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Number 8
Des Moines, Iowa, August, 1 906.
Eleventh Year.
m Hanover
National
Bank
S. D E P O S IT O R Y ^
------- T H E --------
Iowa national Bank
OF DES MOINES
«* 10ants ««
OP THE CITY OF NEW YORK
N assau and Pine
JAS. T. WOODWARD, President
JAS. M. DONALD, Vice President
WM. HALLS, Jr., Vice President
WM. WOODWARD, Vice President
ELMER E. WHITTAKER, Cashier
WM. I. LIGHTHIPE, Ass’t Cashier
HENRY R. CARSE, Ass’t Cashier
ALEXANDER D. CAMBELL,
Ass’t Cashier.
CHAS. H HAMPTON, A s s ’t Ca-h.
E stablish ed 1851.
(Capital
-
3 ,0 0 0 ,0 0 ©
Surplus
-
6 ,5 0 0 ,0 0 ©
If you have any for sale write the
“ I o w a N a t io n a l B a n k ,
D es M o in e s , ”
(Citizens
National
Bank
DBS
J. G. R o u n d s ........ President
G e o . E. P e a r s a l l . . -Cashier
G e o . C o o p e k , Asst. Cashier
H. S BUTLER, President
C. C. PROUTY, Vice President
J. H. COWNIE, Vice President
H. T. BLACKBURN, Cashier
Capital,
:
:
Undivided Profits,
Deposits,
:
:
1 0 0 ,0 0 0 .0 0
- 7 0 ,2 7 4 .7 0
2 ,2 0 8 ,8 9 8 .1 5
$
Bank Accounts Solicited.
M oney
to Doan at Low est Bates.
---------- T H E -----------
Bankers National Bank
OF CHICAGO, ILL.
Capital, Surplus & Profits 83,112,356
CAPITAL, $ 3 0 0 ,0 0 0
SLfRPLlJS,
1 0 0 ,0 0 0
AC C O U N T S S O L IC IT E D
Davenport Savings Bank,
D A V E N P O R T , IO W A .
Capital,
- $ 300*000*00
Undivided Profits,
239*472*42
Deposits,
4*062*489*63
EDWARD S . LACEY, P r e s id e n t . JOHN C. CRAFT,V ic e -P r e s id e n t
FRANK P. JUDSON, C a s h ie r . CHAS. C. WILLSON, A ss ’ t C a s h ie r .
RALPH C. WILSON, A ss ' t C a s h ie r .
COMPARATIVE STATEMENT, SHOWING INCREASE-
M 0IN E S , I0 W H
» » » Officers * * »
WILLI AN O. SCHNIDT, Pres.
LOUIS HALLER, V icoP res
HENRY C. STRUCK, Cashier.
O TTO L. LADENBERGER, T e lle r.
DEPOSITS.
June 18, 1897...............................................................$ 5,258,126.43
June 18, 1900 ............................................................... 10,565,360.83
13,555,477.60
June 18, 1903.............
June 18, 1906............................................................... 17,051,883.71
* » » D irectors« « *
A. S t e f f e ji
W. O. Sc h m i d t
T h eo. K habbenhoeft
J. F. Dow
H. K o h r s
W . H. W il s o n
H. C. S t r u c k
A. Bu r d i c k
L o u is H a l l e r
«««
New Business Desired and Unexcelled Facilities Offered.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
4
Per Cent In terest Paid on D eposits. M on ey Loaned
on Real Estate S ecu rity in the State o f Iow a.
2
rH E
N ORTHW ESTERN
BANKER
August, 1906.
SE C U R ITY
National BanK
The Commercial
National Bank
of CHICAGO
Capital, Surplus and Undivided Profits, $ 3 , 8 0 0 s0 0 0
Deposits, $ 3 8 , 0 0 0 , 0 0 0
J A M E S H. E C K E L S, P r e s id e n t
SIOUX CITY, IOWA
Capital
-
$ 2 5 0 ,0 0 0 .0 0
Surplus and Profits
Deposits
-
-
1 4 9 ,2 6 5 .6 9
-
3 ,1 2 3 ,2 6 8 2 7
W . P. M a n l e y , President.
C. L. W r i g h t , Vice-Pres.
T. A. B l a c k , Vice President.
C. N. L u k e s , Cashier.
C. W . B r it t o n , Asst, Cashier.
N A T H A N IE L FL LO SC H , C a s h ie r
DIRECTORS
F R A N K L IN M A.CVEAGH
E. H. G A R Y .
C H A R L E S F. SP A LD IN G
W IL LIA M J. C H A L M E R S
PAU L M O R TO N
J O S E P H T. T A L B E R T
R O B E R T T. LIN C O LN
D A R IU S M IL L E R
J A M E S H. E C K E L S
This bank is pleased to place at the disposal
of its customers the facilities gained
during forty years of continuous
service and growth
H. D. C O P E L A N D & CO.
1 8 1 -1 8 3
U n io n S to c k Y ard s
C
h i c a g o
Etoe Stock Commission merchants
Bankers desiring to make loans on Live Stock or Ranches
or having loans they wish investigated should correspond
with us. We are up to date in all lines of the Live Stock
business and our charges will be reasonable.
REFERENCES
National Live Stock Bank, Chicago
National Bank of Republic, Chicago
L IV E S T O C K S H IP M E N T S S O L IC IT E D
A
W
Zhc
Bankers 2£rcbancie
0
[R ea din g locals in this colum n w ill be printed at a cost o f 50c. a line for first in.ser.ion; 25c. a line for subsequen t in se rtion s.]
In answering advertisements in this depart
ment where letters are to be forwarded the
necessary postage should be enclosed.
SITUATION W ANTED.— A young man, 14 years
banking experience, now Cashier of National Bank,
wants to change.
SAFE FOR SALE.— A large fire proof Mosler Safe
with double doors. Also one 3 1-2 inch Burglar
Proof Money Chest suitable for use in above mention
ed safe, if desired. For particulars see or write,
H . A. T h e x t o n ,
513 South Third Street, Minneapolis, Minn.
cord clear.
Past business successful and re
Highest references.
Address “ 27,” care
N. W. Banker.
FOR SALE— Good second-hand bank outfits, one in
plain oak and one in quarter-sawed oak. A bargain.
The Nauman Co., Waterloo, Iowa.
BANK W ANTED.— Owner of a good 400-acre farm,
located in central Minnesota wishes to exchange it
for controlling interest in a good country town bank.
Address Lock Box 7, Lamoni, Iowa.
W ANTED.— A set of second hand bank fixtures for
small country bank. Size of room 22x36. Give full
particulars. Bank of Dassel, Dassel, Minn.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
I f you want to sell your bank quickly and have
the negotiations conducted in a business-like and con
fidential manner consult Chas. E. Walters, Council
Bluffs, Iowa. H e has the buyers and the system.
“ Get on the Live and Confidential W ire.” He fu r
nishes high-grade references and gets results.
August 1906.
THE
N ORTH W ESTERN
+
+
T
+
+
3
+
*
E stablish ed 1868.
•F
«
J
BANKER.
*
+
+
F U L L P A ID C A P IT A L , O N E M IL L IO N D O L L A R S *
JamesB.Forgan DavidR. Forgan F.O.W etm ore
President
N o w is th e T im e fo r Live A g en ts
to Jo in th e A gency F orce of =4*
Vice-President
Cashier
THE NATIONAL
Life Insurance Company
of the United States of America
T H E F IR S T N A T I O N A L
A ssets
% N a t’l
L ife
BANK
Insurance in F orce
$5,246,863.48
OYER $43,000,000
B u ild in g
^
O F C H IC A G O
Capital, $8,000,000.
C H IC A G O
+
+
+
Surplus, $5,000,000.
J
W elcom es and appreciates the
+
+
+
accounts of banks and bankers
believing that its extensive
clientele which has been grad
Trust Companies Magazine
forty years of consistent, con
The only publication in the United State*
published exclusively in the interests of
trust companies and allied banking and
officially endorsed by the Executive Com
mittee of the Trust Company Section,
American Bankers’ Association.
:
:
siderate service is splendid en
E V E R Y T R U S T CO M P A N Y A N D B A N K O F F IC IA L
SH O U LD R E A D T H E A R T IC L E S B Y E M IN E N T
A U T H O R IT IE S ON F IN A N C E A N D P R A C T IC A L
TRU ST CO M PAN Y W ORK.
:
:
:
:
:
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Only direct medium for advertisers desir
ing to reach trust companies of the United
States.
A nnual subscription, three dollars; sim p le cop y
and advertising;urates on application.
TRUST COMPANIES
IS W i l l i a m S t .
PUBLISHING
ually developed by more than
dorsement of the agreeable and
satisfactory accom m odations
rendered to its customers.
ASS’N
N e w Y ork; C ity
A. MOORMAN & CO.
D e s ig n e r s an d
]j¡p
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
m
n f r! ■"~ T 1
\ li
rii* r ;
I
M akers
Bank Fixtures and Furniture
Complete Equipment £ ?
Bank Work of All Kinds
Rosabel Street,
C a t a l o g u e M a ile d
between Sixth and Seventh.
S T .
P H U L , M IN N
THE
4
NORTHW ESTERN
*
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THE
People’s
August 1906.
BANKER.
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T h o s . F l y n n , , Vice-President,
F r a n k P. F l y n n , Cashier,
E. A. S l in t n g e r , Ass’t. Cash.
4
*
4*
4
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Ma n g a n e s e St e e l Sa f e C o . ,
New York.
Burglars broke into our Bank on night of twenty-fifth,
s ^curing entrance to vault by removing portion of brick wall.
Safe was subjected to repeated charges of nitroglycerine but
they only succeeded in separating the outside shield and
hinge device from safe door. Y e opened safe promptly on
time Monday morning as usual and found everything in
perfect order. Our large brick vault ia wrecked and will
have to be rebuilt but the little Manganese stood the test and
we believe we have perfect and complete protection for onr
funds.
BANK OF LATAH.
J. J. D E R IG H T & CO., Safe Dealers,
OM AHA, NEBRASKA.
Large stock of New and Secondhand Safes of different makes.
4»
N EW LOCATION
N EW EQUIPMENT
Iowa
GROW ING
D A IL Y
Lithographing
Company
W RITE US
BANK
AND
O F F IC E
PROGRESSIVE
ALW AYS
SEE US
S T A T IO N E R S
'70'7='70Q='71l L o cu st S tre e t, D es Moines, io w a
- —
—
t h e
:---------------
Preferred Accident
nsurance Company
p
A Y Claims More Promptly, Issues More A t
tractive Health and Accident Policies at a Lower
Premium than any other Accident Insurance Com
pany in the World.
O v e r $6,090,000 P a id to P o licy -h o ld e rs fo r C la im s
Assets, $ 1, 319, 513. 65.
II N S U R E S
O I-
N E W
Y O R K
K IM B A L L C. A T W O O D ,
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
« « •
Surplus and Reserve, Si,i30,9$i.$o
PREFERRED
R IS K S
0> L Y
Liberal Commissions and Renewal Contracts to Bankers
Write for our Special Proposition
Secretary
U p h am Bros.Co.,Mgrs. for Iow a, a , l T
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THE
August, 1906.
NORTHW ESTERN
BANKER.
9
N E W YORK N A T IO N A L E X C H A N G E
BAN K
S U R P L U S $ 7 5 0 ,0 0 0
C A P IT A L $ 1 ,0 0 0 ,0 0 0
R O L L IN P. G R A N T ' v
L E W I S E. P I E R S O N
CASHIER
President
D . H . G. P E N N Y
A S S IS T A N T CASH IE R
J A M E S E. N I C H O L S
VICE P R E S I D E N T
F O R E IG N A N D D O M E S T I C E X C H A N G E
C O L L E C T IO N O F B I L L - O F - L A D I N G
NBO U G H T A N D SOLD
DRAFTS O U R SPE C IA LTY
A C o m m e r c ia l B a n k
in t h e
H eart
of
stood, will make a specialty of farm mortgages. From
all indications noted, it will have a strong financial
backing and take an important part in the develop
ment of local industries. Davenport has already the
reputation of being one of the biggest banking centers
in the United States, considering the population of the
community and the new bank will add advantage to
the city as a financial center.
new
Y o r k ’s G r e a t
m e r c a n t il e
centre
M ISSIN G CASHIER.
William Jackson has been appointed receiver for
the Farmers State Bank of Clearfield, which was
closed a short time ago by the state bank examiner,
and is now in possession. Former Cashier George A.
Ferren has left for parts unknown. It appears that
Ferren did a good deal of questionable work before
he left. Mr. Ferren was school treasurer, and had.
about $10,000 school funds in his possession as such
officer. It is secured. He leaves his wife and three
D E A TH OF TWO PROM INENT D AVEN PO RT BAN KERS.
children destitute, as far as known.
H.
IT. Andresen, one of the founders of the German
IO W A B A N K S SHOW GREAT GROWTH.
Savings Bank and until about a year ago president of
the bank, died on July 2, terminating a lingering ill
The compilation of the statements of the condition
ness which was brought on by his advanced old age. of the banks of Iowa, which were received in response
Mr. Andresen has been a resident of Davenport for ap to the call dated May 17, have been made up into the
proximately half a century. The German Savings following official statement by Auditor State B. F.
Bank was founded in 1869, and from that time until Carroll:
SUMMARY OF CONDITION.
1893 he devoted his time to the bank in the capacity of
ASSETS.
cashier. In 1893 he was made president of the fiank,
and remained so until a year ago, when he retired and Bills receivable.......................................$160,043,055.93
Jens Lorenzen was elected his successor as president. Gold c o i n ............................................ .. .
1,542,771,11
In addition to his affiliation with the German Savings Silver c o i n ..............................................
688,824.41
Bank, he was one of the directors of the Citizens Na Legal tender, national bank notes, etc.
4,394,585.53
Credits subject to sight draft........ .
30,698,075.08
tional Bank at the time of his death.
George Hoehn, for a number o f years cashier of the O verdrafts...............................
1,924,375.91
First National Bank of Davenport, died at his home on Real and personal property..................
5,854,303.01
July 8. The fatal ailment was cancer of the stomach,
T o t a l.................................................$205,145,990.98
probably caused by too close confinement to work.
The deceased was connected with the First National
LIABILITIES.
Bank for 24 years, having been employed there at the Capital s to c k .......................................... $ 25,699,800.00
age of 23. From one of the lowest positions in the Due depositors ...................................... 169,609,746.76
436,880.76
bank he forged his way upward until he eventually Due banks and others............................
S u rp lu s...................................................
4,672,849.37
became cashier of the intitntion.
Undivided p r o fits ..................................
4,726,714.09
H AR B AC H IS VICE-PRESIDENT.
Leonard E. Harbach has been elected vice president
of the Century Savings Bank of Des Moines, to suc
ceed the late Edwin R. Clapp. The election took place
at a special meeting of the board of directors. Mr.
Harbach is the son-in-law of Mr. Clapp and is asso
ciated with his father, L. Harbach, in the wholesale
furniture business.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
T o t a l................................................$205,145,990.98
Deposits in the 494 savings banks and 251 state
banks increased $8,243,165 since the last call for state
ments, made January 29. They have increased over
$23,000,000 since the call at this time last year.
The increase in hills receivable almost exactly bal
anced the increase in deposits. The increase of credits
THE
IO
NORTHW ESTERN
BANKER
August, 1906
The NaumanCo.
4 2 0 —428
Cedar St.
W A T E R L O O , IO W A .
Manufacturers of
Bank Fixtures
C a ta lo g u e s
F ree
PLANS AND ESTIMATES FURNISHED
subject to sight draft was $1,185,198. The undivided
profits gained $793,032, and the surplus $230,996.
There are sixty-eight more banks now than a year ago,
and twenty-two have been started since the last report.
N E B R A SK A STATE B AN K S.
The report of the 567 state banks in Nebraska on
June 18, compared with the report of February 17,
1906, shows an increase in reserve from 33.6 per cent
to 35.8; a slight increase in loans and discounts, and
an increase of over one-half million dollars in deposits.
There are 163,327 depositors in state banks. Com
pared with the report of one year ago the following
increases are found: Loans and discounts, $6,816,570.32; deposits, $8,722,227.70, and a decrease of $30,784.71 in notes and bills rediscountèd and bills paya
ble, and an increase of forty-six in number of banks
reporting. The total loans and discounts as shown
by this report amount to $44,395,571.25, and the de
posits amount to $53,364,278.18.
IO W A B A N K S VIC TIM IZE D .
A large number of cashiers’ checks payable on the
Lumbermen’s Exchange Bank of Cairo, 111., have been
sent there for collection the last few weeks. There is no
Lumbermen’s Exchange Bank in Cairo. A number of
these checks, it is said, have been cashed and sent there
by banks in Colorado, Iowa and other western states,
and it is thought the forgery is being worked on an ex
tensive scale.
M ARQU ARD T BLOCK IMPROVED.
The Shenandoah, Iow a, N ational Bank Building.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
The marked improvements to the banking room of
the Marquardt Savings Bank of Des Moines are com
pleted. The interior wood work is all in mahogany
with a match to the grain and an exactness in the de
tails considered especially artistic. Italian marble
wainscoting is used and this material is used on the
counters also. A new tile floor has been laid. A
woman’s room has been provided where the inconveni
ence of the stocking purse will be overcome. A system
of interior telephones has been put in.
THE
August, 1906
FRANCIS B. REEVES,
P r e s id e n t
NORTHW ESTERN
il
BANKER.
JOSEPH WAYNE, JR .,
RICHARD L. AUSTIN, V i c e P r e s i d e n t
THEO. E. WIEDERSHEIM, 2n d V ic e P r e s id e n t
Ca s h i e r
T h e G irard National B anh
P H ilad elp H ia, Pa.
C A P IT A L , $2,000,000
SU RPLU S
and
PROFITS, $3,161,465.23
DEPOSITS, $32,466,244.11
A C C O U N T S OF B AN K S A N D B A N K E R S S O L IC IT E D
CLEARFIELD B A N K CLOSED.
The Farmers State Bank of Clearfield has been
closed by the state bank examiner. Its books are in
bad shape and the actual condition of the institution
will not be known for some time. George Ferren, who
had been cashier of the institution for the past ten
years, was removed last December on account of
troubles the institution had encountered. 0. C. Hill
has had charge o f the institution since that time and
it is said that the discrepancies were discovered by
Mr. Hill. The capital stock was $25,000, and deposits
amounted to about $42,000, with about $56,000 bills
receivable. After the change of cashiers the bank
seemed to be all right, until lately things began to
show up that had not been known. W iley Mix claimed
$6,600 of a deposit and the. bank books show $600.
Lately some $25,000 liabilities have turned up, so it is
reported, that were not known to exist. Notes for
large sums are found that the alleged makers deny
they ever signed.
We take great pleasure herewith in presenting a
likeness of C. IT. Royce, recently cashier o f the First
National Bank of Harris, Iowa, but who has now
taken a position with the Shenandoah National Bank
of Shenandoah, Iowa. Mr. Royce acquires a large
block of stock in the Shenandoah bank and will be
A N E X P E N S IV E RECEIVERSHIP.
The courts have given Receiver McElroy $10,000 for
closing up the affairs of the defunct Bank of Colfax,
and additional to that a Des Moines law firm is allowed
$2,270. H. B. Alfree gets $4,500 as administrator of
the Geo. D. Wood estate, referee and for abstracts
furnished— $1,500 for each, and Henry Swihold is
awarded $2,500 as lawyers fee. This makes a total
footing of $19,270 of money— leaving a balance divid
ed among the depositors o f about- 36 per cent. It is
estimated by the receiver that it will take six months
more at least to liquidate the assets.
PROM INENT IO W A CAPITALIST DEAD.
Samuel E. Carey, one of the most prominent south
eastern Iowa capitalists, died recently. Mr. Carey
was president of the Iowa State Fire Insurance Com
pany of Keokuk, president of the Keokuk Loan and
Building Association and a director of the Keokuk
National Bank. Mr. Carey was 82 years of age. He
remained in active business life to within a few days
of his death.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
C. H . R o y c e, Vice-President Shenandoah N ational B ank,
Shenandoah, Iow a.
actively associated in the management, having the title
of vice-president. The Shenandoah National is one
of the strongest and best equipped financial institu
tions in Southwestern Iowa. It has a capital of $100,000; surplus of $50,000 and other undivided profits
of $10,000. They have recently built a new banking
house, said to be one of the finest in the country.
iá
THE
NORTHW ESTERN
BANKER.
August, 1906.
IT II c — —■»'•=»—*
THE
Chase Piattonai B an k,
Continental National
OF T H E C IT Y O F N E W Y O R K .
OF CHICAGO
Report of Condition at close of Business, Thursday,
June 18 , 1 9 0 6 .
RESOU RCES:
Loans and d is c o u n ts ................................ $35,660, 670. 41
S tock s and bon d s
............................. 1,563, 680. 45—137, 224,350. S6
U. S . B ond s to s ecu re circ u la tio n ........
8,000,000.00
P rem iu m s on U. S. B o n d s ......................
101, 25U.U0
O v e rd ra fts ........... . ...................................
2,093.16
R eal E sta te ...................................................
.NONE
Loans Secured byMortgages or Liens on Real Estate
NONE
D u e fr o m banks and U. S. T rea s u rer. 9,688. 315. 52
C ash ................................................................. 13,877,444.03— 23,565,759.55
L IA B IL IT IE S :
$63,893,453. 57
C apital s tock paid i n ..............................................................$ 4,000,000.00
S urplus f u n d ......................................................................... ... 2,000,000.00
U n d ivid ed p r o fit s ....................................................................
182,327.65
C ir c u la tio n ............................... ............................................... 2,988,800.00
D eposits ...................
54,722,325.92
____________________________________________$63,893,453.57
O EEIC E R S :
U N IT E D S T A T E S D E P O S IT A R Y ,
J o h n C . B l a c k , C hairm an o f th e B oard
G e o r g e M. R e y n o l d s , P resid en t
N . E . B a r k e r , V ic e P resid en t
W . G. S c h r o e d e r , C ashier
I r a P. B o w e n , A ssistant C ashier
B e n j . S. M a y e r , A ssista n t C ashier
H. W a l d e c k , A ssista n t C ashier
J o h n M c C a r t h y , A ssista n t C ashier
C liE A R IX G HOUSE B U IL D IN G .
