The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
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Federal Reserve Bank of St. Louis
SERVICE AND IDEAS
Our unsurpassed correspondent service en joyed by
hundreds o f banks presents many opportunities fo r
the exchange o f ideas.
Som e o f these ideas may mean
extra incom e fo r you r bank.
Through personal cou n
sel with our officers you may secure valuable help in
the solution o f any operating problem s you may have.
OFFICERS
James E. H am ilton , Chairm an E xecutive
Committee
S. E. Coquillette, Chairman o f the Board
John T. H amilton II, President
H. N. B oyson , V ice President
R oy C. F olsom, Vice President
M ark J. M yers, V ice President and Cashier
George F. M iller, V ice President and T rust
Officer
M arvin R. S elden , V ice President
F red W . S m it h , V ice President
R. W. M an ATT, A ssistant Cashier
L. W . B roulik , A ssistant Cashier
P eter B ailey , A ssistant Cashier
R. D. B rown , A ssistant Cashier
0 . A. K earney , A ssistan t Cashier
Stanley J. M ohrbacher, A ssistant Cashier
W allace S. H am ilton , B uilding M anager
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Federal Reserve Bank of St. Louis
*-
THE
MERCHANTS
NATIONAL BANK
M EM BER F E D E R A L D E P O S IT IN SU R A N C E C O R P O R A T IO N
Northwestern Banker, published monthly by the De Puy Publishing Company, at 527 Seventh Street, Des Moines, Iowa. Subscription, 35c
per copy, $3.00 per year. Entered as Second Class Matter January 1, 1895, at the Post Office at Des Moines, Iowa, under Act of March 3, 1879.
edar R a p i d s , Iowa
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Federal Reserve Bank of St. Louis
ïy a f/ iû u d
r l/ / o}w J
lays claim to a
great share of famous Am erican
homes, and amongst these are the many
mansions that housed a long line of Quincy
and Adams families. Probably the most in
teresting and colorful of all those occupied
by the numerous Quincy groups is the one
hearing the familiar name of “ Dorothy Q .”
About 1635, the ancestor of
all the Dorothy Q ’s, Edmund
Quincy, together with William
C oddington , was granted a
large tract of land on which the
known but most unique
latter immediately built a farm
homes of Colonial times.
house. U pon C od d in g ton ’ s
O f the four “ D orothy
death, Edmund bought this
Q ’s” who were either born
house, and with his wealth and
in the house or came there as
retinue of servants it became a
brides, more romance is con
house of great pretentiousness.
nected with Dorothy the sec
Soon after her husband’s death,
ond, and Dorothy the third
Judith Quincy married Moses
than w ith e ith e r o f the
Paine and she and her family
others. The former of these
took possession.
was ably described by Oliver
In 1705, Edmund Quincy IIÏ,
John Hancock
Wendell Elolmes in his fa
who had fallen heir to the estate,
mous poem entitled “ Dorothy Q .”
built a new house around the old farmhouse.
The third Dorothy married John Han
Because of the Coddington portion, which
cock who had fallen heir to a great fortune
makes it one of the oldest houses in New
in 1764. Hancock, who was a bitter enemy
England, and because of its secret chambers
of England, was elected president of the
and underground passages and its historic
first Provincial Congress in 1774. His great
associations, it is one of America’ s least
wealth and political astute
ness made him invaluable
to the American cause and
he was elected president of
the Continental Congress
w h ere he s e r v e d u n til
1779. He is often referred
to as the signer of the Dec
laration of Independence
whose conspicuous signa
Q
u i n c y , m a s s a c h u s f .t t s
a
THE HOME ☆
N E W
The living room, showing Trench wall paper imported especially
for the wedding of Dorothy Q and John Hancock
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Federal Reserve Bank of St. Louis
ture “ could be read without spectacles.”
His marriage to Dorothy was a very ro
mantic atfair. A few days before the wed
ding was scheduled to take place in the
Quincy house, which had been completely
refurnished for the occasion, the Revolution
broke out and the future husband was
forced to flee to Lexington, where he was
later joined by D orothy and M adam
Quincy, his aunt. A lovers’ quarrel broke
out because Hancock would not permit
Dorothy to return to Boston. In the midst
of this quarrel, the trio was forced to flee
again, and Dorothy went to Fairfield, Conn.
There she met Aaron Burr who became such
an ardent suitor that Madam Quincy be
came alarmed and sent word to her nephew.
In spite of Hancock’s protestations of un
dying love, Dorothy continued her flirtation
with Burr. And it was not until a second and
more alarming plea reached him from his
aunt that Hancock hurried to Fairfield
where he and Dorothy Q were finally mar
ried on August 28, 1775.
The Home, through its agents and bro
kers, is America’s leading insurance protec
tor of American Homes and the Homes of
American Industry.
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Federal Reserve Bank of St. Louis
N o r t h w e s t e r n B a n ke r, S e p t e m b e r ,
1946
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Federal Reserve Bank of St. Louis
W i t h the rapid re-opening of
travel lanes— both at home and
abroad— many banks are receiv
ing an increasing number of re
quests from their clients for travel
information and services.
T o those banks w ithout a
Travel Department, The Phila
delphia National Bank offers a
convenient and complete service
— based on thirty years experi
ence in the travel field.
Our facilities are available to
your clients through you, no
matter w hether their require
ments are large or small. This
service, which we are glad to
offer banks in any part o f the
country without obligation, in
cludes:
STEAMER
TOURS AND CRUISES
TRAVELERS CHECKS
LETTERS OF CREDIT
FOREIGN CURRENCIES
TRA V EL
D E P A R TM EN T
PHILADELPHIA
NATIONAL
BANK
THE
P H IL A D E L P H IA
NATIONAL
BANK
Organized 1803
Philadelphia 1, Pa.
Member Federal Deposit Insurance Corporation
mam
-i
fflrtRAL NATIONAL
BANK
m
TIUJ5T COMPANY
KU 3LÎÎHE0 W)S
I O W A S Favorite
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Federal Reserve Bank of St. Louis
1
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f ile t t a i
lo tu c ié
0?% te *tc(£ ty
F there is anything any of our officers
W M . J . G O O D W IN
Chairman, Board of Directors
can do to add to your comfort, con
venience or pleasure while attending the
60th Annual Convention of the Iowa
Bankers' Association, Des Moines, Sept.
9-10-11—please feel free to call upon them.
E.
CENTRAL
NATIONAL BANK
and TRUST COMPANY
DES MOINES, IOWA
Member Federal Deposit Insurance Corporation
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Federal Reserve Bank of St. Louis
F. B U C K LEY
President
SKaJze H a n d s
. ..
■H
■I
IR W IN A BR AM
Vice President
B A R T M E S S, JR
ta n t Cashier
G E O R G E N ELSO N
As sis ta nt Cashier
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Federal Reserve Bank of St. Louis
J. E. Q U IN ER
As sis ta nt Cashier
E. R. B O W L IN
As sis ta nt Cashier
W . G. K A N E
Vice President
D. R. W IT H IN G T O N
A ssis ta n t Cashier
D A LE C. SM ITH
A s sis ta n t Cashier
H.
C.
W IN D E
LA R S O N
■nt Cashier
N O EL T. R O B IN SO N
Vice President and Trus t O fficer
TM O N D W . JO N E S
Trust OfficeÉ-
he Iow a Banks
whom it is the honor and pleasure of
The C E N T R A L N A T IO N A L B A N K & TRUST CO.
to serve as Correspondent, show composite resources of
OVER 7 00 M ILLIO N DOLLARS!
•• *
..
ach dot on the abo ve m ap in d ic a te s an Iow a Bank for whom the C e n tra l N ation al
Bank and Tru st Com pan y, Des M oines— se rve s as C o rre sp o n d e n t.
■ K'
Composite STATEMENT OF CONDITION
as of June, 29, 1946
Of the Iowa Banks—served by the Central National Bank and Trust Company of Des Moines
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Federal Reserve Bank of St. Louis
LIABILITIES
Capital ................................................... $ 12,803,500.00
Surplus ...................................................
12,864,200.00
Undivided Profits ..................................
10,473,901.56
Deposits ................................................. 676,317,428.31
Other Liabilities ....................................
39,842.78
$712,498,872.65
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Federal Reserve Bank of St. Louis
11
PERSONAL CONSULTATION IS PART OF
THIS
SERVICE
T h ousands of correspondent
banks are now taking advantage of the
service offered by our investment analy
sis division. Its corps of specialists is
trained to have an intimate knowledge
of banking investment problems.
AT
“ MANUFACTURERS”
They will prepare an analysis of your
bond portfolio in relation to your over
all banking position. Particular attention
will be given to your liquidity needs,
your tax status, and other similar prob
lems of present-day banking.
Your inquiries are invited.
A p a rtia l list of o u r se rv ice s includes: Collection of checks, notes, drafts
and other items, both foreign and domestic. Commercial Letters of
Credit. Foreign Remittances. International Banking Facilities. Credit
Information. Investment Portfolio Analysis. Purchase and sale of United
States Government, State and Municipal Bonds. Safekeeping of Securi
ties. Complete Corporate and Personal Trust Service. Personal Gift
Check Service. Participation in loans to local enterprises.
* F r o m S u rv e y b y the C o u n try B a n k O p era tio n s C o m m issio n , A m e r ic a n B a n k ers A s s o c ia tio n
Manufacturers Trust Company
55 Broad Street, New Y ork 15, N. Y.
Member of Federal Deposit Insurance Corporation
N o r t h w e s t e r n B a n ke r, S e p t e m b e r ,
1946
12
*
s
“Is Our Retirement Plan Up-to-Date?”
Q U A L in im p ortance to establish in g the best
our 1945 study o f 106 retirement plans. It shows
retirem ent plan fo r a particular business is
when each plan was made effective, the number
E
o f employees covered, conditions o f eligibility,
k e e p in g an effective p lan u p-to-date.
In a booklet just published—188 Retirement
the extent to which employees contribute, retire
Plans—Bankers Trust Company’s Pension Divi
ment age, method o f funding, amount o f retire
sion analyzes retirement plans now
ment benefit, and other significant
in successful operation in a variety
provisions.
o f industries.
Y ou are cordially invited to write
These case analyses contain, in
for a copy o f 188 Retirement Plans.
comparative form, specific informa
Copies o f this booklet are being
tion o f value to every employer con
mailed to our correspondent banks
sidering a new retirement plan, or a
this month.
change in a plan already in operation.
The diversified experience o f our
The booklet is a continuation o f
Pension Division is at your disposal.
bankers
T r u s t Co m p a n y
YORK
M em ber Federal Deposit Insurance Corporation
N o r t h w e s t e r n B a n ke r, S e p t e m b e r , 1946
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Federal Reserve Bank of St. Louis
4
13
Minar E d ita r
DES MOINES
O ld e st Financial Journal W est of the M ississippi
The following letters were received
from Northwestern Banker readers.
Your views and opinions on any sub
ject will be gladly published in this
column.
£
"Keep Up the Good Work"
“ Among the interesting features enjoyed
most b y this reader of the N orthw estern
B an k er are the open letters in Clifford
De Puy’s editorial section, ‘Across the Desk
from the Publisher.’
“ The subjects are timely and keyed right
to the point. It would be interesting to see
some of the replies received by Mr. De Puy.
I suspect most of the addressees find it d if
ficult to upset his line o f reasoning or to
answer his pertinent inquiries in those let
ters bearing on current events or problems
under discussion. Keep up the good work.”
C. A. Slife, Cashier Farmers
State Bank, Hawarden, Iowa.
"Benefit from the Articles"
“ I appreciate your magazine very much
and benefit a great deal from the articles
in it.”
Irl Else, President The Fairhury State Bank, Fairhury,
Nebraska.
"Appreciate Your Cooperation"
“ I certainly want to thank you for the
splendid article which appeared on page 30
in the July issue of the N orthw estern
B a n k e r . We greatly appreciate your fine
cooperation wdiich you have always given us.
“ It is with deep interest that I read the
N orthw estern B an k er since it always con
tains discussions on important financial is
sues o f the day.”
Boger F. Warin, State Di
rector for Iowa, U. S. Sav
ings Bonds Division, Treas
ury Dept., Des Moines, Iowa.
i0
"Five Steers Equal Forty Acres"
“ One o f our customers sold six head of
three-year-old steers that weighed 9,930
pounds. These were sold for $24 per hun
dred and had been fed on corn since Decem
ber 1, 1945. His check for the six head was
$2,383.37. One steered weighed 1,850 pounds
and brought $440. Five of the steers sold
for more than he paid for 40 acres of im
proved land he had bought in 1939.”
“ I am wondering who can eat this meat.
It is too rich for my pocketbook.”
Bert D. Helscher, President
Keokuk County State Bank,
Sigourney, Iowa.
(T u rn to page 74, please)
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Federal Reserve Bank of St. Louis
•
51st Year
•
N o . 710
IN THIS SEPTEMBER, 1946, ISSUE
EDITORIALS
A cross the Deck from the Publisher.
FEATURE ARTICLES
Dear E ditor ..............................................
F rontispage ..............................................
G. I. Loans A re P rovin g Profitable ....
W h at Banks A re D oing to Prom ote Consum er C redit.........................
Bankers Tell W hy Deposits Have N ot Reached T heir P eak............ .
News and View s o f the B anking W orld .....................Clifford D e P u y
A bout Bankers Y ou K now — D avid H. Reim ers........................ ..............
“ The M ost Unusual Service W e E ver Rendered” ....................................
How Real E state Values H ave A ffected Loans and M ortgages........
Y our G. I. Loan Question B ox ............ ................... W a lter T. Robinson
To Be Binding, M ust a Real E state Lease Be in W ritin g ?— L egal....
130 Students A ttend Central States School o f B anking.....................
18
19
20
21
22
24
26
28
30
A. B. A. CONVENTION
When the A. B. A . Meets in Chicago (T h e P r o g r a m )......................... 33
They W ill Look A fte r Y our C om fort and Pleasure in C h icago........ 37
Bank W omen to Hold 25th A n n iversa ry Convention.............................. 44
BONDS AND INVESTMENTS
The T ug o f W ar Between Low and High Interest Rates Is On
........................................... ...................... R aym ond T rig g er 51
New Home Values Up 7 2 .5 % .......................................................................... 55
A Slap at Private E n terprise........................................................................ 59
INSURANCE
W hy the Car Owner Pays M ore fo r His Autom obile Coverage
' ................................................................................ W illiam H. B rew ster
Construction Bond fo r Home O w ners................................................ .........
L ife Insurance Proceeds Paid U nder Instalm ent Options F ree o f
Federal Income T a x .................................................................. ................
F ire Prevention Is Y ou r Business..............................................................
65
69
73
76
STATE BANKING NEWS
M innesota News ...................................... ............- .....................................----Tw in City N ew s........................ ............................... E. W . K ie ck h e fer
South Dakota N ew s............................................................................................
Sioux Falls N ew s....................................
North D akota N ew s.......................................
F a rg o News .......................— ..............................................— ...............
Nebraska News .........
Omaha News ..............................................................................................
Lincoln Locals ............................ .................................... ........ ................
79
81
85
85
87
87
89
91
94
IOWA CONVENTION
The Iow a Convention (T h e P r o g r a m )........................................................ 97
Iowa Convention Executive Com m ittee...................................................... 98
They A re Com ing to Des Moines fo r the Iow a Convention................ 102
W h at D o Y ou T h in k?...................... ;............................................................... 120
Conventions .............................................................
IN THE DIRECTOR'S ROOM
A Few Short Stories to Make Y ou L au gh ................................................122
NORTHWESTERN BANKER
527 Seventh St., Des Moines 9, Iowa, Telephone 4-8163
CLIFFORD DE PUy, Publisher
RALPH W. MOORHEAD
Associate Publisher
ELIZABETH COLE
Advertising Assistant
HENRY H. HAYNES
Editor
HAZEL C. HADLEY
Auditor
y
BEN .1. HALLER, JR.
Associate Editor
SADIE E. WAY
Circulation Department
NEW YORK OFFICE
Frank P. Syms, Vice President, 505 Fifth Ave., Suite 1806
MUrray Hill 2-0326
N o r t h w e s t e r n B a n ke r, S e p t e m b e r , 1946
tures America has received and has asked for no
recompense other than the freedom she fought to
secure for herself and for all mankind.’ ’
In a recent Gallup pole, 60% of the people in
terviewed believed that Russia wants to be the
ruling power in the world and 71% disapproved
of the course Russia is following in world affairs.
We believe it is time for the United States to
be tough, determined and not be shoved around
on the international chess board by a group of
power hungry politicians and defiant dictators
who live behind an iron curtain in the Kremlin or
any other part of the world.
3>easi Gllrtta+i /1+tdeSiAxx+t:
Across the Desk
From the Publisher
jb e a si S e d e ta su f, jfatfteA, tf-. ByA +ie-i :
You are to be congratulated on your defense of
the United States at the peace (???) conference
in Paris.
Frankly we are sick and tired of the abuse and
criticism which has been and is continuing to be
heaped upon the United States by mush-mouthed
Molotov and his Russian rabble rousers.
Either Russia wants peace or she wants war.
If we assume that she wants peace, then it is high
time that the Kremlin did a little cooperating in
the arena of foreign affairs.
In your recent address, Secretary Byrnes, you
very emphatically pointed out what the United
States had done, and would do when you said,
‘ ‘ The United States believes in the sovereign equal
ity of nations. W e are opposed to making the
small nations satellites of the larger states.
“ Over 11 billion dollars went to the Soviet
Union under the lend-lease program.
Our only
regret was that we could not send more to help
her in her struggle against the enemy.
“ Am erica’s expenditures during the war have
aggregated 400 billion dollars. That represents
American labor, American human and material
resources. That money was borrowed from the
American people. For years to come they must
work to pay off the debt.
N o r t h w e s t e r n B a n ke r, S e p t e m b e r , 1946
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Federal Reserve Bank of St. Louis
For those expendi
As Secretary of Agriculture, you should feel
very proud this year as the American farmer will
without question have his greatest income in
history.
Estimates indicate that farmers in 1946 will
have about $15.6 billion for spending or saving,
which is three times their pre-war net income.
Farm cash income is expected to be $26.1 billions,
made up of $22 billions cash income from farm
operations and $4.1 billions from activities off the
farm.
It is estimated that expenses will be $10.5 billions.
This should make you happy, Mr. Anderson, as
we know it does everyone interested in agricul
ture, and we all are, either directly or indirectly.
2>ea^i Ray, fy.
'W ilLe:
The experience which you have been having as
manager of your Sales Promotion Time Credit
Divisions of the First Wisconsin National Bank
of Milwaukee in providing credit to small busi
ness is most interesting.
As you recently pointed out, “ America is now
witnessing the greatest team play in financial his
tory. Fifteen thousand banks— each a separate
organization operating in our free enterprise
economy— have bound themselves together with
this pledge: ‘ Bank credit shall be made avail
able to every competent, reliable person, firm or
corporation for any constructive purpose.’ That
is the pledge of banking to American business.
There are men in W ashington today who have
advocated and would certainly welcome the op
portunity of nationalizing the banking system
right here in America. Not so long ago one of
our Senators who has been in the United States
Senate for the past 30 years stated that we have
about a 50-50 chance of maintaining our free sys
tem of enterprise.
15
“ I am not an alarmist but these are facts and
stacks of productive plants, but with confusion
it is my firm conviction that we must do every
and bickering, with delays and disappointments.
thing' in our power to eliminate regulation, regi
All of us know that we have to get going again,
mentation and government domination and con
that we have to start producing goods as never
trol.
before. But every element of the nation is clamor
Then, and only then, will we return to a
sound and healthy economy. ’ ’
ing against the other in a senseless quarrel over
As the N o r th w e st e r n B a n k e r has pointed out
many times, America has grown great through
the individual initiative of its own citizens and un
less the same impulse to achieve and to accom
plish something worthwhile is allowed to find full
■expression in the hearts and minds of our own
people, unhampered by dictatorial government
•control, we will not continue on the road towards
progress, towards peace and towards prosperity
which truly must be the desire of every patriotic
American citizen.
the fruits of a production that has not yet begun
and cannot begin until the quarreling is put aside.
“ And yet, I think this is a time for hope, for
faith in the face of discouragement, for calm
courage and confidence, for all those qualities
that we have learned to expect of business leader
ship.
I am convinced that even in these discourag
ing times, the American people will pull them
selves together, and under the leadership of busi
ness, start to produce and create the goods which
the country and the world need desperately.
The
stimulus is there— by which I mean the purchas
ing power which promises profit in return for
risk— and the reward is waiting. ’ ’
How much more money do you think the United
States should lend to foreign countries'?
We have already extended credit to England
for $3% billion.
France has been extended credit of $1.4 billion
and the Export-Import bank has an uncommitted
balance- of $850 million which is tentatively ear
marked for loans to China of $500 million, Italy
$100 million and Brazil, Czechoslovakia, Turkey
.and Chile all for $50 million or less.
Also Soviet Russia would like to borrow $1 billion
•or more.
Tt appears to us that the United States simply
makes an asinine idiot of itself if it loans money
to countries which are not friendly and cooper
ative with us and willing to promote the principles
•of world peace for which wejstand.
L e t’s not be suckers forever.
If labor and management, Mr. Francis, can
work harmoniously together, then there is no
reason why the bright future which you predict
may not be fully realized.
Let’s hope that sane minds and intelligent
thinking on the part of both labor and business
will help us all to reach the goal which, as you have
so ably pointed out, is surely within our grasp.
R ea d er:
In this issue of the N o r th w e ste r n B a n k e r ,
which, incidentally, is the largest published so far
this year, there are many interesting and helpful
editorial features, but we are sure you will pardon
us if we call especial attention to 5 N o r th w ester n
B a n k e r Surveys made on the following subjects:
1. The most unusual service we ever rendered.
2. Bankers tell why deposits have not reached
their peak.
3. W h at banks are doing to promote consumer
2 > ea ^ i d a s ia n o e f y i a n c l i :
Your appraisal of the future which should usher
in a new period of industry and prosperity is a
most encouraging note at this time and especially
coming from a man in your position as chairman
of the Board of the General Foods Corporation.
We were interested and inspired when you
stated that, “ People are talking about the time
when things return to normal, as though normalcy
were a panacea for all the w orld ’s woes. N or
malcy is just Y E S T E R D A Y , and it is as dead as
all yesterdays. W e will not return to something
credit.
4. G. I. loans are proving profitable.
5. How real estate values have affected loans
and mortgages.
We are sure the material contained in these
B a n k e r Surveys will prove es
pecially interesting to you because the information
which is presented has been furnished by you and
your other fellow-bankers who are right on the
firing line of daily contacts with the people in your
communities.
N o r th w e ste r n
that w as; instead things will achieve a new nor
mal. W e ’ll stay on that plateau for a while, and
then w e ’ll move on to another. T h a t’s progress.
“ The sky is dark— not with smoke from the
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Federal Reserve Bank of St. Louis
N o r t h w e s t e r n B a n ke r, S e p t e m b e r , 1946
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Federal Reserve Bank of St. Louis
SOUND BUSINESS A D VIC E to re
turning veterans from bankers is now
paying dividends. This survey shows
that form er servicemen who have
availed themselves of the G. I. Bill
loan privilege are making payments
promptly.
#V. #.
Loans
A r e Proving
Inquiry Shows Veterans Are
Making Payments Promptly
A NORTHWESTERN BANKER
SURVEY
lized. For the most part, the return within ten years. Sometime in the
ing veterans are the cream of the crop. future when lower prices prevail, and
They are a picked lot of young men he has had a little more experience,
who will be the business men of to he may buy twice as much with this
morrow. They constitute our choicest credit line as he can in this market.
Edward Huwaldt, executive vice
president, The Commercial National prospects for new business. They We should make him realize that he
have served us with danger and in should act slowly, and think carefully
Bank, Grand Island, Nebraska:
“We give very careful attention and convenience to themselves. We owe to the end that his line of credit will
all the time that is necessary to each them the very best in counsel, guid do him the greatest good.”
and every application made by vet ance and credit.
James Nuckolls, president, Hardin
“Frequently an interview with a County Savings Bank, Eldora, Iowa:
erans. No doubt, our experience is
the same as that of other banks. Less veteran will take quite a lot of time
“We have completed 30 loans for a
than 50 per cent of the applications and the banker realizes early in the total of $102,666 and have $28,000 in
are approved. However, we feel we conversation that the application can process of approval. Of the $130,000,
are rendering the veterans a very not be granted. His first impulse may 61 per cent are residential; 8.1 per cent
valuable service by counselling with be to become impatient to end the business and 30.9 per cent farming.
them and guiding them away from interview because he knows it will not Some are on a yearly payment basis;
proposed undertakings that are cer result in a loan for his bank. This some semi-annual and some monthly.
attitude is wrong. Many times we The monthly and semi-annual pay
tain to end disastrously.
“We have completed five or six can serve a veteran much better by ments are being paid promptly. In
G. I. loans. Those made some time ago visiting with him than by making him fact we have turned down the appli
appear to be working out very nicely. a loan. It is not unreasonable to spend cations we didn’t deem good, because
They are liquidating faster than we an hour or even two or three with a we felt that Uncle Sam wasn’t seeking
anticipated. A few loans have just veteran who has given two, three or losses.”
been completed, so it is too soon to maybe five years of his time serving
James Hove, vice president, The
indicate how well they will turn out. you and his country.
First
National Bank, Milaca, Minne
“We
feel
it
is
very
important
to
im
“We look upon the G. I. loans as one
of our greatest responsibilities and press upon the veteran that he should sota:
“We are making G. I. loans and have
opportunities. There will be approxi not be too quick to use up the credit
mately 15,000,000 veterans in the offered him under the G. I. Bill of been doing so since the G. I. bill was
country when the army, the navy and Rights. Remind him that he can take signed. Our board decided to make
(Turn to page 60', please)
the air corps are completely demobi advantage of this privilege any time
Is your bank making G. I. loans, and
if so, in what volume? How are
these loans working out?
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Federal Reserve Bank of St. Louis
N o r t h w e s t e r n B a n ke r, S e p t e m b e r , 1946
W hat /Saa h s
to
P rom ote t'o n s u m er Credit
Active Solicitation and Advertising
Are Bringing in New Accounts
A NORTHWESTERN BANKER
SURVEY
What is your bank doing about con
sumer credit? if you are now
making consumer credit loans, do
you plan to expand your activi
ties?
Max von Schrader, president, Union
Bank & Trust Company, Ottumwa,
Iowa:
“Our bank has been making some
consumer credit loans in a separate
department since 1937. As you know,
we recently put this department in a
ground floor location next to the bank
and are actively soliciting loans of
this type.
“We advertise in the newspaper,
radio, busses, and movies. Our volume
outstanding has doubled in the last
eighteen months. Competition is very
keen here, which will force rates
dowm in the near future. We, how
ever, expect this department to be
quite profitable.”
H. A. Tornow, cashier, The Mer
chants National Bank, Winona, Min
nesota:
“ This bank has always been friendly
towards extending consumer credit
and right at the present time, we are
financing everything from cars to
washing machines, electric stoves and
any other articles which may be used
in the home.
“We have had several discussions on
this matter with a view of acquiring
more loans of this kind and we have
been quite successful in reaching out
for this class of business. We have
found over a period of years that loans
of this kind are quite profitable with
losses which are practically nil.”
C. R. Gossett, president, Security
National Bank, Sioux City, Iowa:
“We have been making this type of
loan for the past twelve years.
“ It is our plan to continue this de
partment with the same policy we
have in the past, and that is to confine
A C TIV E COMPETITION FOR CONSUMER CREDIT loans is promised
by banks, whether it be for the fam ily car, a new refrigerator or a stoker.
N o r t h w e s t e r n B a n k e r, S e p t e m b e r , 1946
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
it to good bankable loans made direct
to the borrower on both secured and
unsecured basis.
“Our past experience in consumer
credit has been satisfactory in every
respect and we feel that it will con
tinue to be a desirable department.”
L. W. Ross, president, The Citizens
State Bank, Oakland, Iowa:
“This bank recognizes the possi
bility of quite a large volume of con
sumer credit loans, even in a commu
nity as small as ours (population
1,318). We have set up a definite pro
gram and are in position to render a
complete service, not only to the buyer
but to the dealer as well. We have
made a study of some of the various
methods of handling this business and
are cooperating with the dealers in
working out plans which are best
sdited to their particular needs.
“Prior to the war we handled a small
volume of these loans, and our experi
ence was very satisfactory. We antici
pate that as more goods become avail
able and the demand increases we may
find it necessary to departmentalize
this business and assign the detail
work pretty much to one person. We
are in hopes of being able to keep our
forms as uniform as possible. All
of our clients have been contacted and
we have found them most receptive to
our plans and willing to cooperate in
every way.
“We feel this service will be of a
distinct benefit to the dealer, the pur
chaser and to the community as well.
Besides increasing our loan volume
which is so badly needed at this time,
this should give us many new contacts
and be a good-will builder for the
bank.”
A.
E. Peters, vice president, Jasper
County Savings Bank, Newton, Iowa:
“We have been in this type of busi
ness for a number of years, and have
had available for our customers com
plete consumer credit accommodations
including floor plan accommodations
(Turn to page 72, please)
TH E AGGREGATE DEPOSITS in the banks are likely to increase
as long as credit is so cheap and easy.
H unkers Tell W h y D eposits
H ave N ot R eached Their P eak
Continued Demand and High Prices for
Farm Commodities Are Prime Factors
A NORTHWESTERN BANKER
SURVEY
What is going to happen to bank
deposits? Apparently deposits
have reached their peak, and
have leveled off— how about the
future?
Robert W. Turner, president, The
City National Bank, Council Bluffs,
Iowa:
“ The aggregate deposits in the banks
are likely to increase as long as credit
is so cheap and easy, and probably
until such time as currency in circu
lation is reduced by a substantial con
trol amount.
“Deposits in Iowa banks may run
counter to the national trend if funds
again tend to concentrate in eastern
centers and if agricultural products
and prices are again adversely affected
in relation to manufacturing products
and prices, to any great extent.
“Probably deposits have not quite
reached their peak, but may do so in
the near future—about the time the
national debt is put on a definite re
duction basis, the budget balanced, and
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Federal Reserve Bank of St. Louis
Security State Bank, Geddes, South
Dakota:
“No doubt the level of bank deposits
is directly connected with the amount
of money in circulation and such re
D.
A. VanDeveer, cashier, The Amerlated factors. However, we who live
ican National Bank, Creighton, Ne in an agricultural region like to think
of the determining factor as the in
braska:
“The total deposits in this bank come of the farmer. If the farmer
reached a new high in July, and passed makes a lot of money then our deposits
the three million dollar mark. It is are high; if the farmer runs into tough
my opinion, as the deposits in a coun times, then our deposits drop.
“With the present price trend and
try bank are made up out of deposits
by both farmers and businessmen, that the expected demand for food products
as soon as tractors, farm machinery in the coming years it appears as
and automobiles are available, it will though the price for farm commodities
will be high. The income of the farm
affect the deposits to some extent.
“Some businessmen have sold their er then depends only on the amount
stock down to almost nothing and will he can produce. Our deposits are then
use their funds, no doubt, to replenish directly correlated with farm produc
tion.
their shelves as soon as possible.
“There will be some drop in deposits
“As long as the price for farm prod
ucts stays at a reasonably high figure, as soon as farm machinery and other
the deposits in country banks should consumer commodities reach the farm
er in volume but this factor is second
hold up fairly well.”
ary to other things. Our deposits
Harold R. Warner, vice president,
(Turn to page 36, please)
government expenses put on a rational
basis. However, any reduction will
vary directly with the reduction of the
national debt.
N o r t h w e s t e r n B a n ke r, S e p t e m b e r ,
1946
20
\
New s a n d Views
OF THE BANKING WORLD
By C liffo rd De Puy
NEW farm loan agency— as if
we didn’t have enough already
—has been set up by the gov
ernment in a bill signed recently by
A
President Harry Truman.
The new addition to the alphabeti
cal list is the Farmers Home Corpora
tion, “designed to streamline the ad
ministration of the government’s agri
cultural credit and related activity.”
The bill will abolish the farm security
administration, some activities of the
farm credit administration, and all
activities of the national housing
agency which pertain to property and
other assets formerly managed by the
FSA. The bill likewise requires the
liquidation of all subsistence loans
made by the FCA.
Dale Brown, assistant vice president
of the National City Bank of Cleveland
and president of the Financial Adver-
C. L. Pitman, Supervising Examiner
of the Federal Deposit Insurance Cor
poration, Chicago, in a recent letter to
the N o r t h w e st e r n B a n k e r , calls our
attention to their need for new as
sistant bank examiners to work for
the corporation on a salary basis of
$2,644 per year. As Mr. Pitman points
out, “During the war, shortage of ex
aminer personnel compelled us to
operate our examination program on
a reduced schedule. AVe looked for
ward to having all our men return to
their duties with the Corporation, but
this has failed to materialize to the
extent that we hoped for since many
of them accepted positions in banks
and other financial institutions upon
termination of their military service.
Moreover, many of our examiners and
assistants who did not enter military
service have, within the past few
months, accepted offers from banks
for their services. As a consequence,
we are faced with the necessity of re
cruiting trainee assistant examiners
on a rather large scale, and to secure
the type of men we need, are experi
encing competition from many
sources.”
Harry R. Smith, vice president Bank
of America, San Francisco, has sent
out a letter to members of the Finan
cial Advertisers Association inviting
them to be their guests while they are
in San Francisco next month.
DALE BR O W N
F. A. A. President
tisers Association, and who will speak
before the Iowa Bankers Convention
this month, is a very able and forceful
talker.
The F.A.A. has almost 1,000 mem
bers throughout the United States.
Not only the hotels but the tourist
courts are doing a pretty good busi
ness according to recent figures which
indicate that net profits earned by
tourist courts from 1938 through 1945
averaged 30.69 per cent per year.
N o r t h w e s t e r n B a n ke r, S e p t e m b e r , 1946
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Federal Reserve Bank of St. Louis
In his letter of invitation to us, he
said, “ The Bank of America is looking
forward eagerly to the opportunity of
seeing many banking friends during
the Convention of the Financial Ad
vertisers Association which will be
held in San Francisco from October
7th to 10th. We are planning to en
tertain some of our banking friends on
the evening of Tuesday, October 8th,
at a dinner to be held in the Commer
cial Club at 6:30 p. m. We would like
very much to have you and your wife
join us. The guests will assemble in
our Administrative Offices on the
Executive Floor (the 11th), 300 Mont
gomery Street, from which point there
is a private entrance to the Commer
cial Club, next door.”
Carl R. Fredricksen, president of
the Live Stock National Bank of Sioux
City, has been appointed Community
Chairman of the Committee for Eco
nomic Development.
Mr. Fredricksen has long been ac
tive in Sioux City civic affairs and is
ably qualified to handle the chairman
ship of this important committee.
William A. Sawtell, president of the
Stock Yards National Bank of Omaha,
issues every month a bulletin showing
receipts and disposition of live stock
at the South Omaha market. This is
a very interesting service and always
gives a comparison for a similar
month in the previous year. For ex
ample, the grand total of hogs received
at the Omaha market from January
1st through July, 1946, amounted to
1,391,974 compared with 1,078,622 for
the same period in 1945.
V
*
J. Roy Capps, vice president of the
Central National Bank and Trust Com
pany of Des Moines, was married re
cently to Miss Ruth Williams of Maywood, Illinois, a former lieutenant in
the United States naval reserve and a
daughter of Mr. and Mrs. R. A. Will
iams of McLeansboro, Illinois.
Miss Williams was graduated from
Southern Illinois Normal university
at Carbondale, Illinois, and studied at
the University of Illinois, University
of Colorado and McGill University in
Montreal, Canada.
She entered the WAVES in 1943 and
among other duties she made a twomonths tour of naval air transport de
tachments within the continental
limits and in the waters of the At
lantic and the Caribbean. She was
separated from the navy in June of
this year.
Mr. Capps is well known in the
banking fraternity, having commenced
his financial career in 1906 as a book
keeper with the Des Moines Savings
Bank and Trust Co.
Raymond Rodgers, professor of
banking of New York University, told
a bankers convention recently that
“the honeymoon in government bonds
is over, hut no divorce is in prospect.
WTe have now started on the long hard
road of getting government obligations
out of the bank. Let us hope that we
keep to it.”
Edward A. Pierce, of Merrill Lynch,
Pierce, Fenner & Beane, New York
21
A b o u t B a n k er s You K n o w
City, has just published a very in
teresting booklet on the “Metals In
dustry” giving the history on this im
portant subject from 1929 through
1945.
If you or any of your customers are
interested in the metal business, a
copy of this booklet will prove inval
uable.
M. C. Renter, president of Remer,
Mitchell & Reitzel, Inc., investment
securities, 208 South La Salle Street,
Chicago, issues a very up-to-date bul
letin covering quotations on industrial,
aviation, bank, insurance, real estate
and public utility stocks, and real es
tate and public utility bonds.
Kilgore Macfarlane, vice president,
Schenectady Savings Bank, New York,
in an address entitled “Are Savings &
Loan Associations Stealing the Show
from Banks?” gave the figures pre
pared by the National Housing Agency
showing the number of loans and the
amount for one month this year which
are as follows:
Number
Amount
Sav. and loan assns........ . 80,134 8333,192,000
Insurance companies. . . 7,004
38,862,000
241,330,000
Banks, trust companies . 53,946
51,851,000
Mutual savings banks. . 9,803
187,311.000
Individuals ................... 57,951
Miscellaneous lending
111,892,000
institutions ........... . 23,931
Total . . ................... .232,769
35%
4
25
5
19
12
8964,438,000 100%
THE PICTURE ON THE
COYER PAGE
Pictured on the cover of this Sep
tember convention issue of the N o rth
w e s t e r n B a n k e r are the Chicago bank
ers who compose the executive com
mittee in charge of local arrangements
for the 72nd annual convention of the
American Bankers Association to be
held in Chicago September 22nd to
25th.
In the insert at the top of the picture
is John J. Anton, chairman of the
committee, and vice president of the
First National Bank.
Seated, from left to right, are:
Charles M. Nelson, vice president and
cashier of the Northern Trust Com
pany; William H. Miller, vice presi
dent, City National Bank & Trust
Company, and John C. Wright, vice
president and cashier of the American
National Bank & Trust Company. Mr.
Miller is vice chairman of the com
mittee.
Left to right, standing, are Clarence
A. Bertel, president, South East Na
tional ank; Kent C. Childs, vice presi
dent of the Continental Illinois Nation
al Bank & Trust Company, and Harold
B. Bray, vice president, Harris Trust
& Savings Bank.
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Federal Reserve Bank of St. Louis
D A V ID H. REIM ERS
President, The Live Stock National Bank of Chicago
“ W e must avoid the pitfalls of another ‘ hoom and bust’ . ’ ’
A V ID H. REIMERS, president of The Live Stock National Bank of Chi
cago, is another outstanding example of the present generation of “ grass
roots” hankers— a man who has learned the fundamentals of the business in
a country bank through years of experience, and by rigid application of
sound business principles has built for himself a reputation as one of the
country’s leading bankers. The soundness of Mr. Reimers’ banking philos
ophy is indicated by his belief that one of “ the most important problems
facing bankers today is the determination of sound lending values in an
uncertain and inflated economy. 1 believe it is the duty of the bankers to
adhere strictly at all times to orthodox and proven principles of sound
banking and avoid the pitfalls of another ‘boom and bust’ .’
D
Boone County, Iowa, claims David Reimers as its native son, since he was
born there on October 17, 1898. He received his education in North Dakota
schools, to which state his family moved in his early youth. After leaving
school Mr. Reimers was first associated with his father in the real estate and
loan field, and was simultaneously employed as a law clerk. He began his
banking career in 1917 with the First National Bank at Lansford, North
Dakota, one of a number of northwest banks owned and controlled by the
Bankers Investment Company of Minneapolis. He served in various posi
tions in several of that company’s banks.
After greatly broadening his
experience as a field credit adjuster throughout this northwest territory,
he became executive officer of a small group of banks in that area, which
(T u rn to page 80, please)
N o r t h w e s t e r n B a n ke r, S e p t e m b e r , 1946
22
“ The M o st t n usuai Service
W e E ver
Rendered
City Banks Reveal Amazing Requests for Service
From Their Correspondents, and Tell How They Handle Them
A NORTHWESTERN BANKER
SURVEY
ELLO, is this the president of the
Over Draft National? Will you
buy me the horse that ran first
in the fifth race at Pimlico today?
You'll try? That’s fine; please let me
know immediately.”
That certainly is an unusual request,
you’ll agree, but others just as unusual
are mailed, telephoned and wired to
city banks every day from their cor
respondents. While visiting with city
bank officers who contact country
banks, they have often told us about
requests they receive for unusual serv
ices. These requests seem strange
many times, but the city banker fig
ures his correspondent has good rea
son for asking, so he does his best to
fulfill the need.
We thought many of these unusual
requests would make interesting read
ing, so we are publishing a few of them
on these pages. For obvious reasons
the names of the correspondent and
the city bank have been omitted. The
stories, however, are guaranteed to be
authentic. This is how some of them
were told to us:
H
The president of that bank was eager
to find a third baseman, but had little
hope of succeeding. He telephoned
w o r d of his predicament to us.
Through our connections we were able
to get a good player. The ball player
was flown to his new team, and not
only was he there in time to play in
the next game, but his playing was a
factor in placing his adopted team
near the top in the pennant race.
NE of the most unusual customer
requests ever to come into our
O
bank was performed by one of the
officers who received a telephone call
ers in a neighboring dry state. This
officer, a teetotaler, protesting he has
no knowledge of liquors, usually sub
lets these requests to brother officers
with more of a speaking acquaintance
with proper brands.
IN OUR bank, we have purchased
I furniture, baseball tickets, railroad
tickets, theater tickets, and even auto
mobile parts for our banker friends.
We have met trains, secured hotel ac
commodations, sent flowers, arranged
tours, delivered messages, and have
rendered any number of other unusual
services which 1 know were appreci
ated by our friends, and which af
forded us real pleasure in their ac
complishment,
FEW months ago a banker friend
of ours telephoned me asking if
A
we could find a fire truck for his city.
After a little phoning around town we
found two available, ow n ed by
the War Assets Corporation, another
was available in the northern part of
the state, and a third, apparently a
very wonderful job, right here in
SOUTHEASTERN baseball club
suffered the loss of its third baseA
man in an accident while a hot pennant race was in progress.
NE of our vice presidents fre
O
quently receives commissions
for the purchase of liquor for custom
The ball
asking him to go a couple of hundred
miles to take the place of the father
in giving away his daughter in mar
riage. The father found it impossible
to make the trip, so our bank officer
led the bride down the aisle and sub
stituted for the father in the cere
mony.
OME time ago I received a telephone
call from one of our correspondents
Sadvising
us that one of their local live
club made urgent appeals for a player
in many quarters, including the local
bank.
stock truckers had met with an acci
dent near the stockyards and was be
ing held in jail as he did not have suf
ficient funds with him to put up a
bond. We immediately supplied the
bond and also had one of our attor
neys look into the matter which was
adjusted in a short time and the truck
er was soon on his way home.
town. None of the four had been used
other than for practice. The price was
right. The city got their truck. It
took two or three phone calls, how
ever.
(T u rn to page 46, please)
*
t
N o r t h w e s t e r n B a n k e r, S e p t e m b e r , 1946
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Federal Reserve Bank of St. Louis
b
Prompt Transit Service
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Federal Reserve Bank of St. Louis
THE
OM AHA
NATIONAL
BANK
24
THE FUTURE OF R E A L E STATE V A L U E S is an ybody’s guess, but land prices likely
w ill go a little higher before they go lower.
H ow Heat E state Values H ave
A ffected Loans and M ortg a g es
Farm Loan Volume Makes Slight
Increase in Spite of Higher Prices
4
A NORTHWESTERN BANKER
SURVEY
How has the increase in real estate
values affected your loans and
mortgages? In your opinion, what
is the future for real estate
values?
Carl J. Odegard, vice president and
manager, Huron Branch, Northwest
Security National Bank of Sioux Falls,
South Dakota:
“ Real estate valuations in South
Dakota have not advanced to the ex
tent that they have elsewhere; this is
true particularly of farm lands. There
is a serious shortage of city residential
property in nearly every city. The
prices have consequently gone beyond
a reasonable valuation. They have
probably advanced about 100 per cent
during the past two years.
“Farm land, on the other hand, has
not made any such gain. I believe
that the last figure for South Dakota
as a whole is around a gain of about
60 per cent of pre-war prices. I do
not believe that farm lands in this
territory have advanced 60 per cent
from the pre-war price. I should say
that it is closer to 50 per cent in this
particular territory. The memory of
the dust storms and drouth is too vivid
in the minds of the people here to war
rant any wild speculations in farm
lands. I believe everyone is going to
stay on the conservative side.
“The situation relative to city dwell
ings is different, however. The G. I.
loan privilege has helped considerably
to create the high prices owing to the
additional demand created by this pro
gram, not only demand, but ability to
buy through G. I. loans. Some top
heavy financing is consequently taking
place that may result in trouble later
on. I believe that the high prices ob
tained for existing construction consti
tutes an inflationary price that is be
yond the average increase of price in
other communities.
Consequently,
residential property prices will de
crease when a stabilized situation is
brought about.”
tate values. However, these more
liberal loans carry pay-back terms
which are being made correspondingly
more exacting. Science and inventions
are making rural residences more ac
ceptable, though at the same time in
creasing the potential in farm produc
tion. The same processes are making
farm products more readily market
able.
“Farm home modernization, im
proved transportation and communica
tions are tending to make more of us
country squires. Improved seed and
livestock, together with new machin
ery, are increasing the interest in farm
work in general. This situation ob
taining at a time when there is a large
unsatisfied demand for town dwellings
and construction costs extraordinarily
high, it would appear that real estate
values in general should not suffer an
immediate precipitate decline.”
K.
O. Satire, vice president and cash
R. H . B arber, president, The Citizens
ier, Blue Earth State Bank, Blue
National Bank, Boone, Iowa:
Earth, Minnesota:
“With our farm business as well as
“ Farm loans and residence mort
gages have been somewhat affected on with our other business, many loans
the upside by the increase in real es(T u rn to page 81, please)
>
N o r t h w e s t e r n B a n k e r, S e p t e m b e r , 1946
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Federal Reserve Bank of St. Louis
f
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
More than three-quarters of
ask their commission men
a century’s experience has
to route their money through
taught us to appreciate the
this Bank, the advice of credit
value of speed in the trans
goes to you on the day of
mission of proceeds from
receipt.
the sale of live stock in Chi
post office is just across
cago. When your customers
the street and no time is lost.
The
Stock Yards
We w ill be pleased to send you in
struction cards to give your shippers.
LIVE STOCK
BANK
ïA iifù jit « /
U N IO N STOCK YARDS
ESTABLISHED
1868
M em ber Federal Deposit Insurance Corporation
N o r t h w e s t e r n B a n k e r, S e p te m b e r, 1946
26
Your fi. I. Loan Question B o x
4
Answers to the Questions This Month Have to
Do Primarily With Loans on Real Estate
By WALTER T. ROBINSON
fowa Loan Guarantee Officer, who
answers the things you want to
know about the Servicemen's
Readjustment Act
Q.
What position would the \ret- munities, and it is good commercial
erans Administration take in a case on usage, we see no reason why it should
which the lender’s attorney has passed not be followed in furthering purchase
on the real estate title and in his opin of real estate under the Servicemen’s
ion it was found to be satisfactory;
Readjustment Act.
later on when default occurs and it is
necessary for the Veterans Adminis
Q. In the case of home loans, does
tration to subrogate, the Legal Depart the 25-year limitation provided in the
ment finds a flaw in the title. Would
the Veterans Administration deny the
payment of guaranty at that time or
would the lender he given the oppor
tunity to correct the deficiency in the
title?
A. Section 36:4350(a) of the Regu
lations specifically provides that no
loan for the purchase of real estate
shall be eligible for guaranty or insur
ance unless the veteran becomes vest
ed with a merchantable title to an
estate not less than a fee simple estate
or a leasehold estate of certain dura
tion. In addition, Section 36:4325(b)
(1) provides that no claim on the
guaranty or insurance shall be paid
with respect to any loss attributable
to the failure of the lender to obtain
and retain a lien of the dignity re
quired on property reported as being
encumbered to secure a loan. In view
of the provisions of Section 4325(b)
(1), it is clear that if the title flaw was
such that the lender does not have a
good lien, the Administrator would be
relieved from payment of any loss at
tributable thereto. If there be some
technical deficiency of a correctable
nature, it would be our policy to afford
the lender a reasonable opportunity
to take steps to perfect the title and
lien to our satisfaction. We would, of
course, withhold payment until satis
fied that a good title and lien were in
force.
from date of application, and if prop
erly identified with new application as
to names and addresses of veteran and
lender. In connection with loan for
new construction, lender must secure
copies of plans and specifications
which were endorsed by the appraiser.
Q.
Can loans he made to refinance
contracts representing equity in real
estate?
A. Yes, provided: (1) That the orig
inal consideration as shown in the con
tract is not in excess of reasonable
value determined at the time of re
financing. (2) Only the amount of un
paid balance of the contract is eligible,
except that in case modernization,
alterations or repairs are needed and
approved, the loan may include the
cost of such improvements subject to
appraisal and determination of reason
able value.
Q.
Is it required that a house be
completely modern to be eligible for a
home loan?
A. No, but it should be in a good
state of repair.
W A L T E R T. R O B IN SO N
Answers Your Questions
Act begin to run from the date of the
note or from the date payments com
mence?
Q. What action is required of lender
to secure check for first year interest
on loans guaranteed under the original
Act?
A. At the end of the first year,
voucher forms will be sent to each
A. The limitation begins to run with lender with instructions for prepara
date of note. If loans have been made tion and submission. If loan is paid in
to mature more than 25 years after full or transferred to a third party sub
date of note, the note and mortgage ject to outstanding loan, forms should
should be redrawn and executed so as be requested and vouchers submitted
to mature within the dates prescribed. as soon as practicable. In such cases,
If mortgage is drawn to mature within interest will be computed only to date
Q.
On loans to be guaranteed or in the prescribed limitations, ballooning of payment in full or transfer of title.
sured, is it necessary that the abstract of the last payment to offset the de
In the case of loans closed under the
of title go back to the government, or ferred payments is permissible.
amended Act, a check representing an
may the abstract be furnished from
amount equivalent to the first year’s
the plat?
Q.
