce essentials,
must make many adjustments
to meet the strain of war industry. A mutual burden for the factors of industry are interdependent.
Must Preserve Present Organization.
and responsibility, consequently, lie upon the business
But let me emphasize that we must go slowly in the
man and the financier.
More than in any previous war, it is essential that matter of suppressing what may be termed relatively
the productive capacity of the country be mobilized non-essential industries. Our position after the war,
as nearly as possible for war purposes. The great as a great industrial nation and as a leader in finance
struggle is being fought in the foundry, in the steel and trade, makes it imperative that our manufacturing
mill, in the textile mill, in the shipyard and in the and industrial progress, at least from the standpoint
various industries furnishing material and supplies to of organization, should not be halted for the period
be used by the army. The way in which American of the war. W e must so adjust industry that we will
industry functions in furnishing a steadily increasing be able to maintain present organization, and, if pos­
supply of munitions will determine to a great extent sible, adapt them to producing products which can be
utilized for war purposes.
the outcome of the struggle.
Unquestionably one of the most vital adjustments
The Difficulties of Readjustment.
The fact that our declaration of war came in the which we must make is that between labor and capital.
midst of such an unrestricted industrial boom has New elements such as the employment of women, the
made the problem of readjusting our industries to dilution of labor and changed living conditions must
war conditions all the more difficult. If we had entered all be reckoned with.
In the first six months of our participation in the
the conflict at the time of industrial depression in
which there was considerable unemployment, and in war, it has been estimated, there was a loss through
which industries manufacturing luxuries had been run­ strikes of more than six million hours’ work in more
ning with decreased output, the readjustment to war than a thousand establishments, and the record of
conditions would have been much simpler, because labor disturbances has been almost continuous.
But we should remember that there are no union
such surplus productive capacity could have been
utilized directly in the production of commodities for hours in the trenches, there is no time-and-a-half pay
(Continued on page 46.)
war uses without impairing existing industry.


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

September, 1918

THE

NORTHWESTERN

BANKER

9

Chicago—and the A. B. A. Convention
By H. E. Otte
There are good things and profitable times in store for
Bankers’ convention in
Chicago is preparing to
you at the Convention, as outlined in this article by the
Chicago was 4,500. Two
entertain visiting bankers
Chairman of the Publicity Committee. Attend the Conven­
years ago the attendance
during A. B. A. conven­
tion. It will pay you.
at the Kansas City con­
tion week, beginning Sep­
tember 23d, with a program that will be both interest­ vention was 4,100. While transportation facilities are
ing and in keeping with war conditions. There has somewhat restricted, owing to war conditions, and the
been a disposition on the part of association officials to expense of attending the convention is greater because
frown on convention entertainment and diversion of increased fares, yet sufficient assurances have been
which attract the attention of the delegates from the received by the hotel committee to indicate an exceed­
work in hand. The disposition this year is to make the ingly satisfactory attendance at the convention this
Chicago convention a business meeting at which mat­ year. This attendance will be stimulated by the an­
ters of serious importance to bankers and a war-torn nouncement of the program of speakers, if those hav­
country will be threshed out, and much helpful infor­ ing this feature in charge are able to secure as guests,
those who have been invited to speak.
mation will be offered to the delegates.
One of the features in the way of entertainment
The problem within the larger questions relates to
the economic adjustments after the war. Chicago pri­ which is in harmony with the times, will be the visit of
th e d e l e ­
marily is a
g a t e s and
busin e s s
their wives
center, and
to the Great
h e r c o mL a k e s
m e r c e
N a v a l
reaches out
T raining
in every di­
Station.
rection, t o
This is the
all parts of
largest
t h e world.
training
She is the
station i n
interme­
d i a r y mar­
Ameri ca,
and
l i es
ket l y i n g
about thirty
between the
miles north
great a g r i ­
cultural
of Chicago,
sections o f
on the shore
the country
of
Lake
and the conMich i g a n.
s u m i ng
The guests
will be tak­
m a s s e s in
the Ea s t
en to th e
a n d across
G r e a t
the o c e a n .
L a k e s
At the same
Station
time C h i ­
by special
c a g o is a
train o v e r
great manufacturing city and one of the largest, if not the Chicago & Northwestern Railroad on Saturday
the largest, railroad center in the world. Naturally, morning, September 28th, early enough for them to
Chicago is intensely interested in what the future has reach the training station for a special review program
in store for the country, especially the period lying be­ to take place at 10:30 o ’clock.
yond the conclusion of the war.
The entertainment program will begin on Monday
With these subjects uppermost in the banking with an automobile ride through Chicago’s great boule­
mind, and with bankers from the Middle West com­ vard and park system. For Wednesday and Friday
mingling with bankers from other sections of the evenings a theater party has been arranged. On Thurs­
country, it is natural to expect that on the occasion of day afternoon, there will be a luncheon for the ladies
the convention such subjects will be discussed at at the South Shore Country Club, a beautiful club
length by some of the ablest talent available.
house, with spacious grounds located on the shore of
There are within a night’s journey of Chicago ap­ Lake Michigan just south of Jackson Park, which was
proximately twelve thousand banks, and of these prob­ the site of the W orld’s Columbian Exposition in 1893.
ably more than half are members of the American
Other features of entertainment, which will be an­
Bankers’ Association. If each bank is represented, or
an attendance is secured equal to the membership with­ nounced later, consist of the extension of the courtesies
in five hundred miles of Chicago, the conveniton will of the various golf and country clubs, as well as down­
break another record for attendance. Ten years ago town clubs, to the visiting bankers.
(Continued on page 18.)
the number of delegates registered at the American


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

THE

10

NORTHWESTERN

BANKER

September, 1918

Benefits of Blue Sky Laws
By H. D. Robbins
This article seems especially timely in view of the effort
Blue sky laws which
is expected to find out
being made to enforce the provisions of Blue Sky Laws
h a v e been e n a c t e d
what highly paid experts
and to curtail the operations of get-rich-quick promoters.
throughout the United
Mr. Robbins is head of H. D. Robbins & Co., investment
do not always succeed in
securities, New York.
ascertaining in m a n y
States, with but few ex­
ceptions, are laws designed to prevent the sale of se­ months of investigation, viz.: whether an oil property
curities of doubtful merit representing investment in in Mexico, a gold mine in Alaska, or timber lands in
the untold riches of “ blue sky.”
Washington, constitute a legitimate investment.
Until recent times it was common practice for fakirs
It will be obvious that the determination of the. merit
and dreamers in all lines to practice their insidious ot securities is a delicate undertaking. It involves the
and harmful methods without restriction with here and responsibility which all right-minded persons are re­
there a flagrant case brought to book.
luctant to assume unle.ss they are specifically engaged
One of the most harmful practices of former times, in that branch of finance.
and the practice is not yet extinct by any means, was
So drastic are the provisions of this legislation that
the methods followed by the get-rich-quick promoters they have not been, and could not be, wholly enforced.
in advertising and promoting the sale of their visionary Convictions have been surprisingly few and in many
securities. Not all were fakirs, many were merely cases dealers of established reputations have not even
dreamers, but whatever the motive, the investing pub­ been required to register.
lic suffered through misplaced confidence, .the confi­
The more subtle swindles, which are often extremely
dence having been primarily developed by the depend­ difficult of detection, may very easily escape the notice
able methods of legitimate security dealers and legiti­ of the commission, with the result that the state, in a
mate advertisers generally.
sense, becomes a party to the fraud, which for that very
The losses sustained by the
reason must be all the more
public through get-rich-quick
disastrous in its results.
schemes have been enormous.
The Investment Bankers’
“Blue Sky Laws were born of a great need,
Nor does the greatest harm
Association
proposed for every
their purpose was highly commendable and that
come to the intelligent classes,
state a uniform blue sky law,
purpose was and always will be subscribed to
as they are not so' easily de­
by legitimate security dealers. Undoubtedly a
based on the general blue sky
great many swindlers have ' been prevented
luded. By far the greater num­
principle, a law capable of en­
from working off brass-edged Securities ori the
ber of victims are drawn from
forcement and incapable of
public. Under a conscientious commissioner
the humbler accumulators of
evasion, designed to combine
there is no reason why this should be done."
capital who, ignorant of sound
the preventive features of the
investment principles, but anx­
Kansas law with the punitive
ious to make their money yield
features of the federal postal
large returns, grasp at whatever appealing bait is of­ law. ’ This plan would relieve the commissioner of the
fered.
necessity of investigating legitimate securities and lay
A few years ago, in line with the tendency ,of the upon him the duty of looking out for and detecting
times, various states enacted legislation on the subject frauds and misrepresentations, in effect, what blue sky
of selling securities and these laws have become popu­ laws were intended to accomplish.
larly known as “ Blue Sky Laws.” These laws wereThe interests of the investing public and the invest­
born of a great need, their purpose was highly com­ ment banker are identical, viz.: to prevent fraud and to
mendable and that purpose was and always will be encourage proper investment. The blue sky law is a
subscribed to by legitimate security dealers. Unfor­ step in the right direction, of protecting investors from
tunately, as often happens, the legislation in most states their own ignorance. No law will in itself accomplish
while possessing elements of good was uniformly bad
the desired result. The banker must educate the in­
I attribute this to the failure of the legislators to call vestor. The investor must learn to choose for himself
into counsel those who competently knew the security without too much support either from the banker or the
business from the inside. Some of these laws have state. Protection is paternalistic. Education is demo­
since been amended and most of them in practice are cratic. The American people have always shown a pref­
not applied with full force, hence the practical effect erence for the latter.
is beneficial and indeed, a world of good has been ac­
complished.
IN TERSTATE INCREASES CAPITAL.
In practically all the blue sky laws, provision is made
for an examination, and approval, by a state official or
The Interstate Automobile Insurance Company, of
commission armed with full power to investigate, and Rock Rapids, Iowa, has increased its capital stock from
the widest latitude is given in determining whether the $100,000 to $200,000 with assets of $335,000 and is now
sale of securities examined will promote the general operating in Iowa, Minnesota and South Dakota.
welfare. In its actual operation, the legislation is about
W e are advised it is now the biggest automobile
all that its sponsors predicted, but it also has its defects. special in Iowa or surrounding states and that arrange­
Undoubtedly a great many swindlers have been ef­ ments are being made for entering Illinois, Wisconsin
fectively prevented from working off brass-edged se­ and Nebraska. The company specializes in bank agen­
curities on the public. Under a conscientious commis­ cies and will be very glad to hear from bankers through­
sioner there is no reason why this should not be done. out the territory who are interested in representing such
A heavy burden is laid upon the commissioner. He a company.


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

September, 1918

THE

NORTHWESTERN

PIERSON ON TRAD E ACCEPTANCE.
Chairman Lewis E. Pierson, of the American Trade
Acceptance Council, recently pointed out the merits of
the trade acceptance as follows : “ The business man
who, in requesting accommodation from his bank,
submits a statement showing ‘Acceptances Payable’
and ‘Acceptances Receivable’ occupies a much more
favorable position than if his statement showed ‘Ac­
counts Payable’ and ‘Accounts Receivable.’ In consid­
ering the national interest—and in our present crisis,
what American business man can afford to overlook this
interest— the trade acceptance is in a position to demand
fullest consideration. It makes it possible to relieve the
strain which a practically unlimited war demand would
impose upon a limited supply of cash, and by the safe,
effective and economical utilization of our greatest
national resource, commercial credit, provides an active
and.effective reserve, which will give fullest expression
to our practically unlimited but at present badly tiedup national resources.”
The Arkansas Lumber Dealers Association has
adopted a resolution like amending the use of the trade
acceptance on a 90-day basis for 80 per cent of the
amount of the bill, the remaining 20 per cent to be paid
in cash within five days upon arrival of car, less freight
and 2' per cent discount on the balance.
The Southern Hardware Jobbers Association has
adopted a resolution commending the trade acceptance
and appointed a committee to conduct a campaign to
encourage its use.
The State Fuel Administration of Indiana has recom­
mended to the county fuel administrations that they
encourage the use of the trade acceptance in all sales
of coal amounting to $100 or over.
The American Hardwood Manufacturers Association
has authorized its executive committee to draft terms
of bill to be applied under the trade acceptance plan.
Trade acceptance councils have been organized at
Milwaukee and Indianapolis, representing the manu­
facturing, retail, wholesale and banking interests of
those cities.
T A X EXEM PTIO N OF FARM LOAN BONDS.
The following news dispatch appeared in the Chica­
go morning papers, Tuesday, August 13th:
“ Washington, D. C., Aug. 12.—Protests from farm­
ers in the Central West because farm loan bonds are
exempt from taxation were brought to the attention
of the farm loan board by Senator Hitchock of Nebras­
ka. The farmers claim the exemption enables wealthy
persons to dodge taxation under the revenue act and
invest in farm loan bonds, which yield 5 per cent.”
Wednesday morning, August 14th, the following
item appeared on the financial page of The Chicago
Herald-Examiner:
“ Secretary of the Treasury McAdoo has announced
that no additional farm loan bonds are to be offered to
the public or to investors for several months. There
are in the neighborhood now of $60,000,000 of such
bonds withheld for issuance. The Fourth Liberty Loan
Bonds will be the next offering of government securi­
ties to be presented to public.”

BANKER

The Federal
Reserve Board
has asked that “ discriminating judg­
ment be exercised in the extension of
credit.”
Banks generally are observing the
suggestions of the Board, and are
very careful in extending credits—
bearing in mind that the two chief re­
cipients of credit should be the gov­
ernment and those engaged in the pro­
duction of goods required in the con­
duct of the war.

Beef and Bacon
are an absolute necessity even in times
of peace, but in war times every en­
couragement should be given to in­
crease production.
BEEF CATTLE LOANS, carefully
selected, are SELF-LIQUIDATING.
They are available for rediscount at
the Federal Reserve Banks and there
is no industry more essential than
sending BEEF to THE BOYS.

THE

GUARANTY
CATTLE LOAN
COM PANY
Stock Yards Station
K A N S A S CITY, MO.
specializes in cattle loans—it has thor­
ough organization, experienced man­
agement, strong connections.'

Loans are offered at current mar­
ket rates, and bear endorsement of
the Company.
Correspondence invited.

What you are will write itself into your communica­
tion, no matter how hard you try to keep your real self
cut.— Edison’s Better Letters.


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

11

/

12

THE

NORTHWESTERN

BAN KER

September,J918

^1111111111111111111111i 11111111111111II 11111II 1111111111111111111111111■111111111111( 111111 II ll>l 11111111111 II 111111li 1111111111111111111! 1111II 1111111111111111111111111111111 II 111111111■111111111111111111111111111111111111111111111111111il IUIH H 111111111111111M11 111111II 111II 111111
= J 111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111 IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIMIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIM IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII

iii iiiiiiiiiiiiiiiiitiiiiiiiiiin iiiiiiiii
III III IIIIIIIII lllllIIIIIIIIIIIIIIIIII III

Personal Paragraphs
Dale E. Chamberlin, assistant cashier of the Drovers
National Bank, of Chicago, who entered the service
some time ago, has been transferred and his address
is now Lieut. Dale E. Chamberlin, Personnel Office,
Division Headquarters, Camp Sheridan, Montgomery,
Ala. Lieut. Chamberlin’s many friends will be glad
to have his address and to communicate with him dur­
ing his period of service with the American army’
which is drawing so many bankers from all parts of
the United States into its ranks.

$------ $------ $ .
Corporal Babb, formerly draft teller of the Drovers
National Bank, of Chicago, who is now in France, was
recently decorated for bravery. The Drovers National
men are making a splendid record in the service.
$— ;----— $-------------- $

Forty-four enthusiastic young men from the various
universities of the United States were selected as topnotchers in their classes to receive the honor of forming
the fourth college class to enjoy the benefit of a highly
specialized training-course in banking at the National
City Bank, of New York. This class brings the total
to over 200 and is made up of men from the following
universities: Brown, Catholic, Chicago, Clark Col­
lege, Colgate, Columbia, Connecticut Wesleyan, Cor­
nell, Illinois, Indiana, Iowa, Michigan, Minnesota,
North Carolina, North Dakota, Ohio State, Ohio W es­
leyan, Pittsburgh, Rochester, Virginia Military, W is­
consin and Yale. These men are being trained to meet
the urgent need of more men of the highest type in
the development of American foreign commerce and
its advancement after the war. High record under­
graduates are selected by the various colleges and uni­
versities. These students spend their vacation at the
bank and take the course, possibly for two or three
years, before finally leaving college and entering the
service of the institution. The educational programs
of these young men are made up of selections from the
following courses: Italian, Russian, Spanish and
French languages, banking arithmetic, elementary
banking, commercial geography, foreign exchange,
credit, the work of the special messengers, besides class

The officers o f
this bank are
always at the im­
mediate

service

of its customers


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

meetings, special talks and discussions of current eco­
nomic topics.
$
;
$
; $
Norman Mason edits the very interesting “ Meteor,”
house publication of the Metropolitan Trust Company,
of New York. It is filled each month with newsy ma­
terial, including many pictures, and it is now in the
third' year of publication.
$------ $-------$
Frank Warner, secretary of the Iowa Bankers As­
sociation, has been especially active of late in forming
county associations of bankers in various parts of the
state. .
$— ----------- $------------ $

J. F. Deems, United States food administrator for
Iowa, announces that Mr. Hoover has cancelled the
obligation of those who took the total abstinence
pledge as to wheat flour products and they may eat
their fill of victory bread. There is an urgent call,
however, to cut down on the use of sugar. This will
not bother bankers very much, as they are trained
from long experience to keep sweet under all condi­
tions.

$------- $------$_

Schanke & Company, of Mason City, have taken
over the controlling interest in the Farmers & Mer­
chants Bank, of Grafton, Iowa, and will operate that
bank along with the others in their system located in
Iowa and Minnesota. The present cashier, G. H.
Bringolf, will remain with the bank until he enters
the service, which he expects will be in the near future.
$--- ,--- $------ $
H. M. Byllesby & Company men were prominent in
the Salvation Army drive for doughnuts and coffee for
the. boys which was conducted in Chicago in mid-Au­
gust. R. J. Graff, vice president and secretary, was
vice chairman of the committee for contractors, build­
ers and engineers of the trades division. ^H. B. Coffee,
of the publicity department, was captain of the team
for the solicitation of engineers. A. L. Flynn, of the
legal department, and M. C. Wylie, of the engineering
department, were members of this team.

Established

Nationalized

1829

1865

1829

ATLANTIC
NATIONAL BANK
257 B R O A D W A Y
NEW Y O R K
Capital, Surplus and Undivided Profits, $1,800,000

PHINEAS C. LOUNSBURY
Chairman
HERMAN D. KOUNTZE
President
EDWARD K. CHERRILL
Vice-President
KIMBALL C. ATWOOD
Vice-President
GILBERT H. JOHNSON
Vice-President
WILLIAM F. FITZSIMMONS
Vice-President
FRANK E. ANDRUSS
Cashier
JOHN P. LA IRD
Assistant Cashier
JOHN H. BRENNEN
Assistant Cashier

THE

September, 1918

NORTHWESTERN

J. J. Nolan, Jr., formerly of the publicity department
of the H. M. Byllesby & Company, who enlisted about
a year ago and has been in France for the last two
months, celebrated the Fourth of July in the front line
trenches. In a recent letter he said: “ I am now
camped real close to the front line and Fritz comes over
in his planes nearly every night and drops a few bombs.
One landed pretty close the other night. He also
wakes us up in the middle of the night to put our gas
masks on, go you see between the noise of. the big guns
and all that we have a merry time. When I come back
I sure will have plenty of souvenirs.”
P. G. Holden, director of the agricultural extension
department of the International Harvester Company,
has just issued a volume called the Liberty Book, in
an effort to aid in solving the problem of food supply.
The booklet is Qf interest to all classes of people in
addition to farmers and will be sent upon request. As
bankers constantly are leading in all movements look­
ing for conservation, they will doubtless be interested
in reading this book. Address Mr. Holden at the Har­
vester Bldg., Chicago.

$-------$------ $
P. H. Schweppe has been appointed director of the
Fourth Liberty Loan Campaign in the Seventh Fed­
eral Reserve District. In a bulletin just issued Mr.
Schweppe asks the same hearty, earnest, devoted co­
operation on the part of Liberty Loan workers that
they have so generously accorded his worthy prede­
cessor, H. L. Stuart, who, although having relin­
quished the duties of director, will continue high in
the councils of the organization.
The Bankers Realty Investment Company, of
Omaha, has filed suit for $100,000 damages against W.
E. Barkely, of Lincoln, and Wray Lindley, of Omaha,
charging that these men wrongfully and maliciously
told stock and bondholders of the Bankers Investment
Company that their securities were virtually worthless
and that in this way they influenced many of those
holding the securities, according to a recent issue of
the Omaha World-Herald.

13

BANKER

The First National
Bank of Chicago
welcomes and appre­
ciates the accounts of
banks and bankers.
Its extensive clientele,
developed during
more than fifty years
of consistent service,
is splendid endorse­
ment of the agreeable
and satisfactory rela­
tions maintained with
correspondents.

Capital and Surplus $22,000,000

$-------$-------$

Willard F. Hopkins has been elected secretary of
the Chicago Savings Bank & Trust Company, succeed­
ing Edward J. Prescott, resigned to enter other serv­
ice. John C. Armstrong, who has been assistant sec­
retary since 1911, was made trust officer. Mr. Hop­
kins was formerly vice president of the Third National

E V A N R A N D O L P H , V . P r e s , an d C ash.
A . W . P I C K F O R D , A s s t . C a sh ie r

JAM ES B. FO R G A N , Chairman of the Board
F. O. W E T M O R E , President

J O S E P H W A Y N E , J R ., P re sid e n t
W A L T E R P . F R E N C H , A s s t . C a sh ie r

A L F R E D B A R R A T T , A s s t . C a sh ie r
D A V I D J. M Y E R S , A s s t . C a sh ie r

The Girard National Ban
P H IL A D E L P H IA , PA.
Capital, $2,000,000


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

Surplus and Profits, $5,475,000

Deposits, $70,000,000

A C C O U N T S O F B A N K S A N D B A N K E R S SO L IC IT E D
“ T o Satisfactorily Handle Y ou r Business, Y ou Need a Philadelphia A cco u n t”

14

THE

NORTHWESTERN

CORN EXCHANGE
NATIONAL BANK
OF CHICAGO
C a p i t a l .......................... $ 3,000,000
Surplus . . . . . .
7,000,000
Undivided Profits . .
1,117,146
D e p o s i t s ..................... 104,844,889

BANKER

Bank, of Buffalo. When that institution was merged
with another, about a year ago, he became associated
with the Chicago Savings Bank & Trust Company.
He is a man of wide banking experience, having at
times been connected with the City National Bank, of
Lansing, the State Bank, of Petoskey, and the First
National, of Munising. He is a member of the Union
League Club, of Chicago, the Bankers Club, of Detroit,
and resides in Hubbard Woods.. His many friends will
be greatly pleased to learn of his deserved'promotion.
. $ _ --------- $_---------- $
Wm. B. Joyce, president of the National Surety
Company, New York, has just issued a letter on “ Our
After War Prosperity,” in which he predicts that our
export trade will greatly develop in both value of
goods annually exported, geographical extent of for­
eign territory served and the variety of goods manu­
factured for sale abroad. Our pre-war competitors
will, for years, be handicapped by home conditions.
Our bankers, insurance companies and shipping con­
cerns, will be able to co-operate with manufacturers
and exporters much more extensively and intelligent­
ly because of new mutual understandings developed
through recent war conditions. Mr. Joyce believes
that America’s after-war agricultural development will
be equally extensive. He thinks burdensome after­
war taxes should not be feared. He also believes that
fear of wide after-war unemployment through our re­
turning armies and European immigration is ground­
less.
$ ------ $ - ----- $
Jerome Thralls, secretary of the clearing house sec­
tion of the American Bankers Association, has issued
a bulletin in which he announces that the New York
Clearing House has arranged to clear trade acceptances
made payable at member banks on their respective due
dates at the daily exchange on the same basis as checks.
He calls renewed attention to the crusade against fake
securities which is going on over the country. He
also calls attention to the fact that the Chicago Clear­
ing House and those of New York and St. Louis have
adopted a rule providing that rates of interest paid on
bank balances by members shall be regulated in har­
mony with and based upon the discount.
$— - a -----$—

O F F IC E R S
E R N E S T A . H A M IL L , P re sid e n t
C H A R L E S L . H U T C H IN S O N , V ic e P re sid e n t
D . A . M O U L T O N , V ic e P re sid e n t
O W E N T . R E E V E S , J R ., V ic e P re sid e n t
J. E D W A R D M A A S S , V ic e P re sid e n t
N O R M A N J. F O R D , V ic e P re sid e n t
J A M E S G . W A K E F I E L D , C a sh ie r
L E W I S E . G A R Y , A s s is t a n t C a sh ie r
E D W A R D F . S C H O E .M E C K , A s s is t a n t C a sh ie r
J A M E S A . W A L K E R , A s s is t a n t C a sh ie r
C H A R L E S N O V A K , A s s is t a n t C a sh ie r
J O S E P H C . R O V E N S K Y , A s s is t a n t C a sh ie r
D IR E C T O R S
W A T S O N F . B L A IR
CH AU N CEY B. BORLAND
ED W AR D B. BUTLER
B E N J A M IN C A R P E N T E R
C L Y D E M. CAR R
E R N E S T A . H A M IL L
C H A R L E S H. H U L B U R D
C H A R L E S L . H U T C H IN S O N
M A R T IN A . R Y E R S O N
J. H A R R Y S E L Z
E D W A R D A . SH EDD
R O B E R T J. T H O R N E
CHARLES H. W A C K E R


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

September, 1918

-------$

Chas. F. Herb, formerly vice president of the Miss­
issippi Valley Trust Company, of St. Louis, has as­
sumed his new position as vice president and director
of the Hibernia Bank & Trust Company, of New Or­
leans. The entire clerical and official force of the
bank, numbering in excess of 150, entertained Mr.
Herb at a dinner in the bank dining room on the thir­
teenth floor of the Hibernia Bank Bldg. Pres. John
J. Gannon welcomed Mr. Herb into the Hibernia fam­
ily and Mr. Herb responded in a brief talk, outlining
his belief in the wonderful possibilities in the New Or­
leans territory.
$--- — $------ $
N.
A. Marsland, publicity manager of the Irving Na­
tional Bank, of New York, is being heartily congratu­
lated upon the success of the Irving National in win­
ning the first prize for the best four years’ advertising
campaign at the recent national convention of the As­
sociated Advertising Clubs at San Francisco. Further
description of the exhibit is given elsewhere in this
issue.
$ ------ $------ $
William G. Wendell, secretary of the Paris office of
the Guaranty Trust Company, of New York, has ob-

September, 1918

T HE

N O R TH W ESTERN

tained ¡a leave of absence for the duration of the war
in order to enter government service. He will be suc­
ceeded by Edward de Lima, who, previous to his de­
parture for France, was an assistant manager of the
foreign department at the New York office of the com­
pany.
$— ------ $-------------$
J. N. Kuhl, president of the Alton Savings Bank, Al­
ton, Iowa, reports excellent results from a form letter
which he sent out on July 1st, with reference to the
overdraft evil. Such announcements always offer a
favorable opportunity for the progressive banker to
get in touch with his customers on a basis of promot­
ing his business interests.

$------ $-------$
E.
A. Hintz, assistant cashier of the Peoples Trust &
Savings Bank, Chicago, favors us with a very hand­
some booklet recently issued by that institution, fea­
turing its service to women. Among the chapter head­
ings are “ You Can Vote— Can You Bank?” , “ To Hoard
Cash Is Not Patriotic,” “ How to Open a Checking Ac­
count,” “ W hy—and How—to Pay Bills by Check,”
“ How to Check up Your Bank Balance With Us,”
“ How Businesslike Women Make Their Money Earn
Wages,” “ Are You Teaching Your Children Thrift?”
These and other matters are treated in a very interest­
ing manner and the booklet is so tastfully printed as
to be especially appealing to women.
$
-$ ■
$
Benjamin M. Anderson, Jr., assistant professor of
economics, Harvard University, and a writer of nation­
al note on theoretical and practical financial subjects,
has been added to the service department of the Na­
tional Bank of Commerce in New York.

B A N K ER

15

Specialized Service to Banks
this Company are forty departments,
I Ncovering
the whole field o f domestic
and foreign banking and trust business.
T h e facilities o f these various departments
are brought to the service o f banks and
bankers through one department— the
D e p a r t m e n t of B anks and B ankers
Officers in Charge
E. W . STETSON , Vice-Pres.
G. J. G EER , Jr ., Asst. Treas.

JAMES M. P R A T T , Vice-Pres
A. B. H A T C H E R , Asst. Treas

Our booklet, “ Specialized Service to
Banks,” will be sent on request.
/

Guaranty Trust Company
of New York
140 Broadway
New York

London

Paris

Capital and Surplus - - $ 5 0 ,0 0 0 ,0 0 0
Resources more than - $ 6 0 0 ,0 0 0 ,0 0 0

'$-------------- $-------------- $

Seward Prosser, president of the Bankers Trust Com­
pany, New York, announces that George B. Mallon has
become a member of the company’s staff. Mr. Mallon
was city editor of The Sun for twelve years and for
five years was associated with Erman J. Ridgway in
editing the group of five Butterick Magazines and as
secretary and treasurer of the Ridgway Company,
which publishes Everybody’s Magazine and Adventure.
He has been state publicity director for the national war
savings committee for New Jersey and editor of “ WarThrift,” published in Newark twice a month to help
along the war savings campaign. Mr. Mallon is presi­
dent of Amherst Alumni Association of New York and
of The Sun Alumni Association.
S. BREWSTER COOK DIES.
S. Brewster Cook who died at his home in Musca­
tine, Iowa, recently was for more than fifty years en­
gaged in the banking business, long with the institu­
tion that bore the name of Cook, Musser & Company,
which later became the Muscatine State Bank.
Mr. Cook became cashier of this bank in 1870 and re­
tained that position until he voluntarily retired from
active work a few years ago, when the bank was reor­
ganized.
Marcus Snyder has disposed of his interest in the
Spirit Lake National Bank, Spirit Lake, Iowa, to the
other stockholders and has resigned his position as vice
president.


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

B/L

BANK

of

CHICAGO

W e collect direct Bill of Lading
items on every shipping point
in the United States and Canada.
A special department handles these
items with minimum time and cost.
W e invite correspondence with any
bank or shipper handling a volume
of this class of items.

UNION TRUST COMPANY
C H IC A G O
Strictly a Commercial Bank
Established 1869

16


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

THE

NORTHWESTERN

BANKER

^ h e BANKS FIRST
BUILDING— ;

'Zhe BANKS SECOND
T
BUILDING—•

RUINS OF THE 22ä
'B U ILD IN G — > 1&7!.

me

7bhe BANKS THIRD
BUILDING— v

Officers and Directors
of ihe

FIR ST N A T IO N A L
BANK o f CHICAGO
FIRST TRUST A N D
S A V IN G S B A N K
N A T IO N A L S A F E
DEPOSIT COMPANY
■dially
invite
c o rd
ia lly in
v ite bankers
D a n K e rs
attending ihe Forty-Fourth
Annual Convention of the

A m erican BankersA sso cia tio n
at Chicago,Sept.23 to28,1910

to visit Ineir banking rooms
while in Chicago ancU
avail themselves o f the
facilities which are afforded

l Qhicayo—September /9/S

flRST-NATIONAL- BANIO
C ^ .6

°/CH1CAG°

September, 1918

September, 1918


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

THE

NORTHWESTERN

BANKER

American Bankers
Association
Annual Convention
Chicago, Sept. 23-28

W

7A R -T IM E conditions make the at’ ’ tendance of bankers from the food
producing Northwestern States, especially
important at this time. Every banker in
Iowa, Minnesota, Nebraska, Montana,
North and South Dakota should make a
a special effort to be present and to con­
tribute toward the success of this most
constructive convention of 1918.
The program assures full value in return
for the time and money invested. Chicago
bankers will prove themselves splendid
hosts. You will have an enjoyable as well
as a profitable visit.

17

18

THE

NORTH W ESTERN

CHICAGO— AND THE A. B. A. CONVENTION.
(Continued fro'm page 9.)
Tentative Program.
Monday Morning, September 23d— Committee
meeting of the association and sections.
Monday Afternoon, September 23d— Annual meetof the executive council.
Tuesday and Wednesday,. September 21th and 25th
— General meetings of the six sections of the associa­
tion— Trust Company, Savings Bank, Clearing House,
State Secretaries, National Bank and State Bank.
Thursday Morning, September 26th— Opening of
general convention. Concert by one of Chicago’s fa­
mous bands. Invocation. Addresses of welcome by a
representative of the state of Illinois and bankers of
Chicago. Annual address and response to addresses of
welcome by President Hinsch. Annual reports of the
officers. Addresses.
Thursday Afternoon—Addresses. Following these
sessions a meeting of the committee on nominations.
Friday, September 27th— Opening with a brief con­
cert. Addresses. Report of committee on nominations.
As provided for under the constitution, the new
council will meet on Saturday morning.
The Congress Hotel and Annex has been selected
as headquarters. For hotel reesrvations communicate
at once with John R. Washburn, chairman of the hotel
committee, Continental & Commercial National Bank,
Chicago, 111.
The Chicago bankers never do anything by halves;


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

BANKER

September, 1918

H. E. OTTE
Viqe President National City Bank
of Chicago

FIRST NATIONAL BANK, CHICAGO
James B. Forgan, Chairman of the Board; Frank O. Wetmore, President; Emile K.
Boisot, Vice President.

September, 1918


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

THE

NORTHWESTERN

B/L

BANK

of

BANKER

CHICAGO

Our officers desire to wel­
com e at our bank visiting
bankers in attendance at the
American Bankers Association
Convention, September 23rd to
28th. We will keep open house
all week.

UNION TRUST COMPANY
C H IC A G O
Strictly a Commercial Bank
Established 1869

19

20

THE

NORTHWESTERN

TheA TearestBank
WASHINGTON

ST.

in Chicago
T’S the good fortune of this bank
to be the nearest and most con­
venient for out-of-town bankers
attending the Convention.
“ Chicago’s bank on the Boulevard,”
just opposite the lions that guard the
entrance of the Art Institute, invites
visiting bankers to avail themselves of
its complete banking facilities.
Wives of visiting bankers will find our
Woman’s Department especially con­
venient, and only a short distance
from the shopping centers.

I

The People’s Trust
and Savings Bank

B A N K E R ___________ September, 1918

and all arrangements in their hands will be carried Out
in the best manner possible. It is predicted that the
coming convention will be the largest and most im­
portant in the history of the association.
Joint Meeting of Sections.
In accordance with instructions issued by the ad­
ministrative committee at the Hot Springs meeting,
the section secretaries have outlined and submitted to
the section presidents for approval the following tenta­
tive program:
1. The Federal reserve system from a general view­
point.
2. Discussion of membership in the Federal reserve
system, from the viewpoint of a member, by a
representative of a bank under state jurisdiction,
that is, a member of the system.
3. Discussion of membership in the system from the
viewpoint of an eligible non-member, by a rep­
resentative of a bank under state jurisdiction,
that is, an eligible non-member of the system.

Michigan Boulevard at Adams St.
.