Ample Resources. Courteous Treatment.
Superior Service.
A. B. H e p b u r n , Pres.
A. H. W i g g i n , Vice-Pres.
E. J. S t a l k e r , Cashier.
C. C. S l a d e , Asst. Cashier.
S. H. M i l l e r , Asst. Cashier.
H. K . T w i t c h e l l , Asst. Cashier.
June 1 8 , 1906
CAPITAL,,
-
- $ 1,0 0 0 ,0 0 0 .
SURPLUS AND PROPITS, (earned)
DEPOSITS,
T H IS B A N K
R E C E IV E S
5,731,617.
72,243,223
ACCOUNTS OF
Banks, Bankers, Corporations, Firms and Individuals on favorable
terms and will he pleased to meet or correspond with those who con
template making changes or opening new accounts.
Mr. Royce has demonstrated exceptional qualities as
a banker and in his new field and with larger oppor
tunities his friends confidently predict his continued
success.
The other officers of this prosperous institution are
George Bogart, president; R. M. Gwynn, cashier; C.
J. Alden and P. M. Schneider, assistant cashiers.
S H A W URGES CIRCULATION OF SM ALL BILLS.
In urging the National banks to keep their small
bills in circulation Secretary Shaws says :
“ I wish to call your attention to one consideration.
If banks generally will exercise a little care and pay
over their counters only national hank notes they will
greatly assist in times o f monetary stringency. Na
tional bank notes are intended for use, not for holding.
They are not available for reserve and are valuable
only when in actual use. Please use them and do not
send them in for redemption until unfit for use. They
are just as secure, just as safe, just as convenient and
just as acceptable to the people, and their use leaves
other forms of money available for reserve. ’ ’
NEW
QUARTERS FOR O TTU M W A B A N K .
The Iowa National and the Iowa Savings Banks of
Ottumwa have moved into their new banking room,
which is one of the most complete and convenient, as
well as one of the most beantifnl establishments of
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Federal Reserve Bank of St. Louis
the kind in the state. All of the articles of furniture,
including even the roll top desks, are constructed of
steel. The counters on which money is handled are
of marble and the customers’ desks are metal with
glass tops. The three vaults with which the bank is
equipped are made entirely of steel and are both fire
proof and burglar proof. The doors of these steel
chests are controlled by combinations, but the outer
door, which weighs 7,000 pounds, is controlled by a
triple system of clock work mechanism. Black, ma
roon and green are used to advantage in the color
scheme of the decorations.
N E W HARTFORD B A N K SOLD.
A deal has just been made whereby F. W. Paulger,
who has been one of the principal stockholders and
cashier of the New Hartford State Bank, together
with other stockholders have disposed of their stock to
new stockholders consisting of E. Bourquin and his
son, L. F., who are the principal stockholders and a
number of prominent farmers in that locality. Three
hundred and fifty shares were bought at $124 per
share. The name of the bank will remain the same.
Mr. Bourquin recently disposed of his interest in this
bank and was organizing another to be known as the
Farmer Savings Bank and practically all the stock had
been taken, when the present deal was made.
August, 1906.
TH E
T
N ORTH W ESTERN
BANKER.
13
SEABO AR D
N A T IO N A L B A N K
h e
O F TH E C IT Y OF N E W Y O R K
Capital $1,000,000.
Surplus and Profits (earned) $1,170,572
A C C O U N T S S O L IC IT E D .
S. G. BAYNE, President.
S G. NELSON, Vice-President.
C. C. THOMPSON, Cashier.
W. K. CLEVERLEY, Assistant Cashier.
J. H. DAVIS, Assistant Cashier.
DES M O IN ES B A N K S GAIN.
bank in the city. As compared to the similar call
The deposits of the fourteen state and savings banks issued a little more than a year ago the gains are most
of Des Moines, which are a sure barometer of material satisfactory. The total deposits of the four national
prosperity, showed a very healthy increase during the banks are now $9,429,366. Their deposits at the
past twelve months. The total deposits as shown by clo^e of business on May 29, 1905, the corresponding
the statements of these banks issued in response to the call a year ago, amounted to $8,710,457. The total
call of the auditor of state o f May 17 are $16,509,- loans at the time of the last call are shown to be
135.18. On the auditor’s call of May 29, 1905, the de $6,706,028. The total loans at the time of the cor
posits were $14,263,315.66. The increase over the responding call last year amounted to $5,810,455.
figures of a year ago is $2,245,819.52, or nearly 16 per
Not a single bank but shows a gain both in deposits
cent.
and in the amount of'loans. This is considered espe
This increase was well distributed among the dif
cially creditable in view of the excellent showing made
ferent banks, nearly all of the institutions making
on May 29 of last year which then showed a big gain
satisfactory gains. In the following table the deposits
over previous statements. With good crops in Iowa
of the banks, as shown by the statements of May 17,
this season again, as there is now every indication, it
1906, and May 29, 1905, are compared:
is believed Iowa and Des Moines banks will have more
Banks.
1906.
1905.
money on deposit comparatively than the banks of the
Capital C i t y ................ $ 1,400,354.05 $ 1,301,881.12
East.
C en tral..........................
848,700,20
716,489.78
The comparative statement of the corresponding
635,951.80
556,847.50
Century .......................
calls
this year and last follow in the table:
Des M oin es.................. 6,335,433.33
6,005,044.09
G erm a n ........................
518,155.35
462,648.32
LOANS.
H o m e ............................
746,674.77
615,822.94
May 29
June 18
Iowa T. and S ..............
329,038.76
408,961.09
1905.
1906.
Iowa State ..................
312,669.00
303,266.35 Citizens’ National . . .............. $1.300,763 $1,466,712
M arquardt...................
650,000.00
576,630.74 Des Moines National .............. 2,394,960
2,502,490
M ech an ics....................
435,248.20
225,945.58 Iowa National .......... .............. 1,098,347
1,465,134
P eop les.........................
1,399,690.02
1,296,387.53 Valley National . . . . .............. 1,016,385
1,271,691
S ta te .............................
976,965.20
914,757.41
#U n iversity..................
98,708.34
......
$5,810,455 $6,706,028
Valley .. ....................
921,542.07
878,633.21
DEPOSITS.
T o ta ls....................... $16,509,135.18 $14,263,315.66
Increase, $2,245,819.52.
^Incorporated during the last year.
A gain in bank deposits always represents to a cer
tain degree a growth in the savings accounts of the
small depositors. In the present instance, this is the
case. A part of the 16 per cent increase, however, is
due to smaller investments this spring, owing to cer
tain conditions which have retarded building, notably
the coal strike, which caused an advance in the price
of brick, and the plumbers’ strike.
The national bank statements issued in response to
the last call show decided gains by every national
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Federal Reserve Bank of St. Louis
Citizens’ National ..
Des Moines National.
Iowa National ..........
Valley N ation a l........
May 29
1905.
.............. $2,140,049
.............. 2,915,850
.............. 2,077,810
.............. 1,576,748
June 18
1906.
$2,201,897
3,219,347
2,208,898
1,790,224
$8,710,457
$9,420,366
THE B A N K IN G GROW TH OF M IN N ESO TA.
In a recent statement P. M. Kerst, state public ex
aminer, shows that the banking growth of Minnesota
during the past five years has been remarkable:
THE
14
WM. H. BRINTNALL,
President.
Cashier.
GEO. M. BENEDICT,
A s s ’t C ashier.
UNION STOCK YARDS. CHICAGO.
CAPITAL AND
To Banks and Bankers Having: M ore or L ess L iv e Stock B usiness, this
Bank Offers E xcep tion a l A dv a n tag es, and Solicits C orrespondence as to Term s
and Eacilities. A lso acts as R eserve A g e n t for N ational Banks.
“ During the five years ending November 10, 1905,
there was a net increase of 360 banking corporations,
of which 213 were state hanks and 147 national, an in
crease in the aggregate number of banlfs of 128 per
cent. These new banks added to the banking capital
of the state in five years in the shape of paid in capital
stock surplus and undivided profits upwards of $17,500,000, a net capital increase of 76 per cent.
‘ The deposits of state and national banks in Minne
sota during this five-year period were swelled by the
heavy total of $92,000,000, a growth of over 100 per
cent, while the total resources gained $110,000,000, or
92 per cent.”
A M ODEL D E TA ILE D STATEM ENT.
We are in receipt of a “ Detailed Statement” of
The First National Bank of Traer, Iowa. The policy
of this bank is to explain in detail the various items
of their statement so that they will be perfectly clear
to all of their patrons. Certainly if more o f our banks
would adopt this system and make their statements
so that “ common folks” could readily understand
them the change would be greatly appreciated :
RESOURCES.
LOANS AND DISCOUNTS....................... $273,468.77
The strength of any bank is in the value of its
loans. This item represents the total amount of
money we now have loaned to the farmers and
business men of our community, whose notes we
hold in this amount, every dollar of which our o f
ficers consider perfectly good.
OVERDRAFTS ............................................... $4,493.47
This is the amount our customers have check-:
ed on us without having sufficient funds in the
bank at the time o f checking to meet their checks.
While it is against our rules to permit overdrafts,
in some cases, where they are secured, we accom
modate our depositors.
U. S. BONDS TO SECURE CIRC................ 25,000.00
The National Banking Law permits National
Banks to issue notes (make currency) which is
called circulation. We have purchased $25,000
of government bonds and deposited them with
the United States Treasury at Washington to
protect any holder of our “ bank notes” from
loss.
1
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Federal Reserve Bank of St. Louis
August, 1906.
BANKER.
THE DROVERS DEPOSIT NATIONAL BANK.
EDWARD TILDEN,
Vice-President.
WM. A. TILDEN,
NORTH W ESTERN
SURPLUS,
S888.843.83
BANKING HOUSE FUR. AND F I X ........ $11,470.00
Consisting of our large two-story brick bank
building and lot, our large Manganese steel burg
lar proof safe, two brick and steel lined vaults,
and our handsome banking counters.
DUE FROM STATE BANKS & BANK ’RS $1,927.08
DUE FROM APPROVED RES. AG TS.... $86,680.19
This amount of money we have deposited with
other banks, in Chicago, New York and other
large cities, approved by the United States Treas
ury and can be called for at any time.
CHECKS AND OTHER CASH ITEM S... $5,240.08
Being drafts, notes, checks, etc., neither charg
ed or credited during the day, but held and count
ed cash.
CASH .............................................................. $19,105.54
Including ten thousand dollars in gold, legal
tender notes and silver in safe.
R E D E M PT’N FUND W IT H U. S. TREAS. $1,250.00
The government requires that National banks
deposit five per cent of their circulation (amount
of currency they have issued) with the United
States Treasury for the purpose of redeeming
mutilated bank bills.
DUE FROM U. S. TREASU RY other than 5
per cent Redemption F u n d ............................... $5.00
TOTAL RESOURCES...................$428,640.13
LIABILITIES.
CAPITAL STOCK PAID IN....................$100,000.00
SURPLUS AND PRO FIT..........................$ 22,412.43
The surplus of a bank is a certain portion of
its earnings set aside each year as a safeguard.
This bank’s surplus and profits combined amounts
to nearly 25 per cent of its capital.
CIRC. NOTES secured by U. S. BONDS... $25,000.00
This is the amount o f currency which this bank
has issued, for which government bonds have
been deposited.
DEPOSITS:
Subject to check........... $200,229.16
Demand Certif. of Dep. 24,886.82
Time Certif. of Dep.... 56,111.72
Total Deposits ................................. $281,227.70
Belonging to over 600 individuals and firms of
Traer and vicinity.
TOTAL LIABILITIES.
.$428,640.13
I
August, 1906.
THE
NORTHW ESTERN
BANKER.
STATEMENT JUINE 18, 1906
15
OFFICERS.
RESOURCES.
Loans and Discounts
$10,765,948 98
Railroad and Other Bonds 491,000.00
United States Bonds, at par $1,050,000.00
Cash on hands and due
from Banks
8,665,975.92 4,705, 975,92
Bank Building
287,683,86
$16,248,553. 76
F.
M. P rince..................... President
C. T Jaffray .........
Vice-President
Geo. F. O rde.......... ................ Cashier
L IA B IL IT IE S.
Capital Stock
Surplus and Undivided Profits
Circulation
Deposits
.
.
.
.
United States Bond Account
-
$ 2, 000 , 000.00
I,
D. M ackerchar............A ss’ t Cashier
671,206.43
Ernest
- 870,895.00
II,
501,952.33
C. B row n ............ A ss’ t Cash.
200, 000.00
$16, 248,553. 76
UJc would be Glad to Rear from Banks who baoe Business in this territory but no Direct Correspondent in it.
Deposits, June 18, 1904.......$171,303.51
Deposits, June 18, 1905......... 193,492.82
Deposits, June 18, 1906...... 281,227.70
We invite yon to join the large number of pru
dent, careful people who for many years have
found their banking relations with this bank
both agreeable and profitable.
The checking accounts of firms and private
individuals, no matter how small, are respectful
ly solicited.
CRANE FOR TREASURER A . B. A .
If Ralph Van Vechten retires this year as treasurer
of the American Bankers Association it is more than
likely that A. A. Crane, cashier of the National Bank
of Commerce, Minneapolis, will be elected in his
stead. Mr. Crane has served on the executive council
M cGREW CH AIN GROWS.
Another banking institution has been added to the
McGrew chain of banks in the Republican valley, Ne
braska. The latest bank acquired is the State Bank of
Woodward . The bank is capitalized at $10,000 and
was purchased of F. B. Beal. E. L. Moffet, who has
held the position of assistant cashier in the Commer
cial Bank at Republican City for the past few months
was elected cashier and will have charge of the W ood
ruff bank. J. B. McGreV who was elected president,
is now interested in five different banking institutions
in the valley located in the following towns: Riverton,
Blomington, Naponee, Republican and Woodruff. All
are in flourishing condition. Mr. McGrew’s banks
have the reputation of being conducted along conser
vative lines.
SOUTH D A K O T A B A N K IN G GROWTH.
South Dakota has experienced a very rapid growth
during the last few years. There has been and is now
great railway construction in the state opening up the
unoccupied territory. This, with several years of
good crops and good prices, has given that state great
prosperity. It is today the most prosperous of all the
states and there is more money per capita in that state
than in any other. As is most natural banks have
kept pace with this great growth, both in numbers and
in the volume of business. There are now being or
ganized or will be organized within 60 days in that
state no less than twenty-five banks.
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Federal Reserve Bank of St. Louis
A , A . Crane, Cashier National Bank of Commerce,
M inneapolis, Minn
of this asociation and is well and favorably known to
the bankers all over the country who take an active
part in the work of the association. The several
states of the Northwest usually stand together in the
politics of the convention and if Mr. Crane’s friends
continue to boost him for the position he will be the
next treasurer.
THE
i6
NORTHW ESTERN
The National Bank
The
of North America
Farmers’ O . M echanics’
National BanK
In New York.
o f P H IL A D E L P H IA , P E N N A .
IN C O R P O R A T E D 1851,
C h a s . W. M o r s e ,
A l f r e d H . Cu r t i s ,
August, J906.
BANKER
4 -2 7
CH ESTN U T
STREET
Vice President
President
H e n r y C h a p in J r .
E d w a r d B. W i r e
Vice President
Capital
$ 2 ,0 0 0 ,0 0 0 .0 0
Su rp lu s and Profits 1,
9,012.37
D eposits
15,2 97,7 0 5 . 7 3
Cashier
Organized January 17, 1807
D iv id e n d s Paid
$ 1 2 ,^ 1 2 7 ,0 0 0 .0 0
J. F r e d . S w e a s y ,
W a l t e r W. L e e ,
Vice President
Assistant Cashier
O F F IC E R S
Howard W . Lewis, President
Henry B. Bartow, Cashier
John Mason, Transfer Officer
Oscar E . Weiss, Assistant Cashier
Capital, $ 2 ,0 0 0 ,0 0 0
Deposits, $ 2 4 ,9 8 6 ,3 5 5
Surplus and Profits, $ 2 ,0 4 1 ,1 6 9
T r a v e l e r s ’ Letters of Credit Issued.
Foreign Exchange Bought and Sold.
Accounts of Other Banks Invited.
N O R TH W ESTERN
B A N K IN G
CONDITIONS.
General business conditions throughout the North
west remain in a healthful condition. Crop prospects
are exceptionally good. The harvest in Iowa is near
ing completion and will soon begin in the states north
and northwest. There is every prospect of bumper
crops. Banks report an excellent demand and good,
stiff rates. The banks in the reserve cities are antici
pating a heavy demand for money to move the crops
but they are well able to supply all the funds needed.
N E B R A SK A W A N T S M EM BER OF THE COUNCIL.
Nebraska wants a representative on the executive
eonncil of the American Bankers Association. That
state has a large and prosperous state bankers associa
tion and a total o f 750 banks but has not a single mem
ber on the council. This is not right and at the com
ing convention the Nebraska candidate should be
elected.
Accounts of Banks and Bankers Solicited
struction of the bankruptcy law as to when contracts
take effect. The United States District Judge, Hon.
Smith McPherson, held that the contract given as col
lateral security and kept secret, took effect on its exe
cution, over four mouths before bankruptcy proceed
ings and directed a verdict for the bank. An appeal
by writ of error was taken to the Circuit Court of
Appeals and tried in May at St. Paul, Minn., and the
decision was made June 25, by Judge Phillips, revers
ing the case, and remanding it back for a new trial.
He holds that any contract under Section 36, 60-a and
60-b United States Bankrupt Law, takes effect under
the law, when it is recorded and if not recorded when
notice is given, or by taking possession.
The case is far-reaching in its effects and settles the
question of springing secret assignments and contracts
in fraud of creditors, without notice.
NEW
B A N K LOSES IN B AN K R U PTC Y CASE.
The Farmers State Bank of Clearfield loses in a suit
involving $6,000. The suit by Long Trusts vs. the
Farmers State Bank, involving a preference under the
United States bankruptcy law, wherein T. F. Wells-,
a merchant, paid the bank his insurance after a loss,
and being insolvent at the time was reversed in the
Circuit Court of Appeals. The case involved a con
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Federal Reserve Bank of St. Louis
OFFICERS
M IN N E SO TA
BANKERS
CO NVEN
TION.
The Minnesota Bankers Asociation at its seven
teenth annual convention elected officers as follows:
President, W. E. Lee, Long Prairie; vice-president, C.
D. Griffith, Sleepy Eye ; secretary, Ernest C. Brown,
assistant cahier of the First National, Minneapolis:
treasurer, A. C. Gooding, Rochester.
THE
August, i 506
NORTH W ESTERN
n
BANKER.
Firs t National Bank
D U B U Q U E ,
Capital, $ 2 0 0 ,0 0 0 .
Surplus and Profits, $ 8 0 ,7 8 8
... Deposits, $ 1 ,4 5 7 ,1 9 2
OF'PICERS.
C. H. EIGHMEY,
President.
E. A. EX GLER,
Vice-President.
B. F. BL DCKLÏNGER,
Cashier.
IO W A .
•
C O M M E R CIAL
N AT'L B A N K
Co u n c i l B l u f f s , I o w a
DIRECTORS.
C. H. E i g h m e y ,
E. A . En g l e r ,
G eo. A . Br u p e n ,
. J. T. A d a m s ,
M. M. W a l k e r ,
J a s . C. C o l l i e r ,
B. F B l o c k t n g e r .
O. E. G u e r n s e y
P e t e r K ie n e .
O R G A N I Z E D J U N E 1STH, 1901
OFFI CERS :
JOSEPH R. REED, President
L H AM M ER, Vice-Pres.
F. C. LOUQEE, Vice-Pres.
C. E. PRICE, Cashier
C. K O N IO M ACH ER , A ss’t Cashier
DIRECTORS
:
Joseph R. Reed
Carl F. Kuehnle
W. A . Maurer
I j . Hammer
Geo, IV. Nicholson
R, H, Bloomer
F. C. Lougee
Geo. P. Moorehead
L. F. Husz
C. E. Price
J. F. Wilcox
C
a
p
i t a
SOLICITS
l ,
0 0 ,0 0 0 .0 0
ACCOUNTS
FROM
FIRM S. CO R PO R ATIO N S
UALS,
A S S U R IN G
a n d
P R O M P T S E R V IC E
A N D LIBE RAL T R E A T M E N T
5 ■■
O M AH A.
The last comptroller’s call found the five Omaha
National banks with deposits of $37,447,624, which
were larger by $4,978,038 than at the nearest corres
ponding call of a year ago; and larger by $93,607 than
the largest deposits ever reported, that of the call of
August 25 of last year. If the same percentage of
increase is shown during the corresponding period
of last year, the next call will show deposits of $40,000,000. Loans and dicounts increased for the year
from $20,185,677 to $23,725,187, and cash and sight
exchange increased from $13,471,939 to $14,834,684.
Similarly, the three National banks of South Omaha
showed a gain of $578,407 in deposits for the year.
The preseit figure being $8,472,934.
An increase of over 17 per cent for the first half of
this year over the first half of the preceding year is
noted by the Omaha Clearing House. The clearings
for the first half of 1906 were $248,307,537.04; for
the first half of 1905 they were $211,935,696.69, a gain
of $36,371,840.35. This percentage o f increase, ap
plied to lest year’s bank clearings, which were approx
imately $440,000,000, would make the clearings for
this year exceed a half billion dollars. Present indi
cations are that the increase will continue. This
gain is in the face of the fact that during the corres
ponding period of last year there were seven National
banks, while now there are but five.— The Financier.
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Federal Reserve Bank of St. Louis
BANKS,
IN D IV ID -
• • ••
POLLARD FOR SECRETARY.
The suggestion of T h e N o r t h w e s t e r n Banker r
that Orator Pollard of Iowa should be elected as Sec
retary of the A. B. A., to succeed Colonel Branch,
has met with strong approval in all parts of the
country. Joe Pollard is one of the brightest young
bankers in the entire country. He has made addresses
before the state conventions of a dozen or more states
as well as before the national convention and he has
always been in demand the second and tnird time. I f
he were elected secretary the business of the associa
tion would be*in the hands of a successful banker.