May an appraisal made for a vet interest on the guaranteed portion is
eran at the request of one lender be automatically sent to the lender short
A. If the lending agencies—insur used in connection with an application ly after issuance of guaranty.
ance companies, banks, etc.—follow submitted by another lender?
the practice of accepting abstracts
Q. In case the title has been transfrom the plat of certain towns or comA. Yes, if made within six months
(T u rn to page 82, please)
N o r t h w e s t e m B a n ke r, S e p te m b e r, 1946
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Federal Reserve Bank of St. Louis
r
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Federal Reserve Bank of St. Louis
27
T he Public N ational B ank
AND TRUST C O M P A N Y OF NEW Y O R K
37 Broad Street
CON DEN SED
STATEM EN T
OF
C O N D IT IO N
June 30, 1946
RESOURCES
Cash and Due from Banks______________________________________
$109,538,650.94
U. S. Government Securities____________________________________
296,294,364.85
State and Municipal Securities_________________________________
8,046,450.17
Other
________________________________________________
2,070,865.73
Loans and Discounts_____________________________________________
155,058,826.66
Customers’ Liability for Acceptances__________________________
1,783,780.72
Securities
Stock of the Federal Reserve Bank_____________________________
660,000.00
Banking Houses _________________________________________________
2,040,674.70
Accrued Interest Receivable____________________________________
1,135,288.67
Other Assets _____________________________________________________
307,750.10
$ 576,936 ,652.34
LIABILITIES
Capital
9.625.000.
00
Surplus
12.375.000.
00
$ 22, 000, 000.00
Undivided P ro fits___________________________
5,664,730.15
$ 27,664,730.15
Dividend Payable July 1, 1946______________
Unearned D isco u n t_________________________
Reserved for Interest, Taxes, Contingencies
_______________
_______________
226,875.00
643,041.73
_______________
$ 4,630,253.37
2,243,980.05
4,728,706.40
2,386,273.32
_______________
_______________
321,339.95
540,965,685.99
A ccep tances_____________________________ ^----Less: Own in Portfolio___________________
Other L ia b ilitie s____________________________
D ep osits______________________________________
$ 576,936 ,652.54
Securities carried at $ 4 4 ,6 1 8 ,4 0 3 .5 2
U. S. Government War Loan Deposits
other public and trust deposits, and
required or permitted
MEMBER:
are pledged to secure
o f $ 4 2 ,0 9 9 ,1 9 4 .9 5 and
for other purposes as
by law.
N. Y. CLEARING HOUSE ASSOCIATION • FEDERAL RESERVE SYSTEM
FEDERAL DEPOSIT INSURANCE CORPORATION
N o r t h w e s t e r n B a n ke r, S e p t e m b e r ,
1946
28
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LEGAL
A
To K e K ind in y 9 M u st a
K en t E state T ense K e in
Q.
Many states, under their so-called
statutes of frauds, require that real
estate leases of over a certain period
of time must he in writing in order to
be binding. Where two people agree
verbally on a lease for a shorter period
with an option to extend for an addi
tional period and combined periods ex
ceed the period prescribed by statute
is the lease good?
The general rule on matters of this
kind is that such leases are not good,
the courts holding that the arrange
ment constitutes a single agreement
creating an estate at the time it is
entered into which must be dealt with
in line with the requirements of the
statutes. Indiana, Kansas, Michigan,
Missouri and various other states fol
low this general rule. There are au
thorities supporting a contrary view
in Texas.
Q . Kerr created a trust estate in
Minnesota which provided that the
trustee should manage the property
and pay the income to Kerr’s mother
during her lifetime. On her death the
trust was to cease and the property was
to go to his son. Kerr’s mother died.
The trustee refused to execute a con
veyance of the property to Kerr’s son.
Did the son, nevertheless, come to hold
legal title thereto?
Yes. In the case of an active trust
for life providing that on the death of
the life beneficiary title shall pass to
a remainderman, the trust is executed
into and becomes, on the death of the
life beneficiary, a legal estate in the
remainderman without the necessity
of a conveyance from the trustee.
Q.
Portner, a banker, as an incident
to endeavoring to induce Blackwell to
repay a valid loan, picked up and
temporarily retained in his possession
in Tennessee, a valuable camera
owned by Blackwell that Blackwell
had left on the mantel in the home of
a mutual friend. Blackwell became
quite enraged at Portner’s conduct and
sought to have him convicted of lar
ceny. Could he do so?
This and Other Timely Legal
Questions Are Answered
by the
LEGAL DEPARTMENT
No. A person’s temporary taking of
another’s goods for the purpose of in
ducing the owner to act in accordance
with the taker’s wishes is not larceny.
The same would be true if the tempo
rary taking were to secure revenge on
the owner or to coerce the owner into
the payment of a bona fide claim or the
performance of a legal duty.
Q.
The son of a Nebraska banker
held a valuable lease for agricultural
purposes of certain school lands in
that state. A public power and irriga
tion district corporation brought emi
nent domain proceedings to take the
property for its use. Damage awards
were made to the state and to the
lessee separately. The two awards
exceeded in value the worth of the real
estate alone. Did this fact in and of
itself render the awards invalid?
No.
Under Nebraska law it is
proper that the interest of the state
and the lessee should be assessed sep
arately and, as an incident thereto, it
is also proper that the sum of the
values of the separate interests may
be more than the value of the land
as an unencumbered whole where the
values placed on such interests are
justified by appropriate evidence.
Q
. In a real estate mortgage fore
closure proceeding in Oklahoma judg
ment Avas entered for the plaintiff on
March 5, 1941. The defendant was in
ducted into military service on July 21,
1941. A sale of the property was or
dered and held in late 1941 and early
1942. On March 5, 1942 the sale was
confirmed, by court order. Could the
defendant, by appropriate proof and
action, have the confirmation of the
sale by the court \racated on his return
from military service?
Yes, according to a recent Oklahoma
Supreme Court decision. In so hold
ing the Court stated that the provi
sions of the Soldiers’ and Sailors’ Civil
Relief Act, which controls in these
situations, are to be liberally construed
so as to promote justice and that a
court confirmation of a real estate
mortgage foreclosure sale is a judg
ment which can be vacated under that
act by appropriate proof and action on
the part of a defendant in military
service at the time of the entry of such
judgment.
Q.
The Avife of a South Dakota bank
er sued him for diA^orce. In answering
her action he asked that the di\orce be
granted him because of her faults. The
trial court found in his favor and
granted to him the divorce on the
grounds asserted by him. Such court
took a further step, hoAvever, and
granted alimony to the wife. Assum
ing this step did not involve an abuse
of discretion, did the court haAre power,
in the circumstances, to order such
alimony payments.
Yes. In a recent decision the South
Dakota Supreme Court held that it is
within the power of the courts of that
state to make an award of alimony
from the husband’s property to a wife
in granting a divorce to him for his
wife’s fault where no abuse of discre
tion occurs. In so holding, the court
pointed out that this is also true in
Nebraska.
Y
>
A
Y
Y
y
y
Q
. Hawes, a Kansas banker, and ap
proximately 100 others Avere found to
be the heirs at law of a resident of that
state. The proceedings leading up to
such finding of heirship were quite
complicated and the heirs had found it
necessary to employ an attorney. He
had been quite successful and had se
cured the judgment in their favor.
Did he, by virtue of his employment,
have authority to receive payment and
enter satisfaction of such judgment?
y
Yes. Where an attorney has re
covered judgment for his clients, he
(T u rn to page 57, please)
N o r t h w e s t e r n B a n ke r, S e p t e m b e r , 1946
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Federal Reserve Bank of St. Louis
k
29
MIDLAND BANK LTD., ENGLAND— More than
1,000
branches of
Midland
Bank in
England
era
equipped with Burroughs machines. The picture shows a
typical accounting machine installation in a London branch.
O ne reason why you see Burroughs machines w herever
you go is that Burroughs has alw ays had a reputation
for precision-built machines unequaled in the industry.
Today, the most modern scientific equipment is in use
in the Burroughs chemical, physical and electronic
laboratories; the skill, experience and much of the
fine precision manufacturing machinery so effectively
em plo yed by Burroughs in producing the fam ous
Norden bombsight a re being utilized to keep faith
with satisfied customers throughout the world who
look to Burroughs for the best in business machines.
BURROUGHS ADDING MACHINE CO M PANY
•
DETROIT 32
INI M A C H I N E S
IN C O U N S E L
IN S E R V I C E
wm
■:::
;
;
•
:1!
FIGURING, ACCOUNTING, STATISTICAL AND CASH REGISTERING MACHINES ♦ NATIONWIDE MAINTENANCE SERVICE c MACHINE SUPPLIES
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Federal Reserve Bank of St. Louis
AM ONG THE M E N on the f acuity of the annual School of Banking recently concluded on the campus
of the University o f Wisconsin and attended by 130 bankers from 16 states are above (left to righ t):
Walter E. Hoadley, Jr., industrial economist, Federal Reserve Bank o f Chicago; Clarence H. Lichtfeldt,
comptroller, First Wisconsin National Bank, M ilwaukee; Walter B. Garver, agricultural economist, Federal
Reserve Bank of Chicago; Fayette H. Elwell, dean of the School of Commerce at the University of W is
consin; Laurence R. Lunden, University o f M innesota; Kenneth K. Du Vail, vice president City National
Bank and Trust Company o f Chicago; W all G. Coapman, secretary o f the Wisconsin Bankers Association;
Herbert V. Prochnow, vice president, First National Bank o f Chicago, director of the school; J. Marvin
Peterson, professor and head of the economics department at the Miami University, Oxford, Ohio.
i.VO Students A tten d
Centrul Stutes School o f Miunkiny
Sixteen States and Ninety-two Cities
Represented at Second Annual Session
HE School of Banking at the Uni
versity of Wisconsin for the Cen
tral States opened its second an
nual session at Madison on July 29th,
with 130 students in attendance. This
represents an increase of 176 per cent
in the student body over the first
session in 1945. The school was in ses
sion two weeks, running through Au
gust 10th. Attendance at three sum
mer sessions is required for gradua
tion.
The school has been approved by the
Veterans Administration as an educa
tional facility for the training of bank
ers who are veterans eligible under
Public Law No. 346 as amended.
Last year 47 students from three
states comprised the first freshman
class. This year 44 of the original
student body returned and the fresh
man class this year was limited to 86
T
N o r t h w e s t e r n B a n ke r, S e p t e m b e r , 1946
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Federal Reserve Bank of St. Louis
students. The entire student body of
130 this year came from 16 states and
92 cities.
The school is designed to provide
bankers an opportunity for advanced
study and research in banking, eco
nomic and monetary problems. Re
quirements for admission are that the
student must be a bank officer or have
responsibilities equal to those per
formed by bank officers. A limited
number of students from both state
and federal banking agencies are also
eligible for admission.
A large measure of credit for the
rapid development of the school is due
to the organization of the curriculum
and the recruiting faculty by Director
Herbert Prochnow, to the 100 per cent
sponsorship of the Central States Con
ference, and the cooperation of the sec
retaries of the bankers associations in
these 16 states. This sponsorship has
made possible the fulfillment of the
prediction of many mid-western bank
ers that a summer school of banking
could be created in the middle west
capable of meeting its particular re
quirements and to afford professional
training by distinguished bankers,
economists and attorneys in fields of
commercial credit, investments, bank
ing practice, economics, monetary
problems and agricultural credit.
y
V-
The Faculty
The faculty this year, of 56 lecturers
recognized as outstanding authorities
in their respective fields, was drawn
from eleven states and the District of
Columbia. There were members of the
faculty from nine leading universities
and colleges in the middle west, in
(Turn to page 34, please)
t
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Federal Reserve Bank of St. Louis
31
R
.ractical assistance on your invest
ment portfolio;
p
.rompt attention to all those day-in-
and-day-out services you expect from
your New York correspondent;
P
A ersonal cooperation when the un
usual problem arises.
CENTRAL H AN O VER
BANK AND T R U S T COMPANY
NEW
YO RK
M e m b e r E 'ederal D e p o s it I n s u r a n c e Corporation
N o r t h w e s t e r n B a n ke r, S e p te m b e r, 1946
32
C h icago welcomes the
American Bankers Association
☆
T h is bank join s w ith the other institutions o f the city
in w e lc o m in g you to C h ica g o again, and in expressing
the wish that you m ay find value and en joym en t in
you r visit.
L
a
S a l l e , J ack so n
and
C
lark
Streets
Member Federal Deposit Insurance Corporation
N o r t h w e s t e r n B a n k e r , S e p t e m b e r , 1946
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
33
W hen the A .K .A .
M e e ts in
Chicago
Seventy-second Annual Convention of
the American Bankers Association to be
Held on September 22-25, with Head
quarters at the Hotel Stevens
T he P ro g ra m
F R A N K C. R ATHJE
President, American Bankers Association
J OHN SNYDER, secretary of the
Treasury, and Louis Bromfield,
novelist, farmer and banker, are
among the leaders in many fields who
will address the 72nd annual conven
tion of the American Bankers Associa
tion which will be held in Chicago
from Sunday, September 22nd, through
Wednesday, September 25th. The con
vention is expected to attract some
5,000 bankers from all parts of the
country to participate in its discus
sions. This is the first full convention
of the American Bankers Association
following the lifting of wartime re
strictions on travel.
The program will include two gen
eral sessions, the annual meetings of
the four major divisions of the A.B.A.,
and various entertainment features,
chief among which will be the appear
ance in recital of Lawrence Tibbett,
baritone.
Some twenty-five commissions, coun
cils and committees are scheduled to
meet in executive sessions during the
day on Sunday, followed by the “A.B.A.
Sunday Evening Hour” at 8:30 o’clock
in Orchestra Hall, 216 South Michigan
Boulevard, at which Mr. Tibbett will
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Federal Reserve Bank of St. Louis
the A.B.A. consumer credit committee,
who is vice president of the First Wis
consin National Bank, Milwaukee, Wis
consin. William L. Clark, vice presi
dent of the J. I. Case Company, Racine,
Monday, September 23rd
Wisconsin, will speak on “An Opportu
The savings division will meet in the nity for Banks.”
At 2:00 p. m. the national bank divi
north ballroom of The Stevens at 10:00
a. m. Speakers at this session will sion will meet in the grand ballroom of
include Myron F. Converse, president The Stevens to hear addresses by Nor
of the savings division and president fleet Turner, president of the division
of the Worcester Five Cents Savings and president of the First National
Bank, Worcester, Massachusetts; H. Bank, Memphis, Tennessee, and by R.
Donald Campbell, vice chairman of A. Peterson, vice president of the Bank
The Chase National Bank, New York, of America N.T. & S.A., San Francisco,
New York, who will speak on “ Broad California, and a member of the A.B.A.
ened Services of Banks,” and H. R. consumer credit committee. A third
Farrall, advertising manager of the speaker for this session will be an
Warren Tribune Chronicle, Warren, nounced later.
The trust division also has a 2:00
Ohio, who will tell the delegates that
“Live Banks Make Live Communities.” o’clock meeting at The Stevens, in the
At the same hour the state bank north ballroom, at which time it will
division will hold its annual meeting celebrate its 50th anniversary Birth
in the grand ballroom of The Stevens. day greetings to the division will be
H. N. Thomson, president of the divi tendered by Frank C. Rathje, A.B.A.
sion, and vice president of the Farm president, and by the presidents of the
ers and Merchants Bank, Presho, other three A.B.A. divisions. Isaac H.
South Dakota, will speak. “ Instalment Orr, honorary chairman of the board
Loans to Savings Banks” will be dis of the St. Louis Union Trust Company,
cussed by Carl M. Flora, chairman of St. Louis, Missouri, will speak on the
sing and Bishop Bruce R. Baxter of
the Methodist Church, Portland, Ore
gon, will speak on ‘‘The Year of Deci
sion.”
N o r t h w e s t e r n B a n ke r, S e p t e m b e r , 1946
34
beginnings of the trust section of the
A.B.A. Mr. Orr was present at the
meetings 50 years ago at which the
trust division was organized.
The Agricultural Commission and
the Country Bank Operations Commis
sion will jointly sponsor the country
bank program on Monday evening at
8:15 when Louis Bromfield is to speak
on “The Banker and the More Abund
ant Earth.” C. W. Bailey, A.B.A. vice
president, and president of the First
National Bank, Clarksville, Tennessee,
will review “The Farm Land Price Sit
uation.” William Powers, deputy man
ager of the A.B.A., will lead a panel
discussion on country bank operation
problems.
Tuesday, September 24th
A.B.A. President Frank C. Rathje,
president of the Chicago City Bank
and Trust Company, will address the
first general session of the convention
which begins at 9:30 Tuesday morning
in the grand ballroom of The Stevens.
It is at this session that Secretary of
the Treasury John Snyder will speak.
Mr. Snyder will be followed by the
Hon. Leonard W. Brockington, K.C.,
LL.D., former special wartime ad
viser to the governer general of Can
ada, and former counsel on Empire
affairs to the British minister of in
formation in London.
W h ile in C h ic a g o , V is it
T h e F ir s t N a t io n a l B a n k
A hearty welcome is assured members
of The American Bankers Association.
We look forward with pleasure to
the time of the convention and to the
renewal of those personal contacts
we have enjoyed for so many years.
Edward E. Brown, Chairman
James B. Forgan, Vice-Chairman
Bentley G . McCloud, President
Harold V . Arnberg, Vice-President Irvin L. Porter, Vice-President
Hugo A . Anderson, Vice-President Walter M . Heymann, Vice-President
Homer J. Livingston, Vice-President Herbert P. Snyder, Vice-President
B anks and Bankers D ivision
John J. Anton,
Thomas J. Nugent,
Harold W . Lewis,
Melvin H . Thies,
Verne L . Bartling,
Charles F. Newhall,
Edward Decker,
C. Guy Willard,
Vice-President
Vice-President
Assistant Vice-President
Assistant Vice-President
Assistant Vice-President
Assistant Cashier
Assistant Cashier
Assistant Cashier
The First National Bank
o f Chicago
Building With Chicago and the Nation Since 1863
MEMBER FEDERAL DEPOSIT INSURANCE CORPORATION
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Federal Reserve Bank of St. Louis
Wednesday, September 25th
The second general session will be
called to order at 9:30 a. m. by Presi
dent Frank C. Rathje. W. Randolph
Burgess, vice chairman of the board of
The National City Bank of New York,
and former A.B.A. president, will
speak. Officers of the association for
the coming year will be elected.
A
Entertainment
The banks of Chicago will be hosts
at a reception and tea for delegates
and their wives on Sunday afternoon
at 4:00 o’clock in the grand ballroom
of The Stevens. The “A.B.A. Sunday
Evening Hour” will begin at 8:30
o’clock. On Tuesday noon, at 12:15,
there will be a ladies’ luncheon in the
Red Lacquer Room of The Palmer
House. The Chicago bankers will
again be hosts at an informal reception
hour at 5:00 p. m. on Tuesday. Be
cause of the large registration, this
reception will be held in two hotels,
The Palmer House and The Stevens.
There will be music and refreshments
at both. # #
SCHO O L OF BANKING
(Continued from page 30)
addition to 45 bankers, business men
and attorneys, all specialists in the
fields on which they lectured. Special
effort was made to restrict the number
in each class to not over fifty students,
in order to give them the advantage
of individual instruction and a closer
relationship with the instructors.
Among the prominent business men
and bankers on the faculty were John
W. Barriger, president of the Monon
Railroad; M. S. Szymczak, member,
board of governors of the Federal Re
serve System; Cyril B. Upham, deputy
comptroller of the Currency; Dr. Woodlief Thomas, director, Division of Re
search and Statistics, board of gover
nors, Federal Reserve System, and
Irvin L. Porter, vice president and
director, The First National Bank of
Chicago.
The school is operated under the
sponsorship of the Central States Con
ference. The conference comprises
the bankers associations of the follow
ing states: Arkansas, Colorado, Illi
nois, Indiana, Iowa, Kansas, Kentucky,
Michigan, Minnesota, Missouri, Nebras
ka, North Dakota, Ohio, Oklahoma,
South Dakota, and Wisconsin.
The administrative officers of the
school were: Edwin B. Fred, president,
University of Wisconsin; Fayette H.
Elwell, dean, School of Commerce, Uni
versity of Wisconsin; director, Her
bert V. Prochnow, vice president, First
National Bank of Chicago, and regis
trar, Wall G. Coapman, secretary, Wis
consin Bankers Association.
(To page 36)
À
r
>
V
i-
35
V
W h e th e r
your
in terest
in
G reat
B r ita in is in b u sin e ss o r tr a v e l, the
C h a s e , the o ld e s t A m e r i c a n b a n k
in g o r g a n iz a tio n
three
and
>
c e n tr a lly
B r itis h
in L o n d o n , w ith
lo c a te d
b r a n c h e s,
corresp ond ent
banks
th ro u g h o u t th e U n it e d K i n g d o m , is
a d m i r a b ly e q u ip p e d to se r v e y o u .
C hase
officers
a re
in
c lo s e
tou ch
w ith c o m m e r c i a l a n d fin a n c ia l d e
v e lo p m e n ts in G r e a t B r ita in a n d ,
as a r e s u lt, a re in a p o s itio n to b e
o f p a r tic u la r a ssista n c e at th is tim e
to
A m e r ic a n s
who
have
B r itis h
b u s in e s s in terests.
I f y o u h a v e a r e q u ir e m e n t to u c h in g
“ BIG BEN ” still booms from Westminster’s storied tower . . . pealing over the Mother of Parliaments in
its shadow. Visitors to London today note the marked resurgence in the business and general activity of the
capital of the British Empire.
o n tr a d e o r tr a v e l in G r e a t B r ita in ,
y o u a re c o r d ia lly in v ite d to c o n su lt
o u r F o r e ig n D e p a r tm e n t officers.
These facilities are also at the dis
posal o f Chase correspondent banks
in the United States and often en
able them to broaden their own
service to customers.
BUSH HOUSE, ALD W YCII— In
one of the best known business ad
dresses in London, this mid-town
branch of the Chase is also conve
nient to the social life of the West
End.
6 L O M B A B D S T R E E T — The
main London branch, opposite the
Bank of England, is in the very
heart of the “ City,” London’s great
financial district.
51 BERKELEY SQUARE
— This Chase branch in
Mayfair is in the center of
the hotel, shopping and
theat er dist ricts of London’s
fashionable West End.
When in London, make the Chase your financial headquarters.
THE CHASE NATIONAL
BANK
OF THE CITY OF NEW YORK
Ir
HEAD O FFIC E :
P in e S t r e e t c o r n e r o f N a s s a u
M em ber Federal D ep o sit Insurance Corporation
H avana
https://fraser.stlouisfed.org
X Reserve Bank of St. Louis
Federal
• San Juan
LONDON— 6 Lombard Street • 51 Berkeley Square • Bush House, Aldwych
• Panama • Colon • Cristobal • Balboa • Offices of Representatives: Mexico City
THE CHASE BANK:
Paris
•
Shanghai
•
Hong Kong
•
•
Cairo
•
Bombay
Tientsin
N o r t h w e s t e r n B a n ke r, S e p t e m b e r ,
1946
*
36
- -
Trustees
The board of trustees, under the
chairmanship of Harry C. Hausman,
secretary of the Illinois Bankers Asso
ciation, is made up of: Wilbur F. Mc-
Lean, chairman of the advisory coun
cil, vice president of the Minnesota
National Bank, Duluth; T. E. Burch,
vice chairman advisory council, presi
dent, Security State Bank, Wewoka,
Oklahoma; the dean, School of Com
merce, University of Wisconsin; the
director of school, the registrar of the
school and the secretaries of the other
state bankers associations comprising
the Central States Conference, as fol
lows: Jeff Burnett, Arkansas; J. C.
Scarboro, Colorado; Don E. Warrick,
Indiana; Frank Warner, Iowa; Eleanor
J. Woodburn, Kansas; Ralph Fontaine,
Kentucky; Ray O. Brundage, Michigan;
William Duncan, Jr., Minnesota; Rob
ert E. Lee Hill, Missouri; Carl G. Swan
son, Nebraska; C. C. Wattam, North
Dakota; David M. Auch, Ohio; George
M. Starring, South Dakota, and Wall
C. Coapman, Wisconsin. # #
V
DEPOSITS HAVE NOT
REACHED THEIR PEAK
(Continued from page 19)
will continue high and may conceiv
ably go higher. Only crop failures will
greatly reduce them. We anticipate
no great change in deposits during the
coming year.”
EXPANDING HORIZONS
HE world’s increasing needs for the products o f America’s
industrial and agricultural heartland, together with direct air
transportation linking the Midwest with foreign countries, present
a tremendous opportunity for midwestern advancement.
American National Bank o f Chicago, with the experience and
facilities necessary to serve those engaged in foreign trade, offers
a banking service suited to these expanding horizons. I f the busi
ness o f some o f your customers includes international trade, our
Foreign Department is well prepared to co-operate with your
bank in serving them. W h y not arrange a conference with our
Foreign Department officers when you are in Chicago and find
out more about the broad scope and character o f this service?
T
AMERICAN NATIONAL BANK
AND T R U S T C O M P A N Y
O F C H IC A G O
LA S A L L E S TR EE T
Member Federal Deposit
OUR
U S I N E S
S
I S
AT W A S H I N G T O N
H.
Lee Huston, vice president and
cashier, Columbus Junction State
Bank, Columbus Junction, Iowa:
“ If we compare our deposits with
one year ago, our trend is still upward
and possibly the peak has been
reached. However, if we should hap
pen to have extremely high farm
prices, I am not sure that the peak of
bank deposits has been reached, but
I am sure that if they do reach higher,
it cannot be for a very long period of
time.”
Bank Director
Richard M. Dobson, secretary of the
J. F. Anderson Lumber Company, was
elected a director of the First Produce
State Bank, Minneapolis, at a meeting
of the bank’s directors held last month.
A graduate of Amherst College, Mr.
Dobson has been associated with the
J. F. Anderson Lumber Company since
1940. During the war he served in the
cavalry branch of the U. S. Army and
saw 18 months’ service in Europe.
I I I Insurance Corporation
T O
H E L P
Subtraction
B U S I N E S S
Housewife (hearing a crash in the
kitchen): More dishes, Mandy?
Mandy: No, ma’am. Less.
D i d you k n o w th a t o u r C a s h L e t t e r P o lic y n o t o n l y g iv e s p r o te c tio n
b u t e n a b le s y o u to c u t o p e r a t in g e x p e n s e s s u b s t a n t ia lly ?
A s k u s fo r d e ta ils. Y o u w ill n o t o b lig a t e y o u r s e lf.
Scarborough
I n s u r a n c e C o u n s elo rs
&
Company
to B a n k s
FIRST NATIONAL BANK BLDG. • CHICAGO 3 , ILL. ■ STATE 4 3 2 5
r-
N o r t h w e s t e r n B a n k e r, S e p t e m b e r , 7946
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
X
37
Then
W ill
L ook A fte r
C om fort nnd f *¡ensure in Ckieuffo
Members of the Chicago Committees for the
American Bankers Association Convention
NE hundred and forty-two Chi
cago bankers, including many
of their wives, are on twelve
committees to arrange details and in
sure the welfare and happiness of the
thousands of delegates and members
when the American Bankers Associa
tion holds its 72nd annual convention
in that midwest metropolis September
22nd to 25th.
O
Charles G. Dawes, chairman of the A. Hintz, The South Shore National
board, City National Bank; Howard Bank; Lawrence A. Kempf, The North
W. Fenton, chairman of the board, ern Trust Company, and Charles C.
Harris Trust & Savings Bank; James Kuning, American National Bank and
R. Leavell, president, Continental Illi Trust Company of Chicago.
nois National Bank. George A. MalFinance
c o 1m, president, Drovers National
Walter B. Allen, chairman, Conti
Bank; Bentley G. McCloud, president, nental Illinois National Bank & Trust
First National Bank; David H. Reim- Company; Norman B. Collins, vice
ers, president, Live Stock National chairman, The National Security Bank
Bank; Paul S. Russell, president, Har of Chicago; O. Paul Decker, American
ris Trust & Savings Bank; Lawrence National Bank and Trust Company of
F. Stern, president, American National
Chicago; Adolph R. Floreen, City Na
Bank, and Clifford S. Young, president,
tional Bank and Trust Company of
Federal Reserve Bank of Chicago.
Chicago; T. J. Nugent, The First Na
tional Bank of Chicago; Richard E.
Executive
John J. Anton, chairman, The First Pritchard, Harris Trust and Savings
National Bank of Chicago; William H. Bank; C. Ray Phillips, LaSalle Nation
Miller, vice chairman, City National al Bank; Laurence R. Robbins, The
Bank and Trust Company; Clarence A.
Beutel, Southeast National Bank; Har
old B. Bray, Harris Trust & Savings
Bank; Kent C. Childs, Continental Illi
nois National Bank & Trust Company;
Charles M. Nelson, Northern Trust
Company, and John C. Wright, Ameri
can National Bank & Trust Company.
Arrangements
SO L O M O N A. SM IT H
General Chairman
A. B. A. Convention
President, Northern Trust Co.
The convention this year is expected
to entertain around 5,000 bankers from
all parts of the Nation—it will be one
of the largest, if not the largest, meet
ing ever staged by the American Bank
ers Association. Those in the host city
have a tremendous task in providing
for the many services such an attend
ance will require, and to the many
members of the following committees
should go much credit for their efforts
to make the visit of all a most pleasant
one. Committees are as follows:
General Committee
Solomon A. Smith, chairman, presi
dent, Northern Trust Company; Ed
ward E. Brown, chairman of the board,
First National Bank; Philip R. Clarke,
president, City National Bank; Walter
J. Cummings, chairman of the board,
Continental Illinois National Bank;
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
C. Edgar Johnson, chairman, The
First National Bank of Chicago; M. A.
Georgen, vice chairman, City National
Bank and Trust Company of Chicago;
Alan M. Black, Federal Reserve Bank
of Chicago; Edward G. Burmeister,
Lake View Trust and Savings Bank;
William M. Edens, Continental Illinois
National Bank and Trust Company of
Chicago; Elliott W. Frank, LaSalle
National Bank; T. H. Golightly, Nation
al Bank of Commerce of Chicago; John
H. Klug, American National Bank and
Trust Company of Chicago; Charles C.
Looney, Harris Trust and Savings
Bank, and Arlen J. Wilson, The North
ern Trust Company.
Entertainment
William H. Miller, chairman, City
National Bank and Trust Company of
Chicago; John H. Grier, vice chairman,
The First National Bank of Chicago;
Lester T. Boe, Continental Illinois Na
tional Bank and Trust Company of
Chicago; Charles A. Carey, Harris
Trust and Savings Bank; Horace S.
French, Manufacturers National Bank
of Chicago; William F. Gregson, Chi
cago Terminal National Bank; Edward
MRS. P H IL IP R. CLARKE
Chairman of Ladies Committee
Northern Trust Company; Paul R. Wil
kinson, National Bank of Hyde Park
in Chicago, and George C. Williams,
State Bank and Trust Company, Evans
ton.
Halls and Meeting Places
Charles M. Nelson, chairman, The
Northern Trust Company; Leslie Mc
Mahon, vice chairman, City National
Bank & Trust Company of Chicago;
Richard A. Aishton, Continental Illi
nois National Bank and Trust Com
pany of Chicago; Howard S. Alsip, The
First National Bank of Chicago; EdN o r t h w e s f e r n B a n ke r, S e p t e m b e r , 7946
T he
N e w Y ork T rust
Co m p a n y
ward A. Berndt, Jr., American Nation
al Bank and Trust Company of Chi
cago; Frank J. Burke, Chicago City
Bank and Trust Company; Elton W.
Follett, Harris Trust & Savings Bank;
Leo R. Gruber, The Drovers National
Bank of Chicago; Donald D. Magers,
The Cosmopolitan National Bank of
Chicago, and Donald McDougal, The
Northern Trust Company.
Hotels
C O M M E R C IA L
B A N K IN G
D O M E S T IC
AN D
F O R E IG N
★
100 B R O A D W A Y
M A D ISO N AVENUE
A N D 40TH STREET
George S. Allen, chairman, Harris
Trust and Savings Bank; Frank R.
Curda, vice chairman, City National
Bank and Trust Company of Chicago;
Leigh R. Gignilliat, Jr., American Na
tional Bank and Trust Company of
Chicago; John W. Nichols, Continental
Illinois National Bank and Trust Com
pany of Chicago; Melvin H. Thies, The
First National Bank of Chicago, and
Charles B. Weaver, The Northern
Trust Company.
Information and Publicity
TEN
ROCKEFELLER
PLAZA
★
Member o f Federal Deposit Insurance Corporation
Robert Lindquist, chairman, Ameri
can National Bank and Trust Company
of Chicago; Harry C. Hausman, vice
chairman, Illinois Bankers Association;
A. S. Bagnall, The Live Stock National
Bank of Chicago; J. Mills Easton,
Northern Trust Company; Louis H.
Northrop, The First National Bank of
Chicago; Rufus R. Jeffris, Harris Trust
and Savings Bank; J. E. O’Shaughnessy, Mercantile National Bank of
Chicago; Harry G. Ostlund, Pioneer
Trust and Savings Bank; Chester L.
Price, City National Bank and Trust
Company of Chicago; Raymond L. Redheffer, Merchandise National Bank of
Chicago; J. DeForest Richards, Nation
al Boulevard Bank of Chicago, and Nor
man B. Shaffer, Continental Illinois
National Bank and Trust Company of
Chicago.
Ladies
Mrs. Philip R. Clarke, chairman, City
National Bank & Trust Company; Mrs.
John J. Anton, vice chairman, The
First National Bank of Chicago; Mrs.
Fred A. Cuscaden, vice chairman,
Northern Trust Company; Mrs. George
S. Allen, Harris Trust and Savings
Bank; Mrs. Walter B. Allen, Continen
tal National Bank and Trust ^Company
of Chicago; Mrs. Harold V. Amberg,
The First National Bank of Chicago;
Mrs. Clarence A. Beutel, The South
East National Bank of Chicago; Mrs.
George R. Boyles, Merchants National
Bank in Chicago; Mrs. Harold B. Bray,
Harris Trust and Savings Bank; Mrs.
Harry A. Brinkman, Harris Trust and
Savings Bank; Mrs. Charles G. Dawes,
The City National Bank and Trust Company of Chicago is
proud that the American Bankers Association selected Chicago
for their first convention following World War II.
CITY NATIONAL BANK
AND TRUST COMPANY of Chi cago
2 0 8
M E M B E R
F E D E R A L
N o r t h w e s t e r n B a n ke r, S e p t e m b e r , 7946
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
S O U T H
L A S A L L E
D E P O S I T
S T R E E T
I N S U R A N C E
C O R P O R A T I O N
If you seek exceptional collection
m odity d ra ft, Irving stays in close touch
service, you'll be doubly impressed
w ith the quick, resourceful service
with it until paym ent or definite reason
fo r n o n -p a y m e n t is s e c u re d . E v e ry
which for years has been an Irving
possible m easure is taken to e xp e d ite
specialty . . . .
d e liv e ry o f goods.
For quick-acting
Im m ed iately upon receip t o f a com
send your commodity d ra fts to the Irving.
•
I
r
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
v
i n
g
T
r
u
s
t
C
o
m
collection service,
p
a
n
y
O N E W ALL STREET, N EW Y O R K 15, N. Y.
M em ber
Fed e ra l
D e p o sit
In s u ra n c e
C o r p o r a tio n
N o r t h w e s t e r n B a n ke r, S e p t e m b e r ,
1946
40
T H E
O pens A c co u n t in T o k y o
H A M M E R M I U
C O L U M N
A s m ost forgery schem es are directed
against com m ercial banks, som e savings
institutions are inclined to grow careless
about w atching their accounts. Tellers
w ho refuse to cash checks for strangers
w ill do it for depositors w ith ou t b oth er
ing to lo o k at records. T h e fa ct th at a
person possesses a savings accou n t n um
ber seems to act as a strange sedative.
A smooth operator who took note o f this
situation has ju s t netted the tidy sum o f
$20,000 in less than a month from four New
York C ity banks. H e took each one for
$5,000 minus a parting g ift o f $15.
Since no trace o f him can be found, it
is believed th at h e’s qu ietly lookin g for
other green currency pastures. A n y bank
with a savings departm ent should b e
com e acquainted w ith his m ethod.
H e begins his operations by opening a
savings account. W hile filling out hisapplication he remarks that he has ju st moved into
town, and is looking for a business oppor
tunity. H e makes a cash deposit o f $300 to
$400 plu s several out-of-tow n checks.
H e is sm art enough to kn ow that a
bank m ight w onder a b ou t the checks
and so w aits until th ey have cleared be
fore m aking any w ithdraw als. T h en he
begins to w ithdraw small am ounts. H e
tim es him self carefully, letting his orig
inal balance dim inish slow ly. W h en he
considers th at he has becom e sufficiently
w ell-know n to the bank em ployees, he
deposits a check for $5,000 also drawn
on a bank from another city .
H e may inform the cashier that he will
need cash for his new venture. H e steps up
his withdrawals to $100 or $200 each. A ll
his previous checks have cleared. The teller
assumes that everything is all right.
T h e aw akening com es abou t ten days
later w hen the $5,000 check bounces. An
inspection o f the records reveals th at he
has on ly $15 in his accou n t. I t p ays to
know you r depositor!
It pays also to provide protection for your
customers’ checks by producing them on
Hammermill Safety. For samples of this fine
check paper, send a note on your bank
letterhead to Hammermill Paper Company,
1513 East Lake Road, Erie, Pennsylvania.
N o r t h w e s t e r n B a n ke r, S e p t e m b e r , 1946
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
MRS. DOUGLAS MacARTHUR, w ife o f General MacArthur, military com
mander in Japan, opens an account at the recently reopened Tokyo Branch of
The National City Bank of New York. Lieut. G. J. Hogan, aide-de-camp to the
General, looks on. Walter Hopiak, sub-manager o f the branch, is at right.
City National Bank and Trust Com
pany of Chicago; Mrs. Howard W. Fen
ton, Harris Trust and Savings Bank;
Mrs. C. Edgar Johnson, The First
National Bank of Chicago; Mrs. James
R. Leavell, Continental Illinois Nation
al Bank and Trust Company of Chi
cago; Mrs. Robert Lindquist, American
National Bank and Trust Company;
Mrs. George A. Malcolm, Drovers Na
tional Bank; Mrs. Bentley G. McCloud,
The First National Bank of Chicago;
Mrs. William H. Miller, City National
Bank and Trust Company of Chicago;
Mrs. Fred M. Naber, Continental Illi
nois National Bank and Trust Com
pany of Chicago; Mrs. Charles M. Nel
son, The Northern Trust Company;
Mrs. David H. Reimers, The Live Stock
National Bank of Chicago; Mrs. Paul
S. Russell, Harris Trust and Savings
Bank; Mrs. George Slight, Harris Trust
and Savings Bank; Mrs. Solomon A.
Smith, The Northern Trust Company;
Mrs. Lawrence F. Stern, American
National Bank and Trust Company of
Chicago; Mrs. John C. Wright, Ameri
can National Bank and Trust Company
of Chicago, and Mrs. Clifford S. Young,
Federal Reserve Bank of Chicago.
Reception
George R. Boyles, chairman, Mer
chants National Bank in Chicago;
Spencer L. Hart, vice chairman, Conti
nental Illinois National Bank & Trust
Company; Frank G. Anger, Industrial
National Bank of Chicago; Thomas H.
Beacom, Jr., The First National Bank
of Chicago; Reuben G. Danielson, Con
tinental Illinois National Bank and
Trust Company of Chicago; Chester R.
Davis, Chicago Title & Trust Company;
Ellis H. Denney, Oak Park Trust and
Savings Bank; Charles B. Dunn, Fed
eral Reserve Bank of Chicago; K. K.
DuVall, City National Bank and Trust
Company of Chicago; Norman N.
Feltes, Harris Trust and Savings Bank;
Louis W. Fischer, American National
Bank and Trust Company of Chicago;
Joseph R. Frey, Lake Shore National
Bank; F. A. Groenwald, Mid-City Na
tional Bank of Chicago; William H.
Heitman, Northwest National Bank of
Chicago; Carl F. Kuehnle, Central Na
tional Bank; Arthur T. Leonard, City
National Bank and Trust Company of
Chicago; Harold W. Lewis, The First
National Bank of Chicago; Mark W.
Lowell, Continental Illinois National
41
Another leading bank using Hammermill Safety
Today the First National Bank of Kansas City still operates under its
original charter. Since 1886, without exception, its deposits have in
Emblem of the First National Bank of
Kansas City, which appears as part
of the surface design of its checks.
creased during depressions. After the bank holiday in 1933 it reopened
with greater deposits than at the beginning of the holiday.
W e are proud that checks of this substantial, solidly built institution
are on Hammermill Safety. (The sample check shown below is on
straightline Hammermill Safety.)
m
,
~~~
r/ /
—r/ "*
....
"rr
ItsIs e&4y co ¿ovile, o?o
%
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
N o r t h w e s t e r n B a n ke r, S e p t e m b e r , 1946
42
k
How a Banker became a Hero
and solved the housing shortage, too!
Bank & Trust Company of Ctncagu,
A. S. Nichol, Bank of Montreal; Guy
E. Reed, Harris Trust and Savings
Bank; Solomon B. Smith, The North
ern Trust Company; Robert E. Straus,
American National Bank and Trust
Company of Chicago, and O. B. Wal
lace, Continental Illinois National
Bank and Trust Company of Chicago.
Registration
A True Story, which tells how one banker, by recommending
Lawrence Field Warehousing, solved a new housing problem
(Reading time 48 seconds)
T h i s is the story of a midwestern builder who had all the materials
needed for 180 homes on hand at the site of his new sub-division
but was not able to commence building for lack of working capital.
He had used up all his own money and $100,000 he had borrowed
besides. With this he purchased land, graded it, got in his sewer and
utility lines. Had his architect plan the homes. Made some lucky pur
chases of surplus war materials. And was now ready to proceed with
construction, but for one thing. All his money was in inventory. He
had no cash.
That was the predicament of this builder until he
was referred to Lawrence Warehouse Company by
our Banker Hero, whom we shall call Mr. Smith.
Mr. Smith knew that the construction materials could be field ware
housed under Lawrence System economically and without disrupting
the builder’s schedules. Lawrence Field Warehouse Receipts were issued
on the stored material. These were readily accepted by Mr. Smith as
collateral for a loan and thus, by acquiring additional credit nearly
double that of his open credit, the builder was able to begin construc
tion immediately. And his homes were soon completed.
In the same manner and to their own honor and profit, bankers
everywhere can lend aid to solving the nation’s housing problem.
George Slight, chairman, Harris
Trust and Savings Bank; Harry A.
Brinkman, vice chairman, Harris Trust
and Savings Bank; Verne L. Bartling,
The First National Bank of Chicago;
L. Kenneth Billings, City National
Bank and Trust Company of Chicago;
Edward Decker, The First National
Bank of Chicago; James H. Dillard,
Federal Reserve Bank of Chicago;
Thomas F. Ford, American National
Bank and Trust Company of Chicago;
Clarence B. Jennett, The First Nation
al Bank of Chicago; Alan R. Kidd, The
Northern Trust Company; Ronald M.
Kimball, Continental Illinois National
Bank and Trust Company of Chicago;
John F. Mannion, Continental Illinois
National Bank and Trust Company of
Chicago; Hiland B. Noyes, Upper Ave
nue National Bank of Chicago; Bar
tholomew O’Toole, Pullman Trust and
Savings Bank; Harve H. Page, The
Northern Trust Company; William G.
F. Price, American National Bank and
Trust Company of Chicago; Boyd J.
Simmons, Continental Illinois National
Bank and Trust Company of Chicago,
and H. F. Wuehrmann, Uptown Na
tional Bank of Chicago.
4
t
Transportation
Fred M. Naber, chairman, Continen
tal Illinois National Bank & Trust
Company of Chicago; Joseph F. Govan,
vice chairman, City National Bank and
Trust Company of Chicago; Lester D.
Castle, National Bank of Austin; James
W. Clarke, American National Bank
and Trust Company of Chicago; John
V. Haas, The Northern Trust Com
pany; Charles F. Newhall, The First
National Bank of Chicago; R. J. Neal,
Drexel National Bank, and Donald P.
Welles, Harris Trust and Savings
Bank. # #
A
A-
Veterans Using Credit
NATIONWIDE
FIELD
DIVISION
W A REH O U SIN G
OFFICES:
SAN F R A N C IS C O II , C A L IF .
37 Drumm Street
C H I C A G O 2, ILL.
I N. LaSalle Street
Denver 2, C o lo .
First N at. Bank Bldg.
St. Louis 2, Mo.
Boatmen's Bank Bldg
N EW Y O R K 5. N .Y .
72 W all Street
Kansas C ity 7, Mo.
933 Mulberry Street
A lso: Los A ngeles • Boston • Philadelphia • Buffalo • C levelan d • Richmond • C h arlo tte
Atlanta • C hattanooga • Jacksonville • O rlando • C incinnati • New O rleans • Houston
Dallas
•
Seattle
• Portland, Oregon
•
Stockton
•
Fresno
•
W ashington, D .C .
N o r t h w e s t e r n B a n k e r, S e p t e m b e r , 1946
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Approximately two billion dollars in
credit has been extended to war vet
erans to aid them in buying a home
or establishing themselves in business,
or in farming, according to Chester R.
Davis, chairman of the committee on
service for war veterans of the Amer
ican Bankers Association, who is also
vice president and trust officer, Chi
cago Title and Trust Company, Chi
cago, Illinois.
C
r
43
There is a National City
Paying Teller Everywhere in the World
Backed by The N ational (City ¡Bank of New York,
NCB Travelers Checks are known and accepted EVERYWHERE
N .C .B . Travelers Checks, universally recognized, are accepted
the world over and are as readily convertible into cash in foreign
places as at your own teller’ s window at home.
I f lost, destroyed or stolen, (uncountersigned), The National
City Bank of New York will promptly refund the amount of the
lost or destroyed checks.
A real service for banks to offer their clients.
The selling bank retains entire commission — i. e. ZA of \%.
We shall welcome inquiries concerning this service.
TH E
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
N A TIO N A L
OF
N EW
CITY
YO R K
Head Office: 55 Wall Street, New York
B A N K
A CTIV E O V E R S E A S BRAN CH ES
A R G E N T IN A
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Rosario
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Shanghai
Tientsin
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Cuatro Caminos Manila
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London
117, Oíd Broad St. R E P U B L IC O F
11, Waterloo Pl. P A N A M A
Panama
IN D IA
Bombay
S T R A IT S
Calcutta
SET T L E M E N T S
Singapore
JAPAN
Tokyo (Limited)
U RUGUAY
M E X IC O
Montevideo
México City
PERU
VENEZUELA
Lima
Caracas
M e m b e r F ed era l D e p o s it In su r a n c e C o rp o r a tio n
N o r t h w e s t e r n B a n ke r, S e p t e m b e r ,
1946
44
\
B a n k W om en to H o ld
2 5 th A n n iv ersa r y C on ven tion
T HE 25th anniversary convention of
the Association of Bank Women
will be held in Chicago, September
20th to 22nd, inclusive, with headquar
ters at the Palmer House, it is an-
HELEN KNOX
W ill Preside at Convention
nounced by Miss Helen Knox, national
president, and manager of the women’s
department of the Grand Central
Branch of Chase National Bank of New
York. This will particularly commem
orate the founding of the association
a quarter century ago.
Under the leadership of Miss Agnes
Kenny, general convention chairman
and manager of the women’s depart
ment of the First Wisconsin National
Bank of Milwaukee, the convention
program will feature speakers of na
tional reputation, climaxing a year of
anniversary celebrations which have
been conducted by the regional vice
presidents of the eight geographical
divisions of the association throughout
the country.
An unusually large attendance is
anticipated. This is predicated upon
the fact that during the war years the
number of women executives in banks
increased from 3,000 to 6,000 and the
membership of the association has
grown accordingly.
The coordinator of the 25th anniver
sary year activities is Miss Ann Bur
ton, vice president, Scarsdale National
Bank & Trust Company, Scarsdale,
New York. Other convention commit
tee chairmen are: Program—Miss Hil
da M. Hoffman, statistician, The Bow
ery Savings Bank, New York; treas
urer, Miss Inez E. Babcock, auditor,
The South East National Bank of Chi
cago; arrangements and entertainment
—Mrs. Gladys W. Finkle, trust officer,
Oak Park Trust and Savings Bank,
Oak Park, Illinois; hospitality — Miss
Emma E. Claus, vice president, Bank-
C e n t r a l N a t i o n a l Ba n k
in
C h ic a g o
Extends a Cordial Welcome
T o A .B .A .
STEVENS
C o n v e n tio n
HOTEL,
G u e sts
S e p te m b e r
2 3 -2 4 -2 5
. . . and a personal invitation for a friendly visit,
hospitality and discussion of mutual interests in the
bank’s convention headquarters in the Stevens Hotel
N ote to Iow a Bankers: Our officers look forw a rd to the pleasure o f
m eeting w ith you at the Iow a Bankers Convention in Des Moines,
Septem ber 9, 10, and 11.
C e n t r a l .N a t i o n a l B a n k
In C h ic a g o
Member Federal Reserve System
Member Federal Deposit Insurance Corporation
K
N o r t h w e s t e r n B a n ke r, S e p t e m b e r , 7946
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
45
Welcome... IowaKankers
FOR THE
SIXTIETH M U I MEETIXG
OF
Iow a
Kankers
A sso ciatio n
September 9-11
We thank you for the many orders for I. B. A. Standard Forms.
We still have them ready to ship to you promptly.
W e have recently added to our list of Standard
Forms in stock I. B. A . Standard Form No. 60
Conditional Sales Contract.
WALLACE HOMESTEtll COMPAXY
P R IN T IN G
•
BIN D IN G
•
1912 Grand Avenue
P rin ters o f the N orthwestern
E N G R A V IN G
DES MOINES 5, IOWA
B an k er f o r
M ore
than T h irty-seven
Years
N o r t h w e s t e r n B a n k e r, S e p t e m b e r , 1946
46
INVENTORIES COLLATERALIZED
FOR WORKING CAPITAL LOANS
ers Trust Company, Gary, Indiana;
registration—Miss Rebecca Lambert,
auditor, Upper Avenue National Bank
of Chicago; publicity co-chairmen—
Miss Mary K. Hoyt, assistant secretarytreasurer, Montclair Trust Company,
Montclair, New Jersey, and Miss Mae
Sherwin, assistant secretary, Indus
trial Bank of Commerce, New York
City. # #
MOST UNUSUAL SERVICE
(Continued from page 22)
COUNTRY banker wanted to
help a promising boy to become
a minister. The boy’s ambition was
to attend a certain midwestern theo
logical school and have employment
near-by to pay for his own way. The
country banker put his problem before
his midwestern correspendent, and
this is what happened. In three days
the boy was assured of a job at an
airport, of enrollment in the theologi
cal school, and of living quarters in
the home of one of the instructors at
the school.