CHICAGO
OFFICERS

Áuditorium Hofel

X

E A R L E H . R E Y N O L D S , P r e s id e n t
R. B. U P H A M , V ic e P re s id e n t
H E R M A N W A L D E C K , V ic e P res.
A. M. R O D E , S e c r e t a r y
H. T . G R IS W O L D , C a sh ie r
E. A . H IN T Z , A s s is t a n t C a sh ie r
A. M. S P E E R , A s s is t a n t C a sh ie r
R . R . OLSON, A s s is t a n t C a sh ie r
C. A . O ’D O N N E L L ,
M g r. S a fe D e p o s it V a u lts

RESOURCES

$11,900,000

SOUTH LA SALLE STREET
Chicago’s Financial Center

5.

The Character of this Bank is Reflected in the
Personnel of its Board of Directors
FRANK H. ARM STRONG____President Reid, Murdoch & Company
CLARENCE A. B U RLEY...................................... Attorney and Capitalist
R. T. CRANE, ,TR................................................President Crane Company
HENRY P. CROW ELL.......................... President Quaker Oats Company
HALE HOLDEN. . . . Regional Director U. S. Railroad Administration
MARVIN HUGHITT. .Chairman Chicago & Northwestern Ry. Company
EDMUND D. HU LBERT..................................................................President
CHAUNCEY K E E P .............. > .....................Trustee Marshall Field Estate
CYRUS H. McCORMICK. . President International Harvester Company
•SEYMOUR M ORRIS...................................... Trustee L. Z. Leiter Estate
JOHN S. RUNNELLS.................................... President Pullman Company
EDWARD L. RYERSON............ Chairman Joseph T. Ryerson & Son
.1OHN G. SHEDD.............................President Marshall Field & Company
ORSON SM ITH.............................................
Chairman
JAMES P. SOPER......................Vice President 'S’oper Lumber Company
MAJ. A. A. SPRAGUE................................................................ U. S. Army
MOSES J. W ENTW ORTH............................................................... Capitalist

MEMBER FEDERAL RESERVE SYSTEM
DEPARTMENTS

COMMERCIAL— SAVINGS—TRUST— BOND
— FARM LOAN— FOREIGN EXCHANGE —

Capital and Surplus - - $12,000,000


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

General discussion— open forum—free for all.
Practical men of wide experience will be selected as
speakers for the main topics under consideration. All
bank and trust company delegates are urged to plan to
attend this meeting, as information of vital importance
to every banker will be developed.
FIRST NATIONAL BANK, OF CHICAGO.
The First National Bank, of Chicago, opened its
doors for business the first day of July, 1863. Its
character has never changed. For more than fifty-five
years it has been faithfully serving the interests of
the community and has enjoyed a career that was al­
ways marked by growth coincident with that of
Chicago.
It has been termed a “ model product” of the Na­
tional Bank act. The First National is not only a
monument to those who laid the foundation and whose
wisdom and prudence have made the name a synonym
for strength and safety, but to those also who day by

September, 1918

THE

NORTHWESTERN

, mm iiuiiiiim iiim m im m mum mm mumm im m illim i m m m nuiiiiiiiim iiim mm m mm imm iiinmiiiiiumm m imm illim i munii

BANKER

21

iiiiiuuiiim iiiiiuiium m iium iiiiiiM tiiiiuuiiiuiiiuiiinitim im im iiuiiiiiuiiuum uiuuiiiuiium uiim iuiuum iiiiim iiiiiuiim m uim i'.

I ^lllllllll

IU
I

*t '» K

R E ö t* '

United States Depositary

W e are prepared to render Correspondent Banks and Bankers Service that is mutually
agreeable, beneficial and co-operative.
Personal calls from our out-of-town Customers when visiting Chicago are cordially invited.

Fort Dearborn National Bank
C H IC AG O

CAPITAL AND SURPLUS $4,000,000
A GENERAL B A N K IN G BUSINESS
A Completely Equipped Foreign Exchange Department

Officers

Directors

William A. Tilden. .President

;C. A. Bickett

Nelson N. Lampert.Vice Pres.

Walter S. Bogle

Henry R. Kent___Vice Pres.

William F. Burrows

John Fletcher........ Vice Pres.

Ralph

Geo. H. W ilso n .. . .Vice Pres.

Crews

J. Fletcher Farrell

Marcus Jacobowsky.Vice Pres.
Richard Fitzgerald

Charles Fernald. . . Vice Pres.

John Fletcher

E. C. Tubbs..................Cashier
Wm. W . Le Gros.Asst. Cashier
Chas. L. Boye. . Asst. Cashier

Gustav Freund

ä-iSS

Wm. L. McKee. .Asst. Cashier

§rara~Ei¥SRr5TüTEF
—

Robt. J. McKay.Asst. Cashier
Wm. E. McLallen................
.Asst. Cashier
Edward N. Heinz...................
Asst. Cashier and Manager
Foreign Exchange Dept.
W. J. Fickinger. .Asst. Cashier

For! Dearborn Bank Building


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

¡iiliiliilillliilliiiiiiifiiiiiiiiiiiiiiHiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiniiniiiiiiHiiiiuiiiiiiiiiiM

El

A. Y. Gowen
Calvin H.. Hill
Henry R. Kent
Nelson N. Lampert
L. B. Patterson
Raymond W . Stevens
Edward F. Swift
Averill Tilden
Wm. A. Tilden

Monroe and Clark Streets
III/ E
iiiiiiiiiiniiiifiiiiiuiiiiiiiiiimiiiiiiiiiimimiimiiiiiiiiiiiiiiiiiiu'

THE

22

NORTHWESTERN

day maintained its reputation and its traditions, striv­
ing that the honored name might be handed down
without stain to their successors.
Its charter, which is Number Eight, provided that
the name of the corporation should be the First Na­
tional Bank, of Chicago, and the capital should be
$100,000. The capital is now $10,000,000 and surplus
$10,000,000. The original Board of Directors was com­
posed of Samuel W . Allerton, Tracy J. Bronson,
Samuel M. Nickerson, Byron Rice, Benjamin P.
Hutchinson, Edmund Aiken, Samuel G. D. Howard,
James C. Fargo, and John B. Sherman. Mr. Aiken
was elected president, Mr. Fargo vice president, and
$30,000 of the capital having been paid in, the fact was
communicated to Hugh McCulloch, Comptroller of the
Currency. Prior to receiving authority to commence
business, Mr. Fargo sold his stock and Samuel M.
Nickerson was elected vice president in his stead. Ed­
ward E. Braisted was appointed cashier. The bank
opened for business at the corner of La Salle and
Lake Streets. The bank’s first building was at the
southwest corner of Clark and Lake Streets. The
bank’s second building was at the southwest corner of
State and Washington, and was destroyed in the fire of
1871. The bank’s third building was at the northwest
corner of Dearborn and Monroe Streets, the location
of the present building.
The presidents of the First National Bank of Chi­
cago have been: Edmund Aiken, 1863-1867; Samuel
M. Nickerson, 1867-1891; Lyman J. Gage, 1891-1897;
Samuel M. Nickerson, 1897-1900; James B. Forgan,
1900-1915.
The principal officers of the First National Bank
at this date are: James B. Forgan, chairman of the

September, 1918

BANKER

board; Frank O. Wetmore, president; Henry A. How­
land, cashier; Richard J. Cody, assistant cashier.
December 18, 1903, a special dividend of $12.50 per
share, amounting to $1,000,000, was declared to pay in
the capital stock of the First Trust and Savings Bank,
a corporation organized under the laws of the state of
Illinois. The trust company opened for business De­
cember 28, 1903. In the first seven days it recorded
savings accounts totaling more than $3,000,000.
CHICAGO BANKER RAISES WHEAT.
Henry Meyer, assistant cashier of the National City
Bank, of Chicago, says that under his management “ as
a sidewalk farmer the present price of wheat pays a
handsome dividend on the investment, and that $2.40
a bushel on $35 land should not be tolerated.”
His report shows the operating expenses of raising
winter wheat on 58.66 acres in Iowa amounted to
$959.67, making the cost per acre $16.35 and the cost
per bushel 61c. The overhead expenses, including in­
terest at 6 per cent on the investment, taxes and man­
agement, were $461.94j a cost per acre of $7.87 and cost
per bushel of 29j4c, making the total cost per acre
$24.22 and the total cost per bushel 90j^c.
The gross receipts per acre of $54.65, less the ex-,
penses of $24.22, leaves net per acre, $30.43. The price
per bushel of $2.05 less the cost of 90j^c leaves net
per bushel, $1.14j/2.
SPEAKERS FOR A. I. B. CONVENTION.
Plans for the annual convention of the American In­
stitute of Banking, to be held at Denver on September
17th, 18th and 19th, are taking final shape. The pro­
gram of the convention is being completed by Presi-

Delegates attending the convention of the American
Bankers Association in Chicago, September 23d to 27th,
will find a hearty welcome awaiting them at this hank.
You are invited to make whatever use of our facilities
that you may find desirable or necessary.
DAVID R. FORGAN, President
ALFRED L. BAKER, Vice President
H. E. OTTE, Vice President
F. A. CRANDALL, Vice President
ROBERT R. FORGAN, Vice President
WALKER G. McLAURY, Cashier

W . D. DICKEY, Assistant Cashier
HENRY MEYER, Assistant Cashier
LEE A. KING, Assistant Cashier
R. B. FUESSLE, Assistant Cashier
T. R. THORSEN, Assistant Cashier
S. P. JOHNSON, Assistant Cashier

BOND D EP A R TM E N T
R. U. Lansing, Vice President and Manager
M. K. Baker, Assistant Manager
John R. Gray, Assistant Manager

T h e National City Bank of Chicago
Southeast Corner of Dearborn and Monroe Streets

Capital, Surplus and Profits Over


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

-

-

-

$3,200,000.00

September, 1918_________

_ THE

NORTHWESTERN

ESTABLISH ED

BANKER

23

1868

M. A. TRAYLOR, President
S. T. KIDDOO, Vice President
G. F. EMERY, Cashier
A. W . AXTELL, Assistant Cashier

SURPLU S A N D
U N D IV I D E D P R O F IT S

L. L. HOBBS, Assistant Cashier
D. R. KENDALL, Assistant Cashier

880, 000.00

$

H. E. HERRICK, Assistant Cashier

THE

LIVE STOCK

N A TIO N A L

BANK

o f CHICAGO

O PER ATIN G

IN

THE

L IV E S T O C K
A W AR

INTERESTS

of

the

IN D U S T R Y

I N D U S T R Y of F IR S T I M P O R T A N C E

Your Patronage

Will

Assist

This

Work

C A L L O N U S D U R IN G T H E C O N V E N T I O N
Exchange Building


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

Union Stock Yards

THE

24

NORTHWESTERN

dent R. S. Hecht, who is securing for his list of speak­
ers bankers'from various parts of the United States,
who have established themselves as leaders in the bank­
ing field.

WILLIAM A. TILDEN, President
Fort Dearborn National Bank.

B A N K E R ____________ September, 1918

Milwaukee; Joseph Chapman, vice president of the
Northwestern National Bank, Minneapolis, and John
Rovensky, vice president of the National Bank of Com­
merce, New York. These three well-known bankers
are A. I. B. “products” and their presence is expected
to add greatly to the interest of the convention.
Professor E. W . Kemmerer, of Princeton University,,
is to speak on the subject of “ War and the Interest
Rate.” There are to be several other addresses in which
the financial aspects of the war will be discussed.
FORT DEARBORN’S STEADY GROWTH.
From less than a million dollars in deposits in 1890
to more than forty-five millions in 1918. This, briefly,
reveals the growth of the Fort Dearborn National
Bank, of Chicago, 111. Organized in April, 1887, with
capital of $500,000 and resources of less than $1,000,000, the bank has rounded out its thirty-first year with
a showing that challenges admiration for the stable
and steady upward tendency that has marked its de­
posit line, as an appended tabulation will show. .
The Fort Dearborn has been able to maintain and
extend its identity as a powerful banking institution
from the day that it opened its doors, because its indi­
viduality has not been lost in any of the consolidations
of recent years. It stands today as it did thirty-one
years ago, striving to offer enlightened service to an
increasingly sound clientele that embraces all forms of
business from the humble individual to the mightiest
corporation. More than that, it has served as the re-

Among those whose names have already been an­
nounced as having a place on the program, are J. H.
Puelicher, vice president of the Marshall & Ilsley Bank,

The
National Bank
of the
Republic
OF CHICAGO

Offers adequate facilities for the
accounts of banks and bankers

JO H N A . L Y N C H
P re s id e n t
W . T. FEN TON
F ir s t V ic e P re s , a n d M g r.
R O B T . M. M cK IN N E Y
S e co n d V ic e P res.
O S C A R H. S W A N
C a sh ie r
W M . B. L A V IN IA
A s s is t a n t C a sh ie r


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

T H O S. D. A L L IN
A s s is t a n t C a sh ie r
L O U IS J. M E A H L
A s s is t a n t C a sh ier
W M . C. F R E E M A N
A s s is t a n t C a sh ie r
C H A S . S. M A C F E R R A N
A s s is t a n t C a sh ie r

serve agent to the country bank until now it numbers
among its customers of this kind more than 1,200 in­
stitutions in nearly forty states.
In 1911 the eighteen-story building now .known as
the Fort Dearborn Bank Bldg, was purchased. After
moving into the new building the Fort Dearborn Trust
& Savings Bank was established. Since opening, seven
years ago., it has secured deposits of more than $5,000,000. It has capital of $500,000 and surplus and profits
of more than $250,000.
From the massive and attractive entrance on Monroe

September, 1918

THE

N O R T H W E S T E R N

BANKER

25

I M R A N S A C T I N G the largest c o m m erc ia l
business and having the greatest volume of
bank deposits of any State Bank or Trust
Com pany in the W est, T h e Merchants Loan and
Trust Com pany Bank of Chicago employs the most
approved, modern methods to insure the expeditious
handling of the accounts of its city and out-of-town
depositors. Through its Commercial, Savings, Trust,
Bond, Farm Loan and Foreign Exchange Depart­
ments, this Bank offers liberal accommodations and
unexcelled facilities in all branches of banking.
THE CHARACTER OF THIS BANK IS REFLECTED IN THE
PERSONNEL OF ITS BOARD OF DIRECTORS
FR AN K H ARM STR O N G
President Reid, Murdoch 6c Company
C LAREN CE A . BURLEY
Attorney and Capitalist
R. T . C RAN E, Jr.
President Crane Company
, HENRY P. C R O W E LL
President Quaker Oats Company
H A LE HOLDEN
Regional Director, U. S. Railroad Administration
M A R VIN H U G H ITT
Chairman Chicago 6c Northwestern Railway Company
EDMUND D. H U LBERT
_
_
President
C H AU N C EY KEEP
Trustee Marshall Field Estate
CYRUS H. McCORMICK
President International Harvester Company


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

SEYMOUR MORRIS
Trustee L. Z . Leiter Estate
JOHN S. RUNNELLS
President Pullman Company
E D W A R D L. RYERSON
Chairman Joseph T . Ryerson & Son
JOHN G. SHEDD
President Marshall Field 6c Company
ORSON SMITH
Ch airman
JAMES P. SOPER
Vice-President Soper Lumber Company
MAJ. A . A . SPRA GU E
U. S. Arm y
MOSES J. W E N T W O R T H
Capitalist

MEMBERS OF THE AMERICAN BANKERS’ ASSOCIATION ARE INVITED TO CALL

ORSON SMITH

P. C. PETERSON

Chairman of the Board
EDMUND D. H U LBERT
President
FR AN K G. NELSON
V ice-President
JOHN E. BLUNT. Jr.
V ice-President
C. E. ESTES
Vice-President
F. W . TH OM PSO N
Vice-President
H. G . P. DEANS
Vice-President

Cashier
JOHN J. GEDDES
Assistant Cashier
F. E. LOOMIS
Assistant Cashier
LEON L. LOEH R Secretary and Trust Officer
A . L E O N AR D JOHNSON
Assistant Secretary
G. F. HARD1E
Manager Bond Department
C U TH B E RT C. A D A M S
Asst. Mgr. Bond Department

“ Identified with C h ica go’s Progress Since 1 8 5 7 ”

Capital and Surplus
$ 1 2 ,0 0 0 ,0 0 0

Member
Federal Reserve

System

12 W . Adam s St.
CH ICAGO

THE

26

NORTHWESTERN

September, 1918

BANKER

CONTINENTAL and COMMERCIAL
NATIONAL BANK
OF CHICAGO

$ 3 6 ,0 0 0 ,0 0 0 .0 0

C A P IT A L , SURPLUS A N D PROFITS
OFFICERS
G e org e M . R e y n o ld s . . . . P re sid e n t
John R . W a s h b u r n . V ic e P re sid e n t
W ils o n W . L a m p p r t............ C a sh ie r
H a r v e y C . V e r n o n . .A s s t . C a sh ie r
G e o rg e B . S m ith . . . .A s s t . C a sh ie r
W ilb e r H a t t e r y . . . .A s s t . C a sh ie r

A rth u r R e y n o ld s . .V i c e P re sid e n t
R alp h V a n V e c h te n V ic e P re sid e n t
A le v . R o b e r ts o n . .V i c e P re sid e n t
H e rm a n W a ld e c k . .V i c e P re sid e n t
John C. C r a f t ..........V ic e P re sid e n t
W m . T . B r u c k n e r . .V ic e P r e s id e n t

H . E r s k in e S m ith . . . A s s t . C a sh ie r
D an N o r m a n ...............A s s t . C a sh ie r
G e o rg e A . J a c k s o n . .A s s t . C a sh ie r
R . G . D a n ie ls o n ..........A s s t . C a sh ie r
J. F . C r a d d o c k . .M g r . C red it D e p t.
J. M cC u rrach . M g r . F o r e ig n D e p t.

D IR E C T O R S

D IR E C T O R S

J . O gd e n A r m o u r
P r e s id e n t A r m o u r & C o m p a n y
A le x a n d e r F . B a n k s

R o b e r t T . L in c o ln

C h a irm a n B o a r d o f D ir e c t o r s
T h e P u llm a n C o.
E a m e s M ac V e a g h

P r e s id e n t E . J. & E . R . R . Co.

T reas. F r a n k lin M a c V e a g h & Co.

C h a rle s T . B o y n to n

R o b e r t H . M c E lw e e

V ic e P re s . P ic k a n d s , B r o w n & Co.

P r e s . M e n om in ee R iv e r L u m b e r
C o.

E u g e n e J . B u ffin g to n

P r e s id e n t I llin o is S te e l Co.

P ric e M c K in n e y

P r e s id e n t T h e M c K in n e y S te e l
C o., C le v e la n d , O h io

H . E . B yram

P re sid e n t' C., M. & St. P .’ R y . Co.

D . R . M cL e n n a n

E d w a r d F . C a rry

M a rsh & M cL en n a n

P res. H a s k e ll & B a r k e r C a r Co.

J o y M o rto n

W ill ia m J. C h a lm e rs

P r e s id e n t M o rto n S alt Co.

M a n u fa c t u r e r

A lf r e d H . M u llik e n

P re s . P e tt ib o n e , M u llik e n & C o.

A lf r e d C o w le s

J a m e s A . P a tte n

P r e s id e n t R ia lt o T ru s t

C a p ita lis t

J o h n C . C r a ft

H e r b e r t F . P e r k in s

V ic e P r e s id e n t

D iv . M g r. I n te r , H a r v e s t e r Co.

E d w ard A . Cudahy

E d w in A . P o tte r

P r e s id e n t C u d a h y P a c k i n g Co.

F o rm e r P re s . A m . T . & S av. B a n k

R obert J. D unh am

W ill ia m H . R e h m

T r e a s u r e r N o r th e rn M a lt Co.

V ic e P re s . A r m o u r & C o m p a n y

A r th u r R e y n o ld s

B e r n a rd A . E c k h a r t

V ic e P r e s id e n t

P re s . B. A.. E c k h a r t M illin g Co.

G e o rg e M . R e y n o ld s

L o u is E c k s te in

P r e s id e n t

P r e s id e n t B u c k & R a y n e r
M ilto n

E d w a r d P . R ip le y

P re s . A . T. & S. F . R . R . C o.

S. F lo r s h e im

A le x . R o b e r ts o n

P r e s id e n t F lo r s h e im S h o e Co.

V ic e P r e s id e n t

F r a n c is A . H a r d y

J a m e s W . S te v e n s

C h a irm a n B o a r d o f D ir e c t o r s
B . F . G o o d r ic h Co.

Pres. I llin o is L ife I n s u r a n c e C o.
R o b e r t W . S te w a rt

F r a n k H ib b a r d

G en era l C o u n s e l S ta n d a rd O il Co.
.
o f In d ia n a

V ic e P r e s id e n t H ib b a r d , S p e n ce r,
B a r tle t t & Co.

C h a rle s H . T h o rn e

P res. E d w a r d H in e s L u m b e r Co.

C h a irm a n B o a r d o f D ir e c t o r s
M o n t g o m e r y W a r d & C o.

W i ll i a m V . K e lle y

R a lp h V a n V e c h te n

E d w a r d H in e s

P r e s id e n t The\ M ie h le P r in t in g
P r e s s & M fg . C o.

V ic e P r e s id e n t
H e r m a n W a ld e c k

D . F . K e lly

G e n e ra l M a n a g e r M a n d e l B r o s.

V ic e P re s id e n t
C h a rle s H . W e a v e r

R ic h a r d C . L a k e

C. H . W e a v e r & Co.

R e tir e d
D a v id R . L e w is

V ic e P r e s id e n t H ib e r n ia n B a n k ­
in g A s s o c ia t io n

Accounts of Banks, Bankers, Manufacturers,
Merchants and Individuals invited

F red E . W eyerh aeu ser

L u m b e r, St. P a u l, M inn.
M ilto n H . W ils o n

P r e s id e n t W ils o n B ros.

C O N T IN E N T A L A N D C O M M E R C IA L T R U S T
A N D S A V IN G S B A N K
T R U S T , S A V IN G S A N D B O N D D E P A R T M E N T S

Capital, Surplus and P r o f its

-

-

-

-

$ 6 ,0 0 0 ,0 0 0 .0 0

OFFICERS
G eorg e M . R e y n o ld s ........P re sid e n t
John J a y A b b o t . . .V i c e P re sid e n t
A rth u r R e y n o ld s . .V i c e P re sid e n t

C h arles C. W i l l s o n
C a sh ie r
W illia m P . K o p f
S e c re ta r y
E d m u n d J . C la u s s e n . .A s s t . Sec’y

H e n ry C. O lc o t t . . M g r . B o n d D e p t.
R o b t. J . H e r c o c k . . . . A s s t . C a sh ie r
A lb e r t S. M a r t in . . . . A s s t . C a sh ie r

The Capital Stock of the Continental and Commercial Trust and Savings Bank ($3,000,000)
and the Capital Stock of the Hibernian Banking Association ($2,000,000) are Owned by
the Stockholders of the Continental and Commercial National Bank of Chicago

Combined Resources o f These Affiliated Banks Over $ 4 0 0 ,0 0 0 ,0 0 0 .0 0


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

September, 1918

THE

NORTHWESTERN

27

BANKER

AComplete Bank

HIS bank is equipped with highly specialized
departments to meet every financial or fidu­
ciary need. There is a distinct advantage in hav­
ing so complete and varied an organization at
your call.
The business of individuals, firms, corporations
and banks is cordially invited.

T

BANKING
SAVINGS
BONDS
TRUSTS
VAULTS o f The Northern Trust Safe Deposit Company

OFFICERS
SO L O M O N A . S M IT H , P resident
H. O . E D M O N D S
B R U C E D . S M IT H
V ice-P resident
Vice-P resident
W IL L IA M S. M ILLER
M A R T IN L IN D S A Y
Vice-P resident
Vice-P resident
A L B E R T W . B U L L A R D , V ice-P resident
T H O M A S C . K IN G , C ashier
G‘. J. M ILLER
R IC H A R D M . H A N S O N
A ssistant C ashier
A ssistant C ashier
O L IVER PRINGLE
H A R R Y E. SH IPLEY
A ssistant C ashier
A ssistant Cashier
W IL L IA M H . M O O N E Y , A ssistant Cashier
A R T H U R H E U R T L E Y , S ecretary
HAROLD H. ROCKW ELL
S. C. S T A L L W O O D
A ssistant S e cre tary
A ssistant S ecretary
A N D R E W B. CASW ELL
W IL L A R D C . K ITCH E L
Assistant S ecretary
A ssistant S ecretary
E D W A R D C . J A R V IS , A u ditor

DIRECTORS
A . C. B A R T L E T T C h airm an B o ard o f D irectors,
H ib bard , S p en cer, B artlett & C o.
W IL L IA M A . FU LLER
ERNEST A . H A M IL L

R etired M anufacturer
President C orn Exchange
N ational B ank

CH A R LE S L . H U T C H IN S O N
Vice-P resident
Corn E xch a n ge N ational B ank
JO H N T . PIRIE

C arson, Pirie, S cott & Co.

M A R T IN A . R Y E R S O N
W A L T E R B Y R O N SM IT H
- JO H N S T U A R T

2 n d V ice-P resid ent, Q u ak er
O ats Co.
E Z R A J. W A R N E R
P resident, S p rague,
W a rn e r & C o.
S O L O M O N A . SM IH T
Pres., T h e N orthern
T rust C o .

The NorthernTrust Company- Bank

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

CAPITAL, and SURPLUS $4,000,000
La Salle d
fc Monroe Streets, Chicago

28


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

THE

N O R T H W EST ERN

BANKER .

J. P. MORGAN & CO:
WALL STREET, CORNER OF BROAD
NEW YO RK

D R E X E L & CO ., P H IL A D E L P H IA
CORNER OF 5th AND CHESTNUT STREETS

M O R G A N , G R E N F E L L & C O ., L O N D O N
NO. 22 OLD BROAD STREET

M O R G A N , H ARJES & C O ., PA R IS
31 BOULEVARD HAUSSMANN

Securities bought and sold on Commission,
Foreign Exchange, Com m ercial Credits.
Cable Transfers.
Circular

Letters

•

for Travelers,

available in all parts of the world.

September, 1918

THE

September, 1918

NORTHWESTERN

street you gain immediate access to the bond, real es­
tate, loan and savings departments and the vaults.
Then up the grand staircase of white marble you find
the main banking floor of the National Bank. The
officers, occupying desks on the Monroe street side of
the building, are easily accessible to the public, thus
exemplifying the policy of the bank to make it as easy
and cheerful as possible for customers to transact busi-

29

BANKER

WATERLOO B A\K & TRUST CO.
(FORM ERLY W ATERLOO LOAN AND TRUST CO.)

Lafayette Building

\Vaterloo, Iowa

Now doing a General Banking and Trust Company busi­
ness under the same successful management and with
added features and facilities will render the highest
service attainable.
Write us for particulars on farm loans or investments
suitable for Estates, Guardians, Individuals, State, Sav­
ings and National Banks. These investments secured
by first mortgages and are also a direct obligation to
this bank.

CAPITAL, SURPLUS AND PROFITS, $325,000.00
B. J. E O W E B Y , P re s .
J. W . A R B U C K L E , V . P re s .
C. A . M A IN S , C a sh ie r

H . W . H O W R B Y , A . C ash.
E . H. W Y A N T , S e c r e t a r y
G. H. D U N H A M , T r e a s u r e r

Be Ready
As a progressive banker you are going to have a
busy fall.
You will want to Be Ready to make every moment
count. To do this you should purchase early your
Christmas Savings Club Supplies.

SUPPLIES

HBNRY MEYER
Asst. Cashier National City Bank
of Chicago

ness promptly. The trust department occupies the
gallery above the banking floor. The board of direc­
tors’ room, executive committee room, law library and
consultation rooms are also in this gallery. The aud­
iting or bookkeeping departments are located on the
mezzanine floor. The fourth floor of the building is
occupied by the transit department.

— are both practical and economical— our knowledge
of how to promote and conduct these clubs will be of
special interest to every banker.
Our supplies are equally as well adapted for the
coming Liberty Loans.
Let us tell you how easy it is to Be Ready.

W rite Us

The T h rift Press
Peoria, Illinois

Leavitt & Johnson National Bank
Established 1856

Capital, Surplus and Profits
$300,000.00

Waterloo, Iowa
OFFICERS
J. E. SED GW ICK , President
C. E. PIC KETT, Vice President
J. O. TRUM BAUER, Vice Pres.

Total Assets
$3,500,000.00

FRED H . W RA Y , Assistant Cashier

Accounts of Banks Desired and
Appreciated

Sixty-two Years of Continuous
Successful Banking


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

IRA R O D A M A R , Cashier

j

30

THE

NORTHWESTERN

September, 1918

The first president was Homer N. Hibbard and then
came John A. King and LeRoy A. Goddard. The
present president, Wm. A. Tilden, took the reins in
1908. Mr. Tilden has conducted the bank through one
of the most interesting periods of financial history. He
found a great opportunity and has devoted his talents
wisely and untiringly to that opportunity.

“ Let’s Keep the Glow in Old Glory ”
Fly a Clean, Fresh Flag Every Day

"H ANDY-DANDY 99
Flag and Pole Combination Outfit
Contains Flag, Pole, Rope,
and Holder

GROWTH OF UNION TRUST CO.
The Union Trust Co., Chicago, began business as
the Union Insurance & Trust Co. in 1869. In 1872 its
name was changed to the Union Trust Co. This bank
is, therefore, one of the three oldest banks in. Chicago.
It has been at the same location and under practically
the same management for forty-eight years.
Deposits have grown in the past fifteen years from
$8,370,501.21 to $33,776,203.35.

Flag Made
of Best
Quality
Cotton
Bunting.
Size 3x5 ft.

Sewed
Stripes,
Fast Colors,
Brass
Grommets.

BANKER

A U seful
N o v e lty
for men and women— of
daily utility.

This splendid combination outfit sent postpaid for
$1.75. Larger size, 4x6 ft. at $2.75.

Novo Coin Holder

Make Big Display of Flags
During Coming Liberty Loan Drive!

H a s s e p a r a te s lo t s f o r p e n n ie s , n ic k e ls , d im es, q u a r te r s
a n d h a lv e s , m a k in g it e a s y to s e le c t th e p r o p e r c o in w it h ­
o u t d e la y . V e r y h a n d y , a s y o u p a y y o u r c a r fa r e , b u y a
p a p e r o.r m a k e a sm a ll p u r c h a s e w h e n in a h u r ry . C oin s
a r e h e ld fir m ly a n d w ill n o t d r o p ou t.

Can supply U. S. Flags and Allied Flags all sizes—
Service Flags for Church, School, Home or Bank
Office. Silk, Cotton, Wool.

Im ita tio n L e a th e r , B l a c k ............................................ .....................$ .25
G en u in e L e a th e r , B l a c k ........................................................................... 50
T h e se p rice s a r e p o stp a id to a n y p a r t o f th e c o u n try .
S p ecial q u a n t ity p rice s u p o n re q u e st.

S . BLAKE W ILLSDEN
27 E. Madison St.

.Chicago

P. O. Box 36

AMERICAN SPECIALTY CO.
Providence, R. I.

The

M e rc h a n ts
National Bank
| Use Quality
| Bank Furniture
jl
g
M
jj
g
g
g
¡1

¡g
§§

|
g

Cedar Rapids, Iowa

The bank which installs furniture of quality is
using sound judgment. There is no saving in cheap
hank furniture.
Furniture of Stow & Davis quality lends an air of
refined dignity to your institution— gives customers
a more favorable impression and there’s real pleasure and satisfaction in using Stow & Davis handsome furniture.
Stow & Davis are makers exclusively of bank
and office furniture.
When you have banking rooms to furnish come
to Grand Rapids and see our line or send your
schedule to us through your dealer or architect before purchasing.

Stow

&Davis Furniture Co.

Grand Rapids

g lllllllllllllllllll!llllfl!llllll!llill!!lll!IIIIIIIIl!!!lllllllllll


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

Michigan

jjj
J{

Resources $14,000,000.00

g
g

g
=
g
g
¡1
M
g

H
§g

|
g

OFFICERS
J o h n T . H a m ilto n
P re sid e n t

P . C. P r ic k
V ic e P re sid e n t

J a m e s E . H a m ilto n
V ic e P re sid e n t

E d w in H . F u r r o w
C a sh ier

H . N . B oyson
A s s is t a n t C a sh ier

R o y C. F o ls o m
A s s is t a n t C a sh ier

M a r k J . M y e rs
A s s is t a n t C a sh ier

F r e d A . G ro eltz
A s s is t a n t C a sh ier

A live institution offering superior equipment
and facilities for the handling of bank accounts.

September, 1918

THE

NORTHWESTERN

BANKER

COMPLETED IN 1912
11
1 1
1 1

J|

11

Six years ago and if you will inspect-any of these
banks you will think you are in a newly remodeled
banking room. Fisher-Morris fixtures retain for years
their newness, their up-to-date appearance, their efficiency.
First National Bank, Windom, Minn.
Whitney Loan & Trust Co., Atlantic, Iowa.
Citizens State Bank, Elgin, Iowa.
Crook County Bank, Prineville, Ore.
Independence State Bank, Independence, Ore.
Farmers State Sav. Bank, New Vienna, Iowa.
Peoples National Bank, Waukon, Iowa.
First National Bank, Morristown, S. D.
Arlington State Bank, Arlington, Neb.
Volga Sayings Bank, Volga; Iowa.
City Trust & Sav. Bank, Boone, Iowa.
First National Bank, McKinney, Texas.
Pemberton State Bank, Pemberton, Minn.
Bank of Terril, Terril, Iowa.
Waterloo State Bank, Waterloo, Wis.

Half Century Experience

56 Banks M odernized b y
Fisher-M orris
in 1917

HE Northwest is very prosperous. Business is increasing with
banks everywhere.. This growing business demands larger and
. more convenient banking quarters. Fisher-Morris fixtures mod­
ernize the bank, reduce cost of operation and increase results. You are
prosperous today and can afford to modernize your bank now. In fact,
you cannot afford to put off this deposit-building action, because the at­
tractive, cheerful, progressive bank does the business.

Peoples State Bank, Northrop, Minn.
Crooks State Bank, Crooks, S. D.
Farmers State Bank, Columbus, Neb.
Farmers State Bank, High-wood, Mont.
Citizens Bank, Marathon, Iowa.
First State Bank, Watford City, N. D.
Commercial Sayings Bank, Mitchell, S.

T

Fisher-Morris fixtures are worth real dollars and cents to every bank in
which they are installed. They give the bank additional prestige and
standing—help it to maintain or increase its leadership in the community.
It is to your interest to place your contract with headquarters. The
Fisher-Morris Company equips more banks every year than any other
firm in the United States. W e have the largest bank fixture plant in the
West. The banks we have equipped during the past year prove our
leadership in this field. Tell us when we may call at your bank for a pre­
liminary conference. This involves no obligation but may be the means
of saving you hundreds of dollars in addition to giving you assured
results.

F ish e r-M o rris C om pany
Bank F ixtures H eadquarters lor H alf a Century

C harles City


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

-

Io w a

D.