The work of the association would be well done and the
claims and benefits of the organization ably presented.
Keep your eye centered on Pollard, of Iowa.
•
N E W G OVERNM ENT DEPOSITORIES.
The list of new depositaries as given out with the
amount of deposits given them include the following:
Yankton, S. D , $75,000; First, Crete, Neb, $50,000;
National Commercial, Chicago, $100,000; Fort Dear
born Chicago, $100,000; Drovers, Chicago, $100,000;
First, Sioux City, Iowa, $50,000; First, Nelson, Neb,
$25,000; Northwestern, Minneapolis, M inn, $50,000.
It has been announced that there will be no fur
ther depositaries until probably in the fall. The des- ignations already made include about $25,000,000. :..£
i8
THE
NORTHW ESTERN
BANKER.
August, 1906.
TH E
Liberty National Bank
OF N E W Y O R K .
Capital
$ 1 ,0 0 0 ,0 0 0
Surplus
1 ,1 6 1 .8 0 1
Und. Profits 1 ,1 4 3 ,5 1 4
E. C. C o n v e r s e , President
C h a s H S t o u t , Vice-Pres.
D a n i e l G. R e i d , Vice Pres
C h a s . W. R tec ks , Cashier
F r e d P. Mc G l y n n , Ass’ t
Cashier
H e n r y P.
Da v is o n , Chair
man Executive Com.
■ ■ H
H
I
W H E R E M O N E Y GROWS.
The Monticello State Bank, of Monticello, Iowa,
has just added $50,000 to their Surplus Fund, bring
ing it up to $150,000. There are but very few banks
in the entire United States situated in towns of equal
size than can show such large and prosperous banks
and there are only four or five banks in the state of
Iowa ,even in the largest cities and towns that have
so large a surplus. The deposits of the two banks of
Monticello are $2,073,073; the capital, surplus and
profits $426,831. Monticello has a population of 2,104
people. Their thrift, energy and conservatism is
well reflected in the splendid showing of the banks.
There are many lessons to be learned from the people
and the banks of that little city and it might be well
to hold a group meeting up there to unearth, if pos
sible, the secret of so much prosperity.
B A N K E R SENTENCED.
Sheriff John H. Traxler recently arrested ex-Banker Livingston Quackenbushmt Le Seur and took him
to Stillwater where he is to serve a four-year term for
fraudulent banking, his establishment, the Le
Seur, Minnesota, County Bank having
failed
in March, 1904, for over $100,000 with as
sets not to exceed fifteen cents on the dol
lar. The bank was a private one and had been
running twenty-nine years without inspection or re
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Federal Reserve Bank of St. Louis
D IR E C T O R S
G eo F. B a k e r , Pres. First
National Bank, New York
H e n r y G r a v e s , Maxwell &
Graves, Bankers, N. Y.
E. F. C. Y o u n g , Pres. First
National Bank, Jersey City
A r t h u r F. L u k e ,
Darr,
Luke & Moore, New York
H e n r y C. T i n k e r , New York
J. R o g e r s M a x w e l l , Pres.
Atlas Portland Cement Co.
D. G. R e i d , Ch’m. Board o f
Directors Rock Is’d System
E. C. C o n v e r s e , President.
F r a n c is L. H i n e , Vice-Pres.
First Natl. Bank, N. Y.
T. A. G i l l e s p i e , Pres. The
T. A. Gillispie Co. N. Y.
C h a r l e s H S t o u t , V-Pres.
C h a r l e s A . M o o r e , Man
ning, Maxwell & Moore,
New York
H e n r y P. D a v i s o n , V-Pres.
First National Bank. N.Y.
C h a s . H. W a r r e n , Treas.
Mut. Lifelns. Co. New York
F r e d e r i c k G. B o u r n e , New
York
C h a r l e s St e e l , J. P . Mor
gan & Co. New York
port and it is generally thought that he had used the
money up in his living. He was tried twice for the
offense, being acquitted on a technicality the first
time, but was convicted last September and sentenced
by Judge Morrison to four years in the state peni
tentiary. He appealed to the Supreme Court from an
order refusing a new trial and the Supreme
Court sustained the order and the attorney general
before the decision •was made public, directed the
sheriff to place the prisoner under arrest.
A PROM INENT BOND HOUSE.
Among the many bond houses none stand higher
among the bankers and in the financial world gener
ally than Fisk & Robinson of New York, Boston and
Chicago. By careful, prompt and accurate attention
to the wants of their numerous patrons they have built
up a large business. They buy and sell government
and railroad bonds and other first class investment se
curities. Being members of the New York Stock Ex
change, they also execute commission orders in bonds
and stocks. At their New York and Boston offices
they receive deposit accounts from corporations, firms
and individuals subject to sight draft. This firm is
represented in Chicago by C. Frederick Childs, 135
Adams Street. Under his efficient management the
western business of the firm is showing a very satis
factory growth.
THE
August, 1906.
N ORTH W ESTERN
BANKER.
19
The <2edar Rapids National Bank
A. T. AVERtLL, President;
e>RECT
G. F. VAN FECHTEN, Vice President
KENTC. FERMAN, Assistant Cashier
RALPH VAN VEOHTEN, 2nd Vice President.
JOHN FLETCHER, Assistant Cashier
J. H
. INGWER8EN, Cashier
A. 8 MOUSE, Auditor
W E
IN V IT E
N E W
B U S IN E S S
CEDAR RAPIDS, IOWA
CONDITION OF M IN N E SO TA B AN K S.
The cor dition of the 427 state banks o f Minnesota at
the close of business June 18, 1906, is given out by
Public Examiner Kerst as follows:
ASSETS.
Loans arid discounts............................... $56.507.278.41
Overdrafts ................................................
392,714.93
U. S. B on d s...............................................
5,035.00
Other stocks, bonds and securities...:....... 1,266,058.01
Banking house furniture and fixtures... 2,195,665.64
Other real estate.......................................
719,229.63
Due froir banks ....................................... 11,814,889.54
Check an I other cash items.....................
787,581.42
Cash on hand ...............................-......... 3,709,197.94
Other resources .......................................
68,492.97
Totals ............................................. $77,466,143.49
LIABILITIES.
Capital stock ........................................... $ 9,826,600.00
Surplus ...........
2,548,685.96
Undivided profits, n e t .............................
978,851.98
Bills payable ...........................................
590,431.67
Time certificates ..................................... 27,666,569.72
Dividends unpaid ..............................
16,764,74
Deposits subject to ch eck ......... ............ , 29,279,317,55
Demand certificates ........ .........
1,051,275.72
Certified checks ......
79,148.22
Cashier’s checks............. :.... ....................
968,107.40
Due to banks .......................................
4,400,750.87
59,639.66
Other liabilities ................... ..............,......
Totals ............... ..............................$77,466,143.49
CH APM AN AN D THE M IN N ESO TA ASSOCIATION.
To former Secretary Chapman more than to any
other one man is due the great success and remarkable
efficiency o f the Minnesota Bankers Association. Not
that he lias done all the wrork himself, for he has the
happy faculty of awakening enthusiasm in others
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Federal Reserve Bank of St. Louis
and getting hard work from them. Chapman is a
man of progressive and practical ideas and a hard
worker himself. When he goes after anything he be
lieves in going after it hard and from “ every point of
view,” and there is no let up until the object sought
is attained. He gave his attention to every detail of
the work and was straight forward and fair with all.
The boys gave him a handsome silver loving cup as a
slight token of their appreciation of his services as
secretary from 1899 to 1906.
INCREASED N A T IO N A L B A N K LOANS.
Heretofore National Banks have been forbidden by
law to loan more than 10 per cent of their capital
stock to any one patron. That limitation was unreas
onable under present conditions of business, and in
practice could not be enforced. Now, however, a new
act of Congress has given the banks relief. Hereafter
they may loan 10 per cent of their combined capital
and surplus to one man, providing, however, that the
loan does not exceed 30 per cent of the capital.
The comptroller of the currency has very properly
notified all the national banks of the new law, inform
ed them that they must reduce all excessive loans to
the limit at the earliest possible day, and admonished
them “ that it will be the policy of this office to enforce
the law by requiring every bank, without exception, to
keep its loans and discounts within the statutory '
limit. ’ ’
There has been so much recent illustration of the
evil that comes from grossly excessive loans in such .
cases as the bank failures at Topeka and Oberlin, not
to come closer home, that bankers generally will appre
ciate the benefits to their own business which the law
offers, even through the very process of restricting it.
The comptroller’s warning will no doubt be generally .
received in the spirit in which it is given.—-Chicago
Record-Herald.
: 1 .■r
THE
20
NORTHW ESTERN
BANKER
August, 1906.
The Merchants National Bank
C a p ita l $ 1 , 0 0 0 , 0 0 0
of Saint Paul, Minn.
S u r p lu s
$ 3 7 5 ,0 0 0
U nited States D ep ository
DIRECTORS:
K E N N E T H C L A R K .. P resid e n t
G . H . P R IN C E , V ic e -P r e s id e n t
H. W . P A R K E R , C a s h i e r
H. V A N
V L E C K , A s s is ta n t C a s h ie r
Charles P. Noyes
W. B Parsons
Crawford Livingston
Kenneth Clark
J. H. Skinner
Louis W. Hill
Geo. H. Prince
J. M. Hannaford
Thomas A. Marlow
D. R. Noyes
E. N Sauders
V. M, Watkins
L. P. Ordway
F. B. Kellogg
C H. Biglow
C o rre sp o n d e n ce and Personal Interview Invited
PRESIDENT M A R T IN OF DES M OINES.
Charles H. Martin, who was one of the organizers
of the Peoples Savings Bank of Des Moines, sixteen
years ago, and who has been its cashier and first vicepresident, has been elected president of the institution
to fill the place made vacant by the death of Mr.
Flynn. Thomas F. Flynn, the oldest son of the late
Last January Mr. Martin celebrated his twentyfifth year as a banker, having engaged in banking at
the age of 17 years, and followed it continuously
since that time. In 1890 he came to Des Moines and
in conjunction with Mr. Flynn organized the People’s
Savings Bank and has been identified with the
institution ever since. He lias been president of the
Des Moines Clearing House Association and treasurer,
vice-president and president of the Iowa Bankers Asociation.
Thomas Flynn, the oldest son of the late Martin
Flynn, who was elected vice-president, has grown up
in Des Moines and has had charge of all of his fath
er’s business during the last few years. Frank Flynn
has been the efficient cashier of the institution for
some time.
Just now the bank rooms are undergoing extensive
repairs and improvements. The bank entrance is
to be changed. Mahogany counters and fixtures are
to be installed throughout.
W IS E AN D OTHERW ISE.
Cashier— Your former employer tells me yon were
the quickest bookkeeper in the place.
Would-be-Assistant (dubiously)— Does he?
Cashier—Yes. He says you could throw the books
in the safe, lock up and get ready to go home in just
one minute and ten seconds.
C. H . Martin, President Peoples Savings B ank,
Des M oines, Iowa
president, was elected to the vice-presidency. F. P.
Flynn is cashier and E. A. Slininger assistant cashier.
While Mr. Flynn and Mr. Martin together organ
ized the bank in 1890 and Mr. Flynn has been its
president, the business of the bank has devolved
largely upon Mr. Martin.
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Federal Reserve Bank of St. Louis
During the month of June the Burroughs Adding
Machine Company sold 1,152 machines. Of this num
ber 463 were sold to banks and trust companies. This
record stands second to the world breaking record of
1,218 machines sold in December, 1905.
At the convention of the Massachusetts Bankers
Association recently, Alfred H. Curtis, president of
the New York State Bankers Association, also of the
National Bank of North America, New York City,
gave an address: “ The People’s Money: Should Our
Government Hoard I t ? ” As an authority of emi
nence in finance, Mr. Curtis is widely known, and the
THE
August, 1906.
NORTH W ESTERN
BANKER.
21
T H B
United State« National 6 a nk o f Om aha
»
OFFICERS :
M. T. Bab l o w , President
G. W. W a t t l e s , Vice-President
■V. B. Caldwell, Vice-President
A. M i l l a r d , Cashier
W . E. R r o a d e s , Assistant Cashier
L. M. T a l m a g e , Assistant Cashier
G . E. H a v e r s t i c k , Assistant Cashier
STATEMENT JUNE ;8, 1906.
RESOURCES.
LIABILITIES.
Loans and discounts ............ $ 6,743,763.46
United States b on d s...............
502,600.00
Other bonds
........................
141,750.00
Bank building...........................
200,000.00
Cash and exchange........ ....... 2,761,728.89
Capital stock............................ $ 600,000.00
Surplus and profits.................
281,149. 02
Circulation...............................
400,000.00
Deposits...................................... 9,075,393. S3
Total....................................$10,3)9,842.35
Additional Business Connections Desired.
Trust Company Reserve Law, passed by the New
York legislature last April, is mainly attributable to
a speech delivered by him in Buffalo last December.
He callel attention to the folly of keeping govern
ment funds out of the banks and to the immense ad
vantage it would be to the general business to have
the government money without putting up bonds for
it and the large sums to be gotten for such deposits by
the banters paying, say, 2 per cent interest thereon.
Mr. Cuitis suggested a conference to consider the
question
The Germania National Bank of Milwaukee is grow
ing very rapidly, thus reflecting the progresive meth
ods o f the management and the confidence given it
by the public. June 18, 1904, the deposits of the
bank were $919,350; one year later they had grown
to $1,82'7,145 and by June 18, 1906, they had amount
ed to $2,498,086, a gain of about 175 per cent in two
years, which is pretty good evidence of good manage
ment.
A PH ILANTH RO PIC BAN K ER .
A hone for crippled children may be established in
Des Moines. President Weiser of the Winneshiek
County State Bank of Decorah has negotiated for the
purchass of ground for its location. Mr. Weiser is
making a direct appeal to the bankers of the state and
offers to donate $1,000 and the ground if the bankers
of the state will assist in the project. He is sending
a, letter to brother bankers over the state and is bring
ing the matter to their attention.
NEBRASKA
N E W S A N D NOTES.
Mr. Adams, cashier of the Bank of Trenton, died
recently.
Geo. B. Campbell is the new cashier at the Citizens
State Bank at Ainsworth.
The First National Bank of Weeping Water is
erecting a new bank building.
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Federal Reserve Bank of St. Louis
Total..............................$10,359,842.35
Prompt and Satisfactory Service Given
The contract was let for the erection of a building
for the State Bank at DuBois.
Work has been started on the new building for the
Farmers National Bank at Madison.
rrhe contract has been let for the erection of a build
ing for the American Bank at Sidney.
flTie directors in the new bank that is to be started
at Enola have decided to build at once.
The City National Bank o f York, with a capital of
$50,000, has total deposits of $306,567.
Articles of incorporation have been filed for the
Bank of Lucella. Capital stock $10,000.
The contract has been let for the erection of a build
ing for the Ponca Valley Bank at Lynch.
The Farmers State Bank of Eddyville has been in
corporated with a capital stock of $25,000.
The Citizens State Bank at Creighton has let the
contract for the erection of a new building.
O. J. Mayborn, cashier of the Diller State Bank,
and Miss Bessie Jackson were recently married.
W. TI. Bucholz has been elected cashier of the
Omaha National Bank, in place of Chas. E. Waite.
Articles of incorporation have been filed for the
Home Savings Bank in Madison. Capital stock
$ 12,000.
The First National Bank of Omaha has chosen the
First National Bank of New York City for a corre
spondent.
Lisle Nicola, cashier of the bank at Foster, was
recently married at Washington, Iowa, to Miss Jessie
B. Crooks.
The Commercial State Bank of Paxton has opened
for business, with the following officers: J. W. Welpton, president; H. E. Worrell, vice president; L. E.
Coy, assistant cashier.
á-2
TH E
the
NORTHW ESTERN
BANKER.
August, 1906.
Merchants National Bank ....
op O M A H A, N E B R A SK A .
2775
¥
LUTHER DRAKE,
President.
PRANK T. HAMILTON,
Vice-President.
P. P. HAMILTON,
Asst. Cashier.
B. H. MEILE,
Asst. Cashier.
•
C A P IT A L , $ 5 0 0 , 0 0 0
SURPLUS, $ 1 0 0 ,0 0 0
UND. P R O F IT S , $ 1 0 6 ,3 1 4
D E P O S IT S , $ 5 ,2 5 3 ,1 6 5
U. 8. D E P O S IT O R Y .
A C C O U N T S S O E IC IT E D
The Continental National Bank of Chicago has been
appointed reserve agent for the First National Bank
of Osceola.
AVilson Bros., of Stromsburg, are trying to pur
chase the town sites of Lucella and Hordville and will
organize a bank at each place.
:: Several local business men and substantial farmers
of Ulysses have organized a new hank with a capital
of $60,000.
A charter to the State Bank of Toughy has been is
sued by Secretary Royse of the state banking board.
Its capital stock will be $5,000.
The First National Bank of Henderson has chosen
the National Bank of Commerce of Lincoln for a re
serve agent.
The Chapman State Bank of Chapman is now lo
cated and doing business in its new brick building
which has just been completed.
The Merchants National Bank of Aurora has chosen
the Burnes National Bank of St. Joseph, Mo., for a
correspondent.
The Farmers and Merchants Bank of Stromsburg
has been converted into ‘ ‘ The First National Bank of
Stromsburg.” Capital $50,000.
The Chase National Bank of New York has been
approved as reserve agent for the Fidelity National
Bank of Aurora.
The Lincoln Safe Deposit & Trust Co. of Lincoln
has been incorporated. Capital $250,000. AY E.
Barkley, Jr., and others are interested.
John R. Bonson, who purchased the interests of A.
U. Dann in the Farmers State Bank at Gandy, is now
in charge o f the bank.
H. H. Hanks has been installed as cashier of the
Farmers Bank of Nebraska City, tilling the vacancy
caused by the resignation of M. E. Carron.
Secretary Royse o f the state banking hoard has is
sued a charter to the Farmers State Bank at Brainard.
The capital is $30,000.
The Hanover National Bank of New York and the
Omaha National Bank have been made a reserve agent
for the First National Bank of Cedar Rapids.
The Bank of Denton has opened for business with a
capital of $10,000. L. J. Dunn of Lincoln is president
and C. S. Knodle cashier.
The Farmers State Bank of Malcolm has been char
tered with a capital stock of $30,000. The incorpora
tors are Fred Seybolt, R. E. Moore and others.
It is reported that John Looschen has sold his stock
in the Snyder State Bank and will sever his connec
tion with that institution.
Frans Nelson has been elected vice president of the
First National Bank o f Crofton, in place of II. J.
Oswald; L. J. Hoile, cashier, in place of Frans Nelson.
; A new bank is to be established at Cedar Creek.
The capital will be $5,000 and Mr. C. E. Metzger will
have charge of the business.
The Bank of College View has opened for business.
The officers are: Jas. Schee, president; H. A. Morri
son, cashier, and Theodore AVeishaar, assistant cashier.
A t their semi-annual meeting the Norfolk National
directors declared the usual dividend and increased
their surplus stock $10,000.
The Merchants National Bank of Omaha and the
First National Bank of Lincoln have been appointed
reserve agents for the First National Bank of Hamp
ton.
H. P. Dowling has moved to O ’Neill from North
Bend and will take an active part in the management
of the O ’Neill National Bank, of which he is vice presi
dent.
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Federal Reserve Bank of St. Louis
Judge AY H. Kelligar of the district court has ap
pointed John R. Pierson, president of the Citizens
National Bank of Tecumseh, as receiver of the failed
August, 1906.
THE
NORTH W ESTERN
Chamberlain Banking House, to succeed William A.
Campbell, deceased. The appointment gives general
satisfaction.
The Fidelity National Bank of Aurora has been
organized with a capital o f $25,000. A. E. Siekmann
is president, V. Swanson vice president, and H. Cole
cashier.
The National Bank of Commerce of Kansas City,
Mo., has been made reserve agent for the First Na
tional Bank of Oxford and the First National Bank
of Johnson.
The First National Bank of Cedar Rapids has been
organized. Capital $25,000. James Squair is presi
dent, Samuel J. Coffman vice president, and Lon A.
Tuttle cashier.
BANKER.
23
E.
Williams, who has been cashier in the City Na
tional Bank of David City for eight years, has severed
his connection with that bank and has accepted a posi
tion as cashier in the Fremont National Bank at Fre
mont.
U
The deposits of the First National Bank of Valen
tine have increased from $172,027 on April 6 to $205,992 on June 18. The bank has a capital stock of $25,000, and has loans and discounts amounting to $153,514. M. V. Nicholson is cashier.
The report of the Exchange Bank of Ong stating
condition on June 21 shows the bank to have total re
sources of $412,487. Its capital stock is $25,000; sur
plus fund, $40,000; loans and discounts, $286,689; de
posits, $343,700. J. O. Walker is cashier.
C. O. Crosthwaite has been elected cashier of the
City National Bank of David City, in place of E.
Williams; E. K. Crow and A. H. Elting have been
made assistant cashiers.
In the district court of Nemaha county at Auburn
Judge J. B. Draper recently denied the motion for a
new trial in the case of the state o f Nebraska vs.
Charles M. Chamberlain of Tecumseh, and sentenced
Chamberlain to five years in the state penitentiary and
to pay the costs of the suit.
The First National Bank of Chicago, the First and
the Columbia National Banks o f Lincoln, the First and
the U. S. National Banks of Omaha have been made
reserve agents for the First National Bank of Stromsburg.
J. W. Welpton, who virtually owns and controls the
Exchange Bank of Ogalalla, of which he is cashier,
has just purchased the First State Bank of the same
place and at present will operate them both. Mr.
Welpton now controls four banks and in addition the
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Federal Reserve Bank of St. Louis
THE
£4
lamilton
NORTHW ESTERN
BANKER.