A
The timely and
active unit of
present-day
Loan Machinery
e mp l o y e d by
FINANCIAL
IN S TITU TIO N S
FIELD W A R E H O U S IN G p re
sents a w a y — to increase your
loan portfolios of many bor
ro w ers on a p r o fita b le a n d
and well-secured basis.
O ur efficient and economical
FIELD W A R EH O U SIN G SERV
ICE, —the setting up of a Legal
W arehousing operation right
on the premises of the busi
ness location, satisfies b o t h
the Borrower and his Financial
Institution.
0 Value
P
o f the m erchandise.
O ur A b ility an d Skill su p p o rt
ed b y o u r W a r e h o u s e m e n ’s
Legal L iab ility and E m p lo y e e ’s
Fidelity B o n d , u n d erw ritten
b y the H a r tfo r d A c c id e n t and
In d e m n ity C o.
P
O ur Record S ta n d s— N o t o n e
d o l l a r o f lo s s to L e n d i n g
A g e n t, B o n d in g C o m p a n y or
O urselves.
W RITE TO
N EAREST O FF IC E
For Illustrated Litera
ture and complete
information
FI ELD W A R E H O U S I N G D I V I S I O N
ST.SELR0VIII
5 TER
ininDLUIRREHOUSECD.
ING INDUSTRY OVER TWENTY YEARS
D URING the past few months we
have been called upon to render
the following services:
1. Obtain copper tubing and water
connections for banker building new
home.
2. Located and purchased gas hot
water heater.
3. Located and purchased telescopic
movie camera lens.
4. Located four tires for banker
who was unable to obtain them in his
own town.
5. Purchased football tickets.
6. Purchased hockey tickets.
7. Purchased theater tickets.
8. We have secured train and plane
reservations for quite a few of our
bank correspondents.
9. Obtained liquor.
10. Succeeded in locating some No. 1
shingles for the president of a bank
who was constructing a new home.
11. We make quite a few hotel res
ervations.
12. Succeeded in locating and pur
chasing furnace for bank correspond
ent.
13. We have been called upon to
make funeral arangements for cus
tomer of correspondent bank.
These are just a few of the things
which we have been called upon to do
recently and which we are happ3^to do
and consider a part of our service.
I THINK one of our most unusual reI quests occurred when we were
asked by a correspondent to rent a
steamboat to take a group of men on
a special Mississippi river trip. We
have also been requested to locate a
church, a minister, and act as best man
to a customer of a correspondent who
planned to get married here. We also
received in the mail a deer-skin with
the request that it be tanned and con
verted into a rug. Requests have come
from correspondents to purchase,
among other things, a door-stop, fan
belt, car heater, bath tub, spiral fireescape, and some love birds. Of course,
the most unusual request occurred
during the World Series time when a
correspondent asked us not to get him
any World Series tickets.
-4
4
A
P ersonal
We believe that good banking, aside from
knowledge and skill, is made of personal
interest and attention.
That is why each correspondent problem—
from collection items nearby to foreign
transactions— receives the interested and
vigorous persona] attention of the officers
of Continental.
Y O U R INQ UIRIES AR E IN V ITE D
V
(
The C O N T I N E N T A L
BANK
&
T R U S T
C O M P A N Y
of N E W YORK
G E N E R A L O F F I C E S - S T. LOU I S M O .
( C I N C I N N A T I . . . KANSAS CITY
CHICAGO* DALLAS* MEMPHIS
30 Broad Street, New York 15, N. Y.
Member Federal Deposit Insurance Corporation
r
N o r t h w e s t e r n B a n ke r, S e p t e m b e r , 1946
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
1.
47
WARTIME telephone call from
a correspondent bank reported
that a woman with an ailing baby was
stranded in a Chicago hotel because of
non-availability of airline transporta
tion. We took the matter in hand,
sent one of our own nurses to care for
the baby, and when the baby was well,
obtained airline passage to the wom
an’s destination.
A
N o w a itin g fo r y o u r c a ta lo g o r sa m p le
p a c k a g e to ca tch u p w ith y o u r letter
w h e n y o u u se a T E N S I O N D U O - P O S T
E N V E L O P E . B o th reach th e ir d e s ti
n a tio n at th e sa m e tim e . Y o u p a y third
class p o s ta g e o n th e e n c lo s u r e — first
class p o s ta g e o n th e lette r.
NE of the most unusual requests
encountered was for the pur
chase of a pair of high-powered binoc
O
T
t
Envelope C
e n s io n
Ozù^caUxf
orp
B E R K O W IT Z E N V E L O P E C O
1912 Grand Avenue
Prone 4-4126
A
Des Moines 14, Iowa
Y o u r
ulars in wartime for a correspondent
banker. The purchase of this hard-tofind item required several days of
work but was finally successfully ac
complished.
N SEVERAL occasions we have
been called upon to select and
obtain reservations for customers at
dude ranches in the territory with
which we are familiar. We were once
asked to rent a bird dog to use on a
pheasant hunt in the Dakotas. The
customer said that if the dog could not
be rented to buy one, and he would
abide by our decision as to the merits
of the animal. On another occasion an
officer was asked to look at a stable
of greyhounds as possible collateral
for a loan.
O
PRESIDENT of one of our cor
respondent banks telephoned us
some time ago advising us that he
would like to purchase a good saddle
horse, at the same time giving us some
kind of an idea of what he wanted.
He had suffered a broken arm and did
not want to make the trip. We con
tacted one of the leading horse dealers
here in the yards, selected a horse
which we thought would suit the gen
tleman, and had it shipped to him.
Two days later we received a letter
advising us that the horse was satis
factory in every respect. He also men
tioned our service, thanking us for our
kindness.
(To next page)
A
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Federal Reserve Bank of St. Louis
G
o v e r n m
G overn m en t
e n t
p o r tfo lio
V
o r tfo lio
m anagem ent
is
im p o r ta n t fu n c tio n o f e v e r y b a n k to d a y .
an
For
m a n y y e a r s w e h a v e a s s is te d o u r c o r r e s p o n d
e n t b a n k s in t h e h a n d l i n g o f t h e ir p o r t f o l i o s .
W e e n c o u r a g e t h e m t o s e n d u s t h e ir lis ts p e r i
o d ic a lly fo r r e v ie w
h a n d le
th e
o b lig a t io n s
an d s u g g e s tio n s . W e
p u rch ase
fo r
our
ch a rg e o r p r o fit to
and
s a le
of
T reasu ry
co rr e sp o n d e n ts
u s.
W e
s h a ll
a ls o
be
w ith o u t
p le a s e d
t o d is c u s s th is s e r v i c e w i t h y o u in m o r e d e t a il.
H arris Trust and Savings Bank
Organized as N. W . Harris & Co. 1882
•
Incorporated 1907
115 West Monroe Street, Chicago 90
Member Federal Deposit InsuranceCorporation
N o r t h w e s t e r n B a n ke r, S e p t e m b e r ,
1946
Of course we have had some requests
which would not look good in print,
but we won’t go into them.
J UST the other day, one of our
friend’s car was wrecked. We were
called upon to round up the necessary
replacement parts from several deal
ers around town and arrange for their
shipment to a point out in the state so
that the car could be repaired.
NE of our officers had the un
usual chore of buying the wife
of a bank customer a harp and once
purchased for another a saddle horse.
O
Another officer combed the sporting
goods houses looking for a Lake Trout
fishing rod and 600 yards of steel line
for an out-of-state banker. Being no
fisherman, he had no idea of what he
was looking for, save by name.
tions, charter private planes and ob
tain an optometrist where a banker
could be examined and have a pair of
glasses made and delivered all in one
day.
NE instance that I can relate has
to do with a family who were
adopting a child from an orphanage
in our city. We were directed to get
the child and meet the foster parents
at the designated place. There was
some mixup in the plans and we were
holding the child several hours before
arrangements were completed to make
a “good delivery.”
O
E HAVE purchased bank vault
doors and screen doors for clients
and once spent several days hunting
for a market for some Oklahoma grown
watermelons.
Among other unusual requests from
bank customers to us have been those
to buy a carton of chewing gum, ny
lons, obtain summer resort reserva
NE of the cases which received
most publicity during the war
was when a G. I. in France wrote us
and asked us to buy a diamond ring
and present it to his fiancee. This was
done by our cashier, and the bank con
tributed an orchid corsage. Later,
when the boy returned from service,
the marriage was held and the bank
officers were part of the wedding party.
This incident received large circulation
in the press.
O
E WERE asked by one corre
spondent to market in the New
York area several yellow diamonds,
which the seller wished to dispose of at
W
W o r ld w id e
C orrespon d en t
C o n n e c tio n s
The banking and c o r r e s p o n d e n t connections o f
M ercan tile-C om m erce cover all large cities o f the
United States and include the principal cities abroad
where exchange facilities exist. Through our network
o f correspondent relationships, accurate credit and
banking information is readily compiled and quickly
made available.
M ercantile-Com m erce can thus render a valuable
information service to all of its correspondents. . . items
are handled efficiently. . . inquires promptly and author
itatively answered... seldom is an intermediary necessary.
P a ck e d
FLAT
The range and quality of our connections has long been
a distinguishing feature of Mercantile-Commerce service.
fHt* OWr
MERCANTILE
B an k and
-COMMERCE
Trust Company
ST. LOUIS 1
MISSOURI
T
All çOA|p£||i|ON**
HEY save 2 4 % of time in m achine filling —
the purpose for which they are designed.
A press of the thumb and finger and they pop
open instantly, yet pack fla t—1000 of a d e
nomination to a box—for saving storage space.
Used by thousands of banks everyw here, they
are the perfect tubular coin w rap p er, out-per
form ing all competition. In six colors for six
different coins.
MEMBER
FEDERAI
DEPOSIT
INSURANCE
COR PORATION
DOW NEY
i NIBAL/ MISSOURI
Write Today, Dept. G
N o r t h w e s t e r n B a n k e r, S e p t e m b e r , 1946
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
49
better than local rates. Others have
asked us to help dispose of paintings,
have appraisals made, put them in
touch with art dealers, etc. Others have
called on us from time to time to pur
chase articles unavailable in local ter
ritories—these have included such
items as golf balls, shotgun shells,
books, etc. We have also gone out on
the trail of various surplus goods be
ing offered to public channels by gov
ernment agencies.
FOCAL PO IN T
foi Co-ordinated Regional
ECENTLY we were asked to mar
Ra book
ket the product of an authoress—
written for the juvenile public.
We had to sound out the publishing
field as to the possibilities for printing.
Not so long ago we were asked to se
cure an audition at the Metropolitan
for a valued customer of one of our
correspondents. We were also asked
to help arrange for a presentation of
an original musical composition over
the radio.
Our planning department has fre
quently advised and assisted our cor
respondents in remodeling quarters
and laying out plans for new build
ings and equipment. At the present
time we have a request to secure a
boiler for a heating plant for one of
our correspondents.
I think the one that really took top
prize was the request for a dog crate
for shipping a dog of the boxer type to
the middle west. We were able to
meet the requirements through the
facilities of our shipping department.
Well, those are the stories, strange
as they may seem. But every city
banker would gladly do this and more,
to cooperate in every possible way
with his correspondent customers. # #
Wisconsin’s Bank for Banks
■
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
.
■■■Mill
iiliiltil
111
W ith unparalleled correspondent ’'’coverage
of
Wisconsin, the First Wisconsin National Bank
of Milwaukee is not only “ the point of prompt
collection” for Wisconsin checks and drafts, but
also the focal point for unique Co-ordinated
Regional Service keyed to the needs of national
corporations operating branches, sales divisions,
Student Veterans
With 76,000 temporary housing ac
commodations for student veterans
completed or under construction and
another 27,000 in preliminary stages,
the Federal Public Housing Authority
last month announced that all alloca
tions of emergency temporary housing
to be supplied to schools at federal
expense under existing authorizations
have now been made.
The total of 103,000 accommodations
for student veterans and their families
has been allocated to 675 educational
institutions. These accommodations
represent about half of the veterans
temporary housing to be provided this
year as part of the Veterans Emer
gency Housing Program. The balance
under terms of the Mead resolution
amending Title V of the Lanham Act,
is to be supplied to local communities
for emergency housing of other vet
erans and the families of men still in
service.
This outstanding hank — established
in 1853 — serves as Milwaukee de
pository for over 85 per cent of all
the banks in Wisconsin!
S
■I
distributorships, retail outlets or other units in
this area.
.
Bankers as well as business executives are invited
to write for further information.
F IR S T W IS C O N S IN
N A T IO N A L B A N K
o f Milwa ukee
ME MBER
OF
T HE
FEDERAL
DEPOSIT
I NSURANCE
CORPORATION
N o r t h w e s t e r n B a n ke r, S e p t e m b e r , 1946
50
growing enterprise needs more
working capital to exploit its opportuni
ties— a family-owned corporation seeks to
spread its ownership— here are typical financial
situations confronting corporate management today.
I he investment banker’s role in American industry is
to assist in solving precisely such problems as these. How he
does so is fully and simply described in our new illustrated
booklet, "This Is Investment Banking.”
The present is an auspicious time for financing operations. Unusually
favorable conditions are here— advantageous security prices, abundance
of capital seeking investment, institutional interest in preferred stocks, low
money rates. The booklet points out the opportunities existing now for thriving
corporations to provide capital for future growth— for large stockholders or family
owners of companies to diversify their holdings— for managements to simplify their
financial structures.
A copy of the Booklet will be sent upon request. Ask for Booklet A-4.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
E
astm an
, D
il l o n
& Co.
1 5 B r o a d S t r e e t , ]N ew Y o r k 5 , 'NT. Y .
P H IL A D E L P H IA
C H IC A G O
LOS
M-emhers New York Stock Exchange
A N G E L E S
51
INVESTMENTS
The Tntf o f W a r fíe tween
Low and Hiffh in te r e st fíntes Is On
It Would Appear That This Is Not the Time for General
Profit-Taking in the Government Bond Portfolio
By RAYMOND TRIGGER
Investment Analyst
New York City
S OME years hence, looking back at
1946, financial historians may re
port that the course of interest
rates in this country turned in that
year. Rates on the very shortest obli
gations have risen a little and prices of
the most active longer-term govern
ments have dropped a few points. Ad
justments varying as to maturity, have
been made in the yields and prices of
the entire list.
The explanation will read like a
paradox. The Treasury is borrowing
less and rates are rising. How can it
be that when the largest borrower
seeks smaller sums, the price can be
raised? In normal times, the greater
the demand, the higher the prices and,
conversely, the smaller the demand
the lower the price. During the war
the government was borrowing at the
rate of 50 billion dollars a year and
getting at least 20 billion dollars of this
from commercial banks. When such a
gigantic demand is shut off, or when
the government re-borrows less than it
pays off, as has been the case with
maturing certificates for some months,
why should the price rise?
The Answer
The root of the answer will be
found in the fact that we are not in a
free economy, but in a controlled
money market in which the govern
ment has great powers to raise or
lower interest rates. The immediate
explanation of the apparent paradox,
then, is to be found in what the money
masters of Washington seek to attain.
There are signs that Washington is
ready to let interest rates rise a little
because the Treasury doesn’t antici
pate that it will have to borrow on a
huge scale from now on.
One Washington agency—the Fed
eral Reserve—has asked the Congress
for more power to control, really to
“tighten,” the money market, despite
the fact that it will not let the price
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
This is a discussion of factors
affecting your investment port
folio. If you have any questions,
or if you find yourself in dis
agreement with comments here
in, your letters, addressed to the
NORTHWESTERN BANKER, will
be welcome and will be answered
here if the subject matter is of
general interest. Under no cir
cumstances will the editor of this
column discuss specific securities.
of one-year certificates decline and
despite the fact that the Reserve has
extraordinary powers even now. More
recently, the Reserve has widened
control of consumer credits under the
famous Regulation W. The reason is
a fear of unrestrained buying of goods
on credit. Obviously, the Reserve can
hardly look with disfavor on slightly
higher interest rates for such a devel
opment would also tend to restrain un
wise or excessive expansion of con
sumer credit.
Excess Reserves
In the matter of excess reserves the
authorities likewise are permitting re
straints to develop. The paying off of
maturing certificates with government
funds on deposit in commercial banks
automatically calls for increased re
serves. War Loan deposits require no
reserves, but when those deposits
move from the Treasury to someone
else, they do. “ Excess reserves,” in
fact, are uncomfortably slim through
out the country and virtually absent
in some of the larger financial centers.
The Treasury, on the one hand, is act
ing in a manner to increase the need
for reserves and the Federal Reserve
is doing nothing to build reserves. It
is logical to think that the two bodies
are acting in concert and are not
afraid of slightly higher interest rates.
The tug-of-war between low and
high interest rates has political reper
cussions, too, of course. Low interest
rates are urged by those who would
“ save the people money.” Certainly,
in war times, when the Treasury is
borrowing on an unheard-of scale, this
is persuasive propaganda. In peace
times, however, when the borrowing
drops off, as it should, and when the
Treasury is reducing the outstanding
debt and when a balanced budget is
discussed seriously, or even a budget
ary surplus with which to further re
duce the public debt is considered pos
sible, some of the other people’s inter
est may well be considered. It is quite
possible that there are as many peo
ple interested in a higher return on
investments, such as the millions of
savings bank depositors and insurance
policyholders, as there are people help
ing to pay interest on the public debt
through taxes. In any case, it is clear
ly no longer political dynamite to toy
with the notion of slightly higher in
terest rates.
Statistics
The statistics on the public debt are
simple. The average rate of interest
is 1.995% and the annual burden is,
or was last year, 4.7 billion dollars.
The rate is low, although the burden
is heavy. But there are so many off
sets to a moderately higher average
interest rate, that an increased burden
might well be worthwhile from the
point of view of the greatest good for
the greatest number. There is, like
wise, precedent for a rise in interest
rates after a war has been won. Dur
ing World War I interest rates were
held down, although by no means to
the level of recent years. The Federal
Reserve continued to exert pressure
against rates until the Treasury had
floated its Victory Loan in 1919. Then
N o r t h w e s t e r n B a n ke r, S e p t e m b e r , 1946
52
Investments
the Reserve’s rediscount rate went to
7%; and rather abruptly, at that.
BONDS
Public Utility—Railroad
Industrial—Municipal
B a n k e r s a re c o r d ia lly in v ite d to a v a il
th e m s e lv e s
m ent
of
fa c ilitie s
th e
of
c o m p le te
our
in v e s t
o r g a n iz a tio n .
No such wild gyrations are in pros
pect now, of course, but a somewhat
parallel course might be adopted. Fur
thermore, the authorities need do
nothing positive to bring about higher
rates. It would be enough merely to
refrain from doing anything to hold
them down.
Since the debt structure of the Fed
eral government is ill-balanced, the
authorities may well be considering
long-range plans to correct it. Federal
debt stood at 268 billion dollars at the
start of the current fiscal year. That
can’t be helped. It was necessary to
borrow the money to win the war, al
though a little less might have been
borrowed if a little more had been
taken in by way of taxes. Of that 268
billion dollars, though, almost half ma
tures within a year or is subject to
redemption on short notice. Obvious
ly, the remedy is to lengthen the ma
turity of a good deal more of the debt.
Another unsatisfactory feature of
the federal debt is that so much of it
is being held by commercial banks, or
is “monetized,” in the current ver
nacular.
The Solution
E. H. Rollins & Sons
Incorporated
135 S O U T H L A S A L L E S T R E E T , C H IC A G O 3
New Y ork
Boston
Philadelphia
San Francisco
QUAIL & co.
I n v e s tm e n t S e c u r it ie s
D a v e n p o r t B a n k B u ild in g
Davenport, Iowa
Waterloo Office, Commercial Bldg.
Member Chicago Stock Exchange
N o r t h w e s t e r n B a n k e r, S e p t e m b e r , 1946
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
The solution is simply to borrow on
long-term obligations from investors
other than commercial banks. The
proceeds would be used to retire debt
held by the banks. True, by one ac
tion, the proportion of short-term debt
would be reduced and debt would be
moved out of the banks into the hands
of individual and institutional invest
ors. The price to be paid for this im
provement on two fronts would be a
slightly higher interest rate. It would
appear that the Treasury is becoming
reconciled to the inevitable.
One of the signs of the times is the
recurring discussion of a long-term
“tap” issue, not eligible for commercial
banks. The rate has got to be high
enough to interest individuals and in
stitutions. Something close to 2V2%
is generally expected and the “tap”
may come in the next few months.
The expectation of such an issue has
been one of the reasons for the mod
erate reaction in governments since
the mid-year.
A long-term “tap” carrying 2%%,
though, does not necessarily mean
that outstanding long 2%s, selling
around 103, must drop to par. Restric
tions can be thrown around potential
buyers so that they cannot sell bank
eligibles to the banks in order to sub
scribe to “taps.” The banks, if not
permitted to buy “taps” will want to
hold the 2%s they now have.
Investments
53
Tide May Have Turned
Thus, it may well be that the moneyrate tide will be found to have turned
in 1946, but it does not follow that
commercial banks should rush pellmell to take profits on all their govern
ments. A very modest rise in the rate
on governments snowballs as its effect
is felt on other, less secure, forms of
debt. Looking back, and taking into
account the yields on all forms of
debt, the observer some years hence
may say that the tide turned in ’46,
but its most pronounced effect will
prove to have been on the poorest
credits, such, for example as mediumgrade 10-year corporate debentures.
Only recently an oil company sold 20year 2%s at a premium although a
well-regarded statistical agency called
them “ substandard and fully priced.”
It is in such situations that the un
wary investor will see uncomfortable
paper losses in the next 20 years, not
in long-term government 2y2s.
If then, the prudent portfolio mana
ger of a commercial bank concludes
that high-grade corporations do not
yield enough more than governments
to justify the difference in quality and
that medium to lower-grade corpora
tions are unusually vulnerable at cur
rent price levels, where can he turn
except to governments? In rare and
exceptional cases, of course, munici
pals may be attractive because of nor
mal-tax net income and surtax net in
come considerations, but the average
bank can prudently rely on govern
ments as the backbone of the portfolio.
The average commercial bank prob
ably has three-quarters of its earning
assets in governments and derives
therefrom close to one-half of total
earnings.
This has been the case for some time
and does not present any serious new
problems in the light of the probable
slight reversal of interest rates. The
tide may have turned, but it will not
Contacts and Experience
This firm acts either as principal or
agent for institutions and dealers in the
purchase and placement of large blocks
o f both listed and unlisted securities.
O ur nationwide contacts and experience
in the distribution o f securities, in block
form, have proven valuable to those who
have availed themselves of our facilities.
qA llen
& Co m p a n y
Established 1922
30 Broad Street
New Y ork 4, N. Y .
H A nover
STATE
2-2600
MUNICIPAL
and
REVENUE BONDS
BAUARD-HASSETT COMPANY
Central National Bank Building
Des Moines, Iowa
As long as I have you, what’ s a little thing
like being out of a job?
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Federal Reserve Bank of St. Louis
N o r t h w e s t e r n B a n k e r, S e p t e m b e r , 1946
54
Investments
be allowed to run unrestrained. The
federal debt is too large, and the au
thorities’ resources too great, to admit
the hypothesis.
Again, just as the tide may be turn
ing on rates, another tide may be form
ing which will carry government debt
out of the banks and into the hands of
others. The authorities appear to be
preparing to take the appropriate ac
tion. If carried into effect, the supply
of governments eligible for bank in
vestment may be reduced a great deal
faster than total federal debt. It is
not implied that there will be any
scarcity, but such a development
would tend to sustain prices of eligibles.
Greetings to the
Iowa Bankers Association
MUNICIPAL
BONDS
®
EXCLUSIVELY
- - - - - - - - - V IE T H , D U N C A N & W O OD
MUNICIPAL BONDS
Walter E. Vieth
A. M. MacLaughlin
Davenport Bank Bldg.
Phone 2-5379 Teletype Dvpt. 93
Davenport, Iowa
It is not possible, among the para
doxes created by money managers, for
the over-all rate of interest on the fed
eral debt to rise a little, while the aver
age yield on governments held by
banks resists or reverses the general
movement. Some yielding on the
part of “easy money” advocates is not
likely to be stretched so far as to in
clude any undue liberality toward com
mercial banks.
Briefly, then, this is not the time for
general “profit taking” in the govern
ment bond portfolio. Nor is it the time
to sit back and forget the whole prob
lem. The commercial banker still
must be as sure as he reasonably can
be that his maturity pattern is prop
erly adjusted to provide the best pos
sible combination of liquidity and
earning power in the light of his par
ticular situation. Unfortunately, no
general formula is applicable because
deposit shifts, demand for commercial
loans and deposit-capital ratios vary
from bank to bank and locality to lo
cality. He can, however, concentrate
on these aspects and need not be
plagued by the fear that the bottom
will fall out of the government bond
market on some “Black Friday” in the
foreseeable future. # #
Teacher: What is a sawhorse?
Student: Past tense of a sea horse.
Fifty-Six Years
of
IN V E ST M E N T B A N K IN G
1 8 9 0 —
1 9 4 6
Stifel, Nicolaus & Company
I N C O R P O R A T E D
ST. LOUIS
N o r t h w e s t e r n B a n k e r. S e p t e m b e r , 7946
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Federal Reserve Bank of St. Louis
•
CHICAGO
Investments
oo
A#*if H om e Values Vp 72.5%
That Is the Record in 310 Cities, but Federal Housing Is
but 5% of the Total, as Against 16% in Previous Year
ALUES of new homes built in
310 U. S. cities in 1945 totaled
$374,702,407, a gain of $157,446,764,
or 72.5 per cent over the preceding
year, said Earl E. Crabb, chairman of
the board of Investors Syndicate.
Thirty-five of 42 regions showed
higher home values than in 1944, but
four of such gains, California, Dela
ware, Georgia and Missouri, reflected
higher unit costs rather than increased
volume of residential building.
While volume of home building in
these same 310 cities gained only 25.8
per cent over 1944, the valuations
jumped 72.5 per cent.
“Alabama, Arizona, California, Colo
rado, Connecticut, Delaware and Dis
trict of Columbia (Washington),” con
tinued Mr. Crabb, in reporting prelimi
nary results of the company’s eleventh
annual national h o u s i n g survey,
“showed increased valuations in home
building in 1945 over 1944. Other
states registering valuation g a i n s
were: Florida, Georgia, Illinois, Indi
ana, Iowa, Kentucky, Massachusetts,
Michigan, Minnesota, Missouri, New
Hampshire, New Jersey, New York,
North Carolina, Ohio, Oklahoma, Ore
gon, Pennsylvania, Rhode Island,
South Carolina, South Dakota, Tennes
see, Texas, Virginia, Washington, West
Virginia and Wisconsin.
“Louisiana, Maryland, Montana, Ne
V
Ja
braska and Utah reported lower valua
tions in 1945 than in 1944, while Kan
sas and Maine were virtually un
changed from a year earlier.
Rising Labor, Materials
“ Rising costs, especially in wages,
and consequently in most materials,
along with advancing taxes, priorities
Valuations of new homes put up in
the 310 cities during 1945 totaled $374,-
»
m
<
c J iù fk - Q ^ u z J ie
p p
SPARK S & CO.
528 Liberty Bldg.
Telephone 3-5154
DES MOINES, IO W A
U. S. G overn m en ts
m ie s o n
M unicipals
P u b lic U tilities
Industrials
o m pa n y
Members
R a ilroa d s
New York Stock Exchange
Canadians
and
«
Municipal ßandl
&
C
and production controls, contributed to
higher building permit valuations at a
time when the volume of construction,
as recorded in number of people pro
vided with new homes, was expanding
at a slower rate than values.”
Other Principal Exchanges
P r e fe r r e d S tock s
★
STOCKS
BONDS
COMMODITIES
Salomon Bros. & Hutzler
Members New York Stock Exchange
S ix t y W a ll S t r e e t
N ew Y ork 5, N. Y.
★
MINNEAPOLIS
FARGO
ST. PAUL
GRAND FORKS
DULUTH
SIOUX FALLS
EAU CLAIRE
Private wires to
BOSTON
CLEVELAN D
P H IL A D E L P H IA
N E W HAVEN
C H IC A G O
H ARTFORD
P rivate W i r e to A ll Principal M ark ets
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Federal Reserve Bank of St. Louis
N o r t h w e s t e r n B a n ke r, S e p t e m b e r ,
1946
Investments
56
702,407, a gain of $157,446,764 or 72.5
per cent over the 1944 total of $217,255,643. Last year’s new home values
were $215,133,433, or 36.5 per cent less
than the 1930 aggregate of $589,835,840. The latter year nationally is re
garded as a “normal” home building
year. Valuations in 1945 were $534,093,283, or 58.8 per cent below the 1941
peak of $908,795,690. Last year’s new
home values were $294,021,766, or 364.4
per cent above the 1934 low of $80,680,641.
The
FIRST BOSTON
CORPORATION
and
Mello n
S e c u r it ie s
Values Off 58.4 Per Cent in
Average War Year
C o r p o r a t io n
announce that a merger of the two Corporations
has been completed. The underwriting, distribut
ing and trading securities of both corporations will
be continued under the name of
The First Boston Corporation
A Merger of
M E L L O N S E C U R I T I E S C O R P O R A T I O N — .T H E F I R S T B O S T O N C O R P O R A T I O N
BOSTON
CHICAGO
BUFFALO
NEW YORK
PITTSBURGH
CLEVELAND
PHILADELPHIA
SAN FRANCISCO
HARTFORD
PROVIDENCE
RUTLAND
SPRINGFIELD
WASHINGTON
Although wartime housing needs, re
sulting from widespread population
changes, speeded home building in
many war centers during 1942 and
1943, elsewhere wartime bans and con
trols cut value and volume of new
homes. Volume in 1944 hit an eight
year low and values a ten year low,
followed by recoveries in 1945.
Valuation of new homes in the aver
age war year (1942,1943 and 1944) were
$353,404,000, a decrease of $496,101,000,
or 58.4 per cent from the average pre
war year (1939, 1940 and 1941), of
$849,505,000 when residential construc
tion was emerging from the depression
period.
Federal Housing Values Off 44.7
Per Cent in Year
I N F OR MED ACTION IS T HE KEY TO S U C C E S S F U L INVESTING
Tor Dependable,
Tax-Tree Income
In the prevalent quest for security and for
permissible relief from burdensome taxation,
it is not surprising that state and municipal
bonds have been accorded broader recognition.
Long favored by institutional buyers for their
demonstrated security, these bonds recently
have become the object o f new demand by
individuals to whom tax exemption under ex
isting Federal laws is an important consideration.
Still, many investors remain not fully acquainted
with the merits o f municipals — investors
forwhom these bonds have special advantages.
Send fo r this Informative
New Booklet
HALSEY, STUART & CO. Inc .
123 S. La Salle Street, Chicago 90, Illinois
Gentlemen: Please send me, without cost or
obligation, the booklet "The Investment
Merits of Selected Municipal Bonds.”
I
K am eAddress -
Use this request form — at no cost.
State-
City _
For all to whom dependable, tax-free income is
a primary objective, this new and inclusive
resumé defines and discusses the exceptional
investment qualities o f municipal bonds. An
accompanying chart discloses the value o f the
tax-exemption feature under current Federal laws.
Without obligation, send for "The Investment
Merits o f Selected Municipal Bonds.”
NB-f
HALSEY, STUART & CO. Inc .
CHICAGO
9 0, 1 2 3 S O U T H ' L A S A L L E
S T R E E T - N E W Y O R K 5, 35 W A L L S T R E E T ■ A N D
N o r t h w e s t e r n B a n ke r, S e p t e m b e r , 1946
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Federal Reserve Bank of St. Louis
OTHER
PRI NCI PAL C ITI ES
“Federal construction in 310 cities
during 1945,” explained Mr. Crabb,
“had a valuation of $19,092,755, a de
cline of $15,443,445, or 44.7 per cent
from the 1944 total of $34,536,200. Val
uations of federally built homes formed
5 per cent of the total new homes
erected in 1945 against 16 per cent in
1944, 37 per cent in 1943 and 27 per
cent of the 1942 totals.” # #
Field Day in Des Moines
The Iowa Investment Bankers Asso
ciation announces that it will hold its
annual Field Day Thursday, Septem
ber 12th, at Wakonda Country Club,
Des Moines. The day will begin with
a breakfast at 9:00 a. m. at the Hotel
Fort Des Moines, which is being put
on this year by the Association.
The investment bankers will then
adjourn to Wakonda where they will
begin the day’s program of golf, ten
nis, and various sports, together with
a noon-day luncheon, and in the eve
ning, the annual banquet will take
place. This will be followed by the
awarding of the various prizes total
ing about 65 in number. Then will
come the annual sweepstakes which is
being revived this year for the first
time in several years.
Officers of the Iowa Investment
Bankers Association this year are as
follows: Carleton D. Beh, president,
Des Moines; Carl Stutz, vice president,
Investments
White, Phillips, Davenport; and Sher
man Fowler, secretary and treasurer,
Iowa-Des Moines National Bank &
Trust Company.
MUST A LEASE BE IN
W RITING?
(Continued from page 28)
has authority, by virtue of his employ
ment as attorney, to receive payment
and enter satisfaction of such judg
ment. This is the general rule on
matters of this kind and it has been
specifically recognized as such in Indi
ana, Kansas, Kentucky, Missouri and
other states.
Q.
Morrell, a Georgia banker, pur
chased a lot in a subdivision in that
state upon which to build a house for
his aged father. The lot was subject to
a restriction, imposed in 1931, provid
ing that any house erected thereon
must cost at least $6,000. The gold
content of the dollar was lowered in
1934. No reference was made in the
restriction to such contingency. Did
this mean that the $6,000 minimum
was increased to $10,000 plus when
applied to a house to be erected after
1945?
No. The Georgia Supreme Court, in
a case of first impression, so held in an
Brokerage and
Underwriting Service
for Industrial America
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
analogous case recently. The gist of
the decision was that a building re
striction fixing, without reference to
the gold content of the dollar, the
minimum dollar cost of the building
which may be erected on each lot is
satisfied by the erection of a building
costing the number of dollars speci
fied, although since the imposition of
the restriction the gold content of the
dollar has been reduced.
Municipal Bonds—
Iowa & General Market
C o rp o ra te Bonds—
Utility, Industrial, Railroad
Stocks—
Q.
Watson, a N orth Dakota ban k er,
sough t to purchase a farm in th at state
th at Avas ow n ed b y th ree sons o f a
fo rm e r owner who AAras deceased. One
o f the sons endeavored to act fo r the
other two and h im se lf b y sign in g on
his and th eir beh alf a contract to sell.
The oth er tw o sons had not authorized
him in writing to do so. W a s the con
tract lega lly b ind in g on them?
57
General Market
Iowa Corporations
Standard & Poor's
Service—
Statistical, Analytical, Advisory,
Covering Listed and Unlisted
Bonds and Stocks
No. By statute in North Dakota, an
owner of an undivided interest in
realty in that state cannot sell or con
tract for the sale of the interests of
his co-owners in the realty, unless he
has been authorized by them in writ
ing to do so.
WHEELOCK & CUMMINS
IN C O R P O R A T E D
Underwriters & Distributors
200 Equitable Bldg., Ph. 4-7159
Q.
Hall entered into a written con
tract Avith Brown, the cashier of an
loAva bank, to sell to him his home in
Des Moines, Iowa
A. T. T. DM 184
R ain e , W e b b e r , Ja c k s o n & Cu r t is
ESTABLISHED
1879
Members Nexo York Stock Exchange and Other Principal Stock and Commodity Exchanges
NEW YORK BOSTON CHICAGO DETROIT CLEVELAND PHILADELPHIA MILWAUKEE
MINNEAPOLIS AKRON CONCORD DULUTH ELMIRA GRAND RAPIDS HARTFORD
LYNN
PROVIDENCE
SPRINGFIELD
ST. PAUL
WORCESTER
N o r t h w e s t e r n B a n ke r, S e p t e m b e r ,
1946
58
Investments
that state at a specified price. Such
price was agreeable to Hall and was
adequate. Later Hall discovered it
would be difficult to find a new place
in which to live and refused to per
form under the contract. Aside from
that feature no special hardship or in
equity could have resulted from his
carrying out the agreement. Brown
sued Hall for specific performance to
require him to sell. Should Brown
prevail?
Primary Markets With
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IN D U S T R IA L —
R A IL R O A D
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Bonds, Preferred Stocks
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—
B l y t h & C o ., I n c .
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Providence
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Louisville
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Springfield
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:
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Offices connected by direct private wires
Yes. The Iowa Supreme Court, in a
recent decision involving analogous
facts, held that it is proper to order
specific performance of a contract
where a vendor agrees to sell his home
at a price which is satisfactory to him
and is adequate in circumstances in
which no special hardship or inequity
will result from carrying out the con
tract, except that the vendor will have
to find a new place to live. # #
Vice President in St. Louis
James S. Bush was elected vice presi
dent of the First National Bank in St.
Louis at a meeting of the board of
GREETINGS
WILLIAM BLAIR & COMPANY
MEMBERS OF
New York Stock Exchange
Chicago Stock Exchange
135 S outh La S alle S treet
C h icag o 3, Illinois
Iow a R epresentative: L. H. RYAN
Union B ank & T rust C o m p an y Bldg.
O ttu m w a, Io w a
JAM ES S. BUSH
St. Louis Bank Officer
Greetings . . .
IO W A
BANKERS
R A V E N SC R O F T & CO.
Specializing in Municipal Bonds for Institutional Investm ent
We Trade All Securities
MERCHANTS NATIONAL BANK BUILDING— CEDAR RAPIDS, IOWA
N o r t h w e s t e r n B a n k e r, S e p t e m b e r , 1946
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
directors held recently. He assumes
his duties this month.
Mr. Bush was born in Milwaukee,
Wisconsin, prepared for college at St.
George’s School, Newport, Rhode Is
land, and graduated with an A.B. de
gree at Yale University, class of 1922.
Mr. Bush has been a member of the
firm of G. H. Walker & Company, in
vestment bankers, and actively con
nected with the company since 1934.
He has recently resigned that connec
tion in order to enter the field of com
mercial banking.
Invesiments
59
*1 Slap a t P riva te E n terprise
CCORDING to a recent AP dis
patch, some members of Con
gress believe that that body
should conduct a searching inquiry
into the entire public electric power
question before approving more huge
appropriation bills designed to put
the government into the electric busi
ness. Senator Bridges characterized
one such bill as “the worst money grab
the Senate has enacted in a long, long
time,” and “a slap in the face of econ
omy, a slap at private enterprise.” And
Senator Thomas went on record in
opposition to the Southwestern Power
Administration scheme as a plan “to
establish a vast electrical empire” in
the region concerned.
It’s time the real issue underlying
the power fight was made clear. First,
it is ridiculous to assume that public
power development is necessary if we
are to have an ample supply of elec
tricity. The private, business-man
aged utilities are completely capable
of serving present and future demand.
They supplied more than 80 per cent
of all the power used by war industry,
without a single instance of failure,
and would have supplied all if per
mitted. They are planning further ex
pansion—to be paid for with private
dollars, not tax dollars.
The issue is whether private enter
prise in electrical production and dis
tribution is to be destroyed—that is
the real purpose of public power ad
vocates. They want “vast electrical
empires” as political playthings, paid
for by the people. They want to use
power as a stepping stone in a long-
A
range program to socialize vital Amer
ican industries.
Elected to Board
John H. Keefe, vice president of the
Atchison, Topeka and Santa Fe Rail
way Company, and Paul J. Neff, chief
executive officer of the Missouri Pa
cific Lines, were elected to the board
of directors of Railway Express Agen
cy at a regular board meeting, it was
announced by L. O. Head, president.
Mr. Keefe, whose headquarters are
located at Chicago, Illinois, fills the
unexpired term of Fred G. Gurley who
This issue comes straight home to
you. For, if electric service is a prop
er function of government, so, and to
a far greater degree, is government
sale of food, clothes, housing and
practically all other necessities. There
can be no half-way measure here. We
will have free enterprise or we will
have some form of socialism, and the
people must make the decision. # #
Public U tility
Industrial
Railroad
A' '
U nderw riters
Bonds and Stocks
Dealers
Distributors
J
H .
M .
B y lle s b y
an d
M cK i n
n o n
C o m p a n y
Incorporated
135 South LaSalle Street, Chicago 3
Telephone
State 8711
New Y ork
-
Teletype
CG 273
Philadelphia
-
P ittsb u rgh
JAMES C. SHAW
THOM SON &
Municipal
-
M inneapolis
OWEN P. McDERMOTT
Siaw,TV|cDermott &Co.
Municipal Securities
STOCKS • BONDS
COMMODITIES
•
216-218 Empire Bldg.
D E S M O IN E S
Phone 4-2127
Suitable for Investment of Banks,
11 W all Street, New York
231 S. LaSalle St., Chicago
Branches in 34 Cities
Institutions and Trust Funds
W rite fo r our w eek ly S tock S u rvey
DIRECT PRIVATE W IR E
Laverne M. Barlow
914 Liberty Bldg.
Phone 3-6119
M anager
Members New York Stock Exchange
and other principal exchanges
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Federal Reserve Bank of St. Louis
DES
MOINES
9,
IOWA
N o r t h w e s t e r n B a n ke r, S e p t e m b e r , 1946
60
Investments
MUNICIPAL BONDS
CORPORATION BONDS and STOCKS
resigned, while Mr. Neff of St. Louis,
Missouri, succeeds L. Warrington
Baldwin, deceased.
G. I. LOANS PROVING
PROFITABLE
(Continued from page 17)
We shall be glad to furnish statistical
reports on request
KALMAN & COMPANY
Endicott Building
McKnight Building
ST. PAUL
MINNEAPOLIS
Garfield 3305
Atlantic 5313
BONDS
P u b lic
U tility
In d u s tr ia l
R a ilr o a d
M u n ic ip a l
A .C .A L L Y N
and c o m p a n y
In c o rp o ra te d
10O West Monroe Street, Chicago
N ew Y o r k
M ilw a u k e e
O m aha
W a t e r lo o
B o sto n
K a n s a s C ity
M in n e a p o lis
G. I. loans which promised to work
out satisfactorily. Taking the guaran
tee into consideration, we still intend
to continue using about the same ratio
of collateral to the amount of the loan
that we have in the past.
“We have not gone into it with the
intention of getting a very large vol
ume as we expect to loan only to
those who are evidently qualified for
the business which they are going
into. So far, our volume has been very
small. We have completed seven loans
to date. Two of these are on farm
personal property, two on farm real
estate, one residence loan, and two
business loans. We have six other
G. I. loans which are in the process
at the present time but have not been
completed.
“The loans that we have made are
working out satisfactorily and pay
ments are being made as they come
due. We have had quite a few appli
cations since the bill was signed but
for various reasons, we have been
unable to see our way clear to make
the loan. In cases where we knew
the veterans would have difficulty in
meeting the loan requirements, we
believe we are doing them a favor in
explaining this to them and in refus
ing to make the particular loan. In
cases where we believe that the prop-
M olin e
Investment Management
for
F H A AN D GI LOANS
Individual, Estate
and
Iowa Banks W elcom ed
As Originating Brokers
Institutional
Accounts
FHA and GI Loans
Available for Sale
At Prevailing Premium
General Mortgage Corporation of Iowa
A n Approved FHA Mortgagee
Insurance Exchange Building
1021 Fleming Bldg., Des Moines, Iowa
Des Moines, Iowa
N o r t h w e s t e r n B a n k e r, S e p t e m b e r , 1946
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Federal Reserve Bank of St. Louis
*1. C . E n y a r t
Investments
erty involved may be worth less than
the amount of the loan in a short time,
we also try to discourage the veteran
from going ahead. In due course of
time, we believe that we will have a
pretty good volume of these loans.
Properly made, they should work out
very nicely both for the G. I. and for
this bank.”
W . B . R y a n , cashier, Farmers Trust
& Savings Bank, Earling, Iowa:
“We have made some G. I. loans and
discussed the possibility of loans with
our returning veterans. I think every
bank should cooperate in every way
possbile to help the returning soldiers
rehabilitate themselves. But like any
other bank loan, one should go over
the proposition with the veteran, find
out what he has in mind, what his
prospects of success are, and whether
it would be a good investment for him.
One should determine if the possibili
ties of success are favorable, and if in
your opinion the loan would not be a
good one for the veteran nor make a
good bank loan, it should be handled
like any other loan that carried no
guarantee.
“ Some of the soldiers have the mis
taken idea that they should avail
themselves of the opportunity of se
curing a loan and they lose track of
the fact that the loan is an obligation
and that they are the ones who will
have to pay it. The guarantee feature
is simply one to enable a bank or loan
company to grant a loan that would
not otherwise be eligible, due to the
fact that the applicant did not have
sufficient funds or security to pledge.
THOMAS L.
&COMPANY
investmentSecurities
Merchants Bank Bldg.
CEDAR RAPID S, IO W A
★
★
★
SECURITIES OF
IOWA CORPORATIONS
BOUGHT
SOLD
QUOTED
Prompt Reply to Incfuiries
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Federal Reserve Bank of St. Louis
The guarantee is there to take up the
slack, and if property, real estate, or
personal, or some business enterprise
is pondered over and is either priced
too high or the prospects of that cer
tain line, according to past history, are
not good, I feel it is the banker’s duty
to protect the applicant by explaining
this to him, and not have him use up
the privilege he has and possibly tak
ing on something that would hinder
him from going into something with
much better prospects. That, in my
opinion, is the veteran’s side of the
picture.
“On the other hand, the bank should
not load itself up with paper merely
because it is guaranteed, because it
will lead to trouble, and it is my firm
belief that no bank should make a
loan under the plan that it would not
willingly make if the guarantee were
not in effect for it is not doing a favor,
nor servicing the veteran in doing so.
In making loans to veterans, one
could safely make a loan to one and
refuse a loan to another on the same
security, each having the same plan in
mind, and still be honest about it and
at the same time help the veteran. By
this I mean one should take into con
sideration the ability of the applicant,
his experience and also the training
he may have had from home on finan
cial matters. In the smaller commu
nities especially, you should consider
BONDS and STOCKS
Full Information and Markets
to all Banks and their Custom
ers on Listed or Unlisted
Stocks and Bonds.
Municipal, Public Utility, Industrial, Railroad
McCRARY, DEARTH & CO.
IN C O R P O R A T E D
M. D. Dearth, President
T. J. Landstorler, Secretary
61
Robert. H. McCrary, Vice President
Fred M. Lorenz, Treasurer
600 Des Moines Building
T elephone 4-2291
T elety p e DM 91
Des Moines, Iowa
62
Investments
MUNICIPAL BONDS
Specializing in Iowa
County, City, School and
Municipal Utility Revenue Issues
Ca
r l e t o x
D , B
C
e h
o
.
IN V ES T M EN T S E C U R I T I E S
DES M OINES B U ILD IN G
Be s Moines, Iowa.
“ The market place for
Iowa Securities
CALL OR WRITE US
ABOUT ANY
GENERAL MARKET
? p
SECURITIES
Best wishes
to members o f the
Iowa Bankers Association
*
*
*
P ?
T .C . HENDERSON & CO., Inc.
Established
T. C. Henderson
Pres.
LYNN SWANEY & CO.
1930
E. A. Petersen
Vice Pres.
Roosevelt Hotel Building
206 First Avenue N. E.
Helen Walker
Secretary-T reasurer
206 Empire Bldg.
Des Moines
CEDAR
RAPIDS,
Telephone 6647
IOWA
Teletype C.R. 10
FRANK FILIP & C O M P A N Y
GENERAL MARKET
STOCKS AND BONDS
228-229 Higley Building
CEDAR RAPIDS. IO W A
Dial 2-3548
N o r t h w e s t e r n B a n k e r, S e p t e m b e r , 1946
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Federal Reserve Bank of St. Louis
Teletype CR 12
his background, how his family has
handled finances, what kind of farmers
they were and how he had been taught
if he were to start farming and that is
the class that most of ours come under.
Also what kind of a farm he can rent.
We have refused to make some loans
and told the veteran why we did not
want to make it for him, and practi
cally all of them, after you have gone
over it, will agree.
“ There is no question but what the
G. I. guaranteed loan has its place and
is a great help to the returning soldier,
but if the lender offers him no protec
tion in discouraging and refusing one
that, on the face of it, appears as a bad
investment for him and the lender,
and does not show him that ultimately
he is the one who has to pay the loan
if the enterprise was not sound and
had to be taken over, then the veteran
is the one to suffer, because he had put
in his efforts, exhausted the credit that
was there for him and endangered his
future credits. If the hanker is will
ing to go over this with the veteran,
in the end he will agree it would be
better for him to wait for something
more sound and wait until things
settle down, and not invest at the peak
prices.
“The loans we have made to enable
men to start farming, we put on a re
duction basis as crops are matured and
sold, and we feel that they work out
fine. We have a few that purchased
machinery for custom work and we
put these on a seasonable basis, to be
paid during the season when they
have their income. These are the ones
who have had previous experience
along these lines.
“To sum up the whole question, I
feel that the banker should be the ad
viser and helper and not accept nor
make any loan that in his opinion
would make trouble for the lender or
lendee.”
E . W . Kossiter, president, Bank of
Hartington, Nebraska:
“Our bank is making G. I. loans.
The number we have made does not
tell the whole story. For several
weeks, one officer gave almost all his
time just to interview applicants for
these loans. We made quite a number
to returned veterans as direct bank
loans on a 6 per cent basis where the
G. I. could arrange satisfactory secur
ity or a co-signer. This saved the
bank’s time and the applicant’s time
and preserved his G. I. loan for future
use when it might come in handy,
perhaps to buy a farm or a home.
“We made our first loan to buy a
tavern—handling liquor and beer. The
borrower made his payments promptly
over a 13 months period and then sold
out at a substantial profit. We made
Investments
a $4,000 loan to two brothers to buy a
cafe. It is repayable at $100 per month.
The two men are doing a grand busi
ness and making their payments
promptly.
PRIESTER & CO.
“Another G. I. borrowed $5,500 to
purchase a newspaper plant in another
county seat town, using his G. I. guar
antee up to the $2,000 limit.