Swift State Bank, Swift Falls, Minn.
Aetna State Bank, Oelwein, Iowa.
Union National Bank, Ames, Iowa.
Popejoy Savings Bank, Popejoy, Iowa.
Fanners Bank, Emery, S. D.
Lohman State Bank, Chinook, Mont.
Hillsview State Bank, Hillsview, S. D.
Farmers State Bank, Bartley, Neb.
First National Bank, Bancroft, Neb.
Dollar Savings Bank, Niles, Ohio.
Valparaiso State Bank, Valparaiso, Neb.
Winnebago State Bank, Winnebago,
Minn.
Farmers State Bank, Steamboat Bock,
Iowa.
Farley State Bank, Farley, Iowa.
Com Belt National Bank, Scotland, S.
D.
Farmers Savings Bank, Frankville, la.
Farmers State Bank, Chester, S'. D.
City National Bank, Mason City, Iowa.
Sibley State Bank, Sibley, Iowa.
State Bank of Portsmouth, Portsmouth,
Iowa.
Conde State Bank, Conde, S. D.
State Bank of Tulare, Tulare, S. D.
Farmers State Bank, Stockton, Minn.
Commercial State Bank, Britt, Iowa.
First National Bank, Lawler, Iowa.
Franklin County State Bank, Hampton,
Iowa.
Fertile Bank, Fertile, Iowa.
Dakota Trust & Savings Bank, Sioux
Falls, S. D.
Farmers Bank, Blairsburg, Iowa.
First State Bank, Mountain Iron, Minn.'
State Bank of New Richland, New
Kichland, Minn. .
Plainview State Bank, Plainvlew, Minn.
First National Bank, Humboldt, Iowa.
Commercial Bank, Emmetsburg, Iowa.
Farmers & Merchants Bank, Britton,
S. D.
Peoples Trust & S'avings Bank, Port
Byron, 111.
First National Bank, Madison, S. D.
Malmo State Bank, Malmo, Neb.
First State Bank, Hawkeye, Iowa.
Galata State Bank, Galata, Mont.
Owanka State Bank, Owanka, S. D.
Farmers State Bank, Hawarden, Iowa.
Security Savings Bank, Waterloo, Iowa.
First National Bank, Dunlap, Iowa.
Farmers State Bank, Bancroft, Iowa.
Farmers State Bank, Plainfield, Iowa.

31

32

Legal

THE

NORTHWESTERN

O p in ion s

BANKER

and

September, 1918

D ecision s

posit for his firm, stamps
This department contains each month excerpts from the
Liability for Check Sig­
latest decisions on banking and commercial law carefully,
a check so, adds his own
nature.
selected from recent decisions of the supreme courts of
name, and c a s h e s the
A case showing how an
Iowa, Nebraska, Minnesota, North and South Dakota, and
check with another who
authorization i o s i g n
from other states when the decisions are of interest to
finally collects on it from
our subscribers. Questions of interest to bankers will be
checks for a corporation
discussed and ANY SUBSCRIBER has the privilege of
fiis bank. The Chelsea
can be made so ambigu­
writing for information and advice on any legal subject.
Exchange Bank, of New
ous as to hide its real in­
He will receive an immediate reply from our attorney
York,
was sued recently
tent was tried recently be­
without any fee or expense. A complete trial brief of any
by the McCabe Hanger
subject involving exhaustive research in a complete Law
fore the New York Su­
Manufacturing Company
Library will be furnished at any time for $10.00. In w rit­
preme Court. Isadore Cut­
ing for information, kindly enclose a 3-cent stamp for
for the amount of a check
ler appealed from a deci­
reply and address “Legal Department,” care The North­
which the latter claimed
sion in favor of the Colon­
western Banker, Des Moines.
had been f o r g e d and
ial Bank in which the
lower court held that the following resolution drawn which had been deposited in the bank. Because the
up by the directors of I. Rosenhaus, Incorporated, au­ company’s secretary in endorsing the check used the
thorized either and not necessarily both the president rubber stamp which he was authorized to use ordinar­
and the treasurer to sign the checks of the company: ily, the endorsement was not held to be a forgery and
“ Resolved, That Isaac Rosenhaus, president, and Louis his unauthorized diversion of the check did not make
Hoffman, treasurer, of this company, be.......authorized a subsequent holder liable.
Free Storage of Safe Deposit Boxes.
to make,...........in the name of this company all checks,”
Entrusting a tin box to the care of a bank without
etc. The defendant bank paid a check of $275, signed
only by the president, and charged it to the account of disclosing the nature of its contents makes the bank
the corporation, and suit was brought to recover the responsible for neither the box itself or what it con­
sum. It was brought out in the evidence that the in­ tains. A suit by one Sawyer to recover damages from
tent of the resolution was to require the signature of the Old Lowell National Bank, of Lowell, Mass., for
both officers of the corporation, and that the corpora- its failure to find immediately a tin box containing
* tion had at the bank’s suggestion passed the resolution among other things a will, has been decided in favor
as an amendment to a by-law providing that checks of the bank. The box, which was stored gratuitously
be signed by the treasurer and countersigned by the for the owner’s accommodation, turned up some years
president. The judgment was reversed, it being held after her death. Acceptance of the box did not make
that the bank was liable for the amount of a check the bank responsible for its-contents, it was held, since
which it paid bearing only the signature of the presi­ their nature was kept secret. An empty tin box, stored
free, cannot be regarded as a “ special deposit.”
dent.
Bank’s Liability for Act of Cashier.
Cannot Enforce Usurious Note.
The United States Circuit Court of Appeals, in the
The fact that the holder of a note did not know it
was usurious when he accepted it is not to be regarded case of Meyer & Chapman State Bank v. First Nation­
as grounds on which to enforce payment of the note, al Bank, of Cody, ruled as follow s:
The cashier of the defendant bank requested the
according to a decision of the Court of Appeals of New
York in the case of Sabine vs. Paine. A note void in plaintiff bank to discount a $10,000 note, representing
its inception for usury continues void forever, what­ that the note was part of the assets of the defendant.
ever its subsequent history may be. It is as void in As a matter of fact, the cashier had obtained the note
the hands of an innocent holder for value as it was in 'direct from the maker and it was not part of the de­
fendant’s assets. The note was discounted and the de­
the hands of those who made the usurious contract.
fendant received the proceeds. In an action brought
Endorsement of Check Not Forgery.
The indorsement of a check is not a forgery when a by the plaintiff on the note, it was held that the de­
person who has full authority to stamp checks for de­ fendant, having received the proceeds, could not es-


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

Your Chance
W e always have in our possession several sets of second­
hand bank fixtures which we offer at so low a price that you
can always dispose of same without a loss to you. If you are
opening in a temporary building, or even ,for permanent use,
these will make splendid fixtures at about one-third cost of
new equipment. Get the description of these outfits— it is
worth your while.

McNamara-Kenworthy Co.
Des Moines, Iowa.

September, 1918

THE

NORTHWESTERN

BANKER

33

__

For 37 Years
Really knowing the styles worn by
gentlemen is but part of good tailoring.
W e study the characteristics of each
man’s figure, and, with a hundred and
one small perfections of cut and fit, give
his clothes that indescribable look called
S T Y L E — Individual Distinction.
Suits and Overcoats, prices—$35 to

$75.
A splendid range of clear cut W o r s ­
teds at $35 to $40.

the Metropolitan Trust Company has
been conducting a high-grade banking
and trust company business in the verv
heart of America’s financial district.
Its present offices at 60 Wall Street are
equipped with every modern facility
for handling banking matters with the
greatest accuracy and despatch. W e
offer a special service complete in every
detail to correspondent banks. A hand­
some illustrated booklet showing views
in our banking offices and photos and
descriptions of some of the time saving
machines we are operating will be sent
upon request. Write for it today.
Capital $2,000,000

Surplus $4,000,000

A n almost endless array of smart
fabrics await you r selection here.

Metropolitan Trust Company

N IC O IJ L The T a ilo r

60 W all St.

W ~ Jerrems* Sons
2 4 th Y ea r

of the C ity of N e w Y ork

716 Fifth A ve.

M em ber o f Federal Reserve System

D es M o in e s , Iowa

cape liability on the ground that the note did not be­
long to it.
Notice of Dishonor.
The Supreme Court of South Carolina, in the case
of Shull v. Gladden, ruled that a person who writes
his name on the back of a promissory note before it is
delivered by the maker to the payee, is liable as an
indorser and is entitled to notice of dishonor. The
failure to give such notice releases him from liability.

A T T R A C T IV E F IX T U R E S ARE A

B A N K ’ S BEST A S S E T
Then w h y not get “ E H R L IC H ”
Fixtures and Increase Y O U R
B U S IN E S S ?

Altered Check.
In the case of the First National Bank, of Cushing,
v. Ketchum, the Oklahoma Supreme Court ruled that
where a bank pays a check which has been fraudu­
lently raised, it cannot charge the amount of the check
against the drawer’s account.
May Fill Blank.
The case of Blockman Commercial & Savings Bank
v. Ketcham involved a promissory note, dated at a
place in Mexico, which contained a blank space for the
place of payment. It was held by the California Dis­
trict Court of Appeals that the holder of the note was
entitled to fill in the space so as to make the instru­
ment payable at a place in California.
Interior View of the First National Bank, of Fremont, Nebraska.

MODERNIZE BANKING ROOM.
Active work has been commenced by Hoggson Broth­
ers, the Atlanta, Chicago and New York builders, on
remodeling the banking room of the Farmers and Mer­
chants National Bank at Winchester, Va., and on the
remodeling of the banking quarters of the City National
Bank, Plainfield, N. J.


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

If y ou so desire w e w ill help you
design them. W rite us today.

H. EHRLICH &SONS MEG. CO.
ST. JOSEPH, MO.

P

THE

34

NORTHWESTERN

VALUE OF REGULAR AUDITS.
B Y A , H . H A M M A R S T R O M , C. P . A .
S e c r e t a r y -T r e a s u r e r I o w a S ta te B o a r d
o f A c c o u n t in g .

A person may borrow money on a good reputation
but he cannot use his good reputation to pay his debts.
The banker’s business is to loan money only to those
who will be. able to pay the money back and in addi­
tion, the agreed upon interest.
In negotiating a loan the banker considers two
things: the reputation of the borrower and what prop­
erty the borrower owns, which may be attached, if
the borrower does not live up to his reputation.

September, 1918

BANKER

A borrower may use his reputation for years as an
asset on which to borrow money and his business be
insolvent. Such a condition may exist without the
knowledge of the borrower on account of inadequate
bookkeeping.
The income tax has awakened the business men to
the necessity of a better system of bookkeeping, for
they discovered that they were unable to make a
proper return to the government of their income and
in many cases they were more desirous of arriving at
exact conclusions than ever before.
The business man in the past has been quite satis­
fied with approximate conclusions as to net income
which quite naturally reflected advantageously to the
business, inasmuch as there was no penalty for such
inaccuracies.
The greatest inaccuracy in an operating statement
results from not attaching all of the costs to the busi­
ness, some expenses are overlooked and others not
recognized as expenses. Losses are often carried as
assets from one period to another.
Reports are made to the banker, perhaps without in­
tention of being misleading, but it must always be re­
membered that a person in making a loan is prejudiced
and will make the best showing possible.
A prospective purchaser of real estate will not accept
the mere statement of the owner as to the title but will
require an abstract of title of .the property, compiled
by a disinterested, competent person.
When the purchaser completes the transaction he
has an investment in an asset, the title to which is evi­
denced by the abstract, without reference to future in­
come, as far as the seller is concerned.
However, when a commercial loan is negotiated, it
is not the desire of the banker to acquire title to the
business, but he does desire a return of his money with
interest and should be furnished a satisfactory state­
ment evidencing the earning power of the business, as
reflected by past operations, besides a statement of the
present worth of the business.
When such a statement is prepared by a certified
public accountant the banker is assured of the reliabil­
ity because of the years of study and experience re­
quired by an accountant before he is permitted, by law,
to practice as a certified public accountant.
An audit of the books does not change the opera­
tion of a business but discloses the facts of the opera­
tions.
The banker, as well as the business man, should be

OFFICERS

IO W A
N A T IO N A L B A N K ,

'

C H A S. SH U L ER , President

F R A N K B. Y E TT E R , Cashier

W . H . G E H R M A N N , Vice-President

LOUIS G. BEIN , Assistant Cashier

DAVENPORT* "*

CAPITAL STOCK
.
SURPLUS
.
.
.
UNDIVIDED PROFITS

$150,000.00
150.000.
125.000.

00
00

We invite the business of Banks, Bankers and Merchants desiring Prompt, Efficient
and Satisfactory Service.


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

September, 1918

THE

NORTHWESTERN

able to read a balance sheet and to accurately inter­
pret an operating statement. He should know the value
of the several classification of assets and an understand­
ing of an operating statement whereby he may arrive
at accurate conclusions of the condition of a business.
It is too often taken for granted that when a man is
doing a big business (making sales) that he is con­
ducting a profitable business, regardless of the fact
that his expenses mav consume nearlv all of the profits.
The relation between the banker and the certified
public accountant should be very friendly, for while the
accountant is not permitted, by the ethics of his pro­
fession, to divulge the operations of the business of his
client without the permission or at the request of his
client, yet his mission is to analyze the business and
render such service that the condition of the business
is determined and a consequent improvement result­
ing, and where the proper relations exist between bank­
er and business man the accountant’s report will be
turned over to the banker for his information.

35

M ake Y o u r A d vertisin g Say
“ W E ’L L W I N !”
UST BECAUSE UNCLE SAM doesn’t want
you to travel, don’t think he wants you to
put your business to bed for the duration of
the war.

J

ADVERTISE!
In the face of short help, inex­
perienced employees, economies, added duties—
keep your bank’s service at 100%— plus.
CRADDICK SERVICE will take care of all your
advertising details and do it effectively, efficiently,
economically.

C. H. Townsend, of Fort Dodge, has accepted the
place made vacant by the resignation of J. M. Carlson
as cashier of the First National Bank, Atlantic, Iowa.

A DEFINITE advertising proposal will be sent
upon request, giving full information with cost
estimate. In writing, enclose last bank statement.

The Seymour National Bank, Seymour, Iowa, has
opened for business with a capital of $40,000. The
following officers have been elected: M. H. Wilson,
president; W. H. McCabe, vice president; A. J. Davis,
cashier, and R. W . Lowry, assistant cashier.

H. B. C R A D D IC K
Advertising Manager for 424 Banks
1004-1008 First Nat.-Soo Building
Minneapolis, Minnesota

Ralph G. Richards, of Des Moines, has accepted a
position as assistant cashier in the Garwin State Bank,
Garwin, Iowa.


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

BANKER

IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIH

Preparedness? J
YCS

— prepare for the wintry winds
that blow by installing in your
home and bank a

LENNOX
TORRID ZONE
FURNACE
N o p a ck e d join ts
smoke and gas.
Easy to operate.
Prepare N O W .

|

to leak

“ B u ilt f o r S e r v ic e ”

W r ite f o r illu s tr a t e d c a ta lo g

M o r e th a n 7 0 , 0 0 0

The Lennox Furnace Co.

n o w in u s e .

200 Lincoln Highway

|
|

Marshalltown, Iowa

|

B

THE

36

NORTHWESTERN

September, 1918

BANKER

W hat a Bank Should Advertise
By L. E. Stevens
In this article, Mr. Stevens, vice president of the Iowa
tors, controlled and super­
You have heard of the fel­ Loan
& Trust Company, Des Moines, gives a number of
low who consulted his doc­ forceful reasons for bank advertising and points out some vised by state or national
banking departments; its
tor about a pain in his side of the talking points.
regular monthly or quarter­
and explained that during
the battle of Gettysburg he was shot through the left ly examinations by a committee from its own board of
breast. The doctor said, “ It’s strange it didn’t pierce directors; th,e careful scrutiny of its loans and invest­
your heart.” “ Oh, no,” was the reply, “ I was so scared ments.
And when the banker gets the prospective customer
my heart was up in my mouth.” That’s where mine is
inside his doors, he should not give him an icy stare or
when I try to write a paper like this.
Our old mayor down at Ottumwa was a rather poor­ chilly reception, but give him instead, one glad hand,
ly educated fellow and his speeches before conventions see that he is courteously treated by the clerks and
and other gatherings were always written for him by made to feel that the most pleasant part of his business
the city attorney. At the conclusion of the reading of experience is the opening of a bank account. Bank ad­
his address he invariably folded the paper up, placed vertising would count for more if people were sure of
it in his pocket, and said: “ I will now have a few words proper treatment after accepting the printed invitation
to call and open an account.
to say for myself.”
The banker is himself to blame for much of the money
Having said these few words for myself, I’ll now give
kept in stocking banks by not educating the public to
you the paper prepared by my stenographer.
One of my friends said of the last paper of this kind do its banking business with banks and in allowing it
to continue to believe, as it has
that I had, that it was like the
for decades, that a bank is an
old-fashioned Mother Hub­
awesome place, and only for
bard w r a p p e r s , “ covered
“The whole banking business is established
the very rich. He should take
everything and touched noth­
on confidence and banks should first educate
the public into his confidence
ing.”
the public to believe in the safety and security
and put his business on the
of their institutions, before soliciting business
I take it for granted you are
on other grounds. The banker is himself to
same level as any other legiti­
ready to concede that a bank
blame for much of the money kept in stocking
mate business. Proper pub­
should advertise. But what?
banks because he has not educated the public
licity by banks would go a
Borrowing from a famous
to do its banking with banks.”
long way toward curing any
trade mark, with which you
feeling of unrest and lack of
are all familiar, my specific
confidence, and while possibly
would also be three S’s : Secur­
not a cure for panics, would certainly make them less
ity, Service, Savings.
First, security, for without safety for his funds what frequent and less severe.
Let me close now with Tommy’s composition on
man is going to entrust them to any bank, no matter
what attractive terms may be offered?
banks, so that you will know what banks really are:
Second, service, because after security a man wants
“ Banks is whare men works in cages jist like they
the most and best he can get for his money.
wuz in jale, Banks is a good place tu git munny from.
Third, savings, because it is the real foundation of all My uncle he sez, ‘Tommy, come go tu the bank with me
fortunes and without it a bank’s advertising for busi­ and I will teach you a lessin about bankin— I am
ness would be rather barren of results.
ankshus you shud gro up to be a man of afifares.’
The whole banking business is established on confi­
“ So we went tu the bank and uncle he tells me as we
dence and banks should first educate the public to be­ go tu the bank wot fine men these bankers iz.
lieve in the safety and security of their institutions, be­
“ When we got tu thee bank, thee man behind thee
fore soliciting their business on other grounds. Under
this head we can advertise the safeguards adopted for gait, he sez to my uncle ‘Yure count is drawed ofer.’
the protection of the depositors’ rhoney, including its Uncle he sez, ‘It is not.’ ,The man he sez, ‘It iz, and
frequent examination by trained and experienced audi­ yure noat is 4 days past doo.’ And my uncle sez, ‘Just

PEOPLES TR U ST & S A V IN G S B A N K
E stab lished 1893

CLINTON, IO W A
CAPITAL, $300,000.00
—
SURPLUS, ALL EARNED, $300,000.00
—
DEPOSITS, $3,800,000.00
Offers the facilities and services of a live, up-to-date banking house, fully equipped and
amply capitalized to handle intelligently and efficiently every branch of legitimate banking.

COMMERCIAL


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

—

SAVINGS

—

SAFE DEPOSIT

—

TRUST

Accounts from banks in its territory, and collections receive the special
attention of an officer of the bank

J. H. INGWERSEN
President

C. F. ALDEN
V ice President

W . W . COOK
Cashier

J. L. BOHNSON, C. S. HARRIS and W . S. GARDNER
A ssistan t C ashiers

September, 1918

THE

NORTHWESTERN

add it to the amount uv the noat and I’ll maike a new
noat fur all uv it.’
“ The man behine the gait, he sez, ‘You pay thet today
or I’ll soo ye.’
“ Uncle sez, ‘I’ll see yu this afternune.’ Then we
went out and uncle sez, ‘Tommy, them bankers is a bad
lot.’ ”
STATUE OF THE REPUBLIC.
The famous statue of the Republic is again stand­
ing in Jackson Park, Chicago, where it will remain as
a memorial of the W orld’s Fair of 1893. The original
statue was in plaster and stood at the east end of the
Court of Honor at the head of the principal lagoon, and
was one of the most admired features of the fair. The
reproduction, which has just been put up, is in bronze
and stands on the site of the Administration Build­
ing.

C red it Inquiries
ffl
1
j in close

BANKER

C. H. EIGHMEY, President
C. J. COLLIER, Vice-Pres.

37

W. M. Hetherington, Vice-Pres.
H. A. KOESTER, Cashier

Capital - - - - $200,000
Surplus and Profits, $200,000

First National Bank
DUBUQUE, IOWA
Accounts of Banks Solicited.

“ li*

Write Us for Terms

■

” “ k" t

touch with the credit standing of Eastern

and Middle Western corporations and individuals.

We inviteyourinquiryre

garding Credit Service rendered
OUr C o r r e s p o n d e n t s .

The National
City Bank
OF
Ch i c a g o

DAVID R. FORGAN, President

FIELD SERVICE
SERVICE is not merely the careful handling of the fieldman’s business.
It is not difficult to give proper attention to the consideration of risks—the issuance of poli­
cies, and the payment of commissions. Any company will do those things—they are primary fac­
tors in the conduct of the life insurance business.
The “NATIONAL” SERVICE embraces an intimate knowledge and interest in the affairs of
every single man in its organization.
The NATIONAL directs its agency development in a manner that brings out the individual’s
strength. His strong points are developed through patient personal support and co-operation in
his work.
If you are a producer and have organization ability—your opportunities for greater things
will materialize through the SERVICE we render our field force.
ISN’T THIS SERVICE JUST W H AT YOU HAVE ALW AYS WANTED?
If you are the man—we have a territory now open that needs only your efforts to make of it a
big general agency.
Write fully to

NATIONAL LIFE INSURANCE COMPANY
OF THE UNITED STATES OF AMERICA
ALBERT M. JOHNSON, President

ROBERT D. LAY, Secretary
29 South La Salle Street
CHICAGO, ILLINOIS

ONE HUNDRED MILLIONS IN FORCE— FIFTY YEARS OF REAL SERVICE

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

38

THE

NORTHWESTERN

September, 1918

BANKER

W riting a Big Insurance Business
By H. W . Gennerich
This article gives a number of practical pointers on
writing life insurance that cannot fail to be of interest and
value to the men on the “firing line.”

give you a sample policy, I
The man who writes big
must illustrate it by telling
business and only big busi­
a story. Some day you are
ness, is apt to make more
going to die and when you
failures in his profession
than the man who writes “ a” big business. By that I die they will put you in one of these long pine boxes.
mean the man who writes Hrge business and incidental­ Your friends and relatives will walk around the casket
ly tries his level best to write little policies, is the and somebody will say to your wife: ‘Did Mr. Jones
man who furnishes the grease for the axle and makes carry much life insurance?’ and your wife, with tears
the wheels of the large business move faster than the streaming down her face and heart broken, will say:
man who doesn’t try to write some small business. I ‘ No, but he had over a hundred thousand dollars’ worth
have been with the Germania three years. In 1915 I of sample policies.’ I am not going to be the perpetra­
paid for $750,000 of business; in 1916 I paid for $839,000 tor of that kind of a crime, directly or indirectly.”
The first question of protection, of course, is an im­
of business* and in 1917 I will have $1,000,000 of busi­
ness. The point I am trying to emphasize is this, that portant one,' and then there is the question of invest­
this volume of $2,500,000 was written on 756 lives, ment, and in order to have him interested it is necessary
averaging about $3,000 a policy, so you can see from for us to show him that the policy is an investment pol­
that, that although I do write some big business (I icy. I will tell you, briefly, how I do. I go into a man’s
have written this year a policy for $125,000 and one office and show him, say, an ordinary life policy, and
for $200,000), my principal business, comes, not from ask him if he is willing to take a policy for $5,000 at
$50 a year. All we do is to in­
writing big business, but from
sure you and pay the claim if
writing, or trying to write, “ a”
you die, and he will generally
big business.
“The ordinary life insurance man of today
idmit that $10 a year for $1,000
You will probably be sur­
makes one mistake. I make it, I was going to
is cheap. Then I show him
prised when I tell you that I
say, almost daily, and that is this: I don’t use
another policy, saying to him
have never bought a dollar’s
the brains God has given me, to their full ca­
pacity. The brain is given in order that we
the premium is $30 per $1,000,
worth of business from anoth­
may be able to think for ourselves and not
and that the first thing I want
er agent. In other words, my
follow the lines which the other fellow pursues
him to do is to deduct $10,
business is, as the word im­
or do what he does.”
which he agreed is a fair price
plies, personal production.
to pay per $1,000 for insurance,
In dealing with this subject
so that his real investment is
of writing a big business, there
are many factors, disturbing factors, as it were, that $20 and not $30 per $1,000 because the $10 he is paying
enter into our work. The first one, and to my mind is for protection.
the most objectionable one, is the question of the sam­
The most common argument which I find advanced
ple policy fakir. I mean by this that the man you are by large and small men alike, is this: “ I can pay the
gradually getting the best of in your interview and who first premium all right, but suppose I get broke in the
does not want to. “ fall for” the stuff you are handing next two or three years, or suppose I am taken sick,
out, says: “ That’s-all right, I like it; send me a sam­ what then?” And this is the argument I use, “ After
ple policy.” The real object of that man is to ter­ you have paid up two premiums you can’t lose this pol­
minate the interview, take the policy, give it to some icy under any circumstances. If you are financially dis­
of your competitors and then, when you call on him abled the cash value of the policy helps you, and if you
again, tell you he has changed his mind..
are physically disabled you get ten per cent of the
face value.” That generally removes that element of
The Sample Policy idea.
If a man says to me, “ Gennerich, that is a fine propo­ uncertainty which makes him timid about life insur­
sition, send me a sample policy,” I say to him, “ not on ance.
The ordinary life insurance man of today makes one
your life. And in telling you the reason why I won’t
s iiiiiin iiiiiin iiH iiiiiH iin iiH iin itiitiiiiiiiiiiin iiiiiiiiiiiiiiiiN iiiiiiiim iiiiiiiiiiiiiiiH iiitiiiiiiiin iiiiiiiiiiu iiiu iiiu iiiiiiiiiiiiiiiffliin iiiiiiiiH iiiiiiiiiiu iiiiiiiiiiiiiin iM

5j§ JIIWIIMIIIIIIIIIIM
ItllllllllwillllllllllllMII>llllt*TTT*T*f*f*********‘*****‘,*‘*******‘*‘****‘*******,,***,*M*****1M,******,1‘*MiltM,*,***,,*,it,ilillll*M,l*i*1,>*,‘1***Mi,*l*l,*llulllllltlll,M‘l,llillll*IIIMlll***lltlu**M
1**M
M*11*llll**llllllllllllltlll>ll,MI““llllllll**‘*l**l**llll*ul,**‘l*t*“**"**“‘*‘... ,“**l,1“,,““,““““““M,“,*,ff1tttHTTMttHltlltHIHIIIHHIHIHWHmj

¡1 N ew Double Indemnity and Total Disability Policies
We have just placed on the market a policy that pays double the face amount of the policy in
i i
i f

I 5

event of accidental death and monthly indemnity in event of total disability.

i I

Part T im e and Full T im e R epresentatives Are N e e d e d b y Us.
F o r F u ll P a rtic u la rs W rite

èI

Guaranty Life Insurance Company

11 L. J. Dougherty, Secy, and GenT Mgr.
fiuMNniNiiiiiuuiiuMiiiiiniuiiuuiiimiiiuuiuMUiuiuuNiiiuMmuiiiuiiiiiiiiMiiiiiMiimiiiiiiuimiMiiiiiiumiiiiiiiiiniiMiiMUuulUinHm


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

Davenport, Iowa

September, 1918

T HË

NORTHWESTERN

mistake. I make it. •' I was going- to say almost daily,
and that is this, I don’t use the brains God has given
me to their full capacity. The brain is given in,order
that we may be able to think for ourselves and not
follow the lines which the other fellow pursues or do
what he does. A- man is supposed to use his “ nut” and
do some things that the other fellow doesn’t do or
doesn’t think of.
• W O M EN ARE GOOD PROSPECTS.
The establishment of women in rapidly growing
measure in the business and professional world is one
of the greatest social changes of modern times, and this
movement, long underway, has received an enormous
impetus from the war.
In England millions of women have taken the places
of men in industry and many others have entered busi­
ness and the professions.
In France the wife has always played a direct and
important part in the business of her husband, and
women are active in the professions of law and medi­
cine.
The movement of women into business in this coun­
try has been pronounced for some years. No one can
as yet measure the vast changes which will result from
the present world war, but with between seven and
eight millidn men dead or permanently disabled in Ger­
many, Austria, France, England and Italy, it is certain
that the change in the economic status of women will
not be the least important. There will be no business or
profession that is closed to her, and once- experience and
training are acquired she will be a formidable com­
petitor.

BANKER

39

IOWA NATIONAL FIRE INS. CO.
1018-1024 V a lle y National Bank B ld g.

DES MOINES, IO W A
JOHN L. BLEAKLY, President
F. L. M IN E R ,
C. M . SPENCER,
Vice Pres.
Secretary
C. S. V A N C E ,
FR A N K P. F L Y N N ,
2nd Vice Pres.
Treasurer

Assets

Capital

Jan. 1, 1918

$500,000.00

$836,570.87

POLICY HOLDERS
W ill Patronize an IOW A Company
Guaranteed by IOW A Capital
Managed by IOW A Men
I O W A B A N K E R S Recognize the Advantage of Pro­
tecting I O W A C R E D IT with I O W A IN S U R A N C E

R eliable Agents W a n ted in Every City in Iow a.
W rite to the Com pany or
H. P. ROSSER,
Supt. of Agents

BE A PINCH H ITTER.
When the game is all but won, the bases choked, an’
one down, the manager doesn’t send in any old man his
eyes happen to light on. Not on your sweet life. He
up and yanks out the weakest man in the line up; and
puts in-----who ?-------sure,------ a pinch hitter.
Sometimes the “ pinch hitter” takes three healthy
swings at the elusive sphere, cusses, then jabs the end
of the willow in the ground,—struck out,—right,—but
he tried to hit it, and some time in his past career he
must have come to the fore in order to have earned the
honor of being called a pinch hitter.
The first thing you’ll have to have is all players. Some
are big league men, some class AA, while there are a
lot of poor unfortunates who are rank “ bushers.” Cheer
up, brother, the rankest bush league has its pinch hit-

T H E R E ’S A R E A S O N
W H Y BANKERS
SH OULD H AVE
OUR AG EN C Y

Our policies give your clients the most for their money.
Our disability clause provides that the loss of the sight of one eye or the severance
of one hand or one foot constitutes total disability.
y
severance
This makes our policies easy to sell, and we pay you well for selling them.

COM M ONW EALTH L IFE IN SU RAN CE GOM PANY, Omaha, Nebraska


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

C L Y D E G . S M IT H , A g en cy M anager
Many bankers are coining money representing this Company— W HY NOT YOU ?

THE

40

NORTHWESTERN

B A N K E R __________, September, 1918

ters. W e can just as well get in on all the applause as
to be the boob that’s yanked.
Some day when you’re blue, business rotten, supper
cold, wife cross, ’steen hundred in the shade, favorite
corn hurts, everything just going wrong, don’t sit and
fret about it, don’t swear about it, don’t worry about it,«
be a pinch hitter,—a little pep, brother, will get you out
of the rut. If you think you have troubles what about
the Sultan of Turkey and his wives? What about Pres­
ident Wilson and all his problems?— Shucks, man,
YOU haven’t any troubles. A little pep and a nice
single over second base will pull you out of that rut.

G eo. J. D e lm e g e , P re s id e n t
F . C. W a te r b u r y , V ic e P re s.
T h e o . F . G re fe , S e c r e ta r y
H o m e r A . M ille r, V ic e P re s,
W . P. H a b e l, A sst. S ec’ y
S im o n C a sa d y , T r e a s u r e r
H e n ry , A lb e r s o n & H e n ry , A t t o r n e y s

PATRIOTIC WORK.
Mr. Laurence Priddy, president of the National Life
Underwriters’ Association, reports his experience in
having sent telegrams to fifty underwriter associations
inquiring if they would assist in selling the soldiers and
sailors insurance in the various cantonments. Within
two hours after receiving the message, forty-nine of the
associations had replied in the affirmative, and as a
result 97 per cent of this insurance was sold under the
direction of these experienced life insurance men. It
is shown that $700,000,000 of the last Liberty Loan was
sold by members of life insurance, fraternities

Cash Capital ..........................
.$500,000.00
Net Surplus...................................... 352,347.99
Surplus to Policyholders................. 852,347.99
A home company, owned by home people,
managed by experienced and conservative un­
derwriters and able financiers.

CANADIAN EXPERIENCE.
Mr. C. C. Ferguson, a Canadian actuary, states that
Canadian companies paid death losses of four million in
1917. Their mortality ran from 25 to 33 1-3 per cent
in excess of that of peace times. He says that the mor­
tality of the war has brought to Canada a realization

A CENTRAL-WESTERN COMPANY FOR
CENTRAL-WESTERN PEOPLE.

W e are offering “a bankers’ plan” for securing and taking care of new business
that is especially attractive and profitable. The .banker is always looking for every
possible source of honorable profit. That is what makes for a successful banking busi­
ness. Here is a brand new avenue not heretofore presented. You will lose some legit­
imate profit not to look it over. W e are at your service.

Great Western Accident Insurance Co.
Des M oines, Io w a

iiiiiiiiii
BE A PATRON OF YOUR LOCAL BANK.
BUILD YOUR DEPOSITS B Y SAVINGS.
- BE A DEPOSITOR

THE ROYAL UNION MUTUAL LIFE INSURANCE COMPANY
DES MOINES, IOW A

T

A K E fr o m
in su ra n ce

your
an

bank

d e p o s it , th e

im porta n t

part

of

sm all
y ou r

n e c e s s a ry

esta te.

am ou n t

L ife

an n u ally

in su ra n ce

is

to
the

m ake

life

installm ent

m e th o d o f a cqu irin g e n la rg e d e sta tes.

PAYABLE IN CASH WHETHER YOU
SIDNEY A. FOSTER, S ecretary


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

-

Good Agencies Open

LIVE

OR

DIE

FRANK D. JACKSON, President

September, 1918

THE

I

NORTHWESTERN

x s u k a n c j

: C

BANKER

o m p a n y

O F IO W A

Paid-up Capital Stock $200,000.00
Gross Assets August 15, 1918, $335,000.00
uiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiniiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiii

The most attractive term proposition in the field; the big­
gest money-saver for the car-owner and the easiest seller for
the agent.
Rates and schedules that are simple ; easily understood by
the agent and the prospect.
The best guaranteed protection at reduced rates.
The Inter-State in less than three years has become the best
and fastest growing company in the business. Get connected
with it before your territory is covered.