August, rgo6 .
ional
OF C H IC A G O
C A P IT A L
SURPLUS
Ì $ 5 0 0 ,0 0 0
$ 1 2 5 ,0 0 0
Ï
O F F IC E R S
jC h a r l e s
B. Pi k e , President
J. H. C a m e r o n , Vice-President
H e n r y M e y e r , Cashier
G e o . H . W il s o n , Assistant Cashier
P
V
D IR E C T O R S
F. A . Delano, President Wabash Railroad Company.
Wallace Heckman, Business Manager Chicago University.
Charles L. Bartlett. Mgr Proctor & Gamble Distributing Co.
T . A . Shaw, J r ., of T . A . Shaw & Co.
A . A . Sprague, 2d, of Sprague, Warner & Co.
Louis E . Laflin, Manager Estate of Matthew Laflin.
Charles B. Pike, President.
Ir. H. Cameron, Vice-President.
enry Meyer, Cashier.
. J. Eldredge of Merrill & Eldredge, Com . Merchants.
E*rank Cuneo, of Garibaldi & Cuneo.
Edmund A . Russell, Otis Elevator Co.
W . C. Brown, Vice-Pres. New York Central Lines.
John F. Wallace, President of the Electric Properties Co.
g
W e Study the Requirements of the Banks in
T the Northwest and Endeavor to Meet
Them in Every Reasonable W a y
Welpton Investment Co. He is one of the most suc
cessful bankers in that part of the state.
-' The Commercial Bank of Republican City, under
the management o f A. H. Warren, has made a mar
velous growth since it was established in July, 1903.
It was at first incorporated at- $5,000, but the author
ised capital stock was recently increased to $25,000;
paid up, $10,000, and something like $100,000 is on
deposit there.
II. VanDuesen of Scribner has accepted the position
of assistant cashier of the Rock Springs National
Bank. Mr. VanDuesen has been assistant cashier of
the Farmers and Merchants Bank of Scribner.
' 'The Farmers State Bank of Craig had deposits on
May 19, 1904, to the amount of $24,600; on May 19,
1905,. to the amount of $43,848, and on May 19, 1906,
to,the amount o f $51,904.
• In a suit on stockholders' liabilities in connection
with the failure o f the American National Bank of
O'maha, several years ago, five mandates from the
United States supreme court have been received by the
(Jerk; of the federal circuit court. The upper court
confirms the decision of the circuit court o f appeals,
jyhich, in turn, confirmed the opinion of Judge Mungpr. In Judge H unger’s opinion handed down in
MlTU
he held that the Union National Bank and
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Federal Reserve Bank of St. Louis
Sumner Wallace were entitled to recover from the
stockholders of the American National. Seventeen of
the stockholders took an appeal, and the decision was
against them. The indebtedness of the American Na
tional amounted to $194,466. The note assigned to
Sumner Wallace from the bank was $46,524. There
was due to the Union National upon two notes $147,941. The amount due upon each share of stock and
for which each stockholder is liable is $97.
A decision against the state of Nebraska and in
favor of the First National Bank of Columbus has
been rendered by Judge Holmes in the district court
of Lancaster county which upholds a claim of $300,
more or less, held by the bank against the common
wealth. The ruling establishes the constitutional point
that concurrent resolutions passed by the legislature
become effective immediately after passage and ap
proval, although laws adoped by that body do not take
effect until three months following its adjournment,
unless carrying an emergency clause. During the
term of Silas A. Holcomb as governor the legislature
passed a concurrent resolution authorizing him to ap
point three commissioners for the purpose of investi
gating freight rates north and south. Governor Hol
comb at once chose the commissioners and they per
formed the work. One of them, Warwick Saunders,
assigned his claim for $300 to the Columbus Bank,
August* 1906.
THE
NORTH W ESTERN
f
BANKER.
25
The Burroughs System
of Computing interest
on Daily Balances
An Easy W ay
A Q u ick W a y
A
Sure W a y
It is all told in a folder that we will be glad to
send you on receipt of a request on your letterhead.
Burroughs Hbbiug flDacbtue Company
7 1 Vienna Street
Detroit, Michigan, U. S. A .
The total deposits of the three South Omaha banks
are $8,473,933— quite a financial center.
dent Luther Drake and his able fellow officers may
well feel proud of what has been accomplished.
The German National Bank of Columbus has been
incorporated. Capital $50,000. G. W. Phillips, Pat
rick E. McKillip, H. S. Elyliott, J. F. Siems and The-
E.
Williams has resigned as cashier of the City Na
tional Bank of David City and the following officers
were elected: C. O. Crosthwaite, cashier; E. K. Crow,
assistant cashier; A. H. Etting, assistant cashier. Mr.
Williams has been cashier during the past eight years
and has proved himself a most capable banker. He
takes with him our best wishes for his success in his
new field of labor as cashier of the Fremont National
Bank, Fremont. Mr. Crosthwaite, who was elected to
fill the vacancy caused by the resignation of Mr. W il
liams, has been with this bank since its organization
eighteen years ago.. Mr. Crow is recommended highly,
both as a citizen and a banker and will be an able as
sistant to Mr. Crosthwaite. Mr. Etting has been the
bookkeeper for the past seven years.
The Union Stock Yards National Bank of South
Omaha have increased their deposits since January
29, 1906 by nearly $60,000 and that item now stands
at $2,929,951. This is a splendid gain. Evidently E.
F. Folda, the new cashier, is making good.
The last statement of the Packers National Bank of
South Omaha shows deposits of $2,010,145. The sur
plus is $75,000 and undivided profits $54,734. Cashier
Moriarty and his fellow officers are building up a
large bank.
D on’t forget the Nebraska Bankers Convention to
held in Omaha November 14, 15. Conditions in Ne
braska were never better, banks all prosperous and
people likewise. The bankers can get away and will
doubtless attend the convention in greater numbers
than ever before. The program will be announced
later.
The Merchants National Bank of Omaha, according
to their last statement, has deposits of $5,253,165. One
year ago on the same date they had deposits of $4,227,866, a gain the past year of over $100,000. Presi
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
One of the strongest banks in the United States is
the South Omaha National of South Omaha with a
capital of $250,000. They have a surplus of $250,000
and other profits of $102,233. Their deposits on June
18, were $3,533,837, a remarkable showing. The o f
ficers of this bank are: Guy C. Barton, president;
E. A. Cudahy, H. C. Bostwick and Truman Buck,
vice-presidents; J. C. French, cashier and H. C. Mil
ler, assistant cashier.
26
[T H E
NORTHW ESTERN
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E S T A B L IS H E D
1853.
FISK & ROBINSON
Clw Oriental Bank
O F
N E W
BANKERS
Y O R K
175 Broadway
Capital,
8urplu9,
D e p o s its M a y 9, 1 9 0 3 ,
D e p o s it s M a y 9, 1 9 0 4 ,
D e p o s its N o v . 9 , 1 9 0 5 ,
August, 1906.
BANKER.
Governm ent Bonds
$750/000.00
- $ 1, 100,000.00
:
:
:
$ 5 ,8 0 9 ,3 1 4 .6 8
8 ,0 0 1 ,8 2 3 .1 7
1 1 ,0 8 0 ,9 4 9 .4 6
and other
R. W. JONES, Jr, Pres. NELSON G. AYRES, 1st Vice-Pres.
LUDWIG NISSEN, )
ERSKINE HEWITT, >Vice-Presidents.
CHARLES J. DAY, J
GEO. W. ADAMS, Cashier.
R. B. E3TERBR00K, Asst. Cash
Investm ent Securities
D IR E C T O R S .
Nelson G. Ayres, Vice-President.
Charles K. Beekman, Philbin, Beekman & Menken, Attorneys.
Samuel Bettle, Chairman Advisory Freight Committee, In
ternational Mercantile Marine Steamship Co.
Eugene Britton, Vice-Pres. Nat’l City Bank, Brooklyn; Treas.
Broadway Savings Institution, N. Y.
Stephen R. Halsey, Capitalist.
Erskine Hewitt, Manufacturer, with Cooper, Hewitt & Co.
R. W. Jones, Jr., President.
Hugh Kelly, Merchant, 71 Wall Street.
Richard B. Kelly, Vice-Pres. Fifth National Bank.
Chas. E. Levy, Cotton Merchant, 30 Broad Street, of M . Levy
& Sons, New Orleans, La.
Alexander McDonald, Capitalist.
Wm. McCarroll, Vice-Pres. American Leather Co.
Ludwig Nissen, Importer of Diamonds.
Andi ew W. Preston, Pres. United Fruit Co., Boston and N. Y.
John C. Whitney, Auditor New York Life Ins. Co.
Isadore Hermsheim, Capitalist.
William B Putney, Attorney-at-Law.
MEM BERS
N E W
YORK
STOCK
Y O R K
Represented in
Your Account is Respectfully Solicited.
EXCHANGE
B O S T O N
C H IC A G O
by C. Frederick Childs
+
D A K O T A N E W S A N D NOTES.
L. L. Heil will open a bank at Wagner, S. D.
tal $10,000.
NEW
Capi
135 Adams Sireet.
A new building will be erected for the Farmers &
Merchants State Bank at Kenmare, N. D.
The First State Bank of St. Lawrence, S. D., has
been incorporated with a capital of $5,000.
Julius Schaetzel, aged 40 years, president of the
Union County Bank at Elkhorn, died recently.
C.
W. Edwin of Britt, Iowa, will open a bank at
Frankfort, S. D.
The contract for the erection of a building for the
First National Bank of Milnor, N. D., has been let.
The State Bank of Fairdale, N. D., has begun work
S. A. Steffen has been elected cashier of the James
on its new bank building.
Yalley Bank of Huron, S. E>., in place of F. J. Sauer.
The Ward County State Bank at Palermo, N. D.,
The Hyde County State Bank of Highmore, S. D.,
will erect a bank building.
has opened for business. L. A. Hendricks is cashier.
A new building will be erected for the Nelson Coun
Articles of incorporation have been filed for the
ty Bank at Michigan, N. D.
State Bank of Tulare, S. D., with a capital of $5,000.
The contract for the erection o f a new bank building
The Pioneer State Bank of Knoff, N. D., has been
at Leeds, N. E)., has been let.
organized. B. Nelson is president and N. C. Nelson
cashier.
The State Bank of Jessie, N. D., has opened for busi
J. E. Renter and others have incorporated the
ness. Harry St. John is cashier.
Northwestern State Bank of Mare, N. D. Capital
The Scandinavian Bank of Viborg, S. D., has in $ 10,000.
creased its capital stock to $10,000.
The new State Bank of Devils Lake, N. D., has
Geo. Bingham has sold a controlling interest in the opened for business. It is owned by the Gold-Stabeek
Marshall County Bank at Britton, S. D.
Company.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
THE
August, 1906.
NORTHWESTERN
BANKER.
BURLINGTON
SAYINGS BANK
|i CAPITAL, $ 1 0 0 ,0 0 0 9 9 1
C APITAL, $1,000,000.
SURPLUS, $500,000.
B U R U I N O I O IN
= - = I O W A --~
U N D IV ID E D PROFITS, $606,528
DIRECTORS:
GEORGE W. PERKINS,
STEPHEN BAKER,
J. P. Morgan & Co., Bankers, N. Y.
Pres. Bank of Manhattan Co., N. Y.
WILLIAM H. PORTER,
SAMUEL G. BAYNE,
Pres. Chemical National Bank, N. Y.
Pres. Seaboard National Bank, N. Y.
DANIEL G. REID,
JAMES G. CANNON,
Vice Pres. Liberty National Bank, N. Y.
Vice Pres. Fourth Nat’l Bank, N. Y.
FRANCIS H. SKELDING.
EDMUND C. CONVERSE,
President First National Bank, Pittsburg.
President.
EDWARD F. SWINNEY,
HENRY P. DAVISON,
Pres. First Nat’l Bank, Kansas City.
Vice Pres. First National Bank, N. Y.
JOHN F. THOMPSON,
JAMES H. ECKELS,
Vice President.
Pres.Commercial Nat’l Bank, Chicago.
GILBERT G. THORNE,
WALTER E. FREW,
Vice Pres National Park Bank, N. Y.
Vice-Pres. Corn Exchange Bank, N. Y.
ALBERT H. WIGGIN,
A BARTON HEPBURN,
Vice Pres. Chase National Bank, N. Y.
Pres. Chase National Bank, N. Y.
ROBERT WINSOR,
THOMAS W. LAMONT,
Kidder, Peabody & Co., Bankers, Boston.
Second Vice President.
SAMUEL WOOLVERTON,
GATES W. McGARRAH.
Pres. Gallatin National Bank, N. Y.
Pres. Mechanics Nat’l Bank, N. Y.
EDWARD F, C. YOUNG,
EDGAR L. MARSTON,
Pres. First National Bank, Jersey City.
Blair & Co., Bankers, N Y.
P a y s 3% I n t e r e s t on S a v in g s A c c o u n t s
a n d 4% I n t e r e s t o n T im e C ertifica tes
o f D e p o s it 6 M o n th s or lo n g e r .
H
D. C O P E L A N D , P res.
J O H N B L A U L , V ic e -P r e s .
G E O . C. S W I L E B , C ash ier.
IN T E R E S T A L L O W E D U P O N D E P O S IT S .
1
The State Bank of Frankfort, S. D., has been
started. Capital $10,000. R. F. Erwin and others are
interested.
Heaton Bros, have sold the Charles Mix County
Bank of Geddes, S. D., back to Johnson Bros., the
original owners.
The Citizens Bank of Colman, S. D., has been incor
porated. Capital $10,000. J. A. Smith and others are
interested.
The Hanover National Bank of New York has been
appointed reserve agent for the First National Bank of
Maddock, N. D.
The First National Bank of Minneapolis has been
appointed reserve agent for the First National Bank
of Binford.
The First State Bank of McVille has been chartered.
Capital $10,000. E. J. Lander is president and C. H.
Simpson cashier.
The Kennebec State Bank, at Kennebec, S. D., has
been formed. Capital $5,000. D. M. W olf and others
are interested.
C. D. Goldsmith will be president of the new Fort
Pierre State Bank at Fort Pierre, S. D., and L. E.
Goldsmith cashier.
The Farmers State Bank of Yale, S. D., has been
chartered. Capital $6,000. M. B. Conghlin and others
are interested.
J. H. Schwartz of Royalton, Minn., and Wm. Ray
mond of Little Falls, Minn., will open a bank at
Wheelock, N. D.
The State Bank of Finley, N. D., has been incor
porated. Capital $20,000. C. G. Linnell and others
are interested.
The Mound City Bank of Mound City, S. D., has
opened for business. S. O. Overby is president and T.
Wosnuk is cashier.
The First National Bank of Litchville, N. D., has
chosen the National Park Bank of New York for a
correspondent.
The Commercial National Bank of Chicago has been
appointed reserve agent for the First National Bank of
White Lake, S. D.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
28
THE
NORTHW ESTERN
BANKER.
August, 1906.
Protected Millions.
The burglars that are wise enough to get the contents of the
average safe or vault, know enough to pass the many banks
that are equipped with our Automatic Alarm System.
Our gong shields, whicri to-day protect millions and millions of dollars in cash and securities mean failure to
the most expert burglar.
Burglars cannot stand for noise, an as and attack on our alarm system means a tremendous noise, they pass by
on their way to “ Easy Money” .
W e have a representative near you; write us and we will have him call and show you our method of protection. 1
A M E R I C A N R A N K P R O T E C T I O N C O M P A N Y MINNlL
VN
>
i .>L,s’
M IN
The National Bank of Commerce of Minneapolis has
been appointed reserve agent for the First National
Bank of Vienna, S. D.
The Grand River State Bank of Haley, N. D., has
opened for business. A. IT. Arnett is president and
Mr. Hamilton cashier.
Marshall & McCartney of Oakes, N. D., have bought
the State Bank of Verona. E. A. Porter will be cash
ier. Capital $5,000.
The Trimble State Bank of Westhope, N. D., has
opened for business. G. S. Trimble is president and
C. C. Nelson is cashier.
The State Bank of Bemis, S. D., has been chartered.
Capital $5,000. A. J. Lockhart of Clear Lake and
others are interested.
The Swedish-American National Bank of Minneap
olis has been appointed reserve agent for the First Na
tional Bank of Maddock.
The Farmers State Bank of Rutland, S. D., has been
incorporated. Capital $5,000. C. A. Willey and
others are interested.
The Citizens State Bank of Colgan, N. D., has been
chartered. Capital $10,000. F. Koester of Crosby
and others are interested.
The Citizens Bank has been organized at Ryder, N.
D. Capital $10,000. Jos. Devine is president and
Thos. Wiper cashier.
The State Bank of Tolna, N. D., has been incor
porated. Capital $10,000. F. TT. Wellcome of Minne
apolis and others are interested.
The Ashton State Bank of Ashton, S. D., has been
charatered. Capital $10,000. W. S. Billinghurst and
others are interested.
The Western State Bank of Mt. Vernon, S. D., has
been chartered. Capital $10,000. W. M. McDonald of
Redfield and others are interested.
The Farmers State Bank of Wallace, S. D., has
been chartered. Capital $5,000. C. A. Russell and
others are interested.
The First International Bank of Ambrose, N. D.,
has been incorporated. Capital $10,000. A. J. John
son and others are interested.
The Farmers State Bank of Northville, S. D., has
been chartered. Capital $5,000. F. E. Mariner and
others are interested.
The First State Bank of St. Lawrence, S. D., has
been incorporated. Capital $5,000. I. J. Cree of
Miller and others are interested.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
August, 1906.
THE
PROFITS
NORTHW ESTERN
IN
29
BANKER.
INDIVIDUAL
ACCOUNTS
are frequently curtailed by lack of proper or systematic accounting methods.
The
B .-V .
System
Eliminates work without sacrificing features of good bookkeeping.
Affords an independent check in all quarters where such verifications are necessary or important.
Disposes of the old method of iournalizing checks and deposits.
Discontinues the necessity of balancing pass books.
Audits each day each and every account affected by the transactions for the day.
Audits each month each and every account on the books.
Our Accounting Systems are approved by bank officials because they are correct systems.
Pamphlet “ B ” upon request.
B A K E R =V A W T B R
350 Broadway, New Y ork
A A ^
CO M PA IN Y,
- s y A I§ M d e v is e r s
The First State Bank of Leola, S. D., has opened for
business. Capital $10,000. J. J. Hepperle is presi
dent and F. II. Hooper is cashier.
The bank of Hazelton was sold to G. H. Niles,
of Royalton, Minn., who will he president, and II. O.
Batzer of the same place, cashier.
A new bank has been organized at Dawson, N. D.
Capital $12,500. H. A. Barnes of Minneapolis is
president and C. A. Crass, cashier.
A. C. Wiper lias organized the First State Bank in
the town of Plaza. Capital $10,000. A. C. Wiper is
president and E. II. Wiper cashier.
Jas. Ross has sold his interest in the Reservation
State Bank at Sisseton, S. D. II. L. Spackman will be
president and A. D. Paulson cashier.
The Citizens Bank of Lisbon, N. D., has opened for
business. M. Jones is president and G. C. Jacobson
cashier. A new building will be erected.
The Farmers State Bank of Wallace, S. D., has been
incorporated with a capital of $5,000. Incorporators,
S. H. Fish, S. A. Fish and C. A. Russell.
The Henderson State Bank of AVessington, S. D.,
has been organized. Capital $25,000. Jas. Henderson
is president and P. J. Henderson cashier.
N. E. Franklin has been elected president of the
First National Bank of Deadwood, in place of Harris
Franklin; Harris Franklin is vice-president.
The First National Bank of Aberdeen, S. D., re
cently awarded a contract to a local firin for the erec
tion of a new stone building to cost $22,000.
Tribune Bldg., Chicago.
The First National Bank of Kimball, S. D., has been
incorporated. Capital $25,000. Fred Griswold, F. II.
Griswold, II. W. Hinrichs and Joseph Brehan are the
promoters.
The First National Bank of White Lake, S. D., has
been organized. Capital $25,000. II. W. Hinrichs is
president, John Goeres vice president, and John P.
Baker cashier.
L. A. Batcheller has been elected president of the
First National Bank of Fingal, in place o f Thomas
Casey, and N. P. Langemo, vice president, in place of
L. A. Batcheller.
Articles of incorporation have been filed for the
State Savings Bank of Ortley, S. D., with a capital of
$5,000. Incorporators, W. G. Kottke, E. M. Lassell
and G. G. Lassell.
H. E. Baird has been elected president of the First
National Bank of Churchs Ferry, in place of A. O.
Whipple; Howard Whipple, vice president, in place
of H. E. Baird.
Articles of incorporation have been filed for the
Citizens State Bank of Letcher, S. D., with a capital of
$5,000. Incorporators are M. M. Doyle, A. II. Doyle,
J. M. Doyle and others.
The American National Bank of Spearfish, S. D.,
has been incorporated with a capital of $25,000. The
officers are: Geo. A. Pemberton, president; G. C.
Hull, vice-president; II. Leppli, cashier.
The Milnor National Bank, Milnor, N. D., has been
organized. Capital $30,000. D. F. Vail is president ;
AntonBerger and A. E. Austin,vice-presidents; F. W.
Vail, cashier, and Hj. Edman, assistant cashier.
The Chase National Bank of New York and the
First National Bank of St. Paul have been made corre
spondents for the First National Bank of Binford.
The Citizens National Bank of Sisseton, S. D., shows
by its statement of June 18 loans and discounts
amounting to $225,631, cash and cash items $80,844,
deposits $269,309, and total resources of $344,160.
The Altamont State Bank, at Altamont, S. D., has
been incorporated with a capital of $5,000. Incor
porators are A. J. Lockhart, A. D. AVilliams and L. F.
Ilanlen.
The First National Bank of Milnor, N. D., has been
organized with a capital of $25,000. The officers are
H. II. Berg, president; O. B. Jorgenson and H. C.
Johnson, vice-presidents; A. W. Eastman, cashier.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
THE
30
F . E . K e n a s t o n , Vice Pres
BANKER.
National Bank of Commerce
M IN N E A P O L IS ,
M IN N .,
A . A . C r a n e , Cashier
, W . S. H a r r is , Asst. Cashier
G .E . W i l l i a m s o n ,A sst.C ash.
W . F. M c L a n e , Asst. Cash.
