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T he Fourth National Bank o f the City o f N ew Y ork offers to Depositors Every Facility W h ich Their Balances, Business and Responsibility Warrant Sixteenth Year Des Moines, Iowa, April, 1911 2* Hanover National Bank OF T H E C I T Y OF N E W YOR K. Nassau and Pine. JAMES M. DONALD, Chairman o f Board W IL L I A M W O O D W A R D . .P r e s id e n t E. H A Y W A R D P E R R Y . . 1st V -P r e s . H E N R Y R . C A R S E .............. 2d V -P r e s . E L M E R E . W H I T T A K E R . ..C a s h i e r W M . I. L I G H T H I P E . . .A s s t . C a sh ie r A L E X . D. C A M B E L L . .A s s t . C a sh ie r C H A S. H . H A M P T O N . .A s s t . C a sh ie r J. N I E M A N N . . . . ........... A sst. C a sh ie r W IL L I A M D O N A L D .. .A s s t. C a sh ie r Capital Surplus . . . . U. S. D E P O S ITO R Y . Citizens National Bank The National City Bank DES MOINES, IOWA. J. G. ROUNDS......... ........... President S. A. MERRILL.............Vice-President GEO. E. P E A R SA LL......... ...C a sh ier. W . W . M A I S H ........... A sst. C a sh ier OF CHICAGO Capital • $2,000,000 Surplus and Profits 500,000 Deposits $28,000,000 Established 1851. Total Number 2 8 4 $3,000,000 12,000,000 Solicits Your Business. Capital Surplus . . $200,000 100,000 A C C O U N T S S O L IC ITE D . THE H E facilities of the Chicage Savings Bank and Trust Com pany are al ways at the disposal of banks and bankers. 3 per cent paid on dormant de posits; active accounts also invited. T OFFICERS Lucius Teter, President Houston Jones, Cashier Edward P. Bailey, Vice-Prest. W m . M . Richards Asst. Cash. John A . McCormick, Vice-Prest. Leverett Thompson, Secretary jfjggfEgMG https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis : First National Bank ST. JOSEPH, MISSOURI CAPITAL, SURPLUS, $500,000.00 $300,000.00 R. T. FORBES, President J. T. TRENERY, Vice-Pres. E. C. H AR TW IG , Cashier R. S. BRITTAIN, Asst. Cash. R. N. RIDGE, Auditor T Pi E 2 NORTHWESTERN VALLEY NATIONAL BANK DES MOINES, IOWA BANKER Aprii, 1911. THE C E N T U R Y S A V IN G S B A N K of DES MOINES Capital and *Surplus $400,000.00 n VALLEY NATIONAL BANK f f i l A A A Deposits v ^ l l EY SAVINGS BANK hM Under Same Management 1 1 1 £1 1 1 1 .0 1 OFFICERS A N D DIRECTORS R. A . C R A W F O R D , President C. T . COLE, JR., Vice-President D. S. C H A M B E R L A IN , Vice-President W . E. B A R R E T T , Cashier Thos. F. Stevenson, Attorney W . E . Tone, Treas. Tone Bros. Wholesale Coffees, Teas and Spices W . C . Harbach, Sec. & Treas. L. Harbach’s Sons Co. E. W . Stanton, Vice-Pres. Union Nat. Bank, Ames, la. H . M . Rollins, Pres. Des Moines Hosiery Mills C . W . Mennig, Pres. Mennig-Slater Co. Vinegar & Pickle Works W . G . T ow n, Des Moines Bale T ie Company Alfred Hammer, Pres. Alfred Hammer & Co., Druggists W e invite your Des Moines account, promising Careful, Efficient and Satisfactory Service. STOCK YARDS NATIONAL BANK SOUTH OMAHA, NEBRASKA Correspondence invited. L. E. STEVENS, President B. B. VORSE, Cashier J. E. MORTON, Asst. Cashier Great Western Accident Assn. DES MOINES, - IOWA A D M IT T E D A SSE T S SU CCESSOR T O South Omaha National Bank and Established 1SS6 Wants your collections and other business of Des Moines and vicinity and promises that satisfying service consistent with good and progressive banking. January 1, 1911 Union Stock Y ard s National Bank Eatablished 1S86 $ 467 ,959.39 IN S U R A N C E I N F O R C E Capital and Surplus, O ne M i l l i o n D o l l a r s January 1, 1902 $2,649 400.00 January 1, 1903 $4,816,600.00 January 1, 1904 $ 7 ,181,400.00 O F F IC E R S D IR E C T O R S H. C. B0STWICK, President E. F. F0LDA, Vice-President F. W. CLARKE, Vice-President J . C. FRENCH, Cashier H. C. MILLER, Asst. Cashier Asst. Cashier E P E S CORY. J . B. OWEN, Asst. Cashier Asst, to President JOHN S . KING, J . 0 . Armour, E. A. Cudahy, K. C. Barton, R. J . Dunham, H. C. Bostwich, E. F. Folda, Truman Buck, J . C. French, E. Buckingham, Ora Haley, F. W. Clarke, R. C. Howe, C. F. Collee, E. M.Morsman, Jr. E. A. Cudahy, Jr. J . D. Standish. A new bank began with the New Year to share in the good work of making 1911 a happy arid prosperous one, and to succeed to the business of the two banks named above, both o f which ceased opera tions on Dec. 31st, after twenty-five years of service. The sum of this valuable experience, the united efforts of all officers, and the combined resources of both these good old banks are now cordially offered by the .Stock Yards National Bank to all friends and cus tomers, old and new. For the handling o f Stock Yards business, our location and equip ment place us beyond competition. W e also make a specialty of handling Nebraska Items, fo r which we have superior facilities and expert methods. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis January 1, 1905 $ 7 , 4 9 6 , 700.00 January 1, 1906 $ 11,147,900.00 January 1, 1907 $15,4 5 9 ,000.00 $21,6 2 4 ,172.00 $2 7 ,3 2 0 ,585,00 $3 2 ,5 0 2 ,002.00 January 1, 1908 January 1, 1909 January 1, 1910 F o i Literature o r other inform ation, address H . B . H A W L E Y , P r e s id e n t Great 'Western Building, Des Moines, Iowa. April, 1911. THE NORTHWESTERN BANKER T H E I O W A B A N K E R S S T A T E C O N V E N T IO N A T M A S O N C IT Y , JU N E 15T H -16T H . At a recent meeting held by the local bankers at Mason City, at which the State Bankers Association was represented by Pres. Jno. McHugh, Vice-Presi dent G. E. McKinnon, Secretary P. W. Hall and L. E. Steves, of the Century Savings Bank of Des Moines, it was decided to hold the convention this year June 15th and 16th, at Mason City, which was the location decided upon at the state convention last year in Des Moines. The date, however, for holding same was left with the members of the executive council, and has now been definitely settled for June 15th and 16th. Mason City bankers are hard at work and it is their determination to make the convention held in their city one of the best in the history of the Iowa Bankers Association and, as there are a lot of live wires among the bankers of that city, the visitors throughout the state are looking forward to a happy time upon the dates mentioned. Mr. C. H. McNider, who was one of the prime movers in securing the location of the convention in his city this year, is a whole host in himself, and nothing will be left undone for the com fort and pleasure of the bankers that his fertile brain can possibly think of, and the things that he forgets are not of very much value. Your Account Will be handled in the most careful and Intelligent manner. Collection facilities excellent. A $5,000,000 B O N D P U R C H A SE . The Harris Trust & Savings Bank and its eastern associates have just purchased $5,000,000 first mort gage twenty-year 5 per cent bonds, due March 1, 1931, of the Cleveland Railway Company, which, operating without competition, does the street railway business of the city of Cleveland, Ohio, serving a population of over 560,000. The purpose of the issue is to refund maturing indebtedness. The bonds are now secured (through the deposits of the first mortgage bonds) by a first lien on an important part of the property, and after March 1, 1913, will be secured by a direct first mortgage on the entire property. The city of Cleve land has put an appraisal value on the property of $19,300,000, or substantially twice the bonded debt. The bank is bringing the bonds out in this market at par and interest. Holders of Cleveland Electric Rail way consolidated mortgage 5 per cent bonds, due March 1, 1913, have the privilege of exchanging them for the new issue on even terms. N A T IO N A L C IT Y B A N K O F CH ICAGO . An increase in the surplus and profits account from $300,000 to $500,000 is one of the things which is espe cially pleasing to the officers of the National City Bank, as is also the increase in deposits to $28,000,000. The continual growth of the National City Bank is one of the features which naturally fills the hearts of its officers with joy. THE NATIONAL CUY BANK OF CHICAGO OFFICERS DAVID R. F O R G A N ................................ President A L F R E D L. B A K E R ..................... .Vice-President H. E. O T T E . . .................................. Vice-President F. A. C R A N D A L L ........................ Vice-President L. H. G R IM M E ............................................Cashier W. T . P E R K I N S .......................................AssistantCashier W. D. D I C K E Y ..........................................AssistantCashier H E N R Y M E Y E R ...................................... AssistantCashier A. W. M O R T O N ........ ..............Assistant Cashier WM. N. J A R N A G I N .................................AssistantCashier W A L K E R G. M c L A U R Y . .. .Assistant Cashier R. U. L A N S IN G ..................Manager, Bond Dept. M. K. B A K E R ........Asst. Manager, Bond Dept. O M A H A N A T IO N A L B A N K OF O M A H A . The statement of March 7th reveals an increase in deposits of over two million dollars since the call of January 7th. The Omaha National also increased its surplus and profits account by more than $9,000 dur ing the same period which indicates a very prosperous condition of business in this prominent banking insti tution of Omaha. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Capital . . . . $2,000,000 Surplus and Profits . $500,000 Deposits . . . $28,000,000 4 T H E N O R T H W E S T E R N B A N K E R A p r il, 19 11. W h a t They A re Saying Dubuque, Iowa From their ads appearing in home papers w e clip the following arguments Second National Bank Reserve Agents for National Banks. 9 and 9 as put forth by local banks in different parts of the state. F iR S T N A T I O N A L B ANK, Lake Mills, Iowa. W . L. Doug las, the great Boston shoe manufacturer and form er gover nor o f Massachusetts, first saved and banked $600 he g ot for making and mending shoes. This was his start in business. Today he is worth many millions. C O M M E R C IA L Dubuque Savings Bank Combined Statement JAN. 7, 1911 RESOURCES C ash . ......... . . . . $ 836,824 I n v e s t m e n t s ........ 2,062,217 --------------------T o t a l ................$2,899,042 LIABILITIES D e p o s its ...................$2,032,659 C a p ita l ................... 570,083 C ir c u la tio n ............ 296,300 —------------------T o t a l . . ............ $2,899,042 D IR EC TO R S W, H. Day H. B. Glover J. K. Demlng Frank Geo. W. Klesel James M* Burch Chas. H. Bradley Bell E ly -N o rris S a fe C o . -------------------DOUBLE COMPOUND DO OR-------------------SPECIAL MANARD MANGANESE STEEL BANK SAFE N A TIO N A L BAN K , Charles City, Iowa. There can be no injunction w hich is so valuable, and will so prove itself as not to put off starting a bank account, but to be the proud possessor o f one at the first opportunity that you have to lay a dollar aside. G ILM O R E S T A T E SAVINGS BANK, Gilmore City, Iowa. A savings account w ill perm it you to purchase financial inde pendence on the instalment plan. One dollar down t o be gin, and as much as you like as often as you can spare) it, secures the prize. It is never too late to be what you m ight have been, if you w ill acquire the habits o f econom y. K E O K U K N A T I O N A L B ANK, Keokuk, Iowa. T h e m anage ment o f the K eokuk National Bank endeavors to pursue a progressive policy, to be liberal in its treatm ent and to ad h ere strictly to the legitim ate lines o f hanking. C IT IZ E N S S T A T E BANK, Mount Vernon, Iowa. The aver age laborer depends entirely upon his daily earnings fo r the. support of his family. Should sickness or other calamity overtake him thisr source o f support is cut off. It therefore behooves every thinking man to devise som e means o f fore stalling an adversity o f this nature. Many schem es have been placed before the laboring man, such as accident insur ance, loan associations, etc., but in each case it is necessary to make periodical payments to some company. W hy wouldn’t it be a good schem e to make these payments to yourself and YOU get the use o f the m oney? This w ay: Open up an account in this bank. Add to it periodically W hen the accident happens there is no long-winded system o f proofs and com plications to wade through. Simply write a check for what you need. Be your own insurance com pany. F IR S T N A T I O N A L B ANK, Lake Mills, Iowa. If Adam, 4,004 B. C., had lived and earned $10 a day until now, he would have earned less than twenty-two m illion dollars. If he had found one dollar and put it out at 1 per cent com pound in terest, that one dollar would amount to $664,597,604,947,648. M oney grow s if you let it. P EO P LES SAVINGS BANK, Perry, Iowa. Panics, public and private, find the man with the savings account ever ready to meet them. It is a w ise man w ho gives thought to the fu ture and increases his savings before his earning capacity decreases. Start a savings account and see what peace and com fort g o with it. T H E C IT IZ E N S SAVINGS BANK, Williamsburg, Iowa. W e invite _you to do your banking business with this bank. W e will give you courteous treatment at all times and w ill aim to make your banking business pleasant as well as profitable. W e w ill pay interest on your m oney, com pounded every three months. C O M M E R C IA L N A T I O N A L BANK, Charles City, Iowa. There is certainty to the return from m oney sown in the hank. Nothing increases with such steady grow th and as constant as dollars when deposited in a reliable banking institution. In order to be sure what your harvest w ill be, you should have som e m oney in the bank. THE STRONGEST SAFE IN THE WORLD Write for Catalogue J. J. D E R IG H T CO. 181 8 Farnam Street https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Omaha, Neb. S T A T E E X C H A N G E BANK, Parkersburg, Iowa. In organiz ing a state, savings or national bank, the stockholders be com e responsible for double the amount o f stock held by them, and no law w ill m ake them liable for more. If a shareholder is worth a million dollars, all he is liable to the bank and to the depositors for is double the am ount o f stock held. W e are organized under the state laws and com e un der this head, but w ith the personal guarantee o f C. C. W o lf writing his name on the back o f the certificates held by de- April, 1911. TH E NORTHWESTERN BANKER 5 positors and guaranteeing all open accounts, the depositor is protected to the full amount of all his property and there is no way o f evading the liability. N A T I O N A L S T A T E BANK, Mt. Pleasant, Iowa. Ease and plenty in old age can com e only from w ork and saving dur ing your younger, energetic days. Do you want to be old and p oor? Make our bank your bank. W e pay liberal in terest consistent with safety. C I T Y N A T I O N A L BANK, Tipton, Iowa. You know our repu tation; it has not been the grow th o f a day, but has been built up by years o f careful management. A t once conserva tive, progressive and along safe lines. T H E B E A V E R V A L L E Y S T A T E BANK, Parkersburg, Iowa. It is ju st as easy to deposit your incom e in the bank and check against it as to pay with cash. There is no additional expense and you are given the bank’ s service— this means safety to your funds, convenience for your transactions, and a condensed record o f every cent of receipts and expendi tures. M E R C H A N T S E X C H A N G E BANK, Hamburg, Iowa. Your banking facilities— do you contem plate any change in them ? A re you receiving due courtesy and consideration? It is not our purpose to prey on business that properly belongs to oth er banks, but having in mind that many changes are bound to be made, we simply want to extend a cordial invitation to all w ho are looking for new banking arrangements. F A R M E R S SAVING S BANK, Williamsburg, Iowa. W henever you buy, sell or rent property, let the business pass through this bank. W e give all such matters our personal attention, the same as if it w ere our ow n transaction. W e are confi dent you w ill be pleased with ou r service. T H E F IR S T N A T I O N A L B ANK, Parkersburg, Iowa. The offi cers and directors of the bank cordially solicit the banking business o f the public, assuring prompt, careful, honest and courteous treatment. MT. V E R N O N (la.) BANK. M ost farm ers are not trained bookkeepers nor are they as careful as they ought to be in filing away receipts show ing payment o f bills for labor and materials. By keeping a bank account, however, and making all paym ents by check, this difficulty is easily overcom e, be cause the checks them selves are absolute receipts. Not only that, but the stub o f the check gives a com plete history o f every transaction— the date o f payment, to whom the m oney was paid, as w ell as the purpose fo r w hich the ch eck was drawn. If you w ill give this plan a trial, you w ill soon be convinced o f the many advantages it affords. W e cordially invite accounts su bject to check in any amount and the bank’s conservative record covering a long period o f years, together with its capital of $100,000, lend assurance that your funds w ill be safe. C IT IZ E N S B ANK, Altoona, Iowa. There’s a reason why you are banking with us—o r why you are not. No matter what it is it s a reason. W e have been telling you many reasons why you should bank with us, and in the future we are going after som e o f your reasons, by personal interview— so think about them. W e are here to make this bank one o f the strongest county banks in th e state and must have your in fluence. Y ou are either friendly, or the opposite. No one can straddle the fence, and be sure to keep astride. If you are one o f those straddlers look out— for we are going after you. W e want that banking business o f yours. T H E SAVING S BANK, Afton, Iowa. The key to su ccess is m oney in th e bank. F A R M E R S S T A T E BANK, Dayton, Iowa. Decide to put a certain am ount on deposit every week, and then make your decision good. You can have both a savings-and a checking account. Talk to us about the advantage o f having both with this bank. T H E F IR S T N A T I O N A L BANK, Webster City, Iowa. Maybe you are on e o f those who say, “ Oh, I can’t save m oney; w hat’s the use o f trying?” You can save money. It’ s merely a m atter o f a little arithmetic. You know what it will cost you to live next m onth; add to that a certain amount for luxuries, then live up to that schedule and bank the differ ence. Give it a trial for three months— then you will have the habit and it w ill be easy. Spend less than you earn. JA S P E R CO. SAVING S BANK, Newton, Iowa. That happi ness and contentm ent that com es only through a certainty for the future is the healthy, permanent kind. A savings account starts you on that road today. No man can be his best self when cram ped by poverty. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Statement of Condition at Commencement of Business, March 8, 1911 RESOURCES Loans and Discounts........ ..................................................... Bonds and Mortgages............................................................ Due from Banks............................................ $20,201,677.37 Cash and Checks for Clearing House.......... 7,811,770.29 $29,536,129.05 9,518,464.05 28,013,447.66 $67,068,040.76 L IA B IL IT IE S Capital S to c k ........... ............................................................... Surplus Fund ....................................................................... Undivided Profits.................................................................... Reserved for A ccrued Interest and Taxes.................. . .'." Deposits.................................................................................... $ 3,000,000.00 5,000,000.00 1 110 397.52 1591596 08 57,798,047.16 $67,068,040.76 G E N E R A L B A N K IN G Accounts of banks, merchants, corporations and individuals solicited O F F IC E R S Orson Smith, President P. C. Peterson, Assistant Cashier Edmund D. Hulbert, Vice-President C. E. Estes, Assistant Cashier Frank G. Nelson, Vice-President Leon L. Loehr, Sec’y & Trust Officer JohnE. Blunt, Jr., Vice-President F.W.Thompson,Mgr.Farm Loan Dept. J. G. Orchard, Cashier H. G. P. Deans, Mgr. Foreign Dept. C H IC A G O T H E ■■■ Fidelity & Casualty Co. 92-94 liberty and 97-103 Cedar Streets NEW YORK CITY A s s e t s ....................................................................$ 9 ,8 5 9 ,430.25 Capital and S u r p l u s .............................................. lo s s e s paid to December 31, 1910 - - 2 ,9 4 5 ,695.84 3 4 ,4 14,003.35 This Company Grants Insurance as Follows: Fidelity Bonds, Surety Bonds, Burglary, Plate Glass, Steam Boiler, Fly W h e e l, E m ployers’ Liability, Pub lic, T ea m s, A u tom o bile, W o r k m e n ’s C ollective, W o r k m e n ’s C om pensation, Elevator, and G eneral Liability, Personal A ccident, Health, Physicians’ Liability, and D ruggists’ Liability. : : : : OFFICERS: R O B E R T J. H II,L A S , P re s id e n t. P R A N K E . L A W , V ic e -P r e s id e n t . H E D L E Y R . W O O D W A R D , V ic e -P r e s . T H E O D O R E E . G A T Y , S e c re ta r y . H E N R Y C R O S S L E Y , A s s t. S ecy . G E O . W . A L L E N , A s s t. S ecy. F R E D E R I C K R . JO N E S , A s s t. S ecy. C. E . S C A T T E R G O O D , A s s t. S ecy. 6 THE NORTHWESTERN BANKER April, 1911. & THE CORN EXCHANGE N A T IO N A L BANK «//CHICAGO ÏBiaafiM't&kftgnj lu u i r i i i i i f u í i l llia n iíu iiim j SSSSS-¡»¡¡¡¡¡¡I s.íílíüüuua CAPITAL : : : $3,000,000 SURPLUS : : : 5,000,000 UNDIVIDED PROFITS 500,000 DEPOSITS : : : $60,000,000 OFFICERS ERNEST A . HAMILL, President CHARLES L. HUTCHINSON, Vice-Pres. CHAUNCEY J. BLAIR, Vice-Pres. D. A . MOULTON, Vice-Pres. B. C. SAMMONS,Vice-Pres. JOHN C. NEELY, Secretary FRANK W . SMITH, Cashier J. EDWARD MAASS, Ass’ t Cashier JAMES G. WAKEFIELD, Ass’ t Cashier DIRECTORS Charles H. Wacker Martin A. Ryerson Chauncey J. Blair Edward B. Butler Charles H. Hulburd Clarence Buckingham Benjamin Carpenter Watson F. Blair Edwin G. Foreman Charles L. Hutchinson Edward A . Shedd Frederick W . Crosby Ernest A . Hamill FOREIGN EXCHANGE. LETTERS OF CREDIT. Travellers Cheques and Let ters of Credit issued by *The First National Bank of Chicago not only afford a safe and convenient means of carrying funds, but also yield a profit to Banks sell ing them. Particulars from Foreign Exchange Depart ment. John J. Arnold, Mgr. CABLE TRANSFERS Our facilities fo r handling the accounts o f N orthw estern Bankers áre unexcelled. % ESTABLISHED 1856 Iowa Lithographing Co., Des Moines, la. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Bank and Commercial Stationery of Quality. TH E BANK OF NORTH A M E R IC A NATIONAL BANK PHILADELPHIA, PEN N SYLVAN IA (CHARTERED BY CONTINENTAL CONGRESS, 1781) T h e successful experience of this institution during 130 years of active banking, places it in a position to be of practical service to financial institutions in all parts of the country. Capital, Surplus and Profits Deposits, (March 7, 1911) H . G . M IC H E N E R , Pres. . . . . . . ........................... S A M U E L D . J O R D A N , Cash. R IC H A R D S. M c K IN L E Y , A ss t Cash. $ 3,625,000.00 14,000,000.00 W m . J. M U R P H Y , A s s ’t Cash. The Northwestern Banker $2.00 Per A n n u m DES MOINES, IO W A , APRIL, 1911 20 cts. Per C o p y T h e State W e Live In A n able address by J. H . Ingwersen, President Peoples Trust and Savings Bank of Clinton, before Group 1 1, Iowa Bankers Association at Burlington. The recent federal census has caused many thought ful Iowans to endeavor to locate some cause for the decline in population. The percentage of loss is so infinitesimal that it really does not deserve more than passing notice, but nevertheless it is to a certain ex tent humiliating to Iowa people, and it is praiseworthy of them that a serious effort is now beng made to ascertain the cause. It is generally admitted that there is a reason, but the answer is not readily forth coming. Every other state in the union shows a sub stantial gain, while the state that has the richest and most productive soil of all is compelled to stand before the world for ten years to come as the only one, and if I am not mistaken, the first one in the history of our country to show a loss in population during a decade. The state has no large cities, but neither are any large cities to be found in Vermont, North Carolina, Mis sissippi and Maine. The fact of the matter is that our cities have not grown as rapidly as the cities in other states that do not begin to offer the advantages pos sessed by the state of Iowa. Our farms lands have advanced in value until prices ha've become almost prohibitive to the immigrant and to the young man about to start out on life’s journey. Undoubtedly this has caused many Iowans to dispose of their productive Iowa farms to the owners of ad joining farms, and to" invest the proceeds in the cheaper lands to be found farther west, north and south. This migration has affected the rural districts throughout the middle West, but a careful study of the census figures will show that the rural districts of In diana, Illinois and Missouri have suffered practically to the same extent as Iowa, and if it had not been for the growth in the cities of these states, every one of them would have shown the same percentage of loss a,s Iowa. And there is the rub. W hy don’t the cities https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis in Iowa grow as rapidly as cities in other states pos sessing very few natural advantages, when compared with the inimitable resources of the state we live in? There are numerous answers to the question and I suppose we will not all agree when it comes to the remedy. In the first place, the state of Iowa has been too self satisfied. We . boast, and with good reason, of the small percentage of illiteracy to be found within our borders ; of the magnitude of our corn crop, which ex ceeds the crop of every state in the Union except Illi nois ; of the value of our butter and eggs, exceeding the combined output of all the gold and silver mines of the state of Colorado. And there are many other things in which Iowa excels that might be enumer ated were it not for the fact that human endurance has a limit, and I do not want to exhaust the patience of the audience. In my opinion we fail in the matter of publicity. In stead of advertising our advantages, thus bringing them to the attention of people living in less favored localities, we have allowed ourselves to get in a rut, and that state of things might have continued indef initely had not the recent census aroused our people and caused them to sit up and take notice. The Lord helps those who help themselves and if we who reside in the state of Iowa make no effort to focus the atten tion of outsiders on the state, we cannot very well ex pect them to locate within our midst upon their own motion. Need More Advertising. The situation, so far as advertising the people is concerned, reminds me forcibly of a prohibition rally I attended on a visit some years ago at a well-known county seat in southern Iowa. Not a saloon could be 8 TH E NORTHWESTERN found within, the county, and from information ob tained through casual inquiries it appeared that no liquor had been lawfully sold in that county since the prohibitory law became effective. The meeting was largely attended, and one of the foremost temperance orators in the United States spoke to an enthusiastic audience for a period of nearly two hours. After the meeting a bystander appropriately remarked that in his opinion it seemed like wasting ammunition to hold a prohibition rally in a community surcharged with prohibition sentiment and where a contrary policy would be an absolute impossibility. To illustrate how little some people who live within a stone’s throw of Iowa know about this state and her matchless re sources, I need only mention the fact that I have been repeatedly asked by prominent bank officers in Chi cago, if wheat did not constitute one of the most im portant crops of the state. To a certain extent this is a reflection on the banker, for a man who is engaged in the banking business should be sufficiently informed as to the products of the various states to enable him to pass intelligently on credits emanating from the states in which his bank does business, and this he cannot do if unfamiliar with the state’s products. The commercial clubs of many cities of Iowa have recently displayed a great deal of activity. In some instances this activity has continued for years, but in many cases, unfortunately, it has been of a periodic nature. The census returns have stirred the inactive' clubs into action and the result should be of great benefit to the state. Concerted action will bear fruit, but beneficial results can only be attained by persist ent effort. The legislature has been authorized by numerous commercial organizations in the state to make an appropriation for publicity purposes, in order that information concerning the matchless resources of Iowa may be intelligently disseminated. The state could not make a better investment than to appro priate $100,000 to be used in a publicity campaign dur ing the next two years. The best advertising talent obtainable should be employed and the money ex pended under the direction of a suitable committee. If a special committee is deemed inadvisable or too ex pensive, the manner of spending the fund provided for the purpose might be left to the judgment of the exec utive council. Advertising to bring results must be persisted in. . A spontaneous and interrupted effort is worthless and results should not be expected therefrom. The benefits to be derived from advertising do not mani fest themselves until a considerable period has elapsed, but if the campaign is persisted in, and the advertising matter handled intelligently, beneficial results are bound to appear. The publicity thus given the state should, of course, be supplemented by the efforts of individual communities. Every progressive city in and out of the state is trying to gain in population by at tracting manufacturing and other commercial enter prises and it is quite noticeable that the best results are obtained by the cities that persistently call atten tion to themselves. A striking example of the value of publicity is furnished by the new state of Oklahoma, and especially by the metropolis of that state, Okla homa City. That city has been a persistent and con sistent advertiser for a number of years, and today boasts of a population that is almost as great as that of the largest city in Iowa. If Oklahoma City can con tinue her present gait she will outstrip anything we https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis BANKER April, 1911. Fort Dearborn National Bank C H IC A G O , ILLINOIS U N IT E D S T A T E S D E P O S IT A R Y C A P I T A L ........................................$1,500,000 SURPLUS and PROFITS 500,000 DEPOSITS 21,000,000 W M . A . T IL D E N , P re s id e n t N E L SO N N. L A M P E R T , J. F L E T C H E R F A R R E L L , V ic e -P r e s id e n t V ic e -P r e s id e n t H E N R Y R . K E N T , C a sh ier G E O R G E H . W IL S O N , CHARLES FERN ALD, A s s ’t C a sh ie r A s s ’ t C a sh ier T H O S . E . N E W C O M E R , A s s ’t C a sh ier W e particularly desire the accounts o f Country Banks. Our officer in charge is personally acquainted with con ditions in your section. W e know your wants and w e wish to serve you. Our Service to Bankers CP york new^ ^JI It is the business of the Bank Stocks Department of the Sterling Debenture Corporation to bring to the attention of a world-wide clientele of over 45,000 customers, investment opportunities in bank stocks. tfjj W e are glad to include in our monthly list of offerings, either small or large blocks of the stock of any well-organized bank. No charge is made for our service unless a sale is effected. #71 The next time you are confronted with the prob^ lem of disposing to the best advantage of some holding of the stock of your bank, take us into your confidence. W e shall probably have a customer waiting for you. STERLING DEBENTURE CORPORATION BRUNSWICK BUILDING, M A D IS O N S Q U A R E , N E W Y O R K April, 1911. TH E NORTHWESTERN have in Iowa inside of five years, unless we make use of the same means to attract population. There is no good reason why this should be so, notwithstanding the fact that Oklahoma is a new state. Iowa also was a new state until a comparatively recent period. By keeping everlastingly at it Oklahoma City has located two large packing houses within her borders during the past year and this has been accomplished notwith standing the fact that the entire state of Oklahoma does not produce as many hogs as three or four coun ties in Iowa. We, on the other hand, seem determined 1 BANKER 9 Continental and Commercial National Bank Capital and Profits of C H IC A G O $20,000,000 $9,500,000 Northeast C orner Clark and A dam s Streets OFFICERS George M. Reynolds, President Geo. B. Smith, Ass’t Cashier Ralph Van Vechten, Vice-Pres. W ilber Hattery, Ass’t Cashier Alex. Robertson, Vice-President H. Erskine Smith, Ass’t Cashier Herman Waldeck, Vice-President John R. Washburn, Ass’t Cashier John C. Craft, Vice-President Ralph C. Wilson, Ass’t Cashier James R. Chapman, Vice-President W ilson W. Lampert, Ass’t Cashier Wm. T . Bruckner, Vice-President Dan Norman, Ass’t Cashier Wm. G. Schroeder, Secretary Frank L. Shepard, Auditor Nathaniel R. Losch, Cashier H. Lawton, Mgr. Foreign Dept. Harvey C. Vernon, Ass’t Cashier Edward S. Lacey, Chairn 1 of Advisory Committee Accounts o f Banks, Bankers, Manufacturers, Merchants and Individuals Invited. \ C o n t i n e n t a l and C o m m e r c ia l T ru s t and S avings B ank Capital $3,000,000 Surplus $500,000 T ru st, Savings and Bond D epartm ents OFFICERS Geo. M. Reynolds, President John Jay Abbott, Vice-President ' ^ _ Charles C. W illson, Cashier Frank H. Jones, Secretary Wm. P. Kopf, Ass’t Secretary Geo. B. Caldwell, Mgr. Bond Dept. T h e Capital S tock o f this Bank is O w n ed b y the Stockholders o f the Continental and C om m ercial National Bank o f C hicago Hawkeye & Des Moines Fire Insurance Company OF DES MOINES, IOWA J. H. INGW ERSEN President Peoples Trust and Savings Bank Clinton, Iowa to force all our cattle and hogs to outside markets, in stead of making an effort to build'up a few packing houses located in Iowa. Make State Attractive. It is not enough that we should advertise the state, but we must make the state an attractive place for capital. If you invite a man to be your guest you can not expect him to stay if you serve his meals in the woodshed and allow him to sleep in the barn. There has been a tendency in this state to legislate along freak lines. Capital has been told that if it did not like our laws it need not stay here. That is a very poor policy to adopt if you want to grow in wealth and importance. Capital always follows the lines of least resistance, and if it is not made welcome in one state it will seek a community that is willing to extend the right hand of fellowship. In this state, as one of your local banks recently ex https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis A Combination of Two Large, Strong Companies Hawkey« Insurance Co., Established 1865 Des Moines Fire lusurance Co., Etsablished 1881 The Largest and Strongest Fire In surance Go. in the State C a p i t a l .............................