Eighth Floor Davenport Bank Building
“ Then, another bought a tractor out
fit and some equipment that permitted
him to join a paving contractor, pre
paring streets for the laying of the
concrete.
Listed and Unlisted Securities
“ The majority of our G. I. loans,
however, have been to start farm boys
up on their farms. Of course, we can
not tell how these loans will work
out. The crops will be the governing
factor. The men making these loans
were all boys who grew up on farms,
who had the know-how and some few
of them had a little money saved up
to put into their initial investment in
farm equipment.”
DAVENPORT, IO W A
H. E. Jacobs
“ Our bank is making G. I. loans.
We have 18 home real estate loans
totaling $58,723, or an average of $3,150
for each. We have made two business
loans totaling $4,400. So far we have
no delinquent loans. The G. I.’s have
been making their payments prompt
ly.”
New Representation
Don D. Gordon of Des Moines, rep
resenting E. H. Rollins and Sons, has
resigned to represent Beatrice Foods.
He will continue to headquarter in
Des Moines and will travel among the
Beatrice branch offices in Iowa, Mis
souri, Nebraska and Illinois. Don is
especially well-known among western
Iowa bankers since he has traveled
this territory for a great many years
as a representative of various bond
and investment concerns.
H. C. Priester
H. M. Sweet
KNAPP &COMPANY
Greetings
to
Complete Investment Facilities
for Efficient Service to Large or
Small
Leonard N. Frescoln, executive vice
president, First National Bank, Fairfield, Iowa:
63
Investors
in
IOWA
Over-the-
Counter and Listed Securities.
BANKERS
325 M E R C H A N T S N A T IO N A L BA N K
B U IL D IN G
C E D A R R A P ID S , IO W A
D ial — 5189
p p v
■
HAROLD L. ALLEN
INVESTMENT CO.
PARTNERS
R ussell F. K n ap p
H en ry G u n d lin g
S am S. Johnson
Low ell M. T ay lo r
■
412 Equitable Bldg.
Our approved investments are
Des Moines
personally investigated . . . and
Harold L. Allen, Pres.
constantly watched.
K. M. Ressler, Secy.-Treas.
MUNICIPAL BONDS
(Iowa and Illinois)
W rong Ending
She was one of those nagging wives.
One night she attended a lecture on
“A Smiling Face Wins Through.” The
lecture so impressed her that she de
cided to try an experiment. When her
husband came down to breakfast next
morning he was met by a beaming
wife—smiling but silent. Not a nag
ging word did she utter for his being
late. For a moment he stood dumb
founded in the doorway, then col
lapsed. “ Holy cow!” he mumbled.
“ She’s got lockjaw!”
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Federal Reserve Bank of St. Louis
COUNTY
CITY
SCHOOL
REVENUE
THE WHITE-PHILLIPS CO ., INC.
First National Bldg.
Davenport, Iowa
First National Bank Bldg.
Chicago, Illinois
N o r t h w e s t e r n B a n k e r, S e p t e m b e r ,
1946
64
HEADQUARTERS
For thirty-nine years we have been developing an
organization that offers a complete line of Fire, W ind
storm, Automobile and Plate Glass Insurance. W e
are proud of the fact that a great number of our
agents are members of the Banking Profession. W e
invite you to make our home office in Des Moines your
insurance headquarters at all times.
Our agency contract is liberal and complete and
we believe in our policies. They have been proved
through years of practical application and our banker
agents attest their worth.
WESTERN MUTUAL
FIRE I NSURANCE CO.
9th & Grand
N o r t h w e s t e r n B a n ke r, S e p t e m b e r , 1946
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Des Moines, Iowa
65
I N S U R A N C E
OumePays M o re
W h y the Car
fo r H is A u tom obile
Because of Mounting Accident Frequency and Claim Costs,
Companies Are Expressing Concern As to Adequacy of
Present Rates
in the field of in
surance has been lost sight of and
RECONVERSION
eclipsed by reason of the great em
phasis which has been placed upon
reconversion in factories and indus
trial plants. Very few persons, inside
or outside the insurance business, have
given much thought to the effects re
conversion after the war has upon
automobile bodily injury and property
damage insurance.
Near the close of 1942, after several
months of active participation in the
war, we discarded temporarily our sta
tistical machinery and, so to speak,
retooled our automobile liability rat
ing processes. Prior to 1942, automo
bile insurance rates had been deter
mined from the actual experience of
the companies by territory and by clas
sification on the basis of previous
years’ operations.
With the advent of gasoline ration
ing, which resulted in the conservation
of vital petroleum products and rub
ber, we threw out the old statistics
which served no purpose under the
conditions which prevailed during the
war years. The wartime restrictions
on speed and use of automobiles great
ly reduced exposure on automobile
business, with a decided drop in acci
dent frequency.
At the time when the wartime emer
gency rates were established, we made
it clear to the supervising authorities
of the various states, that the rate re
ductions were based upon judgment.
We also pointed out that, no doubt,
when gasoline rationing ended we
would be in a reverse position which
would call for rate increases based,
likewise, upon judgment because of
the termination of the restrictions
placed upon the use of automobiles.
W IL L IA M H. B R E W S T E R
“ See that your policyholder has adequate pro
tection in a sound company’’
As you know, the bodily injury and
property damage rates for private pas
senger automobiles were increased in
October, 1945, when after consultation
with representatives of the National
Association of Insurance Agents, the
private passenger classification plan
which was in effect for three years
By
Asst.
W ILLIAM H. BREWSTER
M a n a g e r A u to m o b ile D iv isio n
N a tio n a l B ureau
and
Surety
N ew
o f C a su a lty
U n d erw riters
Y o rk C ity
prior to the war was re-established
with certain modifications. The in
creased rates do not reproduce the full
prewar rate level. We did not go all
the way back to prewar rates for bod
ily injury liability insurance because
of the general belief that even with
gasoline rationing eliminated car own
ers would try to preserve their tires as
much as possible by restricting their
driving, not knowing when new tires
would be available. However, during
the last six months automobile acci
dents have increased to a point far
beyond that anticipated and because of
the mounting accident frequency and
claim costs, company representatives
are expressing concern as to the ade
quacy of the present private passenger
rates. Reports received from state
motor vehicle departments indicate a
serious increase in the number of acci
dents and fatalities.
The private passenger classification
plan is the best we have been able,
thus far, to devise for recognizing the
variations in hazard which prevail on
private passenger business. During
the three years prior to the war when
the classification rating plan was in
D i d you k n o w t h e r e ’s a g a p in y o u r C a s h L e t t e r p r o t e c t i o n
t h a t y o u c o u l d “ d r i v e a t r u c k t h r o u g h ? ” A s k us h o w to b r i d g e it *
w i t h o u t c o s t i n g y o u a ce nt.
FIRST NATIONAL BANK BLDG. • CHICAGO 3 , ILL. • STATE 4 3 2 5
In s u r a n c e C ou nselors
N o r t h w e s t e r n B a n k e r, S e p t e m b e r ,
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Federal Reserve Bank of St. Louis
1946
to B a n k s
66
Insurance
V
Good Company with
which to Insure
A Good Company
to Represent
Total Insurance in Force_____________________$816,298,885
Total Dividends and Savings Since 0rganization_$19,460,241
MILL OWNERS MUTUAL
FIRE INSURANCE COMPANY
"
O F F IC E R S
.
H. B. Carson!
L. K. Sharp...........Vice P r e s .; S ecy.
L. McK ibban............ V ice Presiden t
John W ise ........................T reasu rer
C. W . Letz___ ___ A sst. T reasurer
J. E. Robb.................Asst. S ecreta ry
F.Presiden
Don Mteurer..... A sst. S ecreta ry
Don T. K irkman -.-.-AssC S ecreta ry
H. E. Hudelson..... Supt. o f A g en ts
I. E. Sams ..... M gr. Canadian D ept.
John W aters.......... A sst. M anager,
Des Moines, Iowa
Canadian D ept.
Hamilton, Ontario
THE D A R L I N G
A G E N C Y
BANKERS LIFE COMPANY
818 Merchants Nat. Bk. Bldg.
CEDAR RAPIDS, IO W A
N o r t h w e s t e r n B a n ke r, S e p t e m b e r , 1946
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Federal Reserve Bank of St. Louis
use, the A-l class produced the very
best results. Class A was next in line,
while the results under Class B were
by far the worst. In the light of this
actual record for the years 1939, 1940
and 1941, it would be unfair and unrea
sonable to charge one rate for all pri
vate passenger automobiles.
Commercial Car Rates
Recently the new commercial car
program was announced to manual
holders. This is a very important part
of our reconversion program. After
much study and research in connection
with the problem of rating commercial
automobiles, we have finally been suc
cessful in replacing the outmoded ad
vertised load capacity basis by an en
tirely new and workable method based
upon the state motor vehicle registra
tion requirements for commercial auto
mobiles.
The commercial car bodily injury
rates have been increased by a partial
return to the prewar level of rates,
while the property damage rates are
increased from 15 to 25 per cent above
the prewar level.
The new procedure for rating com
mercial cars has accomplished the fol
lowing:
(a) The three load capacity groups
of light, medium and heavy are re
placed by only two classes, known as
CA and CB. Trucks formerly rated
as “light” or “medium” will take the
CA rates. The dividing line has been
set at the truck size equivalent of ap
proximately five tons, thus confining
the application of the higher CB rates
to trucks which are actually in the
“heavy” category.
(b) Commercial cars are now rated
by size on the basis of the information
contained on the state registration cer
tificate for the car. This replaces the
advertised load capacity basis which
has been unsatisfactory for many
years for the reason that more and
more automobile manufacturers are no
longer indicating advertised load ca
pacities for their trucks.
(c) Size type CB applies to all dual
rear axle trucks, all trucks equipped to
haul trailers, all tank trucks with a
capacity over 1,000 gallons and all trac
tors used to haul commercial trailers.
(d) Greater accuracy in rating com
mercial automobiles because of the
readily available factual information
contained in the state registration cer
tificate. Efforts are now being made
through contacts with the American
Association of Motor Vehicle Adminis
trators to bring about uniformity in
motor vehicle registration require
ments which, if accomplished, w ill fur
ther simplify and improve our new
commercial car program.
A
<
V
y
*
<
A-
Insurance
(e) In order to assemble experience
on trucks operated away from their
home territory, the new rating proce
dure provides for a 10 per cent sur
charge in rate for all trucks which are
customarily operated more than 50
miles from the place where they are
garaged. This provisions does not ap
ply to class 6 commercial automobiles,
farmers’ trucks, fruit, vegetable or
poultry dealers, logging and lumbering
trucks, moving vans or trucks, or
truckmen.
(f) The new commercial class 6
rates apply to altered private passen
ger cars, sedan-deliveries, pick-ups and
commercial cars with a load capacity
not over 1,000 pounds, provided the
policy excludes wholesale or retail de
livery. This class includes mostly
light commercial type automobiles as
operated by painters, plumbers and
similar mechanics and artisans and
used principally to carry tools, mate
rials and supplies and not used for
wholesale or retail delivery purposes.
The rates and minimum premiums
for automobile dealers were reduced in
1942 in recognition of the curtailment
or cessation of their normal operations
under wartime restrictions.
Our postwar reconversion program
directly affects automobile dealer risks
by means of the establishment of three
separate pay roll divisions, as follows:
1. Clerical office employes.
2. Officers, proprietors, managers,
salesmen, etc.
3. All other employes.
Without changing the former over
all rate level, the new automobile deal
er rates have been established for
these three pay roll divisions on the
following basis, giving recognition to
variations in exposure:
Clerical office—10 per cent of for
mer over-all rate.
Officers, proprietors, etc. — 125 per
cent of former over-all rate.
67
W e Pause to Pay Tribute to Our Friends o f the Banking Fraternity
who are responsible in a large measure for our . . .
ACHIEVEMENT
. . . silice 1926 under the C om pany’s present management and
active program
G R O W TH IN ASSETS
JANUARY
INSURANCE IN FORCE
$221,676.00
1926
$4,171,000.00
$539,087,00
1931
$8,315,013.00
$867,485.00
1936
$10,796,729.00
$ 2 ,0 2 5 ,1 6 5 .0 0
1941
$ 1 9 ,1 9 7 ,7 4 5 .0 0
$ 5 ,1 4 9 ,7 2 0 .0 0
1946
$ 3 8 ,9 6 2 ,2 6 5 .0 0
Now in F orce Over
$ 4 2 ,5 0 0 ,0 0 0
Life Insurance
POLICYHOLDER’S NATIONAL LIFE
INSURANCE
COMPANY
HOME OFFICES
Fourteenth Street and Main Avenue
SIOUX FALLS
SOUTH DAKOTA
lllliH TAXES
L O W IN TE R E ST
Many bankers are profitably solving these problems for both
the bank and the client through the personalized financial
planning service of
IOW A'S OLDEST LIFE INSURANCE COMPANY
May we give you the details?
FRANK L. McCORMICK
G EN ER A L AG EN T
EQUITABLE LIFE INSURANCE CO. OF IOWA
419 E q u ita b le Building
OES M O IN E S , IO W A
Here’s the very best in town. Only Six Bits
down and a chocolate soda a week.
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Federal Reserve Bank of St. Louis
N o rth w e s te rn B a n ke r, S e p t e m b e r , 1946
68
In su ra n ce
Introducing...
CURTIS W. POOLE
R e c e n t ly tr a n s f e r r e d to Io w a
C o m p lete
L ife
In su ra n ce
S e rv ice
in clu d in g
ASSURED HOME OW NERSHIP
PLAN
MODERN FARM OW NERSHIP
PLANS
C U R T IS
W.
P O O LE
N ew A g e n c y M a n a g e r
Eq u ita b le Life A ssu ra n c e S o c . o f U. S .
1220 Des Moines Building
Des M oines, Io w a
A
R e p r e s e n t a t i v e in e v e r y co m m un ity.
S e e y o u r l o c a l E q u it a b le A g e n t .
All other employes—40 per cent of
former over-all rate.
For automobile dealers and repair
shops there is also a table of premium
reduction factors similar to those
which have been in use for several
years under the automobile fleet plan
rule. These reduction factors reflect
the reduced hazard per unit of expos
ure which develops as the size of the
risk increases.
Storage garages and service stations
will continue to be rated as in the past.
On the strength of our study of rat
ings methods for automobile dealers
and repair shops, it is expected that
the new procedure will bring about
equitable a n d adequate premiums
which more correctly reflect the actual
exposures for such risks.
Medical Payments
HOME MUTUAL INSURANCE COMPANY OF IOWA, A
A F U L L L E G A L R E SE R V E C O M P A N Y
F I N A N C I A L
H. J. R O W E , President
S T A T E M
A s o f Jan u ary
E N T
ACE R O W E , Secretary
1, 1 9 4 6
ASSETS
U. S. Treasury Bonds.............................................................................. . .$807,754.81
Iowa Road and Improvement Bonds................................................. . . 549,161.05
$1,356,915.86
233,329.45
174,160.56
48,744.20
15,811.22
Cash in Banks..........................................................................................
Cash in Agents’ Hands............................................................................
Non-ledger Assets ....................................................................................
Furniture, Fixtures and Automobiles..............................................
$1,828,961.29
L IA B IL IT IE S
Reserve for Unpaid Liability Losses................................................
Reserve for All Other Unpaid Losses..............................................
Estimate Expenses of Adjusting.........................................................
Assets Not Admitted..............................................................................
Reserve for Taxes and Expenses.......................................................
. .$237,823.65
.. 181,427.16
. . 25,399.80
35,851.46
. . 44,904.00
$ 525,406.07
Unearned Premium Reserve................................................................. . .$823,569.12
Surplus to Policyholders.......................................................................... . . 479,986.10
1,303,555.22
$1,828,961.29
Increase in U. S. Treasury Bonds....................................... . . . $ 39,514.43
208,239.17
Increase in Gross Assets.......................................................
Increase in Unearned Premium Reserve............................. . . 224,945.98
Under the manual revision recently
announced, automobile medical pay
ments insurance, which has become an
important factor in our business, has
been made available with respect to all
types of automobiles. This is an im
portant forward step in connection
with this coverage which is a strong
builder of good will and good public
relations.
In our business the “consumer” usu
ally has contact only with his agent
and very seldom does he know any
thing much about his insurance com
pany. Therefore, yours is a real oppor
tunity, as well as a definite responsi
bility, to see that the policyholder has
adequate protection in a sound com
pany at a cost consistent with quality
and character of the protection and
service afforded. # #
Central States Mutual
Resources of
OVER 2,900,000 DOLLARS
Experience of
OVER TWENTY-SEVEN YEARS
Now d edicated to the Surety
and Fidelity Bond needs of
the M iddle W e st.
Surety Division
The State Automobile Insurance Association
D E S
M O I N E S ,
N o r t h w e s t e r n B a n k e r, S e p t e m b e r , 1946
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
I O W A
E. A. Hayes, president of the Central
States Mutual Insurance Association
of Mount Pleasant, Iowa, reports that
his company is breaking all records
this year for underwriting. The Asso
ciation had an 85 per cent increase in
business during July over July 1945,
and it was the biggest month in his
tory. The first seven months of the
year brought a 71 per cent increase
for the association. Mr. Hayes also
reports that losses have shown a sub
stantial increase during the current
year.
Last fall, the Central States added
to its staff Kenneth Coates, former
Crawfordsville banker who is in
charge of central Iowa territory. This
spring they added Richard Abel of
Rock Rapids in charge of Western
Iowa, and are now adding Arthur
Rommel of Mount Pleasant to the
Home Office Claim Department.
In su ra n ce
69
Construction ttond for H om e Owners
Payment of Labor and Material Costs, Together With
Guarantee of Completion of the Project, All in One Package
LL persons contemplating new
construction or remodeling will
be greatly aided by a new bond
package guaranteeing completion of
the project and the payment of labor
and materia] costs, according to an
announcement made by the Associa
tion of Casualty and Surety Execu
tives.
Alexander Foster, Jr., manager of
the association’s surety department,
which assisted a group of surety un
derwriters in preparing the bonds,
said the new package represented an
effort on the part of the insurance
industry to make its fullest facilities
available for the stabilization of con
struction.
“ It was conceived out of recognition
of the inadequacy of bond forms pre
viously used on private construction,”
he said. “ Heretofore the surety was
obligated to pay the excess cost of
completion after it had been deter
mined following a contractor’s default.
This left the owner with the burden of
arranging for completion and financing
excess costs. The new form specifi
cally obligates the surety to act
promptly on default and lifts from the
owner the task of finding a contractor
to complete the unfinished structure.”
A
The new bond package consists of
a new form of performance guarantee
and of a new separate supplementary
payment guarantee. Under the per
formance guarantee the surety com
pany will now agree that if the con
tractor defaults, it will arrange for the
completion of the work and will also
keep the job rolling by furnishing any
additional financing made necessary
by the default.
Under the terms of the payment
bond the surety company guarantees
that the completed structure will be
turned over free of mechanics’ liens
and that subcontractors, labor and ma-
You have a standing invitation to visit the Home Office of
the Hawkeye Casualty Com pany at any time, of course,
Our BANKER’S CONTRACT
Gives you . . . .
but while you're here for the Iowa Bankers Convention we
would like to extend a special invitation to see us. . . . The
Hawkeye Casualty Com pany is just across the street from
1. A company with years of
bank agency experience.
2. A comprehensive line of
policies including:
LIFE
H E A L T H & AC C ID EN T
H O SP ITA L INSUR
AN CE
AN N U IT IE S
your convention headquarters. . . . Congratulations on your
fine convention and enjoy the hospitality of Des Moines.
W hen you return home, remember, Hawkeye offers—
COMPLETE CASUALTY COVERAGE
1. A u to m o b ile, A ll C o v e ra g e
2. W o rkm en's C o m p en sa tio n
3. G e n e ra l L ia b ilit y
4. B u rg la ry
5. F id e lity and S u re ty
6. P la te G la s s
3. Complete Brokerage Serv
26 Years of Insurance Service
ice.
RALPH
E.
D eM A R IS
G en eral A g en t
The COLUMBIAN NATIONAL
L IF E
IN S U R A N C E
COM PANY
HAWKEYI cLA\1©ALTY
DES MOINES 7, IOWA
1200 P a ra m o u n t B ld g .
DES
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
M O IN E S
N o rth w e ste rn B a n ke r, S e p t e m b e r , 1946
70
In su ra n ce
V
1 — 2 — 3 — 4 — 5 — 6 — 7 — 8 — 9 — 10
TEN STRAIGHT YEARS
CH AM PIONS
OF THE UNITED STATES
CASH . . .
and
. ..
VOLUME
W e Invite Other Banks to Investigate
Our "Bankers" Set-up
W . K. NIEMANN, Mgr.
The
W. K. N I E M A N N
Agency
Bankers Life Company of Iowa
Nine-O-Nine Fleming Building
Des Moines
Greetings to
IO W A BANKERS!
L. E. ELLIS & CO., Gen'l Agcy.
H. G. Zimmerman
H. A. Petersen
Alice L. Voris
415 Securities Building
DES MOINES
IOW A
L o w Cost, N o n -A s s e s s a b le
F A R M L IA B IL IT Y IN S U R A N C E
fo r Y o u r F a rm e r C lien ts
Allied Mutual pioneered this worry-free protection which
defends the farm owner in case cattle get into neighbor’s
corn, loose horse injures motorist on highway, hired man
is hurt by tractor— or any one of a hundred other common
farm hazards. Up to $250 medical, surgical, hospital pay
ments for hired men or hired girls regardless of respon
sibility. Essential protection. Easy to interest farmer.
Investigate for your agency. Write
ALLIED M U TU AL
CASUALTY COMPANY
Harold S. Evans,
H ubbell Building
P resid en t
Des M oines 7, Io w a
N o r t h w e s t e r n B a n ke r, S e p t e m b e r , 1946
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
terial men will be paid promptly for
work and materials used for purposes
of the contract.
“ The payment guarantee should be
of exceptional interest and benefit to
owners today,” Mr. Foster said, “be
cause it insures the payment of labor
and material. It thereby removes the
credit hazard for the building supplier
and offers him an inducement to set
more advantageous prices. This should
result in a freer and easier flow of
materials to the job.”
Mr. Foster pointed out that during
the twelve-year period from 1934 to
1945, inclusive, there were 6,738 re
corded failures among contractors and
others in the construction industry in
the United States, leaving in their
wake insolvencies with total losses in
excess of $155,000,000—an average of
over $1,000,000 per month.”
He said that with new factories,
apartment houses, schools, and other
buildings being constructed in what
appears to be the greatest building
boom of all times, the new bond pack
age will enable private builders to pro
ceed with greater confidence. The use
of performance and payment guaran
tees will enable the owner and pros
pective builder to procure the benefits
of competitive bids through the surety
companies guarantee of the bid ac
cepted.
The new bond package was con
ceived after two years’ study by a
group of insurance underwriters and
the Association of Casualty and Surety
Executives, after consultation with the
American Institute of Architects, As
sociated General Contractors of Amer
ica and The New York Building Con
gress. It has now been made available
on a nationwide basis. # #
<
A
l
The Unconscious Arsonist
Arson is one of the most detested of
all crimes. The law imposes extreme
ly severe sentences on convicted fire
bugs. For, when a man deliberately
starts a fire, he is imperiling lives, to
say nothing of causing potentially
great losses in property values.
There is another group which the
law can’t touch. These are the people
who might be called “unconscious ar
sonists.” That group includes a high
proportion of the population.
The sin of the “unconscious arson
ist” is that of omission, not commis
sion. He doesn’t purposely set a fire.
He just fails to do the things that will
prevent fire.
Have you, for example, ever put off
“until tomorrow” fixing a frayed lamp
cord? Have you let a slightly defective
heating plant go, figuring it will last
another month or so? Have you been
careless in handling inflammables like
A
Insu rance
gasoline, on the grounds that probably
nothing will happen? Have you let old
papers and other trash accumulate in
closets and basements and attics be
cause you don’t feel like carting it
down to the junkman?
These are typical examples of “un
conscious arson.” And the man who
can answer “No” to all the questions
is a rarity indeed. The hundreds of
millions of dollars of property de
stroyed by fire are a dubious tribute
to the indifference of otherwise good
citizens. So is the fact that fire loss
is showing an alarming increase at the
present time. Do your part, in your
home and business, and fire can be
licked—and the lives and dollars it
destroys will be saved.
71
who have been with the company more
than a quarter century.
their cooperation the service to the
men in the field could not have been
maintained at as high a standard as it
was despite many wartime problems.
Mr. Arnold also paid tribute to the
173 members of the NwNL field force
who are in the Old Guard with ten
years or more of service, including 35
Agent Honored
Friends and co-workers of John A.
Honey, member of the W. Biddle
Combs Agency of Northwestern Na
tional Life at Portland, Oregon, paid
BONDS
Long Service
“Northwestern National Life has 60
home office employes who have been
with the company a quarter century
or longer, and these 60 constitute near
ly half of the entire home office staff
of 123 persons 25 years ago,” declared
O. J. Arnold, company president, in
his regular letter to the field force
appearing in Northwestern National
News.
Terming this “a remarkable record
and a tribute both to NwNL as an
institution and to the loyalty and faith
fulness of these good people,” Mr.
Arnold pointed out that these oldtimers, some of whom are now enjoy
ing retirement on pension, were in
many cases mainstays of the home
office organization during the difficult
war years just passed, and without
at worth-while
savings
H
is why increasing num
er e
bers of Iowa banks are recom
mending Employers Mutual for
all types of fidelity and surety
bonds—
RATES —
S u b s ta n tia lly
lo w e r
on
m ost
ty p e s
o f b on d s.
Probate Bonds
Public Official Bonds
City, School,
County, State
FIRST POLICY ISSUED
FEBRUARY 1.1843
SECURITY —
L a r g e s t , s t r o n g e s t c o m p a n y in
Io w a .
over
T reasu ry
SERVICE —
Beep, Cigarette,
etc.
every
W e are l o o k i n g f o r m e n in te r e s te d in
a li f e t i m e c a re e r in p r o fe s s i o n a l sales
w ork
to
r e p r e se n t
one
of
A m e r ic a ’s
Individual and
Schedule Fidelity
Bonds
Contract Bonds
$ 1 0 ,0 0 0 ,0 0 0 .
D e p t. A p p ro v e d
License Bonds
bond
TS fet Tme ' career"
A sse ts
An
lo c a lity .
On
U.
S.
A g e n ts
in
L is t.
Io w a
com pany.
P rom p t
se rv ic e
on
a ll
your
n eed s.
W rite fo r inform ation on this B E T T E R bond
ing service fo r your custom ers.
C. L. W ILLIAM S, Manager, Bond Dept.
o ld e s t a n d la r g e s t l i f e in s u r a n c e c o m
p a n ie s .
w ith
cou rse.
la te r
G u a r a n te e d
e x c e lle n t
in c o m e
o n -t h e -jo b
to
start
tr a in in g
C o m m is s i o n s a n d s e rv ic e fees
p lu s
lib e r a l
r e tir e m e n t
p la n .
Inquire noiv of
The Mutual Life Ins. Co. of N .Y.
EMPLOYERS
M U TU A L C A SU A L TY COM PANY
Des Moines
THOMAS B. READ, Mgr.
1122 Des Moines Bldg.
Des Moines, Iowa
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
FI DELI T Y
AND
AUTOMOBILE
•
S UR E T Y
PLATE
BO N D S
GLASS
•
•
WORKMEN'S
PUBLI C
COMPENSATION
L I A BI L I T Y
INSURANCE
N o r t h w e s t e r n B a n ke r, S e p t e m b e r , 1946
72
In su ra n ce
tribute to him at an anniversary lunch
eon last month, commemorating his
completion of 40 years of service with
the company.
Mr. Honey, who joined NwNL Au
gust 3, 1906, in North Dakota, following
several years’ experience in banking,
produced $400,000 of business in his
first contract year and frequently led
the entire field force in yearly new
business in the two succeeding dec
ades. He continues to be an active pro
ducer despite advancing years.
Luncheon arrangements were made
by W. Biddle Combs, NwNL general
agent in Portland, who presented Mr.
Honey with a 17 jewel Bulova gold
watch sent by O. J. Arnold on be
half of the company and with a sheaf
of congratulatory letters from Mr.
Honey’s home office friends.
CONSUMER CREDIT
(Continued from page 18)
to dealers and contract purchases from
dealers.
“We have developed a substantial
volume of loans, and our experience
has been such that we certainly plan
to continue, realizing of course that
there are certain pitfalls and hazards
which we have not yet experienced in
connection with this type of credit.”
O. R. Byers, cashier, Montgomery
County National Bank, Red Oak, Iowa:
“We are making consumer credit
loans and intend to expand our activi
ties in this field when durable goods
become more plentiful and the demand
for credit increases. We feel that for
all types of good loans, the bank is the
logical lender and we intend to ac
tively compete with all other lending
agencies, whether they are finance
companies, building and loan associa
tions, or government farm lending
agencies. ” # #
SOS
Waiter: “ May I help you with that
soup, sir?”
Diner: “What do you mean, help
me? I don’t need any help.”
Waiter: “ Sorry, sir, from the sound
I thought you might wish to be
dragged ashore.”
NEWELL C. DAY saying . . .
BANKERS using our Broker's kit understand
why our Davenport organization's fifty-third
year is its best. Sales proposals made up
on all cases on reguest.
Write or call
NEWELL C. DAY, Gen'l Agent
Equitable Life Ins. Co. of Iowa
730 Davenport Bank Bldg., Davenport, Iowa
1867
•. Seventy-ninth
$250 PER MONTH
FOR LIFE!
T
are
h e a d lin e s
of
N o r th w e ste r n
N a tio n a l
L ife ’ s
h e s e
tise m e n ts
v a r io u s
fe w
w h ic h
have
p u b li c a t io n s
years.
fe w
d u r in g
of
in
th e p a st
E a c h o f t h e s e a d v e r t is e
a p o in t o f
o n a s u b je c t o f t i m e l y i m p o r
ta n c e t o
and th e
life
in s u r a n c e
n a t io n
as
a
— co m m en cin g A g e
65!
ad ver
ap p ea red
m e n t s e x p r e sse s a n id e a —
v ie w —
a
p o lic y h o ld e r s
w h o le .
G iv in g
*
d is c h a r g e s
c itiz e n —
it s
o b li g a t i o n
as
a
REQUIREMENTS
¥
for
Investment Bankers
■ ■ ■
A l s o , ca sh va lu e s and t o t a l
d i s a b il it y In co m e!
b e lie v e s r e s ts o n a b u s in e s s in s t it u t io n
n o le ss t h a n o n a n in d iv i d u a l .
W e w ill g l a d ly f u r n is h re p r in ts o f a n y
o f th e s e a d v e r t is e m e n t s o n r e q u e s t .
and
T. D. CARNAHAN
G e n e ra l In su ra n ce
The Minnesota Mutual
Life Insurance Co.
913 Southern Surety Building
INSURANCE COM PANY
Des Moines
N o r t h w e s t e r n B a n k e r, S e p t e m b e r , 1946
MOORE
General Agent
Northwestern TVaUonal Life
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
WILLIS
★
good
a n o b li g a t i o n t h is C o m p a n y
1946
BOND
If you do not reach Age 65, your
family will receive $250 per month
until you would have been Age 65.
★
..
Specializing in
c u r r e n c y t o s u c h id e a s t h r o u g h a d v e r
t i s in g is j u s t o n e w a y in w h ic h N W N L
Anniversary Year
201
L ib e r t y
B l d g ., D e s
M o in e s
G E N E R A L AG EN TS FOR
C O N T IN E N TA L
CASUALTY
COM PANY
In su ra n ce
U f e In su ra n ce
P a id
U n der
In sta lm en t O ptions
F r e e o f F ed era l In co m e T ax
HE Treasury Department recently
announced (Treasury Decision 5515,
T
dated May 16, 1946), an important
change in Federal Income Tax treat
ment of life insurance proceeds when
paid under instalment options. This
decision emphasizes the advantages of
having life insurance proceeds paid in
instalments rather than a lump sum.
In the past it has always been the
rule that when an insured died, life
insurance proceeds paid to a named
beneficiary were not taxable to the
person designated as beneficiary. For
example, suppose the insured pur
chased a $10,000 ordinary life policy
and after paying premiums in the
amount of $1,200, he dies. His wife,
the designated beneficiary, receives the
$10,000 of proceeds. In this situation
no taxable profit is involved for either
the insured’s estate or the wife bene
ficiary.
Now, let us change the above exam
ple a bit. Suppose instead of the $10,000 of proceeds going to the wife bene
ficiary in a lump sum payment, the
policy had a settlement option attached
which stated that proceeds were to be
paid to the wife beneficiary in monthly
instalments over a period of years.
This means the wife beneficiary will
receive more than the face amount of
the policy ($10,000) because the face
Special Agents
C. D. Wherry
amount will be increased due to the
accumulation of interest while it is
being retained under the settlement
option by the life insurance company.
To illustrate this, assume proceeds
are being retained under Settlement
Option No. 1 with monthly instal
ments guaranteed for 10 years only.
Under this settlement option ar
rangements the company guarantees
monthly instalments of $9.39 for each
73
$1,000 of proceeds, or $93.90 on $10,000.
Aggregate payments over the 10 year
period would amount to $11,268. The
government has previously contended
that the extra $1,268 ($11,268—$10,000)
is the equivalent of interest and should
be taxed as interest income to the wife
beneficiary. The government took,
their contention to court and lost. The
courts said the extra $1,268 was taxfree life insurance money and there
fore not subject to federal income tax.
Following this ruling the govern
ment then argued that for the $1,268
to be income tax exempt, the settle
ment option must be elected by the
insured before his death and not after
his death by the beneficiary. The gov-
BANKERS
We Invite
YOU
To Investigate
L.
F. W . V A N R H E E N E N
Manager
J. BROOKS
Ässt. M g r .
THE PRUDENTIAL PART-TIME CONTRACT
A Sound and Systematic Plan of Operation
DES MOINES ORDINARY AGENCY
716 E q u ita b le Building
F. W . Van Rheenen, M an ag e r
D etach ed O ffic e : 642 D avid son B ld g ., Sioux C it y
L. J . Bro o ks, A s s t. M gr.
Coiinenlioiit Mutual
Life Insurance Co.
The HOME FLEET
EXTENDS GREETINGS
to m em bers o f the
R. S. Ingham
p
K . L. Lilja
p
p
Iowa Bankers Association
T. R. McDonald
Lawrence Radcliffe
R. J. Mugge
In q u iries In v ite d fo r B ro k e ra g e
or
P a rt-T im e
•
Con tracts
THE
p
★
P
p
Hartford Fire Insurance Co.
Citizens Insurance Co.
Sherry II. Fisher
700 Old Colony Bldg.
912 Flem ing Building
DES MOINES
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
HOM E
FLEET
E. H. Davis
C. S. Cathcart
A. N. Beim
Martin E. Aegerter
Art E. Holm
Earl Van Steenberg
L. J. Wherry
W m. D. Gehringer
L. W . Roland
General Agent
DES M O IN E S
1201
IO W A
D es
DES
M o in e s B ld g .
M O IN E S
N o r t h w e s t e r n B a n ke r, S e p t e m b e r , 1946
74
Insu rance
y-
ernment contended that if the wife
beneficiary elected the settlement op
tion after the death of the insured, the
income tax situation was the same as
if proceeds were left on deposit with
the life insurance company by the
wife beneficiary to draw interest. The
government has at last given up on
that line of reasoning. Here is how
this situation now stands in connec
tion with Treasury Decision 5515:
“ Instalment payments of life insur
ance proceeds (except the interest op
tion) payable by reason of death of
the insured, may now be elected by
the beneficiary as well as by the in
sured prior to his death without sub
jecting instalments to federal income
tax.”
Interest income payments, b o t h
guaranteed and excess, on life insur
ance proceeds retained under the in
terest only option whether the option
was elected by the insured, or the
beneficiary, are subject to federal in
come tax.
Instalment payments on a matured
endowment, or insurance with life
income policy, if elected by the in
sured prior to maturity—or prior to
constructive receipt of the maturity
value—are still taxed under the “old
annuity rule,” with 3 per cent of the
net consideration paid included in
gross income each year, the balance of
instalments being exempt until aggre
gate amount of exempted instalments
equal the net consideration, after
which time the entire amount of in
stalment income is reportable for fed
eral income tax.
DEAR EDITOR
(Continued from page 9)
"The Minus Seven Presidents"
“ Under separate cover, I am sending you
material which gives the early history of the
We of the NATIONAL FIRE GROUP
Extend Greetings to the
IOWA BANKERS ASSOCIATION
W ill H. Harrison
William K. Hankinson
Andrew A. Ingram
Carl M. Hall
Willard W, Gifford
Don O. Jones
606 Old Colony Building, Des Moines, Iowa
YOUR "EXTRA" TRUST
OFFICER
You will be surprised how
our EXTRA M A N in your trust
department can increase your
Trust Business.
Connecticut General men are
trained in Complete Estate
Analysis and are in a position
to sell to the client the services
of your Trust Department and
your Trust Officers.
W h en a Connecticut General
specialist from the Charles M.
M axw ell A gen cy works with
bankers, they find out quickly
that he is cooperative and
knows bankers' problems.
For full information on this
valuable service address
Des Moines
“ Perhaps we should add the three presi
dents covering the years 1889 to 1897, but
this lias never been done, due to the fact
that we have no authentic records in our
office prior to 1897. It has been my thought
that we should list these three in our 1947
programs— and thus clarify, to some extent,
the question raised in your July issue of
N o r t h w e s t e r n B a n ke r, S e p t e m b e r , 1946
X.
<■
N orthwestern B anker .”
Blanche Boesch, Secretary
to Wm. Duncan, Jr., Secre
tary Minnesota Bankers A s
sociation, 925 Band Tower,
Minneapolis, Minnesota.
Prudential Changes
Fred W. Van Rheenen of the Pru
dential Insurance Company, who was
formerly assistant manager in charge
of the Sioux City detached office, is
now installed as manager of the com
pany’s ordinary agency in Des Moines.
He succeeds Sidney A. Kent who was
transferred to Chicago.
L.
J. Brooks of Des Moines, with a
title of assistant manager, is being
transferred to Sioux City in charge of
the Sioux City detached office.
Mr. Brooks has been assistant man
ager of the Des Moines office ordinary
agency since 1942. He has been with
the Prudential since 1936 and became
agency assistant in the Des Moines
office in 1939.
Mr. Van Rheenen is well known in
Iowa insurance circles, having served
as president of the Sioux City Life
Underwriters Association in 1942.
"THE AMERICA FORE"
Fire Insurance Group
<
GREETINGS
to the
extends Greetings
IOWA BANKERS
ASSOCIATION
J . W . H ull
E. R. A llb e rt
W . H . Brode
G . H . C a m p b e ll
J . W . Lenehan
A . L. L u c a s
INTER-STATE BUSINESS
MEN’ S ACCIDENT
COMPANY
C . T . M o reland
A C C ID E N T
S IC K N E S S
P V
H O S P IT A L
P R O T E C T IO N
Telephone 3-7644
Iowa State Manager
Connecticut General
Life Insurance Company
Hartford, Connecticut
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
N orthwestern B anker .
v~
CHARLES M. MAXWELL
640 Des Moines Building
Minnesota Bankers Association and no doubt
will throw a little light on the minus seven
presidents of our Association to which you
referred on page 48 of the July issue of the
928 Des M oines Building
Robert A . Brown, President
DES M O IN E S . IO W A
Des Moines, Iowa
<
f-
Insu rance
75
In the above example I have used
a 20 pay life, although any plan may
be used. # #
A (««or/ Sell in ff A p p rou eh
Gains Interest of Prospect
What B etter C ourse?
ERE is a novel selling approach
that will certainly gain the inter
est of a prospect. It is presented in
Con Mu Topics by Emanuel Welsch
of the San Antonio office of Connecti
cut Mutual Life Insurance Company.
Here is the way he describes his ap
proach:
Here is an approach which I have
found works, especially where the
prospect is engaged in any retail busi
ness. Of course, it is important that
you have the date of birth of the pros
pect. I approach him along this line:
“ Mr. Prospect, I have a proposition
to make you for your consideration.
I find that it requires about $50 each
month to supply my family with gro
ceries (or whatever he sells), so I
am going to make you this proposition.
I would like to deposit with you each
month, over my regular purchases, the
sum of $19.75 with the understanding
that if anything happens to me, if I
die, that is, you would supply Mrs.
Welsch with $50 of merchandise each
month for ten years. Now if I do not
die at the expiration of 20 years,
would you be willing to return all of
my money, plus a reasonable amount
of interest?”
The usual discussion takes place and
the answer is always, “ If you live,
sure, but if you should die during that
time it would be a losing proposition
for me.”
H
My reply is: “Well, Mr. Prospect,
I sell dollars, not merchandise. If you
will deposit the amount mentioned
with my company each month, and
should you die the first month or any
month during the next 20 years my
company will mail a check each month
to Mrs. Prospect for $50 for about ten
years. Now if you are living at the
expiration of 20 years, my company
will refund you all of your deposits,
plus a reasonable amount of interest.”
In a Philadelphia family recently,
the engagement of a daughter was an
nounced. A friend, calling, was met at
the door by the colored maid, who
announced: “No’m, Miss Alice ain’t
home dis aft’rnoon—she gone down to
de class.”
“What class?” inquired the visitor.
“You know, Miss Alice is gwine to
be ma’ied in de fall,” explained the
maid, “an’ she’s taking a cou’se in do
mestic silence.”
BANKERS BLANKET BONDS
information and service is as near you
as your telephone
in
NEBRASK A
State F a r m M e m b e r s h i p P la n g iv e s
y o u m o r e in s u r a n c e f o r y o u r m o n e y .
A
p e rp e tu a l p o lic y has sav ed p o lic y
h o ld e r s o v e r $ 4 4 ,0 0 0 ,0 0 0 s in c e 1 9 2 2 .
O n e m i l l i o n tw o h u n d r e d a n d fifty
th o u s a n d
a u t o m o b ile
p o lic ie s
in
fo rce.
O v e r 7 ,0 0 0
C anada.
a g e n ts
W e h a v e a lr e a d y
l i o n t h c la im .
in
p a id
S tate F a r m M u t u a l
a s s e s s a b le .
43
states
and
ou r
tw o
m il
p o lic ie s
are
non
M IN N E S O T A
IO W A
L. R. M oeller,
H. P. M a r t i n , Manager
D. W . L yle, Manager
M . T o u s s a in t ,
C. D. H oh aus ,
Executive State Agent
State Agent
Special Agent
R. O. A l b r e c h t ,
111 W . 5th Street
E. A. R eed,
St. Paul
State Agent
Special Agent
Iowa Building
622 Insurance Bldg. Telephone: Garfield 2865
Omaha
Des Moines
Telephone: 4-5815
Telephone: Webster 1040
cu ra
W r it e
fo r
FREE
B o o k le t
fo r
d e ta ils .
State Farm Insurance Co's.
I o w a S tate A g e n c y
R o y a l U n i o n B u ild i n g
D es
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Indemnity Company
Insurance Counsellors for Banks
M o i n e s , Io w a
N o r t h w e s t e r n B a n ke r, S e p t e m b e r , 1946
76
Insu rance
V
F ire Prevention
IYour ttu
V
When an Agent Makes War on Fire, He Serves the
Community and Supports the Structure of insurance
before the Fiftieth An
niversary Convention of the Na
S PEAKING
tional Fire Protection Association
in Boston, Frank C. Colridge, secre
tary of the National Association of
Insurance Agents, said: “Fire reduc
tion and fire protection are most neces
sary parts of the service of insurance
agents.
“The agents realize that every single
effort they make in their communities’
war on fire strengthens the structure
of insurance and at the same time
works for the benefit of humanity.
“The agents believe that they are in
a better position to motivate fire pre
vention than anyone else in the com
munity. They have a wide range of
acquaintances on the most responsible
levels of society. They have fraternal
affiliations with men who are always
anxious to act in the public interest.
They are natural liaison men between
the community and the fire chief, in
spection bureau officials and the field
representatives of the insurance com
panies. They have behind them the
organized skill of their own local and
state associations.
Why Not Represent
“ T7te Dividend Paying
Com pany o f A m erica'
In Your T erritory?
W e Have 19 Banker Agents in
Southeastern Iowa.
W rite:
“Above all, they are regarded by
their communities as the men who
quote the fire insurance rate and as
the men to turn to for counsel. Pro
ceeding on this basis, the agents of this
country, through their National Asso
ciation, have developed and published
a comprehensive and authoritative
manual, ‘It Is Your Business.’ This
book reviews dramatically the grisly
record of fires in every phase of
national life—schools, dwellings, in
dustrial plants, hospitals, places of pub
lic assembly, farms and forests. The
members of the National Association
of Insurance Agents are using this
book. They know it is their business
to do so.”
Mr. Colridge reviewed the fire pre
vention activities of two local boards
located in Kalamazoo, Michigan, and
Houston, Texas, as typical examples
of the constructive work being per
formed in many communities by the
American agent. In Houston, he
pointed out, the fire losses for the first
three months of the year were 46 per
cent below fire losses for the same pe
riod in 1946. This remarkable record
P
The
Connecticut Mutual
Life Insurance
Company
James H. Copeland
One hundred years of
D a v e n p o rt, Io w a
Dependable Service
f o r c o n tr a c t
1857
p ii
Ins. in force
Assets .
and
experience
investment
provide
an
excellent background for
a life insurance career.
V
This
agency,
operating
'V
eral
attractive
agency
connections for bankers.
’ll.
W rite
E. H. SNOW
Eastern Iowa Agency
General Agent
PAUL C. OTTO
A ETN A
L IF E IN SU RAN CE COMPANY
1946
$4,670,796,400
1,887.664,904
M o r e O r d in a r y L i f e In s u r a n c e in fo r c e
in I o w a th a n a n y o th e r C o m p a n y .
N o r t h w e s t e r n B a n ke r, S e p t e m b e r , 1946
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Banking
throughout Iowa, has sev
3 0 1 -2 F ir s t N a t . B a n k B l d g .,
The 08410189
“ "
'
Mutual Life
Insurance Co. of Milwaukee
is largely attributed to the fire preven
tion measures inaugurated in that com
munity, he asserted.
Noting that the National Fire Pro
tection Association was the product of
the wisdom and foresight of a small
group of stock insurance men a half
century ago, Mr. Colridge stated that
the history of his organization offered
a startling parallel. From small be
ginnings, b o t h organizations have
gained prominence in their respective
fields, he added.
During the corresponding years, Mr.
Colridge observed that each organiza
tion complemented the work of the
other in fire prevention and stated,
“We are particularly indebted to the
National Fire Protection Association in
the success of our efforts to arouse our
membership to the constant threat of
fire and we publicly acknowledge that
help which has enabled us to form the
constructive program we are pursuing
today.
“ In this, our joint fiftieth birthday,
the National Association of Insurance
Agents promises you its full coopera
tion in the fight against fire.” # #
G en era l
A gent
1112 Davenport Bank Building
Davenport, Iowa
«
T h ir d F lo o r , H u b b e ll B ld g .
D es
M o in e s
+-
77
Insu rance
With Chemical Bank
Frank K. Houston, chairman of the
board of the Chemical Bank & Trust
Company of New York, announces
that Edward McLean Cummings be
came connected with that bank on
J. Cummings, chairman of the board
of the Continental Illinois National
Bank &Trust Company of Chicago, and
is a graduate of Yale University. He
served as a lieutenant, senior grade, in
the Navy during the war.
\
(
WHAT MAKES A THING BIG?
D u r in g the past year it has been
a sto n ish in g to see th e n u m b er o f
executive officers in large banks who
appear to be in close touch w ith our
Personalized Check Program . It is n o t
surprising that interest should develop
a m o n g o p e ra tin g m en, a d v ertisin g
men and sales conscious officers in
banks because these men are directly
responsible for program s o f this sort.
H ow ever, to encounter top m en in
som e o f the N a tio n ’s largest banks w ho
attached real significance to the printed
name on a bank check in relation to
overall bank managem ent was reveal
ing to say the least.
O n e chairman, w hen asked why, said,
"I could hardly ignore anything that
does so much for our operating people,
pleases so many custom ers and saves
so m uch m oney for this bank.” It was
as sim ple as that and yet we, who
have been convinced o f these things
for years, were startled to be told that
they were recognized by a m an who
presum ably concerns h im self only
with subjects o f national im portance.
W h a t m akes a th in g big? W h a t
makes it im portant? If a little thing
like a package o f tw o hundred checks,
for which the individual pays $1.25,
can bring a smile or a w ord o f appre
ciation, is it im portant? W h at if those
smiles can be m ultiplied by several
thousand, are th e y im portant? Indeed
they are. A nd w hen bankers from
coast to coast say to us "our customers
like them ,” isn't that another way o f
saying "the bank is m aking friends?”
T h e re is som ething about his printed
name that everyone likes. W h eth er it
appears in a m etropolitan daily or in
a high school m onthly, or w hether it
is printed on an office door or printed
on a bank check...fie likes it. Personal
ized Checks are little things but people
like th e m ...lo ts o f people. If you are
not already selling them in your bank,
write us for details o f the program .
E D W A R D M. CUM M INGS
To Travel Middlewest
September 3rd and will be associated
with Huntington W. Turner, vice pres
ident, in handling the business of the
bank in the states of Michigan, Illi
nois, Wisconsin, Minnesota, Nebraska,
Iowa and the Dakotas.
Mr. Cummings is the son of Walter
We Specialize in
BANKERS BLANKET
and
FORGERY BONDS
Your Inquiries Invited
Greetings
to
Io w a Bankers
C ru m and
F o rste r
M anagers
FROM
United States Fire Insurance Co,
The Northwestern Mutual Life
Insurance Co. of Milwaukee
The North River Insurance Co.
KIMBALL J. M. CORMACK
British-America Assurance Co.
GENERAL AGENT
Westchester Fire Insurance Co.
Western Assurance Co.
635 Insurance Exchange Building
Des Moines
W . H. FAULKNER
WITMER-KAUFFMAN
State A gent
EVANS CO.
HOMER TEMPLETON
(E s ta b lis h e d 1892)
"More Ordinary Life Insurance in Force
410 E q u ita b le Bldg.
in Iowa than Any Other Life
Des M oines
Insurance Com pany!"