W ith its C a p ita l a n d S u rp lu s of $ 1 ,3 0 0 ,0 0 0 .0 0
a n d A d e q u a te E q u ip m e n t in every D e p a rtm e n t
W OULD
B E P L E A S E D TO H A V E
B A N K I N G B U S IN E S S .
The contract has been let for the erection of a build
ing for the First National Bank of Hampden, N. D.
The Chase National Bank of New York, the Com
mercial National Bank o f Chicago and the National
Bank of Commerce of Minneapolis have been made re
serve agents for the Dakota National Bank of Dick
inson.
The statement of Hill City Bank of Hill City, S. D.,
issued under date of June 18, shows that bank to have
total resources amounting to $105,296. Its capital
stock is $10,000, loans and discounts $61,104, deposits
$88,947.
The Seaboard National Bank of New York, the Com
mercial National Bank of Chicago and the First Na
tional Bank of Omaha have been approved as reserve
agents for the American National' Bank of Spearfish, S. D.
The First National Bank of Binford, N. D., has
been organized. Capital $25,000. It is officered as
follows: Lewis Berg, president; Joseph Buchheit,
vice-president; J. H. Sinclair, cashier; Oscar Green
land, assistant cashier.
The First State Bank o f Berlin, N. D., is loser to the
amount of $900, owing to a forged check drawn in
favor of Z. W. Thomas of Ft. Dodge, Iowa, and cashed
by one M. Langdon, who is bexieved to have forged
the signature o f endorsement. The check passed
through several banks unchallenged.
The application to organize the Citizens National
Bank of Williston, N. D., capital $50,000, has been
granted. This application is in lieu to one to convert
the Citizens State Bank under the title ‘ ‘ The Second
National Bank of Williston,” approved May 29.
A t a meeting of the directors of the Citizens Na
tional Bank of Sisseton, S. D., held July 10th, A. J.
Norby, formerly cashier, was elected vice president of
the bank and Mr. O. P. Rask cashier. Mr. Rask, the
new member of the management, is recently from
Blooming Prairie, Minn., having been cashier and
manager of the First National Bank there for the past
seven years. Mr. Norby will continue active in the
management.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
August, 1906.
....T H E ....
O F F IC E R S :
S . A . H a r r is , President
NORTHW ESTERN
YOUR
SAFETY,
P R O M P TN ESS,
L IB E R A L IT Y ,
AND
CO URTESY,
ARE
OUR W A T C H W O R D S .
M IN N E S O T A N E W S A N D
NOTES.
The First National Bank of Aitkin is erecting a new
building.
F.
B. Burley has opened the Luverne-City Bank at
Luverne.
J . H. Irish of St. Cloud will open a new bank at De
troit in September.
L. M. Olson of Warren and H. L. Bills of Ada will
open a bank at Radium.
The First Bank of Wilmington has opened for busi
ness. E. J. Green is cashier.
The First National Bank of Roseau is planning the
erection o f a new bank building.
The State Bank of Sabin has been authorized to
begin business. Capital $15,000.
The First National Bank of Chisholm has purchased
has purchased a site for a new bank building.
The Clearwater County Bank at Bagley may open a
bank at Ogema on the White Earth reservation.
The Farwell State Bank has been formed. I. John
son of Hickson, N. D., and others are interested.
A new bank will be opened at Randall. A. R.
Davidson is president, and Warren Gibson cashier.
The German-American State Bank o f Mankato has
bought a building and will remodel it for its offices.
The Merchants National Bank of St. Paul has been
appointed reserve agent for the First National Bank
of Lakefield.
T. B. Bakke will be president of the new bank at
Thief River Falls, and T. P. Hamre cashier. A new
building will be erected.
The State Bank of Sandstone has been authorized to
begin business. Capital $20,000. H. P. Weble is pres
ident and C. S. Dean cashier.
J. D. Anderson has sold a controlling interest in the
First State Bank of Two Harbors to J. H. Lunz and
others, and J. A. Barton succeeds him as cashier.
August, 1906.
TH E
NORTH W ESTERN
BANKER.
31
THE
Northwestern National Bank
M I N N E A P O L I S , M IN N .
1 8 7 2 -1 9 0 4
Capital, $ 1 ,0 0 0 ,0 0 0
Surplus and Profits, $ 8 6 8 ,6 8 2
Deposits, $ 9 ,7 2 7 ,4 9 4 .0 0
O F F IC E R S :
W m . H. D tjn w o od y , P res.
J o se p h C h a p m a n , J r ., Cash.
M. B K o on , Vice-Pres.
F r a n k E. H o l t o n , A ss’ t Cash.
E d w a r d W. D e c k e r , Vice-Pres. C h a s . W. F a r w e l l , Ass’t Cash.
An Average of over 8% Annual Dividends Paid to Stockholders
Since Organization in 1872. Dividends Paid Since Organization
$2,310,000.
If you contemplate making a change in your Banking Connec
tions, or think of opening a new account, we would be pleased to
confer with you in person or by letter.
An attempt will be made to get a bank located at
Roosevelt.
The Bank of Perley was absorbed by the First State
Bank of Perley.
The First National Bank of Aitkin has plans for a
new bank building.
Fraser & Shafter have sold the Bank of Dent to P.
H. Jones of Richville.
Sylvester Bros, have incorporated the Plainview
Bank. Capital $30,000.
Jno. TI. Rich has been elected president of the Goodhue County National Bank of Red Wing, in place of
F. Busch.
The First National Bank of Minneapolis has been
appointed reserve agent for the First National Bank
of Raymond.
A new bank has been started at Kingston. Capital
$10,000. C. M. Buck of Faribault is president and O.
Ilson cashier.
The First State Bank of Albany has opened for busi
ness. Capital $15,000. H. A. Werner is president and
E. Keller cashier.
E.
E. Berg of Roseau has been appointed cashier of The Bank of Albany will change to the First State
the Citizens Bank at Barrett.
Bank. Capital $15,000. E. Keller, the present cash
ier, will be president.
The Bank of Browerville has let the contract for
the erection of a new building.
The contract was let for the erection of a new build
ing for the Peoples Bank of Waseca.
The First National Bank of Westbrook will open a
branch bank at Dovray about Aug. 1.
J. P. Myers has been made president of the First
National Bank of Stewartville, in place of A. L. Brush.
The National Bank of Commerce has been appointed
reserve agent for the First National Bank of Springfield.
L. Henline was elected president and W. C. Henlein
cashier of the new German-American Bank of Man
kato.
O. E. Stubbins of Granville, N. D., and others
bought a half interest in the First State Bank at LeSueur.
The Security State Bank of Ilanska was authorized.
Capital $20,000. I. Stone is president and E. G. Hage
cashier.
The Hanover National Bank has been appointed re
serve agent for the Lumbermens National Bank of|
Bemidji.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
The Gold-Stabeck Co. of Redwood Falls has sold
the State Bank of Wabasso to W. G. Frank of Springfield, who will be president.
F. E. Pearson has resigned as cashier of the Pipe
stone County Bank at Pipestone, and T. E. Nash has
been chosen to succeed him.
The Northwestern National Bank of Minneapolis
has been appointed reserve agent for the Lumbermen’s
National Bank of Bemidji.
The Northwestern National Bank of Minneapolis
has been appointed reserve agent for the First Na
tional Bank of Stewartville.
The Commercial National Bank of Chicago and the
Merchants National Bank of St. Paul have been made
correspondents for the First National Bank of Lakefield.
The Scandia American National Bank of Ada has
been organized with a capital of $25,000. G. R. Jacobi,
J. IT. McNicol, Ole II. Bank, E. Arneson and L. O.
Ljstad are the organizers.
The First National Bank of Coleraine has been or
ganized. Capital $25,000. C. C. McCarthy, Jno. C.
Greenway, Daniel M. Gunn, H. C. Dudley and M. Cur
ley are the incorporators.
TH E
32
NORTHW ESTERN
BANKER.
August, 1906
Security Bank of Minnesota
M IN N E A P O L IS .
S T A T E M E N T J U N E 18, 1 9 0 6 .
RESOURCES.
Loans and Discounts
$8,973,841.90
Overdrafts
10,533.35
United States and other bonds,
stocks and securities
145,272.39
Real Estate
39,791.35
Cash on hand, and due from banks 3,138,122.12
$12,307,661.11
L IA B IL IT IE S .
Capital paid in
-
$1,000,000.00
Surplus and undivided profits
Reserved for unearned discount
Deposits
-
-
-
725,767.51
50,000.00
10,531,793,60
$12,307,561.11
F. A. OHAMBERLBIN, Pres.
E. E. MEARKLE, Vice Pres.
J. 8. POMEROY, Cashier.
PERRY HARRI80JST, Vice Pres.
FRED 8PAFFORD, Asst. Cashier.
GEORGE LAWTHER, Asst. Cashier.
The First State Bank of Stewartville has opened for
business. Capital $10,000. M. Klein is cashier.
The Farmers State Bank of Atwater has been au
thorized to begin business. Capital $15,000. N. Lundgren is president and J. A. Johnson cashier.
The Farmers National Bank of Red Lake Falls has
been incorporated with a capital of $25,000. M. O.
Sortedahl, P. O. Floan, Samuel Gibeau, E. G. Storaasli
and Thos. Germo are the incorporators.
The Merchants National Bank o f St. Paul and the
First National Bank of Minneapolis and the American
Exchange National Bank of New York have been ap
proved as reserve agents for the First National Bank
of Le Seur.
The clearings for Minneapolis for the first half of
the year were $440,849,056 or a gain o f $43,586,401 over the corresponding period o f last year. This
large amount reflects in a measure the great prosper
ity of that city and of the Northwest.
The Lumbermens National Bank of Bemidji has
been organized to succeed the Lumbermens State Bank.
Capital $25,000. W. R. Baumbach is president, C. W.
Baumbach vice president, W. L. Brooks cashier, and
C. L. Learned assistant cashier.
Wm. Kraemer has succeeded Mr. Schram as cashier
of the Yellow Medicine County Bank of Granite Falls.
The First State Bank of Baudette lias been char
tered. Capital $10,000. P. I. Holen is president, and
I. R. Severton cashier.
■ The Farmers State Bank of Chicago City opened for
business on July 9. Capital stock $10,000. About
September 1 they expect to be located in a handsome
new building of their own. The officers are as fol
lows: J. A. Mattson, president; J. A. Bloom, M. W.
Tuttle, vice presidents; C. W. Dixon, cashier.
Prominent business men of Gibbon and some of
the local capitalists recently held a meeting and or
ganized the Citizens State Bank of Gibbon; capital
$15,000. The village of Gibbon up to this time has
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Federal Reserve Bank of St. Louis
only had one bank, the stock being in the hands of
only a few men. The new officers are: President,
Peter Handerfield; vice-president, John Friedl; cash
ier, John Boock. They will erect a fire proof bank
building and begin business October 1.
Individual deposits in rural national banks of Min
nesota show an increase of $6,000,000 over July of last
year. National banks of the state have increased their
loans and discounts by more than $6,000,000; their
reserve has been increased by $200,000 and the issue
of bank notes by $700,000.
In Minnesota the private bank problem seems to be
solving itself. The private bankers are rapidly in
corporating their business and it is estimated that by
the close of the year there will not be many left.
Forty of the private banks have become state banks
since the last legislature met.
The report of the condition o f state banks in Minnesotanesota shows that on July 16th, 1904, the state
banks had loans and discounts of $40,079,801; on May
29th, 1905, $47,958,150; on June 18th, 1906, $56,507,278. On July 16th, 1904, deposits were $19,960,049;
May 29th, 1905, $24,652,094; June 18th, 1906, $29,279,317. The number of state banks has increased •
during that time from 325 to 427, and capital stocks
are now $9,828,600, as against $8,631,500 in 1904.
Every Iowa Bank not now a member of the State
Association should remit five dollars to the treasurer,
J. T. Brooks of Hedrick, and “ get in” . A s a
matter of prof t and loss in money you can’ t afford to
stay out.
IO W A N E W S A N D NOTES
The State Bank at Rock Valley has moved into new
quarters.
O. W. Allen, cashier of the Stockpart Savings Bank,
has resigned.
The First National Bank of Fort Dodge has had its
charter extended.
THE
August, 1906
NORTHW ESTERN
G erman S avings B ank.
Statem ent,
DAVENPORT, IO W A .
33
BANKER.
CASH C A P IT A L
$ 5 0 0 ,0 0 0 .0 0
M a y 17 ,
1906.
ASSETS.
J E N S L O E E N Z E N , P re s .
C H A S . N . V O S S , V ic e -P r e s . a n d C a sh ier
R . A N D R E S E N , A s s ’t C a sh ie r.
E D . K A U F M A N N , A s s ’t C a sh ier
Loans
......................
Cash and Exchange........
Real Estate and Personal
Property,
Total Assets.
$8,079,417.85
$ 797, 341. £8
28,916.46
$8,9UU,675.69
LIABILITIES.
DIRECTORS.
F. G. CLAUSEN.
JENS LORENZEN.
H. U. BRÄUNLICH.
CHAS. N. VOSS.
H. O. SEIFFERT.
T. A. MURPHY.
H. H. ANDRESEN.
F. H. GRIGGS.
PAULO RODDÈWIG
Joe Laughlin has resigned his position in the First
National Bank of Ennnetsburg.
The Hamilton County State Bank of Webster City
will erect a $15,000 bank building.
The Dawson Bank Co. of Dawson are building on to
their bank and will put in a vault.
M. F. Strauser has been chosen assistant cashier of
the Manilla National Bank, Manilla.
J. C. Preston, of Amboy, 111., is the new cashier of
the First National Bank of Crystal Lake.
The deposits in the Delaware County State Bank of
Manchester has passed the half million mark.
Larchwood is to have a new banking institution,
the “ Farmers Savings Bank,” capitalized at $10,000.
The Chase National Bank has been appointed re
serve agent for the First National Bank of Humboldt.
The Iowa National Bank of Des Moines has chosen
the National Shawmut Bank of Boston for a corre
spondent.
The National Bank of the Republic has been ap
pointed reserve agent for the First National Bank of
Humboldt.
The City National Bank of Clinton has chosen Mer
chants Laclede National Bank of St. Louis for a cor
respondent.
The Commercial National Bank of Chicago has been
appointed reserve agent for the First National Bank
of Seymour.
The Hanover National Bank of New York has been
appointed reserve agent for the First National Bank
of Blockton.
The extensive improvements in the Atlantic Na
tional Bank building have been completed. L. W.
Niles is cashier.
Deposits,
Capital Stock,
Surp lu s,
Undivided Profits,
Total Liabilities,
$7,922,106 88
50u,000.00
250,000.00
228,568.81
8, 9UU, 175.69
We are informed that H. S. Hegnes has severed his
connection with the First National Bank of Crystal
Lake.
The Merchants National Bank of Cedar Rapids has
been made a reserve agent for the First National
Bank of Titonka.
The Hamilton National Bank of Chicago has been
appointed reserve agent for the Commercial National
Bank of Waterloo.
J. F. Cunningham has resigned as cashier of the
Prairieburg Savings Bank and is succeeded by Mr.
Buckley of Anamosa.
John Carmody, cashier of the Peoples Savings Bank
of Perry, was recently married to Miss Margaret L.
Maher of Des Moines.
The Cedar Rapids National Bank of Cedar Rapids
has been approved as reserve agent for the First Na
tional Bank of Titonka.
The Merchants National Bank of Cedar Rapids has
been approved as reserve agent for the Coon Rapids
National Bank of Coon Rapids.
The Citizens Savings Bank of Letts is remodeling
its office rooms. A corrugated ceiling has been added,
and the rooms will be refinished throughout.
R, H. Bell succeeds R. S. Fudge as cashier of the
Wiota Savings Bank. Mr. Fudge had been cashier
since the bank’s organization in March, 1900.
The American Bank Protection Co. of Minneapolis
have recently installed their burglar proof system in
the vault of the State Savings Bank of Carson.
The National Park Bank of New York and the First
National Bank of Chicago has been appointed re
serve agents for First National Bank of Preston. \
G.
H. Messenger o f Linden bought a controlling in The Cedar Rapids National Bank has been approved
terest in the Citizens Savings Bank of Atlantic and as reserve agent for the First National Bank of
Nevada and the First National Bank of Preston.
will be president.
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Federal Reserve Bank of St. Louis
34
TH E
NORTHW ESTERN
BANKER.
August 1906
Iowa S tate National B ank
Sioux City, Iowa.
C A P IT A L ,
SUR PLUS,
D E P O S IT S ,
.
G E O . W E A R S , P r e s id e n t.
$ 200,000
1 0 7 ,8 7 6
2 ,3 5 4 ,0 7 0
. O F F IC E R S . . .
H. A. J A N D T , V ic e -P r e s . J O H N M c H U G H , V ic e -P r e s id e n t.
H. A. G O O C H , C a s h ie r.
T h is b a n k h a s u n e xc elle d fa c ilitie s fo r th e p ro m p t a n d c a re fu l h a n d lin g of a ll b u s in e s s e n tru s te d to it.
T. K. Young, the assistant cashier of the Second
National Bank of New Hampton was recently married
to Miss Florence Church of Elma.
Ralph L. Brooks returned from Tennant to Tama,
having sold his interest in the bank at that place. His
plans for the future are not definitely made.
J. H, McCarty, for the past eight months a book
keeper in the Ottumwa National Bank, has accepted
the position of cashier of the Stockport Savings Bank.
Cashier Fred Toy, o f the First National of Sioux
City, sends us their latest statement showing deposits
of $2,751,125— the highest mark yet reached by the
bank.
Harry Westergaard, formerly assistant cashier of
the First National Bank o f Harlan, has accepted a po
sition as teller in the First National Bank of Council
Bluffs.
The Davenport business men are running trade ex
cursions through the territory around that city. The
Davenport bankers are all represented in these ex
cursions.
was for a $10,000 bank, but it was soon discovered
that all those desiring stock could not be supplied with
so small a capitalization and the limit was raised to
H. Harris has sold his interest in the State Savings
Bank at Lidderdale. The bank has a good line of de
posits and has fallen in hands that will maintain its
excellent standing.
The Farmers State Bank of Rippey has opened for
business. Cashier Grant has been kept busy making
the arrangements for the change from the privatebank to the state bank.
A new savings bank at Holland has been organized.
The bank will have a capital of $20,000. It is ex
pected that the new bank will be ready to begin busi
ness about September 1st.
The National Bank of the Republic of Chicago and
the Cedar Rapids National Bank of Cedar Rapids
have been appointed reserve agents for the Farmers
National Bank of Inwood.
Sheriff A. W. Mitterer has sold his interest in the
Hardin County State Bank to Carl S. Newcomer. Mr.
Mitterer is now connected with the Citizens Savings
Bank and is the vice president.
The Conrad State Bank has been transformed into
a state bank, to be known as the Conrad State Bank.
The president is John Morrow; vice president, P. T.
Evans; cashier, Eug. L. Guild.
$ 20, 000.
Frank S. Ferring, of Bankston, and Miss Margaret
L. Noesges, of Holy Cross, were recently united in
marriage. The groom is the cashier of the new Farley
State Bank.
C. W. Howland will probably be the cashier of
McNider’s new bank at Thornton. We believe that
Mr. Howland would prove a mighty popular man in
that capacity.
The annual meeting of the * Waterville Savings
Bank was held recently. The directors declared a
10 per cent dividend and $1,000 was added to the
surplus fund. Total net earnings for the year was
18 per cent.
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Federal Reserve Bank of St. Louis
The statement of the Commercial National Bank of
Waterloo on June 18 shows the total resources of the
bank to be $1,635,513; loans, bonds and stocks, $1,266,469; cash and exchange, $359,859.
The Citizens National Bank of Waterloo has been
incorporated. Capital $100,000. F. F. McElhinney,
W. R. and G. IT. Jameson, W. J. French, C. H. White
and H. G. Hupp are the incorporators.
The Commercial Bank o f Britt has taken out the
old counters and furniture and shipped them to
South Dakota, and replaced them with solid oak fix
tures of a very elaborate design. The banking rooms
have been repapered, painted and given a thorough
overhauling.
TH E
August, 1906.
NORTHWESTERN
35
BANKER.
T h e National Bank, of
I. H. SEARS, President
H. F. PETERSEN, Vice-President
C om m erce
J. H. HASS, Cashier
----- T H E ■1
Scott County Savings Bank
D A V E N P O R T ,
IO W A
Capital, Surplus and Undivided Profits,
S 4 6 4 .2 7 4 .4 7
Deposits,
S 4 ,1 1 2 .6 7 8 .5 8
To Herman Rietveld, now president of the People’s
Trust Co. of Pella, is wholly due the credit of so suc
cessfully liquidating the affairs of the Peoples Savings
Bank that it paid out in full and more.
On July 1 the Northwestern National Bank of
Sioux City opened their new fire proof banking room,
a modern and fully equipped “ savings department,’
and pay interest on all savings accounts.
The capital stock for a bank in Rubio is practically
all subscribed and the project is assured. It is a
growing place and good live stock shipping point and
the need of a bank has been felt for some time.
The First National Bank of New Hampton, with a
capital of $50,000 and surplus and profits of $15,134,
has deposits amounting to $283,238, cash and ex
change $67,875, and total resources of $359,372.
The Farmers National Bank o f Inwood has been
organized. Capital $40,000. Chas. Shade is presi
dent ; G. M. Anderson, vice president; G. A. Manwaring, cashier, and G. M. Larsen, assistant cashier.
The Panama Bank has invested in an adding ma
chine, purchased from the Burroughs Adding Machine
Co. of Detroit, and highly regarded by Banker Sulli
van as a labor saving device and for its accuracy.
The First National Bank of Chicago, the Iowa Na
tional Bank of Des Moines, and the Chemical Na
tional Bank of New York have been made reserve
agents for the First National Bank of Jefferson.
The directors of the new bank at Coatesville are
said to represent a capital of $1,000,000. The bank
was organized with a capital stock of $10,000. John
Burgher is president and E. W. Ford vice-president.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
IN
—-
ST.