Writing Fire, Lightning, Tornado, Wind and Theft.
H O M E O F F IC E :

R O C K RAPIDS, I O W A
N . H A M P E , President


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

E. A . T O N N E , Secretary

41

THE

42

NORTHWESTERN

• iiiiiiiiiiiiiiiiiiiiiiiiiiiiiimiiiiiiiiiiiiiiiiiimiiiiiiiiiiitiiiiiiniiiiiimiiiimiiiiiiiHiiiHiiiiiiiiiiiiiiiiiiimuiiiuiiiiiiiHiiMiiiiiiiiiiiiiiHiiiimiiiiiiMiiiMiiiiiiiiiiiiiiHC

1
|

E M O R Y H . E N G L IS H
P re s id e n t

JO E L T U T T L E
S ecreta ry

I
|

CAPITAL ONE MILLION DOLLARS
|

D e p o s ite d in S e c u r itie s W it h I n s u r a n c e D e p t, o f I o w a

|

I
I
1
|
I
|
|
|
|
1

A S S E T S M A R C H 30, 1918
M o r t g a g e L o a n s o n R e a l E s t a t e .................... $ 866,600.00
S c h o o l B o n d s ............................................................
15,000.00
M u n ic ip a l B o n d s ...........................
58,500.00
U. S. G o v e r n m e n t B o n d s ..............................
95,900.00
C e r tific a te s o f D e p o s i t ..........................................
110,683.76
C a sh in B a n k s ...........................................................
81,791.51
C ash in O ffice ................................ .............................
1,104.43
A c c r u e d In t e r e s t .......................................
3,254.10
N o te s B e a r in g In t e r e s t a t 6 % .........................
162,652.50
P re m iu m s in C o u r se o f C o l l e c t i o n ....................
2,058.51

|
1
|
|
|
|
§
|
|
l
|

|
I

T o t a l A s s e t s ................' .................................... $1,397,544.81
S e c u r itie s o n .D e p o s it w it h In s u r a n c e D e ­
p a r tm e n t o f I o w a ...............................................$1,012,600.00

|

Fidelity and Surety Bonds
Burglary Insurance
Workmen’s Compensation
Automobile and Other
Public Liability Lines
Home Office, 715 Locust Street, Des Moines, Iowa

|

I o n a '»

b e a d in g

L ia b ility

In su ra n c e

Com pany

Iowa Mutual Liability
Insurance Company
, CEDAR RAPIDS, IOW A
A u t o m o b ile P u b lic L ia b ilit y

(P e r s o n a l I n ju r ie s )

A u t o m o b ile P r o p e r ty D a m a g e L i a b ilit y a n d C o llis io n
W o r k m e n ’s C o m p e n s a tio n L ia b ilit y
G e n e ra l, P u b lic , T e a m s a n a E le v a t o r L ia b ilit y In s u r a n c e
L o w e s t R a te s

S e rv ice B e s t

f
|

|
|

September, 1918

BANKER

of the true value of human life, as is evidenced by the
gains in amount of insurance written during 1917
IMPORTANT RESOLUTION.
Frederick White and E. W . Cameron, of the North
western National Life Insurance Company, were mem­
bers of a committee which drafted a vety important
resolution, adopted by the Northwest Congress at Far­
go, addressing Daniel A. Roper, commissioner of inter­
nal revenue, urging that the proceeds of life insurance
policies be construed under the new law as a form of
indemnity and not as an income. Mr. White intro­
duced a motion which was carried, addressed to Claude
M. Kitchen, chairman, ways and means committee,
House of Representatives, recommending that all waf
taxes upon life insurance be covered by a statute which
provides that one per cent of the premium income be
paid to the government as a war tax, in lieu of the
statute now in force, which impairs the proceeds of life
insurance policies made payable to corporations and
partnerships to as high as 60 per cent.
INSURANCE NOTES.
Lieut. Frank A. Will, assistant medical director of
the Bankers Life of Des Moines, is now on duty in
London as a member' of the U. S. Medical Reserve.
Lieutenant Will was trained as an eye specialist in
Vienna and is now using his expert knowledge in the
treatment of English and American soldiers whose
eyes have been damaged in battle.
Robert J. Williams, of Kansas City, Mo., a veteran

Every Banker
(between 18 and 55 years of age)

W h o d oes som e traveling as solicitor,
auditor, farm inspector, bond or insurance
salesm an, should belon g to the

Iowa State Traveling Men’s
Association
“ Oldest and Best”

Io w a ’ s L e a d in g A u to m o b ile In su ra n c e C o m p a n y

Accident Insurance at Cost.

Iowa Automobile Mutual
Insurance Company

Never Exceeded $9.00 per Year

CEDAR RAPIDS, IO W A

Death Benefit $5,000 — $10,000.

A u t o m o b ile F ire , L ig h tn in g , T h e ft , T o r n a d o an d C o llis io n
In su ran ce

Insurance to Feb. 1,1919, for $2.00

B r o a d e s t F u ll F lo a t e r P o lic ie s

Wee\ly Indemnity $25.00.

(New Members Only)

L o w e s t R a te s , S e r v ic e B e st
A g e n t s w a n te d .

A d d r e s s in q u ir ie s

C. J. D U N C A N , V ic e P re sid e n t an d G e n e ra l M a n a g e r
In su ra n c e B ld g ., ,-12 Second A r e . E a s t
C edar R a p id s, Io w a


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

Write for Application Blank.
H- E. REX, Sec’y-Treas.

DES MOINES, IOWA

September, 1918

THE

NORTHWESTERN

member of the field force for the Bankers Life of Des
Moines and general agent for the company at Kansas
City, died suddenly on Saturday, July 27th, as a re­
sult of a stroke of apoplexy. He was enroute to De­
troit, Mich., with Mrs. Williams, when stricken and
was removed from the train in northern Ohio, but
medical attention was of no avail and death came soon
afterwards.
W . A. Hinshaw, of Des Moines, started to sell in­
surance for the Bankers Life of that city twenty-seven
months ago. His total of paid-for business since that
time has been'$l,001,500 and the total of applications
has been 579, with an average premium of over $38.00
per thousand. His total of applied for business for the
same period has been $1,100,000.

‘W h a t’s in a name?” Homer O. Wilhelm, president
of the H. O. Wilhelm & Co., state agency for Nebraska
for the Northwestern National, has found that the nick­
name which his friends “ wished onto him” before the
war, is obnoxious, and he now carries arms and a
couple of good fists to resent it. If you care to pre­
serve your usual facial appearance, do not venture a
guess as to that nickname while you are in his pres­
ence. Needless to say, Mr. Wilhelm is a loyal Ameri­
can citizen.
I hereby resolve that no American boy shall lose his
life O VER TH E R E because of my failure to do all I
can O VER H E R E !— Ginger.


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

BANKER

TH E CHARACTER COMPANY

A N AGENCY
With N ATIO N AL F ID E L IT Y by any
BANK or BANKER will PROVE an
ASSET. Policies BRO AD ER in their
coverage, closer co-operation in securing
business. A L L claims paid SAME day
completed proofs received. Information •
is valuable. At least investigate, K N OW
for yourself the correctness of NA­
T IO N A L F ID E L IT Y claims. Write the
Company.

National Fidelity Life
OF IOWA
Home Office
Sioux City, U. S. A.
Ralph H. Rice, President
P. S.— NO C O M P A N Y in e x is t e n c e s h o w s
g r e a te r r e c o r d f o r A C C O M P L IS H E D R E S U L T S
and S E R V IC E to p o lic y h o ld e r s fo r a lik e a g e .

43

44

THE

H o w a r d J. C la rk

H . W . B yers

NORTHWESTERN

C h a rle s H u tc h in s o n

Clark, Byers & Hutchinson
ATTORNEYS AND COUNSELLORS AT LAW
Des Moines, Iowa
General Civil Practice.
Prompt and careful attention given to all business
entrusted to us.
Attorneys for the Iowa National Bank, Des Moines
National Bank and Des Moines Savings Bank.

MR. COUNTRY BANKER
How would YOU like to help US help YOU make
some money?
- W e are putting out the best accident and health policy
for farmers you ever saw. No asspssments, no mem­
bership fee, no five-year notes— Just a clean, straight
contract, backed up with a quarter of a million dollars
in assets.
We can help you sell it. Ask us about it.

Bankers Accident Insurance Co.
Des M oin es, Iow a
Capital $100,000.00.

Over a Million Dollars Paid in Iowa Claims.

EXPERIENCE
F A C IL IT IE S
SERVICE

ELUS AND HOLLAND CO.
DES MOINES, IOW A
G eneral A gen ts

FO R A L L

K IN D S

OF IN S U R A N C E

BANKER

September, 1918

TO HELL W ITH THE KAISER.
(Continued from page 6.)
piness, free to develop their own initiative, their in­
dividuality and personality, carve their own careers and
be the architects of their own fortunes, free as you and
I are free.
To such a cause let us dedicate our lives, our for­
tunes and our sacred honor. The American citizen who
today wonders why we are in this war ought to have
his head examined. If insane he should be placed in
an asylum. If sane, he should be placed in the front­
line trenches and learn “ why.”
The “ Sammies” have promised to win the war “ over
there” if we win it “ over here.” W e can’t win without
the money. It is largely a question of resources. Just
now Uncle Sam is asking us for six billions of dollars.
W e must furnish it. W e aren’t asked to give it, but
loan it. Every dollar we loan the government is se­
cured on the whole United States. W e get it all back,
with interest. If Germany wins, we will have to give it,
not loan it, and we’ll never get it back. If Germany
wins, the old kaiser will assess us one hundred billions
of dollars. He forced us into this war with that end in
view. What are we going to do about it?
Imagine yourself “ bending the knee” to the crazy
Kaiser of Kultur. Do you want to know what would
happen to us if England and France were beaten and the
English fleet captured? Visualize Belgium and north­
ern France and Servia and Rumania and Russia. The
kaiser told Gerard, our ambassador, what he would do
to the United States after he had won the war. “ To
hell with the kaiser” and the white-livered pacifist and
the kidney-kinked slacker, and the conscientious ob­
jector'with a leaky heart, and the weak “ sisters” with
a tubercular spine, and the hypocritical shysters and

Wanted— A General Agent
IN EVERY COUNTY IN IOWA
Men without insurance experience, but who
have been successful in other lines, will be con­
sidered for these positions and will be thor­
oughly trained and instructed. Ambitious men
are offered opportunities not available with
older companies. This company has the larg­
est paid-up' capital of all life companies organ­
ized under the Iowa laws.
W rite to Hq,me Office

State R ep resen ta tiv e tor

N orthw estern
Fire and M arine


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

In surance Co.

Des Moines
Life and Annuity
Com pany

M in n eap olis

Register-Tribune Bldg.

Des Moines, Iowa

September, 1918

THE

NORTHWESTERN

“ Hun” sympathizers and dirty spies and anaemics—
nonentities.
W e “ got in” at the psychological moment in spite of
the whole rotten bunch. W e will stay in. W e woke
up in the “ niche of time.” W e will stay awake. Can
we furnish the six billion? W e can. Will we? We
will. Billions for defense, but not a cent for tribute.
Our “ all” for humanity, but not a copper for the kaiser.
It’s “ buy or bush.” W e’ll buy. If we can’t go across,
we’ll “ come across.” If we can’t shoot the “ Hun,I
we’ll shoot the “ mon.” “ To hell with the kaiser.”

BANKER

45

HAWKEYE SECURITIES
FIRE INSURANCE CO.
(O R G A N IZ IN G )

DES MOINES, IOWA

A uthorized

Capital $1,000,000.00

O F F IC E R S AN D D IR E C T O R S

JOHN H. LEW IS PROMOTED.
The directors of the Bankers Trust Company, of New
York, N. Y., elected John H. Lewis an assistant secre­
tary. This merited promotion comes after fifteen years
of service with the institution, Mr. Lewis having be­
come connected with the Bankers Trust Company in
1903 when its doors were first opened for business.
During the past two years he has had charge of the
advertising and new business department of the com­
pany. Mr. Lewis has been active- in. the various or­
ganizations having to do with the welfare of the com­
pany’s employes. During 1917 he was president of the
“ Bankers” Club, composed of the officers and clerks
of the company, and for over a year has acted as
chairman of the committee of senior employes having to
do with the company’s compensation plan to offset in­
creased living costs.


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

R . S. H O W E L L ,
P re s id e n t
W . S. H A Z A R D , JR .,
V ic e P re s id e n t
H. C. H A R G R O V E ,
V ic e P re s id e n t
L E O T. K E R W I N
M e rc h a n t
O e lw e in
f r a n k M cD a n i e l s
C a p ita lis t
W o o ls t o c k
P. P. S U L L IV A N ;
B an ker
B r id g e w a t e r
JA S . L . M A N U E L
C a p ita lis t
B r itt

C. M. G A R V E R ,
T rea su rer
H . S. B U T L E R
S ecreta ry
E. G. DUNN,
C o u n se l
A L B E R T CORDES
C a p ita lis t
O sa g e
H . H. P E T E R S E N
B an ker
L ow den
GEO. W . F R Y
C a p ita lis t
V in to n
J. M. B L A C K B U R N
D e s M o in e s

Incorporated under the laws of Iowa. W ill be owned,
operated and represented by Iowa men, audited and
supervised by the State of Iowa with capital and as­
sets loaned to Iowa citizens on Iowa securities, mak­
ing it in every sense an Iowa company for Iowa people.
Opportunities for live, wide-awake country bankers to
act as agents in both the fire insurance and mortgage
loan departments. Write for the agency in your com­
munity.

Capital $500,000.00
F u lly paid up and deposited w ith
Io w a I n s u r a n c e D e p a r t m e n t

Aggressive Management
B r o a d

P o l i c i e s

C onservative Underwriting
C onsistent Service
Charter Am ended to A llo w Increase in Capital to
$1.000,000. Stock n ow being sold. \^rite for
A g e n cy to

A . G. OGLE
2nd V ice Pres. & G e n ’ I. M n g r.

THE- N O R T H W E S T E R N

46

We Guarantee
to Save Four
Premiums
O n a T w en ty P a y Policy and
Give Dividends Besides• Our
Service to Policyholders makes
our Policies sell and our agents
make m oney

A Farm M ortgage
Behind Every Policy

Peoria Life Insurance Co.
Peoria, Illinois

Protect Your Loans
A dd to your security on loans
to farmer custom ers by writing a
p olicy of insurance on his live
stock.
Banker agents wanted.
W e w ill insure hogs.

Farmers Live Stock
Insurance Company
Authdrized
C . A . R O B B IN S
P residen t

Capital

and

Surplus

I . J. K E T M A N
S ecretary

$1,000,000
A. 0 . HAUGE
T reasurer

318 Valley National Bank Building


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

Des Moines, Iowa

BANKER

September, 1918

OVERDRAFTS GREATLY REDUCED.
Geo. H. Messenger, Iowq superintendent of banking,
gives the results attending the campaign to eliminate
the overdraft evil.
Call reports of May 10th showed: 127 banks, none;
259 banks, minimum (less than $100 to each $100,000 of
assets) ; 920 banks, excessive (more than $100 to each
$100,000 of assets).
Call report of June 29th shows: 209 banks, none;
363 banks, minimum (less than $100 to each $100,000 of
assets) ; 737 banks, excessive (more than $100 to each
$100,000 of assets).
More than half the banks of Iowa have signed the
overdraft agreement. The statement shows a decrease
-of nearly a million dollars ($994,494.61) in overdrafts
during the period from May 10th to June 29th.
ADJUSTING INDUSTRY TO W AR FINANCE.
(Continued from page 8.)
for overtime on the firing line, no strikes, or threats
of strikes, no lockouts, no question of open or closed
shop, no profiteering by capital or labor— only com­
plete devotion to a, supreme duty, and sublime sacri­
fices, that you and I and those who are dear to us may
be free of the mailed fist of Autocracy.
If we are to win this war, both labor and capital
must join the union of the nation—the only union that
now should be considered.
Carrying On.
The natural resources of the United States are
abundant and are greatly in excess of the total natural
resources of Great Britain, France and Italy. The
full development of these resources would give the
United States, great power as a factor in the world
struggle. American ingenuity and American industry
should have a free hand in order successfully to play
its part in adapting these resources to the needs of war.
Cooperation by the Government in the fields of rer
search and analysis, constructive legislative and reg­
ulative policies, and the institution of intelligent and
helpful methods in our consular and diplomatic service
would contribute vastly to our national efficiency and
prosperity.
Leaders of industry and finance during this period
of expansion and readjustment of industry to war
needs have had constantly in mind the adjustment
that must take place on the return of peace. During
the period of the war, with expanding credit and ex­
tended buying power of the Government, it is rela­
tively easy to get a further expansion of the credit
structure for industry and so long as war orders are
coming in, there is no fear of the collapse of this credit
structure.
After the war will come the more serious period of
adjustment, and on the way in which our financial and
industrial leaders handle this problem will, depend the
successful liquidation of our present credit extensions.
The position of the country, however> should be ma­
terially improved at the close of the war. W e have
become a creditor nation and will continue to be. At
the outbreak of the war, we were debtors to the ex­
tent of $5,000,000,000 or $6,000,000,000. Since then we
have received over $1,000,000,000 of gold from abroad.
W e have bought abroad probably $2,500,000,000 of our
securities, and we have loaned through private chan­
nels approximately $2,000,000,000 to foreign countries,
and in addition our own Government has given credits
in the way of advances to the Allies of approximately

September, 1918

THE

NORTHWESTERN

47

BANKER

$5,000,000,000. How much further this process will
go, no one can estimate at this time, but it is certain
that the declaration of peace will leave us in a strong
position as a creditor nation. W e will have abundant
natural resources and such a productive capacity that the
various nations of the world will continue to come here
to borrow. The countries that are on a depreciated
paper basis today will not be in a hurry to resume
specie payments, consequently they will not be bor­
rowing our gold. They will prefer to borrow commod­
ities which will be used for the development of their
natural resources, and to restore normal conditions.
Our large stock of gold which is now in excesfe of
$3,000,000,000 will, on the liquidation of our present
war credit structure, in the main, remain with us, and
will be used as the basis for the extension of credit.
Until war is ended, however, we must constantly keep
in mind that the decisive factor of victory is in our
hands. England and France will struggle on until
America is able to put her strength into the conflict,
but we must make our full power effective at the
earliest possible moment, if we are to keep the wTar on
the other side of the Atlantic.
W e have many soldiers in France, some fighting
valiantly at the front. A million, it is promised, will
be in Europe before the end of the year. But that is
not enough. Something more than a great army is
necessary. A united nation, stripped free of prejudices,
with an eye single to its duty and opportunity must
bend every effort to the task before it.
Flora Wiggins has been elected assistant in the
Farmers State Bank, Dow City, Iowa.

O R G A N IZE D IN 1850

The National Lite Insurance Company
MONTPELIER, VERMONT
After sixty-eight years of individual and public service the National

T h e N ational L ife
,

E ntered Iow a
in 1 8 7 3

F o r f o r t y - f i v e y e a r s th e N a ­
t io n a l L ife In s u r a n c e C o m p a n y
h a s t r a n s a c t e d b u s in e s s in I o w a
on a m u tu a l b a s is . I t h a s n o c a p ­
ita l s t o c k — n o
s t o c k h o ld e r s to
p r o fit b y th e C o m p a n y ’ s g r o w th .
A ll p r o fits a r e d is tr ib u te d to o r
h e ld f o r th é b e n e fit o f p o l i c y h o l d ­
e rs o n ly .
T h e C o m p a n y h a s p a id t o its
Iow a
p o lic y h o ld e r s ,
or
th e ir
b e n e fic ia r ie s , d u r in g th e la s t te n
y e a r s $504,087.44.
T h e in s u r a n c e c a r r ie d b y th e
N a tio n a l L ife I n s u r a n c e C o m p a n y
o n r e s id e n ts o f th e sta te a g g r e ­
g a t e s $4,340,748.89 a n d its in v e s t ­
m e n ts in I o w a a lo n e a m o u n t to '
$10,624,705.39, o f W h ich $8,986,428
is s e c u r e d b y first m o r t g a g e s o n
I o w a fa rm s , th e c h o ic e s t fa r m
s e c u r it y in th e w o r ld .


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

Life Insurance Company possesses an unexcelled insurance and in­
vestment composition.
It conducts its work under a system of rates

and values

more

liberal than the law requires and as scientific as the law permits.
Its dividends have steadily increased, and the existing liberal scale
will be maintained for the year 1918.
In the last ten years it has increased its assets from $40,354,241.29
to $68,595,237.25 and its outstanding insurance from $151,779,281 to
$223,593,866 on a paid-for basis.
Inquire of our agent for an opportunity to represent the National
in your vicinity.

Principal General Agents in This Territory
E. H. G R IF F IN , I o w a C ity , I o w a .
R . L. F O R G Ä N , D e s M oin es, Io w a .
C H A S. S H A D E , R o c k R a p id s , Io w a .
W . M. G R A D Y , S io u x C ity , I o w a .

H.
F.
H.
N.

G. M U R P H Y , M in n e a p o lis, M inn.
E . H E L L E R , H e le n a , M ont.
H IL D E B R A N D , S io u x F a lls , S.D.
B E R N S T E IN , O m aha, N eb.

HE

48

NORTHWESTERN

Practical Business
Buildings
A ll is not gold tkat glitters in
architecture as applied to business
buildings.
Many a skcWy
commercial structure is a poor
money maker because you cannot
charge a business man rent to
cover interest on the cost of OVER
O R N A M E N T A T IO N .
T i e P R A C T I C A L business
building is the most difficult of all
buildings to plan successfully.
Given the size of the building,
its location, purpose, competition,
etc., there arise many vital ques­
tions of economics which must be
correctly solved bÿ scientific ar­
rangement and apportionment of
space, use of appropriate materials,
etc.
Chis organization, large as it is,
with a staff comprising the best
architects, building engineers, pur­
chasing agents, business experts,
etc., undertakes the planning of a
building as a matter requiring
the U T M O S T CARE A N D
ST U D Y . W e possibly put ten
times more thought into such \tfork
than the average architect and
employ resources infinitely greater.
Interesting facts about business
building planning upon request.

Hatthrra jfealtg Stroratmpnt
Company

BANKER

September, 1918

LIBERTY LOAN CABINET.
The Liberty Loan organization of the
Seventh Federal Reserve District is ready
to start its fourth campaign for war dol­
lars in real earnest. Director of Campaign
Charles H. Schweppe announces the. ap­
pointment of his cabinet as follow s:
James L. Martin, assistant director of
campaign.
Frederick Merritt, secretary.
Miss Grace Dixon, federal reserve direc­
tor for women.
Ben F. McCutcheon, federal reserve di­
rector of publicity.
Henry P. Chandler, federal reserve direc­
tor of speakers’ bureau.
C. W. Folds, federal reserve director of
sales for Chicago and Cook county.
Heman Gifford, federal reserve director
of sales for Illinois.
Will H. Wade, federal reserve director
of sales for Indiana.
C. H. McNider, federal reserve director
of sales for Iowa.
F.
R. Fenton, federal reserve director of
sales for Michigan.
E. J. Kearney, federal reserve director
of sales for Wisconsin.
Felix J. Streyckmans, federal reserve di­
rector of foreign language division.
LOANS TO OUR ALLIES.
The United States has now loaned to our
allies $6,091,590,000. The advances aver­
age about $40,000,000 a month.
BANKERS’ CONVENTIONS, 1918.
A.
I. of B., Denver, Colo., September
17th-19th; A. B. A., Chicago, September
23d-28th; F. M. B. A., Kansas City, Mo.,
October 1st, 2d and 3d; Nebraska, Omaha,
October 23d-24th.

FARM MORTGAGE DATES
CHANGED.
To avoid interference with the fourth
Liberty Loan campaign, in which the mem­
bers of the Farm Mortgage Bankers Asso­
ciation of America will all actively participate, E. D.
Chassell, secretary, announces that the national con­
vention of this association will be held at Kansas City,
Mo., on Tuesday, Wednesday and Thursday, Septem­
ber 17th, 18th and 19th instead of October 1st, 2d and
3d.
Excellent growth is reported for the year and it is
expected that the coming convention will be the most
important one yet held. W . M. Maxwell, of Kansas
City, is chairman of the convention committee and will
be glad to supply’ information to interested parties.

Architects and guilders
Ground Floor Bee Building
Omaha, N e t .

Bank Envelopes
Bank Envelopes of every description, including Pay­
roll, Coin, Statement, Window, Commerciajs, Docu­
ment, Pennysaver, etc. Largest manufacturers of
Printed Envelopes in the world. Daily capacity eight
million.
W rite us for samples and prices whenever you are
in the market for anything in the shape of an en­
velope..

Samuel Cupples Envelope Co.
New York


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

St. Louis

Chicago

WESTERN LIFE ADDS NEW MANAGERS.
The Western Life Insurance Company, of Des
Moines, announces the appointment of Paine & Brown
as managers of east Iowa, with headquarters in the
Kimball Bldg, at Cedar Rapids. Mr. Paine has been
with the Western Life the past two years .and with
the addition of J. B. Brown, who is a well-known in­
surance man in that locality, a thoroughly organized
and producing territory is anticipated.

September, 1918

THE

NOR T H W E ST E R N

BANKER

49

Moore’s “ War Tax”
AST YE A R we published and sold to
the banks of the United States for dis­
tribution among their clients, some
350,000 copies of “W AR T A X ”—a digest of
the 1917 War Revenue Law, by Mr. Ewell D.
Moore, San Francisco Attorney and Tax Ex­
pert.

L

Congress will soon enact an entirely new
War Rvenue Law to produce Eight Billion
Dollars.
W e will bring out immediately after the pas­
sage of the n^w law (about October First) an­
other book by the same author, similar in size
to the old one, and equally comprehensive in
detail. The aim will be to interpret the new
law so clearly and simply, and to analyze it so
plainly by tables and examples, that anyone
may readily understand it.
The new book will be published for the use
of Banks and Financial Institutions (for distri­
bution among their clients) and we will sell
to none other for distributing purposes. We
have no agents or solicitors.
Authentically Correct:
The author will be in Washington when the
law is passed (and for some time prior thereto)
to insure accuracy and to have the manuscript
verified by the best tax experts, with whom ar­
rangements have already been made.
Necessity of the Book:
Last year the banks and financial institutions
of the country experienced the great need of
War Tax information which they could safely
give out in printed form to their clients and
thus avoid loss of valuable time through ver­
bal explanation. The call for a similar service
this year will be even greater because of the
many changes and the numerous new taxes.

Im portant!


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

Delivery :
W e will start to print at Chicago three days
following the signing of the bill by the Presi­
dent, and at San Francisco in nine days.
To facilitate deliveries east of the Rocky
Mountains, we have arranged to have these
orders printed in Chicago. Our Chicago of­
fice is at the address shown below.
Description :
Our book will contain 32 pages and cover,
size 6x9, carefully indexed. It will be well
printed on good book paper.
Price List:
Your imprint will be placed on the front
cover in either red or black ink at the prices
shown below.
Should you desire the words “ Compliments
of” to precede the imprint, please state so
plainly.
A more complete advertisement of your in­
stitution showing officers and resources will be
placed on the outside back cover for a nominal
charge according to the amount of copy.
Prices F. O. B. Nearest Point of Publication:
C op ies

P r ic e p e r
C opy

25
$
50
100
250
500
1,000 '
5,000 and more

I m p r in t C h a rg e

.25
.20
•17^
.15
•12^2
.10

$1.50 additional for lot
1.75
“
“ “
2.00
“
“ “
2.25
“
“ “
2.75
“
“ “
3.50
“
“ “
.0 9 y 2
3.50 first M
1.50 each addition’l M
Single Copies 50c

N O T E .— S e llin g d ir e c t a n d n o t t h r o u g h a g e n ts e n ­
ab les us to s e ll c o n s id e r a b ly b e lo w o u r c h a r g e s o f la st
y e a r on 500 lo t s a n d less. T h e a d v a n c e in p a p e r p r o ­
h ib its us fr o m d e c r e a s in g o u r p r ic e s on 1,000 a n d o v e r .

W e suggest ordering now to insure de­
livery from the first edition
Address all communications to nearest office:

T he ten B osch C om p an y
Western Office (Main Office) :
340 Sansome Street
SAN FRANCISCO

Eastern Office (Branch Office)
900 Lytton Building
CHICAGO

ï

THE

50

NORTHWESTERN

September, 1918

BANKER

Securities, Bonds and Mortgages
By Frank M. Huston
no such sum was dis­
Each month Mr. Huston presents under this department
One of the most difficult
a very timely synopsis of financial affairs as they relate
bursed. The actual dis­
problems growing out of
especially to bonds and mortgages and we are sure that
bursements of the treasury
the war is that of govern­
our readers will find much valuable information in the
for the year ended June
ment finance and yet, it is
material here published. Mr. Huston was for years the
20th last is $12,696,702,470,
financial editor of The Chicago Herald and is well and fav­
one that strikes close to
orably known throughout the country.
and out of this amount
each individual because of
the distribution of the financial burden through direct $1,000,000,000 was for ordinary expenses of the govern­
federal taxation. It is a well-known fact that a govern­ ment and $4,738,029,750 was used in interest-bearing
ment whether municipal, state or federal, can boast of loans to'the Allies which is a re-investment. The actual
its tremendous expenditures with less disturbing re­ disbursements, therefore, on account of war expenses of
sults than can the individual or corporation. Generally, this government in the twelve months ended June 30tn
boasting of expenditures by the individual injures his last, was $6,851,154,048.
It is known that a considerable amount of this ex­
credit in the eyes of the sober minded but the municipal­
ity or state seldom feels the effect of the boastful state­ penditure was for ships, shipyards, warehouses, ter­
ments that its expenditures exceed its revenue. In the minals, munition plants, docks at various foreign points
present war situation there is a tendency on the part of and the great railroad distributing system constructed
newspapers to disregard in discussing government in France. It also includes $500,000,000 appropriated
finance many of the elements that bear directly upon for the War Finance Corporation, $500,000,000 for the
“ railway revolving fund” and
national credit.
$50,000,000 for the United
An instance of this, in fol­
States Grain Corporation, of
lowing the headlines of various
“There seems to be no diminution of the pub­
which items a considerable
publications pointing to the ex­
lic ability to buy. This is evidenced by the
amount has been paid.
penditure of the government
experiences of those engaged in merchandising,
It is estimated by Secretary
and to the appropriation for
even non-essential merchandising, in the manu­
McAdoo that the treasury dis­
facturing centers. The chief difficulty of main­
future expenditures, not infre­
taining manufacturing operations lies in the di­
bursements for the fiscal year
quently is found in the head­
rection of a shortage of labor and the scarcity
ending June 20th next, will ag­
line, “ U. S. War Bill Now
of basic materials brought by inadequate trans­
gregate $24,000,000,000, which
Fifty Billions.” As a matter
portation.”
if added' to the disbursements
of fact, these are the appro­
of the year just closed will out­
priations referred to and not
lay for the two years $36,696,
the expenditures, as it may re­
quire longer than a year to fulfill the contracts contem­ 702,470. Deducting the peace requirements from this,
plated in the authorization by Congress. An -illustra­ there remains $34,331,702,470 as disbursements on ac­
tion of that is found in the experience in our govern­ count of the war. It is estimated that at least $15,000,ment last year, when the authorizations by Congress in 000,000 of this has been disbursed in the way of invest­
the budgets aggregated close to $23,000,000,000,000, ments or for property that makes it recoverable. This
whereas the actual expenditures for all purposes in the would mean that the irrecoverable expenditures for the
two years of war is slightly less than $20,000,000,000.
fiscal year ended June 30th was very much less.
The total Liberty Loan authorizations aggregate $22,It is well, therefore, to analyze the disbursements for
the fiscal year ended June 30th last. In that year the 000,000,000 and the War Saving Stamps account for
actual appropriations aggregated $18,879,177,012 while $2,000,000,000 more. ‘There was produced through the
the appropriations and contract authorizations cover­ revenue law of 1918 $4,000,000,000 dnd the estimated
ing the operations to that date from our entrance into revenue from the tax bill now in preparation is now
the war amounted to nearly $30,000,000,000,000. Not $8,000,000,000. If these figures are correct and they have
all of these appropriations were for war purposes and been compiled chiefly by Theodore H. Price, it would
H . E . H E N D E R S O N , T re a s u r e r

I. C . S T A N L E Y , S e c re ta r y

FARM
H u iiiiiiiiiiiu u iiin iiiiiiin iin iiiiiiiin iiiin iu n iiiiiiiiiiiiiiiiiiin iiiiiiin iiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiH iiiiiiiiiiiii

LOANS

'IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIHIIIIIIIIIIIIIIIIIIIIIIIIIIIII

W e are prepared to loan on the best improved farms in Iowa, from $75.00 to $90.00 per acre, and are in a position
to close such loans promptly.
If a customer of yours has a first and second mortgage on his farm, suggest that he put the loans in one and
write us for terms and privileges.

Am erican Mortgage & Securities Com pany
H o m e Office
M a n c h e ste r, Io w a


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

CEDAR RAPIDS, IOWA
CAPITAL, $200,000.00
Surplus and Profits $25,000.00

_

,

G e n e ra l Office
H f g le y B u ild in g
C ed ar R a p id s , Io w a

September, 1918

THE

NORTHWESTERN

appear that approximately 60 per cent of the irrecover­
able war expenditure of the United States during the
first two years of its participation in the war will be
paid by direct taxation so that against the bonds and
war savings stamps authorized, amounting in all to
$24,000,000,000, the country will have $15,000,000,000
of recoverable or productive assets. This would leave
a net or uncovered increase in public debt of only $9,000,000,000. Hence, there is reason to believe that the
financial and credit position of the United States gov­
ernment is exceedingly strong for war time.
The European war is well into its fifth year and this is
the seventeenth month of American participation. It
is interesting to note therefore, the effect on business,.
for notwithstanding the constantly increasing demands
of the government exceeding all expectations, it is hold­
ing up remarkably well. -Such economy as is being
practiced is among those who realize the economic ef­
fect of the war and of preparing for it. There seems to
be no diminution of the public ability to buy. This
is evidenced by the experiences of those engaged in
merchandising, even non-essential merchandising in
the manufacturing centers. The chief difficulty of
maintaining manufacturing operations lies in the direc­
tion of a shortage of labor and the scarcity of basic ma­
terials brought by inadequate transportation. In other
words, the restrictions that are made by the govern­
ment in order to facilitate the supply of war materials
has operated automatically to check the so-called nonessential industry.
In spite of this, however, the foreign- trade of the
United States in the year just closed shows a reduc­
tion of less than 1 per cent compared with the previous

Schanke & Company
Bankers
J

M U N I C I P A L

Sb
i

FROM

INCOME

TAX

OUR SERVICE T O
BANKERS
VIII.

During the A . B. A.
Convention

You are cordially* invited to make
our Chicago Office your headquarters.
Our entire facilities will be at your
disposal.

Our organization will

HALSEY,

Commercial Paper

& CO.

N . W . H A L S E Y & C O ., C H IC A G O
2 0 9 S O U T H LA SA LLE S T R E E T
NEW

YORK

P H IL A D E L P H IA
D E T R O IT

BOSTON

ST.

L O U IS

M IL W A U K E E

Tax Exempt
Municipal Bonds

We solicit inquiries. Descriptive circu­
lars sent on application.

No charge for collec­
tion and remittance of
INTEREST and
PRINCIPAL -

Twenty-seven years investment Bank­
ing experience without a loss to a client’.

S E N D FOR OUR
LIST

GEO. M. BECHTEL & COMPANY
Davenport, Iowa


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

STUART

IN C O R P O R A T E D — S U C C E S S O R * T O

Bonds of solvent communities, payable
from taxation, are recognized forms of
investment for insurance companies, sav­
ings banks and trustees.

F A R M

City,

ex­

tend to you a hearty welcome.

1

M ORTGAGES

Mason

51

W e own a carefully selected list of .over
thirty issues of High-class County, City,
Sclibol, and Drainage Bonds, netting from
4.70 to 5 per cent.

o n d s

FREE

BANKER

Iowa

Chicago, Illinois

Established 1891

52

THE

NORTHWESTERN

j

6%> First Mortgage
Real Estate Bonds

|

safeguarded by
CAREFULLY
our conservative business
methods, offer ideal, safe invest­
ments for your bank’s or your
depositors’ funds.
The bonds we offer are secured
by desirably situated modern
office buildings, hotels or apart­
ment houses located in prosper­
ous Middle West cities, and con­
servatively appraised at about
double the amount of the
mortgage.
Issued in denominations of from
$50 to $1000, maturing in from
2 to 10 years, bonds can be se­
cured to meet almost any in­
vestment requirements.
Send for details.