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
M A X D. MILLER
Special A gents
505 Insurance Exchange Building
Office Telephone N o. 4-5932
DES MOINES. IO W A
N o r t h w e s t e r n B a n ke r, S e p t e m b e r ,
1946
78
M in n e a p o lis ,
S a tu rd a y ,
A u g u st 3 1 ,
1946
COMMENT FOR BANKERS:
T h is n ew s, o f c o u r s e , means e x t r a
N in th F e d e r a l R e s e r v e D i s t r i c t .
B e c a u se
b ile s , tra cto rs
way i n t o b a n k s .
cash
f o r many p e o p le
in
th e
o f th e s c a r c i t y o f h ea v y d u r a b le i t e m s , su ch a s autom o
and o t h e r farm m a c h in e r y , much o f t h i s c a sh w i l l f i n d i t s
i
I f you a r e e x p e c t i n g an i n c r e a s e in d e p o s i t s b e c a u s e o f t h e s e co n
d i t i o n s , l e t o u r Bank A d v is o r y D i v i s i o n r e v ie w y o u r b a n k 's in v e s t m e n t
p o r tfo lio .
A c a r e f u l a n a l y s i s o f y o u r p r e s e n t h o l d i n g s and a s t u d y o f
y o u r i n d i v i d u a l n e e d s and p r o b le m s may e n a b le u s to s u g g e s t s u i t a b l e i n
v e s tm e n t o f y o u r e x c e s s fu n d s .
T h is f r e e s e r v i c e h as r e s u l t e d in t a n g i b l e b e n e f i t s to many o f ou r
c o rre sp o n d e n ts.
I f you a r e i n t e r e s t e d , p l e a s e w r i t e to o u r Bank A d v is o r y
D iv is io n to d a y .
FIRST NATIONAL BANK OF MINNEAPOLIS
H enry E. A twood , President
Department of Banks and Bankers
G r a n g a a r d , Vice President
C . B . B r o m b a c h , Vice President
R. S. B a n f i e l d , Vice President
M. O.
J. J. M a l o n e y , Assistant Vice President
K. T. M a r t i n , Assistant Cashier
Member Federal Deposit Insurance Corporation
N o r t h w e s t e r n B a n ke r, S e p t e m b e r , 1946
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
J. M. D o w n e s , Assistant Cashier
G . S. H e n r y , Assistant Cashier
C . E. C o r c h r a n , Assistant Cashier
79
of the State Bank of Wood Lake, is sec
retary-treasurer.
Bertram Bonn of
Montevideo is director for Chippewa
county, and C. S. Knudson of Dawson
for Lac qui Parle.
Eighth District Elects
New Bank at Gary
A. A. Habedank, president of the
Ada National Bank of Ada, Minnesota,
is also president of the newly-opened
Gary State Bank of Gary, Minnesota.
The latter bank opened its doors for
business on August 17th. Gary is lo
cated about 15 miles northeast of Ada,
which is the county seat of Norman
county.
Associated with Mr. Habedank in
the new institution are L. J. Peterson,
vice president; M. A. Bell, cashier, and
Kenneth V. Plum, assistant cashier.
Mr. Peterson is also cashier of the Ada
National Bank.
Mr. Habedank reports the crops in
Norman county are the finest in years.
This is the first good crop for farmers
in this county for several years.
Lake Superior Conference
The Lake Superior Conference of
bank auditors and comptrollers heard
Ray Campbell, assistant cashier of the
First and American National Bank of
Duluth, speak on regulations of saving
accounts at the regular meeting held
in Two Harbors, Minnesota, recently.
Following the dinner a round table
discussion on Mr. Campbell’s talk was
held by representatives from Superior,
Duluth, Cloquet, Proctor and Two Har
bors.
Clyde Sullivan, vice president of the
organization and cashier of the First
National Bank of Superior, Wisconsin,
presided in the absence of the presi
dent, Charles Taylor, auditor of the
Northern National Bank of Duluth,
who was on vacation and was unable
to attend. Paul Essen, cashier of the
Commercial State Bank of Two Har
bors, is treasurer of the organization
which consists of bankers from the
Head of the Lakes area.
New Employe at Princeton
Mrs. A. H. Johnson, who for over
two years has been employed at the
Princeton State Bank, Princeton, Min
nesota, has resigned from her position
there. She now will devote her time
exclusively to her home.
Prior to working in the bank, Mrs.
Johnson for six months was employed
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
in the Adjutant General’s office in
Washington, D. C.
Joseph Thompson, who was a cap
tain in World War II, is taking Mrs.
Johnson’s position at the bank. Mr.
Thompson is from Winthrop. Prior
to his entering the armed forces he
taught school for 12 years. He enlisted
in the army and attended an officers
training course.
He was commis
sioned and sent overseas. His total
length of service was 44 months.
W averly Bank Sold
Controlling interest of the Citizens
State Bank of Waverly, Minnesota,
was recently sold by William H. Bo
land to David Toussaint of Russell,
Minnesota. Mr. Boland was chairman
of the board and president.
Two weeks later, Mr. Boland, who
was 78 and had retired to take a rest,
was instantly killed when the car
which he was driving struck a produce
truck on the highway. Mr. Boland’s
physician said he had suffered a heart
attack.
Mr. Boland had spent 54 years as a
banker, starting to work in the IrishAmerican Bank in Minneapolis in 1892.
He was also a teller in the Columbia
National Bank of Minneapolis and in
1895 went to Graceville, where he was
cashier of the bank there. The Citizens
State Bank of Waverly opened in 1907
and until his retirement in July, Mr.
Boland had managed the bank for
many years.
Mr. Toussaint was president and
cashier of the New Farmers and Mer
chants State Bank of Russell before
disposing of his interest there.
John Dragavon, cashier of the State
Bank at Tower, Minnesota, was elected
president of the Eighth District Bank
ers Association at the annual one-day
meeting in Hibbing.
Other officers elected include: vice
president, A. C. Armstrong, chairman
of the board and president of the
Northwestern State Bank of Duluth;
secretary-treasurer, A. I. Naslund,
cashier of the First National Bank at
Eveleth.
The following directors from these
counties were elected: Carlton coun
ty, N. A. Bauer, president and cashier,
First National Bank of Moose Lake;
Cook county, A. M. Anderson, vice
president and cashier, Grand Marais
State Bank; Itasca county, D. M. Vermilyea, cashier, First National Bank
of Coleraine; Koochiching county, O.
N. Millard, president, First National
Bank of International Falls; Lake
county, Paul Essen, cashier, Commer
cial State Bank of Two Harbors; St.
Louis county, M. T. Mahan, cashier of
the First National Bank of Hibbing,
and director at large, J. V. Hagberg,
president of the Duluth National
Bank.
One hundred bankers representing
all towns of northern Minnesota, in
addition to several southern Minne
sota bankers, attended the meeting.
William Duncan, Minneapolis, secre
tary of the Minnesota Bankers Asso
ciation, spoke on banking legislation,
with A. W. Sands, president of the
Association and president, Western
State Bank, St. Paul, being another
speaker.
In a golf tournament held in the
afternoon at Mesaba Country club, J.
R. Godfrey of Hibbing took first prize,
Steve Kirby of Duluth second, George
Somerow third and D. C. Wickman
fourth.
Kircher Heads Tri-County
West Central Meeting
Bankers of the West Central Clear
ing House Association met at the
Montevideo, Minnesota, golf club re
cently for their annual midsummer
meeting.
A. E. Arntzen, president of the
Farmers & Merchants State Bank of
Appleton, Minnesota, was elected
president. Orin Samstad, vice presi
dent and cashier of the Union State
Bank of Montevideo, is the new vice
president. Herman Harare, cashier
Bankers of Meeker, Renville and
Kandiyohi counties and their ladies
attended the summer meeting of the
Tri-County Clearing House Associa
tion held recently at Fredolf Hultgren
Lodge, Green Lake, Minnesota.
Prior to the banquet the business
session was held at which time the fol
lowing officers were elected: Jerome
Kircher, vice president of the Citizens
State Bank of Olivia, president; Alvin
Ness, cashier of the Farmers State
Bank of New London, vice president,
N o r t h w e s t e r n B a n ke r, S e p t e m b e r , 7946
80
M in n eso ta N e w s
and D. N. Tharalson, cashier of the
State Bank of Litchfield, secretary.
N. H. Ley, president of the Farmers
State Bank of Watkins, president dur
ing the last year, presided at the pro
gram, which included talks by William
Duncan, Jr., of Minneapolis, secretary
of the Minnesota Bankers Association,
and A. W. Sands, president of the
Western State Bank of St. Paul, presi
dent of the state association.
An interesting feature of the pro
gram was the discussion by twin cities
bankers and representatives of the
Veterans Administration, on the sub
ject of G. I. loans.
Assistant Cashier
Real Estate Loans
Richard Wartman was elected as
sistant cashier of the Victoria State
Bank of Victoria, Minnesota, at a re
cent meeting of the board of directors,
according to an announcement from
Erwin Holtmeier, cashier.
The committee on state legislation
of the American Bankers Association
has completed revision of its chart en
titled “Legal Maximum for Loan-Value
Ratio and for Term of Real Estate
Loans by State Banks Generally and
to G. I.’s.” This chart is being mailed
to state bank supervisory authorities
and to counsel for Federal Reserve
banks.
Moves to Iowa
J. E. Brady, assistant cashier of the
Luverne National Bank, Luverne,
Minnesota, resigned effective Septem
ber 1st, to take a position with the
Peoples Trust & Savings Bank of
Grand Junction, Iowa.
Select Insurance
for Select Risks!
Sickness and Accident Policies with Hospital
and Surgical Reimbursement for
Preferred Occupations
OVER 41 YEARS OF SUCCESSFUL SERVICE
i
W rite for Application and Literature to
M IN N E SO TA
COM M ERCIAL
M EN ’S A S S O C IA T IO N
PAUL CLEM ENT, Secretary
2550 P IL L S B U R Y A V E N U E
M IN N E A P O L IS 4, M IN N E S O T A
N o r t h w e s t e r n B a n ke r, S e p t e m b e r , 1946
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
BANKERS YOU KNOW
(Continued from page 21)
affiliation he continued until 1928
when he was named a National Bank
Examiner. In this capacity he served
in the Seventh Federal Reserve Dis
trict with headquarters in Des Moines
and later in Chicago. The National
Banking Department in 1931 loaned
him to assist in the original organiza
tion of the Chicago regional office of
the Reconstruction Finance Corpora
tion. Two years later, in 1933, he
was selected by the F. H. Prince in
terests to become President and D i
rector of The Live Stock National
Bank of Chicago.
Today the statement of condition
of his bank shows that surplus, un
divided profits and reserves totalling
approximately $1,750,000 greatly ex
ceed the capital of $1,000,000, and
deposits are over $57,000,000.
Mr. Reimers was married to Edith
Thurston in 1919.
They have one
daughter, Mrs. Gordon P. Fairman
(Marjorie M. Reimers), and two sons,
Charles H., recently released from the
navy as a Lieutenant and now en
rolled in the Northwestern University
law school, and John D., recently dis
charged from the army after serving
two and one half years with the
Armored Infantry. John was wounded
in action in Germany and was
awarded the Purple Heart. He plans
to enter college this fall.
Mr. Reimers is a member of the
Resexwe City Bankers Association; a
trustee of the Central Manufacturing
District of Chicago; a director of the
International Live Stock Exposition
in Chicago; a member and director
of the Saddle & Sirloin Club and
Economic Club, and a member of the
Union League Club, The Chicago
Club, and the Glen View Country
Club.
The associates of Mr. Reimers
know him as a man devoted to his
family and one who takes a deep
interest in the welfare of the em
ployees of his institution. His stock
farm at nearby Aurora, Illinois, pro
vides his principal diversion from
routine business interests, and he en
joys an annual trip back to the north
west to participate in his favorite
sport of hunting.
81
C.
manager of
the Northwestern National Bank’s
M
Home Institute, has resigned to head
ILTON
a new real estate firm. Associated with
him in the new venture will be Thom
as W. Stewart, formerly general man
ager of John E. Blomquist Company,
St. Paul, and vice president of the
Citizens Morris Plan Company.
Theodore AY. Pelton of the North
western National has been named di
rector of seven districts of Minneapo
lis for the Community Chest drive to
be held in October.
Richard M. Dohson, secretary of the
J. F. Anderson Lumber Company, has
been elected a director of the First
Produce State Bank. He has been
associated with the lumber firm since
1940 and served in the cavalry in Eu
rope during the war.
Farmers and Mechanics Savings
Bank has been listed as 26th among
the 100 largest mutual savings banks
by the National Association of Mutual
Savings Banks. The bank has de
posits of $135,008,054.
REAL ESTATE VALUES
By E. W. KIECKHEFER
HONSEY,
(Continued from pa ge 24)
S p e cia l C o rre sp o n d e n t
N orth w estern
are being paid off constantly, yet our
total of farm loans and mortgages have
shown a small, rather steady increase
as have our total loans. Though good
farm prices have paid off many farm
loans, our loans paid as compared to
renewed keeps about the same as for
many years, being about 75 per cent
paid when or before due and 25 per
cent renewed.
"While we formerly aimed to keep
our mortgages down to about $50
an acre, we have more recently gone
as high as $75 in a few cases where we
thought we had reason to expect sub
stantial reductions in the first year or
two. Such reductions have already
taken place in some cases. In loans
on financial statements we now feel
that we should not count on the equity
in a farm valued near its current price
and mortgaged for half or well toward
that figure.
“Likely land prices will go a little
Banker
Bigelow, St. Paul, remembrance ad
vertising firm.
The Federal Reserve reports that
cash farm income in the Ninth dis
trict this year probably will approxi
mate last year’s record high level,
more than three times the 1935-39
level, and farm mortgage debt in the
district January 1st was estimated at
1940 level and in comparison with the
$627 million, $200 million below the
1923 peak of $1,745 million.
Richard J. Johnson, of Jackson, Min
nesota, for a number of years a clerk
in the First National Bank has accept
ed an appointment on the staff of na
tional bank examiners with head
quarters in Minneapolis.
Minnesota hank debits for the first
seven months of 1946 were $9,793,561,000, according to the Federal Reserve,
an increase of 13 per cent over the
same period a year ago. July debits
were 19 per cent above the same
month last year.
S e t A ji t U
*7 b e
S in c e 1 9 1 2
First Edina State Bank was high
bidder on $150,000 in school bonds of
the Edina-Morningside school district,
offering a premium of $375 on 1.25 per
cent bonds maturing serially in 1 to
15 years. The issue comprises the
only debt of the school district, which
has an assessed valuation in excess of
$3,500,000. Three investment firms and
another Minneapolis bank competed
for the issue.
th e
M id U u -c u f.
g r e a t M id w a y
Our
v a r io u s
to
'd b i i t s i i c t
th is b a n k h a s f a i t h f u l l y a n d c o n s t r u c t iv e ly s u p p o r t e d
c o n tin u e d
b e fo r e
f
g ro w th
D is tr ic t
of
d ep a rtm e n ts
serve
our
d is c u s s t h e ir f in a n c ia l
in d u s tr y
. . . has
are
b e tte r
c u sto m e rs,
a ffa ir s
and
grow n
w ith
w ho
b u s in e s s
w it h
e q u ip p e d
are
in
S t.
P a u l’ s
it .
now
a lw a y s
th a n
ever
w e lc o m e
to
u s.
THE MIDWAY NATIONAL BANK
of St. Paul
UNIVERSITY AVE. at SNELLING
R.
C. Lilly, chairman of the board of
the First National of St. Paul, has
been elected a director of Brown &
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Federal Reserve Bank of St. Louis
Member Federal Deposit Insurance Corporation
N o r t h w e s t e r n B a n k e r, S e p t e m b e r , 1946
82
M in n eso ta N e w s
V
higher before they go lower. A good
level 160 acre prairie farm, with aver
age improvements, in our vicinity cur
rently sells for about $225 to $240 per
acre. Within two years, with more,
better and cheaper farm equipment,
more service men established on
farms, farm production in Europe and
Asia much increased over the present,
I look for a substantial reduction in
the prices of farm products and farm
land. However, while I expect farm
prices will make an unsatisfactory in
come for city owners of farm land, yet
my guess is that farm operators who
want the advantages of farm owner
ship and farm homes, will keep the
price of land from going below a level
of $175 to $200 per acre for a good
farm as described above, compared to
the present $225 to $240. I hope this
is not wishful thinking.
“ If inflation takes land prices con
siderably higher than at present,
which I think already too high, I will
expect prices to later go lower than
the $175 to $200 level.
“This is all provided the administra
tion soon largely gives up its endeavor
to control our affairs and allows a re
turn to normal operation. Otherwise
I will attempt no guess.”
L. Li. liillibridge, president, Burke
State Bank, Burke, South Dakota:
“Up to date, the increase in real es-
I n v e s t m e n t S ervice
Fo r
Co r r e s p o n d e n t Ba n k s
Immediate availability of latest information on
all U. S. Government Securities is a part of our
service which correspondent banks find helpful.
As one of Chicago’s principal dealers in these
securities we are able to execute promptly
orders for purchase or sale. The new edition of
our handbook on Government Securities con
tains charts, tables and much other valuable
data. A copy will be gladly sent to you.
BOND
D EPARTM ENT
THE N O R T H E R N
TRUST COMPANY
50 S O U T H LA S A L L E S T R E E T , C H IC A G O 90, I L L IN O IS
tate values in this area has not affected
our loans and mortgages. While much
land has been sold, most of it has sold
on a cash basis, with a few unpaid
balances being financed by the Federal
Land Bank.
While we carry some farm mort
gages, on a percentage basis, our vol
ume is not large and we have not, in
any case, attempted to increase our
loan values proportionately to the
raise in prices.
“As for the future of real estate val
ues, that is anybody’s guess. In our
particular territory, here in south cen
tral South Dakota, our present land
sale prices are still substantially below
the peak following World War I. They
are now beginning to approach the
prices received back in what was con
sidered the normal period of 1912-1914.
Generally speaking, however, from
comments we hear from land owners
and people in general operating in this
area, it is believed that our present
land sale prices are still out of line
when considering the average returns
for the past five or six years as com
pared to the return from other invest
ments.
“Also, by comparing our sale prices
with other sections of the country as
compared to the long-term averages
for both, it would appear that some
further increase might be expected.
“Town property, of course, is al
ready beyond its real value and is
much more extreme in that respect
than farm property. We are hoping
that prices might be made at about
their present level, which we believe
approaches the long-pull normal for
this area. However, we fear that that
might be wishful thinking on our
part.”
A
4
T
Y
G. I. QUESTION BOX
(Continued from page 26)
ferred, the loan sold, or default has
occurred and claim filed prior to re
ceipt of the check, what disposition of
the check should be made?
V
A. Notwithstanding any such even
tuality, the check will be sent to the
original lender whose responsibility
it will be to see that the proceeds are
endorsed on the note. In case the
loan has been paid in full the check
should be turned over to the veteran.
Q. Is a loan for the purchase of cor
poration stock eligible for guaranty?
M e m b e r F ed era l D e p o s it I n s u r a n c e C o r p o ra tio n
A. Yes, when the purchase of such
stock entitles the veteran to partici
pate in a substantial degree in the
control and management of the busi
ness and to some extent assures him
of permanent employment.
*
F
N o r t h w e s t e r n B a n k e r, S e p t e m b e r , 1946
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Federal Reserve Bank of St. Louis
C
Minnesota
Q. Is there a limit to the number of
veterans and non-veterans who may
join together in a business enterprise?
A. No. To engage in business means
taking an active part in the manage
ment and control of the enterprise.
As the number involved increases, it
becomes more difficult for the indi
vidual to meet this qualification. In
partnership loans the amount of guar
anty or insurance credit will be based
on the proportional interest the vet
eran has or may acquire in the prop
erty or business. In such cases a writ
ten partnership agreement should be
entered into and a copy thereof sub
mitted with the loan report.
Q. The question has been raised
relative to the accumulation of insur
ance credit, as follows: Does the lend
er’s insurance credit account decrease
in direct proportion to the payments
made on the loans held by the lending
institution; for example: the insur
ance credit on a $5,000 loan Avould be
$750; if loan is paid down to $4,000, has
the insurance credit for that loan de
creased to $000 automatically by rea
son of reduction of the loan?
A. The insurance account of a lend
er does not decrease in proportion to
N ews
83
the payments made on insured loans.
On a $5,000 insured loan, the insurance
account credit continues to be $750,
even though the loan has been reduced
by re-payments to $4,000.
Q. Does a late charge of 4 per cent
on any installment paid more than 15
days after due, as provided in Section
36:4311 (c) mean 4 per cent of the in
stallment past due or 4 per cent per
annum for the number of days over
due?
A. The late charge authorized by
Section 36:4311 (c) means 4 per cent on
each dollar of the amount of install
ment that is past due.
Q. Does the Doan Guarantee Officer
have the authority to adjust the rea
sonable value, as determined by an ap
proved appraiser designated by the
Administrator, in cases in which it ap
pears proper that an adjustment be
made?
A. In case of loans submitted by a
non-supervised lender, the Loan Guar
antee Officer has such prerogative. In
the case of supervised lenders, it is
obvious that under automatic pro
cedure, such authority cannot be exer
cised except in cases of mistakes in
*7Ite A m & U c a n lA Ja q ,
Banking Service for the Northwest
Our American W ay Services include the collec
tion of checks, notes, drafts, coupons, matured
and called bonds, also credit information and
the purchase and sale of government, state and
other securities.
Inquiries of every nature invited and promptly
...C IR C A 1510
The maker of this helmet had
a reputation. A business repu
tation is not accidental. It is
made up of honest service, fair
ness and dependability...all the
tangible and intangible factors
that mean the integrity of a
manufacturer.
The Todd supplies you buy
—whether they are checks, Protectograph checkwriters and
signers, pass books, or a dozen
other banking aids—give you
more protection than merely
good products made of metal,
paper, or ink. They give you
the extra protection of the in
tegrity of The Todd Company,
p rotection that has won the
confidence o f bankers for near
ly half a century.
TODD S E R V IC E S
AND P R O D U C TS
Super-Safety Checks
Pass Books and Check Covers
Todd “ Protectograph"
Checkwriters
Todd “ Protectograph" Check
Signers
Protod-Greenbac Checks
The ABC Payroll System
The Form-Master
answered.
O F F IC E R S
OTTO
H.
B.
L. H.
chairman
H U M A S O N . president
I C K L E R , trust officer
senior vice president
vice president
F R E D J. C O D E , cashier
asst, vice president
G.
BREMER,
J.
GUY
J. A .
C A V IT Z E L ,
JO H N SO N ,
E.
D A IL E Y ,
The A m e r ic a n N a tion a l B an k
ROCHESTER
SALES OFFICES IN
o f St. Paul
M E M B E R
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Federal Reserve Bank of St. Louis
F E D E R A L
D E P O S I T
I N S U R A N C E
C O R P O R A T I O N
D IS T R IB U T O R S
\jr
NEW YORK
PRINCIPAL CITIES
TH RO U G H O U T
THE
W ORLD
N o r t h w e s t e r n B a n ke r, S e p t e m b e r , 1946
84
M in n eso ta N e w s
ca lc u la tio n s , misrepresentation or
fraud. When loans are submitted for
prior confirmation by supervised lend
ers, the Loan Guarantee Officer has
discretionary authorities to make such
adjustments up to 5 per cent of the
amount of the loan when, in his mind,
the conditions are such as to justify
the change.
Q. Are loans for the construction of
temporary dwellings, such as a double
garage, a basement, or perhaps one or
two rooms of a home, to be finished
later, eligible for guaranty?
each case on its merits, keeping in
mind that it is not desirable to make
loans and issue guaranties on incompleted temporary structures that pro
vide a shelter, but may never be fin
ished. Should the applicant be able
to show that he has definite plans and
can assure the lender that he will
finish, within a reasonable time, his
building program, such loans are prac
ticable and will provide the applicant
with a roof over his head until such
time as building materials become
available in better quality and quan
tity.
A. Yes, but only as an emergency
proposition. The lender should weigh
Q. In cases as outlined in the pre
ceding Question and Answer, can the
veteran refinance such a loan at a later
date— say, within two or three years—
for the purpose of completing his
home without losing that portion of
his guaranty used in connection with
the first loan?
A. Subject to appraisal and the loan
being otherwise eligible, and provided
there are no intervening liens, with
the consent of the Administrator, the
existing mortgage may be released and
a new first mortgage taken securing
both the present note and the new
note, the point being that the present
loan may be given consideration along
with the additional funds required to
complete the home—both notes, old
and new, being secured by a new first
mortgage lien. # #
Streamline Stock Transfer
Robert W. Sprague, vice president
and trust officer of the National Bank
of Commerce of Seattle, Washington,
urged adoption by all states of ade
quate laws permitting banks and trust
companies to streamline stock transfer
procedure by holding assets of guard
ianships, estates and trusts in the
names of nominees.
The public gains through important
savings in time and money for bene
ficiaries by a substantial reduction in
the amount of documentary material
required in transfers of securities, he
told the 20th Regional Trust Confer
ence of the Pacific Coast and Rocky
Mountain States. Mr. Sprague said
the Washington legislature will be
urged to enact a suitable nominee law
at its next session.
A person making a will or trust
agreement has the right to grant a
trustee the authority to use a nominee,
he pointed out, but such granted pow
ers are more effective when supported
by statutory law. Recognizing the ad
vantages of the nominee plan, onethird of the states have enacted such
legislation in the last 10 years.
“Nominee registration fa c ilita te s
sales of stocks, gets proceeds more
quickly into the fiduciary’s (trustee’s)
hands, and on occasion may prevent
substantial market loss,” said Mr.
Sprague.
“When a sudden emergency arises
and a beneficiary is in urgent need of
funds, the sale of nominee-registered
securities can be completed promptly
and the money made available to him.
“ When the probate of an estate is
ended or a trust terminated, the nomi
nee plan permits quick transfer of
assets to beneficiaries and avoids long
delay which might otherwise be neces
sary.”
N o r t h w e s t e r n B a n ke r, S e p t e m b e r , 1946
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
85
F orem a n N a m es C om m ittees
L. C. Foreman, president of the
South Dakota Bankers Association and
president of the Corn Exchange Bank
of Elkton, has appointed the follow
ing men to standing committees as
shown:
Agriculture—John N. Thomson, Cen
terville: O. J. Boos, Howard; Julius
Bertsch, Fulton; E. Schouweiler, Veblen: Carl J. Odegard, Huron; E. B.
Dwight, Springfield, and G. A. McGarraugh, Sturgis.
Bank Management—Win. C. Rempfer, Parkston; J. M. Patton, Mitchell;
B. R. Laird, Tyndall; W. H. Jarmuth,
Vermillion; P. V. Olson, Chamberlain,
and C. J. Poshusta, New Underwood.
Legislation and Taxation—The ex
ecutive council.
Public Relations—C. H. Lockhart,
Watertown; H. N. Thomson, Presho;
W. K. Johnson, Estelline; L. L. Lillibridge, Burke, and Fred Lewis, Lem
mon.
Service to War Veterans— T. S. Harkison, Sioux Falls; H. R. Browning,
Rapid City; H. R. Kibbee, Jr., Mitchell;
C. I. Danforth, Yankton, and Earl F.
Nixon, Milbank.
In 45th Year
The First National Bank of Miller is
celebrating its 45th anniversary this
year. In honor of this occasion a red,
black and silver stamp, showing the
importance of the Hereford steer in
that locality during the existence of
this institution, is affixed to all of the
bank’s outgoing mail.
Officers of the bank, which is affili
ated with the First Bank Stock Cor
poration of Minneapolis, are A. B.
Cahalan, president; L. T. Jarmuth, vice
president; L. E. Weaver, cashier, and
L. Stechmann and D. A. Hylle, assist
ant cashiers.
to deposits of $156,320,301 six months
ago and $113,287,994 a year ago.
It was pointed out in the report that
South Dakotans have more money in
banks at present than at any time dur
ing the past decade and deposits are
still continuing to rise. The sharp in
crease in farm prices and wages during
the past six years was clearly reflected
in the amount on deposit at present,
which is five times more than the
$32,374,328 in time and demand depos
its on June 30, 1940. Little increase
in loans and discounts was recorded
since 1940.
S io u x
F a lls
N o te s
district
reported that bank debits in South
T
Dakota for July amounted to $138,HE Ninth Federal Reserve
388,000, or 133 per cent of those shown
for July, 1945. For the January-July
period debits were $868,397,000—128
per cent of the same period last year.
Lead, South Dakota, had 159 as the
best percentage record for the sevenmonth period.
C. A. Christopherson, chairman of
the board of directors of the Union
Savings Bank, Sioux Falls, is new
chairman of the U.- S. savings bonds
advisory committee for South Dakota.
He succeeds Walter H. Burke, Pierre,
who recently resigned. The Sioux
Falls banker was administrator of the
defense savings staff beginning in Oc
tober, 1941, and later of the war sav
ings staff. When the war finance divi
sion of the treasury department was
organized he became executive mana
ger in South Dakota.
Deposits Up Again
Glenn Howes, army veteran who had
been teller at the National Bank of
South Dakota in Sioux Falls, has been
transferred to the Huron branch of
that bank as auditor.
According to a report issued recent
ly by the South Dakota state depart
ment of banks, 133 state banks showed
total time and demand deposits of
$165,321,833 as of June 30th, compared
Six Twin Cities bankers and offi
cials of First Bank Stock corporation
visited in Sioux Falls as guests of
T. S. Harkison, president of the Na
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Federal Reserve Bank of St. Louis
tional Bank of South Dakota.
In the party were A. H. Kennedy,
president of First Bank Stock corpora
tion; F. S. Lytle, vice president of
First Service corporation, operating
affiliate of First Bank Stock corpora
tion; H. E. Atwood and Arthur H.
Quay, president and vice president,
respectively, of the First National
Bank of Minneapolis; Philip L. Ray,
chairman of the executive committee
of the First National Bank of St. Paul,
and Julian B. Baird, president of that
institution.
All these men, with the exception
of Mr. Quay and Mr. Lytle, are di
rectors of First Bank Stock corpora
tion.
Purpose of the group’s visit was to
renew acquaintances in Sioux Falls
and to obtain first-hand information
regarding trends in agricultural, busi
ness and residential development.
From Sioux Falls the men drove to
Vermillion and Huron. The National
Bank of Sioux Falls, an affiliate of
First Bank Stock corporation, has
branches at Vermillion and Huron.
Paul McKee, son of H. E. McKee,
vice president and manager of the
Gregory branch of the Northwest Se
curity National Bank, has been honor
ably discharged from the navy and
has accepted a position in the Brook
ings branch.
Employes of the Northwest Security
National Bank and their families, al
together 140 in number, enjoyed a pic
nic August 10th at the Izaak Walton
league’s clubhouse in Sioux Falls. The
Sioux Falls, Dell Rapids, Madison and
Brookings branches were represented
Dancing and other forms of amuse
ment were offered. This was the or
ganization’s fifth annual event of this
kind.
Officers and directors of the North
west Security National Bank in Sioux
Falls held a dinner party at the Min
nehaha Country Club in honor of
P. H. McDowell, who retired recently
as the institution’s vice president and
trust officer, and John P. McQuillen,
his successor. Thirty-four were in at
tendance. Von Luscher, vice presi
dent of Northwest Bancorporation,
Minneapolis, was present.
Ralph M. Watson, president of the
Northwest Security National Bank,
and Tom S. Harkison, president of
the National Bank of South Dakota,
were among Sioux Falls men who at
tended the dedication of the Shrine
hospital for crippled children in Win
nipeg, Canada. ’The ceremonies were
held August 23rd. On vacation and
N o r t h w e s t e r n B a n ke r, S e p t e m b e r ,
1946
86
Sou th D akota N e w s
accompanied by their wives, Mr. Wat
son and Mr. Harkison made a trip
from the Canadian city into northern
Minnesota.
Check Routing Symbol
Use of the check routing symbol,
which reduces and simplifies the work
of sorting checks among banks whose
checks are collected through the Fed
eral Reserve System, is increasing
rapidly, according to William A. Mc
Donnell, chairman of the Bank Man
agement Commission of the American
Bankers Association. The routing
symbol, which was introduced jointly
by the A.B.A. commission and the Fed
eral Reserve Bank in June, 1945, is
now in use by more than 8,000 banks.
Mr. McDonnell, who is also vice
president of the Mercantile-Commerce
Bank and Trust Company, St. Louis,
Missouri, said a report from the Fed
eral Reserve Banks shows that on
June 30, 1946, there were 7,868 or 65.7
per cent of the 11,973 banks which col
lect their checks through the Federal
Reserve System which have the rout
ing symbol printed on their checks in
the approved location. There are also
307 other banks which have the rout
ing symbol printed on their checks,
but not in the approved location.
The routing symbol is a series of
digits which indicates the Federal Re
STATEMENT OF CONDITION
N O RTH W EST SECURITY
N A TIO N A L BANK
serve district in which the drawee
bank is located, the Federal Reserve
Bank or branch serving the drawee
bank, and availability of the funds aft
er the check has been received by the
Federal Reserve Bank or branch. It
is to be printed immediately below
the bank’s A.B.A. transit number in
the form of a fraction in the upper
right corner of checks.
Use of this routing symbol on checks
reduces and simplifies the work of sort
ing by all banks and eliminates to a
large extent the bothersome problem
of missorts.
Becomes Vice President
W. Hubert Kennedy, Minneapolis
business man and investment counsel
lor, has been elected a vice president
of First National Bank of Minneapolis.
Mr. Kennedy took up his new duties
in the bank’s trust department last
month, continuing until then in his
of Si o ux Fal l s, South Dakot a
South Dakota’s Leading Batik
JUNE 29, 1946
R ESOURCES
Cash on Hand, in Federal Reserve Bank, and Due from Banks
and Bankers .......................................................................................... $ 8,129,636.99
U. S. Government Obligations................................................................. 25,148.804.80
State and Municipal Bonds........................................................................
1,019,975.23
Other Bonds and Securities.. .................................................................
898,689.86
_
, . _ J
„
$35,197,106.88
Stock in Federal Reserve Bank in Minneapolis................................................................
39,000.00
Overdrafts .......................................................................................................................................
2.315Í05
Loans and Discounts.................................................................................................................... 4 269 231 27
Banking Houses ....................................................................................................................................’272’,50o!oo
Includes Banking Houses at Sioux Falls, Brookings, Chamberlain, Dell
Rapids, Gregory, Huron and Madison, all clear of encumbrance.
Interest Earned but Not Collected.........................................................................................
128,010.22
TOTAL
................................................................................................................................... $39,908,163.42
L IA B IL IT IE S
Capital Stock— Common ............................................................................
Surplus .............................................................................................................
Undivided Profits and Reserves...............................................................
500,000.00
800,000.00
410,745.33
W . HUBERT KENNEDY
Elected a Vice President
_
,
$1,710,745.33
Reserve for Interest, Taxes, and Other Expenses.............................................................
225,434.44
Interest Collected but Not Earned.........................................................................................
15,752.64
Deposits:
Time ................................................................................................................ 6,114,084.69
Demand ......................................................................................................... 29,267,993.10
U. S. W ar Loan........................................................................................... 2,574,153.22
$37,956,231.01
TOTAL
................................................................................................................................... $39,908,163.42
BRANCHES AT
BR OOK INGS, C H A M B E R L A IN , D E L L R A P ID S,
GR EG O R Y, H U RO N , M A D ISO N
R A LPH M. WATSON
President
JOHN P. M cQUILLEN
Vice Pres, and Tr. Officer
J. VIR G IL LOWE
Vice Pres, and Cashier
A ffiliated with N orth w est B ancorporation
Mem ber Federal Deposit Insurance Corporation
N o r t h w e s t e r n B a n k e r, S e p t e m b e r , 1946
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
capacity as vice president and treas
urer of Justus F. Lowe Company,
Minneapolis investment counsel.
In announcing Mr. Kennedy’s elec
tion, Henry E. Atwood, president,
pointed to the frequency with which
the bank is called upon to represent
the interests of estates or trusts in the
operation or liquidation of business
enterprises, and indicated Mr. Ken
nedy’s business and investment expe
rience will supplement the bank’s fa
cilities in that field.
After service in World War I as a
major of field artillery, Mr. Kennedy
was associated for twenty years with
Wells-Dickey Company, Minneapolis
investment firm, serving as its vice
president and treasurer from 1931 to
1938.
87
North link olii
N EW S
C . W . B U R G ES
P residen t
E d g eley
New Williston Executive
Announcement was made last month
by Ben Bartz, vice president and cash
ier of the First National Bank of Wii
liston, North Dakota, that L. M. Larsen
of Wessington Springs, South Dakota,
had been engaged by the board of
C. C. W A TTA M
Secreta ry
Fargo
Mr. Bell was discharged July 26th
as a corporal, after having been sta
tioned at Camp Lejeune, North Caro
lina, about a year.
Fiftieth Anniversary
State Wealth Increases
North Dakota’s per capita cash
wealth has increased this year to $812,
with deposit figures in the state’s
banks at an all-time high for a fiscal
year-end report.
J. A. Graham, state bank examiner,
said that total cash deposits in North
Dakota banks increased more than
$95,000,000 during the past 12 months.
Deposits as of June 30th stood at $487,539,309 as compared to $392,529,246 in
1945 and $381,895,000 in 1944.
Mr. Graham explained that the $812
figure for per capita cash wealth was
exclusive of war bonds and other se
curities. It is assumed the state’s
population now stands at 600,000.
On State Bank Board
L. M . LAR SEN
Named Executive Vice President
directors to replace R. G. Rasmussen
as executive vice president of the
bank.
Mr. Larsen, 54 years of age, has had
many years of practical banking expe
rience and is highly recommended by
officials of several of the large bank
ing institutions in South Dakota. He
served as deputy superintendent of
banks in South Dakota two years and
one year as special bank examiner,
also operating his own bank several
years.
Mr. Larsen has announced that Jean
Emde has resigned as teller and assist
ant cashier and Raymond Bell, recent
ly discharged Marine Corps veteran,
has been employed as teller and assist
ant cashier.
Mr. Bell was with the Montana-Da
kota Utilities Company offices in Wii
liston for a year and a half, before
going with the American State Bank
where he was assistant cashier for five
years before his enlistment July 27,
1945, in the United States Marine
Corps.
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Federal Reserve Bank of St. Louis
an initiated measure to require banks
to clear checks at par.
Mr. Hall said he found only 9.698
acceptable signatures on the petitions,
302 fewer than the 10,000 needed to
place the measure on the general elec
tion ballot.
The petitions were filed by Fritz
Nelson of Grand Forks, who claimed
more than the necessary 10,000. Mr.
Hall said several of the petitions were
signed by persons giving Minnesota
addresses.
There will therefore be two initiated
measures a n d o n e constitutional
amendment on the general election bal
lot.
Governor Fred G. Aandahl has re
appointed R. M. Stroup of Hazen, to
the North Dakota banking board for
a five-year term.
Mr. Stroup had served on the board
since last July when H. C. Bowers
resigned from the board to take over
management of the Bank of North
Dakota.
Joins Minot Bank
Union National Bank of Minot,
North Dakota, has added a new vice
president, W. D. (Bill) Johnson, to
its officials. Mr. Johnson has been an
officer of the First State Bank of Cando, which is affiliated in the First Bancorporation with the Union National.
Mr. Johnson’s home was in Minne
apolis, and he formerly worked for
the First National Bank in Minneap
olis. He went to Cando in 1934, be
came a cashier there in 1938. He also
was for six months examiner for the
First Bank Stock Corporation. He is
married and has one son.
Reject Par Check Petition
North Dakota’s Secretary of State
Tom Hall has rejected petitions for
On August 26th the Foster County
State Bank of Carrington, North Da
kota, celebrated its fiftieth anniversary
with an appropriate celebration. Offi
cers are: J. C. Hoffert, president, who
has been with the bank continuously
thirty-six years; Guy Cook, cashier,
with thirty-three years’ service, and
May Scott, assistant cashier, with
twenty-five years of service. A prize
was given to the customer bringing in
the oldest check issued by himself and
the depositor with the oldest deposit
slip or pass book issued to him.
Foi'ffo N ew s
director of the
U. S. savings bond division, treas
V
ury department, who recently visited
ERNON L. CLARK,
North Dakota to confer with state sav
ings bond officials, spoke at a meeting
of bond workers in Fargo urging the
purchase of bonds as a means of com
bating inflation.
“By diverting surplus income to sav
ings bonds until goods are plentiful
citizens are performing a patriotic
service and are also benefiting them
selves,” he declared. “ The time will
come when the consumer dollar will
talk a great deal louder than it does
now.”
Mr. Clark reported more than $15,000,000 in savings bonds sold in North
Dakota in the first six months of 1946.
William C. Sweeney of Fargo, North
Dakota, chief bookkeeper for Mer
chants National Bank and Trust Com
pany before his entry into the navy in
1941 and examiner for First Bank
Stock corporation, Minneapolis, since
his discharge from the navy in No
vember, 1945, has resigned to enter
business for himself in Fargo.
Martin Fremstad, former assistant
cashier of First National Bank and
Trust Company of Fargo, North Da
kota, has resigned and has accepted a
position with Gate City Building and
Loan Association of Fargo.
N o r t h w e s t e r n B a n ke r, S e p t e m b e r , 1946
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Federal Reserve Bank of St. Louis
89
N e b ra sk a
NEWS
V. E. D O LP H ER
P resid en t
D avid C it y
CA R L G. SW A N SO N
S ecreta ry
will be given due consideration and
we welcome inquiries concerning your
project.
“ Let’s show the people of this com
munity just how many are in 4-H Club
work by putting this sign up imme
diately. The nails are in the package.
“Yours truly,
“Cozad State Bank,
“By W. E. Young.”
O m ah a
Nebraska Third
N eb ra sk a C on ven tion N ew s
Speakers and Committees Named
HE 1946 two-day state convention
of the Nebraska Bankers Associa
T
tion will be held in Lincoln on Friday
and Saturday, October 11 and 12, 1946.
General sessions and luncheon and
banquet will be held at the Cornhusker
hotel.
Representing the Lincoln banks and
acting as general chairman of the con
vention will be George W. Holmes,
president of the First National Bank;
Byron Dunn, president of the National
Bank of Commerce, and T. B. Strain,
president of the Continental National
Bank.
The program will include such out
standing men in industry, finance
and economics as T. Albert Potter,
Elgin, Illinois, president of the Elgin
National Watch Company; C. W.
Bailey, president of the First National
Bank of Clarksville, Tennessee, and
vice president of the American Bank
ers Association; R. G. Gustavson, new
chancellor of the University of Ne
braska; Otto Jeidels, vice chairman of
the general finance committee of the
Bank of America, San Francisco, Cali
fornia; Raymond D. Moley, associate
editor of Newsweek, New York City,
New York, and Dr. Kenneth McFar
land, superintendent of schools, To
peka, Kansas, who will be the speaker
at the banquet on Saturday evening,
October 12th. Lloyd J. Marti, mayor
of Lincoln, will extend an address of
welcome to the convention on the
morning of Friday, October 11th.
Entertainment features will include
a dance at the Cornhusker Hotel on the
evening of October 11th, and an asso
ciation banquet on the evening of Sat
urday, October 12th. A complete pro
gram of entertainment is being ar
ranged for the women which will in
clude a production by the University
Players. The women’s activities are
under the guidance of the women’s
committee, consisting of Mrs. Byron
Dunn, president; Mrs. E. U. Guenzel
and Mrs. Edward A. Becker.
In addition the general affairs of the
committee will be handled by commit
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Federal Reserve Bank of St. Louis
tees consisting of local bankers as
follows:
Arrangements — Albert A. Held,
chairman; C. W. Battey and Howard
Freeman.
Reception—Fred S. Aldrich, chair
man; William Strateman and Lyle F.
Stoneman.
Entertainment — Marshall Hewitt,
chairman; E. U. Guenzel and Edward
A. Becker.
Officers of the Nebraska Bankers
Association anticipate a large attend
ance of Nebraska bankers and their
wives, as well as representatives from
financial centers throughout the coun
try.
Supporting 4-H Club
The Cozad State Bank of Cozad, Ne
braska, is actively supporting 4-H
Clubs in Cozad and surrounding com
munities by giving every 4-H member
an attractive green and white sign for
the home which reads, “A 4-H Club
Member Lives Here.”
In commenting on this worthwhile
activity, W. E. Young, vice president
of the bank, says, “We have contacted
each club leader in this community,
asking him to call at the bank and get
one of these signs for each one of his
members, limiting one sign to a fam
ily. We, of course, tell him there is
no charge for the signs.
“ So far we have put out about 75
signs and think we will reach 125.
Many of the leaders have expressed
themselves as being very much in fa
vor of the idea and we think it is good
advertising.”
The letter accompanying each sign
reads as follows:
“Dear Club Member:
“We recognize the fine work you are
doing in this community by having a
4-H project. The experience and
knowledge you get from this work will
be beneficial to you for many years
to come.
“The policy of this bank is to be
of service to any person undertaking
a worthwhile project. Your problem
Leon J. Marham, state director, U. S.
Savings Bond Division, announced re
cently that Nebraska ranked third
nationally in percentage of sales of
Series E, United States Savings Bonds,
compared to redemptions of Series A
through E Bonds during the first six
months of 1946. In this period, E
Bond sales totaled $36,159,000, com
pared with redemptions of $26,609,000.
National Savings Bonds Director Ver
non L. Clark reported Americans
bought $139,057,000 more of U. S. Sav
ings Bonds during the first half of
July than in the first half of June.
Sales surged up 45.7 per cent above
the mid-June figures to reach $443,514,000, the best half month’s volume
since January, he said. “ It does not
take an economist to figure out from
these facts that Americans are con
vinced savings bonds are both profit
able and safe and not to be sacrificed
except in a real emergency,” Mr. Clark
said.
Joins Wakefield Bank
Donald Karlberg has been employed
as bookkeeper in the Wakefield Na
tional Bank of Wakefield, Nebraska,
according to word from A. L. Pospisil,
president.
Another bank employe,
Donella Ellis, has resigned and will
be married soon.
Tenth Anniversary
The Fairbury State Bank of Fairbury, Nebraska, celebrated its tenth
anniversary August 1st. Comparative
statements as of August 1, 1936, and
August 1, 1946, show that surplus and
undivided profits have gone from $14,999 to $57,305 and now exceed the capi
tal of $50,000. Deposits on opening
day were $50,726 and the most recent
statement shows deposits now as $3,491,946. Total assets in 1936 were
$115,725, and today they are more than
$3,605,250.
Officers of the bank are: Irl Else,
president; H. R. Dressier, vice presi
dent and cashier, and Harry Zweifel,
assistant cashier. Directors, in addi
tion to Mr. Else and Mr. Dressier, are:
A. J. Denney, J. W. Buswell, Harry
Benson, J. Harold Lynch, C. H. Mc
Gee and Guy J. Stewart.
N o r t h w e s t e r n B a n ke r, S e p t e m b e r ,
1946
90
N ebraska N ew s
Heads Fremont CED
William N. Mitten, president of The
Stephens National Bank of Fremont,
Nebraska, has been appointed Fremont
Community chairman of the commit
tee for economic development, it was
announced at New York by Walter
Fuller, president of the Curtis Pub
lishing Company and chairman of the
newty formed CED national informa
tion committee.
“Since the termination of activities
by its field development committee
earlier this year, CED has engaged in
an intensified program of responsible
research designed to encourage na
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Federal Reserve Bank of St. Louis
tional economic policies which will
lead to the maintenance of high levels
of production, distribution and em
ployment in this country,” Mr. Mitten
said.
“ It will be my objective to enlist
the interest of Fremont business men
and others who wish to associate them
selves in a common effort to create
better understanding of the facts and
principles underlying the nation’s eco
nomic problems. Only through better
public understanding will come the
new policies which will enable us to
avoid the boom and bust cycles which
have plagued the nation for so many
years,” he added.
Assistant Cashiers Named
The directors of the Crete State
Bank of Crete, Nebraska, have elected
Robert Belohlavy to the office of assist
ant cashier and placed him in charge
of G. 1. loans. Philip K. Collett has
also been made an assistant cashier
and heads the installment loan depart
ment which operates under the pro
visions of L. B. 43.
New Safe Deposit Boxes
The Nebraska State Bank of Valen
tine, Nebraska, recently installed one
hundred additional safe deposit boxes.
These are all excellent double key
boxes. E. C. Davenport, president,
said the bank had a long waiting list
for boxes.
John C. Railsback
John C. Railsback, mayor of Ashland
for 11 years and president of the Ash
land Citizens National Bank of Ash
land, Nebraska, died on his 90th birth
day recently.
Returns to Norfolk
Captain Paul Fulton, who recently
returned from Germany, has returned
to work at the National Bank of Nor
folk, Nebraska, where he was em
ployed before entering the service five
years ago.
Joins Holdrege Bank
William J. Wieman is a new addi
tion to the personnel of the First Na
tional Bank of Holdrege, Nebraska,
starting his training there last month.
Mr. Wieman is the third army vet
eran to enter the employment of the
bank. At the present time he is being
employed in the capacity of general
training and will eventually have the
job of assistant cashier, stated A. I.
Rauch, executive vice president.
Mr. Weiman recently received his
release from the army, after being
in uniform for three years. He en
tered the service as a private and
when receiving his discharge was a
first lieutenant. He was for a time
stationed near Holdrege at the At
lanta prisoner-of-war camp.
Increase Capital
A capital increase of $50,000 for the
First State Bank of Scottsbluff, Ne
braska, is reported by Roy Percival,
cashier.
T h e M o s t A c c id e n ts
“What part of the car causes the
most accidents?”
“The nut that holds the wheel.”
N ebraska N e w s
91
protection system has been sending
out “false alarms.”
The first one sent police patrolmen
in two cruiser cars hurrying to the
bank. A defect in the wiring was to
blame. A day later, police answered
another alarm from the bank, but it,
too, was a mistake. A short circuit
was blamed again.
BANK, postoffice, commercial
zones, parks and its own police
force are planned for the proposed
five-million dollar Golden Valley Hous
ing Project west of Omaha, which re
cently was given a tentative go-ahead
signal by the Omaha Planning Com
mission.
The Commission voted tentative
approval of preliminary plans for the
non-profit project, which would extend
from 96th Street to 108th Street be
tween Dodge and Pacific Streets.
Neil Averill, president of the Golden
Valley Co-operative Association, ex
plained the plans.
He said the project would include
about 550 houses in the 510-acre tract
and that average cost of the homes
would he about $6,500.
Construction probably will start late
next year or early in 1948, Mr. Averill
stated. Light, sewage and gas installa
tions will be in by that time, he ex
pects.
The Golden Valley Association has
24 members, Mr. Averill said.