L O U IS
Capital, Surplus, Profits,
$16,176,338
Deposits,
$48,357,516
-
#
T w o P er C e n t. In terest o n
B a n k e r s ’ B a la n c e s
T h r e e Per C e n t. In terest o n T im e D e p o sits
The First National Bank of Humboldt has been or
ganized as the successor of the Safety Savings Bank
of Humboldt. The officers are: E. A. Wilder, presi
dent; H. E. Passig, vice president; E. O. Nervig,
cashier.
The First National Bank of Jefferson has been in
corporated. Capital $50,000. Albert Head is presi
dent; R. C. Head and S. C. Culbertson, vice presi
dents; M. M. Head, cashier, and C. E. Marquis, as
sistant cashier.
The Farley State Bank has filed articles of incor
poration with the county recorder. The capital stock
is $25,000. The officers of the bank are: President,
John P. Sanner; vice president, B. D. Heald; cashier,
Frank Ferring.
The Oskaloosa National Bank together with the
affiliated Union Savings Bank have, with a total cap
ital of $125,000, loans and discounts amounting to
$121,987, cash and exchange $176,185, and total re
sources of $917,173.
The First National Bank of Seymour has been or
ganized to succeed the Citizens State Bank of Sey
mour. Capital $50,000. The officers are: J. C. Calhound, president; Wm. Haines, vice president; J. D.
Johnston, cashier.
The Board of Directors of the Iowa Trust and Sav
ings Bank of Atlantic, at their semi-annual meeting
found the business of the bank in a flourishing con
dition. They ordered a 3 per cent dividend paid to
stockholders and placed another $2,500 in the surplus
account. This bank is two years old and in that short
time has paid its stockholders four dividends o f 3
per cent each and now has a surplus account of
$7,500.
36
TH E
NORTHW ESTERN
BANKER.
August, 1906.
M erchants N ational Bank
OF
C edar Flapids lo wa
D E P O S IT S
.
.
.
.
$ 2 ,6 5 0 ,0 0 0 .0 0
The growth of this bank is based upon safe and sure standards and is indicative of the service it affords.
J O H N T . H A M IL T O N , Pres.
JA S . E. H A M IL T O N , C a s h ie r.
E D W IN H. F U R R O W , A sst. C a s h ie r.
Total resources of $2,234,799 are reported by th*
First National Bank of Mason City in its excellent
statement issued under date of June 18. Loans and
discounts amount to $1,145,422, cash items $874,376,
total deposits $1,817,645.
E. L. Butler has retired from the position o f cash
ier of the Breda Savings Bank to accept the cashiership of the Citizens Savings Bank at Atlantic. He
is succeeded in the Breda bank by A. J. Polking, who
has been assistant cashier.
M. H. Galt and son, R. P. Galt, bought the Farragut Bank, at Farragut, of C. D. Butterfield. The
bank will be reorganized at once with M. II. Galt as
president and R. P. Galt as cashier and manager. It
will be a state savings bank.
The marriage of Edward Butler, the former cashier
of the Linden Bank, now o f the Citizens Savings
Bank of Atlantic, and Miss Florence McNaughton
was recently solemnized at the home of the parents
of the bride at Villisca.
The First State Bank of Nora Springs has been in
corporated with a capital of $25,000, and officers as
follows: President, W. IT. Stone of Waucoma; vice
president, E. E. Sherman of Nora Springs; cashier,
C. A. Moody of Nora Springs.
With a capital of $50,000 the Security Trust and
Savings Bank o f Charles City in 1904 had deposits
of $208,773. On the same date in 1906 they had de
posits of $622,227, a gain that is equalled by but few
banks of that size in the same time.
The Bank of Shellsburg has disposed of all its as
sets to the new banking institution— The Peoples Sav
ings Bank— that has recently been instituted there.
The Harberts have moved to Cedar Rapids where
they have established a land and loan office.
Nearly a million dollars are on deposit in the Hamp
ton banks, and every succeeding statement published
shows an increase. The Citizens National Bank of
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
P. C . F R IC K , V ic e -P re s .
JO HN S. B R O E K S M IT , A s st. C a s h ie r.
Hampton has just landed a $50,000 account from
Uncle Sam. This deposit also makes the total deposits
in this bank reach nearly the four hundred thousand
mark.
The new bank at Magnolia is now fully incorpor
ated. A new building is to be built and the bank will
be ready for business about August 15th. W. PI.
Johnson has been elected president, P. M. Richardson
vice president, H. N. Frazier cashier.
There is considerable talk of a new bank at Essex
but there does not seem to be any crying need for
more banking facilities. They already have two first
class national banks in that town and they have ample
facilities for handling all the business and more.
All o f the stock in the First National Bank of Wesley, owned by S. X . and T. A. Why, and carrying a
controlling interest in this bank, has been sold to Mr.
Doerfler and his associates. Mr. Doerfler will con
tinue as the able cashier and will have full control.
TI. O. Dalen, of Ringsted, recently accepted a po
sition with Tallman & Quale, of Willmar, Minn., who
are bankers, lumbermen and townsite. agents for the
Gieat Northern Railway Co. He will have charge of
the town site business at first and later will go in a
bank.
The Citizens Bank of Eldora, owned by James F.
Hardin, has filed its articles and will in the future be
known as the Citizen’s Savings Bank of Eldora, with
capital stock of $40,000. The incorporators are James
F. Hardin, A. W. Mitterer, William W. Harris and
others.
The State Bank of Hampton ten months ago in
creased the capital stock of the bank from $25,000 to
$40,000, but the directors have just been able to de
clare an 8 per cent dividend on the increased capital,
the same dividend that was paid last year on $15,000
less capital, and aside from this about three times as
much was passed to the undivided profit fund as there
was last year.
August,
190 6 .
T he
TH Ë NORTHWESTERN BANKER.
37
DES MOINES NATIONAL BANK
U. S.
DES IV
IO EM 'S,
DEPOSITORY
ARTHUR REYNOLDS, President
JOHN H. BLAIR, Vice-President
A. J. ZW ART, Cashier
0 --C
The Des Hoiries National Banft Solic
its a Share of Your business Upon the
Basis of Sound and Progressive Bank
ing, Liberal and Accurate Treatment
CORRESPONDENCE SOLICITED
IOWA.
S T A T E M E N T OF C O N D IT IO N , J U N E 18 , 1 9 0 6 .
BKSOÜCES
........................................................$2,5CP, 490. Of
Loans,
Overdrafts
........................................................ 1,981.60
.........................................................
150,000.00
U. S. Bonds,
4, 500 00
Premiums,
72,000.00
Banking House. .
............................................
11,117.65
Stocks and Securities, .
Cash, and Due from Banks and U. S. Treasurer, .
.
977,219.45
........................................................Î8,719,308.57
Total,
Capital,
Surplus, .
Undivided Profit*,
Circulation,
Deposits,
Total, .
L IA B IL IT IE S
............................................
.......................................................
........................................................
$300,000. 00
60, 000.00
14,951.15
125.000.00
3,214,347.42
»3,719,308.57
On August 1st Elmer Day became cashier of the
Clarinda National Bank, succeeding C. D. Brown,
who retires from that position to engage in farming
in the Ozark mountains of Northwest Missouri, where
he hopes the pure air and sunlight will improve his
health.
Messrs. Edwin TI. Furrow and John S. Broeksmit
have been duly initiated as assistant cashiers of the
Merchants National Bank of Cedar Rapids. Cashier
Hamilton has in them two very wide-awake aides who
will work shoulder to shoulder with him in the larger
growth of the bank.
John L. Carey, vice president and director of the
Mechanics Savings Bank of Des Moines has resigned
both positions. His stock in the bank, it is understood,
will be transferred. Mr. Carey was one of the organ
izers of the bank, of which George E. MacKinnon is
the cashier.
S. X. and T. A. Way have sold their stock in the
First National Bank of Titonka to E. B. Soper and
associates of Emmetsburg. The following are the
officers now in charge: E. B. Soper, Sr., president;
S. A. Schneider, vice president; H. C. Armstrong,
cashier; Glen Reibsamen, assistant cashier.
E. E. Snyder, formerly a banker of Olin, Iowa, was
arrested at Sioux City July 23 on an indictment
charging fraudulent banking and will be taken to
Jones County for trial. His bank made an assign
ment two years ago and creditors were paid 20 cents
on the dollar.
At the recent business meeting of the directors of
the State Bank of Story City, Cashier Henryson ten
dered his resignation and Joseph Marvick was elected
as his successor. Mr. Henryson will take a couple of
months vacation before identifying himself with any
other business.
At a meeting of the board of directors of the First
National Bank of Davenport, on July 11, L. J. Yaggy,
who has for the past five years been assistant cashier
of this bank, has been appointed cashier, to fill the
vacancy caused by the death of the late cashier,
George Hoehn.
The Mechanics Savings Bank of Des Moines has
declared its second dividend of 3 per cent and put
$4,000 to surplus account. The showing made by the
institution, which has been in existence only two years,
'was very gratifying to the officials. At the last re
port total deposits of $435,000 were shown.
The best Fourth-of-July bank advertisement we
have seen was gotten out by the Ottumwa National
Bank. It consisted of a little red tube made to repre
sent a firecracker, and printed thereon, “ Pull the
string and get a report.” Pulling the string brought
out a printed report of this strong institution.
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Federal Reserve Bank of St. Louis
The stockholders of the Atlantic National Bank
have voted to increase the capital stock of. the bank
from $50,00 to $100,000. The increase went into ef
fect on July 2. With the increased capital stock and
the surplus of $20,000 the National will have the larg
est capital and surplus of any bank in Cass county.
The Farmers State Bank has been organized in
Paton by C. P. Walker and others to succeed the
Farmers Bank, a private bank that has been doing a
very successful business there for the past fifteen
years under Mr. Walker’s management. The capital
stock of the bank will be $25,000.
John P. O’Malley, president of the Peoples Savings
Bank of Perry, together with a number of associates,
has purchased a site for a new bank building at Gard
ner. This is the first step towards the organization of
a new bank to be established at Gardner as soon as the
Interurban tracks are laid through the town.
3$
TH E
NORTHW ESTERN
THE
First N ational B ank
SAVINGS
C A P IT A L , $ 3 0 0 ,0 0 0 ,0 0 . S U R P L U S A N D P R O
F IT S , $ 6 9 ,0 5 2 .4 5 , D E P O S IT S , $ 2 , 7 5 1 , 1 2 5 . 7 0 .
BANK
The First National Bank of Thornton has opened
for business. The capital stock is $25,000 and the
officers are the following: President, T. R. Engebretson; vice-presidents, W. V. Casper, Peter Soren
son; assistant cashier, F. E. Johnson. There are
twenty-seven names in the list of incorporators.
At the Clarion Savings Bank annual meeting re
cently held the condition of the bank was found to be
satisfactory and all of the present officers were re
elected. The salaries of Assistant Cashier Smith and
Bookkeeper Peterson were given a handsome boost,
due to their pernicious activity in the interest of the
bank.
1906
.
Cedar Rapids
Capital and Surplus,
Deposits,
-
Accounts of Banks received on liberal terms. A large
list of par points in Iowa, Minnesota, Dakota, and
Nebraska. Collections carefully and promptly made.
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August,
SEGURITY
O F SIO U X C I T Y , IO W A .
JAMES F. TOY, P r e s i d e n t .
GEORGE O. CALL, V i c e -P r e s i d e n t .
A0KLEY HUBBARD, V io e - P r e s i d f n t .
J. FRED T O Y , C a s h i e r .
F. B. WATSON, A sst . C a s h i e r .
F. W. KAMMANN, A sst . C a s h i e r
BANKER.
$ 1 5 0 ,0 0 0 .0 0
1 ,4 0 0 ,0 0 0 .0 0
Does no Commercial Banking, but offers for Iowa business the services
of a careful, competent and exclusive Savings Bank, paying interest on
deposits at the rate of
4
P er
C ent
G. F. VAN V E C H T E N , P re s id e n t
E. NI. S C O T T , C a s h ie r
assistant cashier. Mr. Sandusky has also disposed of
his interests in the Alta Yista Savings Bank at Alta
Yista, and Tim Donovan succeeds him as president.
Business in that section is reported as being very
good.
The Farmers Savings Bank has been incorporated at
Sac City and the directors have selected the following
officers to conduct the affairs of the new bank : Reu
ben Lewis, president; J. H. Denman, vice president;
Chas. E. Barki, cashier. The bank is entirely inde
pendent of the other two banks now in Sac City and
is strictly a farmers bank. The original subscription
We hear that W. H. Faulkner, who has been in the
bank at Massena for several months past is to return
to Anita and take the position of vice president and
manager of the Citizens Bank, the position so long
held by B. D. Forshav. The change will not be made
at once but about the first of September, unless other
arrangements are made in the meantime.
The stockholders of the new bank at Mt. Anbnrn
have perfected their organization by electing the fol
lowing officers: President, Hugh St. Clair; vice
president, B. F. Kirkland ; cashier, P. L. Lnpton. The
new concern has purchaser the old established banking
business of H. J. Lamb, including the building. They
will do a general commercial and savings business.
The case of C. D. Butterfield, a banker of Hamburg,
Iowa, who sued Catron, a banker of Nebraska City,
for $30,000 for alienating the affections of his wife
and breaking np his home, has been settled. The set
tlement also includes the dismissal of a charge of
blackmail filed against Butterfield by Catron and a
peace warrant against Catron.
A new state bank with a capital of $25,000 was
organized at New Providence to succeed the private
bank conducted there for some time past by Eldora
parties. The new institution is known as the Provi
dence State Bank and C. McKeen Duren of the Har
din County State Bank at Eldora, is president of the
new bank; George Erlding, vice president, and J. R.
Howard, cashier.
The directors, stockholders and officers of the
Leavitt & Johnson National Bank of Waterloo gave
J. II. Leavitt, former president of the bank, a de
lightful surprise by calling on him at his home and
presenting him with a beautiful silver coffee service
set as a slight testimonial of the regard in which Mr.
Leavitt is held by the members of the bank company.
J. W. Sandusky, who has been associated with the
First National Bank of New Hampton for seventeen
years, has resigned the vice presidency on account of
ill health and has disposed of all his interests in the
bank to C. R. Larson. The officers are now as fol
lows: A. E. Bigelow, president; Tim Donovan, vice
president; C. A. Larson, cashier; Grant M. Bigelow,
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Federal Reserve Bank of St. Louis
The Preston Bank has been incorporated into the
First National Bank of Preston. The old officers of
the bank, A. L. Bartholomew, president; G. E. Bar
tholomew, vice-president, and Hellen M. Beckwith,
cashier, will be the officers of the national institution.
The change marks the passing of one of the old land
marks of that community. The bank was founded 35
years ago, and since that time it has, though exper
iencing the vicissitudes at times which all such insti
tutions must risk— burglary and fire— kept steadily
on its even way, and lias established a reputation as
a sound institution, second to none. Its policy has
always been conservative, and its patrons correspond
ingly secure.
August, 1 9 0 6 '
THE
NORTHWESTERN
BANKER.
30 v
I 0 W A NATIONAL BANK
D A V E N P O R T , IO W A .
Extends to banks and bankers every facility desired in a
corresponding bank, and every advantage that our sound and
conservative business methods justify. Collections and ac
counts solicited.
Capital, $100,000.
Surplus and profits, $61,810.
Deposits, $1,176,258.
A . P. DO E, P r e s id e n t. J O H N D. B R O C K M A N N , V. Pres,
J. E. B U R M E I S T E R , C a s h ie r.
Articles of incorporation for the new Teeds Grove
(Clinton Co.) Savings Bank have been filed with a
capital of $10,000. The officers are: President, J. J.
Gehlsen; vice president, W. A. Altfilisch; cashier, H.
H. Petersen. The stock of the new institution is large
ly held by residents of Teeds Grove, but several Lyons
business men also assisted in starting the new enter
prise.
The entry on the fourth report of George Lueders,
receiver of the New Liberty Savings Bank, was filed in
the district court recently. The report was approved
in every particular and a dividend of 15 per cent was
ordered. The report gave the amount on hand as
$34,820.90. The court also ordered $1,000 paid to Mr.
Lueders in compensation for his services as receiver
since October 1, 1905, and also that Lane & Waterman
be paid $985 attorneys’ fees and $52.75 for disburse
ments.
A meeting of the board of directors of Lytton Sav
ings Bank was recently held and a resolution was
passed to divide the surplus of fifteen thousand dol
lars among the stockholders and to transfer the stock
of P. Schug and Herman Hartwig to P. H. Ayres
and J. L. Hamilton of the Farmers Savings Bank of
Lytton. The new bank has a paid up capital of
twenty-five thousand dollars comprising in one the
two former banks with F. IT. Ayres cashier and man
ager. George Willhoite will remain as assistant
cashier.
After fifty years of active work as a banker, John
H. Leavitt has tendered his resignation as president
of the Leavitt & Johnson National Bank of Waterloo.
This resignation was accepted, taking effect the 14th
day of July, 1906. J. E. Sedgwick was chosen as Mr.
Leavitt’s successor. Resolutions were adopted ex
pressing the regret of the officers and directors of
the bank that the condition of Mr. Leavitt’s health
was such as to demand this action on his part. He
will continue his active connection with the bank as
a director.
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Federal Reserve Bank of St. Louis
After all there will be only one bank at Imogene
instead of two as seemed likely some time ago. The
people who were interested in the establishment of a
second bank came to the conclusion that the field
would not justify it, and have merged their inter
ests into those of the old Read-Gwyn Bank, which
will re-organize under the name of the First National
Bank of Imogene with a capital of $25,000. T. IT.
Read is president; J. L. Gwynn, vice president; E l
bert A. Read, cashier, and L. S. McCracken, assistant
cashier.
The Citizens National Bank of Hampton in sending
out copies of its statement issued in response to the
call of June 18 calls attention to its ‘ ‘ large capital,
large resources, large amount of cash on hand, strong
board of directors, its conservative methods, and hopes
that these features will commend themselves to you
and that you will deposit your money and do your
banking business in this, the only national bank in
Franklin county. ’ ’ The statement shows a capital of
$100,000; bills receivable, $305,987; deposits, $322,986, and total resources of $522,290.
Theo. Kuhl, treasurer of Crawford county, loses
$2,500 by the failure of the Green Bank at Dow City,
according to a decision of Judge Church rendered
recently. The decision was m a suit brought by Mr.
Kuhl against Messrs, Chamberlain and Bell, who were
on the bank’s bond to the county treasurer. At the
time of the failure there was considerable money in
the bank which had been collected by Green as taxes
and left in deposit at the bank by the treasurer.
Chamberlain and Bell disputed their liability on ac
count of the failure of the bank.
The annual meeting of the stockholders of the Ne
maha State Bank was held a short time ago and a
good report of the year’s business of the corporation,
was heard. D. W . Gaff, having asked to be relieved
of some of the details of management, his resignation
as cashier was accepted with the understanding that
he would continue to give considerable time to the
THE
4Ö
-=— —
.........................
NORTHWESTERN
—
BANKER.
■ -----------■•■■■....— .............
August, 1906
■
A Bank is Strong1or Not. in P roportion to its Capital and Surplus and A b ility o f its M anagem ent to In vea t its F u nds
Des Moines Savinqs Bank
Statement of
Condition
R E SO U R C E S
Bills Receivable....................... $5,683,040.85
Overdrafts...................................
3,078.20
1.00
Furniture and Fixtures .........
Cash and Exchange................... 1,375,415.30
--------------T o t a l.................................$7,067,135.35
at C lose
of Business
M a y 17, 1 9 0 0
L IA B IL IT IE S
With the largest commercial business in
Capital Stock.............................. $ 500,000.00 the state and an equipment unsurpassed
Surplus and Profits..................
231,702.02 we feel able to handle suceessfully any
Deposits:
branch of your business, including your
Demand ....$3,999,836.97
farm loans, we ask you for your patronage
Time........... 2,335,596.36 6,335,433 33 honestly believing we can make an account
------------------------------with us of immense advantage to you.
$7,067,135.35
O F F 1C E R S A N D D 1RECTORS
P. M. C a s a d y . President.
J a s , J. B e r r y h i l l
S im o n C a s a d y , Vice-President.
H o m e r A.. M i l l e r , Cashier.
C. T . C o l e , Ass’t Cashier.
L . Ha r b a c h ,
J a s . H . W in d s o r ,
E d w . A. T e m p l e ,
E. C . F i n k b i n e ,
N . S. M c D o n n e l l ,
G. M. H t p p e e .
T H E U N IT E D S T A T E S N A T I O N A L OF O M A H A .
business of the bank. He was elected vice president,
and C. H. Townsend was promoted from the position
of assistant cashier to that of cashier. E. N. Baily
was continued as president and Carl Deppe was
chosen as assistant cashier.
H. A. Church, of Marshalltown, has sold his inter
est in the State Savings Bank of Liscomb, to N. W.
Dickerson, of Melbourne, and his son, S. Dickerson,
of Green Mountain. The State Savings Bank of Lis
comb, is capitalized at $10,000, of which Mr. Church
owns 90 per cent. S. Dickerson, who with his father
has bought the Church interest, is cashier of the
Farmers and Mercants Bank of Green Mountain,
which the Dickersons control. They also own a con
trolling interest in the St. Anthony Bank, which they
purchased of Mr. Church less than a year ago.
The board of directors of the First National Bank
of Hedrick have granted a six months leave of ab
sence to Cashier J. T. Brooks, The vacation is well
earned. He has been in active control of one or more
banks for the past 25 years, and is the senior banker
in point of service in his county. He has had charge
of the different kinds of banks known to the state—■
national, state, savings and private— and all of them
have been highly successful. For ten years he has
been an active member of the council of administra
tion of the Iowa State Bankers Association, an or
ganization composed of more than 1,100 banks. He
was treasurer of this organization during the year of
1905-6, and is now vice-president. He will, however,
seek rest through change of work rather than through
idleness. The Alfalfa Meal Company is an Omaha
and Council Bluffs corporation, organized for the
manufacturing and dealing in alfalfa products. Mr.
Brooks will devote the coming six months to its in
terests. Mr. Brooks’ absence is wholly temporary, and
no change takes place in his banking or private in
terests.
