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Volume IL
Des Moines, Iowa, December, 1897.
ESTABLISHED 1876.
S. A. ROBERTSON,
GEO. A. DISSMORE,
President. .
Oashier.
CAPITAL,
SURPLUS,
S100,ooo.
30,000,
~
ICITIZENS
EDITORIAL, '
-
-
-
-
-
Iow~::;Ks MusT REORGANIZE AT
lowA NATI
BANK.
0 NAL
-
6
6
AN IMPORTANT NEBRASKA DECISION,
7
ARE You ON THE LooK OuT?
STATE AND SAVINGS :8ANKS,
Accounts of Banks and Bankers'solicited
on favorable terms. School and Municipal Bonds negotiated. Collections
handled promptly. Designated reserve agent for National Banks.
DIREOTORS:
S. A. Robertson, Pres't,
Jas. Cunningham,
Geo. A. Dissmore, Oash'r, Geo. S. Redhead,
H. A. Elliott,
Frederick Field,
E. H. Hunter,
H. R. Heath,
J.M. Goodman.
M. T. V. Bowman,
Dr. W. H. Dickinson,
E. D. Samson.
-
LIABILITY OF BANKERS,
INTEREST ON BANK DEPOSITS, -
-
w"
PORTRAIT-ARTHUR REYNOLDS,
A
NEW PRESIDENT FOR
THE
. . . . .. . . . . . . . . . . . . .
r
MINNESOTA NEWS AND NOTES,
IOWA NEWS AND NOTES,
- . $200,000.00
- 100,000.00
14
- 14
J. G. ROUNDS, President.
A. LEDERER, Vice-President.
GEU RPEARSAL4 Cash~~
14
-
- IS
16
- 17
ACCOUNTS SOLICITED.
7
Cash Capital, $50,000.
Surplus, -
-
SURPLUS,
12
DES
CONDITION OF MINNESOTA BANKS,
NEBRASKA NEWS AND NOTES,
DES nOINES, IOWA.
- 13
MOINES NATIONAL BANK,
GENERAL NEWS AND NOTES,
,.q<:i,"
CAPITAL,
- II
PORTRAIT-GEORGE M. REYNOLDS,
,,i, "'-..
8
8
9
A :PROMINENT IowA BANKER MOVES
TO CHICAGO,
NATIONAL
BANK,,,..-_IIII..,.
O
5
CONSOLIDATED STATEMENT OF IOWA
..s.1,.i.:,t.aillll►
•------Des Moines, Iowa·
Number 12.
f
Davenport Savings Bankf
$50,000.
DAVENPORT, IOWA .
... THE ...
Capital,
- $ 250,000
Undivided Pro.its,
81,000
Deposits,
2,219,847
People's
Savings
Bank ....
Business
Solicited.
OFFICERS:
ANTHONY BURDICK, President.
LOUIS HALLER, Vice-President.
HENRY C. STRUCK, JR., Cashier.
OTTO L. LADE BERGER, Teller.
~ e s Moines, Iowa.
"'
... DIRECTORS ...
C.H . Martin. J. A. Garver.
A Sheuerman.
O. H. Perkins.
Martin Tuttle .
o. c. Loomis . w. R. Warfield.
A. Di~y.
Martin Flynn.
.... OFFICERS....
Martin Flynn, Pres.
Adam Dickey. V.-Pres.
DIRECTORS:
i
it
........,,',rl,.......,.........,.....,,.......,c"'.~~~.~~~:.c~shi~::~~:~~:.~~.:~~~~s~
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Federal Reserve Bank of St. Louis
A. Burdick, Louis Haller, A. Steffen, W. 0. Schmidt, F. H.
Hancock, J. F. Dow, H. Kohrs, W. H. Wilson,
H. 0. Struck, Jr .
CENT INTEREST PAID ON DEPOSITS. MONEY LOANED
5 PER REAL
ESTATE SECURITY IN THE STATE
IOWA.
ON
OF
THE TRI-STA TE BANKER.
2
December, 1897.
... The National Bank. ..
II National Union Bank,;
REPUBLIC
@
.
.
I
I
I
$1,500,000.
I
I
500,000.
®
®
I
OF THE
@
@
Mutual Life Building, 32 Nassau Street,
@
... NEW
YORK CITY...
@
Statement October 5, x897.
ASSETS.. .
United States bonds ...... ...... . .. ... .. ...... .. . . .$ 600,000.00
Premium on same . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
37,42i.66
tSJ;,,, Other bonds . . .. . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
599,429.58
'(!SJ Time loans on collateral .. . .·...................... 3,221,369.82
Bills discounted . . ...... . : . . . . . . . . . . . . . . . . . . . . . . . . 3,972,619.48
Demand loans on collateral ......... . . 3,596,606.55
.
Due f r om banks ..... ........ . .... ... . . . 778,541.84
ISi>.
Exchanges for clearing house .. ....... 1,787,809.68
'(!SJ
Deposit with United States treasurer
27.000.GO
GLold 1 .t....d. ...... ...... ....... . ......... . 21,297523,672302.0000
ega - en ers . . . . . . . . . . . . . . . . . . . . . . . . . . , , .