A
Alvin E. Johnson, president of the
Live Stock National Bank of Omaha,
has returned to his desk after his first
real vacation in almost 40 years.
With members of his family, he
spent eight weeks at Lake Miltona,
Minnesota.
He fished a little, got sun-tanned,
f
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Federal Reserve Bank of St. Louis
“but mostly just took it easy,” he said.
The will of James T. Wachob, Omaha
investment banker who died recently,
was filed for probate in County Judge
Robert Troyer’s office early in August.
The will was probated with the res
ervation that the judge would not
make an immediate decision on figures
allegedly scratched out by Mr. Wachob
after the will was made.
When the will was drawn, Mr.
Wachob ordered that $50,000 be placed
in trust until a niece, Mrs. Walter
Covell of San Francisco, reached 35.
Later, the figures apparently were
scratched out and the sum was re
duced to $25,000. None of those who
shared the estate were Nebraskans.
Mr. and Mrs. Ray R. Ridge left for a
vacation at Jenkins, Minnesota. Mr.
Ridge is vice-president of the Omaha
National Bank.
James P. Ashby, 64, senior vice presi
dent of the Wachovia Bank and Trust
Company of Winston-Salem, North
Carolina, and brother of George F.
Ashby of Omaha, president of the
Union Pacific Railroad, died recently
of a heart attack.
The railroad president went by
plane to attend the rites.
The Omaha National Bank’s burglar
A feature story about Omaha women
who still have, in the attic, the color
ful parasols carried during the horseand-buggy days, included Mrs. Arthur
Li. Coad, wife of the president of the
Packers National Bank of Omaha.
One of the parasols was carried by
Mrs. Coad during Omaha’s Golden
Spike Days celebration several years
ago. It is a tiny black silk folding one
which belonged to her grandmother.
Another parasol stored at the Coad
home was brought to Miss Catherine
Ann Coad from Europe when she was
a small girl. It is a small white one,
with red and blue stripes and has a
matching purse and hat.
Omaha Chamber of Commerce com
mittees for 1946-47, announced by Ray
R. Ridge, Chamber vice-president and
chairman of the executive committee
and vice president of the Omaha Na
tional Bank, include:
Wallace Spear, trust officer of the
First National Bank of Omaha, mili
tary affairs; James J. Fitzgerald, Jr.,
speakers; R. Earl Langdon, public
affairs.
Omaha and Lincoln members of the
American Institute of Banking danced
and drank “kickapoo joy juice” at a
recent hillbilly party in the Fontenelle
Park pavilion at Omaha.
Judges awarded prizes for costumes
to the following: Miss Theresa Ghiringhello, first; Miss Christina McGaffin, second; Miss Dorothy Jerabek,
third; Lou Rarta, fourth.
irst National
Bank of
Omaha
Oldest National Bank From Omaha West
Member Federal Deposit Insurance Corporation
N o r t h w e s t e r n B a n ke r, S e p t e m b e r , 7946
92
N ebraska N ew s
V
Begins 60th Year
the present president, was elected
upon Charles Stuart’s death in 1938.
The Tilden Bank of Tilden. Nebras
J. J. Ryan, present vice president
ka, recently began its 60th consecutive and cashier, has been in the bank since
year of successful business.
1909. Dean Hales has been employed
It was back on July 23, 1887, when
at the bank since 1936 and is now
Tilden was still known as Burnett,
assistant cashier.
that James Stuart, A. J. Thatch, John
The present board of directors con
S. Crue and C. E. Burnham established
sists of J. R. Kinder, Lincoln; B. E.
the bank. It was first known as the
Graham and J. J. Ryan, Tilden; C. E.
Elkhorn Valley Bank, and James
Marquardt, Madison, and Charles H.
Stuart was its first president. In 1911
Kelsey, Norfolk.
the bank changed its name to the
In 1908, the earliest statement avail
Tilden National Bank and in 1940 it
able, deposits for the bank were $76,again reverted back to a state bank
333. The June 29, 1946, statement
and became The Tilden Bank.
showed total deposits of $1,548,844.
During the bank’s 59 years of opera
tion, it has had four different presi
dents. Upon the death of James Mrs. Kate Jackman
Stuart, his wife, Lillian A. Stuart, was
Mrs. Kate Jackman, mother of E. E.
elected to the post. Her son, Charles Jackman, president of the Farmers
Stuart, succeeded her, and J. R. Kinder, National Bank of Grant, Nebraska,
passed away recently. She was one
of the original stockholders in the
Farmers National.
I Here’s Your Daily 1FINANCIAL NEWSy
(loMfdete
J
¡ T h e Journal of Commerce
I gives you each day— and ar- •'
I ranged for fast and easy readI I j[ng — the follow ing impor- | |
1! tant financial news features: •• •;
1.
Complete New York Stock >•
ixchange stock and bond | |
quotations.
2-
Complete New York Curb j j
quotations.
|§§
• :3 .
The most complete Unlisted
Securities quotations any
where published — over
1500 each day.
(I
4-
Utility News Summary.
5-
Railroad News Summary.
Increase Capital Stock
H. D. Wells, vice president of the
First State Bank, Scottsbluff, Nebras
ka, reports that at a special meeting
of the stockholders the capital stock of
the bank was increased from $50,000
to $100,000. He said the action was
taken because of the increase in depos
its during the past few years and to
enable the bank to render an expanded
service to the community. The bank
has grown from $220,000 in 1938 into
a $3,000,000 institution at the present
time.
“ Our stockholders felt that we should
keep pace with the community,” Mr.
Wells said. “We believe in Scottsbluff
and are confident that the city and
community will make much progress.
We have plans under construction for
a larger and more modern banking
home, to be carried out when building
materials again become available.”
Deposits Soar
Cashier Gus Houfek, of the Security
Home Bank of Malmo, Nebraska, re
ports an increase in deposits from
June 30th of $552,168 to $682,403 as of
August 10th, an increase of $130,235,
due to marketing corn and some wheat
and live stock. Malmo, Nebraska,
boasts a population of 179.
Declares Dividend
The Bruning State Bank has de
clared a 100 per cent stock dividend
and increased capital stock from $25,000 to $50,000, according to word from
Fred H. Bruning, president of the
bank. Surplus now stands at $25,000.
Grant Cashier Married
F. W. Jackman, cashier of the Farm
ers National Bank of Grant, Nebraska,
was quietly married August 3rd at St.
Francis, Kansas, to Kathryn Andrew
of Holyoke, Colorado. After a brief
honeymoon to Yellowstone Park and
Denver, he returned to take up his
work in the bank. Mr. Jackman is a
returned veteran and for two years
was stationed in New Guinea.
E.
E. Jackman, president of the
Farmers National, and Mrs. Jackman
spent their vacation in Michigan with
their son Herbert, who is attending the
National Music School at Interlochen.
This
the
bank
accounts
bankers.
cordially
of
banks
and
D e p e n d a b le corre
spondent service in Lincoln.
fH plus feature articles and com- .
;• plete coverage of all financial
news of the day.
The
sen t
n e x t 7 8 is s u e s w i l l be
f o r $ 5 . If you are an
investor— y o u need th is n ew s
each d a y . S en d y o u r ch eck nou\
(ONTINENTAL RATIONAL
& 3aum al of Commerce |
|
|
N o r t h w e s t e r n B a n ke r, S e p t e m b e r , 1946
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Federal Reserve Bank of St. Louis
>->
invites
7 • Stock Market Trends
53
<
V
; . 6 - Industrial News Summary. §
NEW Y O R K
Park R ow . New York 15. N . Y .
1
& a/of- k
L IN C O L H
Member Federal Deposit Insurance Corporation
Y
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Federal Reserve Bank of St. Louis
93
Sound
Com
B
plete
S ervice
a n k i n g
Correspondent
Fa c i l i t i e s
O F F IC E R S
HERBERT
M.
BUSHNELL
ELLSW ORTH
President
M OSER
Executive Vice President
V IC T O R
B.
R IC H A R D
THOM AS
F.
CASPER
Y.
EDWARD
Vice President
CALDW ELL,
H.
M ALLORY,
M URPHY,
Vice President
OFFUTT,
W .
Assistant Vice President
LYM AN,
Assistant Vice President
HARRY
E.
ROGERS,
A U S T IN
L.
V IC K E R Y ,
Assistant Vice President
Trust Officer
HAROLD
T.
U E H L IN G ,
ARTHUR
D.
ANDERSON,
JA M E S
NELS
L.
L.
S H IE L D S ,
S H O L IN ,
Vice President
Vice President
Cashier
Assistant Cashier
Assistant Cashier
E L D R ID G E
C . M cE L H A N E Y ,
HENRY
P IE R P O N T ,
LEO
M.
B.
BROWN,
Assistant Trust Officer
Assistant Trust Officer
Comptroller
N o r t h w e s t e r n B a n ke r, S e p t e m b e r ,
1946
94
N ebraska
News
Heads New York Bank
The Continental Bank & Trust Com
pany of New York announced that
John K. McKee has been elected presi
dent and a member of the board of
directors of the bank, effective Septem
ber 1st. The announcement was made
by Frederick E. Hasler, chairman of
the board, who for the past year has
been serving as both chairman and
president of the bank.
Widely known in banking and indus
trial circles, Mr. McKee on February
1st last completed a ten-year term of
office as a member of the board of gov
ernors of the Federal Reserve System
in Washington. He began his banking
career in 1907 with the Peoples Na
tional Bank of Pittsburgh and has been
closely identified with the banking
profession since that time.
Mr. McKee entered public service in
1931 when he became associated with
the organization of the Comptroller
of the Currency. When the Recon
struction Finance Corporation was cre
ated the following year, he joined its
JOHN K. M cK E E
Is Elected President
official staff and is remembered in the
banking fraternity for the prominent
role he played in the preferred stock
program sponsored by the RFC during
the early thirties.
Lincoln
Wise parents take this precaution
LOCALS
There’s no better protection for the travel funds of
college and boarding school students than American
&VPUKS*
Express Travelers Cheques. For emergency use during
the term, too, they provide complete safety.
Many bankers find it helpful to obtain lists of students going
away to school and college, from their local schools. Then a
brief note or a word to the parents when they call at the bank,
can result in extra sales of these convenient, reliable cheques.
Magazine and newspaper advertising regularly supports the
sales of American Express Travelers Cheques. To tie in with it, a
wide choice of newspaper mats is available. Write for the folder
illustrating them and for any information you may need, to
- r HE NATIONAL BANK OF COMI MERGE, of Lincoln, observed its
44th anniversary last month.
The bank was founded August 4,
1902, with a capital of $50,000, and M.
Weil was elected president, and con
tinued until his death July 11, 1945.
Originally the bank stood on the
southeast corner of 13th and O, but
W . H. Stetser, Vice President, American Express Co., 65 Broad
way, N ew York 6, N . Y.
BANKS
Bought and Sold
Confidentially and with becoming dignity
American Express
Travelers Cheques
N o r t h w e s t e r n B a n k e r, S e p t e m b e r , 1946
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Federal Reserve Bank of St. Louis
BAN K EM P LO Y EES P LA C ED .
40 Y e a rs S a t is f a c t o r y S e rv ic e
THE CH A RLES E. W ALTERS CO.
OM AHA, N EB R A SK A
N ebraska N ew s
moved to its present location on the
northwest corner after a new building
was completed in 1927.
Because of the small amount of
space available during the early years,
the bank concentrated on building up
correspondent bank business, but after
locating in the new building sufficient
room was available for a larger vol
ume of individual accounts.
In 1945 the building was remodeled,
and additional facilities made avail
able for local business.
Present officers of the bank are
Byron Dunn, president; Albert A.
Held, executive vice president; Ernest
Folsom and Julius AVeil, vice presi
dents; Paul Bogott, cashier; Carl I).
Ganz, vice president and trust officer;
Glen Yaussi, vice president and assist
ant trust officer; Marshall Hewitt and
William Strateman, assistant vice
presidents; and R. E. Miller and Ted
Thompson, assistant cashiers.
At the close of business June 29th,
the bank’s statement showed total de
posits of $43,955,604.
Lincoln bank clearings reflected an
interesting trend with the activity for
July of 1946 totaling $25,136,132.67 as
compared with $19,099,492.19 last year,
according to the report of the Clearing
House association. The clearings took
a sizable leap over June of ’46 as well,
with the total for the previous month
amounting to $19,669,022.17.
The same parallel, officials declared,
was shown by the comparative totals
from January 1, through July of 1946
amounting to $150,260,666 while during
the same period in 1945 they amounted
to $128,914,174.
Deposits in Nebraska’s 282 state
banks hit a new all time high June 30
when they amounted to $334,006,685,
an increase of $11,862,653 over Decem
ber 31, 1945, it was reported by State
Banking Director L. Fred Peters.
The previous high was in 1925 when
deposits were $275,500,000.
On June 30, 1945 deposits were $261,960,097 and December 31, 1945 they
were $322,144,032. In this six month
period deposits increased $60,183,935.
Mrs. D. H. Griswold, mother of
Nebraska’s Governor Dwight Griswold
of Lincoln, Miss Vera Griswold of Gor
don and Mrs. Wayne L. Barker, now
in Panama, passed away last month.
Mrs. Griswold was the widow of the
late D. H. Griswold, long-time presi
dent of the First National Bank of
Gordon.
Y O U R S T A T E B A N K E R S A S S O C IA T IO N
O F F IC IA L S A F E , V A U L T A N D
T IM E L O C K EX P ER T S
F. E. DAVENPORT & CO.
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95
Doing a Retake
She K n ow s
“ I fainted. They brought me to.
So I fainted again.”
“W hy?”
“Well, they brought me two more.”
“My husband likes this hat so well
he doesn’t want me to quit wearing it.”
“ My husband won’t let me buy a
new hat either.”
A CORRESPONDENT
GEARED
TO THE N E E D S
OF THE A R E A
WE
SERVE
The F in i b i l i » nal Hank
St. Joseph, Missouri
Member Federal Deposit Insurance Corporation
ft
SEM'lfE”
A sk o u r large n u m b e r o f co r re s p o n d e n t
b an k s h o w w ell w e serve th em .
Let us serve you too.
I t A i i o m B a stk o t Co m m e r c e
L IN C O L N , N E B R A S K A
O F F IC E R S
A L B E R T A. H ELD
E x e c u tiv e V ic e P re sid e n t
E R N E S T C. FO LSO M
V ic e P re sid e n t
J U L IU S W E IL
V ice P re sid e n t
C A R L D. G AN Z
V ice P re s id e n t and T r u s t Officer
G LENN YAUSSI
V ice Pres, and A s s t. T r u s t Officer
M AR SH A LL H E W IT T
A s s t. V ice P re sid e n t
PAUL B O G O TT
C ashie r
W IL L IA M S T R A T E M A N
A s s t. V ice Pre sid e n t
R. E. M IL L E R
A s s t. C a s h ie r
T E D TH O M P S O N
A s s t. C ashie r
Member of Federal Deposit Insurance Corporation
OM AHA
N o r t h w e s t e r n B a n ke r, S e p t e m b e r , 1946
96
NO DELAY...
Item s R e c e iv e d A t N ig h t A re Sent Out
That SAME NIGHT!
There's certainly no time lost in our transit department. Night
and day— around the clock— twenty-seven employees keep
the transit wheels humming. It's no small staff because it's
no small job. That's why busy correspondents who want
action on RUSH BUSINESS use our continuous 24 hour transit
service more and more every day. In most cases, a day's
service is gained. There's no delay. Try it when you want
SPEED in clearance of items.
LIVE STOCK NATIONAL BANK
OMAHA, NEBRASKA
N o r t h w e s t e r n B a n k e r, S e p t e m b e r , 1946
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Federal Reserve Bank of St. Louis
M em ber F e d e ra l D ep osit In su ra n c e C o rp o ra tio n
97
The Mourn
Convention
60th A n n iv e r s a r y M e e tin g o f the Io w a
B a n k e rs A s s o c ia tio n
in D es M o ines on
S e p te m b e r 9 ,1 0 , and 11, w ith H e a d q u a r
te rs a t the H o te l F o rt D es M o in es.
The l Mro g ra m
F. L. S A W Y E R S
President, Iowa Bankers Association
P
R O G R A M an d e n te rta in m e n t a r
ra n g e m e n ts fo r th e 60th a n n u al
c o n v e n t io n o f th e Io w a B a n k ers
A s s o c ia tio n h a v e b e e n co m p le te d , and
th e la rg est r e g is tra tio n in th e h is to r y
o f th e o rg a n iz a tio n is e x p e c te d w h e n
th e first sessio n o p e n s in D es M oin es
on M on d a y , S e p te m b e r 9. T h e c o n v e n
tion ru n s fo r th re e days, S e p te m b e r 9,
10 a n d 11, w ith h ea d q u a rters an d all
m e e tin g s at th e H o te l F o r t D es M oin es.
A n o u tlin e o f th e p r o g r a m is as f o l
low s:
tion a l B a n k & T ru st C om p a n y ,
D es M oin es.
R e s p o n s e to a d d ress o f w e lc o m e ,
W . E. S h eld on , v ic e p re sid e n t
and trea su rer, Io w a B a n k ers
A s s o cia tio n ; p resid en t, H om e
T ru s t & S a v in g s B an k , O sage.
P re sid e n t a p p o in ts c o n v e n tio n
c o m m itte e s (a ) on reso lu tio n s;
(b ) a n y sp ecia l com m ittees.
10:30
Monday, September 9
A .M .
8:00
10:00
R e g is tr a tio n co m m e n c e s on the
m ezza n in e floor, H o te l F o r t Des
M oin es.
C o n v e n tio n ca lled to ord er, F. L.
S a w y ers, p resid en t, Io w a B a n k
ers A s s o cia tio n ; p resid en t, C en
te rv ille N a tion a l B ank, C en ter
v ille.
In v o c a tio n ,
R ev . M a rv in
O.
S a lisb u ry .
A d d re s s o f w e lc o m e , H . L. H o r
ton ,
p resid en t,
D es
M oin es
C lea rin g H o u s e A s s o cia tio n ;
p resid en t, Iow a -D es M oin es Na-
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Federal Reserve Bank of St. Louis
P re sid e n t tu rn s m e e tin g o v e r to
W . H. B ren ton . “ G. I. L e n d in g ”
and “ G. I. L o a n A p p ra isa ls.”
“ G. I. L e n d in g ,” W . H. B ren ton ,
ch a irm a n , “ C om m ittee o n S e r v
ice fo r W a r V e te ra n s U n d er
G. I. B ill” o f th e Io w a B a n k ers
A s s o cia tio n ; p resid en t, B re n to n
State B ank, D a l l a s C enter,
a m o n g o th e r Io w a ban k s.
R em a rk s, W m . B. N u g en t, m a n
ager, V e te ra n s A d m in istra tio n ,
D es M oin es.
“ S om e
L egal
an d
P ra ctica l
P r o b le m s in C o n n e ctio n w ith G.
I. L o a n s ,” E d w a r d E. O dom .
11:15
“ H o w to M ake M ore G. I. B u si
n ess L o a n s ,” R o g e r S teffan, v ic e
p resid en t, th e N a tion a l C ity
B ank, N e w Y o rk , N. Y.
S ession a d jou rn ed .
P.M .
1:30
1:45
2:15
2:35
3:10
C o n v e n tio n ca lled to ord er, W .
H . B ren ton , ch a irm a n , “ C om
m ittee on S erv ice fo r W a r V e t
era n s U n d er G. I. B ill” o f Io w a
B a n k ers A sso cia tio n .
“ S ettin g V a lu es on G. I. In v e s t
m e n ts,”
D.
H o w a rd
D oan e,
ch a irm a n o f b oa rd , D oa n e A g
ricu ltu ra l S erv ice, St. L ou is,
M issou ri.
“ S eein g th e G. I. L o a n fr o m
B o th S id es,” D an J. C on ley,
C o n le y an d L a m a r, R ea ltors,
S io u x C ity. M r. C o n le y is a G.
I. a p p ra iser fo r th e V etera n s
A d m in istra tio n .
“ R ea so n a b le V a lu es fr o m th e
S ta n d p oin t o f th e V etera n , th e
L en d er, an d th e A d m in is tr a to r ,”
A sa B. G rov es, a ctin g c h ie f, A p
pra isa l D iv ision , V e te ra n s A d
m in istra tion , W a s h in g to n , D. C.
S u m m a ry o f th e day, “ Q u es
tion s and A n s w e r s ,” W a lte r T.
R o b in s o n , Io w a L o a n G uaran(T u rn to page 99, please)
N o r t h w e s t e r n B a n ke r, S e p t e m b e r , 1946
Iowa News
ioum
Convention E xecu tive C om m ittee
P ictu re d h e re a re the D es M o ines b a n k e rs se rv in g on the E x e c u tiv e C o m m itte e
fo r th e 1946 C o n v e n tio n o f the Io w a B a n k e rs A s s o c ia tio n . T h e se m en, a p p o in te d
b y H e rb e rt L. H o rto n , P re s id e n t o f the D es M o ines C le a rin g H o u se A s s o c ia tio n ,
re p re s e n t the D es M o ines C le a rin g H o u se A s s o c ia tio n and its a ffilia te s.
H. L. H O R T O N
Chairman
President, Iowa-Des Moines Nat’ l Bank
E. F. B U C K L E Y
President
Central National Bank
B. F. K A U F F M A N
President
Bankers Trust Company
G. B. JENSEN
President
Des Moines Bank & Tr. Co.
F. M. M O R R ISO N
President
Valley Bank & Trust Co.
N o r t h w e s t e r n B a n ke r, S e p t e m b e r , 1946
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
R O LFE O. W A G N E R
President
Capital City State Bank
Iowa News
G. A. F R A M P T O N
President
Iowa State Bank
E. A. T Y L E R
President
First Federal State Bank
99
N. P. BLACK
Superintendent
Iowa Banking Department
O ther Convention Com m ittees
Pictured here are Frank R. Warden, vice
president o f the Central National Bank,
chairman of the Entertainment Committee,
and Edward P. Kautzky, vice president
o f the Valley Bank & Trust Company,
chairman of the Automobile Committee.
Members of the Entertainment Commit
tee are R. R. Rollins, vice president Bank
ers Trust Company; Raymond G-. Miller,
vice president Capital City State Bank;
Harold P. Klein, vice president Iowa-Des
Moines National Bank; and Winfield W.
Scott, vice president Valley Bank & Trust
Company.
Those serving with Mr. Kautzky on the
Automobile Committee are, Lehman Plum
mer, vice president Central National Bank,
and Albert W. Crossan, vice president Des
Moines Bank & Trust Company.
F R A NK R. W A R D E N
Chairman, Entertainment Committee
Vice President, Central National Bank
C O N V E N T IO N
PROGRAM
(Continued from page 97)
3:55
tee O fficer, V e te ra n s
tra tion , D es M oin es.
S ession a d jo u rn e d .
A d m in is
Monday Evening, September 9
Entertainment— For Both Men and
Women—Admission by Ticket Only
H ost, th e D es M oin es C lea rin g H ou se
F o r th e L a d ies
P.M .
6:00 D in n er, Y o u n k e r s T ea R oom .
https://fraser.stlouisfed.org
J Reserve Bank of St. Louis
Federal
E. P. K A U T Z K Y
Chairman Automobile Committee
Vice President, Valley Bank & Tr. Co.
7:30
R e tu rn
to
H o te l
F ort
Des
M oin es.
F o r th e M en
5:00 S ocia l H ou r, W a k o n d a Club.
6:00 B u ffet su p p er, W a k o n d a Club.
7:30 R e tu rn to th e H o te l F o r t D es
M oin es.
F o r B oth L a d ies and G en tlem en — E n
terta in m en t E x tra o rd in a ire !
8:00 Sharp! D o o r s to g ra n d b a llro o m ,
H o te l F o r t D es M oin es, w ill be
op en ed .
8:00 M usic.
8:15 P resid in g , H e r b e r t L. H o rto n ,
10:00
p resid en t, D es M oin es C lea rin g
H ou se A s s o cia tio n : p resid en t,
Iow a -D es M oin es N a tion a l B an k
& T ru s t Co.
In tro d u cin g , W o r l d F a m ou s
D u n n in g er, J osep h D u n n in g er,
N e w Y o r k C ity, th e M aster
M in d o f M od ern M y stery .
A d jo u r n m e n t.
Tuesday, September 10
A .M .
8:00
R e g is tra tio n c o n tin u e d on m e z
za n in e floor, H o te l F o r t D es
M oin es.
N o r t h w e s t e r n B a n ke r, S e p t e m b e r , 7946
Iowa News
100
9:00
P re se n ta tio n to th e p re sid e n t o f
th e iv o r y g a v el, M a x v o n S ch ra
der, p resid en t, U n io n B a n k &
T ru s t C om p a n y , O ttu m w a.
R e sp o n se , F . L. S a w y ers.
A d o p t in g re p o rts o f the A s s o c ia
C o n v e n tio n
ca lled
to
ord er,
P re sid e n t F. L. S a w y ers.
R em a rk s, V ic e P re s id e n t W . E.
S h eld on .
A n n u a l a d d ress o f th e p r e s i
den t, F. L. S a w y ers.
Convention Greetings
Officers and Directors of the First National
Bank in Sioux City extend warm greetings to
the Iowa Bankers Association and best wishes
for a successful 1946 convention.
As alw ays, we will be at the convention,
ready to cooperate at all times in the interest
of better banking.
A. G. Sam, President
Fritz Fritzson, Vice Pres, and Cashier
J. T. Grant, Vice President
E. A. Johnson, Assistant Cashier
H. H. Strifert, Assistant Cashier
J. R. Graning, Assistant Cashier
R. E. Gleeson, Assistant Cashier
W . F. Cook, Auditor
M EM BER
M EM BER
FEDERAL
RESERVE
FEDERAL
D E P O S IT
IN S U R A N C E
SYSTEM
C O R P O R A T IO N
t io n ’s c o m m itte e ch a irm en .
“ C o n v e n tio n ” o f Io w a A .B .A .
m em b ers.
R e m a rk s, C harles S. M cK in stry , A .B .A . v ic e p re sid e n t fo r
Io w a ; p resid en t, N a tion a l B a n k
o f W a te r lo o .
“ T h e V a lu e o f an A .B .A . M e m
b e r s h ip
to
an
Io w a
R u ra l
B a n k ,” F r e d E. B r e ck n e r, ca sh
ier, A m e r ic a n N a tion a l B ank,
A r lin g to n .
“ T h e V a lu e o f an A .B .A . M e m
b e r s h ip to L a r g e r Io w a B a n k s,”
M a x v o n S ch ra d er, Io w a A .B .A .
V ic e P re s id e n t 1943-44; p re sid e n t
U n io n B a n k & T ru s t C om p a n y ,
O ttu m w a; R. R. R ollin s , Iow a
A .B .A . V ic e P resid en t, 1942-43;
v ic e p resid en t, B a n k ers T ru st
C om p a n y , D es M oin es.
“ W h y A .B .A . M e m b e r s h ip ? ” R.
L. D o m in ic k , ch a irm a n , O rg a n i
za tion C om m ittee, A .B .A .; p r e s i
dent, T ra d e rs G ate C ity N a tio n
al B an k , K a n sa s C ity, M o.
E le c tio n o f Io w a A .B .A . officers.
A n y n e w o r u n fin ish ed bu sin ess.
Io w a A .B .A . m e e tin g a d jou rn ed .
10:45 “ B u y in g U. S. S a v in g s B on d s in
th e P o s tw a r P e r io d ,” R o g e r F.
W a r m , State D ir e c to r fo r Iow a ,
U. S. S a v in g s B o n d s D iv isio n ,
T r e a s u r y D ep a rtm en t, D es
M oin es.
“ T h e C h a n g e o v e r to P e a ce ,” C.
S. Y o u n g , p resid en t, F e d e ra l R e
se rv e B a n k , o f C h ica go.
11:20 “ D e fr o s tin g A m e r ic a ’s F r o z e n
A s s e ts ,” Ja m es D. A rrin g to n ,
ed ito r an d p u b lish e r, T h e C ol
lin s N e w s-C o m m e rcia l; m a y o r
o f C ollin s, M ississip p i.
11:55 S ession a d jo u rn e d .
9:45
TWENTY-SIXTH ANNUAL STATE
CONFERENCE
Of the Officers of the County Bankers
Associations
P.M .
1:15
*
*
*
★
/ff S /o u x C /fl/
★
*
*
C o n v e n tio n
ca lled
to
ord er,
g re e tin g s to th e C o n fe re n ce , F.
L. S a w y ers, p resid en t, Iow a
B a n k ers A s s o c ia tio n ; p resid en t,
C en te rv ille N a tion a l B ank, C en
terv ille .
R em a rk s, P eter B a iley , p re s i
den t, “ O rg a n iza tion o f O fficers
(T u rn to page 108, please)
Insurance Counselors to Banks
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Insurance problems? Consult us f eely at any time.
FIRST
N o r t h w e s t e r n B a n k e r, S e p t e m b e r , 1946
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Federal Reserve Bank of St. Louis
NATIONAL
BANK
BUILDING
S c a r b o r O
^
C O
• CHICAGO
U g h
O
I U p a n y
3
, ILLINOIS
• STATE
4 3 2 5
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Federal Reserve Bank of St. Louis
101
A Cordial Welcome
To Iowa Bankers
attending the
I.B.A. Convention
Make the Valley Bank
Your Headquarters
in Des Moines
W ALNUT AT FOURTH, DES MOINES
Frederick M. Morrison, President
Winfield W . Scott, Senior Vice President
J. R. Astley, Vice President
Edward P. Kautzky, Vice President
Roy E. Huber, Vice President
F. M. Thompson, Cashier
Ray L. Thompson, Asst. Vice President
Carl W . Altman, Asst. Cashier
George W . Gill, Asst. Cashier
M e m b e r
F e d e r a l
D e p o s i t
I n s u r a n c e
C o r p o r a t i o n
N o r t h w e s t e r n B a n ke r, S e p t e m b e r , 194 l
102
Iowa News
T h ey A r e Com ing to Etes M oin es
for the ionm Convention
M o re than 100 B a n k e rs from L a rg e Banking C e n te rs
P lan n in g to A tte n d H a w k e y e A n n u a l M e etin g
M
A N Y officers o f th e la rg er b a n k s
b o th in Io w a and o f co u rs e o u t
sid e its b o rd e rs, are p la n n in g
to a tten d th e 1946 c o n v e n t io n o f th e
Io w a B a n k ers A s s o c ia tio n w h e n it is
h eld in D es M oin es o n M on d a y , T u e s
d a y an d W e d n e s d a y , S e p te m b e r 9th,
10th and 11th.
T h e fo llo w in g is a list o f th o se b a n k
ers w h o h a v e r e p o rte d to th e N orth
w ester n
B anker th e ir in te n tio n o f
c o m in g to D es M oin es fo r th e c o n v e n
tion :
W e lch , p resid en t; and P a u l H. H u ston ,
v ic e p resid en t.
Cedar Rapids
City National Bank & Trust Com
pany: W . H. M iller, v ic e p resid en t;
Merchants National Bank: S. E.
C oq u illette, ch a irm a n o f th e b oa rd ;
J o h n T. H a m ilton , II, p resid en t; H. N.
B o y s o n , v ic e p resid en t; M a rv in R. Selden , v ic e p resid en t; and P e te r B ailey,
assista n t ca sh ier.
Peoples Savings Bank: F ra n k C.
Chicago
American National Bank & Trust
Company: O. P. D eck er, v ic e p r e s i
d en t; C h arles C. K u n in g , v ic e p r e s i
d en t; and W . O. K u rtz, Jr., assistan t
ca sh ier.
Central National Bank:
C arl F.
K u eh n le, p resid en t; H a ro ld H . S tou t,
s e n io r v ic e p re sid e n t; A r th u r A . E llerd ,
v ic e p resid en t; and E a rl H. S ollenb a rg er, s e co n d v ic e p resid en t.
an d L. K. B illin g s, a ssistan t v ic e p r e s i
den t.
Continental Illinois National Bank
& Trust Company: N o rm a n B. S h a f
fer, v ic e p resid en t; M erle G. G lan v ille,
s e co n d v ic e p resid en t; A r th u r J. F re y ,
assista n t
P a rk in .
ca sh ier;
an d
L ela n d
Drovers National Bank: G e o rg e A .
M a lcolm , p resid en t; D ale E. C h a m b er
lin, v ic e p resid en t; F ra n k M. C overt,
assistan t v ic e p resid en t; an d F . D.
C u m m in gs.
First National Bank: J. J. A n to n ,
v ic e p resid en t; J. H . G rier, v ic e p re s i
d en t; V . L. B a rtlin g , a ssistan t v ic e
p resid en t; L. F. W in te rh a lte r, assistan t
ca sh ier; an d V . C. v o n M edin g.
Harris Trust & Savings Bank: V in
ce n t Y a ger, v ic e p re sid e n t; an d C h arles
C arey, assista n t v ic e p resid en t.
Dive Stock National Bank: A . S.
B a gn all, v ic e p resid en t; P a u l T. B etz,
v ic e p resid en t; an d R e x V a n A lstin e,
assistan t ca sh ier.
Northern Trust Company:
C. M.
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Doane Agricultural Service, Inc.
Y o u S h o u ld H a v e It!
N o r t h w e s t e r n B a n ke r, S e p t e m b e r , 1946
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
C.
Box 603, 206 Plymouth Bldg.
Des Moines 9, Iowa
H o m e O ffic e — S t. L o u is
103
O
u
Throughout the existence of the Waterloo
Savings Bank we have tried faithfully to
make friendliness the outstanding charac
teristic of this institution. Our customers
tell us that we have succeeded and that
this IS a friendly bank!
r
This spirit is not the product of a day—
or a year— but the result of 44 years of
broad banking experience where the em
phasis has always been placed on per
sonal attention to the client's problems.
This type of correspondent service is avail
able at all times to bankers who desire a
Waterloo connection. W e invite you to
make use of it.
Y
e
a
r
Officers
H. G. N orthey , President
R. W . W aite , Vice President
C arleton Sias, Vice President
*T. J. M iller, Vice Pres, and Cashier
P. R. L a B arre, Asst. Cashier
V. S palding M iller , Asst. Cashier
WATERLOO SAVINGS BANK
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
W aterlo o, Io w a
Member Federal Deposit Insurance Corporation
Member Federal Reserve System
N o r t h w e s t e r n B a n ke r, S e p t e m b e r , 7946
104
Iowa News
O p e n e d f o r B u sin e ss O c t o b e r 15, 1934
Statement of the
IOWA S TA TE BANK & TRUST COMPANY
N elson , v ic e p re sid e n t and cash ier;
R o b e r t E. H u n t, assistan t cash ier;
J o h n V . H aas, assistan t cash ier; L ester
L. Siem s, assistan t m a n a g er b o n d d e
p a rtm en t.
Clinton
City National Bank:
B ru ce T o w n
send, p re sid e n t; and J o h n H. N issen ,
v ic e p resid en t.
Iowa City, Iowa
June 29, 1946
RESOURCES
Cash and Due from Banks..........................
Iowa City
$2,467,389.29
Iowa State Bank & Trust Company:
U. S. Bonds...................................................................................................... 7,516,845.00
Other Bonds and Securities...................................................................
73,957.00
CASH OR ITS EQUIVALENT.........................................................................................................$10,058,191.29
Loans and Discounts................................................................................................................ 2,538,677.71
Overdrafts ..................
152.25
Banking House ...........................................................................................................................
50,000.00
Furniture and Fixtures.............................................................................................................
15,000.00
$12,662,021.25
LIABILITIES
Capital Stock ....................................
Surplus and U ndivided Profits....
Deposits ................................................
State Treasurer Fuel Tax Fund.
Total Oeposits
..............................$
..............................
$9,912,582.50
. 2,462,583.99
.........................
150,000.00
136,854.76
B en S. S u m m e rw ill, p resid en t; W . W .
S u m m e rw ill, v ic e p re sid e n t; M. B.
G u th rie, cash ier; and W . F . S ch m id t,
assistan t cash ier.
Kansas City
City National Bank & Trust Com
pany: Jam es F. M cP h e rso n , cash ier;
and E w a r t H . B u rch , assistan t ca sh
ier.
Commerce Trust Company: F re d B.
B rady, v ic e p resid en t; and R ich a rd L.
D u n lap, v ic e p resid en t.
. 12,375,166.49
$12,662,021.25
OFFICERS
B un S. Su m m e b w ill , President
D r . E. M. Mac E w e n , Vice President
W. W . S u m m e r w il l , Vice President
M. B. Guth r ie , Cashier
W . F. S c h m id t , Ass’t Cashier
Ja s . H. S c h m id t , Ass’t Cashier
M. E. T aylor , Auditor
D IR ECTO R S
D r, E. M. Mac E w e n
R. J. B aschnagel
M. B. Guthrie
George A. T hompson
Gu y A. S tevens
B en S. S um m erw ill
W . W . Su m m erw ill
MEMBER FEDERAL DEPOSIT INSURANCE CORPORATION
Milwaukee
First
Wisconsin
National
Bank:
D on a ld A . H arp er, assistan t v ic e p re si
dent.
Minneapolis
First National Bank:
J oh n J. M a
lo n e y , assistan t v ic e p resid en t.
Marquette National Bank:
Lynn
F u ller, e x e c u tiv e v ic e p resid en t; and
C harles C. R ie g e r, v ic e p resid en t.
Midland National Bank: W . E .
B ro ck m a n , v ic e p resid en t.
Northwestern National Bank: A lto n
F. J u n ge, a ssistan t cash ier.
New York City
Bankers Trust Company:
W . E a rle
B la k eley , v ic e p resid en t; and T h om a s
E. Sim e, assistan t v ic e p resid en t.
Central Hanover Bank & Trust
Company: F. M. H a m p ton , assistant
secreta ry .
Chase National Bank: R o la n d C.
Irv in e , v ic e p resid en t; H. K. W a lla ce,
assistan t ca sh ier; L o u is J a co b y and
R. W . Y erg , re p re se n ta tiv e s.
Chemical Bank & Trust Company:
H u n tin g to n M. T u rn e r, v ic e p resid en t.
Continental Bank and Trust Com
pany: M ark B. P eck , v ic e p resid en t;
and R o b e rt G. L o ck to n .
IOWA • LITHOGRAPHING • COMPANY
FOUNDED
BY
GEORGE
H. RAGSDALE
515
•
TW ENTY
•
■
EIG H TH
E D W IN G. R A G S D A L E
SECR ETARY
STREET
D E S •M O I N E S
Q U A L I T Y *
E X P E R I E N C E
• S E R V I C E
Guaranty Trust Company: H erm a n
L. S ch w a rtz, assistan t trea su rer.
Irving Trust Company: R o b e rt C.
E ffinger, v ic e p resid en t; W illia m F e ick ,
v ic e p resid en t; and O rvil E. M iles,
assistan t se cre ta ry .
Manufacturers Trust Company: W il
liam B. W h itm a n , assistan t v ic e p re si
dent.
National City Bank; E d w a rd L.
C rabbe, assistan t cash ier.
Public National Bank & Trust Com
pany: J o h n T. B a rry , assistan t v ic e
p resid en t; and J e ro m e D. T w o m e y .
(T u rn to page 108, please)
N o r t h w e s t e r n B a n ke r, S e p t e m b e r , 1946
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
105
U
y
I-e
b u r e
A D J U S T O T ra y -B in d e r
"The Ledger Tray that has everything"
Tray CAPACITY and CONVENIENCE combined with ledger
binder SECURITY.
Sheets alw ays in CORRECT POSITION for posting and for
reference.
Corduroy non-skid bottom keeps sheets in PERFECT CONDI
TION and PREVENTS CREEPING.
CURLED SHEETS IRONED OUT by POSITIVE COMPRESSION
during over-night storage.
RECORDS ALW AYS READABLE, even with sheets locked in
to prevent unauthorized removal.
PREVENTS SNOOPING into confidential records by merely
removing key from locked tray.
PERFECT ALIGNMENT and OFFSET provided by adjustable
side rails.
SAVES VALUABLE SPACE. Made to fit your sheets. Econ
omizes floor and storage space.
Y ou'll
162
find
units
1E h E B U R E
as
Equipment
here
in daily
shown,
use in
used by
Banks
one
all
large
over
Mid-west
America
Bank
>
Illustration shows ADJUSTO Tray-Binder and Posting Stand equipped with three Check File Drawers
See our d is p la y o f M o d ern Bank E q u ip m e n t a t th e I.B .A . C o n ve n tio n
»
H o te l F o rt D es M o in es, S e p te m b e r 9, 10 and 11, 1946
Also at meeting of the Nebraska Bankers Assn., Hotel Cornhusker, Lincoln, Neb., Oct. 11 and 12, 1946
SOLD DIRECT FROM MANUFACTURER TO USER
è
I E t*E B U R E
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
CORPORATION, Mfrs., c e d a r
r a p id s , io w a
N o r t h w e s t e r n B a n ke r, S e p te m b e r. 1946
106
A d v ertisem en t
Iow a "R o ll o f H o n o r” B anks
It is an honor to be listed among the H O N O R RO LL BANKS. It indicates that the
bank has SURPLUS and UNDIVIDED PROFITS equal to or greater than its capital
The banks listed on this page are some of the outstanding “Honor Roll ”
N O R T H W E S T E R N B A N K E R territory.
By
they have achieved this enviable position.
careful
management
Banks in the
and sound
banking
These banks will be especially glad to handle
any collections, special credit reports or other business in their communities which you
may entrust to them. Correspondence is invited.
TO W N
BANK
A ck ley ................................A ckley State Bank......................................
A k ron ..................................A kron Savings Bank..................................
A n am osa............................Citizens Savings Bank.............................
A ndrew .... ........................ ...Andrew Savings Bank.............................
A uburn.............
Auburn Savings Bank.............................
A udubon............................ F irst State Bank..........................................
Baldw in..............................Baldwin Savings Bank..............................
Bellevue............................First N ational Bank.................................
Bennett.............................. Bennett State Bank........ ..............................
Bloom field........................ Davis County Savings Bank................
Burlington....................... Burlington Savings Bank.....................
Burlington........................National Bank o f B urlington......................
Cantril............................... State Savings Bank......... .............................
Carlisle.............................. H artford-C arlisle Savings Bank.............
C arroll................................Com m ercial Savings Bank............... ..........
Cedar R apids...................F irst Trust & Savings Bank....................
Cedar R apids...................United State Bank....................................
Centerville....................... Centerville N ational Bank...........................
Charles C ity....................F irst Security Bank & Trust Co..........
Clarence............................ Clarence Savings Bank.................................
C olfa x ................................ F irst N ational Bank
................... ...........
C orning............................. O key-Vernon N ational Bank....................
Council Bluffs................. Council Bluffs Savings Bank
...............
Dallas Center................. Brenton State Bank.....................................
Des M oines...................... Bankers T rust Com pany.............................
Des M oines.............. ....... Valley Bank & Trust Com pany..............
D avenport.................. ......F irst Trust & Savings Bank....!............
D ike.....................................Iow a Savings Bank......................................
D onahue............................ Donahue Savings Bank.................................
Dubuque............................Am erican Trust & Savings Bank............
E ldridge............................. Central Trust & Savings Bank.................
Elkader..............................Central State Bank............................... .......
Fairfield............................. F irst N ational Bank in Fairfield..........
F arley .......................... ...... Farley State Bank..................................
Farnham ville.... ...............Security Savings Bank..............................
F ort M adison................... Lee County Savings Bank.........................
G alt..................................... Bank o f G alt....................................................
G arner.............. .................Hancock County National Bank............
Grand M ound................... Union Savings Bank.............................. ......
Grundy Center................ Farm ers Savings Bank...............................
H a m p ton ..........................F irst National Bank....................................
H edrick.............................. Hedrick Savings B a n k ..................... .......
H ornick.................. ........... State Savings Bank...................................
H um boldt.......................... The First National Bank in Humboldt
H um eston..........................Citizens State Bank.................................
Indianola........................... Peoples Trust & Savings Bank..................
Ionia............... - ..................Ionia Savings Bank.................................. .....
Iow a F alls.........................Citizens State Bank....................................
K iron .............................
K iron State Bank............ ........... ..........
Larchw ood.........................Security Savings Bank............... ............
Laurens......................... . The Laurens State Bank............................
L isbon.................................L isbon Bank and Trust Co........................
L uxem burg__ ___ __ ___ The Luxem burg Savings Bank .............. ..
M cClelland................ ....... McClelland Savings Bank................. .........
M adrid................................City State Bank............................................ .
N o r t h w e s t e r n B a n k e r, S e p t e m b e r , 1946
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
O F F IC E R
....H. S. Lekw a...................... ..
—H. E. Gossard.....................
...Leo J. W egm an__ ___ ____
....Eber V. Flint....__ _______
....H. C. Bruns.......................
....A. A . K ruse_____________
__..C. A . H arding.....................
....Herm an J. K ueter___ ____
....J. G. E n gel............................
...Ed W . Shaw ..........................
....W esley H. Sw iler........... .
....Thomas L. D yer...............
....H. D. K oenecke.... ..... ........
....G. D. Schooler......................
....Francis T. M aher..............
....Frank J. D vorak.................
....Charles K riz.... .....................
....S. H. M ehrhoff......................
...W m . A . H erbrechtsm eyer.
....E. C. Hasselbusch............. .
....Charles M. Stinson.............
.—B. P. St. John.... ....... .....
....B. A. G ronstal..................
...Lindley Finch ........ ......
...Richard R. R ollins...............
...Frank M. Thom pson..........
—F. A . Johnson........................
...Lee Chandler......................
... W alter E. Paustian__ ___
...A. L. V o g l..............................
... R obert J. Tank...................
—R. L. Jipson.._______ _____
—Glenn A. Sherman...............
—F. S. F errin g ................. ......
—O. W . M adson........................
—L. A . Russell...... .......... ......
—E. C. F ord...............................
—W . L. B a g g s______________
—L. J. S totesbery...................
—A . V. Dieken.... ......... ...........
—J. M. B oots........... ....
- C . G. M iller............................
—E. S. F itzgerald.............. .....
—B. B. W a tson ........................
-Geo. R. Garton.................. .
—W . N. G rant___ ______ ____
—D. H. D udley........................
—L. C. Jorgensen___ ___ ___
- C . E. Dahl........................... .
—R. W . W y an t.... ..... ....... .......
—E. B. Pannkuk..________
- H . W . Sizer................ ............
—F. X. H einrichs............... .
...L. W. B arnes.........................
—L. M. Lanning....................
C A P IT A L
$
50,000
30.000
60.000
25.000
25.000
50.000
25.000
50.000
30.000
40.000
100,000
200,000
25.000
50.000
50.000
100,000
50.000
100,000
100,000
50.000
50.000
80.000
150.000
100.000
1,000,000
200,000
200,000
25.000
30.000
250.000
50.000
50.000
100.000
25.000
25.000
100,000
5,000
50.000
25.000
30.000
100,000
26.000
15.000
50.000
25.000
100,000
25.000
50.000
25.000
25.000
50.000
50.000
15.000
20.000
25,000
SU R PLU S
P R O FITS
$
81,000
32,661
139,311
33,710
25.088
145.000
49,769
67.000
49,043
90,344
378,043
336,929
53,216
66.000
123,523
135,293
123,213
161,118
244,261
57.000
85,897
86,993
724,388
123,839
2,632,167
478,629
249,510
30,600
51.089
489,806
90,480
66,250
136,932
53,887
66,204
141.000
8,000
61.500
49,825
60,220
131,181
42,199
23.000
250.000
44,416
212,303
30.000
110.000
27,538
35,371
88,136
63,585
20,349
23,589
56.500
107
A d v ertisem en t
Iow a
"R o ll
o f Ranks
It is an honor to be listed among the H ON OR RO LL BANKS. It indicates that the
bank has SURPLUS and UNDIVIDED PROFITS equal to or greater than its capital
The banks listed on this page are some of the outstanding “ Honor R oll” Banks in the
N O R T H W E S T E R N B A N K E R territory. By careful management and sound banking
they have achieved this enviable position.
These banks will be especially glad to handle
any collections, special credit reports or other business in their communities which you
may entrust to them.
TO W N
BANK
M anchester.......................Farm ers & M erchants Savings Bank..
M ason C ity...................... United Home Bank & Trust C o...........
M echanicsville.................M echanicsville Trust &Savings Bank
M errill................................Farm ers State Bank............. ......................
M issouri V a lley.............. First N ational Bank..............................
M ount V ernon................. M ount Vernon Bank & Trust Co..........
M uscatine...................... ... M uscatine Bank and Trust Co....... .........
N evada...............................Nevada National Bank..........................
N evada.............................. State Bank & Trust Com pany................
N ew London.....................Iowa State Bank................ ............... ....
New Sharon......................Taintor Savings Bank.......................... ......
N ew ton.............................. Jasper County Savings Bank..................
Onslow ................................Onslow Savings Bank...............................
Osage................................. O sage Farm ers National Bank________
Ossian.................................Ossian State B a n k ...............................
O ttum w a.............. ....... ......Union Bank & Trust Com pany..... ........
P alm er............ ................... Palm er State Bank............. ..............
P ella.... ..............................Marion County State Bank...... .................
P ella............ ....................... Pella N ational Bank..............................
P erry ....................... ........... F irst N ational Bank................................
P om eroy............................ Pom eroy State Bank............................ ..
P ostville.............................P ostville State Bank..............................
P rotivin .... ...... .................. Bohemian Savings Bank.............. ...........
Randall____
__ ______ Randall State Bank.....................................
Red Oak.............. ........... M ontgom ery County N ational Bank
R ippey................................F irst N ational Bank.. ........ ....... ...........
R ock F alls........................ Farm ers Savings Bank.................. ....
Rock V alley ......................Valley State Bank.................
................
Seym our............................ Saw yers Savings Bank......... .... .............
Shelby.................................Farm ers Savings Bank..............................
Sigou rn ey..........................K eokuk County State Bank.......................
Sioux C ity........................F irst N ational Bank..............................
Sioux C ity........................ W oodbury County Savings Bank.....
Soldier.... ........ .................. Soldier Valley Savings Bank.....................
Spencer...............................Clay County N ational Bank....................
Spencer...............................Farm ers Trust & Savings Bank...........
Spirit Lake....................... F irst National Bank in Spirit Lake__
S pragueville.................... Farm ers Savings Bank..............................
Stacyville.......................... Stacyville Savings Bank................. .........
Stanw ood........................... Union Trust & Savings Bank.......
.....
Teeds G rove.....................Teeds Grove Savings Bank.......................