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Federal Reserve Bank of St. Louis
Among the many statements that have come to us
none show up beter than that of the U. S. National of
Omaha, "With a capital of 600,000, it has surplus and
profits of $284,449 and deposits of $9,075,393. This
bank is recognized as one of the strongest financial
institutions in the Middle West and its steady growth
attests its good management. The bank was started
in 1856 as Barrows, Millard & Co. In 1864 it was
changed to Millard, Caldwell & Co; in 1868 to Cald
well,. Hamilton & Co, and in 1883 to the U. S. Nation
al Bank. It has been in business just half a century.
It is now about one year ago that since three banks
were merged into the present business. That the com
bined volume of business of all three should not only
be retained, but increased is worthy of mention. The *
officers of the bank are: M. T. Barlow, President;
G. W. Wattles, Yive-Presidednt; V. B. Caldwell, vicePresident; A. Millard, Cashier; W. E. Rhoades, As
sistant Cashier; L. M. Talmage, Assistant Cashier;
G. E. Haverstick, Assistant Cashier.
M I N N E S O T A ’S N E W S E C R E T A R Y
Ernest C. Brown, assistant Cashier of The First
National Bank of Minneapolis was elected Secretary
of the Minnesota Bankers Association at their recent
meeting. The selection of Mr. Brown means that the
work of the Association will be carried on in the same
aggressive and successful manner as under Secretary
Chapman. Mr. Brown has been engaged in the bank
ing business in Minneapolis for many years. He was
cashier of the old Nicollet National Bank before that
institution was absorbed by the First National. He
has always taken an active interest in the State As
sociation and has a very large acquaintance among the
banks of the Northwest.
$5.98 TO M IN N E A P O LIS A N D RETURN.
Via Chicago Great Western Ry., account G. A. R.
Encampment August 13 to 18. Tickets on sale after
August 11. For further information apply to E. J.
Sawyer, C. T. A., 514 Walnut Street, Des Moines,
Iowa.
The Northvestern Ganser.
E
leventh
Y
ear
A Bankers Journal for the Northwest.
.
DES MOINES, IOW A, AUGUST, 190 6
$2.00 P ets A n n u m .
THE NORTH
W
ESTERN BAN
KER,
P U B L IS H E D B Y
Tl)e Northwestern ganger Pab. Co.,
DBS M O IN E S, IO W A .
A monthly Bankers Journal, devoted to the interests of bankers in
the Northwest.
Communications and news items of local interest to bankers in
this territory are requested.
Entered at Des Moines, Iowa, as second class matter.
Subscription $2.00 per annum : single copies, 20 cents.
Advertising rates on application.
THE NORTH D A K O T A B AN K ER S CONVENTION.
The North Dakota Bankers Association held their
fourth annual convention at Fargo on July 16. The
convention opened at 10 o’clock with President L. B.
Hanna presiding. Over 100 bankers were present.
L. B. Hanna gave the annual address of the president.
He said in part:
‘ ‘ To the members of the North Dakota Bankers As
sociation : AVe have met together today for our fourth
annual meeting. AVe come for the purpose of getting
better acquainted with each other; and likewise for
the purpoise of exchanging ideas, that we may try and
find better methods and better ways for conducting
our business— a business which means so much to the
welfare of every community.
•“ North Dakota in the past few years has had a won
derful growth in everything and in every way. Our
banks for the past year, and, in fact, for several years,
have moved on with scarcely a cloud to mar their pros
perity and progress; and I think that as bankers of
this state we may pride ourselves upon the showing
which we have made.
“ This coming winter the legislature of the state will
meet, and there should be some legislation asked for
which will strengthen our banks. The minimum capi
tal which a National bank can be capitalized at is $25,000 and I believe that the minimum capital of a state
bank should be not less than $20,000. It is now $10,000 ; and making the capital so small has a tendency
to make weaker banks than we should have, and does
not give the security to depositors to which they are
entitled; and it also has a tendency to encourage
banks going into the communities where the field is
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Federal Reserve Bank of St. Louis
N um ber
20 C t s . P e r
8.
copy
not large enough to warrant putting in a bank, should
times tighten from what they are now, and which they
are almost sure to do sooner or later. And then there
is the tendency to put in second banks, and sometimes
the third banks in towns where the business conditions
really do not warrant it. I believe that if the mini
mum capital were raised to $20 ,000 , it would to a
great extent correct this.
‘ ‘ There is another thing that I think we should call
the attention of our legislatures to, and that is the
question of taxation. The banks of the state are not
taxed through the various counties on an equal basis;
and they should be. Again, banks are taxed upon
their capital surplus, and undivided profits, from
which they are allowed to deduct from the surplus
and undivided profits five per cent of their bills re
ceivable. The undivided profits of a bank should not
be taxed. They are built up, or should be, to take
care of interest on certificates, expenses, and also for
bad debts, which are bound to creep in to a greater or
less extent in every bank, and which will show up
when times get hard. AVith taxes as high as they are
in the state, the tendency among bankers is to declare
dividends greater as a rule than, I believe, they should
he, and the dividing of their profits among their stock
holders. I think that every bank in the state should
build up in these days of prosperity a large sum in
proportion to their capital in the way of undivided
profits; especially is this true where the banks are, as
they are in this state, small; and thereby become a
greatly added security to the depositors of the banks,
to whom we owe a sacred trust.
“ The matter has also been agitated in reference to
the insurance of bank deposits; so that in case a bank
failed, from the fund created the depositors might re-'
ceive their money at once, and the shock to the com
munity would practically be nullified. This matter is
something that is entitled to our serious consideration.
“ The matter of excess loans by banks is a serious
one; and the loaning of funds to directors of banks— .
or perhaps more especially to those directors who may
be active in the management of the banks— and to the
officers of the banks, or to enterprises in which they'
might be engaged, is one which should be given consid
eration. The records in AYashington show that the'
majority of the national banks which have failed in
6
THE
Fort
Dearborn
National
BanK
Chicago
NORTHWESTERN
C a p ita l
S urplus and U ndivided
D e p o s its
-
August, 19C6.
$ 1,0 00,000.00
Profits
3 0 0 ,7 5 0 .7 3
I 1,781,451.94
Accounts o f Banks, Corporations, Mercantile
Firms, and Individuals Respectfully Solicited
O F F I C E R S
L. A. GODDARD
CHAS. L. FARRELL
NELSON N. LAMPERT
HENRY R. KENT CHARLES FERNAL
-
-
President
Vice President
Vice-President
Cashier
Assistant Cashier
W e Have Every F a c ility for H a n d lin g C o u n try B a nk
A c c o u n ts , A p p r e c ia te t h e m , and Give O u r P ersonal
a t t e n t i o n to t h e In te r e s ts o f O u r D e p o s ito rs.
the past are banks which had loaned largely to their
officers, or to the various business enterprises in which
officers were engaged; and if this class of loans could
be safeguarded and regulated, I do not believe that we
would hear very often of the failure of any bank.
“ At the present prices of government bonds there
is a profit of over one per cent in circulation; and I
have wondered in looking over the bank statements
that more of the National banks of North Dakota have
not taken out the maximum circulation to which they
are entitled. United States government 2 per cent
bonds are lower than they have been for years, be
ing but little above par.
“ Some of the supply houses of the country are of
fering to pay 7 per cent for money; and it has come
to my personal knowledge that money is being sent
from our state to the mail order houses of Chicago and
other cities. This is a matter which we should con
sider. It is a clever scheme for them to get business,
and they do it at our expense, as we need the deposits
here, and certainly cannot afford to pay the interest
which they are paying. This is a young state, and we
need every dollar that there is in it to develop our re
sources. ”
The report of the secretary, W. C. Macfadden, was
then read and adopted. The treasurer’s statement
showed that the total receipts for the regular fund
during the past year amounted to $2,346 and the total
disbursements to $1,265, leaving a balance on hand of
$1,080. In the protective fund the total receipts for
the year were $528, the disbursements $171, leaving a
balance of $357; while the balance on hand from both
funds amounts to over $1,400.
An interesting feature of the morning session was
an address on the Torren’s Title System, by James E.
Metcalf of Winnipeg. The system is one which is in
use in Manitoba and has attracted the attention of
both bankers and real estate men in this state, seem
ing to present many advantages over that in use here.
Mr. Metcalf went into his subject very thoroughly,
discussing every phase of the system and its workings.
He stated that the chief stumbling block in the way
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Federal Reserve Bank of St. Louis
BANKER.
of the adoption of such a system in North Dakota is
the constitution of the United States, which provides
that no man can be deprived of his property except by
due process of law, whereas under the Torrens system
an act of parliament can absolutely take away a piece
of land from one man and give it to another.
It was his opinion that this difficulty might be ob
viated by a proper wording and a motion was carried
to prepare a draft of a bill which would be constitu
tional.
Mrs. L. B. Batchellor of Fingal, who was the North
Dakota delegate to the American Bankers Association
Convention, held at Washington, D. C., last October,
made a report of her trip and the proceedings of the
convention and the executive council of the associa
tion of which Emery Olmstead of Minot is chairman,
also reported. Following this came the appointment
of committees. These were selected as follows:
Fidelity Bonds and Burglary Insurance— J. T.
Sherman, Tower City; H. TI. Wheelock, Chaffee; S.
S. Titus, Grand Forks.
Legislation— Wesley McDowell, Marion; W. F.
Murphy, Grand Forks; R. C. Kittel, Casselton.
Taxation— F. W. Cathro, Bottineau; C. M. Fisher,
Devils Lake.
Membership— Harry Lord, Cando; W. N. Steele,
Rolla; John Tracey, Valley City.
Time Locks— J. P. Ruder, Wahpeton; E. Taisey,
Finley; Charles I. Turner.
Insurance of Bank Deposits— G. E. Batcheller, Fin
gal; E. S. Severtson, New Rockford.
Purchase of Bank Supplies— J. H. Turritt, Michi
gan; W. L. Carter, Wahpeton; A. H. Anderson, Kin
dred.
Resolutions— J. L. Bell, Bismarck; W. C. Gamble,
Arthur; II. W. Garey, Fargo.
Nomination— M. F. Murphy, Grand Forks; F. W.
Cathro, Bottineau; P. C. Donovan, Langdon.
THE AFTERNOON SESSION.
Having completed the routine part of their program
on the morning the bankers devoted the afternoon ses
sion to the discussion of several interesting topics.
THE
August, 19 0 6 .
NORTHW ESTERN
BANKER.
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The first address was delivered by George D. Hudnall
of Superior, Wis. Mr. Hudnall pointed out the ad
vantages which would accrue through the establish
ment of a grain inspection board according to the
provisions of the Wisconsin act. The Duluth board of
trade he held to be a monopoly which, under the pres
ent system, excluded all competition and he stated that
the farmers of North Dakota lost last year nearly
$2 ,000,000 through wrongful dockage of grain.
Following this State Senator Cashel of Grafton rose
and made a brief but pointed speech stating that it
was to the interest of the bankers of the state to assist
the farmers in every way in their power in securing a
competitive grain market for their products and that
$5,000,000 yearly could be saved for the people of
North Dakota by so doing.
He then introduced and secured the adoption of
a set of resolutions strongly endorsing the stand taken
by the Superior grain dealers in favor of a competitive
grain market at the head of the lakes. The resolutions
request that all opposition to the establishment of an
equitable grain grading and inspection law at Super
ior be withdrawn; that the doctoring of grain in ele
vators be prohibited, and that Minnesota be asked to
amend her laws accordingly.
It was also decided to assess the members of the as
sociation to provide for the expenses of a legislative
committee which shall take steps to secure the passage
of the remedial legislation.Should these measures fail the bankers will go fur
ther and in addition to recommending the establish
ment of farmers’ co-operative elevators throughout
the state and at terminal points will ask congress to
pass a national grain inspection law.
An interesting discussion of the matter of deposit in
surance, led by L. B. Hanna, occupied a portion of the
late afternoon session. No definite action was taken
on Mr. Hanna’s suggestion, although the general sen
timent of the body seemed to be favorable to the estab
lishment of the proposed insurance system.
Taxation of banks was another subject which came
in for a good deal of informal discussion. Several of
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
V IC E -P R E S ID E N T
R. L . C R A M P T O N
....
A S S ’T C A S H I E R
THOS. JA N S E N
A S S 'T C A S H IE R
R e p u b l ic
‘
the speakers held that banks were as a rule assessed
at a much higher rate than mercantile establishments.
It was decided that a legislative committee should be
selected from among the bankers of Bismarck who
would be on the ground while the legislature was in
session and could best look after the interests of the
bankers.
President Hanna appointed the following as mem
bers of the executive committee to serve during the
ensuing year:
First Judicial District— F. S. Sargent, Grand
Forks.
Second Judicial District— C. M. Fisher, Devil’s
Lake.
Third Judicial District— R. C. Kittel, Casselton.
Fourth Judicial District— J. P. Ruder, Wahpeton.
Fifth Judicial District— John Tracey, Valley City.
Sixth Judicial District— R. H. Johnson, Dickinson.
Seventh Judicial District— W. G. Ballack, Forest
River.
Eighth Judicial District— G. N. Ludahl, Velva.
The association unanimously elected the following
officers for the ensuing year:
President— John L. Cashel of Grafton.
Vice-president— Emery Olmstead, Valley City.
At the close of the session the executive committee
met and chose the secretary and treasurer as follows:
Secretary— W. G. Macfadden, Fargo.
Treasurer— C. E. Batcheller, Fingal.
Next year’s convention will be held at Grand Forks.
Bringing their annual meeting to a close in a thor
oughly delightful manner, members of the Bankers
Association and visitors enjoyed an elaborate banquet
given by the local financial institutions. The pro
gram of toasts, although informal in character, was,
like the menu, an excellent one. Among the speakers
were Col. John D. Benton, Bishop Shanley, Judge
Young and Judge Amidon of Fargo; Lee Combs of
Valley City, W. F. McClane, assistant cashier of the
National Bank of Commerce, Minneapolis, and LI. von
der Weir, of the National German American Bank,
St. Paul.
8
TH E
NORTHW ESTERN
BANKER.
August, 1 9 0 6 .
THE
M
erchantsNationalßanK
BANKS AN D B AN K ERS will save time
on their LIVE
STOCK
BUSINESS by
OF T H E C IT Y OF
New York
having an account with
::::
::::
::::
::::
THE
Resources $25,000,000
T T A S FOR O V E R A C E N T U R Y paid particular atA A tention to Commercial and Bank accounts and is
still prepared to extend to Mercantile and Banking In
stitutions every facility consistent with sound banking.
The capital and surplus offer a strong reserve for
depositors, who will receive as liberal treatment as their
credit and balances warrant.
R O B E R T M . G A L L A WA Y , President
E L B E R T A. B R IN C K E R H O F F , Vice-Pres.
Z O H E T H S. F R E E M A N , Cashier
A L B E R T S. C O X , Assistant Cashier
On the morning of the 17th a party of seventy-five
composed of a number of the bankers, their friends
and relatives, left Fargo on a special train bound for
the Yellowstone Park.
D EATH OF A PROM INENT DES M O IN ES BAN K ER .
Martin Flynn, president of the Peoples Savings
Bank, of Des Moines, committed suicide July 18. He
has been in failing health for some years, much of the
time in hospitals. At the time of his demise he was
an inmate of Mercy hospital but evaded his attend
ant and went down town where he shot himself. His
mental derangement was undoubtedly due to his long
continued ill health. His was an unsuually busy and
successful life. His pleasure was hard and constant
work and the condition which led to his death we be
lieve to have been partly due at least to his not know
ing how to take recreation.
Mr. Flynn left a fortune, estimated at $1,000,000.
He made his first money out of railroad building in the
early days, and steadily added to his possessions by
wise investments and through the income from large
stock farms. He was essentially a self-made man.
His first work as a 12-year-old emigrant boy was break
ing stones at 50 cents a day. ‘He came to Iowa in
1857, making him home first at Dubuque. The fol
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Federal Reserve Bank of St. Louis
National Livestock Bank
OF CHICAGO
Capital and Profits
$ 2 ,30 0 ,0 0 0 .0 0
O FFIC ER S
S. R. Flynn, President
G . A . Ryther, Cashier
G . F . Emery, Assistant Cashier
lowing year, when 18 years old, he took a construc
tion contract. He remained actively employed in rail
road construction until 1883, building roads in Iowa,
Wisconsin, Nebraska, Colorado, New Mexico, Tennes
see and Dakota.
During later years Mr. Flynn had given his atten
tion to his stock farms and to the Peoples Savings
Bank of Des Moines, which was organized in 1890, and
of which he was president ever since its organization.
He introduced a very fine grade of Shorthorn cat
tle in Iowa and took pride in raising stock of the high
est quality. His Shorthorn herd is said to be one of
the very largest in the world, including 600 registered
cattle.
As a business man Mr. Flynn was quick to see op
portunities of making money and was strong and ag
gressive in following them out. He had an excellent
capacity for organization and large executive ability.
In all his dealings he was characterized by straight
forward dealing and by rugged honesty.
N E W B A N K A T DAVENPORT.
Plans are developing for organizing the new savings
bank, which will be started in Davenport in the near
future. It will probably be known as the Common
wealth Trust & Savings Bank and will take its place
among Davenport financial houses with a capital stock
of from $150,000 to $200,000. The bank, it is under-
August, 1 9 0 6 .
THE
NORTHWESTERN
BANKER.
41
TH E
P eoples T rust & S avings Bank of C linton
Statement at the Close o f Business, February 5, 1 9 0 6
Liabilities
Capital................. ..................................................... $ 800,030.00
Surplus...........................................................................
180,000.00
Undivided profits less tax and expense......................
18,173.59
Deposits.......................................................................... !>829,335.6o
Reserved for Taxes..................................... ...........••...........5,000.00
$ 3,832,509.24
Assets
—
Loans..............
Cash and St. exchange.
$ 4,199,898.85
633,110. 99
$ 4,83a, £09 24
Solicits profitable and conservative business and promises its customers liberal accommodations at all times.
GARRETT E. LAMB, President.
CtiAS. B. MII.LS, Cashier.
CHAS. B. ALDEN, Vice-President.
WARD W. COOK, Ass’t Cashier.
A STORY OF RESULTS.
These are strenuous days for life insurance com $23,788,080; a net gain in the gross assets of $100,974
panies. The investigations of the companies and of and in the surplus of $7,256, making those items
their methods of doing business have resulted in stand now— assets, $1,696,896 and surplus $227,645;
numerous scandals and more or less complete changes the death rate for the period decreased .006 per cent.
The officers for the Des Moine Life are: C. E. Rawin the executive management. It is a matter for
son,
president and general manager; L. C. Rawson,
congratulation to the people of Iowa and the Iowa
vice-president;
Dr. C. H. Philpott, second vice-presi
life companies that amid the storm and stress of the
dent
;
Arthur
Reynolds,
treasurer; W. S. Donahey, au
life insurance business during the last year no Iowa
companies were involved. The laws of the state of ditor; Dr. J. M. Emery, actuary; A. II. Evans, as
Iowa governing the conduct of the life insurance busi sistant secretary; Dr. Chas. Woodhull Eaton, medi
ness and for the protection of policy holders are un cal director.
surpassed and the facilities here for the profitable in
M A K E A SUCCESS OF YO UR TALENTS.
vestment of life insurance money unequalled.
The opportunity of your life is waiting in the new
The Des Moines Life Insurance Company of Des
towns on the Chicago Great Western Railway. Open
Moines, Iowa, presents on another page the results of
ings in nearly all lines of business. Write today to
their last six months business and they are well worthy
E. B. Magill, Mgr. Townsite Department, Omaha, for
the attention of all interested in good life insurance.
full information and copy of “ Town Talk.”
10
A net gain of 16 per cent was made in total income,
the amount for the last six months being $501,967; a
INCREASE YOUR INCOME.
net increase of 1 2 per cent in premium income, that
Opportunities
in all lines of business in new and
item being $365,532 for the six months period; a net
growing towns in Iowa, Illinois, Missouri and Min
increase of 12 0 per cent in interest and rent receipts,
nesota along the line of the Chicago Great Western
the total for the period being $34,658; a net increase
Railway. Write to Industrial Department, C. O. W.
of 82 per cent in mortgage loans, the amount for the
Ry., St. Paul, Minn., for “ Town Talk” and County
six months being $155,700; a net increase of insurance
Map.
in force of $1,497,800, that item now standing at
“ W IN T E R F IXTU R E S.”
W ILL PLEASE TH E MOST EXACTING.
M. W in ter L u m b er Co.
S h e b o y g a n , W is ., U. S. A..
Established 18Ô5
D E S IG N E R S A N D M A N U F A C T U R E R S OF
HIGH-GRADE BANK, OFFICE and COMMERCIAL FURNITURE
Special BanK and Office Fixture Catalog'
Special Chair Catalog. Special DesK Catalog
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Sent on Application.
Brookings S. D., Dec, 7, 1399.
The M. Winter Lumber (Jo.,
Sheboygan, Wis.,
Gentlemen:—Have had our furniture in place
some time now and like it better every day._ The B.
X. case receives the'most compliments I think, and
it deserve* it, for it is as fine a case as anvbody could
wish. The whole outfit is perfectly satisfactory.
Respectfully,
A. D. Binford
THE
42
NORTHW ESTERN
BANKER.
August,
19 0 6 .
Leopold Desk Company
M anufacturers
Burlington, Iowa.
SALE AGENTS.
S. Davidson Bros., Des Moines, Iowa.
Lindholm Furniture Co., Sioux City, la.
Drake Furn. & Carpet Co., Davenport, la.
Jones & Luberger, Cedar Rapids, Iowa.
Schneider Bros., Iowa City, Iowa
Hall-Ekfeld Furniture Co., Ottumwa, la.
Duncan Schell Furn Co., Keokuk, Iowa.
Omaha Printing Co., Omaha, Nebraska.
Miller-Davis Ptg. Co., Minneapolis. Minn.
Brown & Saenger, Sioux Falls, S. D.
IO W A STATE FAIR N EW S.