Bankers Realty Investment Co.
Continental and Commercial Bank Bldg.
CHICAGO, ILL.
BEE BUILDING, OMAHA, NEB.

V iH iT E C

o m

,,

IN V E S T M E N T
---- B A N K E R S •---------s
PU TN AM B LD G
D

IO W A

a v e n p o r t

,I

o w a

M U N ICIPAL

,

BONDS

BANKER

September, 1918

years. Imports increased 11 per cent, our exports and
merchandise fell off 5.7 per cent. The volume of trade,
however, has been much smaller, the difference being
made up in higher values. It would be much healthier
if our trade balance was smaller. The country has
been exporting more goods than it has been receiving
for several years. Europe will have some difficulty in
paying the balance in dollars and it would simply con­
tribute to our own inflation were it paid in gold. Trade
balances should balance, if the economic organism of
the world is healthy. Europe for many years to come
will require enough of our products to keep this country
busy supplying them, providing they are free to buy
and pay for goods they require. On the other hand,
Europe must be kept busy manufacturing the things
we need from them in order to balance accounts as
nearly as possible.
One of the reassuring developments in the war pro­
gram is the remarkably little disturbance which the
application of governmental control now gives. A
month ago it was deemed advisable to take over for
supervision and operation the great telegraphic and
telephone systems of the country. A year ago such
a proclamation would have caused serious mental dis­
turbance. Even when the proclamation was forthcom­
ing placing the railroad systems of the country in the
control of the government dictatorship there was more
or less apprehension regarding the step. As a matter
of fact it was absolutely imperative that this step be
taken as some of the railroads were helpless to finance
their needs and avert bankruptcy. The railroad prob­
lem is being worked out satisfactorily, the transporta­
tion systems are being co-ordinated; the transfer of
the telegraphic and telephonic communication systems
to government control was accepted largely as a neces­
sary war measure.
Aggressive adjustment of industry and trade to the
needs of war, involving as it does a corresponding re­
striction in the production for civilian consumption
cannot be accomplished without creating a considerable
feeling of uncertainty. It requires courage on the part
of the business man to seize opportunities as they offer
themselves and to meet actual conditions without as­
suming too great a risk. Conditions are so abnormal
that it is impossible for those who have not been trained
in studying economic changes to shift quickly. This
is what is required in war times and failure to shift
frequently involves far more serious disturbance in
business than would be caused by the assuming of a
risk, even though that risk entails some loss.
It is the failure of business men to grasp the oppor­
tunity offered by the government’s needs of war mate-

Printers, Lithographers, Binders, Photo Engravers
Office Supplies of Every Description
Our equipment is particularly well adapted for handling all kinds of orders for office supplies with
expedition and satisfaction. Whenever you are particularly desirous of securing the best work to
be had at the lowest price consistent with quality, we suggest you get in touch with us.


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

Send for General Catalog

PERKINS BR O TH ER S C O M P A N Y , Sioux City, Iowa

September, 1918

THE

NORTHWESTERN

rials and of manufacturing capacity that has contrib­
uted such a spotted condition throughout the country.
Ultra-conservative manufacturers hesitated to rush in
and bid for government contracts during the first year
of the war for the reason that it involved a new class
of production, some conversion of plant facilities and at
the same time they felt that they might go through
the war period with a restricted output of their ordinary
products, even though they did not make money. Many
of these failed to take into consideration the, needs of
the government affecting the capital market, the bank­
ing situation and the supply of raw materials as well
as the transportation facilities of the country. The re­
sult has been that these ultra-conservative manufactur­
ers are finding themselves face to face with a situation
that is difficult to bridge over. Their ordinary work
has disappeared or is so restricted as to leave their plant
facilities very largely idle.
What the government is undertaking to do is to
utilize all these plants available, where this can be
done with a comparatively small expenditure of new
capital for conversion purposes. This is a tremendous
undertaking on the part of the government and the in­
dividual manufacturer necessarily must determine in
his own mind what his plant is best suited for and
assist in bringing about this conversion to war needs.
Those who have done this have been rewarded with
contracts that will enable them to keep their plants in
operation on a profitable basis.
There is another phase of this war that is worthy of
the consideration of manufacturers generally. The
governmental control and supervision of industries,
the need of greater efficiency in manufacturing capacity
and the economy in the use of interchangeable parts
during the war period is likely to contribute very great­
ly to the standardization of our manufacturing business
in this country. An illustration of this may be found
in the developments in the automobile industry. The
restriction on the output of pleasure cars is likely to
result in the building of fewer models and in the greater
use of standardized parts because of the fact that the
manufacturing capacity is needed for government work.
This standardization of our manufacturing business
and the attendant elimination of special construction
would contribute enormously to economy in the busi­
ness world. It is obvious that were it possible to have
a standardized truck or series of trucks, differing only
in the carrying capacity of the truck, supplied under
army contracts, the problem of repair would be greatV
simplified and the economy to the government would
be enormous.

BANKER

53

PREPARING FOR AFTER W AR CONDITIONS.
(Continued from page 7.)
the nation will be able to carry the burdens which we
shall have inherited from our war expenditures— al­
ways provided that our’ house is ordered with reason­
able wisdom by those in authority.
I am entirely convinced of our ability to meet the
situation successfully if we mobilize the brain power
of the nation, and if due weight is accorded to the ex­
perience and matured judgment of the spokesmen of
business, and if, whilst recognizing and respecting the
demands of progress and social justice, we do not ven­
ture too far into uncharted waters.
The Farmers State Bank, Malcom, Iowa, is to have
a new building.

CITY

FARM

LOANS

LOANS
Negotiated by the

Home Securities Company
Sioux City, Iowa

AUTHORIZED

CAPITAL $1,000,000

Loans, Investments and Securities

W e make Loans and buy and sell Mortgages
on Iowa, Nebraska, Minnesota and South Da­
kota farms, and on improved City property.
P. H. PILCHARD
President
A. G, HESS
Secretary

G. F. HUGHES
Vice President
G. C. ROBINSON
Treasurer

LET US C O - O P E R A T E W I T H Y O U
In the handling of all classes of F A R M L O A N S
To bankers who wish to handle their loans
through one source, we have a proposition for
co-operating with you that will prove both prof-

itable and satisfactory. W e want active connec­
tions in every community. No delay in closing
loans. Prompt service. Write us today.

M ID L A N D M O R T G A G E C O M P A N Y
C A P ITA L $60,000.00

C E D A R R A P ID S , I O W A
O FFICERS AND D IR E C T O R S:
F. C. W aples, President
C lifford D ePuy, Vice Pres.
K eith V aw ter, Vice Pres.
A . H. B ierk am p, Sec’y-Treas.
R ob ert S. S in cla ir
W . W . O tto
W . L. Cherry


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

THE

54

NORTHWESTERN

September, 1918

BANKER

For Bankers and Their W ants
This department of T H E NORTHW ESTERN BANKER is
to assist SUBSCRIBERS in obtaining goods or service hard
to find. It is free. Use it. ASK US, as we can tell you
where to buy anything you need in your bank or for your
bank. T E L L US, as your “want" will be published under
the above heading free of charge. In answering classified
advertisements which have key numbers please enclose a
three-cent stamp. This is used to forward your letter.

HOW THIS DEPARTMENT SERVES YOU.
This is a regular department of THE NORTH­
WESTERN BANKER, to assist subscribers in obtain­
ing goods or service hard to find. Institutions seeking
high-grade men and bankers seeking a better connec­
tion should TELL US—as your “want” will be pub­
lished under the above heading free of charge. It is
the direct route to securing the position or man you
desire.
ASK US, as we can tell you where to buy anything
you need in your bank or for your bank, including bank
fixtures, safe deposit boxes, vaults, metal furniture, the
service of bank architects and builders, typewriters,
adding machines, ledger and bookkeeping systems,
electric signs, advertising novelties, calendars, check
protecting machines, books on banking and banking
law, safety paper, lithographed checks and drafts, serv­
ice of certified accountants, advertising service, fidelity
and surety bonds, burglary insurance, life insurance,
electrical burglar alarms, accident insurance, phono­
graphs, dictating machines, the best service from city
banks and correspondents— in fact, ASK US about
anything you want to buy or any service you wish to
secure.
This is a complimentary service to our readers and
may be worth many times the price of a year’s sub­
scription to The Northwestern Banker.
We will place you in communication with reliable
firms or expert service men, lay before you the infor­
mation we possess, or publish a blind advertisement
securing as many propositions as possible from re­
sponsible parties, without charge. Please enclose a
three-cent stamp for reply.
Wanted— Experienced man to take executive charge
of small trust company in active operation; must have
mortgage selling ability. Excellent opportunity. Ad­
dress No. 2205, The Northwestern Banker.—:8 ,9, 10.

SECURIT Y

Farm Mortgage Bank wants a man. Give details of
experience, salary, positions held, etc. Address, Mort­
gage, Bank, care The Northwestern Banker—9.
Wanted— Cashier for bank in northern Iowa. Must
be exempt from draft and able to talk and understand
German. Give full particulars, references and salary
expected.
Address No. 2211, The Northwestern
Banker.—9.
Position Wanted as cashier, by married man 29
years old, with two children; has had over nine years’
practical banking experience in country banks and can
give best of references. Can commence work any time.
Speaks Norwegian, Swedish and Danish languages.
Address No. 2212, The Northwestern Banker—9.
Experienced Banker, now cashier of a good country
bank, desires to become connected with a trust com­
pany, organizing or in operation, or good Iowa bank
with trust company in connection. Can invest. Best
of references. Address No. 2213, The Northwestern
Banker—9.
Wanted to Buy Banking Interest— Responsible
party wishes to buy interest in bank (preferable con­
trolling) located in Iowa or Illinois, having a capital of
approximately $25,000. Prefer town of from 1,000 to
4,000 inhabitants. Bank not owning its own building
or one having a very small investment in banking
house preferred. Replies and all information will be
held strictly confidential. Address, Clarence Shaw, 450
Bee Bldg., Omaha., Neb.—9.
Want Bank Employment—Age 38, large family,
can give bond. Office experience. Figure will be ex­
empt on new draft law. Desire to succeed. Address,
L. A. Nichols, 1548 32d St., Des Moines, Iowa.—9.
A Bank searching for an honest, capable, ambitious
and industrious cashier, married, 25 years of age, ex-

N A T IO N A L

BANK

S IO U X C IT Y , IO W A

Capital an d S u rp lu s $600,000
T. A . BLACK, V ice President
A . B. DARLING, V ice President
C. W . BRITTON, Cashier


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

W . P. MANLEY, President

L. R. MANLEY, A s s’ t Cashier
C. A. PATCH, A s s ’ t Cashier
R. E. BROWN, A s s ’ t Cashier

The Best of Service in Handling Collections and Accounts of Banks
Founded 1884

September, 1918

THE

NORTHWESTERN

empt from selective service draft, in town of at least
1,000 inhabitants, should address No. 2214, The North­
western Banker.—9.
AGENCY CONVENTION HELD.
The Commonwealth Life Insurance Company, of
Omaha, Neb., recently held its annual agency conven­
tion at Interlaken Park, Fairmont, Minn. About forty
agents qualified to attend by ’producing more than
$100,000.00 of business during the preceding year.

BANKER

RUFUS

55

RICKER

CERTIFIED PUBLIC ACCOUNTANT
M ember Iowa Society of
Certified Public Accountants

[rrj]

Room 3 Magnus Block
Telephone 787

Member American Institute of Accountants

CEDAR RAPIDS, IOWA

E. F. K N IG H T & GO.
SAFE
A l l W o r k Guaranteed

EXPERTS
W e G o A n y w h e r e on S h ort N otice
D a y or N ight

4 0 7 D o u g la s S t.

S IO U X C IT Y , IO W A

Financial Investigations
Anto Phone 9588
Audits, Cost and Acconnting Systems

Win. Guthrie & Co.
Certified Public Accountants
837-838 Frances Building

S io u x C ity , I o w a

A . H. H AM M ARSTRO M
CERTIFIED PUBLIC ACCOUNTANT
Member—American Institute of Accountants
Fellow—Iowa Society of Certified Public Accountants
603 Fourth Ave.

C L IN T O N , IO W A

EDWARD B. WILSON,
Vice President First Trust & Savings Bank,
Des Moines.
Former Bank Examiner and reappointed
by President Ingwersen as chairman of the
Legislative Committee of the Iowa Bankers
Association. Mr. Wilson is a candidate for
membership on the Executive Council of the
American Bankers Association, from Iowa.

THE

SECOND N A TIO N A L B A N K
AND

■DUBUQUE SA V IN G S B A N K
D U B U Q U E , IO W A
O R G A N IZ E D 1 8 7 6

There were also about thirty-five ladies in attendance
bringing the total number up to seventy-five people.
A short time each day was devoted to agency meet­
ings which were full of enthusiasm over the outlook
for business during the coming year. The balance of
the time was occupied by amusement and everybody
left with the avowed intention of writing more business
during the coming year than they did in the year past
and being present at the next annual convention, which
probably will be held in Colorado.
The man—or the nation—that is slow starting to
fight is often slower quitting.— Paragraphs.


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

OFFICERS A N D D IR E C T O R S
J. K. D E M IN G
President
JAMES M BURCH
V. P. Farl°v & L oetsch er
Mfg. C o.
CH AS. H. B R A D L E Y
Bradley Bros.
F R A N K BELL
Capitalist

H E R M A N N ESCHEN
Cashier
J. T . C A R P
S ecy-Trea«. Carr, R yder &
Adam s C o.
G E O . W . KIESEL
Hurd, Lenehan & Kiesel
J. J. ROSH EK
R osh ek Bros. C o.

Reserve Agents for National Banks
United States Depositary

Combined Resources - - $3,000,000.00

56*

THE

NORTHWESTERN

BANKER

September, 1918

SOME BANK DEPOSITS.
First National, Omaha.................................................
16,654,573.60
IOWA
Live Stock National, O m a h a . . . . . ...........................
7,175,988.22
Bank
Town
Deposits
Omaha National, Omaha........................................... 21,918,726.45
First National Bank, Alta, Iowa.................................$
358,928.35
297,868.56
Nebraska State, Ord .................................................
First National, Armstrong.........................................
259,761.72
Scottsbluff National, Scottsbluff...............................
603,324.60
Battle Creek Savings, Battle Creek.......................
685,184.46
MINNESOTA
Maple Valley Savings, Battle 'Creek.....................
554,857.63
First and Security National, Minneapolis, Minn.$ 59,218,494.46
220,858.24
State Bank of Bondurant..........................
Northwestern National, Minneapolis..................... 41,973,582.89
Breda Savings, Breda..................................................
762,872.21
4,149,803.52
Minnesota Loan & Trust Co.................. ....................
Cascade State, Cascade....................................................... 208,292.06
First National, St. P a u l.,......................
43,810,640.30
Security Savings, Cedar Rapids.............................
2,286,895.16
Merchants National, St. Paul................................... 23,442,646.86
Clarence Savings, Clarence.......................................
286,409.62
Stock Yards National, South St. Paul...................
4,058,994.07
City National, Clinton..............................................
3,743,930.36
NORTH DAKOTA
First National, Coon Rapids....................................
386,460.64
City National, Council Bluffs...................................
1,520,668.22
First National, Fargo, North Dakota...................$ 4,035,111.79
American Commercial and Savings, Davenport.. 11,731,480.03
First National, Grand F o r k s ...................................
1,869,069.90
First National, Davenport........................................
4,065,070.57
SOUTH DAKOTA
Iowa National, Davenport........................................
3,570,424.70
Citizens State, Colman, South Dakota............ . . . $
226,405.59
Des Moines National, Des Moines...........................
9,801,622.02
First National, Colman.............................................
346,846.46
Dubuque National, Dubuque.....................................
853,439.06
Farmers and Merchants State, Eureka..................
390,836.50
950,031.26
Dubuque Savings, Dubuque..................
Charles Mix County, G e d d e s . . . . . .........................
608,896.60
Second National, Dubuque.......................................
1,084,398.87
James Valley, Huron...................................................
794,870.45
First National, Dyersville.........................................
619,706.16
Sioux Falls Savings, Sioux Falls.............................
4,322,827.77
Security Trust and Savings, Fort Dodge...............
371,801.80
Dakota State, Tripp ..................................................
359,658.83
Grundy County National, Grundy Center.............
365,273.65
MONTANA
Grundy County Savings, Grundy Center............
274,338.91
Citizens National, Hampton.....................................
1,1^6,067.26
Security Trust and Savings, Billings...................$
535,003.96
Franklin County State, Hampton...........................
1,175,319.61
MISCELLANEOUS
Hillsboro Savings, Hillsboro..................................... - 244,748.66
Corn Exchange National, Chicago...........................$ 90,702,089.93
Farmers Savings, Holy Cross...................................
236,061.19
First National, C hicago........................................... 190,521,594.39
383,393.41
Hopkinton State, Hopkinton.....................................
First Trust and Savings, Chicago........ .................. 75,799,029.43
Iowa State, Hull...........................................................
323,626.93
Live Stock Exchange National, Chicago..............
18,121,730.40
Peoples State, Humboldt...........................................
621,830.82
Merchants Loan and Trust Go., Chicago.............. 100,359,089.78
First National, Indianola ..........................................
398,609.69
Union Trust Company, Chicago............................... 33,776,203.35
Peoples National, Independence.............................
801,881.77
Chase National, New Y o r k . . . ................................. 344,744,819.45
Citizens Savings, Kelley.............................................
162,897.75
Hanover National, New York................................... 164,561,-717.07
American Savings, Maquoketa...............................
1,086,689.67
Mechanics and Metals National, New York----- 191,090,389.13
Jones County Trust and Savings, Monticello___
232,634.08
Seaboard National, New York................................. 54,401,064.49
Monticello State, Monticello.....................................
1,600,451.62
Bank of North America, Philadelphia................... 24,466,182.68
Farmers and Merchants Savings, Mt. Pleasant. .
728,722.41
8,423,613.83
California National, Sacramento.............................
National State, Mt. Pleasant...................................
564,155.94
National Bank of Commerce, St. Louis................... 57,108,052.44
Jasper County Savings, Newton..................................... 976,895.37
16,411,882.76
Boatmen’s Bank, St. Louis.........................................
Odebolt Savings, Odebolt.......... ................................
266,137.11
Oskaloosa National, O skaloosa....................
728,771.55
Mahaska County State, Oskaloosa.........................
1,328,448.19
Oxford Junction Savings, Oxford Junction...........
387,760.15
Union Savings, Oskaloosa.........................................
349,064.56
HONOR ROLL.
529,582.00
Pomeroy State, Pomeroy............ .'............................ '
Ringsted State, Ringsted...........................................
457,625.80
Secretary Frank Warner, of the Iowa Bankers As­
Rockford State, Rockford ............
847,741.03
sociation,
has prepared a report showing that on July
425,389.83
Farmers Savings, Roland....................................
First National, Ruthven.............................................
387,707.67
1, 1918, 408 Iowa bankers were serving with the
First National, Sioux City.........................................
9,053,731.10
colors.
Live Stock National, Sioux City...............................
5,763,915.28
In the army there are 3 presidents, 2 directors, 2 vice
Citizens National, Storm Lake............................... I
712,186.02
First National, Villisca............ ..................................
743,081.84. presidents, 23 cashiers, 128 assistant cashiers, 183 book­
Volga Savings, Volga....................................................
198,352.51
keepers and clerks.
Wall Lake Savings, Wall Lake.................................
487,007.86
In aviation there are 1 cashier, 2 assistant cashiers, 5
Commercial National, Waterloo......................
3,033,361.58
Waterloo Savings, Waterloo...................................
2,098,441.06
bookkeepers and clerks.
NEBRASKA
In the navy there are 4 cashiers, 23 assistant cashiers,
Grand Island National, Grand Island, Neb............ $ 1,257,694.33
32 bookkeepers and clerks.
First National, Hastings.............................................
1,828,400.68

F. L. E A T O N , V ic e P residen t
C . D . V A N D Y K E , C ashier

G E O R G E S. P A R K E R , P residen t

A , W . S M IT H , A sst. C ashier
C L IF F O R D A T K I N S O N , A s s t. C ash ier

THE

L IV E S T O C K N A T I O N A L B A N K
Capital
$200,000.00

Sioux City, Iowa
Surplus and Profits
LOCATED A T THE STOCK YARDS
$100,000.00
Deposits $5,500,000.00

The GREAT NORTHW EST being thè feeding ground of the Live Stock Industry,
by virtue of our location at the MARKET PLACE of this territory, w e can offer
unsurpassed RESERVE facilities for Country Bankers.


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

THE

September, 1918

NORTHWESTERN

BANKER

57

Widening your
investment outlook
SERVICE
TO BANKS
Through lack of a convenient source of national investment
information, the outlook of many banks has been limited to purely
local investments.
Other banks for the same reason have confined themselves to a
limited list of bonds and short-term notes.
By the aid of a thorough departmental organization, The
National City Company is now ready to keep the banks of the
country in close touch with the whole investment security market.
Under our form of organization each of the following depart­
ments has separate and specialized management:
United States Governm ent Department
Foreign Governm ent Departm ent
Public U tility Departm ent
State and M u nicipal Departm ent
Industrial Departm ent
Railroad Departm ent

Acceptances

Each department head is a recognized authority in his line.
These departments have at their command what is probably the
world’s most comprehensive private digest of corporate affairs.
May not such expert service, offered through specialized de­
partments with broad sources of information at hand, be of service
to you in the analysis of specific securities in which you may be
interested or in the balancing of your investment list?
We would be pleased to have you communicate with our near­
est Correspondent Office to the end that this service may be made
effective for you.
For our current list o f investment securities, please write fo r FK-89

The National City Company
National City Bank Building

New York

CORRESPONDENT OFFICES
Albany , N. T .
Ten Eyck Bldg.
A tlanta . Ga .
Trust Co. o f Ga. Bide.
Baltimore , U d .
Munsey Bldg.
B oston, M ass .
10 State Street
Buffalo , N. T .
Marine Bank Bldg.
Chicago, II I.
137 So. La Salle St.


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

C incinnati, Ohio
Fourth Natl. Bk. Bldg.
Cleveland , Ohio
Guardian Bldg.
D ayton , Ohio
Mutual Home Bldg.
D enver , Colo .
71817th Street
D etroit , Mich .
147 Griswold Street
H artford , Conn .
Conn. Mutual Bldg.

I ndianapolis , Ind.
Fletcher Savings &
Trust Bldg.
K ansas Cit y , Mo .
Republic Bldg.
Los A n g e le s , Ca l .
Hibernian Bldg.
Minneapolis , Minn .
McKnight Bldg.
N ewark , N. J.
790 Broad St.
N ew Or lean s , La .
301 Baronne S t..

Philadelphia , Pa .
1421 Chestnut Street
Pittsburgh . Pa .
Farmers Bank Bldg.
Portland , Or e .
Railway Exchange Bldg.
Providence , R. I.

Industrial Trust Bldg.

R ichmond, V a .
1214 Mutual Bldg.
Sa n F rancisco , Ca l ,
424 California St.

Seattle , W ash .
Hoge Bldg.
Springfield . Mass .
3rd Natl. Bank Bldg.
St . Louis , Mo .
Bk. o f Commerce Bldg.
W ashington , D. C.
741 16th S t.,N . W.
W ilkes -B arre . Pa .
Miners Bank Bldg.

L ondon , E. C. 2 Eng, 36Bishopsgate,

Bonds

S h o rt T erm N o tes

A cceptances

58

THE

NORTHWESTERN

BANKER

September, 1918

IO W A B A N K N E W S
COUNTY ORGANIZATIONS FORMED.
The Iowa State Bankers Association, in accordance
with a resolution adopted at its annual convention, is
initiating a movement for the organization of a county
bankers association in every county in Iowa, according
to Frank Warner, secretary of the state association.
There is greater need now than ever that all the bank­
ers in -every community be linked together in a work­
ing organization, as an additional responsibility has
been given to the banks in the last year and a half.
The following counties have been organized: Chero­
kee, Delaware, Story, Ida, Marion, Muscatine, Winne­
shiek, Warren, Kossuth, Jones, Sioux, Lyon, Sac,
O’Brien. The following are organizing at the present
time: Monona, Osceola, Plymouth, Woodbury, Iowa,
Scott, Guthrie, Palo Alto, Dubuque, Chickasaw, Clay­
ton and Page.
MARION COUNTY BANKERS MEET.
The Marion county bankers held a recent meeting
at Knoxville, Iowa, which was attended by twenty-two
of the twenty-three banks in the county and a number
of out-of-town guests. The Marion County Bankers
Association was organized and it was decided to hold
four regular meetings during the year.
About sixty were present at the banquet. The meet­
ing was opened by O. L. Wright, who explained the
reason for the meeting, and then he called upon W .
G. van der Ploeg, who welcomed, the visitors to Knox­
ville. Among the speakers 'were J. H. Ingwersen, of
Clinton, president of the Iowa Bankers Association;
Homer A. Miller, president of the Iowa National
Bank, Des Moines; Frank Warner, secretary of the
Iowa Bankers Association; Lafe S. Collins, of the Citi­
zens National Bank, of Knoxville, and George Mes­
senger, state superintendent of banking.
The speakers called attention to the many advan­
tages of the local organization of banks and affiliation
with state organizations and splendid praise was given
to the pre-eminence in war work and the sale of Lib­
erty Bonds made by Marion county.

JOHN McDOUGAL JOINS MARINE CORPS.
John B. McDougal, cashier of the Central State
Bank, Des Moines, has joined the Marine Corps and
is stationed at Paris Island, S. C. The board of di­
rectors refused do accept his resignation and will hold
his position until he turns. Leland Windsor has been
elected assistant cashier.
Mr. McDougal is well known in banking and busi­
ness circles and for the past ten years has been associ­
ated with the Central State Bank. Prior to that time
he was with the Century Savings Bank.
W. S. S. DAY IN GRINNELL.
War Savings Stamp Day in Grinnell, Iowa, came to
a close with $10,000 more than the quota, this inclu­
sive of Poweshiek county. Rural carriers made sales
on all the routes out of the city and in the evening
people from all over the county were on hand to help
put Uncle Sam “ over the top.” Uncle Sam started up
the ladder and it took a $100 sale of W . S. S. to put
him up a round. After he reached the top, it took a
$100 sale to bring him down a round.
H.
M. Harris, cashier of the Citizens National Bank,
of Grinnell, and county chairman for the W . S. S. cam­
paign, is entitled to many compliments for the way in
which the campaign was so successfully completed.
G. B. W ILLHOITE RESIGNS.
G. B. Willhoite, cashier for so long of the Lytton
Savings Bank, Lytton, Iowa, has resigned, to become
identified in a similar capacity with the Sac County
State Bank, at Sac City, Iowa.
Mr. Willhoite came to Lytton in 1906 as an employe
of the Lytton Savings Bank. Late in that year the
Lytton Savings Bank and the Farmers Savings Bank
were consolidated and the business continued under
the caption of the Farmers Savings Bank, the affairs,
of the Lytton Savings Bank being liquidated. Mr.
Willhoite continued in fhe employ of the new organ­
ization as assistant cashier under F. A. Ayers, then
cashier. Mr. Ayers left Lytton in 1913, removing to

i

THE CENTRAI. STATE BANK
DES MOINES, IO W A

Capital $250,000.00

S u rp lu s a n d P rofits $250,000.00
OFFICERS

SIMON CASADY , President
GRANT McPHERRIN, Vice-President

^


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

JOHN B. McDOUGAL, Cashier
FRANK C. ASH. Ass’t Cashier

REMEMBER OUR FOUR CARDINAL PRINCIPLES
Absolute Safety.
Courteous Treatment to All.
uunsisieni
rrom ptness in Execution.
éxecution .
Consistent JLuueraniy.
Liberality.
Promptness

æ

THE

September, 1918

NORTHWESTERN

BANKER

59

"T h e Bank That Service Built."
Capital, $1,000,000

Surplus and Profits (earned), $3,750,000

Deposits, $55,000,000

The Seaboard National Bank
OF THE CITY OF NEW YORK

W e a llo w in t e r e s t o n b a n k e r s ’ b a la n c e s , a n d p a y d r a ft s w h e n p r o p e r ly p re s e n te d . O ur c o m p e t it o r s d o lik e w is e ; h o w ­
e v e r , th e “ P E R S O N A L S E R V IC E E L E M E N T ” is a d is t in c t iv e fe a tu r e w it h T h e S e a b o a rd N a tio n a l B a n k .
E ffic ie n c y
R e a d in e s s
C o n v e n ie n c e
A v a ila b ilit y

Î

A S E R V IC E IN C O R P O R A T IN G

an d e v e r y p h a s e o f b u s in e s s th a t p r o m o te s h e lp fu l an d m u ­
tu a lly c o r d ia l re la tio n s.
C. O T H O M P SO N , V ic e P re s id e n t
C. C.
S. G. B A Y N E , P re s id e n t
B. L G IL L , V ic e P re s id e n t
J. D.
H. W . D O N O V A N , C a sh ier
W . K . C L E V E R L E Y , V ic e P re s id e n t
B. I.
O. M. J E F F E R D S , A s s is t a n t C a sh ier
L . N. D E V A U S N E Y . V ic e P re s id e n t
J. E.

Humboldt, where he became identified with the Peo­
ples State Bank, where he yet remains. Mr. Willhoite
succeeded Mr. Ayers as cashier in the bank here and
to his splendid talents as a bank man, and large per­
sonal popularity, much of the success of the business
can be justly attributed.
CHICKASAW COUNTY BANKERS ORGANIZE.
The bankers of Chickasaw county, Iowa, met at
New Hampton recently to organize an association, the
main object of which was to further government in­
terests in financing the different war needs. Thirtytwo were present, every bank in the county being rep­
resented.
The following officers were elected for the coming
year: W . F. Getsch, Nashua, president; George
Schultz, Alta Vista, vice president; Carl Kenyon, New
Hampton, secretary. Executive committee: T. B.
Condon, chairman; C. M. Parker, Guy. Padden, A. L.
Kout and George Schultz.
The Chickasaw County Bankers Association has
signed an overdraft agreement by which they pledge
not to pay any check drawn unless there is a sufficient
amount on deposit to cover the amount of the check.
WM. A. KNEELAND ENLISTS.
Wm. A. Kneeland, assistant cashier of the Farmers
Savings Bank, of Clermont, Iowa, has enlisted in the
Signal Corps, Aero Department, and is now training
at Sioux City. O. Alfred Olson has been elected to
fill this vacancy during the absence of Mr. Kneeland.
The Farmers Savings Bank, which has a capital of
^iiitoiiininiiiiiiiiiiiiilininiininiiiniiiiniMllliniiiiiiiiiiiiiiNiiiiiiiiiiiniiiiiiniiiiiimiiiiiiiiiiiiililllililWliilliiiiiiiiliidliiiiiiiiiiilillilliiiiilHHiinnmtil

$35,000, is a very prosperous institution, with Chris­
tian Miller, Sr., as president; T. H. Olson and H. F.
Shipton, vice presidents, and J. A. Erickson, cashier.
SHELBY COUNTY BANKERS ORGANIZE.
The bankers of Shelby county have perfected a per­
manent organization with M. E. Clapp, of the Shelby
County -Savings Bank, Shelby, Iowa, president, and
Wm. jl Lewis, of the Harlan National Bank, Harlan,
Iowa, secretary and treasurer.
The object of the organization is to render better
service to the government during the war and to do
anything for the betterment of the county as a whole.
Meetings will be held quarterly in the Hotel Harlan.
pillllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllM

I American Commercial i
I and Savings Bank |

| Van Horn, Cluctt & Company |
|

A Co-partnership, the Members o f which are

|

I

CERTIFIED PUBLIC ACCOUNTANTS

§

1
g

S
=

Audits—Investigations-Systems
1

1

1 .
• CHICAGO
1

1st National Bank Bldg.

|
OMAHA

DES MOINES

|

Brandeis Bldg.

S. & L. Building

i

...................................................................................................................................imiiiiiiiiiiii


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

F IS H E R , A s s is t a n t C ash ier
S M IT H , A s s is t a n t C a sh ier
D A D S O N . A s s is t a n t C ash ier
O R R , A s s is t a n t C a sh ier

of Davenport, Iowa
n
=
Ü
=

1
=
S
a
ü
Ü
g

C a p ita l (Stuck . . . . ....... ................................................ $
600,000.00
S u rp lu s ..............................................................................
600,000.00
U n d iv id ed p ro flts ........................................................
368,000.00
D e p o s its o v e r ......... ....................................................... 11,700,000.00

=
=
=

m

OFFICERS
C H A S. N. VOSS,
P re s id e n t
ED. KAUFM ANN,
V ic e P re s id e n t
R A Y NYEM ASTER.
V ic e P re s , a n d C ash ier.

F. C. K R O E G E R ,
A sst. C a sh ie r
O TTO R IE C H E ,
A sst. C a s h ie r
F. A . JOH N SON ,
A s s t. C a sh ie r

j|
=

M
=
3

Our adequate equipment and exceptional facilities for a
handling business in every department of banking are at a
your service.
a

THE

60

NORTHWESTERN

BANKER

September, 1918

CAPITAL AND SURPLUS, $700,000.00
RESOURCES, $10,000,000.00

Still
Growing
T h e w e l l -k n o w n s ta n d a r d s o f
s e r v ic e m a in ta in e d b y th e M e­
c h a n ic s S a v in g s B a n k a r e c o n ­
s t a n t ly d r a w in g n e w a c c o u n t s
to u s fr o m th e b a n k s an d
b a n k e r s o f Io w a .
I n c r e a s e d f a c ilit ie s a r e a d d ed
a s r e q u ir e d , so th a t e v e r y a c ­
c o u n t is g iv e n c lo s e a tte n tio n .

O F F IC E R S
G-. E . M a c K in n o n
P r e s id e n t
H. F. G ross
V ic e P r e s id e n t
H . F . S ch o e n
C a sh ie r
N. B . S c o le s
A sst. C a sh ie r
L. J. O ’ F la h e r t y
A sst. C a sh ie r
H 'a rp e r G o rd o n
A sst. C a sh ie r
D IR E C T O R S
N e ls o n R o y a l
R . R. M cC u tch e n
H. F. G ross
D. E . M o o n
W . A . R u t le d g e
C has. A. R a w s o n
J o h n H. G ib s o n
R . J. C le m e n s
G. E . M a c K in n o n

Your Account
Invited
I f y o u w o u ld l ik e a n e fficien t
c o n n e c t io n in D e s M o in e s it
w ill b e a p r iv ile g e to p la c e th e
s e r v ic e o f t h is b a n k a t y o u r
d is p o s a l.
C orresp on d en ce
fr o m
Io w a
b a n k s a n d b a n k e r s r e c e iv e s
th e p e r s o n a l a t te n tio n o f in ­
t e r e s t e d o ffice rs.