Silver, etc .... . ...... . . .. ..... . .......... 136,480.36-10,552, 790.43
@
9
LIABILITIES.
CAPITAL,
SURPLUS,
97
$lS, S3,6a3.
Capital stock .. .. . ............ .. .. ..... $1,!00,000.00
Surplus........ ... . . . .... ..... .. .... . ... . 600,000.00
Unctiv. profits (less exp. and tax. pd.) 155,653.09-1,955,653.09
Circulatin~ notes ... ·. · ···..... ... .......
528,207.50 ISi>.
Due depos1tors-Ind1 viduals .. . .. . .. .. 11,900,304.48
'(!SJ
"
"
Banks ........ ... .... 4,599,438.90- 16,499,743.38
-@
$18,983.6a3.97
... Directors...
SAMUEL D. BABCOCK,
AUGUSTUS D. JUILLIARD.
JOHN D . CRIMMINS,
DANIEL S. LAMONT,
FREDERIC CROMWELL.
RICHARD A. MCCURDY.
G. G. HAVEN.
FREDERIC P. OLCOTT.
R. SOMERS HAYES.
HENRY H. ROGERS.
Jos.
HENDRIX,
H. McK. TWOMBLY.
WILLIAM C . WHITNEY.
c.
@
@
/Sl>..
/Sl>..
'(!SJ
OFFICERS:
OLIVER S CARTER, President.
EUGENE H. PULLEN, Vice-President.
CHARLES H . STOUT, Cashier.
W. B . T. KEYSER, Asst. · Cashier.
Accounts of Banks and Bankers Received.
'(!SJ
/SI).
'QS:/
CORRESPONDENCE SOLICITED .
/Sl>..
b~SG~H11::~~~~
. . ..................................:;. . . _. . _. .-.- ........Vi~~~~~~~l~:~t @
w
E. o:
LEECH . . . . . . . . . . . . . . . Second Vice-President and Cashier.
~~-@®®®®®®®®®®®@®®®®
LAUGHLIN
FOUNTAIN PEN
OF NEW YORK.
United Bank Building, Cor. Wall Street and Broadway.
Buy and sell United States Bonds and make transfers and
exchanges in Washington without additional charge.
NEVER DRIPS
NOR SKIPS .
The best known, and known to be the best fountain pen in the world. Hard rubber reservoir holder
fitted with finest quality 14 K Gold Pen and guaranteed satisfactory in every respect, or moµey refunded.
Mailed to any address upon receipt of $1.50. (Sent to responsible parties upon approval.) Write for Catalogue.
Address
LAUGHLIN MFG.
DETROIT, MICH.
co.,
WE carry in stock all kinds
of CHECK PROTECTORS.
.
Prices from $6.oo to $25.00. Have some bargains
in SECOND HAND MACHINES, Will exchange new for old.
Write to us before purchasing elsewhere.
ScHWAAB STAMP& SEAL Co.
MILWAUKEE, Wis.
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Federal Reserve Bank of St. Louis
THE TRI-STATE BANKER.
December, 1897.
3
- - -- - THE _ _ _ __.
·The Best Bankers'
FIRST NATIONAL
Publications.
••••
~
K
Corner Monroe and Dearborn Streets,
CHICAGO.
CAPITAL, $3 ,000,000.
SURPLUS, $2,000,000.
a tlegulatt Banking Business :r11ansaeted.
TRAVELERS' OREDITS issued available in any part of the
world. TRANSFERS OF MONEY MADE BY TELEGRAPH AND
OABLE and EXOHANGE DRAWN at customary usances, on the
principal cities of the United States, Europe, Japan, Ohina and the
East Indies.
·
All kinds of FIRST-OLASS INVESTMENT SEOURITIES dealt
in. Oonstantly .on hand and for sale at current rates a full line of
GOVERNMENT BONDS, Municipal and Local Bonds, Ohoice Railroad Bonds.
·
Oollections carefully made and proceeds promptly accounted for
on moderate terms. Accounts of banks and bankers solicited.
BANK OFFICERS:
S. M. NIOKERSON, President.
JAMES B. FORGAN, Vice-Pres
GEO. D. BOULTON, ~d Vice-Pres. RIOHARD J. STREET, Oa.shier.
HOLMES HOGE, Asst. Cash.
FRANK E. BROWN. 2d Asst. Ca sh.
~----~
f - - ---------
The Bankers' Magazine - oldest bankers' publication in
America. Established 1846. Terms, $5.00 a year.
Has over double the circulation of any other bankers' publ1ca t1on
in the United States.
Advertising Rates low considering the large circulation
guaranteed.
'flfiir Rhodes' Journal of Banking and the Bankers' Magazine have
been consolidated.
The Bankers' Directory. Issued in January and July - corrected to date. Price with marginal index, $4 a copy ;
both editions, $7. Plain, $3 a copy; $5 a year.