Here are some of the premiums that are to be given
at the Iowa State Fair this year that are attracting a
great deal of attention and will cause some sharp
rivalry among the farmers and farmers’ wives of the
state. These premiums are offered for the best prod
ucts of the farms and kitchens of the state:
For the boy who is the best judge of stock and
corn .................................................................... $200
For the best single ear of corn.............................. 50
For the best ear of corn (boys’ class)...................
5
For the best loaf of yeast bread............................ 10
For the best loaf of yeast bread (girls’ class). . . .
5
Valuable cash premiums are offered on everything
produced in the state, and entries are open to all.
Lists and entry blanks may be had for the asking by
addressing Secretary J. C. Simpson at Des Moines.
P O S IT IO N W A N T E D
A mechanical expert and watchmaker of twenty
years experience, desires position to travel and keep
Bank Time Locks in order. Will meet any test to
ability and furnish all necessary reference as to repu
tation,skill and integrity. A western state preferred.
Address, Maurice Duncombe, Wattsburg, Pa.
THE IO W A STATE FAIR.
The premium list of the Iowa State Fair is out with
a larger number and more general premiums than ever
before offered. The fair will be held in Des Moines
August 24-31. It has come to be recognized through
out the nation as well as the state of Iowa as one of the
best state fairs and under efficient management mark
ed improvement is shown each year.
GREAT L IV E STOCK SHOW.
Des Moines, July 25.— Special: The outlook for a
great Iowa State Fair was never better than this year.
A w hile last-year the exhibit in. the horse and . cattle
departments far exceeded any previous year,” said
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Federal Reserve Bank of St. Louis
Secretary J. C. Simpson, “ and was on a par with any
of the well known exclusive live stock shows in this or
foreign countries, and far in the lead of other state
fairs, the entries being made at this date in these de
partments, which have to be filed not later than the
first of August, are far in excess of all previous ex
perience. This clearly indicates that breeders are
alive to the fact that to exhibit their products at this
great show where over a hundred thousand interested
people see them, is to bring their herds into promi
nence more quickly than in any other way. Verily
it is ‘ the greatest annual live stock show in the world’
and breeders far and near journey here every year,
showing their best, or to select from those of their
co-herdsmen. ’ ’
L A K E A N D R A IL TRIPS.
During the summer months the Chicago Great
Western Railway sell tickets via all steamship lines
on Great Lakes in connection with their line to Chi
cago or St. Paul and Duluth. From this time until
September is the time to sail the lakes and see Duluth,
Superior, Isle Royale, the Copper Range, Sault Ste.
Marie, Mackinac Island, Detroit, Toledo, Cleveland,
Erie, Buffalo, Niagara Falls and other points of in
terest. Call or write for full information. E. J.
Sawyer, C. T. A., 514 Walnut St., Des Moines, Iowa.
W I S E A N D O T H E R W IS E .
The bankers who took that batch of Russian bonds
a few months ago must be finding it rather difficult
to keep perfectly cool just now.— Record Herald.
The Farmer— My son Reuben, who’s in Noo York,
tells me there’s a bank down there thet keeps open
day an’ night.
The storekeeper (turning to his clerk)— Hear .thet,
Jason? A n ’ sometimes yew growl becuz yew have
tew work frum 6 a. m. tew 10 p. m.— Exchange.
THE
A ugust-, 1906.
NORTHW ESTERN
BANKER.
43
The
A d a m P.o c k y , Prest.
Jam es A . Hall , Sec. & Mgr.
A m erican Lithographing Co.
of Des Moines
A new, complete and modern Lithographing establishment, mak
ing a specialty of fine B A N K W O R K of every description. When
in the market for Drafts, Certificates, Checks, Letter Heads, Pass
Books, Blank Books, Stationery, etc ., address
A M E R IC A N L IT H O G R A P H IN G C O .,
D es M o in e s , Io w a .
T h e Largest B A N K
IO W A
SALES
OF
BURROUGHS AD DING
FOR JUNE.
M ACH IN ES
Merchants National Bank (fourth machine), Cedar
Rapids; Citizens Bank, St. Ansgar, Iowa; Linn
County Bank, Center Point; Farmers and Merchants
Bank, Milton; First National Bank, Stanton; Char
lotte Savings Bank, Charlotte; Winfield State Bank,
Winfield; DeWitt Savings Bank, DeWitt; Peoples
Savings Bank, Des Moines; Keokuk National Bank,
Keokuk; Farmers and Merchants Savings Bank, Har
lan; Scott County Savings Bank, Davenport; Harlan
Bank, Harlan; Cumberland Savings Bank, Cumber
land; Rose Hill Savings Bank, Rose Hill; State Bank
of Fremont, Fremont; The Elk Horn Bank, Elk
Horn; First National Bank, New London; Lohrville
Savings Bank, Lohrville; First National Bank, Peter
son; First National Bank, Sioux City; Security Na
tional Bank (two), Sioux City; Farmers State Bank,
ILopkinton; Ft. Dodge Savings Bank, Ft. Dodge;
Iowa State National Bank, Sioux City; Citizens Na
tional Bank, Cedar Rapids; First National Bank, Hawarden ; Milford Savings Bank, Milford; Secretary of
State, Des Moines; City Clerk A. C. Gates, Newton;
County Auditor, Rockwell C ity; Independent Malting
Company, Davenport; Peoples Light Company, Dav
enport ; Joyce Lumber Co. ,Clinton; Pioneer Imple
ment Co., Council Bluffs; Ilarned & Von Maur (Bos
ton Store), Davenport; Ilall-Eckfelt Furniture Co.,
Ottumwa; S. F. Baker Medicine Co., Keokuk; C. Hafer Lumber Co., Council Bluffs; David Bradley & Co.,
Council Bluffs; Daley & Lang Co. (two), Sioux City;
Ketchum & Gaston Co., Marshalltown; E. J. Hatha
way & Co., Sioux City.
G. A. R. M IN N EAPO LIS.
Excursions via the Minneapolis & St. Louis R. R.,
the shortest, quickest and best way. This line has
been chosen by the Crocker Post of Des Moines and
many other posts as the “ Official Route” and a spe
cial G. A. R. train wTill leave Des Moines at 1 1 :30 a.
m., August 13, arriving at Minneapolis 8 :30 p. m.
All comrades and their friends are invited to join this
train.
In addition, the regular trains leave Des Moines
8:15 a. m. and 9:05 p. m., arriving Minneapolis •6 :48
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
S U P P L Y H O U S E in the W e st
p. m. and 7 :25 a. m., respectively. We distance all
competitors. Note early arrival at Minneapolis.
Morning train carries cafe-parlor car ,serving all
meals. Night train free reclining chair car and new
electric lighted sleepers; also tourist sleeping cars
on August 13. Double birth, accommodating two
people $1 .00 .
Round trip from Des Moines $5.95. Tickets on sale
August 11, 12, 13 and 14. Limit August 31, with
privilege of extension to September 30, on payment of
50 cents extra Special rates one cent a mile from all
other points.
Ask your agent to sell you via the M. & St. L., and
you will have the best possible trip.
For further particulars, maps, etc., call on your
local agent or address W. K. Adams, D. P. A., 512
Walnut Street, Des Moines, Iowa.
9
A successful financier, with a reputation for conser
vatism, was approached by a callow, but hopeful
friend seeking advice in regard to an intended in
vestment.
“ Jones wants me to take some mining stock that
he says will pay at least fifty per cent per annum and
is a sure thing, ’ ’ he said.
The financier stroked his mustache. “ Well,” he
said slowly, “ personally I should prefer five per cent
with a little uncertainty.” — Exchange.
SUM M ER TOURIST EXCU RSIO N S V IA CHICAGO GREAT
W E STE R N R A IL W A Y .
To points in Alberta, Arizona, British Columbia, Cal
ifornia, Idaho, Montana, Oregon, Washington and
Mexico City. Stopovers and side trips allowed. Tick
ets on sale daily to September 15. Final return limit
October 31. For full information apply to E. J. Saw
yer, City Ticket Agent, 514 Walnut Street, Des
Moines, Iowa.
$5.95 TO ST. PA U L A N D M IN N E A P O LIS A N D RETURN.
Via Chicago Great Western Railway account G. A.
R. National Encampment at Minneapolis August 13 to
18. Tickets on sale August 11 to 14. Return limit
August 31 with extension privilege. For further in
formation apply to E. J. Sawyer, C. P. & T. A., 514
Walnut Street, Des Moines, Iowa.
THE
44
NORTHW ESTERN
BANKER.
A u gu st,
iq c 6
.
r A A AAAA^SAAAA AAAAAAAA/
Capital, $ 1 0 0 ,0 0 0
Surplus and Profits, $ 1 1 3 ,9 1 5
ESTABLISHED 1370
jj
it
5
W A N T E D
Merchants National Bank |
of
B U R L I N G T O N , I OWA .
J. L. EDWARDS, President.
JAMES MOIR, Vice-President.
ALEX MOIR, Vice-President.
F. L. HOUKE, Assistant Cashier.
C. L. FULTON, Assistant Cashier,
YOUR
ACCOUNT
rgnnnrgrgsvn
G entlem en:
IN V IT E D .
5
jj
Jj
|
jj
jj
Position as bookkeeper or teller in
city bank. Have had five years ex
perience. Address 0. H. G. by letter
or wire, care Northwestern Banker.
jj
g
«««««««« «rrnvinrc¿5
Y o u r Attention,
F A R M L O A N S OUR SPE C I A L T Y
We have facilities for placing large quantities
of Choice Farm Loans at low rates.
Your business solicited.
Local correspondents wanted.
Cordially yours,
D E: F O R E S T
BOWMAN, B ro k er.
Citizens Natioral Bank Building, Des Moines, Iowa.
H AR VEST RATES.
The Minneapolis & St. Louis Railw ay will sell
daily during A u g u s t , harvest tickets at special rate
of $14.50 from D es M oin es to principal Minneso ta
and D akota points, such as Fargo, Grand Forks,
M in o t, Devils Lake, etc., with special certificate
returning.
W e will also sell round trip rates daily
until Septem ber 30th, g oo d to return until October
31st, to Fergus Falls and return $15.00, Detroit,
Minn, and return $16.30, Minnewaukan, N . D . and
return $19.20, Devils L a k e, N . D . and return $19.75.
Tw o solid through trains leave D e s Moin es 8:15 a.
m . and 9:05 p. m
m aking the through connection
with all northern lines.
Call at the city ticket office, 512 W a ln u t St. our
address •
D . B. Ransburgj C. P. A .
W . K . A d a m s , D . P. A.
A D D IN G M A C H IN E IN E R IN G E N T S .
Trenton, N . J., July 23, 1906.
Suit for infringement and injunction was filed
here to-day in the United States Court by the
Burroughs A d d i n g Machin e C o m p a n y of Detroit,
M ichigan, against the Pike A d d i n g Machine C o m
pany of O ran ge, N e w Jersey. This suit has been
expected for some time by people conversant with
the adding machine business. T h e bill asks for a de
cree of infringement, an injunction and an ac
counting.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
T h e Burroughs A d d i n g Machine C o m p a n y of
Detroit, Michigan, has filed a suit for infringe
ment and
injunction against the
Adding M a
chine
C om pan y , manufacturers
of
the
W ales
adding machines.
This suit, which was filed in
the United States Court has been expected for some
time b y people conversant with the adding machine
situation.
T h e bill asks f o r a decree of infringe
ment, an injunction and an accounting.
L. B. Barlow, assistant cashier of the Iowa Trust
and Savings bank, and E. A. Slininger, assistant
cashier of the Peoples Savings bank of Des Moines
have been elected representatives of the Des Moines
the national meeting which takes place at Atlantic
chapter of the American Institute of Bank Clerks to
City, N. J., Sept. 6 , 7 and 8 . L. M. Risely of the
Valley National bank was elected alternate.
Public Auditor :: Accountant
C. A. MAST,
B a n k s in D a venport,
DAVENPORT, IOWA
45
THE NORTHWESTERN BANKER.
A u gu st, 1906
1 ^ ° The Victor Manganese Steel Bank Safe
W as the only Manganese safe at the World's Fair*
St. Louis 1904 to take the Grand Prize and High
est Award in Department D, Group 41, Class 238.
The only official classification, and the only group in which all the
safe companies competed.
The victor Manganese steel is made by the Hadfield Process, and
is the only safe that has never been opened by burglarious
methods.
Write for catalogue 57 B.
Im p r o v e d
and
T h e V ic to r Safe an d L o c K Co.,
patented.
C I N C I N N A T I , O H IO .
The C i t i z e n s
C en tra l N ational B a n k
OR N E W Y O R K
320 Broadway, at Pearl and Thomas Sts.
CAPITAL,
SURPLUS AND
PROFITS $3,300,000
Depositary of the United States, State of New York and City of New York.
W e invite the accounts of Merchants, Manufacturers, Importers, Exporters,
Corporations, Individuals, Banks and Bankers.
The Fidelity & Casualty Company,
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
97 to 103 Cedar St., New York City
A ssets ............................ ..............
Capital arid Surplus.............................
Losses Paid to January I, 1906
$ 7,683,067.93
2,986,463.85
21,742,060.27
T H IS C O M PAN Y G R A N T S IN S U R A N C E A S F O L L O W S :
Bonds of Suretyship for persons in positions of trust, Fidelity Bonds, Burglary, Plate Glass,
Steam Boiler,
Fly Wheel, Employers, Public, Teams, Workmen s Collective, Elevator and Gen
eral Liability; Personal Accident, Health and Bonded Attorneys List.
DIRECTORS.
46
TH E
NORTHW ESTERN
BANKER.
A u gu st, 1906.
YELLO W STO N E
NATIONAL PARK
VIA
AND THE
G
a r d in e r
G
ateway
Unexcelled in its scenic attractions; its natural phenomena are
wonderful. Fine hotels; the most delightful coaching trip in
America; a constant panorama of Splendid Scenery. lt ;s an
ideal place for a summer outing of a week, a month, or the
season. Wtite A. M. Cleland, General Passenger Agent, St.
Paul, Minnesota, for full information.
“ WONDERLAND
8 9 0 6 ” T e l l s a b o u t it.
S e n t for six cents,
Northern Pacific Railway
For d e t a ils of lo w ra tes w r i t e F . O. R O C K W E L L , D is tric t P a s s e n g e r A g o n t "
3 1 8 C itize n s B a n k Bld g., Des M o in e s , ?owa
V a l l e y R a tio n a l P>anf)
O F
D E S
S E C O N D N A T IO N A L
M O I N E S
B A N K OF DUBUQUE. IOWA
Condensed Statement, June 18, 1906.
COMPTROLLER’ S CALL
Report of Condition at Close of Business J une 1 8 , 1 9 0 6 .
RESOURCES
Cash-
Loans and Discounts........................................... $1,271 691.39
O verdrafts........................................................
’
’ 738 ] 72
Municipal and other Bonds..............................
114,663.57
Banking H ouse.........................................................
20JOLOO
none
Other Real Estate..................................................
Furniture and Fixtures........................................
none
Premiums on U ,S. Bonds.......................................................none
United States B onds..............................................
295,020.00
Cash and Exchange..............................................
590 ,’ 346!60
Total ................................................................$2.292,460.08
L IA B ILITIE S
Capital S to c k .......................................................... $ 200,000 CO
S u rp lu s........................................................
100,000.00
Undivided Profits (n e t).................
12 433 ss
Circulation................................................. . U V :
Isg^OthOO
DeP°sits ............................................
1,790.224.20
Total •••............................................................$2,292,460.01
R. A. C R A W F O R D , Pres. D. S. C H A M B E R L A IN , V ice Pres
W . E. B A R R E T T , Cashier.
ACCOUNTS
S O L IC IT E D .
OF
BANKS,
AND
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
G IV E N
F IR M S
Jt Jt
AND
CAREFUL
IN D IV ID U A L S
A T T E N T I O N :::::
RESOURCES.
w V tk fU
W •-,.................................................. $131.349.83
W hOther Bank. .........
With U. S. Treasurer
— .........
333,918.46
ki5,000.00
483, 263.29
L oa n s.........................
.............................. «909,630. 40
Bonds and Other Securities................. ^55,'251X83
Overdrafts.....................................
’ 603.17
- Banking House and Real Estate
60,000.00 1,415,484.40
Total ............................
I n v e st m e n t s —
CD
$1,888,752.69
.
Individuals..................................................... «560,617.02
B a n k s .......................................................................... 5 / 3 914.16
D epo sits —
l ia b il it ie s
Cafetal— Stat6S............................................. 66,239.07-«l, 200,850.25
Paid in ...- - - - - - - ........................................ 300,000. 00
C
,RcciliP
ATi“
Pr0fitS.......................................... 97’ 9(K 4-t
c ir
ula
t io nnd
. .....................................................................
397,802.44
300,000.00
r ° t a l ......................... .................................................. «1,898,752.69
Phis bank transacts a commercial business only, and
pays no interest except on balances of other banks
OFFICERS :
J. K. D e m in g , Pres.
W . H. D a y , Vice-Pres.
H e r m . E s c h e n , Cashier
DIRECTORS :
O h a s . H. Br a d l e y , J a m e s M. B u r c h ,
W .H .D a y ,
H.B G l o v e r
J. E . D e m in g , F. A R u m p f , G e o . W . K i e s e l
TH E NORTHW ESTERN BANKER.
A ugust, 1906
The
C ham berlain
Des M oines, Iowa
TH E N E W E S T E U R O P E A N PLA N T H E BEST
T H E O N L Y F I R E P R O O F H O T E L in I O W A
47
50 SWiTZERLANOS IN ONE
are to be seen along the line of the
CANADIANPACIFIC RAILWAY
The most wonderful and majestic scenery in the world.
Excursion R a tes in ef e c t all S u m m e r to t h e P a c ific
C o a s t. $ 6 4 . 8 0 f ro m Des M o in e s .
Correeponding rates from other points.
Write f jr information regarding our persona'ly conducted tours to
the Canadian Rookie, July 11th and Aug. 1st ani to Alaska July 7th,’06.
TO EASTERN CANADA AND NEW ENCLAND
Cneap excursions from Chicago and stations on the Wabash
K. R. via Detroit and the Canadian Pacific R y ., at
O N E F A R E P L U S S 2 OO
good for 15 days, and plus $4.00 good for 30 days.
T ) Baralian point? d a ily , June 15th to S eptem b er 30th; to New E n g
land points June 15th to 30th, July 18th, August 8th and ¡-2(id,
September 5th and 19th.
Trip through the Thousand Islands and Rapids of the St. Lawrence at
slight additional cost.
Further particulars from
P o s it iv e ly F ir e p r o o f; Construction-Stone, Brick and Steel
No Wood, except doors and frames; All Stairways Marble and
Iron; all Floors Tile and Cement; Perfect Sanitary Plumbing.
15) Rooms, 75 with Bath. Rates, $1.50 to $3.50 per day. Cafe
prices reasonable and service excellent.
A. C. SHAW
G en eral A g e n t C a n a d i a n P a c i f ic Ry.
C H IC A G O
W. L. BROWN Prop, and Mgr.
C h ica g o and Return
$ 0.00
Ü®
rnrnm
Aug. -4,5,0 and 11,12,13
21 H O U R S
Hfe)
St. Louis to New Orleans
I
20 H O U R S
St. Louis to Mobile
T h e F inest o f Pullm an L i
b rary, O bservation, D raw ing
R o o m S leep in g C ars, W id e
\ V estib u led C oach es and
K\ D iningC ars,w ith E lectric
l| jj\ L igh ts and Fans, are
used in the Lim ited. ,
Ö^NTGOMERY
via
R O C K IS L A N D
jAGKgOiyjLt^
| ^ auc§ s3n&
For tickets and reservation apply to
G eo. IV. K line, C. P. A .
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
4 2 3 W a ln u t St.
48
THE
NORTHWESTERN
BANKER.
A u gu st,
1906.
A STORY OF RESULTS
T h e results achieved by the Des Moines Life Insurance Com
pany of Iowa for the six months ending June 30, 1906, as shown
by the statement of the auditor of the company, are exceedingly
gratifying to its management and attest the confidence of the people
in Iowas leading Insurance Company, whose financial standing has
never been questioned during the storms of criticism in insurance
circles during the past year.
1 he report is submitted below.
Read it.
Des Moines, Iowa, July 2, J9Q6
T o the Officers and Directors of the Des Moines Life Insurance Company!
I herewith present comparative financial statement of the Des Moines Life Insurance
Company for the six months ending June 30, 1906.
Total Income to June 30, 1906
Total Income to June 30, 1905
-
»
-
Net Increase
or 16 per cent.
Premium'Income to June 30, 1906
Premium Income to June 30, 1905
$ 501,967.70
434,362 33
Insurance in Force June 30, 1906
Insurance in Force June 30, 1905
67,60537
-
Net Increase for Year
Net Gain Insurance in Force First simonths 1906
Net Gain Month of June
Amount Insurance issued first six
months 1906
Amount Insurance issued first six
months 1905
$ 365,532.05
325,178 74
-
Net Increase
« $
40,353.31
or 12 per cent.
Interest and Rent Receipts to June 30, 1906 $ 34,658 96
Interest and Rent Receipts to June 30, 1905
15,706 96
Net Increase
or 120’ per cent.
Investment (Mortgage Loans,) 1906
Investment (Mortgage Loans,) 1905
Net Increase
82 per cent.
-
-
-
$
-
-
Net Gain
or 43 per cent.
18,952.00
Death Rate to Mean Insurance in force
June 30, 1906
Death Rate to Mean Insurance in force
June 30, 1905
$ 155,700.00
85,375.00
$
-
70,325.00
Decrease
$23,788,080.03
20,180,604 50
$ 3,607,475.50
$ 1,497,800.50
$
114,000.00
$ 3,387,831.50
$ 2,365,033.50
"$ 1,022,798.00
.014 per cent
.050 per cent
.006 per cent
Respectfully submitted,
W. S. D O N A H E Y , A u d i t o r
EXCELLENT,.OPENING IN IOWA TERRITORY TO AGENTS OE ABILITY
AND INTEGRITY.
ADDRESS:
C. .E. RAWSON, President, Des Moines, Iowa
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
@FedFRASER