The IVlechanics
Savings Bank

JAS. P. M A R T IN , Vice-President
F. E. G ILL, Vice-President

319 F i f t h St.
D e s M o in e s .

I. B. A. COMM ITTEES ANNOUNCED.
J. H. Ingwersen, president of the Iowa Bankers As­
sociation, has announced the appointment of the fol­
lowing committees for the year 1918-1919:
Agricultural Committee: Group 3, 1919, C. H. McNider, Mason City; 4, 1919, J. K. Deming, Dubuque;
5, 1919, H. W . Binder, Council Bluffs; 8, 1919, A. C.
Smith, Clinton; 2, 1920, C. E. Narey, Spirit Lake; 7,
1920, Frank B. Miller, Cedar Falls; 11, 1920, W . H.
Lloyd, Brighton; 6, 1921, Chas. G. Cockerill, Jefferson;
1, 1921, D. H. Hedrick, Battle Creek; 9, 1921, E. O.
Stearne, Van W ert; 10, 1921, J. R. Mackey, chairman,
Sigourney.
Good Roads Committee: W . A. Hopkins, chair­
man, Lamoni; E. L. Stickney, Moulton; Kent C. Ferman, Cedar Rapids; M. C. Sweney, Osage; D. E.
Goodell, Tama.
Legislative Committee: E. B. Wilson, chairman,
Des Moines; M. W. Fitz, Manson; C. J. Wohlenberg,
Holstein.
Legal Advisory Committee: Group 1, G. G. Everhard, Sioux City; 2, E. M. Duroe, chairman, Sioux
Rapids; 3, W . G. C. Bagley, Mason City; 4, J. F. Beck­
er, Elkader; 5, Hugh Miller, Cl'arinda; 6, Carl Foster,
Guthrie Center; 7, Geo. D. McElroy, Vinton; 8, W. J.
Dunker, Grand Mound; 9, F. E. Sheldon, Mt. A yr; 10,
H. C. Taylor, Bloomfield; 11, C. M. Keck, Washing­
ton.
Auditing Committee: Theo. Laskowski, chairman,
Council Bluffs; C. J. Le Valley, Sheffield; E. J. Murtagh, Algona.
Insurance Committee: J. L. Edwards, chairman,
Burlington; J. R. Capps, Des Moines; Jos. W . Meyer,
Dubuque.

T . F. H A R R I N G T O N , President

W . G . D U N K L E . Cash! sr
R . N A S H , A s s ’t Cashier

CONTINENTAL N ATIO N AL B A N K
SIOUX CITY, IO W A

Capital $100,000.00

Surplus $10,000.00

W e know that our experience, k now led ge, ability, system ,
organization, modern methods and energy w ould w ork great­
ly to your benefit if you give us the opportunity to serve you.
DIRECTORS
T . F. H A R R IN G T O N
J. P. M U L H A L L
JAM ES P. M A R T IN


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

M. K A S S
F. E. G IL L
A . J. M O R E

M. F. M c D O W E L L
C . F. G R E E N
W . G. DUNKLE

September, 1918

THE

NORTHWESTERN

Time Lock Committee: John P. Kirby, chairman,
Estherville ; S. J. Pooley, Grinnell ; F. P. Berger, Carroll.
Revision of Constitution and By-Laws Committee :
Carl F. Kuehnle, chairman, Denison; A. R. LeRoy,
Manchester; L. A. Andrew, Ottumwa; Frank Warner,
Des Moines.
Trade Acceptance Committee: A. F. Dawson,
chairman, Davenport; J. O. Trumbauer, Waterloo; E.
R. Campbell, Fort Dodge.
BEN C. ABBEN ELECTED PRESIDENT.
At a meeting held in Rock Rapids, Iowa, recently,
the bankers of Lyon county organized what will be
known as the Lyon County Bankers Association. A
temporary organization had been effected last fall just
prior to the second Liberty Loan campaign, the tem­
porary organization was made permanent and the fol­
lowing officers were elected: Ben C. Abben, Jr., of
Little Rock, president; F. L. Sutter, of Rock Rapids,
vice president; O. E. Holly, of Larchwood, treasurer,
and C. C. Crawford, of George, secretary.
The organization- will endeavor to cope with the
many problems that are constantly confronting the
bankers.

BANKER

61

3IIIIIIIIIIII!lllllllll!lllllllllllll!!llll!llll!llll!l!lllllllll!!llllll!llllllllllli

1

Verbal Guarantees

B

¡Ü
1
¡ü
1
g
H
B
m
B
ü
1
1

are difficult to enforce, especially
after death of the guarantor.

■

Has John Jones ever asked you to
loan $500 to his son, W illiam , and
refused to sign the note because he
did not want W illiam to know that
his father was back of the obligation, and at the same time told you
he would pay if W illiam failed to pay?

1

This bank has prepared a printed
guaranty form to cover that sort of a
case, ready to send on your request.

1

g
g

m
g
ü
ü
B
g
1
B

PLEASANTVILLE BANK MAKES BIG GAIN.
A comparative record of the deposits of the First Na­
tional Bank, of Pleasantville, Iowa, shows that on Au­
gust 10, 1913, they were $191,313.58; August 10, 1914,
$205,11675; August 10, 1915, $238,576.35; August 10,
1916, $294,176.03; August 10, 1917, $387,450.23, and on
August 10, 1918, they had increased to $515,524.41,
which makes a gain in deposits during the past year'

President
GEO. S. HOVEY

1

IF51 I ^ S T
T R U S T & SAVIN G S B A N K

I

B

E. B . W IL S O N , V ice P resident

B

ü

LOCUST— N. W . CORNER— SEVENTH

1

ll

The INTER-STATE
N A T IO N A L BAN K
KANSAS CITY, MO.
Only Bank in Live Stock Exchange Building.

Vice Presidents
R. M. COOK
J. M. HELLINGS

Cashier
A. B. CHRISM AN

Assistant Cashiers
DAVID T. BEALS
F. B. MOORE
GUY H. JAMES


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

1

Twenty-seven years of dependable banking service under the same
name and no consolidations.

Capital, Surplus, \ ^
Undivided Profits] 3*

n r\ r\

Cattle Loans
Our shareholders also own pro rata the stock of the Inter-State
Cattle Loan Company with Capital and Surplus of $750,000.
W e will be glad to correspond with bankers interested in the pur­
chase of cattle paper bearing our endorsement.

62

THE

NORTHWESTERN

Have You Seen The"V-S’’ Ringsmuth
Very Simple Farm Account Book?
The

S im p le st a n d M o s t P r a c tic a l A c ­
c o u n t B o o k on th e M a r k e t

SPECIAL

FEATURES

Separate Page for Each
Week in the Year.
Page for Yearly Sum­
mary (week by week).
Page for Simplified In­
ventory.
A two years’ Calendar.
A special page for An­
nual Receipts and Ex­
penditures.

A
Clean-cut
Under­
standable Explanation of
the new Federal Income
Tax Law— Special Ex­
emptions, Etc.
A complete annual re­
port sheet to hand to
Government
tax
man
from which he can make
proper assessment.

Hundreds of Banks have distributed thousands of
these Books successfully. It is the Best Form of
Advertising for the Progressive Bank to give the
Farmer. Special Low Prices on Quantity Orders.

S. Blake W iU sd en
27 E. Madison St.


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

Chicago, III.

BANKER

September, 1918

of more than $100,000. This is a very creditable show­
ing and reflects the excellent management of the insti­
tution.
Charles Clark is president ; Reuben Core, vice presi­
dent; F. T. Metcalf, cashier; Mrs. F, T. Metcalf, as­
sistant cashier.
BANK OF SEYMOUR RE-ORGANIZES.
The re-organization of the Bank of Seymour, Iowa,
was perfected recently and is to be known as the Sey­
mour National Bank, with a capital of $50,000 and sur­
plus of $10,000 paid in full.
M. H. Wilson is president; W . H. McCabe, vice
president; A. J. Davis, cashier; R. W . Lowry, assistant
cashier.
Board of directors: M. H. Wilson, W . H. McCabe,
J. A. Henderson, Wm. Wyatt and A. J. Davis.
ELDON BANK IN NEW HOME.
The First National Bank, of Eldon, Iowa, is now lo­
cated in its new home, which is very handsome in every
detail. The furniture and fixtures are light-colored
solid oak. Delays in the arrival of several items en­
tering into the completed job have prevented the bank
from getting settled in its building as soon as had been
anticipated. The floor of the main room is of tile and
the indirect lighting system is used.
J. A. Bradley is president; J. O. Hunnell, vice presi­
dent; C._W. Finney, cashier, and K. C. Finney, assist­
ant cashier.

T he I o w a L oan & T r u st C o m p a n y B a n k
OF DES M O IN ES, I O W A
"T H E BANK FOR ALL THE PEOPLE”

Statem ent of Condition at the c lo se of B u sin ess June 29,1918
Call fro m the S uperintend ent of B anking

RESOURCES
Real Estate Mortgage
Loans ................................. $3,134,328.77
Collateral and Personal
Loans ............................
3,753,567.88
Bonds, Stocks, etc............... 1,156,566.33
Stock In Federal Reserve
Bank ...................
22,500.00
Real Estate ...................
96,981.83
Furniture and F ix tu re s ....
3,275.91
Cash and Due from Banks.. 1,292,830.00

Capital ........................... ....... $ 500,000.00
Surplus and Profits.. . ..........
526,478.94
Re-discounts ......................... 1,323,776.50
Deposits
“ Banks
$1,662,691.97
“ Commercial
1,734,144.24
“ Debentures
1,668,600.00
“ Time
2,044,359.07 7,109,795.28

L IA B ILIT IE S

$9,460,050.72

$9,460,050.72

Call on us when in the city. Give us a chance to figure on some of your business. Submit
your farm loan applications to us. We are always’ in the market for mortgages.

D. H. McKee, Vice Pres.
L. E. Stevens, Vice Pres.
D. F. W itter, Vice Pres.

G. B. Hippee, President
B. B. Vorse, Cashier
J. E. Morton, Ass’t Cashier
G. W. Gray, Treasurer

Edwin Hult, Secretary
Simon Casady, Trustee
J. G. Rounds, Trustee

September, 1918

THE

NORTHWESTERN

MARTIN B. HUTCHINSON DIES.
Martin B. Hutchinson, owner of extensive retail
lumber interests in southern Iowa and a director of
the Seventh District Federal Reserve Bank, died re­
cently at his home in Ottumwa, Iowa, following an
operation.
He will be sadly missed by his circle of friends
throughout Iowa and adjoining states.
IO W A NEWS AND NOTES.
J. S. Nevius has accepted a position in the Farmers
& Merchants Bank, Bedford, Iowa.
At the annual meeting of the stockholders of the
Farmers & Merchants Bank, Lenox, Iowa, held re­
cently, the old directors were re-elected for the en­

BANKER

suing year as follow s: W. W. George, A. McKenzie,
0. E. Gustin, L. B. Wilson, W . P. Oliver, Fred Bennison, T. F. Armstrong.
Clyde Roe, for several years cashier of the Citizens
Bank, of Kelley, Iowa, has resigned his position to ac­
cept the cashiership of the Peoples Savings Bank at
Nevada.
C. C. Jamespn, cashier of the Sac County State
Bank in Sac City, Iowa, has resigned to become sec­
on d ,vice president of the First National Bank at Odebolt, Iowa. He has been connected with the Sac Coun­
ty State Bank for more than sixteen years. George
B. Willhoite, for several years cashier of the Farmers
Savings Bank at Lytton, will succeed Mr. Jameson at
Sac City.

Iow a N a tio n a l Bank
and Des Moines Savings Bank
In Same Building Under One Management
Combined Capital and Surplus $ 2 ,8 0 0 ,0 0 0


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

63

Deposits Over $20,000,000

The Country Bankers’ Bank of Iowa is in a Position to
Render Y ou a Service Equaled by Few and Excelled by
None. W e Shall Appreciate an Opportunity to Serve Y ou
OFFICERS
HOMER A. M ILLER, President
CLYD E E. BRENTON, Vice President
R. L. CHASE, JR., Asst. Cashier
H. T. BLACKBURN, Vice President
JAMES F. HART, Asst. Cashier
JOHN H. BLAIR, Vice President
JAMES BURSON, Asst. Cashier
G. E. PEARSALL, Vice President
J. R. CAPPS, Cashier

64

THE

NORTHWESTERN

Kl

\>eoples Savings Bank
DES MOINES, IO W A

BANKER

September, 1918

The German State Bank, of Wall Lake, Iowa, has
changed its name. Henceforth it will be known as
the Farmers State Bank.
A new bank under the name of the Exchange State
Bank is being organized at Hamburg, Iowa, with a
capital of $50,000.

E S T A B L IS H E D 1890

CAPITAL (Paid in) $50,000.00
CAPITAL (Earned) 50,000.00 $ 100,000.00
SURPLUS & PROFITS (Earned) 230,000.00
DEPOSITS
over 3,700,000.00

The West Bend Savings Bank, W est Bend, Iowa,
has changed its title to the First Trust & Savings
Bank, increasing their capital from $15,000 to $30,000.
They elected the following officers: A. L. Frye, presi­
dent; J. L. Henry, vice president, and F. J. Ho_kins,
cashier.

C. H. Martin, President
Frank P. Flynn
E. A. Slininger
Vice President
Cashier
Carl \V. Mesmer
Roscoe C. Morrow
Assistant Cashier
Assistant Cashier

Accounts of Banks and Bankers Solicited

Syndicate Trust
Company
1980 Continental and Com mercial Bank Bldg.

Chicago
Capital $ 2 0 0 ,0 0 0 .0 0
The Syndicate Trust Company is essen­
tially a financing institution. It deals In
securities and floats high-class bond issues
and is in position through its various
avenues of communication to accomplish
successfully whatever it undertakes.
It
buys and sells bank stocks and assists in the
organization of Banks and Manufacturing
or other Corporations. A corporation always
combines powers and affords security not
found in the individual in the conducting of
large enterprises.
OFFICERS
D. L. Sawyer.......................................................... President
H. C. Niblock...................... Vice President & Gen. Mgr.
George Lawther ........................................
Secretary
J. L. Ferguson........................................................ Treasurer
L. A. Stebbins............................................ General Counsel

T. E. Linder has been elected assistant cashier of
the First State Bank, Goldstein, Iowa, owing to the
absence of A. N. Bertelsen. Mr. Linder has been con­
nected with the bank for a number of years and is well
qualified to assume the responsibilities of the new po­
sition.
Leo Slezak, after many years service at the .Iowa
City State Bank, Iowa City, Iowa, severed his con­
nection with that institution and has gone to Cedar
Rapids, where he will become a teller in the Cedar
Rapids National Bank.
J. U. Wyant, who has been cashier of the Taylor
County Bank at Clearfield, Iowa, for the past seven
years, has accepted a position with the Citizens Bank,
of Bedford.
Louis Vorba has accepted a place as assistant cash­
ier in the Clutier State Bank, Clutier, Iowa.
A deal was closed recently whereby J. E. Anderson
disposed of his stock in the First National Bank, Poca­
hontas, Iowa, to J. M. Berry. The former will re­
main with the new management for a while and there
will be no change in the employes in the bank.
Ada Murray will accept a position as assistant cash­
ier of the re-organized Little Sioux Savings Bank, Lit­
tle Sioux, Iowa.
V. A. Spicer, assistant cashier of the Farmers Na­
tional Bank at Red Oak, Iowa, has purchased stock in
the Farmers Savings Bank at Grant, Iowa.
B. A. Gronstal has disposed of his interest in the
Farmers & Merchants Bank at Spirit Lake, Iowa,' as
well as the banking institutions of J. P. Kirby at Estherville and Graettinger to,F. R. Dowden, of Gruver,
Iowa.
* P. H. Pettinger, who owned a majority of the stock
of the First National Bank, of Cumberland, Iowa, has

The Commercial National Bank
WATERLOO, IOWA

Capital and Surplus, $500,000
OFFICERS
W . W . MILLER, President
F. C. PLATT, Vice-President


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

E. W . MILLER. Vice-President
GEO. E. LICHTY, Vice-President

H. C. SCHULTZ. Cashier
H. W . WENTE, Ass’t Cashier

THE

September, 1918

NORTHWESTERN

sold the same to D. P. Becker, L. J. Groves, G. F.
Gardinier and W . H. Bell.
The First National Bank, of Eldon, Iowa, is now
nicely located in their new quarters, which were re­
cently remodeled. They have installed new furniture
and fixtures.
John P. De Neui, for many years president of the
German-American State Bank at George, Iowa, is re­
ported to be seriously ill at his home in George.
The Farmers Savings Bank, of Grant, Iowa, is
pleased to announce to its patrons and the public that
it has secured the services of Mr. D. A. Spicer, form­
erly of the Farmers National Bank, of Red Oak, to
take the place of their cashier, Mr. C. M. Williams,
who is now in the service of the United States army.
The Farmers Savings Bank, of Holy Cross, Iowa,
is one of the most prosperous banks in Dubuque coun­
ty. The business of this bank shows a very material
gain from May to June 29th. The officers are: Henry
E. Meis, president; Peter Freymann, cashier; Jacob
Friedmann, vice president.

BANKER

65

THE BAN K ER S HOTEL

Hotel

O u r fa m o u s M in e r a l W a t e r s
p r e s c r ib e d b y p h y s ic ia n s .

Snapp

L o c a te d n e a r e r a ll t h e f a ­
m ous
m in e r a l
s p r in g s
an d
p la c e s o f a m u s e m e n t th a n a n y
o t h e r la r g e h o te l.

E xcelsior Springs, Mo.

ABSOLUTELY
FIRE-PROOF
Where
Hospitality
Reigns Supreme
A home for
your mother, wife
and daughter.

O p e ra te d on th e A m e r ic a n P la n
R a t e s fr o m $3.50 to $5.00 p er
d ay . A m e r ic a n p lan .
W r it e f o r b o o k le t
Reservations b y w ire or mail will
have our immediate attention.

ADEQUATE FACILITIES
l ^

In that single word, SERVICE, is summed up the
secret of successful salesmanship—retail, wholesale,
mail, personal, telephone, or otherwise.— Steel Filings.

and . perfected service make this an
ideal reserve bank for Iowa banksEvery courtesy and accommodation extended
consistent with conservative banking.
In­
quiries solicited and appreciated.

BLACK HAWK
NATIONAL
BANK

Fewest words, greatest patience, gentlest manners.
W ork wisely, serve quickly, win gratitude, add new
grace to be more truly courteous.—John Wanamaker.

SECURITY

STATE

BANK

KEOKUK, IO W A
C a p i t a l .................................. $100,000.00
' S u rp lu s & U n d ivided P rofits - 30,000.00
Prom pt’and careful attention given to all business entrusted to us
W . B. Seeley, President
E. A . French, Cashier

WATERLOO, IOWA
DR. F. W . PO W E RS, P resid en t
A. E. GLENNY, Vice-Pres. CHARLES W. KNOOP, Cashier
JAMES LOONAN, Vice-Pres. H. E. RUGG, Asst. Cashier

CASHIER WANTED
On account of the serious illness of the cashier of a
northern Iowa Bank, he is offering his stock for sale. Bank
has $15,000 capital, $5,000 surplus and the present cashier
owns one-fifth of stock. It requires an investment of
I $8,500 to handle, which buys stock and fine home of cash­
ier. Sale to be made only on condition that buyer is fully
qualified to assume place on hoard o f directors and active
management of bank at a starting salary of $1,500. A ll
correspondence strictly confidential. Address F. M. A.,
Care Northwestern Banker.

CAPITAL

$ 2 0 0 , 000.00
RESOURCES

$ 2 , 7 5 0 , 000.00
“ The Bank of Stability and Progress”

THE CEDAR RAPIDS NATIONAL BANK CEDA,^ r DS
Resources Fifteen Million Dollars

© iR E c r

This Bank W a s Not Built in a Day
Accounts of Banks, Corporations, Firms and Individuals desir­
ing to avail themselves of our facilities, developed and perfected
during a period of forty years, are invited.
R A L P H V A N V E C H T E N , P r e s id e n t
G E O . B . D O U G L A S . V ic e P r e s id e n t
E D H. S M IT H , V ic e P r e s id e n t


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

OFFICERS
G L E N N M . A V E R I L L , V ic e P r e s id e n t
K E N T C. P E R M A N , C a sh ie r
M A R T IN N E W C O M E R , A s s t . C a sh ie r

C°/tWECT»Ol*&

C H A S . C. K U N IN G , A sst. C a sh ie r
K A R L H . R E H N B E R G , A sst. C a sh ie r
G E O . P . M IL L E R , A s s t . C a sh ie r

THE

66

I

NORTHWESTERN

BANKER

September, 1918

NEBRASKA BANK NEWS
CONES STATE BANK.

. PACKERS NATIONAL ROLL OF HONOR.
The Packers National Bank, of Omaha, Neb., has re­
cently issued a handy pad for the desk and on the
front page is a service flag containing six stars. Those
upon the roll of honor are E. R. Spaulding, assistant
cashier; Amos Gates, assistant cashier; Bruce Pates,
advertising manager; H. J. Soegaard, receiving teller;
James Roncka and John Pavlik, accountants.
These men have served the bank efficiently helping
to increase its service to the community and in the
same manner will they faithfully serve Uncle Sam.

The Cones State Bank, of Pierce, Neb., at the time
of the last call had a capital stock of $50,000; surplus,
$10,000; undivided profits, $4,360.93; depositors guar­
antee fund, $4,705.53, and deposits of $596,986.97. Their
slogan is “ If you have money we want it. If you want
money, we haveit.”
The efficient officers of this institution are: Woods
Cones, president; F. W . Steinkraus, cashier; A. J. Mastalir and R. C. Marquardt, assistant cashiers.

NEBRASKA BANKERS CONVENTION.
The 1918 convention of the Nebraska Bankers A sso­
ciation will be held at Omaha on October 23d and 24th.
The program, which will be of a patriotic nature, will
contain many speakers of note and a big inspiration
will be gained by all the bankers who attend. It is
hoped that as many as possible will come to Omaha
and secure the benefits to be derived from meeting
other bankers from the state of Nebraska and surround■ing territory.

PIONEER SAVINGS CHANGES NAME.

M r.

B a n k er
If your

c u s to m e r

ships l i v e s to c k to the
S o u th O m a h a M a r k e t
Y o u 'N eed
a B an k at S o u th O m a h a
to collect h i s retu rn s
fo r you .

Packers National Bank
UNION STOCK YARDS

OMAHA

W A L T E R

The Pioneer Savings Bank, of Omaha, Neb., has
changed its name to the Pioneer State Bank and will
hereafter conduct a general banking business. The
capital and surplus have been increased to $220,000 and
A. L. Steinert has been added to the list of officers.
M. V. Mathews is president; L. B. Fuller and John
F. Hecox, vice presidents; A. L. Steinert, cashier, and
H. R. Crozier, assistant cashier.
The bank paid a dividend of 5 per cent the first year
of its organization which is a very splendid record.

SIDNEY BANK CHANGES HANDS.
J. J. McIntosh, president of the American Bank, of
Sidney, Neb., has sold his interest in that bank to
Jesse C. McNish, of Omaha, who is the principal owner
of the Sidney State Bank. With this sale and purchase
the two banks will be merged under Mr. McNish’ s
ownership and the combined banks will take the name
of the American Bank. The aggregate deposits of the
consolidated institution amount to more than a million
and a half, making it one of the strongest banks in
western Nebraska.
Mr. McNish is interested in about fifteen banks and

H. R H O D E S

B an k Specialist
Confidentially representing particular clients in the purchase or sale of
desirable banking institutions.
Omaha, Nebraska


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

Phone Douglas 5546

620 W orld-H erald Bldg.

September, 1918

U

THE

n it e d

S

NORTHWESTERN

t a t e s

N

BANKER

a t io n a l

67

B

a n k

OF OMAHA, NEBRASKA
Capital - - - -

M. T . B A R L O W . P re s id e n t

$1,000,000.00

G. W . W A T T L E S , C h a irm a n
B oard

Surplus and
Profits - - - - I $925,000.00
Deposits - - - - $22,000,000.00

o f th e

W . E . R H O A D E S , V ic e P re s id e n t
R . P. M ORSJIAN, V ic e P re s . & C ash.
J. C. M’ C L U R E , A s s t. C a sh ie r
G. H. Y A T E S , A sst. C a sh ier
C. F . B R IN K M A N , A s s t. C a sh ier

Your Business Cordially
Invited

T . F . M U R P H Y , A sst. C a sh ier.
O. W IL L IA M S , A u d ito r

is president of the McNish Cattle Loan Company, of
Omaha.

NEW HOME FOR AURORA TRUST COMPANY.

NEBRASKA NEWS AND NOTES.
Architect Beck has completed plans for a new bank
building at Wallace, Neb., in which will be housed the
new institution organized by F. C. Pielsticker and M.
E. Scott.

The new home of the First Trust Company, of Auro­
ra, Neb., will soon be Started and will be particularly
constructed for a trust company business.
The Ericson State Bank, Ericson, Neb., will erect a
The officers are: E. J. Hanier, of Lincoln, president; new bank building.
E. A. Steenburg and A. O. Hartquest, vice presidents ;
The First Bond & Finance Corporation, Omaha,
P. J. Refshauge, secretary and treasurer. The active
management of the company will be in charge of Mr. Neb., was incorporated recently with a capital stock
of $250,000. Incorporators were C. E. Vesy and J. A.
Hartquest and Mr. Refshauge.
The paid-up capital is $50,000 with an authorized C. Kennedy.
capitalization of $100,000.
Howard W. Hopewell has accepted a position with
the Live Stock National Bank in Omaha.

H. WELPTON ELECTED PRESIDENT.

At the annual meeting of the stockholders of the First
State Bank, Brule, Neb., H. Welpton was elected presi­
dent to succeed the late J. W . Welpton and C. C. W or­
den was elected vice president. The other officers re­
main the same and are: R. E. Dutch, vice president,
and F. T. Williams, cashier.

A new bank building will be erected soon for the
Citizens State Bank, Trenton, Neb.
The quarters provided for the Citizens State Bank,
Ravenna, Neb., in the new Shellenbarger building are
now practically complete.

CORRECTION— In our August issue, under the
“ Nebraska News and- Notes,” we published the state­
R. V. Sweet, cashier of the Obert State Bank, Obert, ment that P. J. Schobel had recently purchased stockNeb., has resigned his position and sold his interests in in the Naponee State Bank, Naponee, Neb. This was
the bank to J. J. Thiel, of Lincoln. Mr. Sweet has found a mistake, as R. V. McGrew, secretary of the McNish
it inconvenient to reside in Newcastle and do business Cattle Loan Company, of Omaha, Neb., owns the en­
in Obert which necessitated his resignation.
tire capital stock of this bank and has not parted with
E. R. Gurney, of Fremont, who is interested in sev­ any portion of the same. This item should have read
eral banks, has bought some shares of stock in the the Republican Valley Bank at Naponee, Neb., instead
Obert State Bank.
of the Naponee State Bank.

R. V. SWEET RESIGNS.

*The Merchants National Bank
of

O M A H A ,

N E B R A S K A

CAPITAL____________________ $500,000.00

SURPLUS_________ _______I . . _$500,000.00

UNDIVIDED PROFITS______$511,824.00

DEPOSITS „ 1_________. . . . . $10,164,324.68

OFFICERS
L U T H E R D R A K E , President
B . H. M E IL E , Cashier

ACCOUNTS


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

F R A N K T . H A M IL T O N , Vice-President
S. S. K E N T . Assistant Cashier

SOLICITED

F R E D P. H A M IL T O N , Vice-President
F. A. C U S C A D E N , Assistant Cashier

U.

S.

DEPOSITORY

THE

68

NORTHWESTER-N

BANKER

September, 1918

i i ii i i ii i i i ii i iiiiiim iiH m iiiiiiiiiiiiiiiiiiiiim iiiiit iiiim iiim iiiiiiiiiim iiiiiiiiiiiiiiim iiiiiiiiiM iiiiiiiiim iiiiiiiiiiiiim im iiiiiiiim iiim ii

NEBRASKA

THE ONLY BANK
— in the —
UNION STOCK YARD S

Our location and facilities
are unequalled. W e are
the clearing house for the
Live Stock Businessof the
Omaha Stock Yards.

Capital, Surplus & Profits, $1,500,000.00
Combined Resources,
14,400,000.00
H. C. BOSTWICK, President
J. C. FRENCH, Vice President
J. S. KING, Ass’t to President
FORD E. HOVEY, Vice President H. C. MILLER, Assistant Cashier
J. B. OWEN, Cashier
F. J. ENERSON, Assistant Cashier
H. W. VORE, Auditor

Farm Loans j
1
Wanted
1
I

The Smith-Robinson State Bank is being organized
at Clinton, Neb., with a capital of $30,000.
M. O. Sohus, of the Platte Valley State Bank, Scottsbluff, Neb., has tendered his resignation to take effect
in the near future, at which time he plans to leave for
California in the interests of his health.
Mrs. Agnes Atkinson has accepted a position in the
Central National Bank, of Lincoln, Neb.
J. J. McIntosh, one of the oldest bankers in western
Nebraska, president of the American Bank, Sidney,
Neb., having deposits of a million and a quarter, sold
his interest to Jesse C. McNish, of Omaha, owner of
the Sidney State Bank. The banks were merged re­
cently under the name of the American Bank with ag­
gregate deposits of over a million and a half, making
it the leading financial institution in western Nebraska.
The Pioneer Savings Bank, Omaha, Neb., has
changed its name to the Pioneer State Bank and'will
hereafter conduct a general banking business, with the
following departments : Commercial department, sav­
ings department, bonds and investment department,
farm loan department. The capital and surplus have
been increased to $220,000 and A. L. Steinert has been
added to the list of officers. The officers now are:
President, W . V. Mathews; vice presidents, L. B. Ful­
ler and John F. H ecox; cashier, A. L. Steinert; assist­
ant cashier, H. R. Crozier.
Mrs. Guy Robinson has accepted the position in the
Commercial State Bank, Crawford, Neb., made vacant
by the departure of Mrs. H. M. Houston to Torrington, W yo.
Myron Burton has been elected cashier of the Farm­
ers Bank, of Chester, Neb.
Carl Schneider has accepted a position in the Elm­
wood State Bank, Elmwood, Neb., taking the place of
Floyd Tyson, who has accepted a position in a bank
at Billings, Mont.
Stanley Hall has purchased a controlling interest in
a bank at Maywood, Neb.
James H. Decker, who has been a resident and busi­
ness man of Callaway, Neb., for more than thirty
years, passed away at his home in that city recently

W e have been lending money on
farms for more than 50 years, and on
Iowa and Eastern Nebraska farms
about 30 years, and are especially
equipped for prompt closing of loans
through correspondents. Write us for
terms.

C IT Y N A T I O N A L B A N K
KEARNEY, NEBRASKA
C a p ita l .....................................................$ 100,000.00
S u rp lu s a n d P r o f it s .............................
45,198.47
D e p o s its ......... ................... I ____ _____ 2,090,107.18

=

Dime Savings & Trust Co.

i

=

Peoria, Illinois

==

O F F IC E R S
D a n M o r r i s ..............................
P re s id e n t
G eo. B u r g e r t ......................................V ic e P re s id e n t
C. W . N o r t o n .................................................... C a sh ie r
F . W . T u r n e r ............................ A s s is t a n t C a sh ier
K . O. H o l m e s .. . .C h a irm a n B o a r d a f D ir e c t o r s
O ur e x c e p tio n a l fa c ilitie s f o r hand lin g: b u s in e s s In e v e ry
d e p a r tm e n t o f b an k in g: a r e a t y o u r s e rv ic e .

G eorge W . Curtiss
Chairm an


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

C h arles E. Ulrich
P resid en t

|

M EM BER OF TH E F E D E R A L R E S E R V E B A N K OF TH E
U N IT E D S T A T E S

September; 1918

THE

NORTHWESTERN

BANKER

69

The Omaha National Bank
O m aha, N ebrask a
Established in 1866

Capital $1,000,000.00

Surplus $1,000,000.00

Deposits $25,000,000.00

Exceptional collection facilities for Nebraska and Iowa business.

Items routed direct.

OFFICERS
J. H, MILLARD, President
B. A. WILCOX, Vice President
O. T. ALVISON, Assistant Cashier

W ALTER W. HEAD, Vice President
FRANK BOYD, Vice President
J. A. CHANGSTROM, Assistant Cashier

after an illness lasting for several months. Mr. Decker
was connected with the Seven Valleys State Bank, of
Callaway, at the time of his death.
The Perkins County State Bank, of Grainton, Neb.,
has been incorporated with a capital stock of $25,000.
Incorporators are Cornelius Bradley, Harry P. Brad­
ley and Ralph R. Horth.
The Maxwell State Bank, Maxwell, Neb., recently
taken in charge by Leslie R. Prior, of Kearney, has as
associates, Messrs. Pielsticker and Scott, president and
cashier, respectively, of the Platte Valley State Bank,
of North Platte, Neb.
The German State Bank, of Deshler, Neb., has asked
the state banking board to change its name to the
Deshler State Bank.

WARD M. BURGESS, Vice President
EZRA MILLARD, Cashier
EDW. NEALE, Assistant Cashier

COINAGE RECORDS BROKEN.
All coinage records of the United States mint were
broken during the fiscal year ending June 30, both for
value and number of new pieces of money put into
circulation. A total number of 714,139,119 new coins
were made with a value of $42,596,895, against $25,445,148 coined in 1917. The mint turned out 528,351,479
cent pieces, against 213,501,198 in 1917. The nickels
coined amounted to 82,723,278, only slightly greater
than in 1917. They were 24,105,440 half dollars made,
against 9,179,800 in 1917, and 45,223,400 quarters in
comparison with 19,678,000 made in 1917. There were
116,458,800 new dimes made, against 87,542,000 in 1917.

JO H N W . TU LLE YS
CERTIFIED PUBLIC A C C O U N T A N T
Audits and Financial Investigations

b

V >

0 /

v

W A TE R M A R K E D

Office forces of America are rapidly adopting
and demanding Howard Bond for their com­
plete stationery requirements.
Howard Bond is a paper which has the most
brilliant white color of any writing paper on
earth, regardless of price.

Tear It — Compare It — Test It

507-8 Bankers Life Building

L IN C O L N , NEB.

giiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiimiiiiiiiiiiiiiiiiiiiiiiiiiiiniiiiniiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiniiiiiiiimiiiiiiiiii^

| M cC o n n e l l

& m o e l l e r [

C E R T IF IE D PUBLIC AC C O U N T AN T S
O M A H A NATIONAL, B A N K B U IL D IN G

OM AHA. NEBRASKA
^ Illllllllllllllllllllin illlllllllllllllllllllllllllllllllllllllllllllllllllllU lllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllliliiii iii iiiiiiiiiiiii .....w i nn imi m i i i i J

HOTEL

CASTLE

300 FIREPROOF ROOMS

and you will always

Omaha

Specify It

With bath single, $1.50 and $1.75; double, $2.50 and $2.75.
With private toilet single, $1.00; double, $1.50.
A Safe Home for Your Mother, Wife or Daughter.

Complete stock in white and colors ready for
immediate distribution.
Sample book sent upon request.

FRED A. CASTLE, Prop, and M gr.

P R A T T P A P E R CO. y A g e n ts

L E E L. L A R M O N

Des M o in e s , Iowa
Manufactured by

THE HOWARD PAPER CO., Urbana, Ohio


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

FONTENELLE FLORIST
1814 Douglas
Omaha, Neb.
C o r s a g e s a n d B u t to n ie r s , D e s ig n s , W e d d in g B o u q u e ts
a n d P la n t s
C all p e r s o n a lly , w r it e , p h o n e o r w ir e y o u r o r d e r

THE

70

NORTHWESTERN

BANKER

September, 1918

! MINNESOTA BANK NEWS

§

AUGUST SCHWIEGER BANK EXAMINER.

J. C. JENNY AT WINONA BANK.

August F. Schwieger, who has been assistant cash­
ier of the Chippewa County State Bank, of Montevideo,
Minn., for the past ten years, and who is also a director
of that bank, has recently become deputy bank exam­
iner for the southeastern section of Minnesota. Mr.
Schwieger has earned this splendid promotion. He
will be succeeded as assistant cashier by R. V. Gordon.
L. G. Moyer is president; S. L. Moyer, vice presi­
dent; Victor Freeberg, cashier; B. A. Whitmore and
R. V. Gordon, assistant cashiers.