T ipton .................................Tipton State Bank...................... ....
T oledo............................. National Bank o f T oledo............................
T reyn or.............................. T reynor State Bank...................................
V entura..............................Ventura State Bank........................... ........
W a lford ............................ .Farm ers Savings Bank ............................
W a terloo......................... National Bank o f W a terloo.......
W aterville......................... Farm ers & M erchants Savings Bank...
Wei Is bu rg ....................... Peoples Savings Bank............................
W esley.............. .................E xchange State Bank.................................
W est Branch .................. F irst State Bank........................
W est U nion......................The F irst N ational Bank...........................
W illiam sburg................... Security Savings Bank................
W in terset.......................... Union State Bank.........................
W y om in g .......................... Citizens State Bank......................... ..........
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Correspondence is invited.
C A P IT A L
O FFIC E R
..J. J. B u rbridge..........
,.R. A. P otter................
..John Carville..............
..M. 0 . N elson............. .
-F . C. Burke....__ _____
-D. U. Van M etre........
B. L. M cK ee................
..L. R. B assett__ _____
_H. T. F aw cett............
,.C. H. Carlson............
..O. H. Pathoven..........
.R ay O. B ailey............
..Geo. H. Paulsen..........
..E. A. H eiden..............
..Fred J. F ig g e ___ ____
.C. P. Glenn.................
H. O. Beneke..............
_K. H. Bean.................
.M ortim er Goodwin....
..H arry T. E dw ards___
,.W. K. W iew el____ __
..W. A. K neeland..........
-W. C. D ostal..............
.J. H. Brekken.............
.W endell E. Strom .....
.Clark B a rd o le _______
.R. V. W ilkinson.........
J. P. Schutt............ .
F. L. Saw yers...............
L. O. Stoker.... ............
B. D. H elscher.............
.F ritz F r it z s o n ___ ___
.A . R. M iller................
.D. H. H alverson____
.A . E. A n derson ..........
-K. R. T uttle................
.J. R obert Cornell___
W. L. W h ite.................
.A . J. Heim erm an.... .
.Carl H. Haesemeyer.
.John Thomsen, J r.....
.Dale H. Sm ith.............
.A sa Thom as.................
.J. M. G ronstal..... .......
.Law rence L. Bless.....
.M. C. Erusha_______
.A . J. Burk...................
C. V. N elson...............
G. H. Ballard...............
.John H utchison...........
.L. C. Rum m ells______
.C. W . G rim es...............
-D. J. Lew is............ .......
.IT. L. Pauli.. ...............
Ralph L. O rth ...........
75,000
100,000
25,000
25,000
50,000
50,000
125,000
54,000
50,000
25,000
50,000
100,000
20,000
100,000
35,000
300,000
18,000
25,000
50,000
100,000
25,000
50,000
30,000
25,000
50,000
25,000
10,000
35,000
25,000
25,000
50,000
400,000
100,000
20,000
100,000
100,000
50,000
20,000
25,000
50,000
25,000
100,000
80,000
25,000
25,000
20,000
250,000
25,000
25,000
30,000
25,000
50,000
50,000
50,000
25,000
SU RPLU S
PR O FITS
122,000
204,898
50,000
34,000
55,927
103,278
472,027
148,000
74,000
39,500
70,000
466,000
47,552
169,243
87,606
761,065
23,571
52,557
144,211
120,457
46,000
79,972
35,000
37,699
97,855
55,522
13,702
110,375
33,532
68,791
76,562
436,000
337,500
58,000
186,800
168,858
69,850
39,649
32,162
70,000
28,000
150,000
123,579
36,439
26,000
30,000
581,623
30,000
50,569
31,429
93,829
84,920
57,109
91,127
77,000
N o r t h w e s t e r n B a n ke r, S e p t e m b e r , 7946
108
Iowa N ew s
m en t; and
ca sh ier.
M o in eF rasn k
T hey
A re
Conti n y to
fo r th e Mown Convention
Omaha
Omaha
J. F. M cD e r
m ott v ic e p resid en t; C. D. S au nders,
v ic e p resid en t; E. F. J ep sen , assistan t
c a s h ie r,
John
L a u ritzen ,
assistan t
c a s h ie r; and C arl B loom .
Live Stock National Bank: A lv in E.
J o h n s o n , p resid en t; H e n r y C. K a rp f,
-vice p resid en t; R . H. K ro e g e r , v ic e
p resid en t; P a u l H an sen , v ic e p re sid e n t
;and ca sh ier; W , D ean V o g e l, v ic e p r e s i
den t; W a d e R. M artin, v ic e p resid en t;
H . H. E c h te r m e y e r , v ic e p resid en t;
C h e ste r G, P ea rson , a ssistan t ca sh ier;
L. V. P u llia m , a ssista n t ca sh ier; and
A lb e r t R. S tellin g, a ssistan t cash ier.
IOWA
St. Joseph
assistan t ca sh ier.
First St. Joseph Stock Yards Bank:
National
Bank:
R id g e, v ic e p resid en t; and
C h a n g strom , v ic e p resid en t.
R ay
John
R.
A.
Stock Yards National Bank:
J oh n
J. M cC u m b er, v ic e p re sid e n t and ca sh
ier; and C h arles M a silk o, assistan t
ca sh ier.
United States National Bank:
A us
tin L. V ic k e r y , assista n t v ic e p r e s i
d en t; and N els L. S h olin , assistan t
ca sh ier.
T h o m a s J. M cC u llou g h , v ic e p re sid e n t
and ca sh ier.
St. Louis
First National Bank:
Union Bank & Trust Company: M ax
v o n S ch ra der, p resid en t; J. C. B la ck
fo rd , m a n a g er p e rso n a l loa n depart-
BANK
Des Moines, Iowa
Mercantile-Commerce Bank & Trust
Company: L e o D. K e lly , v ic e p r e s i
den t; E d w a r d E. M arsh all, assistan t
v ic e p resid en t; and J o h n H . M eikle.
Mississippi Valley Trust Company:
W . J. H ein , v ic e p resid en t; and M. C.
H oo k , Jr., assista n t v ic e p resid en t.
First National Bank:
A . G. Sam ,
p resid en t; F r itz F ritz s o n , v ic e p r e s i
den t; an d J. T. G rant, v ic e p resid en t.
Live Stock National Bank: C. L.
F re d rick s e n , p resid en t; a n d M. A.
W ils o n , v ic e p resid en t.
Security National Bank: C. R. G os
sett, p resid en t; an d B. M. W h e e lo c k ,
v ic e p resid en t.
Toy National Bank: R a lp h R. Brub a ch er, p resid en t; an d E . E . E rick s o n ,
v ic e p resid en t.
Waterloo
Our constant endeavor is to render such
service that our customers are willing to
recommend this hank to their friends.
National Bank of Waterloo: C harles
Out-of-town bankers are always welcome.
W E A R E G R O W IN G
Total Deposits June 29, 1946..................................... $6,018,064.08
S. M cK in s try , p resid en t; R . L . P en n e,
v ic e p resid en t; A . J. B u rk , ca sh ier; and
R. L . K ilg o r e , a ssista n t ca sh ier.
Waterloo Savings Bank:
R. W .
W a ite, v ic e p re sid e n t; J. J. M iller, v ic e
p re sid e n t an d ca sh ier; F. R. L a B a rre.
assista n t ca sh ier; a n d V. S p a ld in g
M iller, assistan t ca sh ier. # #
Five Years Old April 16, 1946
C O N V E N T IO N
One of Iowa’s Most Progressive Banks
G. A. Frampton
o f C o u n ty B a n k e rs A s s o c ia
tio n s ” ; se cre ta ry , L in n C ou n ty
B a n k ers A s s o c ia tio n ; assistant
ca sh ier,
M erch a n ts
N ation al
B an k , C edar R apid s.
A p p o in tm e n t o f com m ittees.
Hugh N. Gallagher
A. E. Sargent
M e m b e r F e d e r a l D e p o s it I n s u r a n c e C o r p o ra tio n
Bank Stationery Headquarters
PROGRAM
(Continued from page 100)
D IRECTO RS
Wm. A. Broquist
George O’Dea
F ra n k F u ch s,
assista n t v ic e p resid en t.
Sioux City
Ottumwa
STATE
assistan t
First National Bank: V e r n P. M ey er,
(Continued from page 104)
First National Bank:
P olla rd ,
for Nearly
50
Years...
W e specialize in printing municipal and other special bonds.
•
C usto m er C hecks
•
P o cke t
•
C o u n ter C heck s
•
L e tte rh e a d s and E nvelo pes
•
Bank D ra fts and N otes
Ask about CERCLA all-metal binding for customers' checks.
C hecks
•
S ta te m e n t Sh ee ts
•
L e d g e r S h e e ts
•
Deposit Slips
•
S ta te m e n t Fo ld ers
•
P ass Books
•
C heck C o vers
Write, phone or call for samples and prices.
AMERICAN Lithographing and Printing Co.
Third and Keosauqua Way
f t
N o rth w e s te rn B a n ke r, S e p t e m b e r , 1946
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
•
DES MOINES
Phone 4-8146
Iowa News
1:20
“ P resen t B a n k in g C o n d itio n s—
C h a rters an d L o a n s ,” H on . N. P.
B la ck , n e w ly a p p o in te d S u p e r
in ten d en t, D e p a rtm e n t o f B a n k
in g, State o f Io w a ; ca sh ier,
P e r r y State B an k ; p resid en t,
D allas C o u n ty S a v in g s B ank,
M in b u rn .
“ In v e s tin g B a n k F u n d s ,” R o b
ert C. E ffin g e r, v ic e p resid en t,
Ir v in g T ru s t C om p a n y , N e w
Y o rk , N. Y.
2:00
“ T r a in in g on th e J o b P ro g ra m
fo r B a n k s,” L in to n H a in er, D i
r e c to r o f V e te ra n s E d u ca tio n ,
State D ep a rtm en t o f P u b lic In
stru ctio n , D es M oin es.
“ O ur T r a in in g on J o b P ro g ra m
fo r an ‘O u tside F a rm R e p r e
s e n ta tiv e ’ ,” W . N. S h ellen b a rg er,
p resid en t, P o w e s h ie k C ou n ty
B a n k ers A s s o c ia tio n ; ca sh ier,
H a r tw ic k State B ank, H a rtw ick .
“ O ur T r a in in g on J ob P ro g ra m
fo r an A ssista n t C a sh ier,” E. B.
L e m e n , ca sh ier, N a tion a l B ank
o f R o c k w e ll C ity, R o c k w e ll City.
2:25
2:55
3:35
“ B ank
P u b lic
R e la tio n s — the
I.B .A . S ta tew id e ‘ S p o t’ R a d io
A d v e r t is in g P r o g r a m ,” E. F.
B u ck le y , ch a irm a n , P u b lic R e
la tion s an d E d u ca tio n a l C om
m itte e o f I.B .A .; p resid en t, C en
tra l N a tion a l B a n k & T ru st Co.,
D es M oin es.
“ H o w to D e v e lo p S till B etter
P u b lic R e la tio n s T o w a r d R u ra l
B a n k s,” H o w a r d C. S tep h a n y,
o u tsid e fa r m re p re s e n ta tiv e an d
a ssista n t ca sh ier, F ir s t N a tion a l
B an k , W o o d b in e .
D iscu ssion , “ A g r ic u ltu r a l C redit
S ch o o l fo r Io w a B a n k e rs ,” W m .
C. Y o u n g , m a n a g er, Office o f th e
State S a v in g s B a n k , B e d fo rd , at
C learfield; W ill A . L a n e, Jr., Se
c u r ity S a v in g s B an k , M a rsh a ll
to w n .
P a n e l d iscu ssio n , “ W h a t P art
S h ou ld ‘C attle F e e d in g ’ P la y in
F u tu re Io w a A g r ic u ltu r e an d Its
R e la tio n to Io w a S oil C o n s e rv a
t io n ? ” J u liu s A . R o h w e r , leader,
p resid en t, F a rm e rs State B ank,
S ch le sw ig ; F r a n k
H offm a n ,
ca sh ier, W e s ts id e State S a v in g s
B an k , W e s ts id e ; M. G. F a b riciu s,
o u tsid e f a r m re p re se n ta tiv e ,
O sage F a rm e rs N a tion a l B ank,
O sage; J u liu s F ro st, e x e c u tiv e
v ic e p resid en t, D e ca tu r C ou n ty
State B an k , L eon .
“ S om e P r o te c tiv e M ea su res to
T h w a r t P o s s ib le B a n k B u r g la r y
a n d B a n k R o b b e r y ,” R . W . N eberga ll, C hief, B u rea u o f In v e s
tig a tion , D e p a rtm e n t o f P u b lic
S a fety , D es M oin es.
“ T h e J u r is d ic tio n o f th e F .B .I.
in B a n k R o b b e r y M a tters,” E.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
109
V
Missouri Botanical Garden, in St, Louis, popularly known as
Shaw’s Garden, ranks second only to the famous K ew Gardens
o f England. It comprises a city garden o f about 75 acres, an
out-of-town extension o f more than 1,625 acres, and a tropical
extension at Balboa, Panama,
C o m p le te and efficient service for
other banks has been one of the im
portant services of the First National
Bank in St. Louis, through the years.
N7
FIRST N A T I O N A L BANK
IN ST. L O U I S
if
MEMBER
FEDERAL
DEPOSIT
hi
INSURANCE
CO RPO RA TIO N
Backed by years of experience, the First
Trust and Savings Bank has complete and
special collection facilities for the prompt
handling of all items in our vicinity.
Send us your items for special service.
FIRST TRUST and SAVINGS BANK
Davenport, Iowa
M EM BER F .D .I .C .
N o r t h w e s t e r n B a n ke r, S e p t e m b e r , 1946
110
3:55
4:05
4:06
Jowa News
E. K u h n el, S p ecia l A g e n t in
C harge, F e d e ra l B u rea u o f In
v e stig a tio n , D es M oin es.
“ T h e B a n k and A g e n t A u to
P la n ,” G. O. N elson , assistant
v ic e p re sid e n t a n d h ea d o f In
sta llm en t
L oan
D ep a rtm en t,
Iow a -D es M oin es N a tion a l B an k
& T ru s t Co., D es M oin es.
R e p o r t o f N o m in a tin g C o m m it
tee o f “ O rg a n iza tion o f O fficers
o f C ou n ty B a n k ers A s s o c ia
tio n s .”
S ession a d jo u rn e d .
P.M .
6:30 S harp! D o o rs to g ra n d b a llro o m ,
m ezza n in e floor, H o te l F o r t D es
M oin es w ill b e o p e n to all th ose
h o ld in g d in n e r tick ets.
7:45 E n d s th e d in n e r p eriod .
8:15 C u rtain tim e, th e g rea t m u sica l
co m e d y ,
“ O k la h om a ,”
KRNT
R a d io T h ea ter, T e n th an d P lea s
ant streets.
Important— Do not forget to bring
your theater tickets with you! No du
plicates available.
9:20
9:50
Wednesday, September 11
Tuesday Evening, September 10
D in n e r— T h e n to th e S h ow ,
“ O k la h o m a ”
9:00
A .M .
8:00
R e g is tr a tio n co n tin u e d on m e z
10:30
12:00
za n in e floor, H otel F o r t D es
M oin es.
C o n v e n tio n
ca lled
to
ord er,
P re sid e n t F. L. S a w yers.
E le c tio n o f I.B .A . officers.
R e p o r t o f r e s o lu tio n s co m m itte e .
“ P u b lic R e la tio n s in B a n k in g ,”
D ale B r o w n , p resid en t, F in a n
cia l A d v e r tis e r s A s s o c ia tio n ; as
sistan t v ic e p resid en t, N a tion a l
C ity B a n k , C lev ela n d , Ohio.
“ T h e D e v e lo p m e n t o f th e A to m
ic B o m b — U n lo c k in g N a tu re ’s
E n e r g y V a u lt,” M a jo r G en eral
L e slie R . G ro v e s, W a s h in g to n ,
D. C.
R e c e iv in g in v ita tio n s fo r 1947
co n v e n tio n .
A n y n e w o r u n fin ish ed b u sin ess.
N oon , A d jo u r n m e n t o f 60th A n
n u al C o n v e n tio n o f th e I.B .A .
V
4
W a ile s e r E le c te d P re sid e n t
w J e lc o m e .. . .
To DES MOINES
A nnouncem ent
w as
m ad e
last
m o n th o f th e e le c tio n o f E . L . W a ile s e r
as p re sid e n t o f th e F ir s t S e cu rity B an k
and T ru s t C o m p a n y o f C harles C ity,
Iow a . M r. W a ile s e r b e c o m e s th e th ird
p re sid e n t o f th e b a n k sin ce its o p e n in g
{■
The officers and. personnel of this
Bank extend a cordial and hearty
welcome to Iowa Bankers coming to
Des Moines in September for the 1946
convention of the Iowa Bankers Asso
ciation.
r
W e look forward with pleasure to
greeting friends and customers com
ing to Des Moines for this event.
You are invited to make this Bank
your headquarters while you are in
Des Moines. If there is anything we
can do to make your convention visit
more pleasant, please feel free to
call upon us.
CAPITAL CITY
S TA TE BANK
EAST LOCUST AT FIFTH STREET
tf-o-uwcLecL 1 8 7 8
Member Federal Reserve System
Member
Federal
Deposit
Insurance
Corporation
in 1903. H e s u cce e d s th e late M elv in
W . E llis, fo r m e r Io w a b a n k su p e r in
ten d en t.
In a d d itio n to n a m in g M r. W a ile s e r
to th e p re s id e n cy , th e b o a rd e lected
H a rla n M. E llis, p re sid e n t o f E llis &
E llis, In c., as ch a irm a n o f th e boa rd ;
R a y m o n d W . E llis, v ic e p re sid e n t o f
E llis & E llis as v ic e p re sid e n t o f the
ban k , and M rs. H. E lsie C alvert, v ic e
p re sid e n t an d s e c r e ta r y o f th e sam e
firm , as s e c r e ta r y o f th e ba n k . O ther
officers are M erten J. K lau s, v ic e p r e s i
d en t an d tru st officer; W illia m A . H erb r e c h ts m e y e r , ca sh ier, and R o b e r t L.
rr
E. L. W A L L E S E R
Heads Charles City Bank
i
4
N o r t h w e s t e r n B a n k e r, S e p t e m b e r , 1946
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
r
Iowa News
H a rd in g an d C lara A . S m ith , assistan t
ca sh iers.
W h e n M r. W a lle s e r jo in e d th e b a n k
in 1911 it w a s u n d e r th e m a n a g em en t
o f its first p resid en t, A . E. E llis. In
1919 he w a s ele cte d assista n t ca sh ier
an d it w a s in th e sam e y e a r th at M el
v in E llis b e ca m e th e b a n k ’s s e co n d
p resid en t, an office w h ic h h e h eld u n til
h is d ea th last sp rin g .
M r. W a lle s e r
w a s th en e le cte d ca sh ie r in 1923 and
b e c a m e v ic e p re s id e n t in 1932.
D ir e c to r s o f th e b a n k in clu d e J o h n
F . C h ristia n sen , p re s id e n t o f th e
C h a rles C ity W e s te r n R a ilw a y C om
p a n y an d p re s id e n t o f S h erm a n N u r
s e r y C om p a n y ; R a lp h W . Z a strow ,
sta te se n a to r an d a tto rn e y ; H. M. and
R . W . E llis, M r. W a lle s e r, M r. K lau s,
M r. H e r b r e c h ts m e y e r an d M rs. C al
v e rt.
P ro m o ted to C a s h ie r
A t a re ce n t m e e tin g o f th e b o a rd o f
d ire cto rs , C h arles M. S tin son , fo r m e r ly
a ssista n t ca sh ier, w a s e le cte d ca sh ier
o f T h e F ir s t N a tion a l B a n k o f C olfa x ,
Iow a . H . E . B ell, e x e c u tiv e v ic e p r e s i
d en t, h eld th e title o f b o th p r io r to
M r. S tin s o n ’s ele ctio n .
W ith De W itt Bank
T h o m a s J. N eessen , Io w a F alls,
Iow a , w a s r e c e n tly e n g a g ed b y the
D e W it t B a n k an d T ru s t Co., o f De
W itt, Iow a , to su cce e d A . F . D eke,
fo r m e r a ssista n t ca sh ier, w h o resig n ed
111
sev e ra l m on th s a g o to en ter th e in s u r
a n ce an d rea l estate field.
P a y s S to ck D iv id e n d
A t a sp e cia l s to c k h o ld e r s m e e tin g
J u ly 16th th e a rticle s o f th e T ip to n
State B ank, T ip to n , Iow a, w e r e a m e n d
ed to in cre a se th e ca p ita l and su rp lu s
a cco u n ts to $100,000 ea ch th ro u g h th e
issu a n ce o f a s to c k d iv id en d .
T h is is th e th ird s to ck d iv id e n d
sin ce 1941 w h e n th e ca p ita l and su r
p lu s w e r e $35,000 each . T h e b a n k still
has u n d iv id e d p rofits o f $50,000 so has
h ad o v e r a 300 p er cen t in crea se in
R e jo in s F o n d a Bank
W a y n e B. R o w la n d , fo r m e r ly a sso
cia te d w ith th e F ir s t N a tion a l B a n k o f
F o n d a , Iow a , h as b e e n re -e m p lo y e d b y
th a t ba n k , a c c o r d in g to an a n n o u n c e
m en t fr o m A . M. K u h l, ca sh ier.
M r. R o w la n d w a s d is c h a r g e d fr o m
th e A r m y a fte r b e in g sta tion ed in
v a r io u s p a rts o f th e U n ited S tates and
A la sk a .
H e le n S c h o o n has a lso b e e n e m
p lo y e d as a b o o k k e e p e r in th e F ir s t
N a tio n a l B a n k o f F on d a .
TH E DROVERS N ATIO N AL BANK OF CHICAGO
Will be rep resen ted at the fo rth c o m in g
a n n u a l c o n v e n t io n
o f the
IOWA BANKERS ASSOCIATION
by
Welcome
G eorge A . M a lc o lm , P resid en t
H ale E. C h a m b e rlin , V ice-P resid en t
to
F ra n k M . C overt, A ss t V ice-P resid en t
Fred D. C u m m in gs, R epresen tative
Iowa
Bankers
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Members Federai Deposit Insurance Corporation
mmmmm
DROVERS NATIONAL BANK
DROVERS TRUST S SAVINGS BANK
U N I O N
S T O C K
Y A R D S ,
C H I C A G O
N o r t h w e s t e r n B a n ke r, S e p t e m b e r ,
1946
112
Iowa News
ca p ita l s tru ctu re d u r in g th e p ast five
j^ears w h ile d e p o sits h a v e in cre a se d
fr o m $1,300,000 to $3,600,000.
O fficers o f th e b a n k are J. W . E dg e,
p resid en t; G eo rg e R. G eller, v ic e p r e s i
den t; D ale H. S m ith, ca sh ier, an d L. D.
S u ch o m e l an d A . E. R u m b le , assistan t
ca sh iers.
N o w in Dixon, Illin o is
M a x V a n S coy , fo r m e r n a tion a l
b a n k e x a m in e r w ith su b -d istrict h ea d
A 2-Way Advantage
KANSAS
cuy
is the most centrally lo
cated large city in the nation — with
unexcelled facilities for quick communica
tions and rapid dispatch of business.
COMMERCE TRUST COMPANY provides
unequaled 24-hour transit service.
The
railroads, airplanes, telegraph, telephone
q u a rte rs at D a v e n p o rt, Iow a , w a s re
c e n tly ele cte d v ic e p re sid e n t o f the
C ity N a tion a l B a n k o f D ix on , Illin ois.
P r io r to a sso cia tin g w ith th e N a tion a l
E x a m in in g D iv isio n , M r. V a n S co y
h eld a p o s itio n w ith th e D es M oin es
office o f G en era l M o to rs A c c e p ta n c e
C o r p o r a tio n and h e ld officia l p o sitio n s
w ith th e F irs t F e d e ra l S tate B a n k o f
D es M oin es, T h e F ir s t N a tion a l B a n k
o f R ip p e y , Iow a , an d th e F a rm e rs N a
tio n a l B a n k o f A u re lia , Iow a .
K
S e ll Bank In te re st
O w n ersh ip o f T h e S o ld ie r V a lle y
S a v in g s
B ank
o f S old ier,
Iowa,
ch a n g e d h a n d s re c e n tly .
Dr. E. C.
J u n g e r an d th e J. C. J o h n s o n h eirs
h a v e sold th e ir m a jo r in te re st in the
b a n k to R o y S ev e rso n , D w ig h t G or
ham , O. S. N ord a k er, D. H . H a lv e rso n ,
Ole G. N o r b y an d C ly d e E. D ick in son .
T h e n e w o w n e r s are fa rm e rs and b u s i
n essm e n o f th e S o ld ie r c o m m u n ity .
D r. J u n g e r and th e J o h n s o n in te r
ests h a v e o w n e d 181 o f th e 200 sh ares
in th e b a n k fo r n e a r ly fo r t y y ea rs.
N e w officers o f th e b a n k w ill b e R o y
S ev erson , p resid en t; D w ig h t G orh am ,
v ic e p resid en t; O. S. N o rd a k e r, ca sh ier;
and D. H. H a lv e rso n , a ssistan t ca sh
ier.
are all sleepless servants of "O ld 18-1."
By private wire we are in touch with all
principal cities of the nation.
This bank
has more direct sending points than any
bank in the United States.
W e are ready
to serve you soon and often.
(pmmercejriist(ompany
Q o fiitc U tf-u ttc h £<,t.ceecL 2 0 M illio n jb o ila n A .
KANSAS. CITY'S LARGEST BANK
Established
1865
Ín SEUR ANC EEC O RAPO RAT?O N
V e te ra n J o in s U te Bank
H a ro ld K u n ze, fo r m e r ly a first lie u
ten a n t in th e U. S. M a rin e A ir C orps,
is n o w e m p lo y e d at th e U te State
B an k , Ute, Io w a . M r. K u n ze is w e ll
a cq u a in te d in th e v ic in it y and w ill
m a k e a v a lu a b le a d d itio n to th e staff
o f th e U te State B a n k , w h ic h n o w has
assets o f o v e r o n e m illio n dolla rs.
O fficers o f th e b a n k are M. B. R id d le,
p resid en t; F r e d M ah ler, v ic e p re sid e n t
an d W . L . T em p le, ca sh ier.
*-
r
R e a c h $1,0 0 0 ,0 0 0 R e so u rc e s
T h e L y o n C o u n ty State B a n k o f
R o c k R a pid s, Iow a , w h ic h op e n e d fo r
b u sin ess o n D e c e m b e r 15th last y e a r
has re a ch e d o v e r on e m illio n d olla rs
in re s o u rce s , a c c o r d in g to th e Ju n e
29th p u b lis h e d sta tem en t.
J o h n J. P o rte r, fo r m e r ly a state b a n k
e x a m in e r w ith h ea d q u a rters at S p en
cer, Iow a , in ch a rg e o f th e n o rth w e s t
te r r ito r y , is ca sh ie r an d m a n a g er o f
th e L y o n C o u n ty State B ank.
f
r
?
THE TOY NATIONAL BANK
Ideally Equipped to S erve
B oth In d u stry and C orrespon den t Banks
In the
heart
o£ d o w n t o w n
M em ber F .D .I.C .
Sioux
City
*
N o r t h w e s t e r n B a n ke r, S e p t e m b e r , 1946
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
r
Iowa News
A t L y n n v ille Bank
L. W . G au se has b e e n ta k en in to th e
b a n k staff at th e F ir s t S tate B a n k o f
L y n n v ille , Io w a , to re p la c e K . F . M cN iel w h o r e sig n e d to b e c o m e m a n a g er
o f a b r a n c h office o f th e F ir s t T ru s t
a n d U n io n S a v in g s B a n k at K e s w ic k ,
Iow a .
M r. G ause w a s d is ch a rg e d fr o m th e
U. S. A r m y last fall.
N a m e s N e w O ffice r
F r a n k C. L o c k e h as b e e n ele cte d
v ic e p r e s id e n t o f T h e F ir s t N a tion a l
B a n k in C reston , Iow a , to fill th e
v a c a n c y re s u ltin g fr o m th e d ea th o f
B ert T a llm a n last M ay, a c c o r d in g to
an a n n o u n c e m e n t fr o m A . E . J en sen ,
p resid en t.
M r. L o c k e has h a d 26 y e a r s o f b a n k
in g e x p e r ie n c e , h a v in g sta rted in th e
F ir s t N a tion a l B a n k in C reston in a
cle r ic a l p o s itio n an d later b e c o m in g
m a n a g er o f th e K e n t State S a v in g s
B a n k o f K en t, Io w a , w h e r e h e r e
m a in ed u n til h is e le c tio n as U n ion
C o u n ty tre a s u re r 11 y e a rs ago. H e w a s
th e o n ly ca n d id a te fo r re -e le ctio n to a
six th te rm w h e n h e re sig n e d to take
u p h is n e w b a n k p o s t A u g u s t 1st.
T h e F ir s t N a tion a l B a n k in C reston
is o b s e r v in g its D ia m on d A n n iv e r s a r y
th is y ea r, h a v in g b e e n o rg a n iz e d in
1871.
N e w L o h rv ille E m p lo y e
P a u l C lau ssen o f R ick e tts , Io w a , fo r
m e r ly e m p lo y e d b y th e Io w a S a v in g s
B a n k at C oon R a p id s, has a cce p te d a
p o s itio n w ith th e L o h r v ille S a v in g s
B an k , w h e r e h e started h is w o r k A u-
g u st 1st.
M r. C la u ssen is a fo r m e r
s e r v ic e m an, h a v in g b e e n in th e a rm y
fo r m o r e th a n th re e y ea rs. In a d d ition
to th e re g u la r b a n k w o r k , h e w ill h elp
w ith th e in su ra n ce and in c o m e ta x
d e p a rtm e n ts o f th e ban k .
B rie f Io w a N e w s
E rn e s t O sm u n d son , p re s id e n t o f th e
P e o p le s State B a n k o f T h o m p s o n ,
Iow a , is still b u r n in g th e g ra ss to p s
w ith su b par g o lf. I f y o u d o n ’t th in k
so, tr y h im ou t.
T h e W a lk e r S tate B a n k o f W a lk e r,
Iow a , has h it th e $1,000,000 m a rk in
th re e m o n th s o f o p e ra tio n . T h e b a n k
113
o p e n e d in M ay w ith a tota l ca p ita l o f
$49,500. O fficers are F . W . L in d a h l,
p re sid e n t and ca sh ier; F ra n k
W.
T a k es, v ic e p resid en t; and C arrie H.
L in d a h l, w ife o f th e p resid en t, a ssist
ant ca sh ier.
D ire cto rs are M r. L in
dahl, M r. T a k es, F. W . T em p lem a n ,
A . M. M cC rig h t and T h o m a s H. W ile y ,
w h o is also ch a irm a n o f th e b oa rd .
H e n r y Jan ssen , v ic e p re sid e n t o f the
F a rm e rs State B a n k o f D ow s, Iow a ,
to o k a th ree-d a y b u sin ess trip to M in
n esota w ith h is fa th e r last m o n th to
lo o k a fte r som e fa rm in terests. M r.
J a n ssen in ten d ed to d o som e fish in g
later on.
W-
\
Our Iowa O lili 1nnial
Pledge to You
Iowa is celebrating this year.
It is the 100th year
of statehood.
Iowa has cause to celebrate and rejoice.
For its
sweeping prairies of yesteryear— representing a 1000th
part of the earth's surface— today are regarded more
productive than any like area on the earth's surface.
G reelings
to
Iowa Bankers
+ * *
W e are glad to be a part of this great state.
The
faith we have in it is exemplified, in part, by our new
bank home, which was designed for the Iowa of today
and tomorrow. However, our service to correspondents
will continue to be of the helpful, neighborly sort— the
basis of all good business relationships. That is our
pledge to you as we move forward with the great state
of Iowa.
Des Moines Bank
and T r u s t Co.
310 Sixth Avenue
U of S io u x Cits? J E
Member Federal Deposit Insurance Corporation
G. B. Jensen, President
A. W. Crossan, Vice President
H. F. Gall, Cashier
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
N o r t h w e s t e r n B a n ke r, S e p t e m b e r , 1946
114
Iowa News
A
E d w a rd B o y k e n , ca sh ie r o f th e Titon k a S a v in g s B a n k o f T ito n k a , Iow a ,
to o k a m u ch n eed ed rest at C lear L a k e
last m on th . W o n d e r w h a t th at sn a p p y
T ito n k a b a ll tea m d id at first base
w h ile he w a s v a c a tio n in g ?
W illia m
B o y k e n , p re sid e n t o f th e ban k , M rs.
B o y k e n and th e ir tw o y o u n g e r son s
to o k a s ix w e e k s trip to th e w e s t coa st
v ia Y e llo w s to n e P a rk . D u rin g th e trip
th e y v isite d th e ir d a u g h te r and at
ten d ed h er w e d d in g .
T h e F ir s t N a tion a l B a n k at K lem m e,
Iow a , w a s r u n n in g o v e r w ith p a in ters
last m on th , d u rin g c le a n in g an d re-
d e c o r a tin g o f th e b a n k offices.
The
F a rm e rs & T ra d ers S a v in g s B a n k at
B a n cro ft, Iow a , w a s a lso b e sie g e d w ith
p a in ters w h e n s p rin g c le a n in g g o t a
late start du e to a sh o rta g e o f e x p e r i
en ce d labor.
V o lu n te e r P o lice F o rce
R o b e r t J. T an k , ca sh ie r o f th e C en
tra l T ru st and S a v in g s B a n k o f Eldrid g e, Iow a , re p o rts th at h is b a n k is
a ctiv e in th e su p p o rt o f a lo ca l v o lu n
teer p o lic e fo r c e o f s ix m en , k n o w n as
v ig ila n te s, w h o are fu lly q u a lified as
d e p u ty sheriff's. F o r m e r ly th e to w n
o f E ld rid g e , w ith a p o p u la tio n o f ab ou t
Forty-fourth Semi-Annual Statement
June 3 0, 1946
Folk County Federal Savings & Loan Association
511 Seventh Street, Des Moines 9, Iowa
Member Federal Savings and Loan Insurance Corporation
OFFICERS AND
d ir e c t o r s
.»— •
President
Chas. E. Wilson
Vice President
L. D. Ross
Executive V. P.
and Secretary
......................
Alice L. Hicks
Treasurer
Adair D. Ross
Assistant Secretary
\A/anH u M/uenr,
Ward H. Wilson
D. D. Staples
A S S E T S
First Mortgage Real Estate Loans.................................... $4,178 983 46
K f ¿
S
Itik M d S
t
?
W
H
i i m
:::::::
:::::::
Bid*: : : : : : : : : : : : : : : :
M ftti
U 'T o it
u. S. B o n d s ...............................................................N R
1,506;093:75
Furniture and Fixtures and Equipment and Office
Building ...................................................................
48 164 00
Deferred Charges...............................................
2,’71L48
1 152 84
Accounts Receivable ............................................................
Casl1 ..........................................................................................
324U43!75
W T7J7 am o«
$6,164,451.36
L I A B I L I T I E S
Shareholders’ Interest........................................ $5,252,839.63
Advances from Federal Home Loan Bank......
300,000]00
Other Liabilities ...................................................................
1,594.62
Mortgage Loans in Process....................................................
370,389.98
Dividends Declared But Not Paid.......................................
72,129.44
Reserved for Uncollected Interest.......................................
1,235.64
Federal Insurance Reserve...........................................
62,000.00
Contingent Reserve .................................................................
88,380.00
Real Estate Reserve...............................................................
7,721.34
Undivided Profits ..................................................................
8 ,i60.71
$6,164,451.36
325, h ad on e m arsh al, an e ld e rly m an .
N o w it h as th ree a ctiv e m a rsh a ls and
th ree o th e r v ig ila n te s in reserv e.
M eetin g s and ta rg et p ra ctice are held
ea ch m on th .
A t th e last m e e tin g a s c h o o l o f first
aid w a s g iv e n b y th e b r o th e r o f th e
c h ie f m arsh al, w h o w a s fo r m e r ly a
staff m e m b e r o f th e m ed ica l co r p s in
th e se rv ice . M r. T a n k says th e y b e
liev e m ost ru ra l co m m u n itie s la ck d e
sira b le p o lic e p r o te c tio n and th at a
g o o d v o lu n te e r p o lic e fo r c e , id e n tica l
to m a n y fine v o lu n te e r fire co m p a n ie s,
can be a step in th e r ig h t d ire ctio n .
O ther officers o f th e C en tral T ru s t
and S a v in g s B a n k are J. P. M cD o w e ll,
p resid en t, an d O tto E e m e g re e n , v ic e
p resid en t. B a n k sta tem en t tota ls re
c e n tly re a ch e d $3,000,000 an d th e
b a n k ’s sales o f U. S. b o n d s to c u s to m
ers e x c e e d $2,250,000. D ep osits w ith
th e b a n k tota l $2,700,832.
4
*r
S h o rte n s B ank's N am e
In r e n e w in g th e ch a rte r o f th e G old
field State B a n k & T ru s t C o m p a n y o f
G oldfield, Iow a , th e n a m e w a s ch a n g ed
an d s h o rte n e d to th e G old field State
B ank. T h e officers rem a in th e sam e,
and th e y are J o h n S. W h y te , presid en t;
R o b e r t S. W h y te an d Ole L erd a l, v ic e
p resid en ts, an d G. T. T a y lo r, ca sh ier.
N am ed A s s is t a n t C a s h ie r
C a rlton W . S c h r o e d e r has a cce p te d
a p o s itio n as assista n t ca sh ie r o f the
C itizen s State B a n k o f P o stv ille , Iow a.
M r. S ch r o e d e r w a s an en sig n in th e
N a v y , h a v in g se rv e d fo r 35 m on th s.
H e is a gra d u a te o f th e State U n iv e r
sity o f Io w a and p r io r to h is n a v y
s e rv ice , o w n e d and op e ra te d a c lo t h
in g store at P o stv ille .
A
r
O n -th e -Jo b T ra in e e
4Build Friendship and You Build Your Business '
T h e T hom as
D. M u rph y
G o.
Red Oak, Iowa
The Birthplace of the Art Calendar Industry
H o w a r d D. L o n g fe llo w , son o f J. F .
L o n g fe llo w , v ic e p re s id e n t o f th e B e d
fo r d N a tion a l B a n k o f B e d fo rd , Io w a ,
h as b e e n a ssocia ted th e p ast fe w
m on th s w ith th e N a tion a l B a n k o f
R o c k w e ll C ity in an “ on -th e -jo b ” v e t
era n s tra in in g p r o g r a m p r e lim in a r y to
h is a p p o in tm e n t as an officer o f th e
ba n k .
A fo r m e r D ra k e U n iv e r s ity
stu d en t, M r. L o n g fe llo w w a s an e m
p lo y e o f th e C itizen s S a v in g s B a n k o f
A v o c a p r io r to 44 m o n th s a r m y s e r v
ice.
>
r
Buy W e b b Bank
Indoor Billboards, Quality Art Calendars, Specialized Calen
dars, Art Blotters, Business and Social Greetings, Wood and
Mechanical Pencils, Leather and other timely Specialties.
N o r t h w e s t e r n B a n ke r, S e p t e m b e r , 1946
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
R. S. D a v is o f M ilfo rd , Iow a , an d J im
Y a g e r o f M o n tg o m e r y h a v e p u rch a sed
c o n tr o llin g in te re st in th e C itizens
N a tion a l B a n k o f W e b b , Iow a .
Mr.
D a v is h as ta k en o v e r a ctiv e m a n a g e
m en t o f th e in stitu tion .
O fficers o f th e b a n k b e fo r e sale o f
th e c o n tr o llin g in te re st w e r e H. C.
B ittin g er, p resid en t, and C. A . A n d e r
son, v ic e p resid en t.
a
Iowa News
J . R o ss L e e
J R o ss L ee, p re s id e n t o f th e O chsL a n e In v e s tm e n t Co. o f D a v e n p o rt,
Iow a , and p r o m in e n t in th e b a n k in g
a n d in v e s tm e n t field th e re fo r th e last
25 y ea rs, d ied o f a h e a rt a tta ck in h is
sleep at E stes P ark , C olora d o.
He
w a s 57 y e a rs o f age.
M r. L ee, h is w ife , D eE ld a, an d th eir
son , Joe, had b e e n v a c a tio n in g in C o lo
rado, as h as b een th e ir cu s to m fo r
m a n y y ea rs.
M r. L ee, fo r m e r v ic e p re s id e n t o f
th e G eo rg e M. B e ch te l Co., w a s c o n
n e cte d w ith th at firm fo r n e a rly 20
y e a rs u n til h is re sig n a tio n in 1932.
W h ile co n n e c te d w ith th e B e ch te l Co.,
h e w a s a c tiv e in th e b o n d h o u s e and
b a n k in g a ctiv itie s o f th e c o m p a n y .
A fte r le a v in g th e B e c h te l Co., M r.
L e e a ssu m ed th e p r e s id e n c y o f th e
O ch s-L an e In v e s tm e n t Co., o w n e r s o f
th e W h ita k e r b u ild in g , and c o n tin u e d
his a ctiv itie s in th e in v e s tm e n t field.
D u rin g the w a r and th e p e r io d o f
ra tio n in g , he w a s n a m ed fu e l o il “ c z a r ”
fo r th e S cott C o u n ty r a tio n in g b o a rd
pan el.
A c tiv e in c iv ic an d M a son ic
a ffa irs in th is area, M r. L ee, a n a tiv e
Iow a n , h ad r e s id e d in D a v e n p o r t sin ce
a y o u n g m an.
P a y T ru st C e r tific a te s
F u ll p a y m e n t o f r e m a in in g b a la n ces
o n th e tru st ce rtifica te s o f th e C om
m e rcia l S a v in g s B a n k o f C a rroll w ill
b e m a d e w ith in a sh ort tim e, R. M.
M oeh n , p re sid e n t o f th e ba n k , a n
n o u n c e d last m on th .
T h e d e c is io n to p a y th e re m a in in g
b a la n ce s w a s re a ch e d at th e an nu al
s to c k h o ld e r s m e e tin g h eld last m on th .
W h e n th e p a y m e n t is m ade th e h o ld
ers o f th e tru st ce rtifica te s w ill h a v e
r e c e iv e d 100 p er c e n t p a y m e n t o n th e
d e p o s its th e y had in th e b a n k at th e
tim e th e tru st w a s set up.
D ire cto rs ele cte d at th e s to c k h o ld e r s
m e e tin g w e r e M r. M oeh n , T a y lo r G uy,
W illia m G ross, R. H . L o tt an d F ra n cis
T. M ah er. T h e d ir e c to r s e le cte d M r.
M oeh n as p re sid e n t an d M r. G u y as
v ic e p re s id e n t o f th e b o a r d o f d ir e c
tors.
F r a n c is T. M a h er w a s n a m ed
ca sh ier.
Buys P rize 4-H B e e f
A t th e r e c e n t a u ctio n sale o f p rize
4-H c lu b b e e f at th e fa irg ro u n d s , th e
C itizen s State B a n k o f D on n elson ,
Iow a , b id 34c a p o u n d to b u y th e g ran d
c h a m p io n b a b y b e e f o f th e sh ow , a
s h o r th o r n s h o w n b y G len D roeg e.
115
C apital s to c k in th e n e w b a n k is
$50,000, p lu s a $25,000 paid-in su rp lu s,
a tota l o f $75,000.
T h is a m o u n t o f
m o n e y w a s su b s crib e d b y th e o r g a n i
za tion c o m m itte e and a n u m b e r o f
o th e r resid en ts o f H o m e w o o d an d th e
b a n k ’s tra d e area e a r ly th is y ea r.
D ep a rtm en t o f B a n k in g fo r Iow a . H e
has a lso b e e n a ssocia ted w ith th e R e
co n s tr u c tio n F in a n ce C o rp o ra tio n and
sin ce 1941 has b e e n e x e c u tiv e officer
o f th e F irst N a tion a l B a n k o f G alva,
Illin ois.
A s s o c ia te d w ith M r. M ay in th e d i
r e c tio n o f th e n e w b a n k are sev en m en
an d on e la d y p r o m in e n t in affairs o f
H om ew ood
an d
C h ica go,
Illin ois.
C ash ier o f th e n e w b a n k is W a lla ce S.
M ason , w h o has b e e n e n g a g ed in th e
b a n k in g b u sin e ss sin ce 1925. H e w a s
ca sh ie r o f th e LTnion S a v in g s B ank,
U n ion , Iow a , fr o m th a t y e a r u n til 1929,
w h e n h e w a s e m p lo y e d b y th e State
O p e n N e w O ffices
T h e L y tto n S a v in g s B ank, at L y tto n ,
Iow a , o b s e r v e d its 31st a n n iv e rs a ry
and its g ra n d o p e n in g in th e n e w lo c a
tio n o n S atu rd ay, A u g u s t 3. R e c e n tly
th e L y tto n S a v in g s B a n k p u rch a sed
th e b u ild in g w h ic h has r e c e n tly b e e n
u sed as th e L y tto n p o st office.
A sse ts o f th e b a n k as o f Ju n e 29,
1946, tota l $3,328,416. D ep osits o f th e
375 M illion Bushels o f
answer the call of hunger
No time in world history has the food shortage been
more acute than it is today.
Answering the appeal for
more grain, com belt farmers, with nature's blessing, will
this fall harvest the largest annual com crop on record.
Land planted to Pioneer hybrid corn alone will produce
approximately 375 million bushels of corn.
THANKS TO THE BANKS
The banks play an important role in satisfying part of
the existing hunger by helping finance the production of
Pioneer hybrid seed com.
The producers of Pioneer thank the banks for their aid.
PIONEER HI-BRED CORN CO.,
DES MOINES 9. IOWA
H e a d s Illin o is Bank
G e o rg e M. M ay, fo r m e r C ascade,
Iow a , resid en t, h as b e e n ele cte d p r e s i
den t o f th e n e w b a n k at H o m e w o o d ,
Illin ois, w h ic h o p e n e d its d o o r s fo r
b u sin e ss r e ce n tly .
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
GARST & THOMAS HYBRID CORN CO.,
COON RAPIDS, IOWA
N o r t h w e s t e r n B a n ke r, S e p t e m b e r , 1946
116
Iowa N ew s
sam e date tota l $1,276,849. G ro w th in
d e p o sits o v e r a p e r io d o f 10 y e a rs
tota ls $915,750.
T h e o J. T o k h e im
ca sh ier o f th e ba n k ,
v ic e p resid en t, L. D.
ca sh ie r an d W ilm a
H u ll are tellers.
U n ited S tates G o v e r n m e n t b o n d s
w ith a m a tu rity v a lu e o f m o r e th a n a
m illio n d olla rs, w e r e p u rch a s e d b y
c u s to m e rs o f th e ba n k .
O n ly a r e l
a tiv e ly sm a ll a m o u n t o f th ese b o n d s
h a v e b e e n cash ed .
T h e b a n k itse lf
has in v e ste d $769,481 in g o v e r n m e n t
b on d s.
lÁ J eá ó ñ ttC f
C
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s
L e a v e s N e w to n N a tio n a l
M a x K re a g e r, ca sh ie r o f th e N e w to n
N a tion a l B a n k o f N e w to n , Iow a, and
a ssocia ted w ith th e firm a b ou t tw o
y ea rs, r e sig n e d last m o n th to assu m e
P la n to u s e an a d v e r t i s in g p r o g r a m o f
w ell
w orded
m essa ges
c r e a te d
by
W e s s lin g S e r v ic e s, D e s M o in e s, Iow a
^ e r u i c e â
e
l
o n
B
is p re sid e n t and
W . S. R o b in s o n is
B a ca n is assistan t
D a v is an d B etty
a
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k
P
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D . R . W E S S L IN G , P R E S ID E N T
l^ o in e s
9,
S ou ia
First Trust & Savings Bank
CEDAR RAPIDS, IO W A
Statement of Condition, June 29, 1946
RESOURCES
Loans and Discounts...............$ 970,482.61
State, County, Municipal and
other bonds ..............................
544,466.19
Overdrafts ....................................
352.09
Banking House and Fixtures. .
44,200.00
Ely Office Banking House
and Fixtures ............................
1.00
U. S. GovernmentSecurities. . 2,548,269.90
Cash on hand and due from
banks ..........................................
647,852.08
L IA B IL IT IE S
Capital Stock (Com mon)........ $ 100,000.00
Surplus ..........................................
50,000.00
Reserve forContingencies....
75,000.00
Other Reserves and Undivided
....................................
23,478.67
Profits
UnearnedDiscount ......................
4,298.33
Deposits
..................................... 4,502,846.87
$4,755,623.87
$4,755,623.87
B a n k
o p en ed
fo r
b u s in e s s
N o ve m b e r
5 th ,
1934
F. S. M IT V A L S K Y , President
D R . JO H N C. P E T R O V IT S K Y , Vice President
F R A N K J. D V O R A K , Cashier
L. W . S T R IT E S K Y , Asst. Cash, and Trust Officer
F R A N K J. STASTN Y, Asst. Cash, and Asst. Trust Officer
MEMBER FEDERAL DEPOSIT INSURANCE CORP.
J ---------------------- -------------- V
o f
to
IO W A BANKERS
ASSOCIATION
c o n fid e n c e
As you meet in Des Moines,
September 9-11 for your
Annual Convention
Diam ond purchasing ultimately
becom es a matter of confidence
Monroe Calculating
Machine Company, Inc.
in the store in which you buy.
Josephs’ diamonds are accurate
ly graded, correctly priced and
423
afford a lifetime of enjoyment.
S.
F ifte e n th S t ..
OM AHA,
205 W . Fourth S t .. D A V EN P O R T , IO W A
•
O S E P H S
SINCE
MONROE ACCOUNTING
MACHINES FOR
BANKS
1871
Sixth at Locust— Des Moines
A
r
N o r t h w e s t e r n B a n ke r, S e p t e m b e r , 1946
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
We do have
new
DOBBS
•HATS»
for fall '46
210 F irst A v e . N. E ., C E D A R R A P ID S . IO W A
confidence for 75 years.
JEW ELER S
A g r o u p o f b a n k e rs o f E ld o r a and
U n io n in H a rd in c o u n t y has p u rch a se d
a c o n tr o llin g in te re st in th e S e cu rity
State B a n k o f K eota . A s to c k h o ld e r s ’
m e e tin g w a s h eld at th e b a n k and
th ese d ir e c to r s w e r e elected :
H. E. L o n g , W . K . B ra m w e ll an d T.
L. G reen lea f, o f E ld ora , C. F. L o n g o f
U n ion , an d L. E. A r n o ld o f K eota.