$ 200,000 N et Surplus, over - - $ 300,000 Admitted Assets, over $1,500,000 H . R . H o w ell, President W . D . Skinner, T reasu rer G . G . H unter, V ice-P res. C . S. H unter, Secretary R . S. H o w ell, A sst. Sec. T H E B EST C O M P A N Y FOR A G E N T S T H E B EST C O M P A N Y FO R T H E ASSURED TH E IO NORTHWESTERN BANKER April, 1911. ---- T H E ---- Live Stock Exchange National Bank o f C h ic a g o offers exceptional inducements to banks in the corn belt desir ing to make a change for the better, or open up new accounts. pressed it,, we have unfortunately been afflicted with a crop of undesirable politicians. I do not want to be understood as reflecting on any party or group of men, but it is undoubtedly true that for some time the ques tion of faction has been of greater importance than the question of ability when it comes to the selection of men for important positions. Raps the Legislature. The people have come to hail the day when the legislature adjourns sine die, and one hears the remark almost daily that it would be a good thing if the legislature met once in six years instead of biennially. This is not as it should be, and it is pretty good evi dence that the members of the legislature, instead of being servants of the people, assume that they are the people. Unwise legislation has a detrimental effect on the state that is more far reaching than most people are willing to concede. It is given the utmost public ity, and as a rule, finds lodgment in every newspaper throughout the land. On the contrary legislation that is uniformly beneficial, wisely contrived and executed in a statesmanlike manner, seldom attracts more than passing notice. As an example of unwise legislation the Peterson law may be cited. In theory the law may not be subject to criticism, but theory and prac tice do not always work hand in hand. Since the Peterson law became effective, the building of . interurban railways has practically ceased. It is gratify ing to note, however, that the legislature now in ses^ sion seems to realize the deficiencies in the Peterson law and indications are very favorable for a modifica tion of the law along sane and intelligent lines. For the past few years it has been apparent to close THE C it y National Bank OF CLINTON, IOWA Capital, Surplus and Profits ................... $200,000.00 Deposits ............. ......................................... $2,150,000.00 O F F IC E R S ^ A. C. Smith, President G. M Curtis, Vice-President A. C. Smith, Cashier Accounts of Banks and Bankers received on most favorable terms. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Correspondence Invited. students that the taxation laws of Iowa are woefully antiquated. The general public has not given the sub ject matter much thought, but recent events have fo cused the attention of our people on the revenue laws, particularly as they apply to moneys and credits. Very few will dispute the statement that the tax ferret law has driven many thousands out of the state, and if it had been permitted to remain on the statute books, it would doubtless have driven away many thousands more. That method of discovering hidden property is contrary to the spirit of our institutions, and cannot in any sense of the word be said to be in accord with a republican form of government. Fortunately the legislature realized the iniquity of the tax ferret law, and after a strenuous campaign the repeal of the law has been secured, but its repeal does not cure the evil so far as it relates to the taxation of moneys and credits. It will be necessary to go to the root of the evil, and in order to provide a method of taxation that is scientifically correct, a radical depart ure from existing methods is absolutely necessary. A plan has been proposed for the appointment of a tax commission. If this plan is adopted the legislature now in session will appoint a commission charged with the duty of making an intelligent study of the ques tion of taxation during the next two years, and to sub mit a. practical plan for consideration to the legisla ture that will convene two years hence. This proposition is superficially practical, but it is doubtful if it will work out the results hoped for by its promoters, unless the commission is required to make its report to a special session of the legislature to be held during the winter of 1912. If a special ses sion of the legislature is held solely for the purpose of considering the revenue laws of this state tangible and practical results are more likely to be attained than if the matter is allowed to drift along for two years when a regular session of the legislature is again due. It is important that taxation laws should be so de signed that all classes of people bear an equal share of the burden. It is difficult to convince the average tax payer, who has not given the subject much thought, that the man who has his means in the shape of moneys and credits should apparently pay a less amount of taxes than his neighbor who owns real estate and other revenue-producing properties. Per sonally, I am convinced fhat the single tax theory is correct in principle. Henry George advocated this pla.n many years ago. At that time his theory met with general condemnation and he was held up to ridicule April, 1911. TH E NORTHWESTERN by the press and generally looked upon as a crank. He lived ahead of his time, but the single tax idea is growing and eventually it will be adopted as the only correct method of taxation. It will then be impossible for a selfish owner of unimproved real estate in the heart of a growing city to profit from the enterprise of an adjoining property owner, who assumes the risk involved in the erection of expensive buildings, in order that the people of the community may derive a certain amount of benefit therefrom. It is not pos sible to build a large city unless it contains a large number of property owners who are lacking selfish ness, but have a generous supply of public spirit. The exemption of moneys and credits from taxation is a step in the direction of single tax. If our state were to exempt monies and credits from taxation we would see the state blossom like a rose and leap forward in dustrially at such a tremendous rate that the people themselves would find it difficult to keep the pace. The exemption of all moneys and credits from taxation is probably more than we can hope for, for the reason that the people have not yet been sufficiently educated to understand the meaning of the terms, moneys and credits, from a theoretical and scientific standpoint. A step in the direction of exemption would be a flat tax similar to the plan in vogue in some of the eastern states. Such a tax, if made low enough, would do away with any need of tax ferrets. There is a grow ing desire on the part of the people to conform strictly to the requirements of the law. People are not natur ally tax dodgers, but when the revenue laws are so manifestly unfair as they now are, no one can be blamed for doing all in his power to escape the imposi tion of taxes, if his property is all in the shape of moneys and credits. The Taxation Problem. Let us take for a practical illustration the case of two men, each of whom has $10,000, that being all the property owned by him. One loans his money on Iowa farm mortgages and if he is fortunate he secures a number of loans that pay him 6 per cent interest, thus producing an annual revenue of $600. If he is a resi dent of the average city in Iowa his taxes are equiv alent to 2 per cent on the par value of his securities, in this instance $250 per annum, leaving him a net amount of $350 per annum, which, of course, is barely sufficient for the common necessities of life, to say nothing of any of the luxuries. The other man invests his $10,000 in a retail business requiring just that amount of capital. Most any retail business will turn its capital three times a year, so that in the course of one year he should transact business to-the amount of $30,000. If his profits were relatively as great as the profits of a certain well-known mail order house he would make about $7,500 per annum on an investment of $10,000, but experience has proved that the average retail merchant does decidedly well if he makes a profit of 10 per cent on his gross sales. Even if you cut that in two the income of our retail merchant will be $1,500 per annum. When the assessor visits his store, for the purpose of placing a valuation thereon, he will, as has been found from experience, call the stock worth about fifty cents on the dollar, making the annual tax of the merchant around $125 per annum, or one-half as much as the tax paid by the man who loaned his money, while on the other hand the income of the merchant is two and one-half times that of the money lender. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis BANKER il The Farmers’ arid Mechanics’ National Bank of Philadelphia, Pennsylvania 427 Chestnut Street CAPITAL, - - - SURPLUS AND PROFITS. D EPO SITS, - - - $ 2,000.000.00 - 1,430,000.00 13,057,000.00 Organized January 17, 1807 DIVIDENDS PAID, - - - «12,987,000.00 UNITED STATES, STATE arid CITY DEPOSITORY OFFI CERS HOWARD W . LEWIS. President HENRY B. BARTOW, Cashier JOHN MASON, Transfer Agfent OSCAR E. W EISS, Assistant Cashier Accounts oi Banks and Bankers Solicited. XLbc Chase National Bank ©f the ©it? of mew HJorft UNITED STATES DEPOSITORY CLEARING HOUSE BUILDING March 7, 1911 C A P I T A L .....................................................$5,000,000.00 S U R P L U S A N D P R O F IT S , ( e a r n e d ) 8,382,871.00 D E P O S IT S .............................................. 118,548,760.00 ©fficers A. Barton Hepburn, c h a ir m a n of t h e b o a r d Albert H. Wiggin, p r e sid e n t Samuel H. Miller, VICE-PRESIDENT Henry M. Conkey, c a sh ie r Edwin A. Lee, ass ’ t c a sh ie r Charles C. Slade, ass ’ t c a sh ie r William E. Purdy, ass ’ t c a sh ie r Alfred C. Andrews, ass ’ t c a sh ie r iDtrectors HENRY W. CANNON JOHN I. WATERBURY JAMES J. TTTT.TGEORGE F. BAKER GRANT B. SCHLEY ALBERT H. WIGGIN A. BARTON HEPBURN GEORGE F. BAKER, JR. FRANCIS L. HINE 12 T H E F. F. M cELH INN EY, Pres. N O R T H W E S T E R N DR . F. W . P O W E R S , Vice-Pres. April, .1.911. B A N K E R C H A S . W . K N O O P , Cashier E. A . FRENCH, Ass*t Cashier “ T h e Bank of Stability and Progress” Black Hawk National Bank Capital and Surplus Savings Department Commercial Department $200,000.00 W aterloo : Iowa Owing to unexcelled avenues for loaning upon approved collaterals with very conservative margins but upon a profitable basis, we are enabled to offer an unusually attractive proposition to Banks anywhere to act as their correspondent. Let us submit our terms and particulars__ N O W . W e W a n t Items on W aterloo and Vicinity. The figures I have cited here are, I believe, conserva tive and most of you can verify them in your own com munities. It must be admitted that the question of taxation is difficult of solution. The state, and its various sub divisions, must have revenue and the method of rais ing the same must not be unduly burdensome, and the load must be equitably distributed. It is to be hoped that some relief will be furnished by the legislature now in session, but that if nothing is accomplished during the present session beyond the repeal of the tax ferret law, a tax commission ought to be appointed to work out a suitable plan and present the same to a special session of the legislature, or if that is deemed inadvisable, to the regular session in 1913. Iowa Lags Behind. The state of Iowa has so far failed to keep step with her neighbors by persistently refusing to recognize the necessity of adequate legislation permitting trust com panies to do the business that naturally belongs to cor porations of that character. Great enterprises, involv ing the use of more than ordinary credit cannot be financed without the assistance of a trust company. In pioneer days, trust companies were not a necessity, for there were no large establishments, and individual trustees answered the purpose as well as a corporation especially designed for that purpose. The cities of the state recognize the importance and need of trust com pany legislation, but in the past attempts to enact a PHCENIX TR U ST CO. O T T U M W A , IO W A Insurance Department IS SU E S Burglary Insurance for Bank and Residence Fidelity Bonds for Bank Employes, etc. Judicial Bonds for Administrators, etc. Depository Bonds for Public Funds Indemnity Against Forgery Prom pt Service https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Reasonable Rates suitable law have been blocked by lawyers hailing from the rural communities. Their opposition to such a law is based on the belief that the establishment of trust companies will deprive them of legal work. This view is wholly erroneous, for it stands to reason that a trust company cannot possibly thrive unless it has the co-operation of the people who are instrumental in the creation of business requiring the services of a trust company. Iowa should put herself in a class with Minnesota, Wisconsin, Illinois and' Missouri, to say nothing of the last addition to the family of states, the state of Oklahoma. A broad and comprehensive trust company act might not have the efifect of in creasing the population of the state to an appreciable extent, but it would enable Iowa people to finance large enterprises without necessarily calling on trust companies and other agencies located in neighboring states. The fees justly due a trust company for its services ought to be earned by an Iowa corporation and it is to be hoped that our law makers will see a great light before we are left so far behind industrially that it is impossible to catch up with our neighbors, to say nothing of beating them out in the race for su premacy. We have been too busy of late years enacting laws that make it difficult for a corporation to do business in the state. It is about time for us to stop the prac tice of corporation baiting and see if we cannot attain greater and more lasting results through the encour agement and organization of corporation. Modern business conditions make it impossible, except in iso lated cases, to obtain large results except through the means of aggregated capital, and the best vehicle for this purpose is the corporation. As a matter of fact, the word corporation is little understood by the aver age individual. There is an inclination to disassociate the corporation from the individual, instead of bearing in mind that a corporation is merely a vehicle made use of by a number of individuals to use their joint means for a common purpose. The corporation per se does not possess a soul, it is true, but it is wholly guided by individuals and thus its acts are in every sense of the word the acts of the human brain that guides it. It is true that from the standpoint of a politician it is popular to abuse corporations. Votes are supposed to be made by a severe arraignment of corporations in general, and the truth is not always considered a vital factor, when information is volun- April, 1911. TH E N O R T H W E S T E R N BANKER 13 The B-V Bank ledger Individual A c c o u n ts Savings A c c o u n ts Must be located quickly, kept accurately, proved daily, checked monthly. These fe a tures are best secured by the adoption of the B a k e r-V a w te r Complete B an k A ccounting System, w hich is much more than a Loose L ea f Ledger, a l though that device is an im portant facto r in its success. W rite for IfflluV B a ll p articulars In Perpetual Ledgers are handled with economy of time. posting, figuring interest, “ inking in” interest, extending totals, and taking trial balance. Interest-declaring periods lose their terrors. Macie and Sold Exclusively by B A K E R -V A W T E R COMPANY Chicago teered by self-styled reformers, touching the iniquities of corporate power. . Recently a concrete illustration of the abuse of priv ilege was furnished by the retraction made by two prominent magazine writers when the Standard Oil Company decided that patience had ceased to be a vir tue, and called upon a couple of muck rakers to prove the charges made by them or stand accused as com mon falsifiers, and wilful ' destrùÿers of character. When matters reached this crisis the authors were compelled to admit that their statements were without foundation. The harm, however, was done and while the charges were read by thousands and believed by many, the retraction has doubtless come to the atten tion of a very small percentage of the readers. The Banking Laws. The state of Iowa has kept pace with her neighbors in the way of legislation governing and regulating bank organizations under the incorporation laws of the state. Our state banking laws compare favorably with the laws of other states in the union, and in some respects they are a distinct improvement. We ought to make some changes in our banking laws in our ef forts to bring about better banking conditions, and I believe the great majority of the officers of the state and savings banks are in favor of any legislation that will tend to insure stability and create confidence. The reserve requirement‘of state and savings banks should be elaborated so as to conform to the laws governing national banks, in that particular. State and- savings banks should also be required to build up a certain sur plus fund before they are permitted to distribute all their earnings in the way of dividends. Additional fa cilities should be provided in the auditor’s office, so that at least two examinations per annum can be made by the department. Bank examiners should receive sufficient compensation to enable the department to employ the best talent. There ought to be at least five calls per year, thus enabling the state auditor to work in harmony with the comptroller of thé currency, thereby making it possible to obtain valuable statis tical information now available only at infrequent in tervals when the calls made by the auditor and comp troller happen to fall on corresponding dates. Personally I am very much in favor of a uniform system of banking for the entire United States. Sen ator Aldrich has recently outlined a plan which is worthy of the deepest study. If carried into effect, as I believe it eventually will be, the reason for the exist https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Users are not annoyed with dead accounts at every New York No more excuses for failure to balance. ence of state and savings banks will cease, as it will then be to the advantage of all banks to operate under the federal system. There is no good reason why a federal banking act cannot be drawn that will permit of banks doing both a commercial and savings busi ness. In fact, no sound reason can be advanced why a bank having sufficient capital should not at the same time be permitted to transact a trust business. Proper safeguards must, of course, be provided and the laws must not only be strict, but should be enforced to the letter. Such a system would be so large and far reach ing that it would be imperative to provide a compre hensive plan of supervision and inspection, necessitat ing the employment of bank examiners possessing spe cial talent for the work required of them. It would permit of frequent and exhaustive examinations, and if such a law is intelligently contrived it will be unnec essary for any bank to violate the law either in letter or spirit. Uniformity begets confidence and that is after all the cornerstone of the whole structure. Praise for Burlington. When we depart for our homes at the conclusion of this interesting meeting, we will be frequently re minded of the open-handed hospitality extended to the visitors of the banks of the group of which this beau tiful city is the metropolis. It should remind us that the splendid entertainment provided for us was born of a common desire, so far as Burlington bankers are concerned, to boost their city. They want us to go home with the feeling that Burlington is a good place Peoples Savings Bank DES MOINES, IOWA Established 1890 CAPITAL (Paid in) - $50,000.00 CAPITAL (Earned) 50,000.00 $100,000.00 SURPLUS and PROFITS (Earned) - 140,000.00 DEPOSITS - - - over 2,250,000.00 C. H. M A R T IN - - F R A N K P. F L Y N N E . A . S L I N IN G E R - G EO. V . H A R R IT T - - President Vice-President Cashier A sst. Cashier Accounts of Banks and Bankers Solicited TH E 14 NORTHWESTERN BANKERS April, 1911. BANKER OF THE MIDDLE-WEST Find In The New Hotel Colfax the Ideal Place for Rest and Re cuperation 24 miles east o f Des Moines on the Rock Island Lines Special Winter Treatment Special Winter Rates T H E N E W C O L F A X (built and furnished at a cost o f $400,000) is a Mineral W a te r C ure R esort unequaled in this cou n try in A p poin tm en t and Ser's ice. Interpretation o f a re cent analysis o f The Baths of Hotel Colfax are now know n as the Fam ous Baths o f Am erica. COLFAX MINERAL W ATER pronou n ced it to be o f the Steam, Vapor and Electric Cabinet CARLSBAD D ouche and Pack, Massage and Vibra tor Treatment. TYPE but nearly tw ice as strong. Unequaled for relief o f Uric Acid, Rheumatism, Catarr hal Conditions o f the Stomach and Bowels, K idney and Bladder Disorders, Constipapation and Obesity. The Pine N eedle Ton ic, Bath of Carlsbad, and the N a u h e i m Salts Bath are given by S k ille d Swedish Attendants. T H E N E W H O T E L C O LFAX, C O LFAX, IO W A B U ILT OF ST EE L A N D C O N C R E T E T A K E THE CURE, A REST OF A F E W D A Y S A N D TONE UP YOUR SY S T E M The New Hotel Colfax is located on 160 acres of beautiful park grounds, delightful walks, one mile east of the city of Colfax, and reached by private electric car line from town. On Main line Rock Island Route, direct trains from Omaha—no change of cars. Special winter rate from November 1, 1910, to May 1,1911. $2.50 to $5.00 per day, American plan, which means room and board. For booklet and information apply any Ticket Office Rock Island Lines, o r write JAMES P. D O N A H U E , Proprietor, C olfax, Iowa to live in, and if it is a good place to live in, a good place to do business in. It could not be either if the city were not located in a good state. Bankers, as a class, are primarily interested in the prosperity of the people, and therefore we should from this time on make it our special business to boost the state in every possible way. Her resources are matchless, and there is no good reason why the state of Iowa should not be a leader in all things material. The small loss in pop ulation during the past decade is not of sufficient im portance to merit the publicity that has been given it. It, of course, provides competing states with an argu ment why people should not locate in the state, for the claim may with reason be made that a state that is retrograding in population is not a good one for manufacturing enterprises to single out as a desirable location. This makes it all the more imperative that we should use our best endeavors to prevent a recur rence of similar conditions in 1920. The census show ing has beyond question had the effect of bringing our people to a realization of conditions as they actu ally are, and there will be disposition on the part of people who have the interest of the state at heart to do all they can during the next few years to bring about a reversal of conditions that have made a decline in population possible. There is substantial evidence that our legislature has decided to turn over a new leaf and pursue a broad policy instead of a narrow and restrictive one. There is no good reason why this state should not thrive from center to circumference. We must adopt legitimate means to counteract the work of the real estate promoter, who paints the land of every state in glowing colors, and makes it appear https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis to our people that by comparison the state of Iowa is a barren waste; the best method of nullifying the real estate promoters’ game is to advertise Iowa wtih par ticular reference to the wealth and productiveness of the soil. It can be easily demonstrated that, notwith standing the high price of Iowa farm land, the farm ers of this state enjoy a greater degree of orosperity than the farmers of any other section of equal area on the face of the globe. Population of State. This being the case, our state can be made to grow in population as well as in wealth, for, notwithstand ing our small loss in population, the wealth of the state during the past ten years increased at a rate that is almost beyond belief. When you really stop to think about it, this is not to be wondered at, and I believe if we cast false modesty aside and sing our praises as we ought to do, people will flock to Iowa in greater numbers than ever before. The sun shines as brightly here as anywhere. A bluer sky is not to be found, no matter where you may be. There is no greener grass than that which carpets Iowa’s hills and dales. The song bird’s note is never more flute-like than when rendered midst the peace and plenty showered upon Iowa by an all-wise and beneficent Providence. We should Constantly bear in mind that in all things that are good, Iowa affords the best. Let us firmly believe the truth of that statement, impress is constantly upon our friends and acquain tances, and when another federal census is taken, we will surprise the world with a story of wonderful growth in population, to say nothing about our achievements along commercial lines. April, 1911. TH E NORTHWESTERN BANKER 15 THE MONROE NATIONAL BANK O F C H IC A G O T r y us on your collections. Prompt personal service assured. A ccounts of Banks and Bankers solicited on most favorable terms. E D W I N F. B R O W N , President T . C . N E A L , V ice-P residen t L. C . W O O D W O R T H , Cashier M A T T H E W A B E R G , Jr., A sst. Cash. R . H . L E E , A sst. Cash. I O W A N A T IO N A L B A N K , DES M O IN E S. This institution shows a gain in deposits between the call of January 7th and that of March 7th of nearly a million and a half dollars. Considering the fact that the time between the two calls was only two months this is an especially fine showing. During thesame period the surplus and undivided profits account was increased about $29,000. This indicates the fact that the business of the largest national bank in Iowa is in a most satisfactory condition. S E C U R IT Y N A T IO N A L B A N K O LIS. OF M IN N E A P Mr. F. G. Winston has been elected vice-president of this institution, and Mr. W. A. Meacham as one of the assistant cashiers. A very handsome addition to the surplus and profits account amounting to a quar ter of a million dollars has recently been made. The business is first class and the cashier, Mr. J. S. Pome roy, who is in a large measure responsible for these things, is happy in consequence. DROVERS D E P O S IT N A T IO N A L CH ICAG O . BANK OF Some changes are noted in the efficiency of this bank. Mr. Wm. A. Tilden, retired from the vice-presi dency, and Mr. Edw. Tilden has been elected presi dent. On the board of directors Mr. W J A. Tilden takes the place of Mr. M. F. Rittenhouse, retired, and Mr. Averill Tilden takes the place of Mr. Wm. A. T il den. Jno. Fletcher, the popular vice-president and manager of the bank, takes the place of Mr. R. T. Forbes, the former president of the bank. IN C R E A SE D T H E IR C A P IT A L . The Rock Rapids Reporter says: “The annual meeting of the Citizens Savings Bank of Lester was held recently and Chas. Shade and J. W. Ramsey, of this place, officers of the institution, attended. One of the important matters attended to was the increas ing of the capital stock of the institution from $12,000 to $20,000. S. S. Davenport was reelected cashier of the bank and heartily commended by the directors for the fine showing he had made since the business had been under his direction. The increase in capital was found necessary to care for the increased business of the bank and will make it possible for them to attend to the wants of their customers in better shape than ever before. The Citizens Savings Bank has come to https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis be looked upon as one of the solid institutions of the county and Mr. Davenport is highly regarded in busi ness circles as a conservative, safe man.” C H A SE N A T IO N A L B A N K O F N E W Y O R K . This institution made a great gain in deposits from January 7th, which, was the first call in 1911, to March 7-th, the time of the second call. In spite of the fact that only two months intervened, the increase was $26,000,000. A very handsome addition was also made in the surplus and profits account, amounting to some thing over $429,000. The reorganized board of directors is as follows: Henry W. Cannon, James J. Hill, Grant B. Schley, A. Barton Hepburn, Geo. F. Baker, Jr., Francis L. Hine, Jno. I. Waterbury, Albert H. Wiggin. IN T H E F O U R N A T IO N A L B A N K S M O IN E S O V E R $ 17,000,000. OF DES At the call of March 7th, the four national banks of this city had total deposits of $17,345,239. This was divided as follows: The Iowa National Bank, $7,478,361; the Des Moines National, $5,531,858; the Valley National, $2,336,027; the Citizens National, $',998,993. It will be seen that the Citizens National came very close to the $2,000,000 line, but it did not quite get over. All the banks show heavy increase in deposits since the statement of January 7th. The N ational Bank o f the R E P U B L IC of Chicago continues to offer to banks and bankers the advantage of its facilities, developed and perfected by tw enty years o f close per* sonal relations with a constantly growing list of correspondents throughout the world OFFICERS JOHN A. L Y N C H , President R. M . M cK IN N E Y , Cashier TH O S. JANSEN, Asst. Cashier W M . B. L A V IN IA , Asst. Cashier W . T . FE N T O N , Vice-President O. H. SW A N , Asst. Cashier JAMES M . H U R S T , Asst. Cashier W . H. H U R L E Y , Asst. Cashier THE i6 NORTHWESTERN BANKER April, 1911. The Seaboard National Bank of the City of New York Capital $1,000,000 Surplus and Profits (earned) $2,000,000 S. G . B A Y N E , Pre.iden t V S. G .N E L S O N , V ice- Pres. K. C L E V E R L E Y , A ss’t Cashier L. N . D E V A U S N E Y , Aas’t C ashier C . C . T H O M P SO N , C aih ier J. C . E M O R Y , Aa»’t Cashier O. M. JEFFERDS, A ss’t Cashier A c c o u n ts o f Banks and Bankers fro m the M iddle W e s t Especially Solicited o n m ost Favorable T e r m s F O R T D E A R B O R N N A T IO N A L B A N K OF C H I CAGO C H A N G E S L O C A T IO N . For more than sixteen years the Fort Dearborn Na tional Bank has occupied its quarters on the south west corner of Monroe and Clark streets, and on April 3d they will move diagonally across the street into the building formerly occupied by the Continental Na tional Bank. This location will place them exactly in the center of the loup district. The accompanying illustration of the building shows precisely where they will be situated. For some time the present quarters have been inade quate because of the rapidly increasing business, the deposits having been doubled in less than two years— a very flattering and satisfactory record-. The bank will occupy the second floor of the build ing, and the Fort Dearborn Trust & Savings Bank, the first floor, and the safety deposit vaults will be located in the basement. The Fort Dearborn Trust & Savings Bank was recently organized to take care of the savings and trust business for the national bank. The friends of the Fort Dearborn National greatly rejoice in this evidence of abounding prosperity. At a recent meeting of the board of directors it was decided to increase the capital stock from $1,500,000 to $2,000,000. About April 10th a special meeting of the stockholders will be called to ratify this addition to the capital. This large increase is really a preliminary step with reference to the organization of a trust com Exclusive lines of Grain, Milling, Lumber and Jobbing Paper of Minneapolis, and St. Paul Especially suitable for Northwestern Banks Offerings on application STEVENS-CHAPM AN & CO. Commercial Paper and Investment Bonds Northwestern National Bank Bldg. MINNEAPOLIS https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis State Savings Bank Bldg. ST. PAUL pany. Under the present plan the stock will be sold to the stockholders at $125 per share. All the stock holders in the trust company will be stockholders in New Home of the FORT DEARBORN NATIONAL BANK Chicago the national bank. This will enable the Fort Dearborn to carry out some long-cherished plans with reference to the extension of its business. There is a name in Council Bluffs, la., known to the bank ers all over the country; it’ s “ W alters,” the man w ho origin ated the system o f selling banks, and w ho som e seven years ago organized the Charles E. W alters Company. In addition to finding s, desirable purchaser for your bank, they can supply you with a reliable officer or clerk at once. TH E April, 1911. THE NORTHWESTERN DENVER BANKER 17 STOCK YARDS BANK Located in Live Stock Exchange Building, Denver Union Stock Yards, Denver If not already a customer we O F F IC E R S C H A S . F L E T C H E R , J R . , P re s id e n t C. K . B O E T T C H E R V ic e -P r e s id e n t J O S . S . D A V IS , C a sh ie r invite you to become one Located at the Denver Union Stock Yards, we are enabled to give close attention and quick action to business pertaining to shipments to the mark et. But our location in no way in terferes with business not of this na ture; our mail facilities enables us to give prompt attention to any business entrusted to us. D IR E C T O R S CHAS. FLETCHER, Jr. HENRY GEBHARD C. K. BOETTCHER GEO. W. BALLANTINE A. H. VEEDER, Jr We receive accounts o f individuals, firms, corporations, banks and bankers on favor able terms and shall be pleased to meet or correspond with those who contemplate making changes or opening new accounts. Send U s Y o u r W e ste rn C ollection s Reynolds Addresses Cedar Rapids Bankers The Cedar Rapids Republican gave an interesting account of the clearing house dinner recently given by the banks of that city in honor of Mr. G. M. Reynolds and we are pleased to place the report, which is of general interest to all bankers, before our readers: “The Cedar Rapids Clearing House gave a fine din ner last night at the Hotel Montrose at which the Hon. George M. Reynolds, president of the Continental & Commercial Bank of Chicago, was the guest of honor and the speaker. A goodly number of representative bankers sad down at the well-laden tables, beautifully decorated with flowers. The menu was an abundant one and the dinner was one of the best that the hotel has served. “After the eating came the speaking. Mr. Kent Ferman had been selected as toastmaster and he dis charged the duties of that office in a most satisfactory and happy manner. His duties were few, indeed, for there was only one speaker and that was Mr. Reyn olds. “Mr. Reynolds spoke for fully an hour. His special subject on the program, ‘Impending Financial Legis lation and the Duty of Capital to the Public.’ The pending legislation to which reference was had was the Aldrich bill, a tentative measure introduced by the senator of Rhode Island and intended to bring to a focus the much-talked-of need of monetary reform. “Mr. Reynolds is not an orator, but he is a very pleasing talker. He spoke throughout the evening in a conversational tone rather than in the oratorical manner. But toward the last, while he was dwelling upon the duties of capital to the country, he became fairly aglow with his subject and he spoke with ve hemence and with eloquence. It was an instance of a man thoroughly imbued with his subject and as thor oughly convinced of the duties of capital, that is of men who represent capital and- who handle it as bank ers. At the conclusion of his speech Mr. Reynolds was strongly applauded, the applause amounting to almost an ovation. It showed that he had made clear a somewhat mystified subject, and the men who had listened to him were thankful to him for such a pre https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis sentation of a subject in which all are so vitally inter ested. “In the beginning of his speech Mr. Reynolds re ferred to the fact that he is. an Iowa man, born in Guthrie county, reared in its schools and who met with his first success in business life in Des Moines. He has spent thirteen years in Chicago and during that time he has risen from the position of a cashier in a bank of that city to the presidency of a bank that represents a quarter of a billion of dollars in assets. Such a career is staggering to most minds. Of late years he has given much attention to the larger ques tions of finance. So conspicuous have these services been that he was offered the secretaryship of the treas ury, an office which he declined because his duties were already greater than those that pertain to that important national office. “ Mr. Reynolds is an altruist, as well as a great bank president. He does not believe that a man has ren dered his full measure of service to the world when he has made money for himself or with which to endow his family. A man owes other services to his com munity and to the world. Mr. Reynolds has a sincere Iowa Life Insurance Co. Second Floor Black Hawk Bank Building W A T E R L O O , IO W A CAPITAL. PAID UP 8100,000.00 OFFICERS F. F. M cElhinney, President J. W . Krapfel, Treasurer C. W . Mullen, V ice-President E. A . R esor, Cashier F. A. Ferguson, Secretary F. W . P ow ers, M. D ., Med. Dir. DIRECTORS C. W . Mullen, F. W . Powers, C. L. Kingsley, F. F. M cElhinney, C . A . W ise, W . R. Jameson, F. A. Ferguson, F. C. Platt, G eo. S. Mornin, A .N .O d en h eim er, W m . G alloway COUNSEL Mullen & Pickett C ourtright & A rbuckle W e desire to make arrangements with banks in different parts of the state to handle our collections each year, and act as local agents. We have a system of handling our collections and agency propositions through local bankers that has proved very satisfactory. Write us for literature and further particulars. i8 TH E NORTHWESTERN desire to be of service to his fellowmen in the settle ment of* great national problems. He is that kind of a man. He has not outgrown his Iowa birth and en vironment. He is as true now to the old ideals as he was when he came up from Panora, a country bankerboy with a career in his mind and an ambition in his heart. ' >9 “It is, of course, impossible to summarize Mr. Reyn olds’ address. Mr. Reynolds is a rapid talker and he speaks many columns in the course of an hour or so. He does not stop to make sentences; he just talks business. After referring to the needs of a more stable monetary system, he took up the plan suggested by Mr. Aldrich, submitted to the national monetary com mission and showed how that plan fitted the condi tions of the country. He took up all the salient points in the plan and answered many of the objections that had been made to the proposed central bank which would simply be an association of' all the national banks, with the government as a partner and the regu lator of its affairs. He showed that the plan had at once strength and elasticity— that it would fit into every section of the country and have strength enough to take up any sag in business. It would help the whole country because it would mean that the money of the country could always be carried to that part of it where it was needed at a particular time. “In conclusion he beseeched the men who have the banking business of the country so to conduct their business that they can have the confidence of their fellowmen and then not to hesitate to take their part in the public discussions. To leave these great ques BANKER April, 1911. tions to the politicians, who might be demagogues at the same time, would mean to leave the country in uncertainty and suspicion all the time. He beseeched the men to see that the business men took an interest in politics and that they should see to it that politics should not mean antagonism to the business interests, the interests that were so vital to the welfare, of all the people. B A N K S AS B O R R O W E R S . Under this heading the Cedar Rapids Republican made the following editorial comment on Mr. Geo. M. Reynolds’ address in that city at the dinner given in his honor by the Clearing House Association: “ Mr. George M. Reynolds, president of the Conti nental & Commercial Bank, Chicago, in speaking be fore the bankers of this city, the other night, strongly advocated banks to become borrowers at certain times. They are lenders of money, but they hate to be bor rowers. They condemn in themselves what they prac tice toward others. When a bank appears as a bor rower, he said, it is often used against it by other banks. But for a bank to be a borrower ought rather to be taken as an evidence of its strength of credit. A bank that can borrow $100,000 in some other place, where money at that time may be abundant and put it to use in the city in which it does business would be conferring many benefits upon that community and its business interests. Money is often cheap in New York, while it is dear in the West, because New York has a surplus and the West has a deficiency. The ESTAB LISH ED 1872 Northwestern National Bank Minneapolis CE. “ Having the largest number of ac counts on our books from banks in the Northwest, gives us exceptional facilities for handling collections, and an unexcelled par list.” : : : : : Capital https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis $3,000,000 Surplus $2,000,000 TH E April, 1911. W. L M O N T G O M E R Y , V i c e - P r e s . H. G. W E A R E , V i c e - P r e s . F. A . M c C O R M A C K , V i c e - P r e s . NORTHWESTERN BANKER 19 H. A. G O O C H , C a s h i e r o . D. P E T T I T , A s s ’t C a s h . FRITZ FRI TZS AN , A s s ’t Cash. JO HN Mc H U G H , Pr es ident F IR S T N A T IO N A L B A N K S IO U X C IT Y , IO W A Combined Resources Over $ 6 ,5 0 0 ,0 0 0 We offer unexcelled facilities for the prompt and careful handling of all business entrusted to us thing for banks to do at such times is to go to New York and borrow what the West needs. “Mr. Reynolds strongly advocated this idea and urged it upon the attention of bankers. He could see in it some of the solutions of the monetary problems with which this country is periodically afflicted. The main thing is always to have the money where it is needed at a particular time and the bankers are the men who should make provision for such distribution of it. The fact that Mr. Reynolds advocated such an idea will have great weight with bankers. He is him self the most eminent banker of the West, a man who has risen from an $8 a week clerkship to the control of the destinies of a bank with assets that amount -to a quarter of a billion dollars, and he has made the rise in less than a score years. If he does not know bank ing business, who does know? B A N K OF N O R T H A M E R IC A OF P H IL A D E L P H IA 129 Y E A R S O LD . Because of a frolic of the type we made the adver tisement of the Bank of North America, of Philadel phia, read twenty-nine years in our last issue, when we should have said 129 years, as the Bank of North America is the oldest national bank in the United States, having been chartered by the Continental Con gress in 1781. It will celebrate its 130th anniversary before very long. What marvelous changes have come to pass in this country since the charter for this bank was issued, and what little resemblance the America of today has with the America of 129 years ago! U N IT E D S T A T E S N A T IO N A L B A N K O M A H A M A K E S H E A V Y G AINS. OF The capital, surplus and profits account of the United States National Bank of Omaha has been in creased by more than $63,000 since the last statement. At that time it was $1,312,547, and it is now $1,375,000. All of this is indicative of the steady growth of this institution and reflects much credit upon its abl« management. S O U T H D A K O T A B A N K E R S M E E T JU NE 7T H A N D 8T H . At a recent meeting of the executive council of the South Dakota Bankers Association it was decided to hold the next annual convention of thé organization at Sioux Falls, S. D., on June 7th and 8th. The Cat- https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis aract Hotel will be headquarters for the association during the convention. J. E. Platt, cashier Security Bank of Clark, S: D., is secretary of the association. A U B R Y R E Y N O L D S M A D E A S S IS T A N T C A S H IER. Mr. Aubry M. Reynolds, who has been in the em ploy (as representative among the country banks) of the Des Moines National Bank of the city, has recently been elected assistant cashier of that institution. It is quite natural that Mr. Reynolds should take kindly to the banking business, as his father, M. M. Reynolds, is the president of the Guthrie County Bank at Panora; his uncle, Geo. M. Reynolds, is president of the Continental & Commercial Bank of Chicago, and his Uncle Arthur is president of the Des Moines National Bank of this city. He has been making good in his present capacity all along and this recent advancement is made strictly upon merit. CHARLES FLETCHER, Jr., President and Treasurer HENRY GEBH ARD, Vice-President ORVILLE R. JONES, Secretary .- .. -..... . ■ The ■ ™ Denver Calile Loan Co. CAPITAL $100,000.00 Denver, Colorado High-Grade Cattle Paper Handled at Reasonable Rates 20 T H E N O R T H W E S T E R N April, 1911. B A N K E R BANKERS TRUST COMPANY Capital, 7 WALL $3,000,000 STEPHEN BAKER. President Bank o f Manhattan Co., New York SAMUEL G. BAYNE. / President Seaboard National Bank, New York EDWIN M. BULKLEY, Spencer Trask & Co., Bankers, New York JAMES G. CANNON, President Fourth National Bank, New York EDMUND C. CONVERSE, President, N ew York THOM AS De W ITT CUYLER, President Commercial Trust Co., Philadelphia HENRY P. DAVISON, J. P . Morgan & C o., Bankers, New York E. H A YW A R D FERRY. Vice-President Hanover National Bank, New York STREET, NEW YORK 6 000,000 Surplus and Profits, D IR E C T O R S W ALTER E. FREW. • -President Corn Exchange Bank, New York FRED'K T . HASKELL, V.-Pres’ t Illinois Trust & Savings Bank, Chicago A. BARTON HEPBURN, Chairman o f the Board, Chase Nat’ l Bank, N. Y. THOMAS W . LAMONT. J. P. Morgan & C o., Bankers, New York EDGAR L. MARSTON, Blair & C o., Bankers, New York JOSEPH B. MART1NDALE. President Chemical National Bank, New York $ , WILLIAM H, PORTER. I. P. Morgan & Co., Bankers, New York DANIEL G. REID, Vice-President Liberty National Bank, New York BENJ. STRONG. Jr., Vice-President, New York EDWARD F. SWINNEY, President First National Bank, Kansas City GILBERT G. THORNE, Vice-President National Park Bank, New York EDWARD TOWNSEND. Pres’ t Importers’ & Traders’ Nat’ l Bank, N. Y. GATES W . McGARRAH, ALBERT H. WIGGIN, Pres’ tM echanics’ and Metals Nat’ l Bank, N. Y. GEORGE W . PERKINS, New York SAMUEL WOOLVERTON, DANIEL E. POMEROY, Vice-President, N. Y. President C^ase National Bank, New York President Gallatin National Bank, New York E. C. C ONV E R SE , P re s . B. S T R O N G Jr. , P. D.E.POMEROY, V . P. F. I. K E N T , V. P. F. N . B . C L O S E , S e c y . H.W. D O N O V A N , T r e e s . H.T. WILSON Jr.,Asst.Sec'y R. H, GI LES, Asst.Treas, P E O P LE S S A V IN G S B A N K OF D E S M O IN E S A D D S T O SU R PLU S A N D P R O F IT S ACCOUNT. The Peoples Savings Bank of Des Moines has added $20,000 to the surplus and profits account, making it $140,000 instead of $120,000 as formerly. The depos its were also increased from $2,000,000 to $2,250,000, which is an indication of the healthy growth of this strong financial institution. ANOTH ER M ODEL STATEM ENT. The statement of the Home Savings Bank of Ft. Atkinson, Iowa, published February 18, 1911, conveys information of a practical and valuable nature to its patrons and must have been appreciated by them. All banks could adopt a similar plan with profit to them selves and satisfaction to their customers. The state ment is appended: Resources. Loans and Discounts: This item is the most important of all the bank’s property. Among our loans there are no stocks, gold mines, lands, or any property of speculative nature. People connected with this bank as directors or officers cannot borrow from it directly or indirectly. We try to loan all our de posits in this vicinity to good farmers and business men on mortgages or personal security. We have not lost a dollar dur ing the twelve years this bank has been in Fort Atkinson— a record very few banks can equal ............. ..................................$139,398.39 Cash on Hand and in Banks: The law requires that at least 15 per cent of our deposits shall be kept in reserve. Part of it must be cash on hand and the balance to be deposited in solvent banks. It is not necessary and would be foolish and dangerous to keep so much money on hand so we deposit what we don’t need in other banks payable to us at any time we https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis want it. The banks we choose are among the strongest in the country and are the Winneshiek County State Bank of De corah, Iowa, and the Continental & Com mercial National Bank of Chicago, 111A . 24,451.90 Real Estate, Furniture and Fixtures: Banks are not allowed to invest their de posits in lands or other property hard to .turn into cash, or of a speculative nature. This bank never invests its depositors’ money in any real estate except the bank building and lots, which stand in the bank’s name and are always kept free from debt. We keep our buildings and furniture fully insured against fire or tor nado and our safe and money against rob bery or hold up either by day or night. The lots, building and fixtures, including our safe, counters, burglar alarm, deposit boxes, etc., are valued a t.......................... 6,500.00 Overdrafts : Occasionally some customer having sud den use for more money than he has in the bank will overcheck for a few days. The law does not favor overdrafts and this account is a good index of a bank’s loose or careful management. We pride ourselves in having the lowest overdrawn account in the county........................ NONE Total Resources ........................................$170,350.29 Liabilities. Capital: The directors of this bank are C. J. Weiser, Mrs. C. J. Weiser, Ray Algyer, all of Decorah; Ole P. Ode, of Calmar, and Frank J. Pouska, of Fort Atkinson, all home people with good financial standing and practical bankers. Our cap ital stock is fully paid in and cannot be withdrawn until all depositors are paid. .$ 10,000.00 Surplus: To guard against any possible losses that might impair our capital and at the April, 1911. TH E N O R T H W E S T E R N 21 BANKER Davenport Savings Bank D A V E N P O R T , IO W A Officers JOH N F. D O W , President A U G . E. STEFFEN, V ice-President H E N R Y C. S T R U C K , Cashier O T T O HILL and A L . B R U N IN G , T ellers Capital Undivided Profits Deposits :: $ 300,000.00 320,000.00 3.945,000.00 D IR E C T O R S :: 4 Per Cent Interest Paid on D e posits: M oney Loaned on Real Estate Security in the State o f Iowa. :: A . B U R D IC K M. D. PETE R SE N A . STEFFEN THEO. KRABBENHOEFT J. F . D O W W . H. GEHRM ANN W . H . W IL S O N H E N R Y C. S T R U C K JN O . W . G IL C H R IST same time to increase our efficiency we have of our own free will paid in a sur plus which cannot be withdrawn and must stay with the capital.................... 2,500.00 Undivided Profits: This represents interest, exchange and other profits collected by the bank since the last dividend after taking out all ex penses ........................................................ 1,743.61 Checking Accounts: A great many of our customers like to write their own checks. We furnish check books free and will accept any account from $1 up. The returned checks furnish a good receipt. AN ACCOUNT PAID B Y CHECK IS N E VE R PAID T W IC E IO W A N S N O T IN T E R E S T E D IN T H E P O S T A L S A V IN G S B A N K . 24,015.50 Demand Certificates of Deposit: We issue these to people who do not want a checking account and wish to leave a sum of money with us for some time and get it when they need i t . . . . . . . 10,746.19 Time Certificates of Deposit: If you have money which you can prom ise to leave with us 6 or 12 months we will pay you interest for these periods at the highest rate consistent with safe and profitable banking .................................... 120,408.12 Savings Accounts: Children and young people who wish to leave small sums with us may deposit from $1 up and will receive a book on which they may draw their deposits at any time and still get 3 per cent interest on July 1st and January 1st on all except the amounts withdrawn. The added in terest will draw interest again same as any deposit whether you bring your book or n o t .......................................................... Total Deposits ........................ 936.87 $156,106.68 Total Liabilities ........................................ $170,350.29 M A N N IN G & EP P E R SO N S T A T E B A N K E D D Y V IL L E IS PR O SPERO U S. OF At the annual meeting of the directors of the Man ning & Epperson State Bank of Eddyville, held March 6th, the regular dividend of 12 per cent was declared payable semi-annually, and $3,000 was transferred to https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis surplus, making this item $15,000, equal to one-half the capital. Their statement now shows capital, $30,000; surplus, $15,000; undivided profits, $5,000; depos its, $350,000, and total resources over $400,000. The net earnings of the bank for the year were a fraction over 27 per cent on the capital stock. The old of ficers were all reelected as follows: John Jager, presi dent; Frank Epperson, vice-president, and F. M. Ep person, cashier. The resources of this institution make it one of the largest state banks in southern Iowa, outside a county seat. Judging from the success, or rather the lack of it, which has attended the opening of the Postal Savings Bank at Decorah, the residents of Iowa are not espe cially interested in this form of banking. According to the first annual report made public by Postmaster General Hitchcock recently, it appears that Decorah ranks fortieth among the forty-eight banks which have been established. Since the opening of the bank at Decorah, only sixteen depositors have had their names placed on the books, and the total amount on deposit is $454. This conditon of affairs certainly speaks well for the high esteem in which the Iowa banks are held by the inhabitants of this state. The state legislature has been wise so far as refusing to pass a deposits guarantee law is concerned and, therefore, the advo cates of that kind of a law cannot say that the interest in the postal savings bank is lacking because the state guarantees the deposits of the regular banks, and, therefore, there is only one construction to place upon this condition of affairs, and that is that the banks in Iowa have been conducted on such a high plane in the past that the depositors have no desire to withdraw their money from them and place it in a postal sav ings bank. It would seem that this feeling on the part of the people might cause every banker in the state an immense amount of perfectly justifiable satisfac tion. In any business, when a perplexing question arises, the man is sought w ho know s; in other words, it is “ T h e Man W h o K now s” w ho is called in] W hen it com es t o selling banks or filling bank positions, leave it to the “ Bank Men,” Council Bluffs, Iowa— The Charles E. W alters Company. The officers o f this old established and reliable concern are experienced bankers and are specialists in their line. They confidentially deliver the goods. THE 22 NORTHWESTERN ... D IR E C T O R S ... C. F. A L D E N L A F A Y E T T E LAMB G. E. L A M B S . R. S H A M B A U G H T . M. G O B B L E DANIEL LA N G A N L. C. E A S T M A N C. B. MI L L S J. H. I N G W E R S E N The officers of this bank are never too busy to answer questions or to reply to letters. It is their aim to make the bank of real service to its friends and patrons. BANKER April, 1911. What W e D o: Accept bank accounts and pay Interest on average balances. Pay 4 percent Interest on Sav ings Accounts, compounded semi-annually. Make collec tions as economically as any bank in Iowa. Accept accounts subject to cheque. We welcome an opportunity to serve you in any depart ment of the banking business country would be called upon to finance a great part of the improvement work, the extension of maturing loans, and the other outlays that the railroads had ex pected to provide for with money obtained from for eign lending institutions. The fact that the $50,000,Issued by the National City Bank of C hicago 000 Central Pacific loan has just been placed in France shows that bankers on the other side are willing to take up American bond issues offered by the large Refusal of the Interstate Commerce Commission to railroad systems of the United States. grant the increases in freight rates asked for by west But besides these loans there is also a large vol ern and eastern railroads has led to some interesting ume of financing represented by the smaller bond complications which may ultimately bring about issues that are often privately financed in Europe. higher rates for money. So far as the railroads them Should these loans be shifted upon the New York selves are concerned they will in all probability be able market the result would unquestionably be a sufficient to adjust their affairs to meet the new conditions. burden to advance money rates all round. Some of Most of the larger systems are in position to get along the rates now prevailing are lower than appear to be with the present rates without serious inconvenience. justified by existing conditions. General business is In the case of some of the smaller lines there may be certainly better than it was and in some sections of some difficulty encountered, but taking the transpor the West and Southwest there has been a rather not tation industry as a whole, no disaster need be feared. able revival in the last few weeks. If this improve It is well to remember, also, that had the commission ment continues there will be a broader demand for granted the advances asked for, labor would undoubt money from mercantile sources which, in connection edly have put in its claim for a larger average wage, with the new bond issues, will afford a profitable, re with the result that the increased revenues derived by turn for loanable funds. While it is true that the the rates would have been largely offset by the greater New York bank surplus at the opening of March operating expenses. The decision virtually means, stands at the highest level for that date since 1897, it also, that the roads will be permitted to retain their must be remembered that virtually 75 per cent of that present rates for interstate traffic and this in itself surplus is concentrated with two or three banks. This means a good deal. Careful reading of the commis shows that the average surplus distributed among thesion’s decision, with analysis of the statistics therein full membership of the New York Clearing House is cited, certainly shows that holders of American rail by no means excessive for this season. road securities have prospered enormously within re The banks of the United States are in a strong posi cent years and there is no reason to fear that they will tion and there is a tendency everywhere to check the not continue to prosper, for, notwithstanding all that expansion in loans which was such a disturbing ele has been said to the contrary, the basic security under ment in the situation a year ago. The full compila lying the issues of American railroad corporations was tions of the figures reported in answer to the call sent never better than it is today. out by the comptroller of the currency for January It may be, however, that the readjustment of plans 7th last affords very definite evidence of this improve which must follow this decision will lead to a broader ment. Whereas, a year ago all sections of the United demand for money in the United States. This is be States excepting the New England states, shared in cause European institutions, in view of the exagger the $80,715,000 expansion in bank loans for the nineated expressions made months ago as to what would week period prior to the January return, the figures happen if the railroads did not obtain the rate in of the report just sent in by the banks show that every creases, might hesitate about extending their loans to section of the United States, including New England, the American market. Should this accommodation reduced loans in the nine-week period between No be held up it would lead inevitably to a larger demand vember 10th and January 7th last. While the loan for money in New York since the large bariks of this reduction reported was only $48,000,000, it may be re- Monthly Financial Letter https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis April, 1911. THE NORTHWESTERN KNAUTH, NEW Y O R K NACHOD Bankers BANKER ù 23 KUHNE LEIPZIG, GERM AN Y Make arrangem ents with Banks and Bankers enabling them to issue, over their own sig nature, Checks on all Com m ercial points o f Europe and the Orient. : : . : : Letters o f Credit in Pounds Sterling, Marks, Francs and Dollars Travelers’ Checks in convenient denominations, available everywhere. Check forms and all stationery free o f charge. C O L L E C T I O N S .................................................INVESTMENT SECURITIES garded as most significant that banks in all the sub divisions such as the eastern states, the New England states, the southern states and the Pacific states, show in the return for January 7th last a consistent reduc tion in loans since the November compilations were made. Moreover, it is interesting-to know that the western and southern states which reported a log.n expansion of $22,000,000 between November and Jan uary last year, show this year a reduction of some $28,000,000 for virtually the same weeks. These fig ures show why less is heard these days concerning the extravagance of the public in buying automobiles that they cannot afford to maintain, and respecting the heavy demands made upon the banks of the West for financing the land movement in the section of the United States where prosperity was general in 1909. It must be remembered, however, that for the oneyear period ending with January 7th last the national banks of the United States show an expansion of $173,000,000 in loans, while the increase in cash reserves was reported to be less than $4,000,000 for that period. The loan account still calls for very careful handling, and much will depend upon what the banks do in the next eight or nine weeks, which last year showed the wholly unprecedented expansion for such a period of $202,000,000. Much has been done within the last year to check the extravagant speculation and undue exten sion of all sorts. The whole country is on a very much better basis than it was at that time. Our indebted ness to Europe is much below what it was then and the rather remarkable recovery in our foreign trade, as a result of Europe’s enormous purchases of Amer ican cotton, has placed us in a very much stronger position with reference to the foreign markets. But the high average of bank loans now outstanding, the large railroad bond issues which have to be provided for in the near future, the signs of trade revival in many sections, hardly reflect conditions which neces sarily point to a long period of abnormally easy money rates. Important development may follow the acceptance of the reciprocity treaty with Canada should that part of the administration’s program be carried out in the near future. There has been naturally a good deal of talk of possible tariff revision and the disturbance which may follow the handing down of the supreme court decisions in the Standard Oil and American To bacco cases. It will take several weeks before the exact effects of the Interstate Commerce Commission’s ruling in the freight rate cases is known. The steel industry has shown signs of revival, but the outlook for the trade must be largely dependent upon the pol https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis icy pursued by the railroads with reference to buying rails, equipment and other supplies. The fact that the present surplus of idle freight cars, as reported by the railroads— 173,000 cars on February 15th— was the largest shown at any time in the last eighteen months, suggests that many lines of business are still dull and that activity for the country as a whole is below nor mal for this season of the year. These figures must not be taken too seriously, however, as a broad view of the situation is certainly reassuring and affords basis for expecting better times ahead. The public is still paying very little attention to the stock market, but is becoming each