J. C. Jenny, who has been deputy examiner for the
past three years for the St. Paul and Minneapolis
Clearing House Association, and who has been con­
nected with banking in the Twin Cities for the past
fifteen years, has recently become assistant cashier of
the Merchants Bank, of Winona.
H. E. Blair is president; S. A. Steffen, vice presi­
dent and cashier.

J. P. BRENDAL PROMOTED TO CASHIER.
Joseph P. Brendal became cashier of the First Na­
tional Bank, of Elbow Lake, Minn., on September 1st.
He began his banking career as bookkeeper with the
same bank eleven years ago. During the past nine
years he has been an active officer of the First Nation­
al Bank, of Dalton, first as cashier and during the past
two years as vice president.
Associated with Mr. Brendal in the Elbow Lake in­
stitution will be Wm. E. Landeene, president, and W.
K. Barnes, vice president.

THORPE BANK CHANGES HANDS.
C. S. Vojta, of Silver Lake, together with several
prominent farmers, have purchased the interests of F.
W. Stevens and others in the First State Bank, of
Thorpe, Minn. A re-organization was necessary on
account of C. E. Melbye, cashier, being called into the
service. He retains a considerable block of stock in
the new organization and will remain on the director­
ate of the bank.
The new cashier is Robert E. Shasky, of Bejou,
Minn., and he is well qualified for his new position.
C. S. Vojta, the new president, is connected with
several other banking institutions, besides having large
business interests. He is president of the C.'S. Votja
Implement.Company, of Silver Lake and Glencoe; di­
rector in the Farmers and Merchants State Bank, of
Silver Lake-, and a large stockholder. He is president
and principal stockholder in the First State Bank, of
Cosmos,, and also president of the Farmers Investment
Company, of Minneapolis.

FIRST STATE BANK, RUSSELL.
A deal has been closed whereby J. H. Brandenburg,
of Arco, Minn., has purchased the majority interests
of W. E. C. Ross, president of the First State Bank, of
Russell, Minn. B. Leknes, cashier, purchases the re­
mainder of the stock of Mr. Ross.
This change in stock has made the following change
in officers: Mr. Brandenburg, president; Mr. Leknes,
formerly cashier, was elected vice president; M. O.
Hanson, formerly assistant cashier, elected cashier ;
Vera Brandenburg, assistant cashier.

L. W. KANNENBERG ELECTED CASHIER.

MIDLAND NATIONAL HAS MANY STARS.

L. *W. Kannenberg, who for a number of years has
been assistant cashier of the First National Bank, of
Renville, Minn., has accepted the position as cashier of
the First State Bank, of Paynesville, and has assumed
his duties in that connection.
The First State, which was established in 1892, has
a capital of $25,000; surplus and undivided profits of
$11,000, and deposits of $300,000.

The Midland National Bank, of Minneapolis, has a
service flag containing twenty-nine stars, representing
as many able-bodied young men who have gone forth
to fight for liberty and democracy.
The roll of honor is as follow s: Lovell Richie, Clar­
ence Peterson, Richard Jordan, Warren Parker, Harold
Tearse, Waldo Byrne, Sharpless Stephens, Robert

Midland National Bank
M IN N E A P O L IS
■

f l B

<~j

A

T

M

T

Z

F

C A P IT A L AN D SURPLUS $1,35 0 ,0 0 0 .0 0

. D

1

9

0

9

=

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

A S S ET S $ 17,0 0 0 ,0 0 0 .0 0

T he bank that successfully makes it a business of handling the accounts
of banks. Correspondence invited.


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

September, 1918

Established 1863

THE

NORTHWESTERN

BANKER

71

The First National Bank o f St. Paul
Capital and S u rp lu s , F iv e M illio n D olla rs
This strong, progressive bank, conducted along con­
servative and modern lines, offers every facility
consistent with sound, prudent banking for the sat­
isfactory handling of your Northwestern business.

R e s o u r c e s F i f t y -S e v e n

Paine, Paul Sandquist, Paul Newhouse, Charles
Thomas, Charles Grandin, Jr., Helge Peterson, Ernest
Larson, Erling Larson, Karl Anderson, Otto Brix, Carl
Calvin, Alfred Hague, George Haub, Jr., George Pet­
erson, Chris Gilbertson, Jay Elliott, Victor Peterson,
Christopher Babler, Jr., Edward Olson, Stanley Kaneski, Kenneth Clark and Viggo Hansen.

BANKS DROP GERMAN NAME.
Only three out of twelve Minnesota state banks
which at the beginning of the war had the word Ger­
man in their names, retain the name, according to F.
E. Pearson, state superintendent of banks.
One hundred and forty-seven banks in the United
States, thirty national and 117 state, contained the
word German at the beginning of the war, but these
hyphenated names have lost their popularity.

ST. PETER BANK INCREASES CAPITAL.
The Citizens State Bank, of St. Peter, Minn., has in­
creased its capital stock from $30,000 to $50,000 in

M illio n

D olla rs

order to facilitate the handling of its growing business.
This is a home bank owned by home people, which is
vitally interested in serving its country and commu­
nity.
A. M. Jensen is president; Charles H. Clark, vice
president; N. H. Olson, cashier, and C. A. Pettis, as­
sistant cashier.

QUOTA FOR NINTH DISTRICT.
Official announcement has been made by the treas­
ury department at Washington that the fourth Liberty
Loan campaign will open September 28th, with a pre­
diction that $210,000,000 will be the allotment to the
Ninth Federal Reserve District.
The “ Minneapolis Plan” for an intensive short-time
campaign, which has been so successful, will be fol­
lowed as far as possible in all of the twelve districts.
This provides for a preparatory work of several weeks,
followed by a short, sharp solicitation drive covering
only three to five days.

Continental and Commercial National Bank
OF CHICAGO

Capital, Surplus and Undivided Profits, $35,000,000
O F F IC E R S
G e o r g e M. R e y n o ld s .................................. P re s id e n t
A r th u r R e y n o l d s ......... V ic e -P r e s id e n t
W illia m T . B r u c k n e r .V ic e -P r e s id e n t
J o h n R. W a s h b u r n .. .V ic e -P r e s id e n t
R a lp h V a n V e c h t e n .. .V ic e -P r e s id e n t
W ils o n W . L a m p e r t ..................... C a sh ier
A le x . R o b e r t s o n ......... V ic e -P r e s id e n t
H a r v e y C. V e r n o n . .A s s is t a n t C a sh ier
H e rm a n W a ld e c k .. . . V i c e - P r e s i d e n t
G e o r g e B. S m i t h .. .A s s is t a n t C a sh ier
J o h n C. C r a f t . . , ......... V ic e -P r e s id e n t
W ilb e r H a t t e r y . . . .A s s is t a n t C a sh ier

H! E r s k in e S m ith . .A s s is t a n t C a sh ier
D an N o r m a n ..............A s s is t a n t C a sh ie r
G e o r g e A. J a c k s o n .A s s is t a n t C a sh ie r
R. G. D a n ie ls o n . . .A s s is t a n t C a sh ie r
J o h n F . C r a d d o c k .M g r . C r e d it D ep t.
J os. M c C u r r a c h . .M g r . F o r e ig n D ep t.

A ccou n ts o f Banks, Bankers, M anufacturers, M erchants and Individuals Invited

Continental and Commercial Trust and Savings Bank
Capital, Surplus and Undivided Profits, $5,500,000
Trust, Savings and Bond Departments
O F F IC E R S
G e o r g e M. R e y n o ld s ....................................P re s id e n t
J o h n Ja y A b b o t t .........V ic e -P r e s id e n t
w i l l i a m F> TTnnf
S e e r e ta r v
H e n r y C. O l c o t t . . . .M g r . B on d D ep t.
A rth u r R e y n o ld s .........V ic e -P r e s id e n t
E d m u n d J. C la u s s e n .A s s ’ t S e c r e t a r y
Tu?nerHnC^ ......... 4 * * 3
C h a rle s C. W i l l s o n .................... C a sh ie r
A lb e r t S. M a r t in ..............A s s t C a sh ie r
The Capital Stock o f this bank ($3.000,000) and the Capital Stock of the Hibernian Banking Association ($2,000,000) are
owned by the Stockholders o f the Continental and Commercial National Bank of Chicago.


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

THE

72

NORTHWESTERN

! UNSURPASSED I
For
For
For
For

Conscientious Service
Considerate Attention
Complete Facilities
Constructive Banking

September, 1918

C O M PLETE IN V ES TM EN T
SERVIC E
O u r f a c ilit ie s o f f e r c o n s e r v a t i v e i n v e s t o r s
c h o i c e s t f a r m m o r t g a g e s in t h e M i d d l e
W e s t t o n e t 5 }4 % a n d 6 % .
W e h a n d le
M u n ic i p a l a n d C o r p o r a t i o n b o n d s , C o m ­
m e r c ia l P a p e r , S h o r t T e r m n o t e s a t b e s t
c u rre n t ra tes.
C o r re s p o n d e n ce in v ite d .
A s k f o r o u r la t e s t o ffe r in g s .

The Thoroughly Satisfactory

3

BANKER

Established a Quarter o f a Century

MINNEAPOLIS CORRESPONDENT
For Northwest American Financial Institutions

¡ First and Security National Bank |
Capital and Surplus Ten Million Dollars
U

In the Twenty-Story First National-Soo Line Building

jj

M IN N E A P O L IS

I0LD-l7TABECk( j0MPANY
INVESTMENT BANKERS
MINNEAPOLIS

Department of Banks and Bankers
Ü

P. J. Leeman, Vice President
S. H. Bezoier, Asst. Cash. C. B. Brombach, Asst. Cash,
;

M r

Í

I , : I

:

I: i

3

g

:

M IN N ESO TA
G iiiim m m iiim iiiiim iiiim iiiiiiiiim iiiiim iiiiim iim iiiiiiiiiiiiiim m iiiiiim im iiiiiiiiim iim iiim im iiiiiiiiiiiiiiim iiiiiiiiiiiim iif f

DULUTH NATIONAL BANKS SHOW IN­
CREASE.
The past month and a half was a decidedly satisfac­
tory period for Duluth national banks, according to the
reports made at the close of business June 29th.
The statements show the deposits of the four na­
tional banks to be $40,662,047.39, compared with $36,pillllllllllllllllllllliM

I BANKS BOUGHT and SOLD |
1

Confidentially on Commission

JACOB BACKER, BANK BROKER
405 P ion eer B ld g .

S T . PA U L,

-

-

j

|
1

M IN N .

|

721,537.67 on May 10th, an increase of $3,940,509.72.
The loans and discounts total $31,690,363.30, an in­
crease of $1,536,971.52, while cash reserves have
mounted from $11,564,002.81 to $12,732,369.67.
At the time of the last call the deposits of the First
National were $18,392,820.63; American Exchange Na­
tional, $12,518,661.39; City National, $5,411,911.37;
Northern National Bank, $4,338,574.

NEW BANK OPENS AT ANOKA.
The Farmers State Bank, of Anoka, Minn., has
opened its doors and has a capital and surplus of $30,000. Many visitors were present at the opening to
view the beautiful new home of the bank. The furni­
ture is in cathedral gray, quartered oak. The wall
decorations are white and light cream, while the metal
work is of brass.

INCOME TAX BOOKLET.
A pamphlet explaining the use of ownership certifi­
cates and information returns relating to “ information
and withholding at the source” under the federal in­
come tax law has just been issued by the Bankers
Trust Company, of New York. Copies may be had
upon application.

You Need This
A stamp needed by every bank handling Liberty Loan
Bonds for recording payments on back of loan card.
Price O n ly $1.25

Send for One Today

R EC O R D O F PAYM ENTS
DATE

P a y m e n ts
D ue

A m o u n t o f In te re s t
Pa ym e nt Accrued Total Paid

T e lle r

5% b y M ay 4
20% b y M a y 2 8
35.% b y J u ly 18

FARM MORTGAGES

COMMERCIAL PAPER

Municipal Bonds
Our unequaled facilities for securing choice, highinterest bearing investments, hacked by “ The Sin­
clair Service” creates a steady demand for our se­
curities.
W e collect interest, principal and look after the
investment without charge of any kind.

40% by A u g. 15
100%
In te re s t Paid

% Actual Size

St. Paul Stamp W orks


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

7 4 F ifth Street, St. Paul, M inn.

JOHN F . SINCLAIR C O M P A N Y
CAPITAL $300,000
McKnight Building, Minneapolis, Minn.
Advise and we will forward description of any line
of investment you require.

H iiiiiiiiiiu iiiiiiiu iiiiiiiiiiiiiiiiiiiiiiiiiiiin iiiiiiiiiiiiiiiiin iiiiiiiiiiiiiiiiiiiiiiiiiiiu iu iiiiiiiiiiiiiiiiiiiiiiiiin iu H iiiim iiiiiiiiiiiiiiiig

September, 1918

THE

NORTHWESTERN

BANKER

73

AMERICAN FIXTURE COMPANY
Kansas Citv. Missouri

C O M P L E T E E Q U IP M E N T F O R B A N K S

New Building
Fixtures

Decorations
Remodeling

In the vault is a new Ely-Norris steel manganese
safe of the latest type, burglar and fireproof.
C. A. Larson is president; E. O. Lund, of Bricelin,
cashier, and Kenneth Campbell, assistant cashier.

MINNESOTA NEWS AND NOTES.
J. C. Jenny will assume the position of assistant
.cashier of the Merchants Bank, Winona, Minn., in the
very near future.
F. J. Patten, assistant cashier of the First National
Bank, Wells, Minn., has resigned his position and will
enter the officers’ training camp at Camp Pike, Ark.
The Wright State Bank, Wright, Minn., has changed
hands. It was purchased from its Iowa owners by
Messrs. Ilstrup and Anderson, of Cokato.
Fred Bush has resigned his position as cashier of
the First State Bank, Pine River, Minn., and Ben F.
Christian will fill the vacancy.
The stock of the Farmers State Bank, Radium,
Mitin., has been purchased by O. H. Tarlseth, R. B.
Tarlseth, H. L. Melgaard and others. E. O. Huset,
cashier, has resigned.
B.
A. Burton, cashier of the Granada State Bank,
Granada, Minn., has disposed of part of'his interests
to W . H. McNally, of Chicago, and Odber Clynick,
of Winnebago. Mr. Burton has accepted the cashiership of the.Burton & Co. State Bank at Kellogg, Iowa.
Mr. McNally will be the new cashier and Mr. Clynick
will be president of the Granada State Bank.

Bank
Stocks

Farm
Mortgages

W r i t e f o r o u r list o f c h o i c e
F a rm M o r t g a g e s
Banks bought and sold In a confiden­
tial m anner on com m ission


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

Floors
Lighting

Furniture
Interior "Woodwork

, The following are the newly elected officers of the
St. ’Cloud State Bank, St. Cloud, Minn.: Andrew
Darneider, president; A. C. Kingston, vice president;
O. J; Koll, cashier, and Arthur A. Schmitz, assistant
cashier.
Application has been filed for a charter for the Farm­
ers & Merchants National Bank, Clarkfield, Minn.

74

THE

NORTHWESTERN

É1IIIIIIIIII1IIIIII1III1III1II1I11IIIM

BANKER

September, 1918

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

MÓNI'ANA BANK NEWS
MONTANA NATIONAL BANK BUILDING.
The new home of the Montana National Bank at
Billings is one of the most attractive and complete in
the northwest empire.
The building consists of two floors and basement,
50x70 feet, with a mezzanine floor. It is fireproof con­
struction and finished in beautiful gray granite, Bed­
ford stone and terra cotta. The style of construction
with tall massive columns flanking the front entrance
combines simplicity with impressiveness.
The building is beautifully lighted and every mod­
ern convenience has been provided.
The bank opened for business November 7, 1912, aod
its growth from that time has been very rapid. In less,
than six years its deposits have grown to over $1,500,000, ranking third in the Yellowstone country in this
respect. The bank has a capital of $100,000 and sur­
plus of $20,000.
The president, A. H. Marble, of Cheyenne, Wyo.,
has banking connections in four states, Montana,
Wyoming, Nebraska and South Dakota.
The vice president, B. S. Langworthy, has been iden­
tified with the bank since its opening, having been one
of its organizers and its first cashier.
The cashier, N. A. Telyea, and the assistant cashier,

M o n ta n a M ortg a g es
made by a competent and trustworthy bank combine
absolute safety with good return.
Over $1,000,000.00 of Montana Mortgages and over
$1,000,000.00 of North Dakota Mortgages sold by
us without loss.
Our mortgages are selling to our old clients today
but we can supply a few additional investors at good
rates.
Illinois*and Wisconsin Investor references.

CUSTER C O U N T Y B A N K
W . C. M cClintock, President

MILES C IT Y ,

.;.

,

-

-

M ONT» N A

............. .... ............... ....................................................i

G. B. Miller, are men of high standing, as are also the
directors, including members of the firms of John Clay
& Co. and Clay, Robinson & Co., of Chicago, who are
heavily interested in the Montana National.

MONTANA BANKERS’ ELECTION.
The feature of the closing session of the fifteenth an­
nual convention of the Montana Bankers Association
was the address of Gates W. McGarrah, president of
the Mechanics and Metals National, of New York. He
is the only Gotham bank president to address such a
gathering. He touched upon many problems con­
fronting the nation and made suggestions for their so­
lution.
C.
F. Morris, of Havre, was elected president; W . J.
Johnson, of Lewistown, vice president, and E. A.
Newlon, of Great Falls, was re-elected secretary-treas­
urer. Next year’s meeting place will be determined
by the executive committee.

H. W. SADLER BANK EXAMINER.
H. W . Sadler has accepted a position as assistant
state bank examiner for the state of Montana and will
reside in Helena. For the past two years he has been
cashier of the First National Bank, of Hobson, Mont.,
where he has made a splendid record. The deposits
and resources of the bank have both made a big growth
during the time he has been connected with this insti­
tution.
Before coming to Hobson Mr. Sadler was connected
with the First National Bank, of Lewistown, and prior
to that was with the Merchants National Bank, of
Billings.

CHANGES AT MARTINSDALE, BANK.
Several changes have taken place in the officers of
the State Bank, of Martinsdale, Mont. George K.
Robertson, a stockman of that country, has been elected
president of the bank to succeed the late J. Stanley
Smith. Andrew Hoyem, of Lennep, has succeeded

H a v e Y o u a L ia b ility L e d g e r

Some Prominent Users of Kirtley Ledgers
Citizens Trust & Savings Bank, Davenport,
Iowa.
Continental National Bank, Sioux City, Iowa.
Sioux Falls Savings Bank, Sioux Falls, S. D.
First National Bank, Centerville, S. D.
First National Bank, Bancroft, Neb.
Nebraska State Bank, Norfolk, Neb.


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

Can you tell at a glance just how much each borrower owes you?
Don’t depend wholly on your note case. Sometimes a note is
misplaced. The Liability Ledger is a check on your note case
and when a customer wants to settle up y'ou have all the infor­
mation on his sheet.
We want to tell you about the. Kirtley Liability Ledger, how it
saves time in posting and referring to accounts.
Write for information today to

Hammond Printing Co. BA.E i E ™ ES

September, 1918

E x t e r io r
V ie w
of the
beautiful
new
home
of
the

First
N a t io n a l
B ank
Estherville,
Iowa
O F F IC E R S
J. P. K IR B Y ,
President
M . K. W H E L A N ,
Vice President
R. H. M IL L E R ,
Cashier

D E SIG N E D A N D C O N S T R U C T E D B Y

The Lytle Company, Sioux City, Iowa
J. A . R A V E N , President

Architects and Engineers of Complete Bank and Office Buildings
N ote the
handsome
and
practical
character of
this
Bank’ s
Interior
Design
Others Recently
Completed
Peoples State Bank, Guthrie
Center, Iowa.
First National Bank, Iowa
Falls, Iowa.
Farley State Bank, Farley,
Iowa.
Peoples State Bank, G uth­
rie Center, Iowa.
Maplet.on Trust & Savings
Bank, Mapleton, Iowa.
Abram R u tt National Bank,
Casey, Iowa.
Citizens
National
Bank,
Royal, Iowa.
First National Bank, Ban­
croft, Neb.
First National Bank, Le
Mars, Iowa.
First National Bank, Dun­
lap, Iowa.
First National Bank, Churdan, Iowa.
M ilford National Bank, M il­
ford, Iowa.


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

THE

76

A U D IT O R S

NORTHWESTERN

BANKER

F IN A N C IA L STA TEM E N TS PREPARED

B ILLIN G S, P R O U T Y

a n d

September, 1918'

BUSINESS SYSTEM S

T O M P K IN S

C E R TIFIED P U B L IC A C C O U N T A N T S
MEMBERS A M E R IC A N IN STITU TE OF A C C O U N T A N T S

DES M O IN ES, I O W A

W ATER LO O , IO W A

DAVENPORT,- I O W A

CEDAR RAPIDS. I O W A

Hippee Building

Black Building

Putnam Building

C. R. S. Bank Building

¿ IlllfItfllllllllllllllllllllllllllllllllllltlllllllltllllllilU U IIlltItlllllllllllU lilllllllltlllllllllf IllllllllllllU Iliim illllllllllllllllllllllllllllillllltlllllllllllllllllllltllllllllllllltlllllllll'^

=
a

M ONTANA

5
=

Street and First Avenue North, where the construction
of a new bank building with a 50-foot frontage will be
started at once. The bank will open for business as
soon as arrangements can be made.

w iiiH im n im iiiM iiH iiinin nn iiriiiiiiH H iiin iin iiiiiin iim iiiiiniiiiiiiiiiiiiiiiiiiiiin iiiiiininiiniiniiiiim m iiiniiiiiin nm niiiim niiiiin iunn iniiiiiinn iiim uiiii»wm g

Theo. Kyppen as vice president and director, having
purchased the latter’s stock in the bank.
Frances Peacock has taken the place of O. A. Hau-

NATIONAL BANK AT LIMA.
C. C. Thornton, president of the Security State Bank,
of Dillon, Mont., has received word from the comp-

TH E M O N T A N A N A TIO N A L BAN K ,
Billings, Mont.

gen as assistant cashier and George N. Olson remains
in his same capacity as cashier.
The State Bank of Martinsdale was established in
1909, and has a capital of $20,000, surplus and undivided
profits of $8,000.

NEW BANK AT COLUMBUS, MONT.
The Stockmen’s National Bank, of Columbus, Mont.,
a new institution with a capital of $50,000. has just re­
ceived its charter. The bank is controlled by a number
of local citizens of prominence. L. D. Dixon, mayor of
Columbus, will be the president. The institution has
just purchased the two lots at the corner of Fifth


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

troller of the currency that the proposed Security Na­
tional Bank to be organized at Lima was favored with
his approval.
It is possible that a new building will be constructed
for the bank. According to business conditions in that
section of the county, the new bank is essential and
the success of the enterprise is assured by the valu­
able ranches and natural resources in that vicinity.
C. C. Thornton is to be president; Frank Merrell,
of Lima, vice president. The board of directors will
consist of Charles Truaz, J. E. Keller and Nels Nel­
son. The bank is to be capitalized at $25,000, with
securities of $2,500.

THE

September, 1918

NORTHWESTERN

77

BANKER

A Hundred Years Hence
the w orld will still revel in
the beauty of A nna Case's voice
Yes, a century from now, when a new generation refers
to the primitive days o f 1 9 1 8 , the great diva’s superb voice

ANNA CASE
singing in direct comparison with the
New Edison and proving that her
performance and that of the instrument
are indistinguishable.


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

will thrill vast audiences. Thanks to the genius of
Thomas A . Edison it has been Re-Created and preserved
1

in all its glory for our descendants.

The men o f to-morrow

will hear, not a mere imitation, you understand, but the
voice itself—pure, bubbling and spontaneous.

For it has

been Re-Created on

TheNEW EDI;
” The Phonograph with a Soul ”

This means that it has been Re-Created with such fidelity; so perfectly
and completely, that no human ear can distinguish artist from instru­
ment. The famous Edison tone tests have proved this beyond question.
Before audiences totaling more than 2,000,000, great artists, stars of
Metropolitan Opera, have sung in direct comparison with their own
voices on the instrument. And not one listener has been able to
detect a shade of difference.
Come into our store to-morrow and hear Anna Case on the New Edison.

Harger & Blish, Inc.
“ 33 Years in the M usic Business ”

Des Moines

Sioux City

78

THE

NORTHWESTERN

BANKER

September, 1918

i SO. DAKOTA BANK NEWS
DAKOTA STATE ENLARGED.
The stockholders are : Perry S. Dalquest, Dr. C. S.
The Dakota State Bank, Tripp, S. D., is now enlarg­ Betts, W. H. Barnes, J. H. Elwell, O. S. Hagen, H. A.
ing its quarters, adding 36 feet to the rear, requiring 'Perriton, J. H. Higgins, Dr. W . F. R. Whorton, B. B.
new fixtures, customers’ safety deposit boxes and base­ Thurston, Dan C. Glennon, J. Garfield West, E. T.
ment vault, new hot water heating plant. This bank Gorsuch, Henry Kingdon, Geo. Deeg, Ole Spillum, J. R.
was established November, 1901, with James T. Toy Dramsdahl, Sam Russell, J. M. Dickson, E. O. Loomis,
and G. W. Schweetser, of Sioux City, and Henry Klatt, T. M. Simmons, W. L. Maul, Fred Frery and Dr. Lida
Jr., of Tripp, as incorporators. In 1906 Mr. Henry Betts.
Klatt, Jr., nurchased the stock of the Sioux City parties
The stockholders own approximately 10,000 acres of
and the bank has been under the same management the best agricultural land in South Dakota and the new
since incorporated. The officers are: Henry Klatt, bank promises to be one of the strong financial insti­
Jr., president; L. Roy Klatt, cashier, and J. C. Unruh, tutions of thdt part of the state.
assistant cashier. The bank has just increased its cap­
ital to $25,000. The deposits of $350,658.83 denote the
BANK OF IPSWICH.
prosperity of this bank.
The Bank of Ipswich, S. D Mpublishes a news letter
“ every little while” for the benefit of the Edmunds
FARMERS STATE INCREASES FORCE.
county boys who are serving the colors. News of af­
L.
G. Dokken, formerly assistant cashier of the Farm­fairs at home which mean so much to the boys away
ers State Bank, of Parker, S. D., has been added to the will serve to shorten the time for them and will also
force of the Farmers State Bank, of Bruce, on account make them know how interested the home folks are
of the rapidly growing business of that institution. Mr. in their welfare.
Dokken becomes cashier, succeeding R. J. Skarloken,
The Bank of Ipswich says: “ You guard our interests
who has been elected vice president.
Mr. Dokken and Mr. Skarloken have boughf a large at- the front, let us endeavor to guard your interests
part of S. A. Buck’s interest in the bank. However, here. Send your insurance policies, Liberty Bonds,
Mr. Buck retains the presidency and will continue his War Stamps or allotments to us for safe keeping until
your return.”
connection with the bank.
The officers of the bank who are doing this splendid
NEW BANK AT HURON.
The Farmers and Merchants Bank has opened for
business at Huron, S. D. This institution is organized
with a capital of $50,000, $2,000 in the state guaranty
fund and $3,000 undivided profits.

SIOUX FALLS
N A TIO N A L BANK

D E I T C H £?
L A M A R Co.
B an k Supplies

S I O U X F A LLS, S. D A K .
Established - - - 1882
S ioux F a lls' Oldest Bank

Printers, Stationers, Blank

^¡Successfully conducted for more than a
third of a century under one competent
and CONTINUOUS management.

I

GEO. A. PETTIGREW. Pres.
C. N. GUNNISON, Vice-Pres.
C. C. CRANDALL, Sec’y

Book Manufacturers

I

Northwestern Audit Company

A g e n ts

Public Accountants and Auditors
i

410 Boyce-Greeley Building


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

SIOUX FALLS. S. D.

309-311 Nebraska Street
S IO U X C IT Y , IO W A

|

Y . & E. Filing Systems

THE

September, 1918

NORTHWESTERN

BANKER

79

BAN K FOR SA ME
W e can supply the kind of a bank you want. Our bank offerings are in salable shape, all details having
been carefully worked out in anticipation of the purchaser’s wants. Write us if interested in the sale
or purchase of a bank.
Banks and Banks Only.

Everything Confidential— No Publicity

T

h e

C

h a r l e s

E . W

C

a l t e r s

o m p a n y

1422-30 First National Bank Building,
OMAHA, NEB.
Western Office, 1023-25 Northwestern Nat’l Bank Bldg., Portland, Ore.

bit of service are: M. Plin Beebe, president; H. E.
Beebe, W . K. Beebe, vice presidents; D. F. James, cash­
ier.

FEDERAL EMPLOYMENT OFFICE OPENS.
There has been opened in Rapid City, S. D., a fed­
eral labor employment agency which is to handle the
labor situation in the district west of the Missouri river
in South Dakota. On August 1st, the supplying of war
industries with common labor was centralized in the
United States employment service in the Department
of Labor, and all independent recruiting of common
labor by .manufacturers having a payroll of more than

100 men was diverted to the United States employment
service.
This drastic change in the nation’s labor program has
been found necessary in order to protect the employer
and the employed, to conserve the labor supply of the
communities and to cut down unnecessary and expen­
sive labor turnover (which in some cases is as high as
100 per cent a week) and to increase the production of
essentials.
While non-essential industries will be drawn upon
to supply the necessary labor for war work, the with­
drawal will be conducted on an equitable basis in order
to protect the individual employer as much as possible.

Y our M inneapolis Rem ittance
Banks have to be alert
— to handle business satisfactorily that has to do with the marketing of the
more perishable farm products.

“ Northwestern” service
— is based on long experience and familiarity with the customs of the trade.

Crates, boxes, barrels, bags
— smelling pungently of fruit and produce of every kind, are piled in great
array at the Minneapolis Central Market and adjacent warehouses. Some of
these packages are very probably filled with the product of your fields: We
are in close touch with the jobbers. Let us act as your medium if you have
collections on these firms.

The Northwestern National Bank
Minneapolis, Minnesota


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

Resources $ 5 5 ,0 0 0 ,0 0 0

80

THE

N,O R T H W E S T E R N

BANKER

September, 1918

DAVISON COUNTY HAS RECORD CROPS.

T H IS B A N K
B u ild in g a n d its e q u ip m e n t d esign ed and
co n str u c te d u n d er th e d irectio n of

FRIDSTEIN & COMPANY
B A N K E N G IN E E R S
NINTH FLOOR, MONADNOCK BLOCK
CHICAGO

Threshing has begun in Davis county, S. D., and dis­
closes the fact that this county has raised the largest
and. best crop of small grain in its history.
Oats threshed this season run from 40 to 65 bushels
and the wheat yield is estimated at from 22 to 30 bush­
els.
Reports made from localities near Sioux Falls where
threshing had commenced, show the yield of small grain
to be above expectations and better than for several
years. In the Scotland territory one of the first to thresh
was Carl Plattner, whose wheat averaged more than 20
bushels per acre and oats 45 bushels to the acre. Ted
Sprowl, of the same locality, threshed oats which aver­
aged 60 bushels to the acre. The grain is all testing
heavy. In the Hudson territory Frank Cable’s barley
yielded an average of 30 bushels per acre, of good qual­
ity. Arel Johnson’s early oats yielded better than 47
bushels to the acre; Herbert Finch’s Marquis wheat
averaged 15 bushels per acre, of yery fine quality, and
brought $2.05 per bushel on the Hudson market. All
the grain is of as fine quality as was ever raised in that
part of South Dakota.

NEW BANK AT WENTWORTH.
Wentworth, S. D., is to have a second bank which will
be known as the State Bank of Wentworth. The capital
is $16,500 and the officers are as follow s: W . L. Baker,
president of the Minnehaha National Bank, Sioux Falls,
president; Byron Farrell, implement dealer of Lake and
Moody counties, vice president; E. F. Salscheider, of
Sioux Falls, cashier.
The board of directors consists of well-known and

Why the Banker Should
Encourage Farm Building
H E question o f farm building has become one that the banker must consider
T
seriously. W ith the enormously increased production o f the last few years has
come no corresponding increase in farm buildings. A n alarming disproportion now exists.
b y en co u ra g in g adequate farm bu ildin g, en­
T HcouE rabanker,
g es increased p rosperity for all. F arm bu ildin gs
sav e p ro d u ce w h ich w o u ld oth erw ise be lost. M oreov er,
th ey stim ulate and facilitate added p rod u ction . F arm b u ild ­
in g s h a v e alw a ys been an attractive in vestm en t. A n d at
the present tim e, con tra ry to the c o m m o n im p ression , they
are, con sid ered as an in vestm en t, m ore attractive than ever.
L u m b e r and b u ildin g m aterials h a v e ad v a n ce d in price sin ce
1913 o n ly on e-th ird as m u ch as farm p rod u cts. M easured
b y the farm er’s ability to build, bu ildin g p rices w ere n ever
s o low . T h e present lo w p rice o f lu m ber an d building
m aterials is a ccou n ted fo r b y the su bn orm al dem and o f the
past few years. B u t after the w ar a trem en d ou s dem and

w ill sp rin g u p to o v erb a la n ce the su p p ly , and the on ly
result can be that p rices w ill rise.
A d v ise the farm er n ot to d ela y b u ildin g. A d d ed barns
and ou th ou ses, m ach in ery sh ed s, h ou ses fo r labor, will
sustain and increase the fa rm er’s p resent p rosperity m ore
than a n y th in g else.
G o r d o n -V a n T in e C o m p a n y m a k e a sp e c ia lty o f the
p la n n in g a n d p r o d u c tio n o f m o d e r n farm b u ild in g s . M a­
teria ls are b e s t qu ality . B u ild in g s are s o ld r e a d y -to -e re c t.
O u r m ill-to -u s e r m e th o d o f se llin g , c u ts o u t m id d le m e n ’s
p rofits a n d b rin g s the b u ild in g s to th e lo w e s t p rices. W e
are r e a d y to e x te n d o u r s e r v ic e to a n y o f y o u r clien ts.

Gordon-VanTine Go.
Resources Over $ 1 ,0 0 0 , 0 0 0

6786 Case St.


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

Established Over Half a Century

Davenport, Iowa

September, 1918

THE

NORTHWESTERN

BANKER

influential business men who will strengthen and pro­
mote the success of this new banking institution.

SOUTH DAKOTA NEWS AND NOTES.
C. A. Raker, cashier of the White State Bank, White,
S. D., was recently drafted into the service. C. L.
Hillyer, prominent land and insurance man, was elected
his successor.
A new bank building will be erected for the First
State Bank, Fulton, S. D.
The Guaranty State Bank, of Osceola, S. D., was
organized recently with a capital of $25,000. F. B.
Stiles, of'W atertown, is president; V. C. Bonesteel,
vice president, and C. C. Smith, cashier.
Bankers over the state of South Dakota made ap­
plication to the state banking department for permis­
sion to close doors for half time during the harvest
season to allow men employed in the banks to get out
to help in the harvest.
The recently organized Farmers & Merchants Bank,
Huron, S. D., has opened for business in the Blume
Block.
M.
A. Hendrickson, formerly cashier of the First In­
ternational Bank, of Columbus, N. D., has been
elected assistant cashier of the Farmers Home Bank,
Lily, S. D.
Articles of incorporation have been filed for the Stock
Growers State Bank, of Harrold, S. D., with a capital
of $15,000. The officers are: President, C. E. Vermilyea; vice president, R. J. Harrison, and cashier, J.
c . Wood.