H. E. L o n g w a s ele cte d p resid en t,
W . K. B r a m w e ll v ic e p re sid e n t and
ch a irm a n o f th e b oa rd , L . E. A r n o ld
ca sh ier, R u th B la ttn er a ssistan t ca sh
ier. W . F. S tou tn er, p re sid e n t o f th e
b a n k fo r m a n y y ea rs, re tire s to g e th e r
w ith all th e o th e r d ir e c to r s and offi
ce rs o f th e ba n k , ele cte d or re-elected
at th e re g u la r a n n u al m e e tin g last
J a n u a ry , w ith th e e x c e p tio n o f M r.
A r n o ld and M r. B la ttn er.
H. E. L o n g is v ic e p re sid e n t o f th e
H a rd in C ou n ty S a v in g s B a n k at E l
dora.
W . K . B r a m w e ll is ch a irm a n o f the
H a rd in C o u n ty S a v in g s B a n k at E l
d o ra and T. C. G re e n le a f is a v ic e
p re sid e n t o f th e sam e in stitu tion .
B esid es th e E ld o r a ba n k , M r. B ra m
w e ll is p re s id e n t o f th e F ir s t State
B a n k at G reen e, an d a d ir e c to r o f the
F ir s t N a tion a l B an k at H a m p ton .
N EB R A S K A
414 Tenth S t ., DES M O IN E S , IO W A
Iowans have chosen here with
P u rch a se K e o ta In te re sts
Yes!
GREETINGS
7 5 Years
the p o st o f m a n a g er o f th e P o w e sh ie k J a sp er F a rm S e rv ice Co. at G rin n ell.
H e s u cce e d s M. A . K in n a m a n w h o is
e n te rin g p riv a te b u sin ess.
P rio r to
e n g a g in g in th e b a n k in g se rv ice , M r.
K re a g e r s e rv e d se v e n y e a rs as s e c r e
ta ry -trea su rer o f th e J a sp er c o u n ty
A A A co m m itte e .
Here E x c l u s i v e l y
In D e s
M oines
Frankel’s
Iowa News
T ru st C o n fe re n c e
G ilb e rt T. S te p h e n so n o f W ilm in g
ton , D ela w a re, h ea d o f th e tru st re
sea rch d e p a rtm e n t o f th e A m e r ic a n
B a n k in g A s s o c ia tio n , w a s th e p r in
cip a l sp ea k er at a tru st c o n fe r e n c e
h eld at th e M a rtin h o te l in S io u x C ity
fo r all b a n k e rs in th e S io u x C ity area.
M r. S te p h e n so n a p p ea red u n d e r th e
a u sp ices o f th e Io w a B a n k A s s o c ia
tion . H e is r e c o g n iz e d as an e x p e r t on
fid u cia ry tru st a d m in istra tio n an d a n
s w ered q u e s tio n s d u r in g th e c o n fe r
en ce.
T h e m e e tin g b e g a n at 2:30 p. m . and
a d jo u rn e d at 5 p. m . fo r d in n er, w h ic h
w a s h eld at th e M a rtin h o te l b e g in
n in g at 6 o ’c lo c k .
T h e S io u x C ity
C lea rin g H o u se A s s o c ia tio n w a s h ost
to all ou t-o f-to w n b a n k e rs at th e d in
n er.
T h e c o n fe r e n c e w a s on e o f five b e in g
c o n d u c te d in Iow a . B e fo r e g o in g to
S io u x C ity M r. S te p h e n so n a p p ea red
at C edar R a p id s, D es M oin es, M ason
C ity an d C o u n cil B lu ffs.
E. A . H offm a n , v ic e p re sid e n t o f
th e T o y N a tio n a l B an k , w a s ch a irm a n
o f th e c o m m itte e in ch a rg e o f a rra n g e
m en ts, w h ic h in c lu d e d F ritz F ritz so n ,
C arl F r e d e r ic k s e n , H a rry E p p e rs o n ,
J o h n S cott, Jr., M. C. E id s m o e and D.
B. S ev erson .
R e sig n s a t C e d a r F a lls
E d w in U n g e r re s ig n e d h is p o s itio n
as a ssista n t ca sh ie r o f th e F ir s t N a
tio n a l B a n k o f C edar F a lls, Iow a , e f
fe c t iv e S e p te m b e r 1st, an d h as a c c e p t
ed a p o s itio n w ith th e L o s A n g e le s
H e a d q u a rte rs o f th e B a n k o f A m e r ic a
in C a liforn ia .
M r. U n g e r h ad b e e n a ssocia ted w ith
th e F ir s t N a tion a l B a n k fo r th e p ast
16 y e a rs and s p e n t tw o y e a rs in th e
a rm ed fo r c e s .
E le c t e d C a s h ie r
H . B. J a c o b s o n has b e e n e lected
ca sh ie r o f th e D allas C ou n ty State
B a n k o f A d e l, Io w a .
M r. J a co b s o n
w e n t to th e A d e l b a n k last s p r in g as
assistan t ca sh ie r a fte r e x te n s iv e e x
p e r ie n c e as an F .D .I.C . e x a m in e r and
m e m b e r o f th e S to r y C ity ban k .
M. T. M c E v o y
M a tth ew T h o m a s M c E v o y , 72, p r o m
in e n t H a rris o n c o u n t y m an an d p r e s i
d en t o f th e M o n d a m in S a v in g s B a n k
o f M on d a m in , Iow a , p a ssed a w a y at
h is h o m e th e re r e ce n tly .
T o m m y M c E v o y , Jr., o f M on d a m in
YOUR STATE BANKERS ASSOCIATION
OFFICIAL SAFE, VAULT AND
TIMELOCK EXPERTS
F. E. DAVENPORT & CO.
has b e e n n a m ed ca sh ie r o f th e M o n
d a m in S a v in g s B an k , s u c c e e d in g h is
fa th er. M r. M c E v o y Jr., r e c e n tly re
tu rn e d fr o m Japan , w h e r e h e h a d b een
sta tion ed w ith th e a rm y , a r r iv in g
h o m e ju s t in tim e to a tten d h is fa t h e r ’s
fu n era l.
M r. M c E v o y Jr., had b e e n a ssocia ted
117
w ith h is fa th e r in th e b a n k p re v io u s
to e n te r in g th e s e rv ice , an d is w e ll
qu a lified to fill th e p o st so lo n g h eld
b y h is fa th er.
M r. M c E v o y w a s b o r n D e ce m b e r 21,
1873, in H a rris o n co u n ty , th e son o f
E d m o n d M c E v o y an d M a ry K e lle y
M cE voy.
H e r e c e iv e d h is e d u ca tio n
«H É A N A D
Royal Bank o f Canada operates over 590
branches across Canada, each branch a valu
•*-
able point o f contact and centre o f information in
the area it serves. Our Business Development D e
partment is a mine o f information on Canadian
trade and commerce.
Our Credit Information
Bureau is organized on a world-wide basis. Y ou
can save time and trouble by using these facilities
to investigate trade and business opportunities in
the D om inion for your customers.
THE ROYAL BANK OF CANADA
I n c o r p o r a t e d 1869
HEAD
O F F I C E - M O N T R E A L
New York Agency —68 William Street
Norman G. Hart — Agents — Edward C . Holahan
Branches throughout Canada and Newfoundland,
in the West Indies, Central and South America.
Offices in London and Paris
American Trust & Savings Bank
DUBUQUE, IO W A
Organized 1905
Incorporated 1912
S T A T E M E N T O F C O N D IT IO N , JU N E 29, 1946
RESOURCES
Cash and Due from B anks...........$ 4 ,7 2 4 ,4 7 2 .6 4
U. S. Government B onds............. 1 1 ,4 5 9 ,7 9 1 .4 2
Federal Reserve Bank Stock. . . .
1 5 ,0 0 0 .0 0
State, County and Municipal
Bonds
...........................................
8 8 7 ,6 5 5 .3 0
Corporate Bonds ...........................
2 2 4 ,0 0 6 .3 0
Loans and Discounts.....................
1 ,7 9 2 ,0 1 3 .6 2
Overdrafts
........................................
1 5 2 .9 9
Bank Building ................................
5 0 ,0 0 0 .0 0
L IA B IL IT IE S
Capital Stock .................................. $
Surplus
. ...........................................
Undivided Profits ...........................
Reserves .............................................
Deposits:
Demand . . .$ 8 ,4 4 7 ,0 0 6 .5 8
Tim e
. . ,
7 ,3 4 6 .6 3 3 .1 9
U. S. Gov.
W a r Loan
A c c o u n t.. 2 ,5 1 8 ,6 4 5 .6 1
2 5 0 ,0 0 0 .0 0
2 5 0 ,0 0 0 .0 0
2 3 9 ,8 0 6 .8 9
1 0 1 ,0 0 0 .0 0
1 8 ,3 1 2 ,2 8 5 .3 8
$ 1 9 ,1 5 3 ,0 9 2 .2 7
$ 1 9 ,1 5 3 ,0 9 2 .2 7
OFFICERS
C. J. SCHRUP, Chairman of the Board
D. W. ERNST, President
ROY F. GLAB, First Vice President
C. .T. KLEINSCHMIDT, Vice President
A. L. VOGL, Cashier and Trust Officer
N. J. GRETEMAN. Assistant Cashier
M. ,T. BAUMHOYER, Assistant Cashier
MERLYN B. KURT, Assistant Cashier
DIRECTORS
C. J. SOHRUP, Chairman
D. B. CASSAT
D. W. ERNST
ROY F. GLAB
W. N. GLAB
OTTO F. HENKER
M em ber F ed era l R eserve S ystem
M em ber F ed era l D eposit In surance C orporation
OM AHA
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
N o r t h w e s t e r n B a n ke r, S e p t e m b e r , 1946
118
Iowa News
in the A d a ir h ig h s c h o o l and th e c o l
lege o f p h a r m a c y at V a lp a ra iso, In d i
ana.
F r o m 1900 to 1902 h e op e ra te d a
g e n e ra l m e rch a n d ise sto re in M ondam in. In 1903 h e en te re d th e M ondam in b a n k w h e r e he w a s still loca ted
at th e tim e o f h is death . M r. M c E v o y
w a s th e m a y o r o f M on d a m in sev era l
term s; m e m b e r o f th e c ity c o u n c il
m a n y y ea rs; p ast p re s id e n t and m e m
b e r o f th e s c h o o l b oa rd ; a n d in s tr u
m en ta l in b u ild in g th e M on d a m in
c o n s o lid a te d sch o o l.
D a lla s C o u n ty E le c ts
L in d le y F in ch , ca sh ie r o f D allas
C en ter’s B r e n to n State B ank, w as
e lected p re sid e n t o f th e D allas C ou n ty
B a n k e r ’s A s s o c ia tio n at a m e e tin g in
A d e l r e ce n tly .
M r. F in c h re p la ce s O. D. E lls w o rth ,
v ic e p re sid e n t o f th e D allas C ou n ty
State B a n k o f A del.
O th er officers c h o se n are L e ste r
C ru m ley , D allas C ou n ty S a v in g s B ank,
M in b u rn , v ic e p resid en t, and H a rry
E d w a rd s, ca sh ie r o f th e F ir s t N a tion a l
B ank, P e rry , s e c r e ta r y an d trea su rer.
B an k er B uys P lant
D o w d e n M a n u fa ctu rin g Co. o f P ra irie
C ity, Iow a , and su cceed s W . J. Illia s as
p resid en t. M r. Illias, a ssocia ted w ith
th e firm th e last 20 y ea rs, w ill rem a in
on th e b o a rd o f d ire cto rs.
E s th e r B oat, P ella, w a s n a m ed a d i
r e cto r, as w a s J o h n D. H olm es, m a n
a g er o f th e p lan t, w h o reta in s h is p ost
as se creta ry -trea su rer. O rg a n ized n e a r
ly 60 y e a r s ago, th e c o n c e r n m a n u fa c
tu res p o ta to d ig g ers.
A lla m a k e e B a n k e rs M e et
T h e A lla m a k e e C ou n ty B a n k ers A s
s o c ia tio n h eld its a n n u a l m e e tin g in
L a n sin g , Iow a , r e ce n tly .
B e fo r e th e
m e e tin g th e b a n k ers e n jo y e d fish d in
n er in th e c ity h all d in in g ro o m , p r e
p a red at th e req u est o f M oritz K ern d t,
p re sid e n t o f th e A s s o c ia tio n a n d v ic e
p re sid e n t o f th e K e rn d t B ros. S a v in g s
B a n k o f L a n s in g . A ft e r th e m ea l th e y
w e r e g iv e n a rid e on L e o H u fs c h m id t’ s
h o u s e b o a t “ M a ry L e e ” to th e site o f
th e In terstate P o w e r C o m p a n y ’s n e w
p la n t b e in g b u ilt a fe w m iles sou th o f
L a n sin g . T h e fo llo w in g officers w e r e
e lected fo r th e c o m in g yea r:
P resid en t, J. E. W e ls h , ca sh ie r N e w
A lb in S a v in g s B ank, N e w A lb in ; v ic e
p resid en t, E lm e r F o g t, ca sh ie r W au -
V
CO M PLETE
M A IL IN G A N D P R IN T IN G
S E R V IC E
from the
Copy — Plans — Art — Mailing Lists
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FRANK ARMSTRONG
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1020 Locust Street
Tel. 4-0106
DES MOINES 9, IOW A
\___________ r
N o r t h w e s t e r n B a n k e r, S e p t e m b e r , 1946
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
T am a c o u n t y ’s n in e b a n k s h ave
g a in ed $2,416,953 in d e p o sits in th e last
y ea r, a c o m p a r is o n o f p u b lish e d state
m en ts as o f Ju n e 30, 1945, an d o f Ju n e
29, 1946, s h o w s.
T h e d e p o sits rose
fr o m $14,035,719 to $16,452,672.
T o ta l assets o f th e n in e in stitu tio n s
h a v e in cre a se d fr o m $15,028,687 in
Ju ne, 1945, to $17,510,371, a g a in o f $2,481,684.
S a c C o u n ty O ffice rs
M.
E. C urrie, ca sh ie r State B a n k o f
S ch a ller, Iow a , w a s elected p resid en t
fo r th e e n su in g y e a r b y th e Sac C ou n ty
B a n k ers A s s o c ia tio n at its an n u al
m e e tin g at L a k e V ie w r e ce n tly . H e
su cce e d s C ly d e Z eilm a n , ca sh ie r o f th e
F a rm e rs State B a n k o f L a k e V ie w .
H. R. M otter, ca sh ie r o f th e E a r ly
S a v in g s B a n k o f E a rly , w a s elected
v ic e p resid en t, an d F . D. H u tch eson ,
a ssistan t ca sh ie r o f th e S ac C ity State
B an k o f Sac C ity, secreta ry -trea su rer.
M ore S a fe Boxes
P a y F in a l D iv id e n d
ID E A T O T H E M A IL B A G
Composition
T a m a B anks G ain
A n a d d ition a l 160 n e w safe d ep osit
b o x e s w e r e in sta lled at th e H om e
T ru s t & S a v in g s B an k in Osage, Iow a ,
r e ce n tly , a c c o r d in g to AV. E. S h eld on ,
b a n k p resid en t. T h e b o x e s h ad been
o rd e re d a y e a r a g o last A p ril. T w e n ty
are o f th e la rg e size and th e b a la n ce
are sm a ll b o x e s.
M r. S h eld on r e p o r te d th at m ore than
o n e-h a lf o f th e n e w b o x e s had a lrea d y
b een ren ted .
J.
G. B oat, v ic e p re sid e n t o f th e
P ella N a tion a l B a n k o f P ella, Iow a ,
has p u rch a se d a m a jo r in terest in the
J
k o n State B an k , W a u k o n ; and s e c r e
ta ry -trea su rer, C a rlton S ch roed er, C iti
zen s State B a n k o f P ostv ille .
Good Food
at th e
H O TEL F O R T
D E S M O IN E S
Coffee Shop
H o ld e rs o f tru st certifica tes o f th e
C en tral State B a n k o f State C enter,
Iow a , h a v e r e c e iv e d a final 40 p er cen t
d iv id e n d .
T h is c o m p le te s th e p a y
m en t o f th e tru st w h ic h w a s esta b
lish ed in 1933.
A 35 p er ce n t p a y m e n t w a s m ade
D e ce m b e r 22, 1942, an d 25 p er cen t
A p r il 30, 1943.
T h e C en tral State
B a n k p u rch a se d th e F irs t State B ank
in 1942 an d th e tw o w e r e con solid a ted .
W . L. H a e s e m e y e r is p resid en t.
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Iowa News
A. F. D roll, ca sh ier; T. R. Jam es, as
Io w a L e a d s N atio n
j
C h eck p a y m e n ts h a n d led b y b a n k s
in 11 m a jo r Io w a citie s in cre a se d n ea r
ly 10 p e r cen t d u r in g th e first h a lf o f
th is y ea r, co m p a r e d w ith th e first h a lf
o f 1945.
T h e v o lu m e w a s 117 p e r ce n t g re a te r
on th e a v era g e, th a n th e 1939 p r e w a r
rate.
T h e c h e c k d eb it fig u res are reg a rd ed
as an in d e x o f b u sin e ss a ctiv ity , it w a s
re p o rte d , sin ce all tra n sa ctio n s are d i
r e c tly o r in d ir e c t ly reflected in p a y
m en ts b y ch e ck .
T h e 10 p e r ce n t b u sin e ss gain in
Io w a d u r in g th e last y e a r c o m p a re s
w ith 4.4 p er ce n t fo r th e n a tio n as a
w h o le , a c c o r d in g to th e American
Banker.
T o ta l tra n sa ctio n s in th e 11 cities
d u r in g th e last h a lf y e a r w e r e m o re
th an th ree and on e-th ird b illio n d o l
lars .
In D es M oin es th e g a in w a s 9% p er
ce n t o v e r th e first h a lf o f last yea r,
and w a s 137 p e r ce n t a b o v e th e sam e
p e r io d in 1939.
L a rg e st p e rce n ta g e s o f g a in w e r e re
p o rte d in D u b u q u e, M ason C ity and
S io u x C ity.
sistan t ca sh ier, and A lic e J. S m ith,
book k eep er.
T h is w e th in k reflects
th e e fficie n cy o f o u r sy ste m o f b o o k
k e e p in g , etc. W e re m o d e le d o u r b a n k
in g q u a rters in 1942 and sin ce th at
tim e w e h a v e had n u m e ro u s b a n k ers
fr o m n e a rb y co u n tie s in s p e c tin g ou r
set-up w h ic h th e y re m a rk is th e m ost
m o d e rn and b e a u tifu l th e y h a v e se e n .”
N e w E m p lo y e at M onona
D a rlen e K a d lec, fo r m e r ly e m p lo y e d
b y th e M on on a L u m b e r C om p a n y , has
b e e n secu red as b o o k k e e p e r in the
U n ion State B a n k o f M on on a , Iow a,
to fill th e v a c a n c y ca u sed b y th e re s ig
n a tio n o f M rs. G. F . F o x . M rs. F o x ,
w h o w ill n o w d e v o te h er e n tire tim e
a ssistin g h e r h u s b a n d in th e d ru g b u s i
n ess in M on on a , has b e e n co n n e c te d
w ith th e U n ion State B a n k fo r se v era l
y ea rs.
E le c te d P re sid e n t
A t th e a n n u al m e e tin g o f th e F a r m
ers State B a n k o f M arcu s, Iow a , Carleton C. V a n D y k e o f S io u x C ity w a s
ele cte d p resid en t, s u c c e e d in g E . H.
S p ieck er.
f
r
R e m a rk a b le In c re a s e
W ith In d ia n o la Bank
A r e c e n t le tte r fr o m T. R. Janies,
a ssista n t ca sh ie r o f th e H ills B a n k and
T ru s t C o m p a n y o f H ills, Iow a , reads:
“ O ur d e p o s it tota ls h a v e re a ch e d $2,000,000, w h ic h w e fe e l is rem a rk a b le
fo r o u r to w n o f 200 p e o p le . W e h a v e
in cre a se d ou r d e p o sits $450,000 sin ce
on e y e a r ago. W e are h a n d lin g ou r
b u sin e ss w ith a staff o f th ree, n a m ely ,
A . H. T ra u b , c o u n ty a u d ito r o f W a r
ren c o u n ty fo r th e p ast n in e y ea rs,
re sig n e d r e c e n tly and jo in e d th e staff
o f th e P e o p le s T ru s t and S a v in g s B a n k
o f In d ia n ola , Iow a , as teller. W . N.
G rant, v ic e p re sid e n t an d ca sh ier, r e
p o rts th at M r. T ra u b w a s re n o m in a te d
at th e Ju n e p r im a r y fo r a n o th e r term
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The
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M oin es
ch a p te r
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P resid en t
O.
IOHN B. MONAHAN w a s ele cte d an
vJ assista n t ca sh ie r o f th e B a n k ers
T ru s t C o m p a n y last m on th . M r. M o n
ah an has b e e n a ssocia ted w ith the
B a n k ers T ru s t sin ce 1932. H e is a lso
m a n a g er o f th e n e w b u sin ess d e p a rt
m en t, a p o s itio n h e has h eld fo r th e
last six m on th s.
M r. M on a h a n is a
g ra d u a te o f D rak e U n iv e rs ity , se rv e d
28 m on th s in th e N a v y fin an ce d e p a rt
m en t an d r e tu rn e d to th e b a n k eig h t
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U P -T O -T H E -M I N U T E
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nnp qffice qutfittgr/ -
DES M O IN E S 9, IO W A
1166-70 Sixth Avenue
DES MOINES, IOWA
<
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
N o r t h w e s t e r n B a n ke r, S e p t e m b e r ,
1946
120
Iowa News
1946-47 fiscal y e a r an d a b ou t 225 b a n k
e m p lo y e s e n jo y e d d in n e r and d a n cin g .
Kenneth L. DeBnlt, a ssista n t ca sh ier
at th e B a n k ers T ru s t C o m p a n y an d in
ch a rg e o f th e m o rtg a g e lo a n d e p a rt
m en t fo r th e last five y ea rs, re sig n e d
r e ce n tly . A. W. Siberz w a s p r o m o te d
to m a n a g er o f th e d ep a rtm en t.
Mr. and Mrs. Frederick M. Morrison
v a ca tio n e d at L a k e O k o b o ji last m on th .
M r. M o rris o n is p re sid e n t o f th e V a l
le y B an k an d T ru s t C om p a n y ,
Carl W. Mesmer, v ic e p re sid e n t o f
th e B a n k ers T ru s t C om p a n y , has b e e n
n a m ed state tre a su re r fo r th e Iow a
USO fu n d ca m p a ig n fo r 1946.
Centerville National Bank
W hat
Do
You
Think?
O F C E N T E R V IL L E . IO W A
Statement as of June 29, 1946
Member of Federal Deposit Insurance Corporation
RESOURCES
L IA B IL IT IE S
Loans and Discounts........................$ 5 0 5 ,2 7 0 .9 9
U . S. Government Securities......... 2 ,5 9 9 ,0 8 0 .2 3
State, County and Municipal
Bonds
.............................................
6 52 ,36 6.71
2 7 1 ,7 2 1 .4 3
Other Bonds and Securities.........
Overdrafts
...........................................
2 5 1 .8 6
Banking H o u s e ...................................
2 6 ,1 4 5 .5 5
Vaults, Furniture and Fixtures. . .
3 ,6 8 2 .7 9
Cash on Hand and Due from
Banks
.............................................
7 3 1 ,3 3 7 .1 5
Other Assets ........................................
7 0 6 .6 6
Capital
............................................... S 1 0 0 ,0 0 0 .0 0
Surplus
................................................
5 0 ,0 0 0 .0 0
Undivided Profits ..............................
6 7 ,6 2 9 .7 2
Reserves ................................................
5 8 ,3 1 5 .9 0
Deposits ................................................ 4 ,5 1 4 ,5 0 2 .1 1
Other Liabilities ................................
1 1 5 .6 4
Total
.......................................... $ 4 .7 9 0 ,5 6 3 .3 7
Total
.......................................... $ 4 ,7 9 0 ,5 6 3 .3 7
OFFICER S
F. L. Sawyers
J. B. Taylor
P r e s id e n t
V ic e
S. H. Mehrhoff
P r e s id e n t
C a s h ie r
W m . J. Gorden
A ss t.
C a s h ie r
Oscar Mikels
A ss t.
C a s h ie r
M ERCHANTS
MUTUAL
BONDING
COM PANY
Incorporated 1933
Home Office
SOUTHERN SURETY BUILDING
Des Moines, Iowa
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210 6th Ave.
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ELMER E. MILLER
Pres, and Sec.
Write to
E. H. WARNER
Secretary and Manager
N o r t h w e s t e r n B a n ke r, S e p t e m b e r , 1946
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Federal Reserve Bank of St. Louis
HUBERT E. JAMES
Asst. Sec.
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Question: From which Association
do you think you get the most
benefit— your State Association
or the American Bankers Associa
tion? Why?
John L. Wood, p resid en t, C o m m u
n ity B an k , H a rtfo rd , S ou th D akota:
“ I th in k th a t is an e a sy on e to a n
sw er. T h e r e is n o q u e s tio n a b ou t it,
o u r State A s s o c ia tio n d o e s so m u ch
m o re fo r us c o u n t r y b a n k s in c o m p a r i
son w ith th e A .B .A . th a t th e ben efit
d e r iv e d fr o m an A .B .A . m e m b e r s h ip is
in co n se q u e n tia l. W e are m e m b e rs o f
b o th b u t I h a v e n e v e r fe lt th at th e
A .B .A . d id u s a n y g o o d , w h e re a s th e
S ou th D a k ota B a n k ers A s s o c ia tio n is
o n th e jo b c o n tin u o u s ly in o u r in te r
ests an d has d o n e m u ch m o re fo r th e
S ou th D ak ota c o u n t r y b a n k s th a n a p
p ea rs on th e re co rd .
“ In th is c o n n e c tio n , the A .B .A . is
ou t fo r p a r cle a ra n ce , lock , sto ck and
b a rrel, and a lth o u g h th e S ou th D a k ota
B a n k ers A s s o c ia tio n a d op ts a n eu tra l
attitu d e on th e su rfa ce , officials and
past officials o f th e S ou th D ak ota
B a n k ers A s s o c ia tio n g a v e u s n on -p ar
b a n k e rs in v a lu a b le aid in fig h tin g th e
p a r cle a ra n ce b ill in th e last se ssion o f
th e S ou th D a k ota leg isla tu re.
“ D efin itely , th e A .B .A . is fo r b ig city
b a n k e rs o n ly , it is p r a c tic a lly u seless
as fa r as c o u n t r y b a n k s are c o n ce rn e d ,
b u t it co u ld b e m ad e u s e fu l to c o u n tr y
b a n k s b y r e v is io n o f s o m e o f its p o li
cies and p ra ctice s. T h is c o m e s fr o m
S ou th D akota, o f co u rse , w h ic h is
e sse n tia lly a c o u n t r y b a n k
state,
w h e r e o u r la rg est b a n k s are o n ly ru ral
b a n k s and w h a t is g o o d fo r u s m igh t
n ot b e so g o o d fo r b a n k s in m ore
m e tro p o lita n a rea s.”
A. F. Muir, p resid en t, O n aw a State
B ank, O naw a, Iow a :
“ I th in k th at w e g e t th e m ost b en efit
fr o m o u r state a sso cia tio n b e ca u se w e
are clo s e r to th em . T h e state a s s o c i
a tion is h a n d lin g h a n k in g p ro b le m s
fo r Io w a b a n k s. U n d er th e lea d ersh ip
o f o u r ab le se cre ta ry , M r. W a rn e r, w e
are ab le to o b ta in g o o d b a n k in g le g is
la tion and v e r y p r o m p t a n sw e rs to re-
121
q u ests fo r in fo r m a tio n w h ic h h e has
at h is fin g ertip s.
“ I d o n o t sa y th is w ith a n y d iscre d it
to th e A m e r ic a n B a n k e rs A s s o c ia tio n
b u t th e y are h a n d lin g th in g s on a n a
tion a l basis, h e n c e th e ir e fforts are
d iv id e d a m o n g all th e sta tes.”
C. P. Glenn, ca sh ier, U n io n B a n k &
T ru s t Co., O ttu m w a, Iow a :
“ I th in k w e b en efit fr o m b o th a s s o c i
a tion s b u t d e r iv e m o st b e n e fit fr o m
o u r state a ssocia tion , b e ca u se w e ca n
d iscu ss p r o b le m s w ith m e n w h o m w e
k n o w an d h a v e c lo s e r co n ta c ts .”
J. Erickson, v ic e p re sid e n t and ca sh
ier, C o m m u n ity State B an k , H ayti,
S ou th D akota:
“ W e g e t m o re b en efit fr o m o u r state
a sso cia tio n . M ore loca l p r o b le m s are
ca re d fo r .”
D e s M o in e s B a n k an d T r u s t C o m p a n y . .113
D e s M oin e s B u ild in g , L o a n an d S a v in g s
A s s o c i a t i o n .......................................................... 120
D ir e c t A d v e r tis in g ............................................. 118
D o a n e A g r ic u ltu r a l S e r v ic e s ..........................102
D o w n e y , C. L. C o m p a n y .................................. 48
D r o v e r s N a tio n a l B a n k ......................................I l l
E
E a s tm a n D illo n C o m p a n y ................................
E llis , L . E . and C o m p a n y ................................
E m p lo y e r s M u tu a l C a s u a lty C o m p a n y ..
E n y a r t, J. C ...............................................................
II
50
70
71
60
F
F a u lk n e r , W . H ., S ta te A g e n t — C rum
and F o r s te r ........................................................ 77
F ilip , F r a n k and C o m p a n y ............................. 62
F ir s t B o s to n C o r p o r a tio n ................................ 56
F ir s t N a tio n a l B a n k — C h ic a g o ................. 3 4
F ir s t N a tio n a l B a n k — M in n e a p o lis .......... 78
F ir s t N a tio n a l B a n k — O m a h a ...................... 91
F ir s t N a tio n a l B a n k — St. J o s e p h ............... 95
F ir s t N a tio n a l B a n k — St. L o u i s .................. 109
F ir s t N a tio n a l B a n k — S io u x C i t y ................ 100
F ir s t T r u s t and S a v in g s B a n k — C edar
R a p id s ..................................................................... 116
F ir s t T r u s t and S a v in g s B a n k —
D a v e n p o r t .............................................................. 109
F ir s t W is c o n s in N a tio n a l B a n k .................... 49
F ish e r, S h e rr v R .— C o n n e c tic u t M u tu a l
L ife ........................................................................... 73
F r a n k e l C lo th in g C o m p a n y .............................116
G
G e n e ra l M o r tg a g e C o rp o ra tio n of Io w a .
IN D E X OF
A D V E R T IS E R S
S E P T E M B E R , 1946
A
A lle n and C o m p a n y .............................................. 53
A lle n , H a r o ld L ., I n v e s tm e n t C o m p a n y . 63
A llie d M u tu a l C a s u a lty C o m p a n y ............ 70
A lly n , A . C., and C o m p a n y ........................... 60
A m e r ic a F o r e G r o u p ............................................ 74
A m e r ic a n E x p r e s s C o m p a n y ......................... 94
A m e r ic a n L ith o g ra p h in g ' and P rintingC o m p a n y .................................................................108
A m e r ic a n N a tio n a l B a n k — 'St. P a u l .......... 83
A m e r ic a n N a tio n a l B a n k and T ru st
C o m p a n y — C h ic a g o ....................................... 36
A m e r ic a n T r u s t and S a v in g s B a n k —
D u b u q u e .................................................................117
B a lla r d -H a s s e t t C o m p a n y ............................. 53
B a n k e r s T r u s t C o m p a n y — D es M o in e s .. 123
B a n k e r s T r u s t C o m p a n y — N ew Y o r k . . . 12
B eh , C a rle to n D. C o m p a n y ........................... 62
B la ir , W ill ia m an d C o m p a n y ......................... 58
B ly th an d C o m p a n y , In c .................................. 58
B u r r o u g h s A d d in g M ach in e C o m p a n y .. 29
B y lle s b y an d C o m p a n y ...................
59
H
H a ls e y S tu a rt and Co., In c .......................... 56
H a m m e rm ill P a p e r C o m p a n y .................. 40-41
H a r r is T r u s t and S a v in g s B a n k ................. 47
H a r tfo r d F ir e In su ra n c e C o m p a n y .......... 73
H a w k e y e C a s u a lty C o m p a n y ........................ 69
H e n d er so n , T. C. an d C o m p a n y , In c ......... 62
H o m e F le e t — E . H . D a v i s ................................ 73
H o m e In s u ra n c e C o m p a n y ........................ .. .
4
H o m e M u tu a l In s u ra n c e Co. o f Io w a . . . 68
H o n o r R o ll B a n k s o f I o w a .....................106-107
H o te l F o r t D e s M o in e s ........................................ 118
I
I n t e r -S ta te B u s in e s s M e n ’s A c c id e n t Co. 74
I o w a -D e s M oin e s N a tio n a l B a n k and
T r u s t C o................................................................... 124
Io w a L ith o g r a p h in g C o m p a n y ....................... 104
Io w a S ta te B a n k — D es M o in e s .....................108
Io w a S ta te B a n k and T r u s t C o m p a n y
— Io w a C ity ......................................................... 104
I r v in g T r u s t C o m p a n y ..................................... 39
J a m ie so n and C o m p a n y ..................................... 55
J o se p h ’s J e w e lr y .............................
116
J o u rn a l o f C o m m e r c e ......................................... 92
Iv
K a lm a n an d C o m p a n y ....................................... 60
K lip t o L o o se L e a f C o m p a n y ..........................119
K n a p p an d C o m p a n y ......................................... 63
K o c h B r o t h e r s ......................................................... 120
C
C a p ita l C ity S ta te B a n k — D es M o in e s . .110
C a rn a h a n , T . D .— M in n e so ta M u tu a l L ife 72
C e n te r v ille N a tio n a l B a n k .............................. 120
C e n tra l H a n o v e r B a n k and T r u s t C o .. . . 31
C e n tr a l N a tio n a l B a n k in C h ic a g o .......... 44
C e n tra l N a tio n a l B a n k and T r u st
C o m p a n y .....................................................7 -8 -9 -1 0
C e n tr a l S ta te s M u tu a l In su ra n c e
A s s o c i a t i o n ............................................................119
C h a se N a tio n a l B a n k ......................................... 35
C ity N a tio n a l B a n k an d T r u s t C o m p a n y
— C h ic a g o ............................................................. 38
C ity N a tio n a l B a n k an d T r u s t C o m p a n y
— 'K a n sa s C ity ................................................... 90
C o m m e rc e T r u s t C o m p a n y ...............................112
C o n tin e n ta l B a n k and T r u s t C o m p a n y . . 46
C o n tin e n ta l-I llin o is N a tio n a l B a n k and
T r u s t C o m p a n y ................................................. 32
C o n tin e n ta l N a tio n a l B a n k — L i n c o l n ... 92
C o p e lan d , J a m e s H .— N o r th w e ste r n
M u tu a l L ife ........................................................ 76
C o rm a c k , K im b a ll J. M.-—N o r th w e s t e r n
M u tu a l L ife ........................................................ 77
C rab b e , T h o m a s L. and C o m p a n y ............ 61
I)
D a r lin g A g e n c y — B a n k e r s L ife C o............ 66
D a v e n p o rt, F . E. and C o m p a n y ............ 95-117
D a y , N e w e ll C.— E q u ita b le L ife of Io w a 72
D e L u x e C h eck P rin te rs, In c .......................... 77
D e M a ris, R a lp h E .— C o lu m b ia n N a tio n a l
L ife ........................................................................... 69
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Federal Reserve Bank of St. Louis
C O N V E N T EONS
September 9-11, Iowa Annual Conven
tion, Des Moines, Hotel Fort Des
Moines.
September 22-25, A. B. A. Annual Con
vention, Chicago, Hotel Stevens.
September 30-October 2, Mortgage
Bankers Association of America,
Annual Convention, Cincinnati,
Netherlands-Plaza Hotel.
October 7-10, Financial Advertisers
Annual Convention, San Fran
cisco.
October 11-12, Nebraska Annual Con
vention, Lincoln, Hotel Cornbusker.
October 21-23, National Association of
Bank Auditors and Comptrollers,
Oklahoma City.
November 7-8, Mid-Continent Trust
Conference, Chicago, Drake Hotel.
M a n u fa c tu r e r s T ru s t C o m p a n y .................... 11
M a x w e ll, C h a rle s M .— C o n n e c tic u t
G e n e ra l L i f e ........................................................ 74
M cC o rm ic k , F r a n k L .— E q u ita b le L ife
o f Io w a .................................................................. 67
M cC rary, D e a rth and C o m p a n y .................... 6 i
M e r c a n tile -C o m m e r c e B a n k and T ru s t
C o m p a n y ............................................................... 48
M e rc h a n ts M u tu a l B o n d in g C o m p a n y . . .120;
M e rc h a n ts N a tio n a l B a n k .................................2 -3
M id w a y N a tio n a l B a n k — St. P a u l ............ 81
M ill O w n e rs M u tu a l F ire In s u ra n c e C o .. 66
M in n e s o ta C o m m e rc ia l M e n ’ s
A s s o c i a t i o n .......................................................... 80
M on roe C a lc u la tin g C o m p a n y ....................... 116
M o rris P la n C o m p a n y ........................................ I l l
M u rp h y , T h o m a s D. C o m p a n y ....................... 114
N
N a tio n a l B a n k o f C o m m e r c e ........................ 95
N a tio n a l C ity B a n k .............................................. 43
N a tio n a l F ir e G r o u p ............................................ 74
N e w Y o r k T r u s t C o m p a n y ............................. 38
N ie m a n n , W . K .— B a n k e r s L ife C o............ 70
N o r th e rn T r u s t C o m p a n y ................................ 82
N o r th w e s t S e c u rity N a tio n a l B a n k .......... 86
N o r th w e s te r n N a tio n a l L ife In su ra n c e
C o m p a n y ............................................................... 72
O
60
J
It
I,
L a M o n te , G e o rg e and S o n ..........................
5
L a w re n c e W a r e h o u s e C o m p a n y ................. 42
L e F e b u re C o r p o r a t i o n ........................................ 105
L e s s in g A d v e r tis in g C o m p a n y ................... 118L iv e S to c k N a tio n a l B a n k — C h ic a g o . . . . 25
L iv e S to c k N a tio n a l B a n k — O m a h a . . . . 96
L iv e S to c k N a tio n a l B a n k — S io u x C i t y . . 84
O m ah a N a tio n a l B a n k ....................................... 23
O tto, P a u l C.— C o n n e c tic u t M u tu a l L ife 76
P
P a in e , W e b b e r , J a ck so n an d C u r t i s . . . . 57
P h ila d e lp h ia N a tio n a l B a n k ......................
6
P io n e e r H i -B r e d C o m p a n y .............................. 115
P o lic y h o ld e r s N a tio n a l L ife In su ra n c e
C o m p a n y ............................................................... 67
P o lk C o u n ty F e d e r a l S a v in g s and L oan
A s s o c ia tio n ........................................................... 114
P oo le , C u rtis W .— E q u ita b le L ife o f
N ew Y o r k ............................................................. 68
P r ie s te r and C o m p a n y ....................................... 63
P ru d e n tia l In s u ra n c e C o m p a n y ................. 73
P u b lic N a tio n a l B a n k and T r u s t C o ......... 27
<1
Q u ail and C o m p a n y ............................................
52
It
R a v e n s c r o ft and C o m p a n y . . ......................... 58
R ead , T h o m a s B .-—M u tu a l L ife of
N e w Y o r k ............................................................. 71
R e m e r, M itc h e ll an d R e itz e l, In c .............. 61
R o llin s , E . H . and S o n s ..................................... 52
R o y a l B a n k o f C a n a d a ......................................117
S
S a lo m o n B ro s, and H u t z le r ........................... 5 5
St. L o u is T e r m in a l W a r e h o u s e C o m p a n y 46
St. P a u l M e rc u ry In d e m n ity C o m p a n y . . 75
St. P a u l T e r m in a l W a r e h o u s e C o m p a n y 44
S c a rb o r o u g h and C o m p a n y ............... 3 6 -6 5 -1 0 0
S e c u rity N a tio n a l B a n k ......................................113
Shaw , M c D e r m o tt and C o m p a n y ............... 59
S n o w , E . H .— A e tn a L ife In s u ra n c e C o .. 76
S p a r k s an d C o m p a n y ......................................... 55
S ta te A u to m o b ile In su ra n c e C o m p a n y . . 68
S ta te F a r m In su ra n c e C o m p a n y —
L o u is K e l e h a n ................................................... 75
S tife l, N ic o la u s and C o m p a n y ...................... 54
S to c k Y a r d s N a tio n a l B a n k — O m a h a . .. 88
S w a n e y , L y n n and C o m p a n y ...................... . 62
T
T e n sio n E n v e lo p e C o r p o r a tio n .................... 47
T h o m so n and M c K in n o n .................................. 59
T od d C o m p a n y ................................................
83
T o y N a tio n a l B a n k ................................................112
U
U n ite d S ta te s N a tio n a l B a n k ......................
93
V
V a lle y B a n k and T r u s t C o m p a n y ..............101
V ie th , D u n can and W o o d ................................ 54
\\
W a lla c e -H o m e s t e a d C o m p a n y ................... 45
W a lt e r s , C h a rle s E . C o m p a n y ................... 94
W a t e r lo o S a v in g s B a n k ................................... 103
W e lc h -I o w a P r in tin g Co., In c .......................119
W e s s li n g S e rv ic e s ................................................116
W e s t e r n M u tu a l F ire In s u ra n c e C o . . . . 64
W h e e lo c k and C u m m in s .................................. 57
W h it e -P h illi p s C o m p a n y, In c ........................ 63
W i ll i s and M o o r e ................................................... 72
W it m e r -K a u f f m a n E v a n s C o m p a n y .. .. 77
W o r k L e tte r S e r v ic e ...........................................118
z
Z a is e r ’s
........................................................................119
N o r t h w e s t e r n B a n ke r, S e p t e m b e r ,
1946
122
Close Shave
Take Heed
Straining a Joke
L e c tu r e r (o n h is to r y o f th e u n i
v e r s e ): A n d so it is fig u red th at the
w o r ld w ill p r o b a b ly en d in se v e n b il
lion yea rs.
T e rrifie d V o ic e F r o m th e R e a r: H o w
m any?
L e c tu r e r : S e v e n b illion .
V o ic e : T h a n k h ea v en s! I th o u g h t
fo r a m o m e n t y o u said se v e n m illion .
“ So y o u ’re g o in g to tak e m y d a u g h
ter fr o m m e w ith o u t w a r n in g ? ”
“ N o, sir.
I f th e r e ’s a n y th in g y o u
w a n t to w a r n m e a bou t, p lea se fe e l
fr e e to d o s o .”
H o u s e w ife : , H o w d id y o u g et in to
th is k itch e n ?
H o b o : I ca m e th r o u g h th e scre e n
d oor.
H o u s e w ife : D id y o u stra in y o u r s e lf?
Due Process of Law
“ 1 u n d e rsta n d ,” said on e o f th e at
to r n e y s to th e w itn e s s o n th e stand,
“ that y o u ca lled on th e d efen d a n t. Is
that tr u e ? ”
“ Y es, I w e n t to h is h o m e ,” rep lied
th e w itn ess.
“ W h a t did h e s a y ? ” co n tin u e d th e
la w y er.
Im m e d ia te ly th e c o u n s e l fo r th e d e
fe n d a n t ra ised an o b je c t io n , a rg u in g
th at th e c o n v e r s a tio n w a s n o t a d m is
sible.
T h e p la in tiff’s c o u n s e l a rg u ed
that it w as. F o r n e a rly an h o u r th e
a rg u m e n ts ra g e d p ro an d con , w ith
cita tio n s fr o m m a n y p o n d e r o u s law
b o o k s . F in a lly , th e c o u r t ru le d th at
th e q u e s tio n w a s a p r o p e r on e and
sh o u ld b e a n sw ered .
“ N o w th e n ,” said th e p la in tiff’s c o u n
sel, “ y o u can a n sw e r m y p r e v io u s
q u estion . W h a t d id th e d e fe n d a n t say
to y o u w h e n y o u ca lled on h im ? ”
“ N oth in g, sir. H e w a s n ’t at h o m e .”
These Moderns
Giveaway
Dead Serious
L ittle J im m y : U n cle, m a k e a n oise
lik e a fr o g .
U n cle J o e : W h y , son ?
L .J.: ’C ause w h e n I ask D a d d y fo r
a n y th in g h e a lw a y s says, “ W a it ’til
y o u r u n cle c r o a k s .”
“ P o rte r, b r in g m e a n o th e r glass o f
ice w a te r .”
“ S orry , suh, b u t e f ah ta k es a n y m o ’
ice, dat c o r p s e in d e b a g g a g e ca r a in ’t
g o n n a k e e p .”
Such Language
L ittle P la y h o u s e O w n er (p r e te n d in g
to re n t to a n o th e r little g ir l ) : H a v e
y o u a n y p a ren ts?
2nd L ittle G irl: Y es, tw o.
F ir s t: I ’m s o rry , b u t I n e v e r ren t
to ch ild r e n w ith p a re n ts— th e y ’re to o
n o is y and d e stru ctiv e .
J u d g e : A s I u n d e rsta n d th e case,
y o u an d y o u r h u sb a n d h ad an a lte rca
tio n an d y o u w e r e k ic k e d in th e e n s u
in g ru m p u s.
M a n d y : N o, suh, ju d g e .
A h was
k ick e d in da stu m m ick .
Or Can They ?
He Bores Himself
A n eld e rly , u n k e m p t m a n s to o d b e
fo r e th e ju d g e o n a d r u n k and d is o r
d e r ly ch a rg e. A s h e w a s a b o u t to be
s e n te n ce d h is b e lt b r o k e an d h is pa n ts
fell d ow n .
“ T a k e th is m an o u t an d g et som e
r o p e ,” th e ju d g e o r d e r e d as a c o n sta b le
ru sh ed up.
A n o t h e r p r is o n e r w h is p e r e d h o a r s e
ly to h is s o licito r.
“ F o r c r y in ’ ou t
lou d , th e y c a n ’t h a n g a m an fo r that,
can t h e y ? ”
“ L a d ies and g e n tle m e n ,” said th e a ft
er-d in n er sp ea k er, “ b e fo r e I b e g in m y
a ddress, I h a v e s o m e th in g I w a n t to
sa y to y o u .”
N o r t h w e s t e r n B a n k e r , S e p t e m b e r , 1946
*
Between Friends
T w o o ld S co ts m e n sat b y th e r o a d
side, ta lk in g an d p u ffin g a w a y at th eir
p ip es.
- “ T h e r e ’s n o m u c k 1 e p lea su re in
s m o k in ’, S a n d y ,” said D on ald.
“ H o dae y e m a k ’ th a t o o t ? ” q u e s
tio n e d Sandy.
“ W e ll,” said D on a ld, “ y e see, if y e ’re
s m o k in ’ y e r ain b a cca y e ’re th in k in ’ o ’
th e a w fu l ex p en se, an d if y e ’re s m o k in ’
s o m e ith e r b o d y ’s y e r p ip e ’s ra m m it
sae tig h t it w o n ’t d r a w .”
What Can You Expect?
“ T h a t n e w m an ! I n e v e r h ea rd a
m an ta lk so fa st in all m y life .”
“ W h y s h o u ld n ’t h e? H is fa th e r w a s
a to b a c c o a u c tio n e e r and h is m o th e r
w a s a w o m a n .”
Union Scale
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
)f
Now You're Talking
A cu te y o u n g th in g g o t on the
c r o w d e d bus. T h e sa ilor g o t up, b u t
b e fo r e h e co u ld speak, sh e p u sh e d h im
g e n tly in to h is seat, sa y in g , “ T h a n k
y o u , b u t I re a lly p r e fe r to sta n d .”
T h e sa ilor sto o d up again , b u t again
sh e s h o v e d h im d o w n an d said she
w a n te d to stand. T h e th ird tim e h e
sto o d sh ou tin g , “ M adam e, p lea se lem m e off, w e ’v e p assed m y sta tio n .”
G arage O w n er: F o u r t e e n d olla rs?
T h a t’s o u tra g e o u s — I w o u ld n ’t p a y
M ich e la n g e lo to p a in t m y g a ra g e at
th at p rice !
P a in ter (t r u c u le n t ly ): L isten , if he
d oes th e jo b fo r a n y less, w e ’ll p ick e t
th e pla ce!
*
r
<
*
Bottle Baby
There’ s the new First Vice President. He’d
rather have that title than his pay check.
“ W ife , h o w d id y o u g e t th e b a b y to
eat o liv e s ? ”
“ E a sy — I ju st sta rted h im on M a r
tin is !”
«
YouA re
ALWAYS WELCOME
at the Bankers Trust
At every season of the year, we always
welcome visits from other Iowa bankers.
And now, as you prepare to attend
the 1946 Iowa Convention, we want to
emphasize that welcome.
Through alert attention to the every
day business of banking, Iowa bankers
are making substantial contributions
toward post-war commercial and agri
cultural readjustment. The opportunity
of exchanging experiences and ideas on
current problems makes this year’s
conference particularly important.
So we hope that you’ll be in Des
Moines beginning September 9. We look
forward to seeing you.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
M em ber
F e d e r a l D e p o s it In s u r a n c e
G o rp .
M e m b e r F e d e ra l R e s e rv e S y ste m
BANKERS TRUST
C O MPAN Y it s des moines
We’ ll Be Looking For
YOU In DES MOIIIES
W e keenly look forward with anticipation to
welcoming
friends
and
customers
to
Des
Moines for the 1946 convention of the Iowa
Bankers Association . . . to he held September
9th, 10th and 11th.
On your arrival we hope you will drop in to
see us.
if there is anything we can do to make your
convention visit more pleasant and profitable
we shall be happy to serve you.
A
STRONG,
DEPENDABLE
CORRESPONDENT
A B M
i v
CONNECTION
■■■
mu m ■
m
m■■m
i i n "
H
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
.
■
'
& TRUST C O M P A N Y
MEMBER
F E D E R A L
D E P O S I T
I N S U R A N C E
C O R P O R A T I O N
@FedFRASER