day more genu inely interested in the offerings of the bond market. This is as it should be. High-class bonds affording the three essentials of satisfactory security of prin cipal, a fair investment return, and a ready market, are being quietly absorbed by banks and investment institutions in all sections of the United States. The reason for these investments is the larger income re turn obtainable from bonds at the prices now prevail ing as compared with the ruling quotations of time loans and commercial paper. We believe that these investments can be made to advantage at this time, but it must be remembered that the most satisfactory results will be secured by those who obtain their bonds around present prices and before the apprecia tion in price which must inevitably follow a few weeks more of such a bond market as we are having today. “ Never shun small responsibilities. ties are the links making the chain.” The small du “ Never ask a favor of another until you have first shown a man that you are worthy of his friendship.” C. H. EIGHMEY, President B. F. BLOCKLINGER, Cashier J. C. COLLIER, Vice-President H. A . KOESTER, Asst. Cashier Capital, . . . $200,000 Surplus & Prolits, $133,000 First National Bank DUBUQUE, IOWA Accounts of Bankers Solicited. Write us for Terms TH E 24 NORTHWESTERN BANKER April, 1911. E S T A B L I S H E D 1865 Peabody Houglitelmg &Co. 181 L,a Salle Street, Chicago C o n se rv a tiv e In vestm en ts T h e M an at the Counter Human Nature as R evealed to the M an Behind the Counter The man behind the counter has the doubtful priv ilege of meeting another character whose wits are as keen as his own— the advertising grafter. I use the word advisedly, for it is a term employed among this class to describe their profession. I do not include among them the calendar salesmen or the regular novelty supply men, but refer particularly to the hotel blotter man. His usual stunt is to take the local hotel man with him, when he goes out to solicit the advertisement, for purposes of introduction I presume, and while the proposition itself may not appeal to the banker he thinks it may be of some benefit to the hotel man and frequently takes the space reserved especially for him at the top of the page. The generous grafter agrees to send the bill for the other spaces to the advertising banker and.shows how these fees will pay for his own advertisement. I have often wondered if any bank ever got a penny’s worth of business from such a scheme. The banker is supposed to advertise in his home papers, in all entertainment programs, etc., and this is all right, as the money is kept at home and in circula tion, but I do not think there is any call for us to sup SECURITY NATIONAL BANK Sioux City, Iowa Capital and Surplus, $450,000 W . P. M AN LEY, President T. A . BLACK , Vice-President C. W . BRITTON, Cashier D . M. BR OW NLEE, Ass’t Cashier https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis port these fly-by-night jacklegs with hotel blotters or silkaline house rules. Of late years the country banker has proved a prof itable mark for the stock salesmen who offer him a limited amount of stock in the Blank Life Insurance Company, Organizing. He is shown the enormous profits made by the old-line companies and allowed, purely through courtesy, to subscribe to stock in this experimental company, at say $150 per share, with the quiet tip thrown in gratis and very confidentially that the price is to be raised in a short time to $200. To my personal knowledge the excess over par goes into the pockets of the brokerage company employing the salesmen and the banker buying stock on such terms is paying dearly for the privilege. One of these salesmen told me, not knowing that I was in the banking business, that the average country banker was about the easiest piece of money he knew of; all he had to do was to pat him on the back a lit tle, tell him what a keen financier he was and how highly esteemed he was in the community and Mr. Banker would swell up like a poisoned pup and come through pushing on the collar. The banker is supposed to head every subscription paper that starts in the town and usually receives the least direct benefit. Lots of people have the idea that a banker makes his money easier than anyone else. All he has to do, in their opinion, is to stand behind a shiny counter, rake in deposits and loan the money right out agqin. I remember when I first engaged in the banking business my wash lady (?) informed one of her other clients that she charged “them bank boys twice as much as anybody else for their laundry, ’cause they made their money so easy.” She did not know anything about the “grief” or how often it took sev eral weeks’ washing to pay up a charged out note of a “lame duck” who had flown. But let’s talk of something more agreeable. In a new country chattel mortgages are often the best available security for loans and occasionally funny things occur in this connection. One day a rancher came into the bank, accompanied by his small son, to borrow some money. As I was listing his security which he gave in as “one coming three-year-old black April, 1911. J. L,. HKVKR, President THE NORTHWESTERN W. C. I.aTOURETTE, 'Vice-President HOMER PITNER, Cashier mare mule” and “one coming two-year-old bay horse mule,” etc., I turned and asked him how old his small son was and he promptly answered, “Oh, he’s coming six years old.” Another time a “cullud lady” of uncertain age came in with her daughter, who looked to be about twelve years old. The aforesaid colored lady desired to bor row enough money to pay the freight on her house hold goods, as she had just moved into our little city. I asked her who the little girl was and she feplied, “That’s my daughter.” I then asked her the daugh ter’s age and she said, “Twelve years old last Septem ber.” “ Oh, come now,” I said, “You can’t be in earn est; why, you don’t look over sixteen yourself.” She seemed very much pleased, but replied, “ Now, you go on Mr. Banker and quit ’zaggeratin’ me.” By the way, did any of you fellows ever notice how often it is that when a chattel mortgage borrower loses some hogs by the cholera they are usually the ones covered in the mortgage? And if a horse gets killed or wire cut it is the same way? One rancher told me that nearly all the “lossage” he had was on mortgaged cattle. I believe in a banker being as careful as possible in taking security and wish to commend highly the young cashier who, in taking a chattel mortgage on several head of mules, particularly specified, “It is mutually understood that this mortgage shall not only cover the property herein described, but also all increase there from.” That reminds me of the cashier who was expecting an addition to his family. On arriving at the bank one morning the president said, “Well, Tom, how’s everybody at your place?” Tom replied, “ Pretty well, but we have just about decided the best thing for us to do as soon as possible is to declare a dividend and reduce the surplus.” Motion carried. Another problem which confronts every country banker is, “ How can I break even on collections?” In practically every mail come from two to a dozen or more sight drafts drawn on merchants by wholesale houses and sent either direct or through their city bank. In regard to the drafts sent direct by the fac tory or the wholesale house my experience has been that about one out of five such drafts is paid when presented and the balance ordered returned for various reasons— said reasons being so varied that some of the banks have regular printed slips with about a https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis BANKER 25 J. 1«. HEVEH, Jr., Vice-President FRANK SNAKENBERG, Assistant Cashier hundred reasons printed thereon, with the notation added, “ Reason checked below.” Not one out of twenty drafts is accompanied by stamped return envelope or presenting fee and I admit frankly I ’d like to hear of any banker who has discov ered the way to make this department of the banking business pay. Perhaps after all it is one of the neces sary evils of the business. GIR ARD N A T IO N A L B A N K V E R Y P R O SP E R OUS. The Girard National Bank of Philadelphia is in an extremely prosperous condition, and the increased cap ital of this institution, to $1,500,000, which is the pres ent figure, has enabled it to do some large things and it is taking advantage of the opportunity. During the past two months, or in the period which has elapsed since the last call and the call of March 7th, the depos its of this institution increased more than a million and a half dollars, making the total at the time of the call considerable in excess of $38,000,000. The Shenandoah banks show considerable increase in deposits over the last report. The national banks are called by the comptroller for March seventh, and below are the deposit totals: First National, $716,512.45; Shenandoah National, $635,776.03; Security Trust (Feb. 8), $85,345.24. IRA J. H O O V E R Giyjynirciayiiiiir B U SIN E SS O F I O W A B A N K S S O L IC IT E D A S K F O R O U R O F F E R IN G S Black Hawk Bank Bldg. Waterloo, Iowa 26 THE N O R T H W E S T E R N April, 1911. BANKER The Mechanics and Metals National Bank OF THE CITY OF NEW YORK O F F IC E R S GATES W. McGARRAH, Pres. ALEXANDER E. ORR, Vice-Pres. NICHOLAS F. PALMER. Vice-Pres. FREDERIC W. ALLEN, Vice-Pres. FRANK 0. ROE, Vice-Pres. WALTER F. ALBERTSEN,Vice-Pres. JOSEPH S. HOUSE, Cash. ROBERT U. GRAFF, Asst. Cash JOHN ROBINSON, Asst. Cash. CHAS. E. MILLER, Asst. Cash. Capital $ 6,000,000 Surplus $ 6 ,000,000 D epository o f the United States, State and C ity o f N ew Y ork L IV E STO CK E X C H A N G E N A T IO N A L OF CH ICAG O . BANK This institution is putting out two very attractive and valuable pieces of advertising. One is a booklet containing the statistics of the live stock trade for 1910. It contains a mass of information, covering 116 pages, and must be of the very highest possible value to every live stock shipper and dealer in the country. The cover pages of the booklet carry the advertise ment of the bank. The other booklet being issued by this bank contains an address by Dr. Cyril G. Hopkins, of the University of Illinois. The topic of this address is “ Saving the Soil,” or “ Practical Methods for Permanent Produc tiveness.” This was delivered at the annual conven tion of the bankers association of Illinois, last fall. It has been printed by the bank in an attractive form, on finely-finished paper and contains a portrait of Dr. Hopkins, and also a 'number of illustrations of corn fields at Urbana and also another field, showing corn planted on peat swamp land. One side shows corn on which no potassium has been used and where the yield is four bushels per acre. Right along side of this is a part of the same field where the increase in pro duction has been seventy-three bushels per acre, just because potassium was used. This booklet as circu lated by the bank cannot fail to be of a large amount of value not only to the farmers in whose hands it falls, but to the bank as well. It is an intelligent, high-dlass advertisement and greatly appreciated by all those to whom it is sent. The State Central Savings Bank of Keokuk has filed an amendment to its articles of incorporation, which increases the capital stock of the bank from $100,000 to $200,000. This is the largest increase in the capital stock of any state bank that has been made for some time. S T A T E OF IO WA O F F IC E OF A U D I T O R OF S T A T E , B A N K IN G D E P T. DES MOINES, IO WA Abstract of Reports of 679 Savings Banks, 290 State Banks and 13 Trust Companies at the Close of Business Feb ruary 8, 1911, and a Comparative Statement of Conditions at the Close of Business November 10, 1910. State Banks and Trust Co.’s Comparative with Sept. 14, 1910 RESOURCES Savings Banks Loans and D iscou nts..................................... Gold Coin ......................................................... Silver Coin .................................................. Legal Tender, National Bank Notes, etc. Subject to Sight D ra ft................................. Overdrafts ........................................................ Real and Personal P rop erty ....................... 163,958,602.38 1,412,947.07 617,598.18 4,161,973.92 28,289,044.81 1,157,561.94 5,132,807.34 79,938,284.80 799,108.40 315,373.27 2,093,966.28 14,269,008.42 814,532.02 3,663,478.45 243,896,887.18 2,212,055.47 932,971.45 6,255,940.20 42,558,053.23 1,972,093.99 8,796,285.79 D ecrease D ecrease Increase Increase Increase D ecrease Increase T o ta l............ ........................................... 204,730,536.64 101,893,751.67 306,624,287.31 T ’l, Increase. 9,327,124.02 19,548,500.00 174,791,475.08 1,626,367.16 5,548,450.87 3,215,742.53 13,733,300.00 81,824,567.93 1,375,414.54 2,354,943.31 2,605,525.89 33,281,800.00 256,616,043.01 3,001,781.70 7,903,394.18 5,821,268.42 Increase Increase D ecrease Increase D ecrease 204,730,535.64 101,893,751.67 306,624,287.31 T ’l, Increase. 9,327,124.02 Consolidated 1,189,440.98 .... 11,907.63 ___ 43,836.54 ....... 428,445.01 ____ 10,361,138.50 .... 370,680.72 ....... 65,733.27 LIABILITIES Capital Stock ............... Due D epositors .......... Due Banks and Others ¡Surplus ........................... Undivided Profits ___ Total. Net Increase in Number Banks, 8. Net Increase in Number Banks since N ovem ber 3, 1909, 40. Increase in D eposits for year, $5,967,714.19. A verage Reserve, N ovem ber 10, 1910, 20.5%. Net Decrease jp Overdrafts since February 16,. 1910, $240,924.88. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 216,900.00 9,865,494.06 253,064.63 1,101,951.27 1,604,156.68 April, 1911. TH E N O R T H W E S T E R N 27 BANKER JOSEPH W A Y N E , JR. R IC H A R D L. A U S T IN , Vice-President F R A N C IS B. REEVES, Cashier T H E O . E. W EIDERSHEIM , 2nd V ice-President President The G ira rd National Bank PHILADELPHIA, PA. CA PITA L. $ 2 ,0 0 0 ,0 0 0 . S U R P L U S and P R O FIT S, $ 4 ,4 5 0 ,0 0 0 , A CCO U N TS 0 F D E P O SIT S, $ 3 8 ,5 0 0 ,0 0 0 B A N K S AND B A N K E R S SO LIC IT ED “To Satisfactorily Handle Your Business, You Need a Philadelphia Account D E P O S IT S AS PER C A L L O F M A R C H 7, 1911. The following banks had deposits as indicated at last call: First National Bank, Sheldon, Iowa. M. .$ 811,789.38 First National Bank, Hastings, Neb........ 1,432,546.10 City National Bank, York, Neb............... 393>8i 3.7° Saunders County National Bank, Wahoo, Neb. . .............................................I ----380,154.50 Peoples National. Bank, Independence, Iowa ........... 529>I33*79 First National Bank, Milford, Iowa......... 240,743.15 First National Bank, Brainerd, M in n .... 948,639.53 Live Stock National Bank, South Oma ha, Neb. ................................................... 1,043,375.66 Ottumwa National Bank, Ottumwa, Iowa 910,599.46 Wapello County Savings Bank, Ottumwa, Iowa ...................... 319,242.11 First National Bank, Finley, N. D . .. .. . 117,626.12 Live Stock National Bank, Sioux City, Iowa .................................................... 2,090,971.67 National State Bank, Mt. Pleasant, Iowa. 553>°38-73 First National Bank, Fort Dodge, Io w a .. 2,480,334.43 First National Bank, Fargo, N. D. .......... 2,247,772.34 First National Bank, Le Mars, Iowa........ 1,237,768.69 Oskaloosa National Bank, Oskaloosa, Iowa ......................................................... 547,261.79 Union Savings Bank, Oskaloosa, Iowa. . . 222,050.52 First National Bank, New Sharon, Iowa. 165,586.10 First National Bank, Crete, Neb............... 226,511.02 First National Bank, Thompson, Io w a ... 226,093.49 Manning & Epperson State Bank, Eddyville, I o w a ............................................... 388,174.30 First Trust & Savings Bank, Crete, Neb. 33,281.42 Milford (la.) National Bank..................... 83,075.68 First National Bank, Cherokee, Iowa. . . . 967,361.31 the taxes on real estate belonging to the bank and thé funds invested in United States bonds, there is noth ing left of the capital stock to be assessed and that the tax is illegal anyway. “The list of stockholders of the bank who are par ties of the claim includes E. E. Hart, E. L. Shugart, C. G. Saunders, J. D. Edmundson, Ruth Harl, J. P. Greenshields, Walter L. Smith and many others. The amounts claimed for the separate years in question are given as follows: 1905, $3,703.98; 1906, $4,596-16; 1907, $5,376.12; 1908, $5,805.21; 1909, $4,799.82 the total amounting to the respectable sum of $24,281.29. “This claim is the direct outgrowth of the decision recently handed down by the district court in a suit by the bank against the city of Council Bluffs for a re mission of certain taxes on grounds practically iden tical with those on which the claim against the county is based. What, action will be taken by the county authorities is not known, but it is probable that if the claim is denied by the board of supervisors the bank will start suit to recover the money.” Mr. J. F. Becker, cashier Elkader State Bank, and Mr. E. W. White, president of the Farmers State Bank of Volga, were callers at the office of the North western Banker last week. Mr. White was in the city for the purpose of securing a charter for the new bank bearing the above name soon to be opened in Volga. ________j F IR ST N A T IO N A L O F C O U N C IL B L U F F S A SK T A X REFUND. The following banks had deposits per last call, as follows: Farmers National Bank, Oskaloosa, Ia...$ 383,424.41 So. Ottumwa Sav. Bk., Ottumwa, la ....... 364,126.44 Iowa State Sav. Bk., Fairfield, la ......... . 712,129.48 Iowa State Sav. Bk., Knoxville, la .......... I03>753-33 Washington Nat. Bk., Washington, la. . . 987,129.69 Mahaska Co. State Bk., Oskaloosa, la ... 1,213,197.66 Chariton National Bank, Chariton, la .... 423,147.16 The following statement apears in a Council Bluffs dispatch of the Marshalltown Times-Republican: “The First National Bank and stockholders have filed in the office of the county auditor a claim for re fund of taxes on the capital stock of the bank for the years 1905 to 1909 inclusive, basing the claim on the following contentions: “It is claimed that the capital stock of the bank is exempt from taxation because the institution is a na tional bank; that the assets of the bank to the extent of approximately $300,000 are invested in government bonds, which are non-assessable; that after deducting The Citizens Savings Bank has opened for business at Kelley. R. F. Graeber, cashier of the bank of Sheldahl, who was appointed receiver, has been work ing on the records of the Kelley bank, whose owner skipped some time ago. He is being assisted by A. M. Eggleston, cashier, but so far he has refused to make any statement in regard to his findings. How ever, it has leaked out that he has told interested parties that affairs were in much better condition than at first anticipated. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis N E W B A N K A T K E L L E Y , IO W A . 28 THE NORTHWESTERN The Northwestern Banker PUBLISHED MONTHLY A T 606-607 CROCKER BUILDING BY The Northwestern Banker Publishing Company DES M OINES, I O W A EMERSON DEPUY - - M anager “ A C A S H IE R ’S C H E C K ” For $2.00 is all that is required to secure the monthly visits of the Northwestern Banker for an entire year. Each issue contains from 56 to 64 pages of mighty interesting matter pertaining to banks and banking interests in the territory covered by the magazine. “ O U R C O R R E S P O N D E N T S ” Every bank in the Northwest is invited to a place on this list. Send us items of local interest, tell us about your bank and its growth, prospects, etc., also any other financial news of interest to bankers in your section. W e are always glad to hear from our friends. “ S I G H T D R A F T S ” W e always cany a large “ Reserve” of good w ill and additional service, and w ill promptly honor drafts made upon same by any bank. This department is for your special benefit. It may be made o f very great benefit to your bank. Do not fail to avail yourself of its privileges. “ A C L E A R IN G H O U SE ” 0ur columns are a clearing house for all our readers. Express your views on any topic o f in terest to the banking fraternity and submit same for publication. You do not have to agree with us, or with anyone else. W e learn things by an interchange of ideas, and people with whom we disagree often prove valuable teachers. W e shall be glad to hear from you. “ N O P R O T E S IT” Has ever been offered t0 the statement that the field covered by the Northwestern Banker is the money producing section o f the American continent, rich rn hogs, cattle, corn, etc., and dotted with thousands o f prosperous banks, all doing a good business, and the majority of them are readers of “ The Northwestern.” “ SU R P LU S A N D U N D IV ID E D P R O F IT S ' ’ Increase very rapidly with those b a n k s , whose advertisements appear regularly in the columns of this magazine. Full information as to rates and our special service^ w ill be promptly furnished on application. Your business solicited and appreciated. The “ Banker” has been fourteen years in its present field. “ S E C O N D C L A S S M A T T E R ” This journal is entered as second class matter at the Des Moines postoffice. This is done m order to conform to the postal laws; everything pertaining to the journal^ save this entry, being strictly first class. A P R IL, 1911 Association Membership Pays. We often wonder why any bank is willing to stay out of its own state association, or of the American Bankers Association when the benefits derived from the small amount invested are considered. Take, for instance, the matter of protection. The past fall and winter there has been what might almost be termed an epidemic of bank burglaries throughout some of our western states. Reports show that, since September ist, there have been, out of a total of forty-four attacks made on banks, forty-three made upon non-members of the American Bankers Association. This would seem to be proof enough to satisfy any one that the yeggmen are mighty shy when it comes to attacking a bank which belongs to the American Bankers Association. They realize that they are up against a stiff proposition, and that with the protective department in the hands of the Wm. J. Burns Detect ive Agency their chances of getting away after they attack a member bank are pretty slim. Just this one thing, if there were no other argument, ought to be sufficient to induce every bank in the country to first join its own state association, which also offers it valu able protection, and then join the American Bankers Association. “ T h e H onor Roll.” In our January issue we published under the above head the names of a number of the banks in the state whose surplus account equaled or exceeded 50 per cent Of their capital stock, A number of banks whose https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis BANKER April, 1911. names did not appear in that list have written asking us the reason for the omission. In reply, we beg to say that we sent every bank in the state a blank to fill out with the necessary information if they were eligible. The names of all the banks responding were published. In the absence of the necessary information from them we naturally could not publish the names of the banks which did not see fit to respond. Every bank in the state which was eligible to a place in the roll had an opportunity to be represented if they so desired. Omitting the N am e o f the Tow n. A very large number of the local advertisements of banks throughout the state and elsewhere are sent in to us every month, clipped from the paper in which they were published. We are surprised, sometimes, in looking these over to find so many that contain no address whatever. The advertisement, as clipped from the paper, and sent to us, conveys no information as to where the bank in question is located, the latter having carefully omitted the name of the town in the advertisement. The bank may feel that it is so well known that it is not necessary to give this information, but this is a peculiar view to take of the situation. There is noth ing quite so short as the memory of the public, unless it be that ninety days which elapse between the time you sign a note and the date upon which it becomes due. The dear public must be continually reminded of your business, what you are doing, and where located. It never puts itself out of the way to hunt up these things, when the information is not given to it direct, and, therefore, we would suggest that all readers of the Northwestern Banker, when they prepare the copy for their advertisements in their local papers accom pany it with the name of the town where the bank is located. The Des M oin es M eeting. In response to the call issued by a commit tee of the Iowa Bankers Association, a large number of representative bankers from different sec tions of the state gathered at the Savery at ten o’clock on the morning of Tuesday, March 21st, for the pur pose of discussing some of the inequalities, and it might almost be said, iniquities of our present forms of taxation in this state. Mr. W. P. Manley, president of the Security National Bank of Sioux City, was chosen chairman of the meeting, and Mr. P. W. Hall, secre tary of the Iowa Bankers Association, was made sec retary. Jas. G. Berryhill, of Des Moines, in his open ing address put before the bankers present the matter which they had come to consider, and after a number of those present had discussed the question, the fol lowing resolution was adopted, and a committee ap- April, 1911. THE NORTHWESTERN pointed to present same to the state legislature at an afternoon meeting: “ Resolved* That we recommend the levy of a millage tax upon state, national and savings bank and trust company stocks and upon moneyed capital as defined in Section 5219 of the revised statutes of the United States. We suggest that a rate of ten mills upon the dollar would be a reasonable rate.” The committee consisted of W. P. Manley, of Sioux City; C. H. McNider, of Mason City; J. G. Berryhill, of Des Moines; James F. Toy, of Sioux City; Mr. Poor, of Burlington; E. M. Scott, of Cedar Rapids; E. L. Johnson, of Waterloo; J. H. Gale, of Mason C ity; D. T. Denmead, of Marshalltown. Those who spoke upon the question in the morning were Mr. Scott, of Cedar Rapids; Mr. Toy, of Sioux City; Mr. Johnson, of Waterloo; Mr. Poor, of Burling ton, and a number of others. The meeting lasted from 10 o’clock until 12:30, and although there was a dif ference of opinion on the resolution as finally passed, it was voted to make the matter unanimous and in that form it was presented to the ways and means commit tee of the senate and house of representatives. As an illustration of a form of inequality which ex ists now in our present form of taxation, Mr. Toy said that “A man owning a farm in O’Brien county, for in stance, in the northwestern part of Iowa, comprised of 160 acres of land, worth, at the lowest calculation, $16,000, would pay for taxes on that farm about $80, but if he were to sell the farm and place the proceeds in bank stock or some other form of investment, his taxes would amount to about $320, or nearly four times as much.” It was this feature, he argued, which was driving hundreds of moneyed men out of this state and into California and other states where this inequal ity does not exist. Much opposition also was offered to our present form of taxing moneys and credits, and an effort is be ing made to the end that a little more justice may be applied to this. While real estate is taxed for 25 per cent of its assessed valuation, moneys and credits are taxed for their full face valuation which is a form of unjust taxation which our state legislature ought to remedy, if we expect to keep within the boundaries of the state of Iowa our men of abundant means, and the prosperity of any state depends upon just that kind of men. It was the general sentiment of the bankers attend ing the meeting that something must be done looking to an adjustment of these inequalities of taxation as they now exist in the state of Iowa, and that, too, at no very distant date. The County Savings Bank of Algona contemplates the erection of a new bank building in the near future. Mr. Murtagh, the president, was in Des Moines re cently, in consultation with architects relative to the building. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 29 BANKER The Oldest National B an k in Nebraska CAPITAL SURPLUS - - - - $500,000.00 - 850,000.00 UNDIVIDED PROFITS 1 0 0 ,000.00 Organized in 1 8 5 7 and Nationalized in 1 8 6 3 Charter N o. 2 0 9 T h is Bank isjn o w in IT S =54th: YEAR o f service to the banks and bankers o f the central w est. It is constantly im proving its facilities for prom pt and efficient handling o f their accounts and C O L L E C T IO N S Mr. Simon Casady and Mr. Fred C. Risser have re turned from New York where they went to inspect bank architecture for the new Central State Bank building to be erected soon in Des Moines. P R E S ID E N T M A R T IN F IN D S C O N D IT IO N S S A T IS F A C T O R Y IN T H E E A ST . Mr. C. H. Martin, president Peoples Savings Bank of Des Moines, has just returned from a four weeks’ stay in New York. In a daily paper interview, he said: “The bankers were unanimous in conceding that the West, especially Iowa, offers great inducements for investment of funds than elsewhere. You see Iowa is in a position to command attention. What with our hogs, cattle, sheep, butter and eggs, poultry and cheese, we are in a position to demand our own prices for the products that are primary necessities of life. Pork, beef, mutton, cheese, poultry and butter they must have, and as we produce these necessities in large quantities, Iowa is of prime importance to the teeming populations of the East. I analyzed the finan cial situation closely,” continued Mr. Martin, “and I have arrived at the conclusion that we are on the up grade toward a revival of business which promises great good for the entire country, and especially to that section of the middle West of which Iowa is the center. The business situation looks good to me, and I propose that from this time on the Peoples Bank will contribute its quota to stimulating the tide of an increasing current of good times.” 30 T H E N O R T H W E S T E R N B A N K E R April, 1911. TH E DES M OINES N A TIO N A L BANK D E S M O IN E S , IOW A The policy of this bank is to cultivate helpful business relations with its correspondents and to render at all times the service which their needs demand and which our equipment insures. A n experience extending over a quarter of a century in catering to such needs has provided a broad under standing of the requirements in this field. W e cordially'invite a share of your business. J a n u a ry 3 1 , 1 9 1 0 Resources (o ve r) $ 5 ,6 0 0 ,0 0 0 .0 0 Arthur Reynolds, President John H. Blair, Vice-Pres. C A T C H L IN E S OR T H O U G H T ST A R T E R S. Clipped from the Ads of Successful Banks Through out the Country. Despite the prevalence of robbery, a few continue to keep their money about their homes. In thus do ing, they are not only risking the loss of money, but also their lives. How much safer and better it would be if these people were to bring their money to the bank. Are you running such risks? You doubtless appreciate prompt, painstaking atten tion to the details ‘of your banking business. This is where we can be of real service to you. C. A. Barr, Cashier A. J. Zwart, Asst. Cashier In all its dealings this bank combines absolute safety with satisfactory service and never loses sight of either. No class of business requires more careful attention or insists upon more rigid rules than that of banking. It has always been our earnest endeavor to conform to these requirements. Safety first, liberality next. Customers have a right to expect that their banking business will be treated as confidential. This we do, and we also aim to protect their interests in every legitimate manner. Money is always ready to earn you more money when given the opportunity. We furnish the oppor tunity. Perhaps you had better ask us about it. The relations existing between this bank and its cus tomers are close and cordial. We esteem it a compli ment to have people lay claim to the institution as be ing T H EIR bank. Is it YO U R S?. Absolute safety is the best thing we have to offer. Other inducements are of secondary importance. Upon this basis only do we solicit your patronage. At this bank the small depositor and the small bor rower are accorded equal privileges with the large ones. While this bank adopts every desirable method of modern banking, it never loses sight of that essential quality— absolute safety. In all essential details of its business this bank seeks out and follows the safest and most approved methods. We feel sure of our ability to handle your banking business to your satisfaction. We shall be glad of an opportunity to talk with you. Everything of a banking nature entrusted to' our care receives-our best attention. We shall be glad to have a share in your business. The financial coast is strewn with wrecks— fortunes lost through bad investments or incompetent or dis The majority of our patrons tell us an unvarying honest management. But those who place their busi ' story of satisfaction regarding our banking accommo ness with this bank escape all these dangers. dations. And this impels us to suggest that you also Absolute safety is the policy of this bank, and it is would be pleased with our service. rigidly being adhered to. Parties engaged in hazard ous speculation must seek accommodations elsewhere. We make an earnest effort to accommodate all classes. Our aim is to make this in every respect the Safety first, liberality next. Both are essential to P E O P L E ’S bank; a bank where all may feel at home, successful banking. If you are satisfied with our plat a place where those of moderate means may expect form, come and see us. the same treatment as those more favorably situated. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis April, 1911. TH E NORTHWESTERN BANKER 31 The Iowa Bankers Association Department Conducted by P. W . H A L L , Secretary, 7 1 0 Fleming Bldg., Des M,oines JOHN McHUGH, Pres. S iou x City g. e. McK i n n o n , v . p . Des M oines P. W . HALL, Secy. D. B. ALLEN, Treas. Des M oines Arlington ♦♦♦♦♦♦♦♦♦♦♦♦♦♦♦♦♦♦♦♦♦♦♦♦♦♦♦♦♦♦♦♦♦♦♦♦♦♦♦♦♦♦♦♦♦♦♦♦♦♦♦♦♦♦♦♦♦♦♦♦♦♦♦♦♦♦♦♦♦♦♦♦♦♦♦♦♦♦♦♦♦♦♦♦♦♦ The following is a corrected list of dates for group meetings: Group 2, May 17th, Webster City. Group 3, May 16th, Charles City. Group 4, April 27th, Elkader. Group 5, April 26th, Council Bluffs. Group 6, Probably May 4th, Des Moines. Group 8, May nth, Davenport. Group 9, May 2nd, Osceola. The secretary expects to attends all of the group meetings as we believe them to be the very life blood of the state association. of the many bankers who remained at the state house until the bill was adopted by the senate. Some of the leaders in the house informed the secretary that there is no question but that the same bill will be passed by the house. It is probable that a fifth of a loaf is sweet to the hungry, but the concession grant ed was not asked for b y any, nor approved by many, of the bankers of the state who were in Des Moines during the week. The prevailing opinion among bankers is that banks should be placed on a millage basis of taxation and to ask for this or nothing, but as the legislature is ofiFering a 20 per cent reduction this year, it is doubt ful if we can secure further benefit two years from T H E ST O R Y O F 387. We are publishing in full Senate File No. 387, by now. The reduction of one-fifth will be a benefit to the Ways and Means Committee, which passed the state and savings banks and loan and trust companies senate at four o’clock, Friday, March 24th, after a that have been paying taxes in full on their capital, long drawn out discussion and contest between the surplus and undivided profits, but as no offsets, ex cept for real estate, is allowed, the new law will ma bankers of the state and the senate. A majority of the senate and the house a few terially increase the taxes of a majority of the banks weeks ago appeared to be in favor of a millage levy of the state. The estimated increase in revenue re of ten to twelve and a half mills on all bank stock, ceived from bank taxes may reach several hundred surplus and undivided profits, but the sentiment thousand dollars. The secretary has been working all winter to get changed and turned against the bankers, the result being senate file No. 387, a copy of which was sent moneys and credits on a low millage basis and by the concentration, through this office, of the opinions and to every bank in the state from this office. The intention wras to pass this bill in connection cooperation of bankers from all over the state, we with house file No. 85, thus providing for the assess have been successful, and hereafter the tax on moneys ment of banks one hundred cents on the dollar with and credits will only be five mills on the dollar, with no offsets whatever. The bankers of the state were privilege of offsets for indebtedness. The chief provisions of No. 387 are as follows: aroused over the injustice, and some of them hastily called a meeting in Des Moines, March 16th. A com Moneys and credits, five mills on the dollar with off mittee of six was appointed at this meeting to send sets. Stocks of national, state and savings banks and notices to every bank in the state, requesting a repre loan and trust companies and moneyed capital (such sentative of each bank to meet in Des Moines, Tues as private banks and loan companies) used in compe day, March 21st at the Savery Hotel. Over 150 bank tition with banks, assessed at eighty cents on the dol ers from all parts of the state were present and unani lar, after deducting real estate, with no offsets. Banks will be paying from three to five times as much as mously adopted the following resolution: “ Resolved, that we recommend the levy of a millage other moneys and credits. With the repeal of the tax ferret law and the reduc tax upon state, national and savings bank and trust company stocks and upon moneyed capital as defined tion of tax on monies and credits, only five mills, ev in section 5219 of the revised statutes of the United ery dollar of capital now in Iowa can continue to live States. We suggest that a rate of ten mills upon the in the state and prosper. dollar would be a reasonable rate.” The executive council of the Iowa Bankers Associa A committee consisting of W. P. Manley, of Sioux City, chairman, C. H. McNider, of Mason City, J. G. tion met in. Mason City, March 3rd and selected Berryhill, of Des Moines, James F. Toy, of Sioux City, Thursday and Friday, June 15th and 16th, for the Mr. Poor, of Burlington, E. M. Scott, of Cedar Rapids, dates of our annual convention, which is to be held E. L. Johnson, of Waterloo, J. H. Gale, of Mason in Mason City. The two principal speakers engaged City, and D. T. Denmead, of Marshalltown, were ap for our program are Mr. F. O. Watts, president Amer pointed to present the resolution to the senate and ican Bankers Ass’n., Nashville, Tenn., and Prof. J. house of representatives. The work was taken up Lawrence Laughlin, of the University of Chicago. systematically among the senators but the only con The council is highly pleased in being able to secure cession made on the original bill was a reduction of addresses by two men who are so prominent in mone 20 per cent, much to the disappointment and chagrin tary affairs of the United States. As soon as further https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis TH E 32 TH E NORTHWESTERN BANKER BANKERS ACCIDENT DES M OINES, OFFICERS C. H. M A R T IN , Vice-President COMPANY IO W A AND DIRECTORS F. L. M IN E R , P resid en t E, C. BU D LO N G , 2d Vice-Pres. Pres. Peoples Savings Bank J. A . KIZER, Secy. Agency Manager G. G. H U N TER , N . T . G U E R N SE Y, General Counsel Pres. Des Moines Fire Ins. Co. D. W . SMOUSE, M edical D irector April, 1911. E A . SLIN IN GER, Treas. Asst. Cashier Peoples Savings Bank E. C. FISHER, Auditor ALL FORMS OF ACCIDENT AND HEALTH INSURANCE WRITTEN Profitable A g e n c y A rran gem en ts Made W it h Bank O fficers or E m p loy es details are arranged, the secretary will mail each bank advance programs. We have called attention through this magazine and by circular letter to Henry Russell, alias, W. C. W il liams, James Russell, L. M. Davis, Chas. E. Brown, L. T. James, and others. This man has passed forged checks varying in amount from $375.00 to $450.00 at Albia, Ames, Atlantic, and Sioux City. The last check passed through a Sioux City bank the middle of March. A detective was immediately put on the trail of this man, but was unable to secure any infor mation or clue. He is described as follows: Six feet tall, slender, hatchet face, dark hair, scraggly, small, sandy moustache, fifty years old, black slouch hat, dark clothes, shuffling walk. Please be on the look out for this man and arrest him if located and wire the secretary. The following figures may be of interest and hence we publish them: These statistics were gathered to determine the amount of revenue which would be re ceived from a ten mill levy on money invested in banking in comparison with the amount of revenue received under the present system of taxing banks. A dozen new laws will be enacted by the Iowa legis lature directly affecting banks and the session has been a very busy one from the banker’s standpoint. T A X E S P A ID B Y B A N K S — 1910 T A X . Reports from 77 counties.........................$ 703,000.00 Average per county................................. 9,000.00 99 counties at $9,000 or total ta x............ 908,000.00 BAN K IN VESTM EN T. ST A T E AND SAVINGS BANKS. Capital ................................................ .$33,281,800.00 Surplus ........................................ 7,903,394.00 Profits ....................................................... 5,821,268.00 Total ...................................................$47,006,472.00 N A TIO N A L BANKS. Capital ........................................................$18,175,000.00 Surplus ............................................... 6,927,961.18 Profits ............. 2,505,765.09 Total ..................................................$27,608,726.27 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis P R IV A T E BANKS. Capital 214 banks as listed in Rand, Mc Nally & Co. directory.......................... $ 7,354,200.00 Average capital per bank......................... 34,365.00 330 banks at $3,365.00 each, making esti mated investment................................. 11,340,450.00 Total investment............................... $85,955,748.27 V A L U E OF R E A L A D V E R T IS IN G . J. R. Summerville, a New York ad man, recently ad dressed the publicity experts of Chicago at the La Salle Hotel. Regarding the advertising and lack of it, among banks, he said: “Banks are the slowest of all American institutions to awaken to the real value of advertising to create business. All banks advertise more or less, but few of them receive full value from the money they expend. A bank will spend hundreds of dollars each year on advertising space and then fill the space with a mere card, the name of the bank, and a list of directors. By this method of advertising they do not receive full value of their money. If the same space was filled with good financial copy the banks would soon find that advertising is not an expense, but an investment that will yield better returns than probably any bank ing investment they can make. It is learned from the last treasury reports, that the banks which have ad vertised judiciously show the largest gain in deposits.” On the subject of advertising in financial and bank ing journals, Mr. Summerville said: “The banks do not realize the value of the financial journals in adver tising. A bank may increase its outside business won derfully by using space in the financial journals. This fact has been demonstrated many times. It is notice able that the banks which do the largest outside busi ness are the most consistent advertisers in the finan cial journals.” W. E. Barkley, of Lincoln, received a letter from the Nebraska Bankers Association offering a reward of $500 for the capture and conviction of “ Shorty” Gray who is said to be in hiding, as he is suspected by the association with being implicated in the Mead ow Grove bank robbery, and possibly others in the same section. THE April, 1911. NORTHWESTERN 33 BANKER T h e Commercial [ National Bank o f W A T E R L O O , IO W A Capital and Surplus $ 2 5 0 ,0 0 0 .0 0 OFFICERS W . W . Miller, E L. Johnson, - President Vice-President H. C. Schultz, E. W . Miller, - Cashier Asst. Cashier DIRECTORS W. W . Miller Warren Brown E. L. Johnson J. S. TuthlU F. C. Platt C. W . Illingworth Geo. E. Lichty H. C. Schultz Our facilities for handling the accounts of banks in Iowa are Unexcelled H. M. Reed J. W. Krapfel A. J. Edwards YOUR ACCOUNT IS SOLICITED T h e Statements as per Call of M arch 7 , 1911 WJSSSSSE ED. NOTE.—Advertisers using display space in 1 y to this office.*1 W e p u S h b e ^ o w [ished here as often as issued. The_ service is sec^r®d„ ^ w jn„ m^ de reveals the fact that the banks are in most cases fh ow in l'a I S e t t S S ' d e i . W n d are" in excellent shape to care for the heavy volum e of business incident to the DES M OIN ES N A T I O N A L B ANK, DES MOINES, IOWA. Resources— Loans, $3,552,537.01; overdrafts, $19,370.23, U. S. bonds, $335,000.00; premiums, $5,450.00; stocks, bonds and securities, $62,366.44; safe deposit vaults, $25,000.00; banking bouse, $152,000.00; cash and due from banks and U. S. treas urer, $2,262,374.53; total, $6,414,098.21. Liabilities— Capital stock, $500,000.00;. surplus and profits, net, $107,239.80; circulation, $275,000.00; deposits, $5,531,858.41; total, $6,414,098.21. IOW A N A T I O N A L BAN K , DES MOINES, IOWA. Assets— Loans, $5,406,596.92; overdrafts, $24,262.70; bonds and stocks, $758,927.13; furniture, $16,000.00; cash and due from banks, $3,219,315.08; total, $9,425,101.83. Liabilities— Capital stock, $1,000,000.00; surplus and prof its, $377,230.19; national bank notes outstanding, $569,450.00: deposits, $7,478,421.64; total, $9,425,101.83. DES M OIN ES SAVINGS BANK, DES MOINES, IOWA. Assets— Loans, $2,575,763,61; cash, $251,950.89; total, $2,827,714.50. Liabilities— Capital stock, $200,000.00; undivided profits, $69,836.90; savings deposits, $2,557,877.60; total, $2,827,714.50. V A L L E Y N A T I O N A L BANK, DES MOINES, IOWA. Resources— Loans and discounts, $1,467,640.21; overdrafts, $578.00; deposits, demand, $1,998,993.55; deposits, time, none; total, $2,483,622.45. S T A T E SAVINGS B ANK, DES MOINES, IOWA. Resources— Loans and discounts, $860,400.74; real estate, $4,641.73; cash and due from banks, $258,803,07; total, $1,123 845.54. Liabilities— Capital stock, $50,000.00; surplus and profits, $46,590.20; reserved for interest, $3,000.00; deposits, $1,024,255.34; total, $1,123,845.54. C O N T I N E N T A L A N D C O M M E R C IA L N A T I O N A L B A N K OF CHICAGO. Resources— Loans and discounts, $117,776,161.35; bonds, securities, etc., $14,344,308.81; U. S'. bonds to secure circula tion, $8,446,593.75; real estate, $35,597.67; stock ComT Nat. Safe Dep. Co., $1,597,500.00; overdrafts, $8,339.44; due from banks and U. S. treasurer, $26,650,555.34; cash, $40,510,357.80; total, $209,369,414.16. Liabilities— Capital stock paid in, $20,000,000.00; surplus fund, $8,000,000.00; undivided profits, $2,259,443.23; reserved for taxes (payable in 1912), $174,453.40; circulation, $8,309,202.50; deposits, $170,626,315.03; total, $209,369,414.16. T H E M ONROE N A T I O N A L B A N K OF CHICAGO. Resources— Loans and discounts, $1,152,427.85; bonds and $2,422.29; furniture and fixtures, $6,000.00; investm ent bonds, $144,001.61; U. S. bonds, $329,620.00; due from correspond ents, $923,841.34; due from U. S. treasury, $15,000.00; cash on hand, $194,210.45; total, $3,082,735.90. Liabilities—Capital, $300,000.00; surplus, $125,000.00; un divided profits, $17,111.10; reserved for taxes, $10,000.00; cir culation, $294,597.50; deposits, $2,336,027.30; total, $3,082,735.90. securities, $283,100.00; overdrafts, $689.76; U. S. bonds to secure circulation, $282,000.00; premium on U. S. bonds, $2,500.00; bonds to secure U. S. deposits, $1,000.00; cash and due from banks, $608,404.34; total, $2,330,121.95. Liabilities— Capital stock, $300,000.00; surplus and undi vided profits, $65,980.14; reserved for interest and taxes,» $1,000.00; circulation, $279,900.00; TJ. S. bond account, $100,000.00; dividends unpaid, $100.00; deposits, $1,583,141.81; total, $2,330,121.95. V A L L E Y SAVING S B ANK, DES MOINES, IOWA. Resources— Cash, $20,000.00; due from correspondents, T H E CORN E X C H A N G E N A T I O N A L B A N K OF C HICAGO. Resources— Tim e loans, $33,654,505.57; demand loans, $8,- $124,637.38; collateral loans, $8,488.34; investm ent bonds, $6,592.70; loans on Iow a farm lands, $1,056,565.17; total, $1, 216,283.59. Liabilities— Capital, $50,000.00; surplus, $50,000.00; undi vided profits, $27,302.10; reserved for interest and taxes, $2,500.00; dividends unpaid, $52.50; deposits, $1,086,428.99; total, $1,216,283.59. C IT IZ E N S N A T I O N A L BAN K , DES MOINES, IOWA. Resources— Loans and discounts, $1,396,958.10; overdrafts, $16,812.91; U. S. bonds, par, $200,000.00; real estate and fix tures, $21,360.02; cash and due from banks, $848,491.42; total, $2,483,622.45. Liabilities— 'Capital stock, $200,000.00; surplus and prof its, $151,200.90; circulation, $132,850.00; dividends unpaid, https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 049,331.18; overdrafts, $1,984.83; TJ. S. bonds, $1,700,000.00; other bonds, $2,243,038.48; new bank building, $2,000,000.00; cash cn hand, $12,184,358.97; checks for clearing house, $2,049,678.04; due from banks, $9,187,452.39; due from U. S. treasurer, $247,000.00; total, $71,317,349.46. Liabilities— Capital, $3,000,000.00; surplus, $5,000,000.00; undivided profits, $666,407.32; circulation, $1,063,997.50; divi dends unpaid, $404.00; deposits, $61,586,540.64; total, $71,317,349.46. T H E L IV E S T O C K E X C H A N G E N A T I O N A L B A N K OF CHICAGO. Resources— Loans and discounts, $7,619,998.15; overdrafts, $5,071.74; U. S. bonds, $100,000.00; other bonds, $312,275.00; cash and due from banks, $4,023,400.37; total, $12,060,745.26. 34 THE N O R T H W E S T E R N BANKER April, 1911. In All That is Good Iowa Affords the Best LIFE INSURANCE a rid GOOD BANKING Among the bankers who are policy holders:— George E . Roberts, Leslie M. Shaw, Ralph Van Vechten and T W O H U N D R ED and F O R TY O TH E R BA N K E R S in IO W A Homer A . Miller, President of the Iowa National Bank, Des Moines, Iowa, was insured for $2,000 for twenty years, paid in premiums total $1192, had the option of a cash settlement of giving 20 years insurance and $404 profit. This Com pany Makes Results— N o t Estimates FRANK D. JACKSON, President SIDNEY A. FOSTER, Secretary Royal Union Mutual Life Insurance Company, Des Moines, Iowa. Correspondence Solicited • Agents Wanted Liabilities— Capital stock, $1,250,000.00; surplus, $400000.00; undivided profits, $137,631.71; circulation, $98,600.00; dividends unpaid, $175.00; reserved for taxes, $27,500 00* de posits, $10,146,838.55; total, $12,060,745.26. and bonds for investm ent, $49,775.69; furniture and fixtures, $2<,997.53; other real estate, $10,000.00; cash and sight ex change, $3,409,390.35; redem ption fund, $19,000.00; total, $7,894,804.23. Liabilities— Capital stock, $750,000.00; surplus, $250,000.00; undivided profits, $185,264.86; circulation, $380,000.00; depos its, $6,329,539.37; total, $7,894,804.23. T H E F IR S T N A T I O N A L B A N K OF CHICAGO. Assets— Loans and discounts, $84,104,429.50; TJ.. S. bonds (par value), $3,164,000.00; other bonds and securities (market value), $5,743,213.08; National Safe D eposit Co. stock (bank 11,262,000.00; due from banks (eastern exch an ge), $21,607,364.57; checks for clearing house, $2,955,178.47; casn on hand, $21,969,533.52; due from U. S. treasurer, $639,100 00* total, $141,444,819.14. Liabilities— Capital stock paid in, $10,000,000.00; surplus fund, $10,000,000.00; other undivided profits, $1,263 810 10* discount collected but not earned, $714,593.91; special deposit o f u. S. bonds, $650,000.00; circulating notes received $2701,400.00; dividends declared, but unpaid, $1,006.00; re$141^44^819 ^aXeS’ ^6^>1^5-22; deposits, $116,044,873.91; total, F IR S T T R U S T A N D SAVINGS BANK, CHICAGO. « 1/1 Bonds* $18,495,734.14; tim e loans on collateral, $14,309,750.14; demand loans on collateral, $11,837 973 1 7 cash and due from banks, $13,461,066.08; total, $5 8 ,1 0 4 ,5 2 3 .5 3 . Liabilities Capital, $2,500,000.00; surplus and undivided Pro®!8* $3,420,105.36; reserve for interest and taxes $73<29.17; deposits, $52,110,689.00; total, $58,104,523.53. T H E M E R C H A N T S N A T I O N A L B A N K OF OM AH A, NEB. Resources— Loans and discounts, $4,460,787.53* U. S. bonds for circulation, $380,000.00; banking house, $160,000.00; L . S. bonds, $150,000.00; other bonds, $67,402.78; due from 44?06* ?1,920’ 182*30; cash at boine, $729,067.45; total, $7,867,« n n n S i n iie8~ i i apit^1 St° i k paid in ’ $500,000.00; surplus, T d^ lded profits’ $71,478.15; national bank notes, $380,000.00; due depositors, $6,415,961.91; total, $7,867,440.06. C EDAR RAPIDS N A T I O N A L BANK, C ED A R RAPIDS, IA. Resources— Loans and discounts, $2,151,971.39; overdrafts $1,394.60; U. S. bonds, at par, $160,000.00; other bonds, $576,-’ 7J5.0G; real estate, $160,000.00; cash due from banks and U S. treasurer, $1,701,016.34; total, $4,751,177.33. Liabilities—'Capital, $100,000.00; surplus and undivided profits, net, $193,195.01; reserved for taxes, unearned dis count and interest on C. D.’ s, $20,000.00; circulating notes $100,000.00; deposits, $4,337,982.32; total, $4,751,177.33. S E C U R I T Y N A T I O N A L B ANK, SIOUX C IT Y , IOWA. Resources— Loans and discounts, $1,904,220.45; bonds and a u n t i e s ) , $474,943.06; Security band building, $150,000.00; overdrafts, $1,002.43; U. S. bonds, $254,000.00* due from banks and U. S. treasurer, $1,086,315.72* U. s’ bonds, $128,000.00; cash, $383,417.36; total, $4,381,899.02.’ cio-MrAiiiiitieST Caipi^al stock’ $250,000.00; surplus and profits, $197,501.41; circulation, $241,302.50; deposits, $3,693 095 11* total, $4,381,899.02. ’ F IR S T N A T I O N A L BANK, D U B U Q U E , IOWA. Resources— Loans and discounts, $1,249,812.23; U. S. gov ernm ent bonds, $200,000.00; banking house, $34,000.00; furni ture ,and fixtures, $5,000.00; due from other banks, $358 691 62* Cn f o £.0n hand and U* S* treasurer, $168,692.41; to t a l,’$2,016 ’ Liabilities— Capital stock, $200,000.00; surplus and undi vided profits (n et), $138,524.76; circulation, $200 000 00* de posits, $1,477,671.50; total, $2,016,196.26. ’ ’ ue S EC ON D N A T I O N A L B ANK, D U B U Q U E , IOWA. T H E O M A H A N A T I O N A L BANK. «1 ^Qn°.UrCTTST Ji ,al3! and discounts- $6,799,882.14; overdrafts, $ i,618.04; U. S. bonds for circulation, $780,937.50; stocks and bonds, $677,507.92 ; vaults, furniture and fixtures, $100 000 00* U. S. bonds for deposits, $416,237.50; due from banks and iL P^ Ve^ re®erve aS e n ts , $4,162,592.45; cash on hand, $1,415440 09’ dUe fr ° m U‘ S' treasurer’ $37,500.00; total, $14,391,’- nno itios— Capital, $1,000,000.00; surplus fund, $200,000.00; undivided profits, $399,360.06; circulation, $750,0^1 00* ' deposits, $12,042,080.03; total, $14,391,440.09. ' tota^e $lU7r?7 462C82Sh’ ?452,277,19; S T O C K Y A R D S N A T I O N A L B A N K OF SO. OM AH A, NEB. Resources— Loans and discounts, $3,994,790.66; U. S.'bonds n o sit?U? f nnrtCnn-ati0n’ f 380’ 000 00«' bonds to secure U. S. de posits, $1,000.00; premium on U. S. bonds, $2,850.00; stocks https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis $455,509 31- ’ ’ D U B U Q U E SAVINGS BANK, D U B U Q U E , IOWA,. tota^6 $ 9 6 ^ 5 ^ 6 3 aSh’ $87’ 804,63’ t o t a ^ 9 6 M 5 , Z 6 ? S’POSlt3’ investm ents, ,829-028'4J cal>ltaI- $880,550.00; « 3 9 ,3 2 6 2 2 ; T H E C I T Y N A T I O N A L B A N K OF C L IN T O N , IOWA. Resources— Tim e and demand loans, $1,963,217.22* TJ s U N I T E D S T A T E S N A T I O N A L B AN K OF OM AH A, NEB. onn ncSOU^ eS_:L0^nS’ i 7J 50’525-02; U* S* b°n ds (pa r), $600,100.00, other bonds, $789,390.00; bank building, $300 000.00* cash and exchange, $4,432,543.18; total, $13 372 458 20* $600’000-00; surplus and profits, $782,467.22, reserved for taxes. $14,242.47; circulation sxKn 000.00; deposits, $11,525,748.51; total, $13,372,458.20. ’ ? °’ investments, $1,305,185.63; . . lia b ilities—-D eposits, $1,002,403.51; capital, circulation, $300,000.00; total, $1,757,462.82. bonds, $178,500.00; real estate and fixtures, $32 21810* cash S S e f S i 'S i S o 'v r banks “ * 1 k r,o L.Lab,|!ties~ 9 apita1’ $150,000.00; surplus and profits, $101$2,582 930173llatl° n’ ?L50’ 000 00; ^ P o s its , $2,181,695.96; total, F IR S T N A T I O N A L BANK, W A T E R L O O , IOWA. M aD.d discounts- $1,166,511.32; overdrafts, $i,«yb.52, U. S. bonds to secure circulation, $199,000 00* U bCn dT l 5 i 050SoenCUr<ft Ui , S' $1’000-0° ; Prem ium ’ op bends, $5,150.00, stocks and bonds, $37,082.26; cash on nana. TH E April, 1911. N O R T H W E S T E R N 35 BANKER T H E F IR S T N A T IO N A L B A N K W a te r lo o , Io w a U N ITED STA TE S D EPO SITORY Capital Surplus and Profits $400,000 OFFICERS F. J. F O W L E R , President F, J. EIGHM EY, V ice-President and Cashier F. B. D IE T R IC K , A ss’t Cashier F. P. H U R ST, A ss’ t Cashier H. M. C O W L E S , A ss’t Cashier Exceptional Facilities for Handling A ccou n ts o f C ountry Banks in other banks and with U. S. treasurer, $491,418.72; total, $1,902,058.82. Liabilities— Capital stock paid in, $200,000.00; surplus ana undivided profits, $218,317.21; circulation, $199,000.00; depos its, $1,289,741.61; total, $1,902,058.82. F IR S T N A T I O N A L BANK, D A V E N P O R T , IOWA. Resources— Loans and discounts, $969,603.65; overdrafts, $6,696.09; U. S. bonds, $260,000.00; other bonds, $123,733.82; banking house and real estate, $99,016.65; cash, due from banks and U. S. treasurer, $751,329.53; total, $2,210,379.74. Liabilities— Capital stock, $200,000.00; surplus, $200,000.00; circulation, $197,400.00; undivided profits, $17,465.27; divi dends unpaid, $175.00; deposits, $1,595,339.47; total, $2,210,379.74. T H E C O M M E R C IA L N A T I O N A L BANK, W A T E R L O O , IA. Resources— Loans, bonds and stocks, $1,777,265.36; furni ture and fixtures, $5,851.00; cash and exchange, $704,570.74; total, $2,487,687.10. Liabilities— Capital, surplus and profits, $330,462.77; cir culation, $200,000.00; deposits, $1,957,224.33; total, $2,487,687.10. T H E F A R M E R S AN D M E C H A N IC S N A T I O N A L B A N K OF P H IL A D E L P H I A . Resources— Loans and investm ents, $10,623,861.04; U. S. bonds, $2,054,154.53; due from banks, $1,810,579.83; cash and reserve, $3,609,569.19; total, $18,098,164.59. Liabilities— Capital, $2,000,000.00; surplus and net profits, $1,442,598.80; circulation, $1,926,697.50; deposits, $12,728,868.29; total, $18,098,164.59. T H E B A N K OF N O R T H AM ERIC A, P H IL A D E L P H I A . Resources— Loans and discounts, $12,337,517.26; due from banks and bankers. $2,062,700.72; clearing house exchanges, $489,645.44; cash and reserve, $3,201,978.23; total, $18,091,841.65. Liabilities— Capital, $1,000,000.00; surplus and undivided profits, $2,625,324.58; circulation, $495,200.00; deposits, $13, 971,317.07; total, $18,091,841.65. T H E H A N O V E R N A T I O N A L B A N K OF T H E C I T Y OF N E W YORK. Resources— Loans and discounts, $63,960,479.81; over drafts, $1,887.16; U. S. bonds t o secure circulation, $1,100,000.00; U. S. bonds to secure U. S. deposits, $150,000.00; U. S. bonds on hand, $52,060.00; bonds, securities, etc., $8,248,093.10; banking house, $5,343,000.00; due from other national banks, $1,849,356.40; due from state banks and bankers, $2,089,360.34; checks and other cash items, $89,262.50; ex changes for clearing house, $13,901,637.98; notes o f other na tional banks, $72,430.00; nickels and pennies, $1,802.82; specie, $14,404,241.00; legal tender notes, $7,338,118.00; redemption fund with U. S. treasurer, $55,000.00; due from U. S. treas urer (other than 5 per cent fu nd), $138,000.00; total, $118,794,729.11. Liabilities— Capital stock paid in, $3,000,000.00; surplus fund, $12,000,000.00; undivided profits, less expenses and taxes paid, $360,361.24; national bank notes outstanding, $1,100,000.00; dividends unpaid, $2,154.00; individual deposits su bject to check, $27,486,770.26; demand certificates o f de https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis posit, $887.27; certified checks, $7,415,074.47; cashier’ s checks outstanding, $2,035,295.73; due to other national banks, $34,357,551.33; due to state banks and bankers, $12,685,008.84; due to trust com panies and savings banks, $18,043,525.30; U. S. deposits, $158,100.67; bonds borrowed, $150,000.00; total, $118,794,729.11. T H E F O U R T H N A T I O N A L B A N K OF T H E C I T Y OF N E W YORK. Resources— Discounts and tim e loans, $20,643,939.93; U. S. bonds to secure circulation, $1,000,000.00; bonds to secure U. S. deposits, $1,000.00; other securities, $782,077.50; premiums,, $26,390.06; banking house and fixtures, $2,781,751.42; cash items, $30,872,895.08; total, $56,108,053.99. Liabilities— Capital stock, $5,000,000.00; surplus, $5,000,000.00; profits net, $683,354.72; circulation, $992,000.00; re served for taxes, $1,056.32; deposits, $44,431,642.95; total, $56,108,053.99. T H E C H A S E N A T I O N A L BANK, N E W Y O R K . Resources— U. S. bonds to secure circulation, $1,000,000.00; U. S. bonds to secure U. S. deposits, $1,000.00; bonds and stocks, $17,681,108.38; bills discounted, $19,305,857.59; time loans on collaterals, $20,942,599.89; cash items, $74,001,066.36; total, $132,931,632.22. Liabilities— Capital stock, $5,000,000.00; surplus, $5,000,000.00; profits, net, $3,382,871.64; circulation, $1,000,000.00; deposits, $118,547,760.58; S. deposits, $1,000.00; total, $132,931,632.22. ul T H E SEAB O AR D N A T I O N A L BANK, N E W Y O R K . Resources— Loans and discounts, $20,411,791.69; over drafts, $124.37; U. S. bonds, $414,332.46; stocks and bonds, $1,761,118.28; due from banks, $1,695,701.58; cash, exchanges and due from U. S. treasurer, $10,050,632.38; total, $34,333,700.76. Liabilities—Capital stock, $1,000,000.00; surplus and prof its (earned), $2,025,091.54; circulation, $332,797.50; reserved for taxes, $8,000.00; deposits, $30,967,811.72; total, $34,333,700.76. T H E M E C H A N IC S & M E T A L S N A T I O N A L B A N K OF NEW YORK. Resources— Bills discounted and purchased, $15,186,968.22; time loans, collateral, $5,348,859.12; overdrafts, secured and unsecured, $1,077.38; U. S. bonds, $3,000,000.00; banking house, $2,178,000.00; cash resources, $55,952,319.88; total, $81,667,224.60. Liabilities— Capital stock paid in, $6,000,000.00; surplus fund, $6,000,000.00; undivided profits, $2,146,680.14; national bank notes outstanding, $2,965,400.00; dividends unpaid, $9,444.50; reserved for taxes, $25,890.78; deposits, $64,519,809.18; total, $81,667,224.60. B A N K E R S T R U S T C OM P ANY, N E W Y O R K C IT Y . Resources— Stocks and bonds, $15,850,773.50; time loans and bills purchased, $30,192,218.04; demand loans, $11,924,886.04; cash on hand and in banks, $18,530,971.87; accrued interest receivable, $343,821.94; real estate, $957,762.50; total. $77,800,433.89. Liabilities— Capital, $3,000,000.00; surplus, $4,500,000.00; undivided profits, $2,019,381.82; deposits, $63,060,457.87; cer tified and other outstanding checks, $4,843,390.10; reserved 36 T H E THE N O R T H W E S T E R N GERMAN April, 1911. B A N K E R S A V IN G S BANK of Davenport, Iowa G W ith adequate equipm ent and exceptional facilities fo r handling: business in every depart m ent o f Banking, T h e German Savings Bank is in a position to give its patrons the best serv ice. G i f y o u contemplate m aking a change in y o u r banking conn ections, or think o f o p en ing a n ew account, w e w ou ld be pleased to co n fe r with y o u in person o r b y letter. Capital Stock Commercial Accounts $600,000.00 Surplus 450,000.00 Undivided Profits 305,000.00 Savings Deposits OFFICERS. CHAS. N. V O SS. Pré». SE1FFER T, Vice-Pres. DAVID H. McKEE, Vice-Prej. for interest on deposits, $352,565.10; reserved for taxes, $24,639.00; total, $77,800,433.89. T H E S E C U R I T Y N A T I O N A L BANK, M IN N E A P O LIS. Resources— Loans and discounts, $12,463,574.30; over drafts, $6,189.44; bonds, stocks and securities, $500,247.10; U. S. bonds to secure circulation, $450,000.00; cash on hand and due from banks, $8,125,258.26; total, $21,545,269.10. Liabilities— Capital stock, $1,000,000.00; surplus and undi vided profits, $1,866,296.07; reserved for unearned discount, $100,000.00; reserved for taxes, $11,475.58; circulation, $441,700.00; deposits, $18,125,797.45; total, $21,545,269.10. T H E M E R C H A N T S N A T I O N A L B A N K OF S A I N T PAUL. Resources— Loans and discounts, $6,543,376.33; U. S. bonds at par, $1,000,000.00; bonds, $226,925.00; banking house, $190,000.00; cash and due from banks, $4,300,019.57; total, $12,260,320.90. Liabilities— Capital stock, $1,000,000.00; surplus, $800,000.00; undivided profits, $102,219.59; circulation, $981,000.00; deposits, $9,377,101.31; total, $12,260,320.90. T H E N O R T H W E S T E R N N A T I O N A L BAN K , M IN N E AP O LIS. Resources— Loans and discounts, $17,689,029.37; U. S. and other bonds, $3,094,828.69; banking house, $575,000.00; over drafts, $921.06; cash and due from banks, $9,490,687.61; total, $30,850,466.73. Liabilities— Capital, $3,000,000.00; surplus, $2,000,000.00; undivided profits, $36,276.91; circulation, $1,400,000.00; depos its, $24,144,189.82; total, $30,850,466.73. F IR S T N A T I O N A L BANK, M IN N E A P O LIS, MINN. Resources— Loans and discounts, $14,042,661.10; railroad and other bonds, $1,457,697.00; U. S. bonds, at par, $1,250,000.00; bank building, $500,000.00; cash on hand and due from banks, $7,642,470.89; total, $24,892,828.99. Liabilities— Capital stock, $2,000,000.00; surplus and undi vided profits, $2,391,195.07; circulation, $1,042,092.50; depos its, $19,036,541.42; reserved for unearned interest, $103,000.00; bond account, $320,000.00; total, $24,892,828.99. T H E P R E S ID E N T ’S L E T T E R . _ A recent issue of “The Oak Leaf,” the monthly pub lication of the Great Western Accident Association, contained the following letter from President H. B. Hawley : It is a great source of pleasure to record from year to year the continued success of the Great Western. The year just passed has been by far the most suc cessful in the history of the company. A large in crease in membership, insurance in force and substan tial assets is what spells success for any insurance company. Wherever we have planted the Great Western ban ner in these middle-western states (where we oper ate), people have learned that there is at least one company in which they can place absolute confidence. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis ED. KAUFMANN, C«hi«r. F. C. KROEGER. A».'t Cuhiet As a matter of fact, confidence is the propelling force which has made this company grow so rapidly. More than a hundred trustworthy agents sent us the results of their work, in consequence of which we gained more insurance in force and more members than any company doing a health and accident busi ness in our field. When we are starting in new fields, those who are interested often watch closely to see how the first few claims are settled, but they soon learn that no one has any trouble with a Great Western claim if it is an honest one. They soon learn, also, that the Great Western will not pay fake claims, and in this way the company wins the respect of the best people in every community. Each policy has an arbitration feature so that every man, rich or poor, can leave any claim he may have to his neighbors without the expense of a lawyer if a misunderstanding should arise in regard to it. This is a mighty comfortable feeling. It makes insurance that insures beyond question. Members can be of great assistance to agents in securing new members, and also writing the company about anything of mutual interest. This is especially true in regard to any misunderstandings which may arise about policies or claims. In dealing with 25,000 to 30,000 people in a year, and largely by corre spondence, it is to be expected that some misunder standings will arise; but where people are willing tc be fair in every respect, all misunderstandings can easily be explained and overcome. The Great W est ern spends more money proportionately to have home office specials see our members and put everything in good order than any institution in the world. That is one reason why we are growing so rapidly and why our good members all become boosters. M aybe you are pounding away day after day, battling with ill health brought on by years o f strenuous w ork and close confinement, hardly able som e mornings to drag yourself from your hom e to the bank. Perhaps som e m em ber o f your fam ily needs a change o f clim ate for health reasons, o r fo r som e one o f the many other reasons you need a rest. You have realized for months and perhaps years that you should break loose, but how could you? • There w as a tim e when the “ H ow ” m ight have been ap propriately used as an excuse, but not during the past seven years or since The Charles E. W alters Company, o f Council Bluffs, Iowa, has been in existence. T his com pany is always ready and w illing to com e to the relief o f all such cases and quickly and quietly apply the remedy. TH E April, 1911. N O R T H W E S T E R N BANKER 37 T h e drudgery work can be done by machine, and old-fash[ - :• ^ ioned hand methods in figures are positively a waste of money. Every detail of your work — every operation which you d o— can be improved won derfully with the use of a Burroughs Bookkeeping Machine. It will enable you to strike off balances of pass books, sav ing ledgers and cash in but a small fraction of the time formally consumed in the same operations. W ith the Burroughs Bookkeeping M achine you can figure interest, take off depositors’ statements and make up collection or remittance letters quicker, because right the first time. W h en you place a Burroughs in your bank you acquire the greatest business helper of the age. But you also get with it Burroughs Service— that insures the greatest use possible from the machine. N o w think h ow Burroughs Service is managed; how it is divided into three distinct divisions in order that your bank may derive the fullest benefit from its purchase: BURROUGHS SYSTEMS SERVICE— which is the gathering together of the very best ideas of the 110,000 Burroughs users; the improving and simplifying of them and placing them in form for presentation to you from time to time as suited to your needs. BURROUGHS INSPECTION SERVICE— which is a careful and systematic method of keeping the machine itself in order. Not only that, but a new machine is furnished free, if any accident should happen— so that there is never a moment when you need be at a standstill. BURROUGHS INVENTION SERVICE— which employs a corps of expert inventors and mechanicians who are constantly at work endeavoring to make more widely useful machines — that will cover some extra phase of your work never before covered. Burroughs Special Service C ou p on :Gentlemen: Please send us the following Burroughs service, at no cost to us: 1. Send us your folder, “ Ten D if ferent W ays of Saving Money in A n y Bank.” 2. Send us your new booklet, “ A System of Handling Transit Items.” 3. Send us full sized-forms showing use of Burroughs on the following work: Thus, you see, w e’re not merely looking to sell you a machine, but w e want more than anything else to have you over-satisfied, with your bargain — because that’s the best kind of advertising w e know. Sign this coupon an d m a il it to us today. bank that you k n o w this proposition. You o<voe it to y o u r se lf an d your Name BURROUGHS A D D IN G M A C H IN E C O M P A N Y 71 Burroughs B lock, D etroit, M ichigan Bank European Headquarters: 76 Cannon St., London, E. C., England Form 1295A Position City State Roster 2212 “ Beware of self complacency— the first sign of men tal ossification.” “It is better to be upbraided for silence than taxed for speech.” “ Never question success any more than the right of a bulldog to lie in his own gateway.” “ Promises will gain friends, but excuses will not keep them.” “ Life’s journey is that of a brief winter’s day, and its course will run on, whether we avail ourselves of its progress or not.” https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis TH E 38 N O R T H W E S T E R N SECURITY BANKER INAnONAlJgLPROOIjCEBANK ’ OF ' CLARK S A V I N G S B A NK CEDAR RAPIDS, IO W A Capital and Surplus, Quarter Million Dollars Deposits - E. M. SCOTT, President J. R AMIDON, Vice-President - - - $1,825,000.00 C. D. VAN VECHTEN, Vice-President FRANK FILIP, Cashier Bank News From New York City. (Special Correspondence of the Northwestern Banker) Charles D. Norton, who has resigned as secretary to President Taft, has been definitely selected for vicepresident of the First National Bank, and will be elected by the directors probably just as soon as he is ready to assume the work. It has been understood for some time that Mr. Norton had been chosen for the vice-presidency of the First National which, until the end of last year, was held by Thomas W . Lamont, who is now a partner in J. P. Morgan & Co., and who succeeded as vice-president of the bank H. P. David son, who was also graduated from the First National to membership in the Morgan firm. Mr. Norton is a graduate of Amherst, was a suc cessful insurance man in Chicago before he entered the service of the government, and has long had the confidence of the banking group with which he is now to become associated. In Washington he served as assistant secretary of the treasury before he became secretary to President Taft. The Curb Association, which from now on will con trol the Broad Street “ outside market,” has completed its organization and all is ready for the completion of the reforms which were started by E. S. Wendels as Curb agent and the leading outside brokers three years ago. The Curb agency has now been formally abol ished, and E. S. Wendels takes the position of secre tary of the Curb Association, which follows closely the organization of the stock exchange. Its officers an nounced recently are: Chairman, John L. McCor mack; secretary, E. S. W endels; treasurer, Washing ton Content ; board of representatives to serve one year, E. A. Chartrand, F. T . Ackerman, W . A. Titus, Raynor Godwin and Franklin Leonard, Jr. ; serve two years, J. L. McCormack, T . J. Newman, H . P. Arm strong, A. B. Sturges and E. S. W endels; serve three years, E^M. Williamson, C. H. Pforzheimer, E. I. Con nor, Washington Content and Carl E. Rowley. The Chatham and Phoenix National Bank, recently consolidated, has completed its organization by the https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis April, 1911. AND 1!IIIII|5 C H IC A G O L AK E S T R E E T S Capital $ 2 5 0 ,0 0 0 S u rp lu s $ 5 0 ,0 0 0 Deposits $1,945,312.31 OFFICERS EDWIN L. WAGNER, Présidant JOHN W. LOW, Vice-President RALPH N. BALLOU, Cashier H. B. AHRENSFELD, Asst. Cashier Out of town accounts are solicited, and we will give every consideration as well as terms, that is consistent with good banking. election of these officers: George M. Hard, chairman of the board; Louis, G. Kaufmafi, president; Frank J. Heaney, William H. Strawn and Alfred M. Bull, vicepresidents; Bert L. Haskins, cashier; Norborne P. Gatling, Walter B. Boice and Henry C. Hooley, as sistant cashiers. Directors of the Phoenix who will become members of the board of the consolidated in stitution are August Belmont, Pierre S. du Pont, E. H. Gary and Frederick D. Underwood. The first report of condition, giving figures as of March 7, 1911, shows the following standing: Re sources, loans and discounts, $13,081,075.07; United States bonds at par, $951,000; other stocks and bonds, $591,921.37; cash and due from banks, $6,565,402.75; banking house, $129,874.42; total, $21,319,273.61. Lia bilities: Capital, $2,098,756.80; surplus and undivided profits, $973,497.25; circulation $793,195; deposits, $17,453,824.56. Joseph G. Robin, former president of the Northern Bank and the Washington Savings Bank of New York City, who pleaded guilty to purloining $27,000 from the last-named institution, is revealing a number of startling and involved deals to the department of justice. Among the statements made by Robin it is alleged that a city officer was mixed up in a $135,000 transaction that is at least questionable. The banker also declares that he will be able to furnish the con necting link between a series of curious coincidences observed by the district attorney in relation to certain municipal funds deposited with the Carnegie Trust Company and loans made to various parties. Robin will not be sentenced until April 27th. The sentence has been postponed for a month, partly by the desire of District Attorney Whitman to have further time in which to place the full story of Robin’s before the grand jury. Whitman told Justice Seabury that the information Robin gave was of the utmost importance, so important that it had necessitated the summoning of about seventy-five high officials in some of the lead ing banks of New York City, in order that the trans actions which are expected to lead ultimately to in dictments can be run down. About seventeen banks and trust companies are represented by the seventyfive bankers who have been subpoenaed, and the trac ing of the various transactions which have been de scribed by Robin will take several weeks. The grand jury has already signified its intention to summon Andrew Carnegie to testify as to the par- April, 1911. TH E N O R T H W E S T E R N Attractive BANKER 39 The Packers National Bank S h o r t T im e N o te s a n d Y ou can depend upon The Packers 6 per cent to 7 per cent Municipal Warrants National Bank to w o rk with you in O ffe rin g s o n A p p licatio n every w ay that will do g o o d fo r you r IOWA LAND CREDIT COMPANY business, o r you r custom ers. It is here fo r that w ork. BONDS, MORTGAGES, COMMERCIAL PAPER MASON CITY, IOWA ticulars of a $2,400,000 loan he made the Carnegie Trust Company on collateral which was later substi tuted for other notes. Steps have already been taken by several of the banks which loaned money to the Cummins syndicate to recover on the notes guaranteed by stocks and bonds of the Cummins enterprise. The estate of Charles A. Moore, Jr., at Greenwich, Conn., has been attached by the Savoy Trust Company. This action was taken several days ago in an effort to realize on a loan of $50,000 made on the collateral of the Cummins enterprise. David Halliday Moffat, one of the best-known rail road men and financiers of the country, died recently in his suite at the Belmont Hotel where he had been for the last two months. He had been suffering for less than a week with an attack of grip. The cause of death was heart disease, superinduced, the doctors say, by the effects of a past attack of pneumonia. Mr. Moffat was born in 1839 at Washingtonville, Orange county, N. Y ., and began his career as a mes senger boy in the New York Exchange Bank at the age of fifteen. He then went west, after a year and was clerk with a Des Moines (Iowa) banking firm. He then went to the Bank of Nebraska at Omaha and finally became cashier. In 1866 he became instrumen tal in founding the First National Bank of Denver, of which he became cashier. Fifteen years later he was elected its president. He had been closely identified with the bank as its head ever since and under his ad ministration it had become known as one of the strongest and most conservative national banks in the W est. The First National Bank increased its dividend for the quarter 2 per cent, by announcing a disbursement of 7 per cent on the bank stock and 9 per cent on the stock of the First Securities Company, the holding company organized a few years ago to absorb the Se curity holdings of the bank. The last quarterly divi dend paid on the bank stock was 5 per cent. W ith the bank stock paying 7 per cent a quarter and subsid iaries stock 3 per cent, the two combines are now pay ing 40 per cent annually. The trust company section of the American Bank ers Association is planning a banquet of national char acter to be held at the Waldorf on May 5th, when the https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis South Omaha, Nebraska executive committee will be back from Nashville, Tenn. W hile details are not yet complete, a commit tee of arrangements has been formed which includes the principal trust company officers in New York and the leading banking centers of the country. It is ex pected that members of the trust company section from all over the United States will attend. Charles A. Belling, former third vice-president of the Bronx National Bank, was recently sentenced to not less than one year and three months-nor more than nineteen years in Sing Sing prison by Judge Foster in General Sessions. Belling was charged with obtaining $3,000 from the Knickerbocker Trust Com pany on a forged certificate of the bank’s stock, but Assistant District Attorney Delehanty, who prose cuted the case, said in court that Belling got nearly $35,000 in all by similar transactions. Belling was arrested on November 17th, and after pleading guilty asked to be sentenced at once, but his counsel, ex-Assistant District Attorney William D. Bosler, contended that his client was insane. A commission decided that Belling was sane and he pleaded guilty again. The Jefferson Bank, at the corner of Canal and For syth streets, has taken over the East Side branch of the Madison Trust Company, situated at the corner of Grand street and the Bowery. The Jefferson Bank maintains a branch at Fifth avenue and Fifteenth street. The following official statement whs given out by one of its officers: “The Jefferson Bank has this day taken over the branch office of the Madison Trust Company, situated at the southwest corner of Grand street and the Bow ery, and all its business. The Jefferson Bank will in a few days move its headquarters from its present prin cipal office, at Canal and Forsyth streets, to this newlyacquired location, and in the meantime will conduct the business of such branch office of the Madison Trust Company at its present location. This arrangement has the approval of the state banking department and the Equitable Trust Company of New York.” Mr. William. H. Kniffin, Jr., cashier of the Flome Savings Bank, Brooklyn, N. Y ., has been appointed secretary of the Savings Bank Section of the Ameri can Bankers Association, subject to the approval of the executive committee at its spring meeting in Nash ville, on May 1st, this appointment to take effect April 1 st. 40 TH E N O R T H W E S T E R N BANKER April, 1911. Relationship of the Banker to the Public A ddress by J. P . Gallagher at Williamsburg to members of G roup 7. I promised to say a word or two on the relationship of the banker to the public. I ’d like to include the lawyers with the bankers, but the time is too short a_nd> besides, the relationship of the lawyer to the pub lic is so well known and understood as to render com ment unnecessary. The men who have sat up nights with Sir William Blackstone are the most versatile members of society and for energy, perseverance and range of talents they have the whole race “ beaten to a frazzle.” A boy once said to his parent: “ Father, do lawyers^tell the truth?” “ Heavens, boy,” replied the parent, a lawyer will do anything to win a case.” But to get right down to the nub of the question at which I agreed to direct a few random remarks. The relationship of the banker to the public is as vital or important as that which exists between the engineer and the marvelous mechanism under his control. Money is the greatest labor-saving machine ever fash ioned in the mind of men, it is the extract of the labor of mind and arm, and Irving was not far from being right when he referred to the dollar as “ almighty.” And the banker deals directly with this power or ma chine, he is the finished product of a commercial evo lution, the threads of which can be traced back and back until lost in the twilight of myth and fable. Ja son and his Argonauts in search of the Golden Fleece were no more than the Rothschilds or the Morgans who ventured far for fortune’s fickle favors and whose captured fleeces have contributed their full share to the wondrous commercial development of modern times. The history of banking is the history of a ro mance as thrilling as ever quickened the human pulse, but not here, not now, are we to tread the monetary mazes of the past; the banks are with us, they are the golden links in the chain of commerce that bind to gether the sundered sections of the world. Into their vaults flow the earnings and the savings of the day laborer, business man, professional man and farmer and these earnings become available to all whose credit has not become sprung at the knee joints by overloading. That the public has unbounded confidence in the banks is evidenced by the astounding millions on de posit; and, unless the people lose their heads by list ening to the advice of financial quacks and political charlatons, the surface of the financial sea remains calm and smooth even amidst the shock and clash of adverse winds by which all ventures are tested. Never in the history of banking has it been on a higher plane than it is today; the system may be, and no doubt is, faulty, but the exchange of confidences between the public and the bankers is grappling to gether the financial and industrial realms with hooks of steel and the fact is becoming every day more ap parent that the feast of prosperity or the stint of ad versity is not to be shared or endured by one, but by all, and this knowledge is fast making for better gen eral conditions. And it is in this direction that the safety and secur ity of our material interests lie. I would have the pub lic and the banker on such terms of intimacy as exist between the client and his lawyer and between the https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis patient and his doctor. When in need of legal advice we seek a lawyer, and if our liver goes out on a strike or our kidney slips an eccentric we send a hurry call to the family doctor and he soon puts our internal mechanism again into commission. But the average citizen will plunge into a financial venture without ever seeking the advice of a man whose training and experience make his advice reliable. Nine-tenths of the wild cat speculation would never have gotten be yond the banker if the scheme had been laid before him and his advice sought thereon. The banker is conservative and his advice and opinion-are free for the asking; he knows that his own welfare is also the welfare of the public, hence his advice is safe to fol low— even though it be given for selfish ends. It is said that in France no man or woman will invest as much as a franc without first consulting their banker, and students of finance attribute the great per capita wealth of France to the close relationship that exists between the banker and the public. ^ It is for you, bankers, to promote this relationship. The public stands aloof, like a bashful boy at a kiss ing bee and must be coaxed into the game. Don’t wait for the public to come close to you— the wait may be tiresome— you just go to the public. When the mountain refused to come to Mahomet, the old prophet saved his reputation by just going to the mountain. Human nature is slow to change, it is the one quan tity that reveres tradition, custom, and the bankers, above all others-, should be close students of this great book. Have an interest in the general welfare of your com munity and make your people feel that this interest is real. Don’t make money your god or it will promptly play the devil with you. Encourage your people to trade at home and see to it that your own example does not destroy the worth of your advice. Encour age home investments; foreign investments are a drain on the community that makes them. Gentlemen, there is a field before you that will grow a crop of miracles— if you will but work it. You have the tools and the position that will enable you to pro mote the common good to a point farther out and higher up than all the alleged statesmen of a century could reach. Go out and meet the public, take it into partnership with you. It stands just outside the doors of the banks; induce it to come in for an exchange of opim ions. If I were talking to the public I would advise it directly along this line. There is no end, none, to the great good that would follow a closer interweav ing of the relationship of which I speak. Money is the life blood of a community and a cold, distant or doubt ing spirit between the men who create it and the men who have it in charge weakens a combination that, if closely and firmly united, would furnish the power to uplift the earth and shift it into newer and better days. P. J. Cilley has accepted the management of the Farmers Savings Bank of Hamburg, and will leave Spencer in the near future to enter upon his duties with that institution. April, 1911. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis TH E N O R T H W E S T E R N BANKER Special Banking Services bank makes a specialty of handling reserve T HIS accounts of banks and bankers, and of supplying carefully selected bonds for investment or circulation purposes. The special character of our business permits of liberal interest rates on inactive funds. Harris Trust & Savings Bank Organized as N . W . H A R R IS & C O . 1882. Chicago Incorporated 1907 41 42 THE NORTHW ESTERN BANKER April, 1911. IOWA NATIONAL BANK FLEMING BUILDING, DES MOINES, IOWA S T A T E M E N T MARCH 7, 1911 RESOURCES. Loans .............................................................$5,406,596.92 Overdrafts ....................................................... 24,262.70 U. S. and other b o n d s . . . ........................... 758,927.13 Furniture .................. 16,000.00 Cash and due from ba n k s........................... 3,219,315.08 T o ta l...................... $9,425,101.83 Largest National Bank in Iowa. Makes a special ty of farm loans for its L I A B I L IT I E S . correspondents. for rates. Capital ...............................................................$1,000,000.00Sorp.lus and undivided p rofits................... 377,230.19 Circulation ............................ 569,450.00 D eposits ............................................................ 7,478,421.64 T o ta l.................................. $9,425,101.83 S’ HO M ER A. M ILLE R , Pres. Officers H. S. B U T L E R , Vice-Pres. IOWA NEWS AND NOTES Geo. J. Homan has been elected cashier of the D u buque National Bank of Dubuque. The Ottumwa Savings Bank has increased its capi tal stock from $70,000 to $85,000. W . M. Dennison has been tendered the cashiership of the Onslow Savings Bank of Onslow and has ac cepted, and has now entered upon his duties in that institution. Ralph Gilmore, of Sioux City, has accepted a posi tion of assistant cashier of the Farmers Savings Bank of Pierson, Iowa. The Farmers Savings Bank of Woolstock elected the following officers for the ensuing term : B. F. Mc Daniels, president; J. D. Reed, vice-president, M. H. Hirt, cashier. The Atlantic National Bank of Atlantic has been seriously considering the plan of building on the cor ner where they are now located, some time during the year. J. W . McKee is back at work in the Manning & Ep person State Bank of Eddyville, after suffering from a severe attack of pneumonia. The City National Bank of Knoxville has had an unusually good year, and showed earnings at the end of the past year of 25 per cent on the capital stock. E. Schribner, of Charles City, is the new assistant cashier of the Grundy County National Bank of Grundy Center. Bayard is to have a new bank with a capital stock of $15,000. John Cornish will be president. It will be known as the Farmers State Bank. C. W . Britton has been elected cashier of the Se curity National Bank of Sioux City, to take the place https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis W rite i H. T. B L A C K B U R N , Cashier. of C. N. Lukes. No assistant cashier has yet been elected to take Mr. Britton’s position. O. C. Gladwin has been elected assistant cashier to take the place of R. C. Barnes, in the First National Bank of Strawberry Point. The city of Sioux City, Iowa, was designated by the comptroller of the currency as an additional re serve city, under the act of March 3, 1887. The Stock Yards National Bank of South Omaha, Neb., has been approved as reserve ageht for the First National Bank of Creston, Iowa. The comptroller of the currency has approved the Valley National Bank of Des Moines, as reserve agent for the First National Bank of Elliott, Iowa. The Northwestern National Bank of Minneapolis has been approved as reserve agent for the Farmers National Bank of Inwood. Miss Elizabeth Erts, former deputy county auditor, but who has been with the Boone County Bank since the first of the year, has resigned there and has ac cepted a position with the City Bank of Boone. W all Lake banks have deposits of $333,599.09 divid ed as follows: German State Bank, $101,452.91; W all Lake Savings Bank, $232,146.18. Grover Krouth, for a number of years one of the assistant cashiers of the First National Bank of Iowa City, has resigned his position and will go into the restaurant business in Iowa City. A t the annual meeting of the stockholders and di rectors of the First State Bank of Fredericksburg, the following officers were elected: president, H. L. Padden, vice-president, W . G. Schaffer; cashier, J. R. Husting; assistant cashier, C. E. Albright. The Commercial Savings Bank of Iowa City has opened its doors with $35,000 capital stock. John U. Plank is the cashier, and Attorney Henry Negus, president. This new bank is Iowa City’s sixth bank, and a seventh is projected. TH E April, 1911. N O R T H W E S T E R N 43 BANKER pointed receiver for the defunct Kelley bank, by Fed eral Judge Smith McPherson. IOWA NEWS AND NOTES Miss Merna McLain, who held the position of as sistant cashier in the Citizens Bank of Iowa Falls, has resigned.her position with that institution and accept ed a similar position with a firm in Cedar Rapids. Charles H. Martin, president of the Peoples Savings Bank of Des Moines, has been in New York City on a business trip. The Bierkamp family, of Lost Nation, have pur chased a controlling interest in the Durant Savings Bank of Durant. The bank has a heavy line of depos it and a seven hundred thousand dollar business. A l bert Bierkamp will become cashier of the institution in September. A t a meeting of the stockholders of the State Sav ings Bank of Jamaica, held recently it was voted to refund all deposits, pay all indebtedness against the institution and to discontinue business. There seems to be plenty of business in Monticello. The Lovell State Bank has increased its surplus to $100,000, and the Hall Mfg. Company has increased its capital from $50,000 to $100,000. Nelson Berthols, cashier of the Madison County Bank of Winterset, and Miss Nell Whedon, were mar ried at the home of the bride in Winterset on March tenth. Both are widely known and prominent young people. C. H. Patterson, of Des Moines, is the new cashier of the Farmers State Bank of Glenwood, to succeed Clyde Rynearson, who has a more lucrative position in view. The Bank of Royal has made application to the comptroller of the currency asking that the name be changed to the National Bank of Royal, and the capi tal increased to $25,000. Henry M. Wilson, who for the past seven years has been cashier of the State Bank of Prairie City, has resigned his position and will move, in the near future to Winterset, to manage his father-in-law’s large stock farm. A new bank has been organized at Pilot Grove, to open for business April first. B. Dingman is the president and Theo. Schinstock, vice-president. The Farmers Security Bank of Vincent has been formed by T . P. Swansand, a prosperous merchant of Vincent, who will conduct the bank in connection with his general store. H. P. Mundy, a retired farmer of Manning, has been elected president of the German Savings Bank of Manning, to fill the position made vacant by the re tirement of Gustav Jans some weeks ago. R. F. Graeber, a banker of Sheldahl, has been ap TH E Cedar Rapids National Bank C E D A R RAPIDS, IO W A UNITED STATES D EPO SITARY Established As a Private Bank 1877 As a National Bank 1887 33 Years of Continuous, Conservative and Successful Banking OFFICERS: R A L P H V A N V E C H T E N ........................... ................ President G E O . B. D O U G L A S ............................................ V ice-P resident K E N T C . F E R M A N .............................................................Cashier A s s t. Cashier A s st. Cashier ...........A u d itor L O U IS V I S H A .... M A R T IN N E W C O M E R A . R . S M O U S E ..................... DIRECTORS: R A LPH VAN VECHTEN, V ic e -P r e s id e n t C o n tin e n ta l a n d c ia l N a tio n a l B a n k , C h ic a g o . C om m er GEO. B . D O U G L A S , D o u g la s & Co., S ta rch M a n u fa c tu r e r s . E D . H . S M IT H , S e c r e t a r y F a r m e r s In s u r a n c e C o m p a n y . J. M. R IS T IN E , P h y s ic ia n a n d S u rg e o n . https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis C. D. V A N V E C H T E N , G e n e ra l A g e n t N o r th w e s t e r n M u tu a l L ife In s u r a n c e C om p a n y . J. H. IN G W E R S E N , P r e s id e n t P e o p le s T ru st B a n k , C lin to n , Io w a . -and G L E N N M. A V E R IL L , C a p ita list. Unsurpassed facilities for the handling of accounts of Iowa banks. RESERVE A G E N T S FOR N A T IO N A L BAN KS S a v in g s 44 THE NORTHW ESTERN BANKER April, 1911. OFFICERS Capital Stock - $150,000.00 Surplus - - - 150,000.00 J . E. BURMEISTER, President J . D. BROCKMANN, V ice-P resid ent Undivided Profits - $18,807.05 Deposits ■ - $1,010,124.78 F. B. YETTER, Cashier L. G. BEIN, Assistant Cashier. IOWA NEWS AND NOTES Prominent stockholders of the Union National Bank of Ames, together with Kelley capitalists have organized a bank at Kelley to be known as the Citi zens Savings Bank. It is capitalized at $10,000, and will be ready for business in a few days. W . C. Sandlis, of Kelley, will have active charge of the institu tion. That Dyersville is fast becoming a financial center is evidenced by the recent showing made by the banks of that city in statements issued. The total assets of the three banks is $1,979,066.39, nearly two million dollars.^ This is the largest showing ever made by Dyersville. Le R oy‘ Stuart, of Magnolia, who for the past two years has been employed in Chicago has been ap pointed assistant cashier of the State Savings Bank of Logan, and has already entered upon his duties with that financial institution. The Bank of Callendar, Callendar, was robbed re cently, and about $200.00 and a number of stamps taken.^ The explosion was heard by people living in the vicinity and an investigation showed that the whole front of the bank had been blown out. No clue has yet been found. The Citizens Savings Bank of Sigourney is plan ning to remodel their bank building this summer, and make it thoroughly modern and up-to-date. The average deposits of the Citizens Savings are now run ning $300,000. R. H. Macartney, formerly of Des Moines, Iowa, who organized the institution known as the State Bank of Cheney, Wash., in 1906, has been elected cashier of the Security National Bank of Cheney, which has just moved into its new home. The bank has a paid-up capital of $25,000, and a surplus of $5,000. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis We invite your business. A t the annual meeting of the board of directors of the Geneva Savings Bank, recently held, it was voted to create a surplus fund of $5,000. This gives the bank a combined capital and surplus of $15,000, which the greatly increased business of this prosperous little bank certainly warrants. G. D. Ellyson, president of the Commercial Savings Bank of Des Moines, who has been critically ill at his home for seven or eight weeks, is now said to have passed the crisis of his illness, and will recover slowly, unless unexpected complications develop. James Emery Squiers, pioneer merchant and until recently president of the First National Bank of Maquoketa, died recently at his home. He was elected president of the First National on March 29, 1889, and held the position until January 1, 1911. The Live Sfock National Bank of Sioux City has been approved as reserve agent for the following banks: National State Bank, Burlington; First Na tional Bank, Le M ars; First National Bank, Rock Rapids; First National Bank, Bloomfield, Neb.; First ■National Bank, Butte, Neb.; Creighton National Bank, Creighton, Neb.; First National Bank, Crofton. Neb. Construction of the new Central State Bank build ing in Des Moines, on Fifth street, will probably start this spring. As soon as the Postal Telegraph Com pany announces its new location, the work of wreck ing the present three-story structure will take place. The State Savings Banks of Chariton is now nicely located in their elegant new building, which was put up during the past year. While the building was in the process of construction, the bank was housed in a little wooden structure on the square opposite the present banking building. The deposits of this insti tution have increased $40,000 from February i=;th to March 15th. 0 J. A. Collins, a wealthy stockholder of the Farmers State Bank of Ledyard, has sold all of his stock to W . O. Duston, of Elmore, and A. M. Schancke, of Mason City, and the latter gentleman was made pres ident of that institution at a meeting of the directors. April, 1911. THE NORTHW ESTERN IOWA NEWS AND NOTES R. C. Barnes, who has been assistant cashier of the First National Bank of Strawberry Point since its organization, has accepted a position as assistant cash ier of the Strawberry Point State Bank. O. C. Glad win, who has been the cashier of the State Bank, has accepted the position made vacant by Mr. Barnes leaving the First National Bank. The stockholders of the Home Savings Bank of Iowa Falls held their annual meeting recently and elected directors as follows: L. E. Jones, Z. K. Hoag, HI L. Walker, S. E. Huber, S. J. Osgood, W . S. W alk er, and F. B. Hay. The directors elected officers as follows: President, W . S. W alker; vice-president, H. L. Walker, and cashier, S. J. Osgood. A t the annual meeting of the directors of the M an ning & Epperson State Bank a regular dividend of 12 per cent was declared, and 10 per cent of the capi tal stock was carried to the surplus fund, making that fund equal to one-half of the capital. The total re sources of the bank are $400,000. The old officers were reelected, as follows: John Jager, president; Frank Epperson, vice-president, F. M. Epperson, cashier. A t a recent meeting of the board of directors of the Montrose Savings Bank, W m . Cook, who for the past five years has been cashier of the bank, tendered his resignation to the board, which has been accepted. Mr. Cook’s reason for his resignation was an over abundance of outside interests which required more of his time, and compelled him to give up his position. J. E. Lamb, who has been assistant cashier ever since the bank first opened, was elected to succeed Mr. Cook. The Hon. A. J. Barkley, who has been president of the Boone County Bank for a number of years, has sold his interest in the bank to Mrs. Hattie Favre and Mrs. P. C. Goetzman. W ith the transfer of the stock is also included the transfer of the building, the bank having always owned its own building. Mr. Barkley, the retiring president, has been in the Boone County Bank for exactly twenty-seven years. He feels that he has earned a rest, and for that reason disposed of his interests. V . W . Sylvester was elected to the presidency of the Ames Savings Bank to succeed A. J. Graves. Other changes in the bank officiary are the following: W . D. Meltzer was elected director to succeed Mr. Graves, S. A. Beach was elected director to succeed A. T . Erwin, who resigned, going to W yoming, L. B. Spinney was elected vice-president to succeed Mr. Sylvester. Mr. M. A. Manning remains as cashier, and J. R. Harrison becomes assistant cashier. A t the recent meeting resolutions of respect were passed to the memory of President Graves. The thirty-first annual meeting of the First Trust & Savings Bank of Muscatine was held recently, and the following directors elected for the coming year: S. G. Stein, J. Carskaddan, D. V . Jackson, F. P. Saw yer, J. R. Reuling, W . F. Bishop, S. M. Hughes, and https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis BANKER 45 ----------------- T H E ------------------- MERCHANTS National Bank OF C E D A R R A P ID S RESOURCES $5,500,000 : O FFICERS J O H N T . H A M I L T O N , President P. C . F R IC K , Vice-President J A M E S E . H A M I L T O N , Vice-P resident J O H N S. B R O E K S M IT , Cashier E D W I N H . F U R R O W , Assistant Cashier R. K. Smith. They, in turn, elected the following, officers: President, J. Carskaddan, S. G. Stein, vicepresident; R. K. Smith, cashier; B. C. Benham, as sistant cashier. An important change has taken place in the Citi zens Bank of Britt. D. J. Miller will become cashier o f the bank, Miss Tena Rasmussen, assistant cashier, Fred Hill retires from the bank, and will become cash ier of the State Bank of Stockwell, Ind., Rodney Hill, Jr., will go into the banking business at Nebraska. The Citizens Bank is the oldest bank in Britt, and has been owned by Rodney Hill and his estate for nearly thirty years. Geo. W . Curtis, Jr., has sold his interest in the State Bank of Redfield to Parke Rogers of Des Moines, who will become assistant cashier of the bank. For the past two years, Mr. Rogers has held the posi tion of manager of the savings department of the Des Moines National Bank. 46 THE A. Burdick, Pres. Joe R. Lane, Vice-Pres. Lew J. Yaggy, Cashier NORTHW ESTERN John P. Van Patten, V ice-Pre. W ill J. Housman, Ass’ t Cashier FIRST NATIONAL BANK OF DAVENPORT, IOA. Every Year a Better Year in Davenport Send us your Davenport business. The first National Bank in operation in the United States. C. A. Mast, Public Accountant and Auditor Banks and Corporations Audited B A N K S IN D A V E N P O R T Davenport, Iowa. Safe Deposits and Bank Vaults for Sale T w o safe deposit vaults. O n e m edium sized suitable fo r banks. O n e vault w ith tw o entrances, also tw o bank chests. For particulars address MAX SCHUBERT, 757 Wash. Ave. No., Minneapolis, Minn. IOWA NEWS AND NOTES Mr. J. W . Fitzmaurice, president of the Merchants National Bank of Eagle Grove has been spending a six weeks vacation in California. The real estate transfers which passed over the counter of the Farmers National Bank of Garner, dur ing the first week in March were in excess of $125,000. The Security National Bank of Eagle Grove in creased its capital, in January, from $15,000 to $25,000 . The deposits are now in excess of $180,000. Mr. A. C. Ripley has been elected president of the First National Bank of Garner to succeed W m . Shattuck. J. E. Wichman, the vice-president, succeeded A. C. Ripley. The deposits, as per call of February fifth, were $275,117. The Peoples Savings Bank of Nevada have shown steady increase in deposits during the past two years, during which time Mr. Spie'ker has been cash ier. The real estate transfers which passed through the bank the first week in March this year were $1,250,000.00. The Belmond Savings Bank of Belmond has in creased its capital from '$11,000 to $15,000. The de' posits are now running considerably in excess of $152,000. The last statement showed a 34 per cent increase in deposits, and a dividend of 20 per cent was paid. i1 A reward of $5,000 has been offered for the appre hension of Ellis J. Penfield, the missing president of the defunct bank at Kelley. The matter is in the hands of the Pinkertons. An investigation of the books of the bank, it is said, shows that there will be but little, if anything left, with which to satisfy the depositors. The newly organized state bank, with Capt. W . M. Greeley at the head of it, is starting off https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis BANKER April, 1911. nicely, and many of those who lost in the other bank are taking stock in the new institution. Secret service agents and police officers at Griswold are investigating a plot to blow up or dynamite the First National Bank of that place. The plot came to light in a letter of warning sent to Mrs. Ida W elsh who lives in apartments over the bank. The writer told her that he had overheard a plot to dynamite the bank, and rob the vault and that the writer, fear ing Mrs. W elsh would be injured or killed, took occa sion to warn her and asked her to move from the place. The vault of the First National was success fully dynamited a short time ago, and considerable loot secured. “And he called upon them to pay up,” was the text upon whiclwj. B. Gurney, president of the First Na tional Bank of Fremont, Neb., spoke to the members of the Bankers Club, of Des Moines, at their annual banquet, March ninth. According to Mr. Gurney, this comes from the thirteenth verse of the twen ty-third chapter of the book of hard knocks. Mr. Gur ney’s speech was a history of the rise of banking in the modern world. He showed that the banking sys tems of today are not perfect, but merely a stage in a long scheme of evolution from which the perfected product will finally come. The First National Bank of Sioux City has been approved by the comptroller of the currency, as re serve agent for the following banks: First National Bank of Akron, First National Bank of Alta, First National Bank of Aurelia, First National Bank of Charter Oak, First National Bank of Cherokee, First National Bank of Doon, First National Bank of Fonda, First National Bank of Fort Dodge, First National Bank of George, First National Bank of Glidden, First National Bank of Hawarden, First National Bank of Hull, First National Bank of Inwood, Farmers N a tional Bank of Inwood, First National Bank of Le Mars, First National Bank of Little Rock, First Na tional Bank of Odebolt, First National Bank of Rock Rapids, First National Bank of Rock Valley, First National Bank of Sac City, Lyon County National Bank, Rock Rapids, Sheldon National Bank, Sheldon, First National Bank of Sibley, Citizens National Bank of Spencer. During the first week of March there passed through the First National Bank of Nevada, real es tate transfers to the amount of $1,177,941. A year ago, the same month, the transfers amounted to $1,179,704. This is a very large amount of real estate business to be transacted through one bank, during one month, in a city no larger than Nevada. The present officers of the bank are J. A. Fitchpatrick, president; W . P. Zwilling, vice-president; E. A. Faw cett, cashier; G. A. Klove, assistant cashier. “ Don’t talk about yourself, your friends plenty of that for you.” will do “When our vices quit us, we flatter ourselves that it is we who quit them.” “ Never hesitate to give a man the benefit of the doubt. Remember to err is human.” April, 1911. THE NORTHW ESTERN Correspondence invit ed with a view to bus iness relations with the banks of Western Iowa Nebraska, Colorado, Wyoming, South Dakota and the Northwest : : NEBRASKA NEWS AND NOTES Leo Meeker has resigned his place at the Bank of Greenwood and his position will be filled by Arthur Stevenson. Inland is to have a bank with a $20,000 capital. J. D. Lamp, S. M. Pinkerton, Dave Stimbert and oth ers are the promoters. J. H. Lohman has been elected cashier of the First Trust & Savings Bank of Bloomfield. Miss Grace Divan has accepted a position as book keeper and stenographer in the First National Bank of Elgin. John McQueen, of Omaha, has accepted a position with the Northwestern State Bank of Hay Springs. The Bank of Fairmont at its annual election chose the same board of directors, and the same officers as last year. Guy Thornton has resigned his position as cashier of the Royal State Bank and will move to Neligh where he will be employed in one of the general stores. A semi-annual dividend of 5 per cent was declared at the annual meeting of the Bank of Winslow, and an increase was made in the surplus fund of the bank. Property interests amounting to approximately $ 3 5 ,000 changed hands in Springfield recently wheu the American State Bank was sold by the Spearman, Cal houn, and Davidson families to Messrs. N. J. ind E. N. Christianson, of Cedar Falls, Iowa. S. C. Stewart, who has been engaged in the banking business in Axtell ever since 1887 has sold out his interests there and will move to Albany, Oregon, where his son and a brother have been engaged in the banking business for some time. The Farmers & Traders Bank of Wakefield has applied to the comptroller of the currency for conver sion into a national bank under the name of the Farmers National Bank. The capital of the institu tion is $40,000. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis BANKER 47 Capital, Surplus and Profits $1,375,547.59 Reserve Depository for National Banks The last report as to the condition of the banks of Omaha shows that they are nearly $7,000,000 stronger on deposits than they were at the time of the previous report, January seventh. The capital stock of the Richland State Bank of Richland has been increased to $10,000. This is in dicative of rapidly growing business in the bank. The deposits of this institution are $75,000. The annual meeting of the stockholders of the Citizens State Bank of Chadron was held and the following officers elected: W . A. Carmean, A. W . Riekman, J. T . May, Z. W . Carmean, and E. K. Riekman. The surplus fund was increased from $2,000 to $10,000. Burglars paid a visit to the were frightened away and only From the way they operated it were amateurs. The safe was way. Bank of Union, but secured a few cents. is thought that they not damaged in any A t the annual meeting of the stockholders of the Citizens State Bank of University Place, the follow ing officers were elected: E. S. Kirtland, president; F. H. McElrath, vice-president; E. E. Butler, cashier; C. E. Negue, assistant cashier. The stock belonging to W m . Semke in the Webber Bank of Webber has been sold and Mr. Semke has retired from that institution. The parties who bought the stock are W . H. Dick, Geo. McKinney, W ill Hoy, John Graham, John Vestall and Ed. Silvis. W . H. Dick is president, Geo. McKinney, cashier, and Bruce Dick, assistant cashier.A t a directors meeting of the Citizens National Bank of Tecumseh, the resignation of C. J. Cannon as cashier was accepted. N. M. Davidson was elected cashier and has already started his work. Owing to the failing health of members of his family, Mr. Can non will move to another climate. Edward E. Goodrich, a prominent banker and pio neer of Fairbury, is dead. Mr. Goodrich had been ill for some time, but it was not thought dangerously. He was seventy-seven years of age, and came to Fair bury in the early ’70’s from Glastonbury, Conn. He established the Goodrich Bros. Banking Company and was its president. 48 THE THE NORTHW ESTERN OMAHA BANKER April, 1911. NATIO NAL BANK OF O M A H A , NEBRASKA S TA TE M E N T MARCH 7, 1911 RESOU RCES. L o a n s a n d d is c o u n t s . . $ 6,799,882.14 O v e r d r a fts ...................... 1,618.04 U. S. b o n d s f o r c ir c u la t io n ............................. 780,937.50 S to c k s a n d b o n d s ......... 677.507.92 V a u lts , fu r n it u r e and fix tu r e s ......................... 100,000.00 U. S. b o n d s f o r d e p o s its ....................................$ 416,237.50 D u e fr o m ba n k s and a p p r o v e d reserve a g e n ts ........................... 4,162,592.45 C ash o n h a n d .................. 1,415,164.54 D u e fr o m U. S. T r e a s u r e r ............................... 6,031,494.49 37,500.00 $14,391,440.09 J . H.MILLARD, President WM. WALLACE.V.-President W. H. BUCH0LZ. V.-President WELL ORGANIZED COLLECTION DEPARTMENT. $ 1 , 0 0 0 , 0 0 0 .0 0 200, 000.00 399,360.06 750,000.00 12,042,080.03 $14,391,440.09 W. M. B U R G ESS, V.-President J . De F. RICHARDS. Cashier FRANK BOYD. Asst. Cashier ITEMS ON OMAHA AND ALL NEBRASKA POINTS SOLICITED. The Farmers State Bank, which has been organized at Inland will begin business with a capital of $ k v 000. C. E. Sanderson, of Lincoln, is to be the presi dent of the new institution. J. D. Lamp, of Inland, will be vice-president and J. B. Morgan, of Hastings, has been selected as cashier. A t the annual meeting of the First National Bank of Hay Springs, W . W . Parsons, and B. L. Scovil were added to the directory of that institution. A banquet to the officers and stockholders of the bank followed the annual meeting. Judge D. Spacht, a pioneer of western Neb., died at the McCoy hotel in Lewellen, Neb. He was taken seriously ill at ten o’clock one night and died at two o’clock the next morning. He had been in Lewellen for about two years, employed as cashier of the Bank of Lewellen. A t a meeting of the stockholders of the Peoples Bank of Upland, the following directors were chosen: H. O. Hendricks, D. H. Breitweiser, L. Cary, T . F. Choquette, P. L. Ostergaard, A. F. Schouboe, J. A. Sweedlund. The following officers ^vere elected: H. O. Hendricks, president; P. L. Ostergaard, vice-presi dent; A. F. Schouboe, cashier. M. O. Ayres, of Dakota City, by purchasing the stock held by J. C. O ’Connor in the Homer State Bank has secured a controlling interest in that bank ing institution. Mr. Ayres now has the controlling interest in the following banking houses: Bank of Dakota City, Bank of Cody, Cody, Bank of South Sioux City and Homer State Bank of Homer. Clearings, of the Fremont banks for the month of February were $1,151,901.99, about $400,000 less than for February a year ago. Bank clearings in most of the cities throughout the corn belt were lighter last monfh than for the corresponding month in 1910 and the cause generally assigned for it is the farmers are holding back their grain instead of marketing it. Last year they were forced to market the crop earlier. W hile talking with some friends, R. O. Marnell, cashier of the Merchants National Bank of Nebraska https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis L IA B IL IT IE S . C a p ita l ........................................................ S u rp lu s fu n d .......................................... U n d iv id e d p ro fits .................................. C ir c u la tio n ................................................ D e p o s i t s ......... ............................................ City, was relating some of his experiences in the bank ing business, particularly of cases where depositors had overdrawn their accounts. “ Remonstrating one day with one of our customers, a woman, because she was continually overdrawing her account, I told her,” said Marnell, “ that it must stop, or we would close the account.” Holding in my hand the check she had overdrawn, I called her attention to the fact that the check was no good, as she did not have sufficient funds on deposit to meet it. “ O, that’s all right, she said, with all seriousness, and in an apologetic man ner, “All I have to do is to make out another one.” The First National Bank of Sioux City, Iowa, has been approved as reserve agent for First National Bank of Butte, Neb., First National Bank of Cole ridge, Neb., Creighton National Bank ,of Crofton, Neb., First National Bank of Hartington, Neb., First National Bank of Laurel, Neb., First National Bank of Lyons, Neb., Nebraska National Bank, of Norfolk, Neb., First National Bank of Oakland, Neb., First National Bank of O ’Neill, Neb.. First National Bank of Pender, Neb., First National Bank of Plainview, Neb., First National Bank of Randolph, Neb., Security National Bank of Randolph, Neb., Security National Bank of Randolph, Neb., First National Bank of Spen cer, Neb., First National Bank, of Tekamah, N e b , First National Bank of Valentine, Neb., Walthill Na tional Bank of Walthill, Neb., First National Bank of Walthill, Neb., First National Bank of Wayne, Neb., First National Bank of W ynot, Neb. D A K O T A N E W S A N D N O T E S. S. W . Hadgson has accepted a position in the Citi zens Bank of Bathgate, N. D. W . M. Denton has been elected vice-president of the State Bank of Seneca, S. D. J. H. De Lay of the American Exchange Bank of Pierre has taken the position of assistant cashier with the Security Bank and Trust Company of Philip, S. D. J. S. Vetter has resigned as cashier of the Brown Bros. Bank of Aberdeen, S. D., and will be succeeded by Albert Berg. Loftus and Forbes, the bank robbers, who escaped from jail in Brookings, S. D., have been recaptured, and taken direct to Sioux Falls to serve out the sen tences which were given them by Judge Seward at the January term of court. TH E April, 1911. The N O R T H W E S T E R N BANKER 49 MERCHANTS NATIONAL BANK of OMAHA, 2775 Luther Drake, President F. P. Hamilton, Cashier A C C O U N T S SOLICITED. Frank T . Hamilton, V ice Pres. B. H. Meile, Assistant Cashier U. S. D E P O S IT O R Y N E B R A SK A Capital - - $500,000 Surplus - - $400,000 Undivided Profits Deposits - - $88,365.63 $6,332,615 L. L. Hoyt, a well-known rancher of Potter county, South Dakota, and a director and vice-president of the First National Bank of Manchester, Iowa, died recently at the home of his aunt in Chicago, as the result of being struck with a gas-pipe by a hold-up man. He had gone to Chicago with a car load of B. A. Cumming has resigned from the cashiership stock, and in the evening went to a theater, and, on of the Blabon State Bank, and will go into the real leaving the play house passed an alley, and was felled estate business at Williston, N. D. by a foot pad, who secured the money Mr. Hoyt had Curtis Beach has been elected assistant cashier of about him. He was unconscious until death, suffering from complete paralysis. the Minnehaha National Bank’ of Sioux Falls, S. D. DAKOTA NEWS AND NOTES H. M. Weiser has resigned as assistant cashier of the First National Bank of Bismarck, N. D., and no successor has yet been named. Harold E. Edmunds has purchased an interest in the American State Bank of Yankton, S. D., and has commenced his duties as cashier of that institution. Articles of incorporation have been filed at Pierre. S. D., for the Farmers State and Savings Bank to be located at Wessington Springs. The institution is to have a capital stock of $30,000. The Farmers State Bank of Danzig has been in corporated at Danzig, N. D., to begin business on July first. Geo. Gackle, Peter Billingmeier and others are the incorporators. H. I. Olston and Andrew Kopperud have purchased a large block of stock in the Esmond State Bank of Esmond, S. D. A. N. Barber, who has been largely interested in the institution, and who is now repre senting that county in the legislature, will retain some stock and continue as one of the directors. The offi cers under the new arrangement are H. I. Olston, president, A. Kopperud, vice-president, C. R. Bond, cashier. The North Dakota State Bankers Association will meet in annual session at Fargo, June 27th and 28th, these dates having been fixed at the recent clearing house session. The First National Bank of Onida, S. D., which was recently suspended, has been reorganized into the First National Bank of Onida, by A. W . Ewart and J. E. Mallory, of Pierre, together with some Onida parties. W . H. Frei has entered upon his duties as cashier of the Citizens State Bank of Armour. _ He was for merly assistant cashier of the Commercial State Bank of Wagner. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis The Charles Mix County Bankers Association, at its annual business meeting elected the following offi cers for the coming year: . President, James Exon, W heeler; secretary, V . A. Welch, Geddes. Practical ly all of the fourteen banks doing business in the county were represented. All these institutions are in a fine condition, with steadily growing deposits. The First National Bank of Sioux City has been approved as reserve agent for Aberdeen National Bank, Aberdeen, S. D., Dakota National Bank, Aber deen, S. D., Farmers National Bank, Bridgewater, S. D., First National Bank of Canton, S. D., First Na tional Bank of Centerville, S. D., Brule National Bank of Chamberlain, S. D., Clark County National Bank, Clark, S. D., First National Bank of Elkton, Si D., First National Bank of Elkpoint, S. D., First National Bank of Freeman, S. D., First National Bank of Gettysburg, S. D., First National Bank of Gregory, S. D., First National Bank of Hudson, S. D., First Na tional Bank of Huron, S. D., First National Bank of Lead, S. D., First National Bank of Lemmon, S. D., First National Bank of Madison, S. D., First National Bank of Mitchell, S. D., Western National Bank of Mitchell, S. D., First National Bank of Mount Ver non, S. D., First National Bank of Parkson, S. D., National Bank of Commerce, Pierre, S. D., Redfield National Bank, Redfield, S. D., Sioux Falls National Bank, Sioux Falls, S. D., First National Bank, Sisseton, S. D., First National Bank of Springfield, S. D., First National Bank of Tindall, S. D., First National Bank of Vermilion, S. D., Vermilion National Bank of Vermilion, S. D., First National Bank of Vienna, S. D., First National Bank of Watertown, S. D., Secur ity National Bank of Watertown, S. D., First Na tional Bank of W hite Lake, S. D., Citizens National Bank of Woonsocket, S. D., First-National Bank of Yankton, S. D. TH E 50 N O R T H W E S T E R N BANKER SECURITY NATIONAL BANK MINNEAPOLIS CAPITAL AND SURPLUS $3,000,000. MINNESOTA NEWS AND NOTES J. C. McGiverin has been elected cashier of the First National Bank of Biwabik to take the place of A. W . Landquist. The Continental & Commercial National Bank of Chicago has been approved as reserve agent for the First National Bank of Royalton. April, 1911. OFFICERS F. A. CHAM BERLAIN, F. G. W IN STO N , PERRY HARRISON, E. F. MEARKLE, J. S. POMEROY, FRED SPAFFORD, GEORGE L A W T H E R , S T A N L E Y H. BEZOIER, W . A. M EAC H AM , President V-Pres. V-Pres. - V-Pres. Cashier Asst. Cash. Asst. Cash. Asst. Cash. Asst. Cash. add materially to the appearance, convenience and comfort of that bank’s quarters. The State Bank of Grundy has held its annual meet ing, and the business of the bank found to be in a flourishing condition. All loans were approved of, and deposits are increasing daily and up to date they have made 15 per cent on their capital stock, besides pay ing all expenses. The following officers were elected: W . E. Dickson, president; Albert Loren, vice-presi dent; John A. Lund and S. S. Morell, directors; T. F. Spreiter, cashier and W . J. Johnson, assistant cashier. George C. Rankin, of Washington, the receiver for C. R. Gosslee has resigned as cashier of the First the defunct First National Bank of Faribault, is to State Bank of Menahga. sell the remaining assets of that bank. They will A. L. Arnold will succeed A. W . Harper as presi first be offered separately, and then in bulk, and will dent of the Minneapolis State Bank of Minneapolis. be sold to the highest bidder. Three dividends have The Farmers National Bank of Preston has chang already been made, amounting to about seventy cents ed its title to the Farmers & Merchants State Bank on the dollar. of Preston, and has a capital stock of $25,000. I. O. Swanson, formerly cashier of the Moss River N O R T H W E S T E R N N A T IO N A L B A N K R E V IE W . Valley Bank of Souris, N. D.., has accepted a position The Review for March contains the following mat with the farm loan department of the Fergus Falls ter of interest to financial m en: National Bank and will enter upon his duties at once. “The money market seems to be in quite satisfac C ..H . Raiter has been elected first vice-president of tory condition. Eastern centers have abundant funds; the First National Bank of Alexandria to take the this is reflected by low rates, and the fact that the place of N. P. Ward, and A. H. Gregerson has been Bank of England recently reduced its rate and that elected as second vice-president, the position left va there have been rumors that a further decline in its cant by Mr. Raiter. rate would be made, shows that the situation is easy The First National Bank of Sioux City has been abroad, as well as in our own country. “The New York banks have a heavy surplus reservé, approved as reserve agent for the First National Bank due in part, perhaps, to an effort to keep the call of Adrian, National Bank of Luverne, National Citi money rate on something like a profitable basis. W ith zens Bank of Mankato, Minn., Worthington National Bank, Worthington, Minn., First National Bank of such loans made at a minimum of 2 per cent and only fractional increases above that, there is not much in Allen, Minn., First National Bank of Bancroft, Minn. it to the lender. The quotations on commercial paper F. A. Chamberlain, president of the Security Na in New York have remained practically stationary at tional Bank of Minneapolis, has left for an absence of 4 and 4^4 per cent for the best names. about three months. Mr. Chamberlain will go first “ In the Twin Cities there has been a fair demand to the south, probably to Florida and will go to Cali for general business purposes and the rates are such fornia later, before returning to Minneapolis. as to encourage legitimate borrowing with reasonable The First National Bank of Litchfield is making remuneration to the banks. W hile reserves are strong, extensive changes in the interior of the banking house. yet there is no plethora of funds seeking investment. The vault is being moved, and will occupy the space “Two matters of far-reaching importance are just heretofore taken up by the directors’ room, and many now before the public mind. The lesser of these has other changes will be made in the fixtures, banking passed beyond the stage of uncertainty by the recent room, etc. When completed the improvements will decision of the Interstate Commerce Commission re- https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis THE April, 1911. Capital, Surplus NORTHW ESTERN F IR S T N A T IO N A L tfVSÍñftrtrt BANKER 51 BANK MINNEAPOLIS, MINN. Deposits $21,000,000 SEND C W e have facilities for handling business prompt ly , in Minnesota, N orth and South Dakota, M on tana, and the entire N orth west. US YOUR C O L L E C T IO N S ESTA B LISH E D IN 1864 fusing to allow the advance in rates desired by the. railroads. “ While temporarily the stock market has felt an ad verse effect owing to this decision, it is very gratify ing to note that the railroads affected seem to have practically decided to accept the decision as final, and by economy of operation and upbuilding of their busi ness, to endeavor to accumulate the profits which the advance in rates would have given them. That one of the largest trans-continental lines had, prior to the rate ruling, decided to double track its system, is strong evidence that the management has faith in the future successful development of its business with the present rates as a basis. It will probably very soon be seen that all of the diverse interests affected by any change of condition under which the business of trans portation is conducted, will accept the situation.with a hopeful spirit as to ultimate results. “The other question, that of reciprocity with Can ada, is one in which all of our citizens have a vital interest, but like all such questions, each individual naturally wants to know what the final settlement of the matter will bring to or take away from, him per sonally. “The movement of grain to Minneapolis during the past month has been much lighter than a year ago, owing both to the short crop of last year and the low prices which have prevailed. Bank clearings have fallen off in approximately the same proportion. “The prospects for a good crop so far as may now be judged from conditions which have a bearing on same, never appeared better at this time of the year in the Northwest. Our information is uniformly to the effect that the ground has been more thoroughly pre pared for seeding than in many years. Owing to the failure of the crop, it was possible to plow very early in most instances, and the plowing was deep. By the time seeding begins, the ground will have lain idle for nearly a year, and over some large areas was thor oughly moistened by heavy fall rains. An excellent snow fall distributed pretty well over the whole spring wheat district, which was not the case a year ago, cer tainly does no harm, and in the opinion of many, is of material benefit. “There is much interest in the Panama bond bill which has already passed the senate. Under its pro visions, the 3 per cent Panama bonds previously authorized, will be issued without circulation priv ileges. This would reimburse the treasury for im mense expenditures on the canal, without depreciating https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis the value of the 2 per cent 1930 Consols, which are held largely by national banks as a basis for circula tion. “ Reports from various lines of local trade indicate favorable conditions, and we see nothing in the gen eral situation to create uneasiness. President Vanderlip, of the National City Bank in New York, is quoted as follows : ‘Agricultural and mercantile prospects for 1911 are excellent and capital is well disposed toward investment in development enterprises. Unless un foreseen and unexpected shocks disturb th situation, the general movement of trade and finance will be strong and voluminous.’ ” I O W A T R U S T C O M P A N IE S T O O R G A N IZE . The organization of an association of trust com panies in Iowa was arranged at a meeting of trust company officials at the Iowa Loan and Trust Com pany building this morning. It probably will be known as the Iowa Association of Trust Companies and will be separate from the Iowa State Bankers’ Association. E. L. Johnson, of the Leavitt-Johnson Trust Com pany, of Waterloo, and W . E. Coffin, president of the Iowa Loan and Trust Company, Des Moines, were named as a committee on organization. They are to perfect the plans for a permanent organization and a meeting will be called in the near future to elect of ficers. James F. Toy, of Sioux City, president of the Farm ers’ Trust and Savings Bank, presided at the meeting, and H. S. Merrick, of Ottumwa, president of the Phoenix Trust Company, was secretary: A resolution endorsing the bill now pending in the Iowa legislature, defining the duties of a trust com pany and giving it additional duties, was unanimously adopted. Officers of trust companies, representing every por tion of the state, put their stamp of approval on the bill pending in the legislature, defining a trust com pany, at a dinner at the Savery hotel. One hundred and forty-four trust company officials and members of the state legislature were present. The bill which was approved is now before the com mittee on banks and banking. It defines the powers of trust companies and prescribes the conditions un der which they shall operate. Under the present law the trust company officers say they do not know what THE 52 K EN N E TH CLARK, Pres. G. H. PRIN CE, Vice-Pres. NORTHW ESTERN BANKER H. W . PA R K E R , Cashier April, 1911. H. VAN VLECK , Ass’t. Cashier G. W . EK STRAN D , Ass.. Cash. The Merchants National Bank o f Saint Paul, Minnesota Capital, - $1,000,000 United States Depository Surplus, - $675,000 D IR E C T O R S Charles P. Noyes Louis W . Hill V. M. Watkins W. B. Parsons Geo. H. Prince L. P. Ordway Crawford Livingston J. M. Hannaford F. B. Kellogg Ambrose Guiterman Kenneth Clark Thomas A. Mariow C. H. Biglow J. H. Skinner E. N. Saunders D. R. Noyes C orrespondence and Personal Interview s Invited exactions are required of them. They wish power to act as executors and guardians. James F. Toy, of Sioux City, president of the Farm ers and Savings Bank, and William T . Abbott, of Chi cago, vice-president of the Central Tiust Company, of Chicago, were the principal speakers. John L. Bleak ly, auditor of state; Judge D. J. Lenehan, of Dubuque; Judge Lawrence De Graff, of Des M oines; Roger Lea vitt, vice-president of the Cedar Falls Trust Com pany; Senator Robert Hunter, of Sioux City, and Representative Carl Johnson, also made short talks. Defending T he Private Bank In a recent editorial the Des Moines Daily Capital made the following observation regarding private banks: “The Iowa legislature could not make a wiser ex penditure of effort than to pass a law which shall either place private banking institutions under the jurisdiction of the state banking department or else wipe them out of existence altogether.” To this utterance Mr. John F. Schee, president of the Indianola (la.) Banking Company, takes excep tions as follows: “There are reasons why the Capital’s advice should not be followed. Depositors’ interests are better pro tected under our laws in private than in incorporated banks. Most private banks are owned by associations of men of means. Each member of the association or partnership is individually responsible to each and every depositor for the payment of his deposit. As long as any partner owns a dollar’s worth of property beyond his exemptions, that dollar is a guarantee fund for the depositor. If Homer Miller or Simon Casady or R. A. Crawford had one dollar invested in the own ership of the bank of Kelley he would be compelled under existing law to pay every dollar of its deposits. If the bank had been incorporated, capitalized at $10,000 and owned by a dozen of the wealthiest men in Des Moines, Penfield could still have absconded and the dozen millionaire owners would have been obliged to put up $10,000, but not a dollar more. “ Incorporation protects the banker at the deposi tor’s risk— sometimes at his expense. A case or two in point will aptly illustrate the operation of the law as to owners’ liability. “The First National Bank of Chariton, with a cap ital of $50,000, failed about November 1, 1907, for more than $750,000. The bank of Lacona, a private bank, was owned principally by Frank Crocker, the https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis defaulting Chariton cashier. More than $35,000 be longing to the Lacona bank was on deposit with the First National at Chariton. The Lacona bank was closed for a short time to collect and then the local owners interested to the extent of only $5,000 put up the entire loss as required by law, took care of the depositors and continued business with credit unim paired. If the bank of Lacona had been incorporated, the solvent survivors would have been assessed just $5,000. That would have ended their legal liability. “The Brandon Bank of Russell was also owned by Frank Crocker with a local partner, Thomas Brandon. The actual capital was small, $5,000, the writer under stands; but Brandon was behind it, and although $62,000 disappeared by way of the First National of Chariton, not a cent was lost by a customer of the Russell bank. Brandon paid the bills. If his bank had been incorporated he would have been assessed 100 per cent on his small investment. Incorporation would have saved $60,000 for Brandon, but what would it have saved for his patrons? “The manager of any bank— incorporated or private — may steal or mismanage the funds of the bank. The important question is, when he has absconded, will the owners pay the debts? Actual responsibility of some body is worth more after the failure than ‘state juris diction’ before. “In the case of the bank of Kelley, it does not ap pear that Penfield had either assets or associates. His patrons were guilty of contributory negligence. “There are ten private banks in this county (W a r ren). They are owned by strong business partner ships. Their personal responsibility will average more than a quarter of a million dollars each. It would probably not seem just to these successful and repre sentative business men that their banks should be ‘wiped out of existence’ by legislative enactment. Such April, 1911. TH E N O R T H W E S T E R N BANKER 53 D irectory o f Representative Iowa Banks A n y representative Bank desiring a place in this Directory may be accommodated upon payment of the regular rate for this service, which will be made known on application TO W N NAME OF BANK H a s k in s .......... Mason City . . . Ogdon ............ O ttu m w a ........ Sioux Rapids . Ute ................... FARM & MERCH SAV. MASON CY L. & T. C O ___ CITY STATE ......................... O TTUM W A NAT...................... FIRST NAT................................ STATE SA V ............................... PRESIDENT S. C. F. J. C. H. VICE-PRES. A. Sands.......... H. McNider . . . M. Lorenzen . B. M owrey . . . B. M i l l s .......... Y. Edgington . T. F. W oodburn . . . . M. C.- K etchell ........ M. Farley ................. J. H. H ackw orth . . . E. M. D u r o c .............. A. L. Miller ............ CASHIER CAP. Gr. C. R eam es............ ß 13.000 S. A. Schneider . . . . 50.000 25.000 R. W . F u n k .............. 100,000 S. W. W hitehead . . . 50.000 30.000 DEP. 275.000 875.000 160.000 190,000 D irectory o f Representative Neb. Banks Foster FOSTER STATE ..................... F. L a m b e r t.......... E. A. K in k a id .......... G. T. L a m b e r t .......... a procedure would also work hardships to their pa trons who would thus be deprived of the privilege of doing business with guaranteed banks. “If it be conceded that the state may properly inter fere with legitimate private enterprise, then we would respectfully submit, that the owners of all banks, in corporated as well as private, should be held liable for the full payment of their deposits.” G R A F T IN B A N K A D V E R T IS IN G . There is not the slightest question of doubt that the banks are on the eve of the greatest evolution in advertising that this country has ever seen, says The National Banker. They are commencing to realize the value of advertising intelligently, yet conservatively, to the masses. They are beginning to find out that the time has passed when they could stand aloof and see the deposits come rolling into their institu tions without making some effort to go after them. They know that they must have deposits, and to have deposits they must have the confidence of the people. The public, they realize, does not understand banking and they must be educated. The banker knows, too, that he has to be educated himself as to the art ©f advertising successfully. He is anxious to get ideas and to receive the aid of those who can help him. The sudden change in bank advertising has only come about within the past few years, and it is grow ing more pronounced as each day goes past. As this publication is the friend of the banker, it will try and aid him in this great work of education by publicity whenever and however it can. But un fortunately and unknown to the banker, there are cer tain firms which under the guise of friendship pretend to aid him in this great work, but in reality only take his money and laugh behind his back at how easily he has been fooled. These firms, the parasites of the banking world, are promoting various schemes and “ systems” under the cloak of publicity and profess to be “bank advertising experts,” whereas they are but the cheapest kind of grafters and should be shunned like a counterfeit bill. They do not offer the banker a legitimate advertis ing service in which his advertising is prepared and the responsibility is taken off his shoulders. One class will offer to sell him a hundred electrotypes composed of badly-written ads with sensational and ridiculous illustrations for a few dollars per hundred. The banker will imagine he is getting something original, whereas the truth of the matter is he is re https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 10,000 45,000 ceiving a lot of junk which every other bank in his locality is probably using. The majority of these “ syndicated” advertisements, booklets, etc., are poorly written, worse illustrated, and contain nothing that is dignified or appealing. The effect they have on the public is entirely the re verse from what the bank using them expects them to have. They frighten away depositors instead of at tracting them. Let the banker carefully investigate every “ syndicate” advertising proposition that is of fered him and find out what others think of it before he decides to adopt the plan. But in bank advertising, as in bank robbery, where we have the safe blower, who is after big money, and the petty check forger, there are petty grafters and big grafters. The big ones are the promoters of the “ sys tems.” These especially are at present “ working” the W est. Their mode of operation is very simple. They go into a bank and offer to secure for that bank so many de positors at so much per head as if they were buying cattle. They charge that bank from $3.00 to $10.00 an account or anything they can get. It makes no difference whether that account is only $1.00 or not, and in the majority of cases it is. The bank has signed a “ contract” and has to pay. The pro moters of these “ systems” call themselves “bank ad vertising experts,” and they call their methods adver tising. All the advertising they ever do is promoting their own business in most cases. There is one firm at present operating such a sys tem whose promoter has grown rich— with the bank’s money. He owns a big ranch in the South, has his private yacht and automobile. Over 5,000 banks have contributed to his support. They have spent thou sands and thousands of dollars in his “ system” under the delusion that they were advertising and educating the public to the advantages of banking. Had this money been spent in legitimate advertising methods, in newspaper advertising, in circularizing, in the finan cial papers, and other up-to-date ways, think of the results that would have been obtained and of the de positors secured! There are many ways to advertise a bank and it is about time that the banker is told about the right one and why to shun the ones that are bad. “There will be great doings when those who are willing are able, and those who are able are willing.” THE 54 NORTHW ESTERN BANKER April, 1911 REPRESENTATIVE IOWA BANKS These Banks have special facilities for handling collections and any other business entrusted to them A D E L — Adel State Bank. C a p it a l $50,000. U n d iv id e d P ro fits, $15,000. D e p o s its , $325,000. S. M, L e a c h , P res., R o b t. L e a ch , C ash. A L B IA — Peoples National Bank. F O N D A — The Fairburn State Bank. C a p ita l, $60,000. S u rp lu s, $10,000. U n d iv id e d P ro fits, $2,544.30. D e p o s its , $197,258.17. E . H. F a ir b u r n , P res., F r a n k A. F a ir bu rn , V ic e -P r e s ., A. S. W o o d , Cash., W ill C. W o o d , A s s ’ t C ash. M A R EN G O — First Nat. Bank & Iowa Co. L. & Sav. Bank. C o m b in e d C a p ita l a n d .Surplus, $94,500. D e p o s its , $530,000. F r a n k C o o k , P res., T h o s. S ta p le to n , V ic e -P r e s ., J a m es D e la n e y , V ic e -P r e s ., S. E . R o w la n d , C ash , ________________ _ C a p ita l, $75,000. S u rp lu s, $7,500. U n d iv id e d P ro fits, $1,500. D e p o s its , $425MADRID— Farmers Savings Bank. 000. G A R N E R — Farmers National Bank. C a p ita l, $15,000. U n d iv id e d P ro fits, B. P. C a stn er, P r e s .; J. S. M o o n , V i c e C a p ita l, $25,000. S u rp lu s, $12,500. $700. D e p o s its , $98,000. P r e s .; E. E . E ld e r , C ash.___________■ U n d iv id e d P ro fits, $2,650. D e p o s its , J o h n V a n Z a n d t, P res., S. A. B e n g A L B IA — First National and Farmers & $219,244.67. sto n , V ic e -P r e s ., F . H . G ra v e s, C ash., G. C. H. N elson , P re s t., A . K e lle y , V ic e Miners Sav. Bank. C. C a rlson , A s s ’ t Casli.____________________ P res., I. S w e ig a r d , C ash., C. R . S w e iC a p ita l a n d S u rp lu s, $90,000. D e MADRID — Madrid State Bank. g a r t, A s s ’ t Cash. p o sits , $750,000. C a p ita l, $25,000. S u rp lu s, $10,000. D e N a n n ie M. M a b ry , P r e s .; L. T., R i c h G A R N ER — First National Bank. p o sits , $175,000. m o n d , V ic e -P r e s .; L. T. R ic h m o n d , O sca r O a k le a f, P res., P e t e r C assel, C a p ita l, $50,000. S u rp lu s, $10,000. C a s h .; R o y T. A lfo r d , A sst. C ash. V ic e -P r e s ., S. B. W illia m s , C ash. U n d iv id e d P ro fits, $7,000. D e p o s its , A L G O N A — County Savings Bank. $300,000. M U S C A T IN E — Hershey State Bank. C a p ita l, $50,000. U n d iv id e d P ro fits, A . C. R ip le y , P res., J. E . W e ch m a n , C a p ita l, $150,000. D e p o s its , $1,200,$10,000. D e p o s its , $510,000. V ic e -P r e s ., F . M. H a n so n , C ash., J. F . 000. E. J. M u rta g h , P res., C. B. H u tc h in s , W . V r b a . A s s ’t Cash. P. W . F r a n c is , P res., H e n r y J a y n e, V ic e -P r e s ., I. E . D o d g e , A s s ’ t C ash. V ic e -P r e s ., L. C. D a y , Cash.______________ GLA-DBROOK— First National Bank. A L G O N A — First National Bank. C a p ita l, $50,000. S u rp lu s, $10,000. U n M’C A L L S B U R G — State Bank. C a p ita l, $50,000. S u rp lu s a n d U n d i d iv id e d P ro fits, $22,500. D e p o s its , $300,C a p ita l, $25,000. U n d iv id e d P ro fits, v id e d P ro fits , $13,000. D e p o s its , $350.$5,100. D e p o s its , $100,000. 000. 000. W illia m M ee, P res., M. H. R e h d e r, S. O. H e g lu n d , P re s., S. H . T w e d t, W m . F e r g u s o n , P re s., E . E . C o n n o r, V ic e -P r e s ., M a rtin M ee, C ash., F r a n k V ic e -P r e s ., T h o r O. H e g lu n d , C ash., G. V i c e - P res., C. A. P a lm e r, C ash.__________ K e lle y an d E . W . B r a n c h , A s s ’ t C ash. W . P h illip s , A s s ’ t C ash. _________________ A F T O N — Savings Bank of Afton. C a p ita l, $20,000. S u rp lu s a n d U n d i v id e d P ro fits , $2,000. D e p o s its , $90,000. S. H. B la c k w e ll, P re s., A. B. M cD a n iel, V ic e -P r e s ., W . R . D e L a y , Cash. BOO N E— Boone National Bank. C a p ita l, $100,000. S u rp lu s, $25,000. U n d iv id e d P ro fits, $7,845. D e p o s its , $700,000. E . E . H u g h e s , P res., E. D. C a rter, V ic e -P r e s ., G. B. I r ic k , C ash., A . M. B u r n s id e, A s s ’ t C ash.__________________ __ C H U R D A N — Farmers & Merchants Bk. C a p ita l, $10,000. S u rp lu s, $4,000. U n d iv id e d P ro fits , $3,000. D e p o s its , $125,000. M. M. H e a d , P res., R . C. H e a d , V ic e P re s., M. B. W e s t e r v e lt , C ash., B e rn a rd W e s te r v e lt, A s s ’ t C ash. C H E R O K E E — First National Bank. C a p ita l, $50,000. S u rp lu s, $50,000. U n d iv id e d P ro fits, $15,000. D e p o s its , $700,000. N. T. B u r r o u g h s , P re s., W . A . S a n fo rd , V ic e -P r e s ., R. H. S c rib n e r , C ash., C. S u lliv a n, A s s ’ t Cash, _____________________ C L A R IO N — Bank of Clarion. C a p ita l, $50,000. G eo. W . Y o u n g , P re s., E. A. A le x a n d e r, C ash., W . H. T r o w b r id g e , A s s ’ t C ash.______ C L A R IN D A — Clarinda Trust & Sav. Bk. C a p ita l, $75,000. S u rp lu s, $8,000. D e p o s its , $330,000. W m . O rr, P re s., H. R . S p ry, V ic e P re s., A . F . G a llo w a y , Cash._____________ G R IN N E L L — Merchants Nat’l Bank. C a p ita l, $100,000. S u rp lu s, $40,000. U n d iv id e d P ro fits, $15,000. D e p o s its , $670,000. S. A . C ra v a th , P res., E. W . C la rk , V ic e -P r e s ., L. F . P a r k e r , 2d V ic e -P r e s ., G eo. H. H a m lin , Cash., W . C S ta at, A s s ’ t C ash. GR IS W O LD — Citizens Bank. E M M E T S B U R G — Emmetsburg Nat’l Bk. C a p ita l, $50,000. S u rp lu s an d U n d i v id e d P ro fits, $7,725. D e p o s its , $429,374.41. M. L. B r o w n , P re s., G eo. E . P e a r s a ll, V ic e -P r e s ., W . J. B r o w n , C ash., P. S. B r o w n , A s s ’t Cash. F O R E S T C I T Y — Forest City Nat’l Bank. N E W T O N — First Nat. & Newton Sav. Bk. C a p ita l, $80,000. S u rp lu s, $37,500. D e p o s its , $500,000. W . C. B e r g m a n , P res., H. B. A llfr e e an d C. S lo a n a k e r , V ic e -P r e s ., R . L. A r n old , Cash. N E W T O N — Citizens State Bank. C a p ita l, $60,000. U n d iv id e d P ro fits , $6,000. D e p o s its , $300,000. F . L. M a y ta g , P res., J o e H o r n , 'V ic e P res., L e e E . B r o w n , C ash,________________ C a p ita l, $50,000. S u rp lu s, $5,000. J. H . A le x a n d e r , P res., H . M. R e in ig , C ash., D. E p p e ls h e im e r , A s s ’ t Cash. H A M B U R G — Farmers National Bank. C a p ita l, $50,000. S u rp lu s, $25,000. U n d iv id e d P ro fits , $1,200. D e p o s its , $489,000. A. H y d in g e r , P res., C. D. B u tte r fie ld , V ic e -P r e s ., E , A . B r itta in , C ash. H U X L E Y — Farmers Savings Bank. N E W T O N — Jasper County Savings Bk. C a p ita l, $100,000. S u rp lu s, $10,000. U n d iv id e d P ro fits , $3,111.76. D e p o s its , $620,661.91. J. M. W o o d r o w , P res., F . M .»W o o d r o w , V ic e -P r e s ., A. E . H in d o r ff, C ash.________ O S K A L O O S A — Mahaska Co. State Bank. C a p ita l, $10,000. U n d iv id e d P ro fits, $1,800. D e p o s its , $30,000. O. J. K a ls e m , P re s ., J o h n O. S e v e reid , V ic e -P r e s ., D a n B . L e w is , Cash. C a p ita l, $100,000. S u rp lu s, $20,000. U n d iv id e d P ro fits , $29,845. D e p o s its , $343,818. O. M. G ille tt, P res., A . G. S h e llito , V ic e -P r e s ., M. O. F o u ts , Cash. C a p ita l, $50,000. S u rp lu s an d P ro fits, $50,000. W . J. M u rra y , P re s., W . J. M o ir, V ic e P res., W . E . R a th b o n e , Cash., A . W . C ro ssa n a n d H. S. H a m m o n d , A ss ft C a sh iers. U. S. D e p o s ito r y . . C a p ita l, $75,000. S u rp lu s, $25,000. U n d iv id e d P ro fits, $10,000. D e p o s its , $400,000. J. A . F it c h p a t r ic k , P res., W . P . Z w illiin g , V ic e -P r e s ., E . A . F a w c e t t , C ash., G. A . K lo v e , A s s ’ t . C ash .__________________ C a p ita l, $16,000. U n d iv id e d P ro fits, $10,500. D e p o s its , $110,000. C has. S hade, P res., C. J. L o c k e r , V ic e P res., F . W . W o h le n b e r g , C ash., E d. M. F r e e r k s , A s s ’ t C ash. I N D E P E N D E N C E — Commer. State Bank. E L D O R A — First National Bank. N E V A D A — First National Bank. G E O R G E— George Savings Bank. C a p ita l, $25,000, S u rp lu s, $1,500. D e p o sits , $69,000. C has. H a rt, P res., J. F . W h itm o r e , V ic e -P r e s ., G. F . M itc h e ll, C ash., F . E. R u b e y , A s s ’ t C ash._________ .____________; C a p ita l, $40,000. S u rp lu s, $7,000. U n d iv id e d P ro fits, $2,400. D e p o s its , $190,000. J. A . L in d b e r g , P re s ., M. E . C u rtis, V ic e -P r e s ., E . M. L u n d ie n , Cash._______ _ C a p ita l, $25,000. U n d iv id e d P ro fits, $2,000. D e p o s its , $150,000. R . A . F ra z ie r , P res., F . S. S m ith, V ic e P res., D. R . • S p ie k e r, C ash., C la u d e S p ie k e r, A s s ’ t Cash. Jn o. W . F o s te r , P res., F . R . J on es, C ash., C a rl S. F o s te r , A s s ’ t C ash., R . M. S ay re, A s s ’ t Cash. COIN— Farmers & Merchants State Bk. D A Y T O N — Farmers State Bank. N E V A D A — Peoples Savings Bank. G U T H R I E C E N T E R — Citizens Nat’l Bk. K L E M M E — State Savings Bank. C a p ita l, $15,000. S u rp lu s, $15,000. U n d iv id e d P ro fits, $2,500. D e p o s its , $140,000. W . R. B lo o m , P res., D. D. R o s s , W m . K a t t e r , V ic e -P r e s ., P. M. G rie se m e r, C ash., F . J. W e n c k , A s s ’ t Cash. C a p ita l, $260,000. S u rp lu s a n d P ro fits, $26,000. D e p o s its , $1,225,000. W . R . L a c e y , P res., H . S. H o w a r d , V ic e -P r e s ., R . W . B o y e r, C ash., C. S. H o w a r d , R o s s M a lco m , A s s ’ t C a sh iers. P AN OR A— Guthrie County Nat’l Bank. C a p ita l, $50,000. S u rp lu s, $10,000. U n d iv id e d P ro fits , $6,000. D e p o s its , $330,000. M. M . R e y n o ld s , P res., H . L. M oore, V ic e -P r e s ., W a d e S p u r g in , Cash.________ P AN OR A— Citizens State Bank. C a p ita l, $25,000. D e p o s its , $115,000. S. C. C u lb e rtso n , P res., M. M. H ea d , V ic e -P r e s ., H . M. C u lb e rts o n , C ash., G. A. G oetzm a n , A s s ’ t C ash._________________ P ER R Y — Citizens State Bank. C a p ita l, $50,000. S u rp lu s, $15,000. U n d iv id e d P ro fits, $2,500. D e p o s its , $380,000. S. S. D ile n b e c k , P re s ., S. M. T hornljey, V ic e -P r e s ., B. C. D ile n b e c k , C ash., J. E. H a m b r ig h t, A s s ’t C ash. _______ MASON C I T Y — First National Bank. C a p ita l, $150,000. S u rp lu s, $150,000. D e p o s its , $1,800,000. C. H . M cN id er, P res., W . G. C. B a g le y , C ash., C. A . P a r k e r , A s s ’ t Cash. M A R S H A L L T O W N — Marshalltown State. P O M ER O Y — Pomeroy State Bank. C a p ita l, $25,000. S u rp lu s, $2,500. U n d iv id e d P ro fits , $1,500. D e p o s its , $175,000. J. H . L o w r e y , P res., M. F . M u lla n , V ic e -P r e s ., J o h n F . G u tz, C ash., R . C. B e r r y , A s s ’ t C ash,_________________________ C a p ita l, $100,000. S u rp lu s an d P ro fits, $50,000. D e p o s its , $1,100,000. A . F . B a lc h , P res., G. A . T u r n e r , V ic e P res., P. S. B a lc h , C ash., C. C. T rin e, A s s ’ t C ash. M O N T I C E L L O — The Monticello St. Bk. S C R A N T O N — Bank of Scranton. C a p ita l, $100,000. S u rp lu s a n d P ro fits, C a p ita l an d S u rp lu s, $65,000D e p o s its , $1,533,000. G. S. G ilb e r ts o n , P re s., W . O. H a n so n$225,000. , H. M. C a rp e n te r, P res., W m . S tu h ler, V ic e -P r e s ., C. H . K e lle y , V ic e -P r e s ., C. V ic e -P r e s ., H . S. R ic h a r d s o n , C ash., F . 1 t A. Isa a cs , C ash., M. J. J o h n so n , A s s ’t H. B e e k e r . A s s ’ t C ash. _ji C ash. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis C a p ita l, $25,000. S u rp lu s, $26,000. D e p o s its , $240,000. C has. B o fin k , P re s ., H e n r y H a a g , V ic e -P r e s ., W . W . A n d e r s o n , Cash., A. E . A d a m s . A s s ’t Cash. TH E Aprii, 1911. N O R T H W E S T E R N BANKER 55 Representative Iowa Banks (Continued) SIOUX C I T Y — Live Stock National Bk. L o c a te d at S io u x C ity S to c k Y a rd s. C a p ita l, $1.00,000. S u rp lu s, $75,000. Cleo. S. P a r k e r , P re s., F . L. B a to n , V ic e -P r e s ., W . P. D ic k e y , C ash., C. D. V a n D y k e , A s s ’ t Cash. S IG O U R N E Y — Citizens Savings Bank. C a p ita l, $25,000. S u rp lu s, $15,000. D e p o s its , $300,000. • D. S n a k e n b é r g , P r e s .; A . O. S c h ip fe r . V ice * -P re s.; S. W . R ic h a r d s o n , C a sh .; A. C. J a co b s , A sst. Casn. S P E N C E R — First National Bank. C a p ita l, $100,000. S u r p lu s, $20,000. U n d iv id e d P ro fits , $14,215. D e p o sits , $285,000. C has. M c A llis te r , P re s., H. N. S m ith, V ic e -P r e s ., C. P. B u c k e y , C ash., Chas. R . H o w e , A s s ’ t Cash. S T U A R T — Stuart Savings Bank. C a p ita l, $25,000. U n d iv id e d P ro fits, $1,500. D e p o s its , $125,000. M. S. K ile , P re s., Chas. M. B u rk e , V ic e -P r e s ., F. M. K ile , Cash. S T U A R T — First National Bank. C a p ita l, $25,000. S u rp lu s, $5,000. U n d iv id e d P ro fits, $8,000. D e p o sits , $240,- 000. J o h n W . P o s te r , P res., J a c o b P . B la c k m an, V ic e -P r e s ., A. C. C u rtis, Cash., J. ___________ P. M cL a u g h lin , A s s ’ t C ash. V IC T O R — Farmers Savings Bank. C a p ita l, $25,000. S u rp lu s an d U n d i v id e d P ro fits, $30,000. D e p o sits , $550,- 000. L e v i L e w is , P res., W . E . H a k e m a n , V ic e -P r e s ., H. L. M u ssetter, Cash., F l o r e n c e M u ssetter, A s s ’ t Cash. W A S H I N G T O N — Citizens Savings Bank. C a p ita l, $100,000. U n d iv id e d P ro fits, $20,910.01. D e p o s its , $753,176.23. C has. H. K e c k , P re s .; C. M. K e c k , V ic e -P r e s .; P. R . S ag e, C ash. W A S H I N G T O N — Farmers & Merchants State Bank. C a p ita l, $50,000. S u rp lu s, $8,000. U n d iv id e d P ro fits, $3,000. D e p o sits , $225,- 000. S. A. W h ite , P r e s .; S am ’ l T h o m p s o n , ANNOUNCEM ENT. W e beg to announce the removal of the Continental and Commercial Trust and Savings Bank from its old quarters in the American Trust and Savings build ing to the building occupied by this bank (corner Clark and Adams streets.) W ith the trust company occupying quarters in our own building, we hope to bring about a more com plete unification of the two institutions and a closer cooperation than has heretofore been possible. Once more we call attention to the fact that the entire capital stock of the Continental and Commer cial Trust and Savings Bank is owned by the stock holders of the Continental and Commercial National Bank. The Continental and Commercial Trust and Sav ings Bank takes its place in the financial affairs of this city in alliatice with the Continental and Com mercial National Bank and solicits the accounts of savings depositors, whether they be large or small, offers its services in the trusteeship and administra tion of estates, and is prepared to enter into negotia tions with those contemplating the purchase of securi ties or the bonding of properties. All negotiations whether by personal interview or correspondence will receive prompt and careful at tention, and every facility will be offered to the public to transact its business expeditiously and satisfactor ily. . , Assuring you of our appreciation of past patronage and. soliciting your continued good will and co-opera tion, we are. Respectfully Yours, G. M. Reynolds, President. A F IN E SH O W IN G. W e note again the substantial progress and all around gains made by the Great W estern A ccident of this city during the past year. The splendid pyramid o f assets and insurance in force has grow n constantly during the ten years o f the com pany’ s existence. W h en a com pany at the end o f ten years has assets of $467,959.89 and insurance in force o f $38,220,359, it certainly is no longer an experiment. The strength of all in stitutions is invariably the result of good management. A https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis V ic e -P r e s .; R. L. C o u lte r, C a sh .; W . A . W h ite , A sst. C ash.____________ ____________ W A S H I N G T O N — National Bank. C a p ita l, $100,000. S u rp lu s, $100,000 U n d iv id e d P ro fits , $11,533.81. D e p o s its , $950,000. A . H. W a lla c e , P r e s .; W m . A . C o o k , V ic e -P r e s .; W . P. W ils o n , C a sh .; S. H . W h ite , A sst. C ash._________________________ W A U K E E — Waukee Savings Bank. H. L. L e o n a r d , P res., J. M. W e il, V ic e P res., A. A .. L e a c h y , C ash. C a p ita l, $10,000. D e p o s its , $35,000._____________ W E B S T E R C I T Y — First National Bank. C a p ita l, $100,000. S u rp lu s, $60,000. W . J. C ov il, P res., E . P . K in g , V ic e P res., W . C. P y le , C ash.; E . E . M ason , H O. C u tler. A s s ’ t C a sih ers.______________ W IN T H R O P — Winthrop State Bank. C apitals U n d iv id e d $ $25,000. P ro fits, S u rp lu s, $15,000. $5,000. D e p o s its , 210, 000. G eo. E llio t t , P res., G eo. S p a n g le r , V ic e -P r e s ., E. B r in tn a ll, C ash., H . E . B r in tn a ll, A s s ’ t Cash. bank, m anufacturing plant, or an insurance com pany must have management w hich inspires confidence in order to suc ceed. Confidence is an especially im portant elem ent in the conduct o f an insurance company because people insure for insurance, not for trouble. There is a reason for everything and there is a reason w hy the Great W estern has grown strong and popular although it can look back on a history of only ten years. This substantial progress com es largely through the character put into the business w hich makes peo ple realize that they c an always depend' upon a square deal with this institution. N ew and unique plans with up-to-date business methods have pushed the company m ore rapidly to the front than any institution ever before started in this middle W est. The company now has m ore m em bers in its home state than any com pany either foreign or dom estic, although som e companies have been in the same field three or four times as long. W e therefore congratulate the managem ent o f the Great W estern on its continued prosperity. The Company has recently added the states o f Colorado, W yom ing and M issouri to its territory, where it w ill doubt less lead in its line o f health and accident insurance as it has done nearer home. “ Gossip shows that we are considered still worth talking about.” “ He is a wise self-made man who takes the tag off.” “ In the pursuit of folly we acquire much wisdom.” “The popular man does not hide his light under a bushel, but rather his shady side.” “ Most of us have trusted to luck so often that there ought to be a good deal owing us.” “ Keep your faith in all beautiful things, in the sun when it is hidden; in the spring when it is gone. * * * And then you will find that duty and service and sac-' rifice— all the old ogres and bugbears of life— have joys imprisoned in their deepest dungeons! And it is for you to set them free— the immortal joys that no one— no living soul, or fate, or circumstance— can rob you of, once you have released them.”— Roy Rolfe Gibson. 56 TH E N O R T H W E S T E R N BANKER April, 1911. Efficiency in Bank Selling Whether you have use for our service at this time or not, remember the name and place. If unacquainted with our standing and ability to make good, wish you would satisfy yourself so that in the event you should suddenly find it necessary to sell your bank or secure an em ploye for your bank you would know where to turn for quick results. Seven years of continuous successful operation has not come by chance, but through a clearly defined system with a purpose single of making a friend of each with whom we have had dealings. Correspondence and personal interviews invited. Confidentially yours, The Charles E. Walters Company, a s s o c ia t e T H E W A L T E R S M A T C H E 'l ' l E C O ., P A J l\ T r iTI t>t ITTM7C liX W T li COUNCIL BLUFFS, IOWA K A N S A S C IT Y , MISSOURI Drovers Deposit National Bank https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis OF C H I C A G O Capital and Surplus, $1,000,000 Has for tw enty-five years rendered quick and efficient service to its correspondents Resources, Eight M illion O FFICER S EDWARD TILDEN, Pres. JOHN FLETCHER, Vice-President GEO. M. BENEDICT, Cashier J. C. MORRISON, Assistant Cashier H. P. GATES, Assistant Cashier Dollars D IR E C T O R S EDWARD TILDEN W. A. TILDEN L. B. PATTERSON AVERILL TILDEN JOHN FLETCHER
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