Advice to
Investors
Purchase your securities through respon­
sible dealers who have proper facilities
for investigations and a reputation to
maintain for reliable service.
K. N. & K . are always posted on general
market conditions, and their views are a t '
the disposal of investors through their
monthly review of
“

The Investment Situation”
Write fo r Pamphlet L -I

Knautti -Naetjoti &KuIme
M em bers of blew York Stock Exchange

Equitable Bldg.

N ew York City

Part of Our Service
to Our Government Is:


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

To produce food and to help keep the
immatured stock on the farm.
If you are in need o f hay and feed we
can furnish you names o f parties who
have feed and hay for sale, or if you
have a surplus in your locality, we can
furnish you names o f parties who desire
hay and feed.

STOCK YARDS NATIONAL BANK
ST. PAUL CATTLE LOAN CO.
So. St. Paul, Minn.
We Loan Money to Grow Cattle and Sheep

81

82

THE

NORTHWESTERN

BANKER

September, 1918

NO. DAKOTA BANK NEWS
REVIEW OF NORTH DAKOTA CROPS.
According to the government crop report by the U. S;
Bureau of Crop Estimates, the outlook for North Da­
kota crops on August 1st was near average or better
except for rye and hay which are noticeably poorer.
Reviewing state conditions Field Agent A. J. Sur­
ratt says that June drouth continued up to July 20th
with exception of a few spotted rains mostly in the east­
ern part of the state. Moderate temperatures alone pre­
vented a near failure in the western half of the state,
especially the northwestern counties. July rainfall
while normal or nearly so except in north central and
east central counties was either largely or wholly re­
corded after July 20th. These favorable heavy rains
were too late to materially help bulk of rye crop, but the
recovery of all spring sown crops, especially late crops,
has exceeded all earlier expectations. In a general way
crop conditions taper from normal or near normal in
eastern counties to about half crop in northwestern and
a slightly better prospect in southwestern counties.
There is spotted grasshopper damage in limited sec­
tions mostly west of the Missouri river. Numerous
farmers are industriously combating this pest with
considerable success. Damage is often severe locally
but it probably will not seriously affect state produc­
tion. Local hailstorms were unusually severe in nar­
row, strips of Wells, Stutsman and LaMoure counties,

Y o u r

B a n k

Is reflected
tionery

you

by the sta­
use.

We

specialize in printed and
engraved

le tte r

h eads,

s ta te m e n t f o ld e r s

and

booklets.

S e r v ic e , Q u a lity
and Right Prices
Alw ays
Printing - Binding - Loose Leaf Devices
Designing - Engraving - Embossing

THE HOMESTEAD COMPANY
NINETEENTH AND GRAND

DES MOINES, IOWA


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

and to some extent in adjacent territory. Conditions
at the time this report was taken were directly opposite
of a month ago, in that on June 10th with exception of
winter rye all crops were showing a daily decline, while
on July 1st all crops with the exception of winter rye
were showing a substantial daily improvement.
The above conditions-are especially true of wheat,
oats and barley, which show an excellent fill. Heads
are rather short in western and not above average in
eastern sections, but remarkably well filled with large
plump kernels. Stands are quite uniformly good in
eastern, but both good and poor in western half of state.
Late acreage shows a more even and favorable stand
due to late July rains. This part of the crop gives very
favorable promise and has especially improved the farm
seed outlook in the western half of the state. Early
wheat, oats and barley fields were ripening at the close
of the month.
Excepting a few scattered counties rye fields are
below average and vary sharply for the different coun­
ties according to moisture conditions. Yields inclined
to be much more favorable in eastern than western half
of state. In addition to rather poor pollination due to
June drouth at least half of the state acreage represent­
ing as a rule the earlier fields was unfavorably affected

September, 1918

T H E

N O R T H W E S T E R N

by the July drouth during the filling stage. State qual­
ity is inclined to be below average due to part of the
crop showing more or less shrunken kernels. Harvest
was general at the close of July with yields quite often
disappointing. Spotted grasshopper damage to rye
kernels is noticeable in southwestern counties.
Corn condition is slightly below average for the state,
being average or better in southern third of the state
but becoming poorer and below average from this line
north. State growth is rather backward. July weather
too dry and cool for favorable corn growth.
Flax outlook is about average for the state. Very
favorable in eastern half of the state, tapering off to
both good and poor in western counties.
F A R M R E L IE F A P P L IC A T IO N M A D E .

First application for a loan for relief of farmers in
dry areas of western North Dakota and northern Mon­
tana under the new relief plan of the government, was
received recently by Theodore Wold, governo'r of the
Minneapolis Federal Reserve Bank. A western North
Dakota bank asked for $5,000.
Applications, of which more are expected soon, are
passed on by reserve bank officials and submitted to
Washington for final approval.
After President Wilson announced an appropriation
of $5,000,000 for general agricultural relief purposes, D.
F. Houston, secretary of agriculture, sent men into the
field to investigate needs.
The plan under which the first application was made
was suggested by W . P. G. Harding, head of the Fed­
eral Reserve Board, Washington. This provides for re­
discount by banks, of cattle or agricultural paper, with

83

B A N K E R

the Federal Rerserve Bank, to 75 per cent of the original
loan.
N O R TH D A K O T A N E W S A N D NO TES.

Application has been filed for a charter for the Beach
National Bank, Beach, N. D., to succeed the Beach
State Bank, with a capital of $50,000.
E. F. Morey, cashier of the Merchants National
Bank, Wimbledon, N. D., resigned to accept a position
with the James River National Bank at Jamestown,
N. D.
L. I. Nicholson, assistant cashier of the Farmers
Bank, Devils Lake, ,N. D., has resigned his position to
enter the army.
The Farmers State Bank, of Marmarth, N: D., is in

ipiiiiiiiniiiuiiiiiiiininm

uuiimiiiiiimiimniiiiiiit

| of the very finest—
i’

Q U A L I T Y

§
— is always to be found here 1

Ill|]||||||||||llllllllllllllllllllllllllllllllllllllllllllilllllllllllllllllllllllllllllllllllllllliiiiiiiiiiiiiiiiiiiiiiiiiiiii[iiimiiiiiiii[iiiiiiiiiiiiiiiiiiiiiiM
ii,iiii,iiii,l,|f

Our Banker Customers are many because they
get Service plus Quality with every article.

RANK
JEW ELERS

The Chase National Bank

CH LAM PP p O .

S

D E S M O IN E S ,

V ✓

IA .

Bank Floors

of the City of New York
57 Broadway

Capital
.
.
.
.
Surplus and Profits
Deposits (June 29, 1918)

.

$ 10,000,000
12,863,000
344,744,000

that look like marble—
cost no more than tile

O F F IC E R S
A . B a r to n H e p b u rn , C h a irm a n o f t h e A d v is o r y B o a r d
A lb e r t H . W ig g i n , C h a irm a n o f t h e B o a r d o f D ir e c t o r s
F u s e n e V . R . T h a y e r , P r e s id e n t
S a m u e l H . M ille r....V , P re s .
C has. D . S m ith ..A sst.
E d w . R . T in k e r ........ V . P re s .
W m . P . H o l l y __ A sst.
C arl J. S ch m id la p p -.V . P re s .
G eo. H . S a y lo r ._A s s t.
G e r h a rd M. D a h l......V . P r e s .
M. H . H o w e ll.....-A sst.
A lfr e d C. A n d r e w s....C a sh ie r
S. F r e d T e lle e n ..A s s t.
C has. C. S la d e ..A sst. C ash.
R o b e r t I. B a r r __ A sst.
E d w in A . D ee ....A sst. C ash .
S e w a ll S. S h a w A s s t.
W m . E . P u r d y ....A s s t. C ash.
L, H . J o h n s to n ..A s s t.
D IR E C TO R S
H e n r y W . C a n n on
S am u el H . M ille r
A . B a r to n H e p b u rn
E d w a r d R . T in k e r
A lb e r t H . W lg g l n
H e n r y B . E n d ic o tt
J o h n J. M itc h e ll
E d w a r d T . N ic h o ls
G u y E . T r ip p
N e w c o m b C a r lto n
J a m e s N. H ill
F r e d e r ic k H . E c k e r
D a n ie l C. J a c k lin g
E u gen e V. R . T h ayer
F r a n k A . S a y le s
C arl J. S c h m ld la p p
C h a rle s M . S c h w a b
G e r h a rd M . D a h l
A n d r e w F le t c h e r

Cash.
C ash .
C ash.
C ash.
C ash.
C ash.
C ash.
C ash.

WE RECEIVE ACCOUNTS OF
Banks, Bankers, Corporations, Firms or Individuals
on lavorable terms, and shall be pleased to meet or
correspond with those who contemplate making
changes or opening new accounts.
FOREIGN EXCHANGE DEPARTMENT


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

Showing the elegance, strength and dignity of this flooring in bank interiors

Send for Samples and prices.

STANDARD MOSAIC TILE CO.
515-525 S. Peoria S t.

C.

R. Borchardt, Pres.

C h icago

A lex. H . W idiger, Sec y-T reas.

84

THE

NORTHWESTERN

BANKER

September, 1918

THE CITY NATIONAL BANK
OF CLINTON, IOWA

Capital, Su rplu s and Profits
D eposits . . . . . . . .

$ 500,000.00
$4,200,000.00

OFFICERS
A . G. S M IT H , President
A . C. S M IT H , Vice-President and Cashier

G. M . C U R T IS , Vice-President
À . W . H A N S E N , Assistant Cashier

Accounts of Banks and Bankers received on most favorable terms.

^ ii i i ii i i i ii i i ii iiiiiiiiiiiiiiiiiiiiiii\ iiu iiiiiiit iiiin ij; iiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiD iiiiiH iiiiiiiiiit r iiiii^ iiiiiiiiiiiiiiiliiiiiiiiiiiiiiiiiiiiiin .

NORTH DAKOTA
T i m i i i ii i i ii i i m i m i ii i i im i m ii i i ii i i i ii i i ii m i i i i i i i i i i i i H i m i m m i i i i i i m r i i i i i i i i i i i i i i h i i i i i i u i m i i m i m i i i i i i m i i i i i i i i i i i i i i i i i m i i i i i i i i i i i

receipt of its certificate qualifying it to do business un­
der the depositors’ guaranty law,
M. C. Iverson has been elected cashier of the Farm­
ers State Bank, Grenora, N. D.
At a meeting of the directors Ernie Wick was elected
cashier of the First: State Bank,'Fort Clark, N. D.
Applicatici has been filed for a charter for thé First
National Bank to succeed the Alexander State Bank,
Alexander, N. D.
At a meeting of the board of directors of the State
Bank, of Bowman, N. D., H. E. Wirch, formerly as­
sistant cashier of the Bank of , Scranton, was elected
cashier.
; . , ' , ■|
I
,•
The German State Bank, Wing, N. D., recently
changed its title to Burleigh Coqnty State Bank.
At a recent meeting of thè directors of the First Na­
tional Bank, Lidgerwoodi, N. D., Roy H. Rue was
elected cashier to succeed J. W. Movius.

Correspondence invited.

At a meeting of the directors of the Farmers Bank,
M, unich, N. D., H. A. Thompson was elected assistant
cashier to succeed Frank E. Percy.
George Beisigl has been elected vice president of
the Adams County State Bank, Hettinger, N. D.
R. A. Nordbye, formerly cashier of the Farmers &
Merchants Bank, of Thorne, N. D., has been elected
vice president of the First National Bank, Reeder,
N. D.
Louis G. Nayes, o f Minneapolis, has accepted a po­
sition as assistant cashier of the, Cheyenne Valley
Bank, Kathryn, N. D. Mr. Nayes was formerly as­
sistant cashier of the Merchants State Bank at Fingal,
N. D.
At a meeting of the directors of the newly organized
Peoples Bank, .Leith, N., D., J. I. Cahill ,was elected
president and Sirnon Bqd,èrson, vice président. : ,
M O O R E ’S W A R T A X .

Secretary McAdoo has called for $8,000,000,000 from
internal revenue in 1918, and the new war revenue bill
will be drawn to raise that sum. 1 There will be heavy
increases in the rates now in force, all along the line,
besides many new taxes.
Pl

The Des Moines National Bank


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

Des M oines, Iow a
T h e policy o f this bank is to cultivate helpful business relations
with its correspondents and to render at all times the service which
their needs demand and which our equipment insures.
A n expe­
rience extending over thirty-five years in catering to such needs has
provided a broad understanding o f the requirements in this field.
W e cordially invite a share o f your business.

Capital and Surplus $ 900,000
R esou rces o v er
10,000,000
Arthur Reynolds, President
John A . Cavanagh, Vice-President
John H . Hogan, Cashier
C. A . Barr, Vice-President
C. A . Diehl, Assistant Cashier

September, 1918

THE

NORTHWESTERN

Last fall the banks were obliged to meet the im­
mediate demand by their clients for information. Those
who had ordered booklets containing concise and au­
thentic details to taxpayers were able! to .supply this
demand without loss of time in verbal explanations.
Undoubtedly there will be a greater demand fbr de­
tails of the new war tax law of 1918 as soon as it is
enacted. The indications are that this bill will be
passed between October 1st and 15th.
The experience of a large Boston bank last October
on the passage of the 1917 law is typical of many oth­
ers. This particular bank had ordered 5,000 copies of
Moore’s “ War Tax,” published by the ten Bosch
Company at Chicago and San Francisco. Four days
after the law went into effect the bank called the Chi­
cago office of the publisher on the telephone and asked
if the books had been shipped. . “ No, but they are
going out today,” was the reply.
“ Don’t ship them,” was the command, “ the express
companies are too uncertain. W e are sending a mes­
senger to Chicago with two trunks to bring them back
with him as baggage. People are standing in our bank
in long lines asking for information about the taxes.”
The next day the messenger arrived in Chicago,
packed the books in trunks and took the next train to
Boston.
M E N F O R Y . M . C. A . A R M Y S E R V IC E .

General Pershing has called on the Y. M. C. A. to
send him 4,000 men for service with the army in France
by September 1st.
General Pershing wants men who have succeeded
in organizing and managing other men, amateur ath­
letes who can box or teach boxing, wrestling or other
games, men who cafi write letters, play musical instru­
ments, sing and lead others in singing.
As these men must be over draft age the present call
furnishes an opportunity for men from thirty-one to
the great world war.

85

BANKER

ESTABLISHED 1S72

R. A. CRAWFORD
President
C. T. COLE. JR.
Vice-President
D. S. CHAMBERLAIN
Vice-President
W. E. BARRETT
Cashier

New
and
Modern
Home
of the
VALLEY NATIONAL BANK
and

VALLEY SAVINGS BANK
DES MOINES, IOWA
Combined Capital and Surplus, $800,000.00
Anxious to serve, Equipped to serve w ell—
W e seek the opportunity.

S te v e n s Tells You W h at
T o advertise in th is issue.
W h en it com es to h ow , th ere is n o
better m e th o d th a n LETTERS.
W e are “ letter h eadq u a rters.”

DES MOINES DUPLICATINGCO.

Des Moines, Iowa

ILL H. ZAISER SP E C IA L T Y CO.

W

BANK EQUIPMENT

Originators “ Zaiser’s” self-indexed loose leaf bank
ledgers. A n y account found in four seconds. A full
line of bank supplies and specialties. Shaw W alker steel
and w ood filing devices.

314 7th Street, DES MOINES, IOW A

Lawn Tents
Camping
Tents, Awnings
DESMOINES TENT
& AWNING CO.


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

Are You Going to the
Chicago Convention?
The annual convention of the American Bankers A s­
sociation, Chicago, September 23d to 27th, will be
the mo^t important and most interesting in the or­
ganization’s history. Our government will send rep­
resentatives to this meeting, with messages on war
financing and war activities that will thrill the con­
vention.
^
Banks have done much towards organizing the nation
on a war basis. There is much more to. do— and the
banker is ready to do his full share.
This institution will be represented at Chicago and
will be glad to talk with you about a Des Moines
banking connection. Our service to country hanks
is a twelve months one, backed by ample capital and
a real desire to be of help to you.

B A N K E R S TRU ST COM PAN Y
D es

M o in e s , I o w a

C A P IT A L , O N E M I L L I O N D O L L A R S

B. F. Kauffman, President.
C. H. Stephenson, Cashier.
.
A 'sh ton C lem en s
C. H. S te p h e n so n
F. W . S a r g e n t

D IR E C T O R S
D r. O. J. F a y
J. W . H o w e ll
S. S h eu erm a n

H. H. P o lk
B. F . K a u ffm a n
R. R . R o llin s

86

THE

NORTHWESTERN

BANKER

September, 1918

’M
IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII1IIIIIIIIIIIIIIII1IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII1IIIIIINIIIIIIIIIM

W A R -T IM E EC O N O M Y A N D

H O RSE SENSE

|

B y Richard A . Foley.

|
1
|
|
|
|

There are two things all of us want to do— we
want to keep the Germans running and we want
to keep business running.
W e want to make the world safe for democracy',
but we want to keep democracy in business. If
we took all the fool advice printed by amateur
economists who suddenly find themselves in the
limelight, we would in a year or so have a panic
compared to which the panic of 1907 would be as
a slight chill compared to an epileptic fit.

|
1
|

W e all agree that we must have thrift. There is
some room for difference of opinion as to what
constitutes wise economy, and there is danger that
this talk of economy may be misunderstood, and

|
|

may result in a danger quite as great as that which
would come from wasteful living.
Wealth is natural materials, plus energy, plus
brains. Governments do not make wealth. The
basis of all wealth in the history of the world is
human effort. Stop activity and financial depression ensues.
W e don’t want any messages to reach the kaiser
that America is afraid—that America is running
away from its normal business life and is hiding its
money. Some of us fighting, all of us working
and every one of us willing. W e must co-operate.
That is the great lesson we are learning.
Yell, and let the people know what you have.
Passing money along is not burning it.

INDEX TO ADVERTISERS
|
i

Ü
g
g
g
Ü
g
g
g

A
A m e r ic a n
B o n d in g
an d
C a s u a lty
C o m p a n y ...................................................... 45
A m e r ic a n C o m m e r cia l a n d S a v in g s
B a n k ...........
59
A m e r ic a n F ix t u r e C o m p a n y ............. . . . 7 3
A m e r ic a n
M ortg a g e
&
S e c u r itie s
C o m p a n y ...................................................... 50
A m e r ic a n S ta te B a n k . . . ........................... 2
A m e r ic a n S p e c ia lt y C o .................................30
A tla n t ic N a tio n a l B a n k ............................ 12
B
B a c k e r , J a c o b .................................................72
B a n k e r s A c c id e n t In s u r a n c e C o m ­
p a n y ............................................................... 44
B a n k e r s ' H o ld in g
an d
I n v e s tm e n t
73
C o m p a n y ................................................
B a n k e r s L i fe I n s u r a n c e C P m p a n y . . . . 43
B a n k e r s M o r t g a g e C o ................................ 1
B a n k e r s T r u s t C o m p a n y , D e s M o in e s .85
B a n k e r s T r u s t C o m p a n y , N e w Y o r k . 34
B a n k e r s R e a lt y I n v e s t m e n t Co.,... C h i­
cago
52
B a n k ers
R e a lt y
I n v e s tm e n t
C om ­
p a n y , O m a h a ............................................. 48
B e c h te l, G e o r g e M. C o ................................. 51
B illin g s , P r o u t y & T o m p k in s ..................76
B ish o p , E . J ....................................................8 2
B la c k h a w k N a tio n a l B a n k ...................... 65
B o s c h te n C o m p a n y .............................
49
C
C a stle H o t e l .................................................... 69
C ed ar R a p id s L ife I n s u r a n c e C o m p a n y ................................................................45
C ed ar R a p id s N a tio n a l B a n k ..................65
C e n tr a l
N a tio n a l
F ir e
In s u r a n c e
C o m p a n y ..........
40
C e n tra l S ta te B a n k .......................................58
C e n tra l T r u s t C o m p a n y o f I l l i n o i s . . . 2
C h a se N a tio n a l B a n k . . ...............................83
C ity N a tio n a l B a n k , K e a r n e y , N e b . . . 68
C ity N a tio n a l B a n k , C lin to n , Io \ v a ..8 4
C la rk , B y e r s & H u t c h in s o n ...................... 44
C o m m e r cia l N a tio n a l B a n k ...................... 64
C o rn E x c h a n g e N a tio n a l B a n k ............... 14
C o n tin e n ta l N a tio n a l B a n k ...................... 60
C o n tin e n ta l an d C o m m e r cia l N a t io n ­
a l B a n k ..................................................26-71
C o m m o n w e a lth L ife In s u r a n c e C o m ­
p a n y ...........
39
C r a d d ic k , H. B ................................................ 35
C u p p le s E n v e lo p e C o m p a n y ................... 48
C u ste r C o u n ty B a n k . .................................74
D
D e it c h & L a m a r C o ..................................... 78
D e s M o in e s D u p lic a t in g C o ...................... 85
D e s M o in e s L i fe & A n n u it y C o ............. 44
D e s M o in e s N a tio n a l B a n k ...................... 84
D e s M o in e s T e n t & A w n in g C o ............. 85
D im e S a v in g s & T r u s t C o ........................ 68
D r a k e -B a lla r d ............................................... 73
D r o v e r s N a tio n a l B a n k . . . ........................ 88

1
1
s
§•
g
s

E h r lic h & S o n s M fg . C o ............................ 33
E llis & H o lla n d .............................................. 44
E q u ita b le L ife In s u r a n c e C o ................... 43
F
F a r m e r s L iv e S to c k I n s u r a n c e C o . . . . 46
F ir s t & S e c u r ity N a tio n a l B a n k ...........72

g
g
g
g
s
1
§
1
§
1
g
g
g
g
g
g
1
Ü
g
g
I
g
g
g
f§
g
g
=
g
1
1
g
g
g
g
g
g
1
1
g

m

F ir s t J o in t S to c k L a n d B a n k .................88
F ir s t N a tio n a l B a n k , C h i c a g o ......... 13-16
F ir s t N a tio n a l B a n k , C o u n cil B lu ffs'. 63
F ir s t N a tio n a l B a n k , D a v e n p o r t ......... 1
F ir s t N a tio n a l B a n k , D u b u q u e ............ 37
F ir s t N a tio n a l B a n k , S io u x C i t y ......... 1
F ir s t N a tio n a l B a n k , St. P a u l .............. 71
F ir s t N a tio n a l B a n k , W a t e r l o o ........... 2
F ir s t T r u s t & S a v in g s B a n k ................... 61
F is h e r -M o r r is C o m p a n y .........' . ............ 31
F o n t e n e lle H o t e l ........................................ 1
F t. D e a r b o r n N a tio n a l B a n k ...................21
F r id s t e in & C o m p a n y ................................ 80

ftlllllllllHIINIIIIIIIIIIIIIIIIIIIIlllllllllllllllllHllllllllllllllllllllllllUlllllllllljllllllllllllllllllllllllllllllllinillllllllllllllllllllUllllllllllllllllllllllllM


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

G

G ir a r d N a tio n a l B a n k ......................... . . . 1 3
G o ld -S ta b e c k C o m p a n y ............................72
G o r d o n V a n T in e .......................................... 80
G re a t W e s te r n A c c id e n t Ins. C o ......... 40
G u a r a n ty C a ttle L o a n C o ................. . . . . 1 1
G u a r a n ty L ife In s u r a n c e C o ...................38
G u a r a n ty T r u s t C o m p a n y ....................... 15
G u th rie, W .........................................................55
H
H a ls e y , S tu a r t & C o m p a n y ..................... 51
H a m m o n d P r in t in g C o m p a n y .................74
H a m m a r s tro m , A . H ......... 1........................55
H a n c o c k L ife I n s u r a n c e C o m p a n y . . . 39
H a n o v e r N a tio n a l B a n k ........................... 1
H a r g e r an d B l i s h .......................................... 77
H a w k e y e S e c u r itie s F ir e I n s u r a n c e
C o ........................................................................ 45
H o lla r , F. P. & S o n . . . . ............................82
H o m e s te a d C o m p a n y ................................ 82
H o m e S e c u r itie s C o m p a n y ....................... 53
H o w a r d P a p e r C o ......................................... 69
I
I n t e r -S ta te N a tio n a l B a n k ...................... 61
I n t e r -S ta te A u t o In s u r a n c e C o ........... 41
I o w a B o n d in g & C a s u a lty C o ...............,42
I o w a L ife In s u r a n c e C o ............................47
I o w a In v e s t m e n t C o r p o r a t io n ................88
I o w a L o a n & T r u s t C o m p a n y ...............62
I o w a M u tu a l L ia b ilit y I n s u r a n c e C o.42
I o w a N a tio n a l B a n k , D e s M o i n e s . . . . 63
I o w a N a tio n a l F ir e In s u r a n c e C o . . . . 39
I o w a N a tio n a l B a n k , D a v e n p o r t ......... 34
I o w a S ta te T r a v e lin g M en ’ s A s s n . . . . 42
K
K n a u th , N a c h o d & K ü h n e ....................... 81
K n ig h t, E. F . C o m p a n y .............................. 55
L
L a r m o n , L. L .................................................. 69
L e a v it t & J o h n so n N a tio n a l B a n k . . . 29
L e n n o x F u r n a c e C o .................................... 35
L iv e S to c k E x c h a n g e N a tio n a l B a n k .23
L iv e
S to c k N a tio n a l B a n k , S io u x
C ity ................•............................................. 56
L iv e S to c k N a tio n a l B a n k , O m a h a ... 60
L y t le C o m p a n y ..............................................75
M
M cC o n n e ll & M o e l l e r ..................................69
M c N a m a r a -K e n w o r t h y C o m p a n y ......... 32
M e ch a n ic s S a v in g s B a n k ........................6 0
M e ch a n ic s & M e ta ls N a tio n a l B a n k .. 2
M e rc h a n ts L ife In s u r a n c e C o m p a n y ..43
M e rc h a n ts
N a tio n a l
B ank,
C ed ar
R apid's, I o w a ............................................. 30
M e rc h a n ts N a tio n a l B a n k , O m a h a . . . 67

M e rc h a n ts L o a n & T r u s t C o ........... 20-25
M e tr o p o lita n T r u s t C o m p a n y .................33
M id la n d M o r t g a g e C o m p a n y ...................53
M id la n d N a tio n a l B a n k ..............................70
M o rg a n , J. P. & C o .......................................28
sr
N a tio n a l B a n k o f th e R e p u b l i c . . . .24 -87
N a tio n a l C ity B a n k ..............................22-37
N a tio n a l C ity C o m p a n y .............................. 57
N a tio n a l F id e lit y L ife In s u r a n c e C o . 43
N a tio n a l L ife I n s u r a n c e C o ................... 47
N a tio n a l L ife o f U. S. A . ." ........................ 37
N ic o ll th e T a i l o r ........................................... 33
N o r th e rn T r u s t C o .............................. '.'.‘. ‘. '.27
N o r th w e s t e r n A u d it C o m p a n y .. . . . . . 7 8
N o r th w e s t e r n N a tio n a l B a n k ................. 79
N o r th w e s t e r n N a tio n a l L ife I n s u r ­
a n c e C o........................................................... 1
N o r th w e s t e r n I n v e s tm e n t C o m p a n y .! 82
N o r th w e s t e r n S ta m p W o r k s . . . ........... 73
O
O m a h a N a tio n a l B a n k ...........................
69
P
P a c k e r s N a tio n a l B a n k ...................... . . . 6 6
P e o p le s S a v in g s B a r ik ................................ 64
P e o p le s T r u s t & S a v in g s B a n k , C h i­
c a g o ................................................................ 20
P e o p le s T r u s t & S a v in g s B a n k , C lin „to n
................................................................. ..
P e o r ia L ife I n s u r a n c e C o m p a n y ......... 46
P e r k in s B r o th e r s C o ............................... 52
R
R h o d e s, W a lt e r H ......................................... 66
R ic k e r , R u fu s ............. . . . . , ......................55
R o y a l U n io n M u tu a l L ife I n s u r a n c e
C o.........................................................................
S
51
S c h a n k e & C o m p a n y ................
S ch la m p p , F r a n k .........................................83
S e a b o a rd N a tio n a l B a n k ........... .............. 59
S e co n d N a tio n a l B a n k ................................ 55
S e c u r ity N a tio n a l B a n k ............................54
S e c u r ity S ta te B a n k ...................
65
S in cla ir, J oh n F . C o ...................
72
S io u x F a lls N a tio n a l B a n k ................... .78
S n a p p H o t e l ..................................................65
S ta n d a rd M o s a ic T ile C o m p a n y .. . . . . 83
S to c k y a r d s N a tio n a l B a n k ....................... 68
S to w an d D a v is ’. .................................... ' . . . 3 0
St. P a u l C a ttle L o a n C o ............................81
St. P a u l S ta m p W o r k s . . ......................... 72
S y n d ica te T r u s t C o m p a n y .......................64
T
T h e T h r ift P r e s s ........................................... 29
T u lle y s , J o h n W ........................................... 69
U
U n ite d S ta te s N a tio n a l B a n k .................67
U n ion T r u s t C o m p a n y ........................ 15-19
V
V a lle y N a tio n a l B a n k ...................
85
V a n H o r n , C lu e tt & C o m p a n y .............. 59
W
W a lte r s , C has. E ................................ k. . . . 7 9
W a t e r lo o B a n k & T r u s t C o ..................... 29
W e s te r n L ife In s u r a n c e C o m p a n y . . . 45
W h it e C o m p a n y ............................... ■..........52
W ills d e n , S. B l a k e ................................ 30-62
z
Z a ise r , W . H ., S p e c ia lt y C o ..................... 85

1
|
|
1
|
|
j
§
|
j
|
|

September, 1918

THE

NORTHWESTERN

BANKER

87

O n the D a y after Christmas
o f th e

Last Y e a r of V ^orld Peace
—

a general letter went out from this hank, o f
which the following was the first faragraf>h:

"The banks of the country for several years
past have appealed to Congress for legislation
that would give the country an elastic currency.
There is no denying the fact that the bankers
themselves are responsible for having developed
a sentiment antagonistic to our old banking
system, and the result is the measure which has
now become a law. So far as we are concerned,
we accept the verdict as the best one that
could be obtained under the circumstances, and
we have promptly signified our intention of
joining tne system of Federal Reserve Banks.
The law as passed has in it the principles of
scientific banking."

C o n s t r u c t i v e in its con cep tion o f ba n k ­
in g — c o n s tr u c tiv e in th e help a n d c o u n sel
it e x te n d s to b a n k ers a n d b u sin e ss m en

Tke N ational Bank
o f the

REPUB Lie
OF

C H I C A G O
OFFICERS

JO H N A . L Y N C H ,
W IL L IA M T . F E N T O N ,
r o b t . m . M cK i n n e y ,
O SC A R H. S W A N ,
W M . B. L A V IN IA ,
.

.
.
President
1st Vice-Pres. and Mgr.
.
.
2nd Vice-Pres.
.
.
,
Cashier
, Assistant Cashier

T H O S . D. A L L IN , .
LOUIS J. M E A H L ,
.
W M . C. FR E E M A N ,
CH AS. S. M A C F E R R A N ,
W A L T E R L. J O H N S O N ,

Assistant
Assistant
Assistant
Assistant
Assistant

Cashier
Cashier
Cashier
Cashier
Cashier

RESOURCES: T H IR T Y -S IX MILLION DOLLARS


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

THE

o

IO W A

NORTHWESTERN

The Premier Security
of the World

(Üiirpüratimt
g

Waterloo, Iowa

a

Capital, $200,000.00; Surplus, $60,000.00.
.__________ -, .

E

U

N

D
S
S
E

C
U
R
E
D

B
Y

September, 1918

o

SECURITIES

J m tm
F

BANKER

I

FOR AUGUST WE QUOTE

N

7 % 'Gold Equipment Notes by Kansas City
Northwestern Ry., denominations of $2,000.
Seven to 18 months guaranteed by ourselves.
Character of paper certified by President of
Large iBank in Kansas City, who says, in refer­
ring to above line: “W ere it not for exceeding
heavy demand, I . assure you we would be more
than pleased to take the paper referred to.”
Plenty of Iowa banks with idle funds. I want
to hear from 12.
F. B. Dietrick, Asst. Treas.

V
E
S
T
M
E
N
T
S

T h e r e h a v e b e e n lo a n e d billion ® o f d o lla r s o n c o r n
b e lt la n d w it h o u t th e lo s s o f a s in g le d o lla r an d m o r t ­
g a g e e o n th ese la n d s h a v e c o m e to b e r e g a r d e d as on e
o f th e p r e m ie r s e c u r it ie s o f th e w o r ld a n d a re h e ld b y
th e m o s t c o n s e r v a t iv e in v e s t o r s o f th e n a tio n .
T h is b a n k , is m a k in g lo a n s o n th is s a m e la n d a n d to
th e s a m e fa r m e r u n d e r e v e r y k n o w n s a fe g u a r d w it h
a n ad d ed s e c u r it y o f g o v e r n m e n ta l in s p e c tio n a n d a p ­
p r o v a l o f t itle s a n d v a lu e s .
T h e fiv e p e r c e n t b o n d s is s u e d b y th is b a n k a r e
b a se d on m o r t g a g e s on fa r m la n d s o n ly in th e c o r n b e lt
o f I llin o is a n d I o w a . T h e s e bond® a r e in s tr u m e n t a li­
tie s o f th e g o v e r n m e n t o f th e U n ite d S ta tes a n d a s
su ch , t h e y a n d th e in c o m e d e r iv e d t h e r e fr o m , a r e e x ­
e m p t fr o m fe d e r a l, s ta te , m u n ic ip a l a n d lo c a l ta x a tio n .
A n y F e d e r a l R e s e r v e B a n k an d a n y m e m b e r b a n k o f
t h e F e d e r a l R e s e r v e S y ste m m a y b u y a n d s e ll fa r m
lo a n b o n d s issu e d b y th is b a n k . S a id b o n d s a r e a la w ­
f u l in v e s tm e n t f o r a ll fid u c ia r y a n d t r u s t fu n d s , an d
m a y b e a c c e p t e d as s e c u r it y f o r a ll p u b lic d e p o s its .

First Joint Stock
Land Bank
O F C H IC A G O
C A P IT A L , $250,000.00
C o n t in e n ta l-C o m m e r c ia l B a n k B ld g ., C h ic a g o
V a lle y N a tio n a l B a n k B ld g ., D e s M o in es, I o w a

Profits Assured

W e in v it e in q u ir ie s f o r f u ll in fo r m a t io n
fr o m B a n k e rs , T r u s t C o m p a n ie s a n d E s t a t e s .

o

FOR I O W A N S ----------

O

Drovers National Bank
OF CHICAGO
OFFICERS

DIRECTORS

W ILLIAM C. CUMMINGS, President

AVERILL TILDEN

M ERRILL W . TILDEN, Vice President

L. B. PATTERSON
JOHN FLETCHER

GATES A . R YTH ER, Vice President

M ERRILL W . TILDEN
FREDERICK N. MERCER, Cashier
W M . C . CU M M IN G S
H A R R Y P. GATES, A sst. Cashier

BRYAN G . TIG HE

DALE E. CHAMBERLIN, Asst. Cashier

GATES A . RYTH ER

GEORGE A . M ALC O LM , Asst. Cashier

H. J. AARON


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

Capital and Surplus, $1,000,000
Has for over thirty years rendered quick and efficient service
to its correspondents