Practical Banking (Methods and Machinery of). By Claudius
B. Patten, for many years Cashier of the State National
Bank of Boston.
" The best Book on Banking in the English language."
Price, $5 a copy, or to Bank Clerks $3 .50 a copy when
ordered in lots of ten copies and over.
The Bankers' R.eference Book. Ratings of National and
State Banks, Private Bankers, Loan, Trust and Investment
Companies, Collection Agents, Brokers, etc., for confidential use. Terms on application.
BRADFORD RHODES & CO.,
Publishers.
78 William Street, NEW YORK.____,,,;.
NOTICE. Orders for the Bradford Rhodes & Co.'s Bankers' Publications received at publisher's rates by THE TRI- STATE BANKER,
Des Moines, Iowa.
•
··· 0 hmer~. . . . .~
Dust Proof .. . .. .
Filing Cabinets,
ri~YT~~~7
For the preservation of Letters,
· Documents, Checks, Signature
Cards, Blanks, Stationery, Bills,
etc., free from dust and ready
for instant reference, are the
FAST LINE
BETWEEN
CHICAGO
DUBUQUE
ST. PAUL
MINNEAPOLIS
WATERLOO
CEDAR FALLS
MARSHALL TOWN
D E S MOINES
ST .JOSEPH
KANSAS CITY
F. H. LORD ,
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Federal Reserve Bank of St. Louis
G. P. & T . A ., C HICA GO
l BEST i
~
IN
THE
j
~~~~
Every bank should have at least one suitable
cabinet. Write for Illustrated Catalogue and
Price List, and make a selection. Special
designs and estimates for
Bank and Store Fixtures.
cw-~
If you are erecting a new building, or
refitting your present rooms, write
The
M. Ohmer's Sons Co.,
Dayton , Ohio, U. S. A.
THE
4
TRI-STATE B A NKER.
CENTRALLY LOCATED
And Well Equipped For Handling Country Accounts.
.•. THE...
I
l
I
Cedar Rapids National Bank ofIowa
December, 1897.
G . B . SHAW , PRESIDENT .
J . R . CHAPMAN , CASH I ER .
JOY MORTON , V I CE-PRE S ID ENT .
W , L . MOYER ,
L . C . WACHSMUTH , 2D VI C E-PREST ,
0. C .
AS S ISTANT
DECKER ,
2D
AS S T .
CAS HI ER
CASHIER
CAPITAL, $1,000,000 .
LSTATEMENT,l
THE
AMERICAN TRUST
AND
SAVINGS BANK ....
NORTHWEST CORNER LASALLE AND MADISON STREETS ,
... CHICAGO ...
Transacts Strictly A ..
Commercial Business.
STATEMENT OF CONDITION .
OCTOB E R 26 , 1 897 .
RESOURCES.
A. T. AVERILL, President.
G. F. VANVECHTEN, Vice-Prest.
RALPH V ANVECHTEN, Cashier.
Capital,
$200,000 . . . • . . . . .
Undivided Profits, $30,000.
LOANS AND DISCOUNTS ,
OVERDRAFTS SECURED ANO UNSECURED ,
UNITED STATES BONDS,
OTHER BONDS ANO STOCKS,
CASH ON HAND,
DUE FROM OTHER BANKS ,
CHECKS AND OTHER CASH ITEMS,
COLLECT I ONS ,
-
-
$ 3, 86 6,3 85 . 34
20 ,1 44 . 3 9
- 81 . 854 . 78
233 , 295 . 0 9
- 516 , 683 96
- 1, 50 3, 122 14
- 1 01 , 162 ao
4 , 672 . 11
$6 , 407 , 320 . 0 1
LIABILITIES.
Davenport National Bank,
DAVENPORT, IOWA.
You r Account s and Collections Solicited.
CAPITAL STOCK PAID IN ,
SURPLUS f'UND ,
UNDIVIDED PROFITS ,
SAVINGS DEPOSITS , SUBJECT TO NOTICE ,
DEPOSITS , INDIVIDUAL, SUBJECT TO CHECK ,
DEMAND CERTIFICATES OF DEPOSIT ,
CERTIFIED CHECKS ,
CASHIER ' S CHECKS OUTSTAND I NG ,
DUE: TO OTHER BANKS ,
-
- $1 , 000,000 . 00
80 , 000 . 00
3 9 , 975 . 73
- 410 , 73 1 . 1 6
2, 5 30 , 474.82
92,1 0 9. 98
- 87
, 186 . 62
11 . 7 7 0 . 18
2 , 155 , 071.52
$6 , 407 , 320.01
SPECIAL ATTENTION GIVEN TO ACCOUNTS
OF STATE AND PRIVATE BANKS . . . . . . .
General Commercial Business ..
Officers and Directors.
W. O. HAYWARD, President.
HE NRY EGBERT, Vice-President.
S. D. BAWDEN, Cashier.
S.,F. SMITH.
A. F. CUTTER.
J. B. PHELPS.
M. J. EAGAL.
JOHN W. BAI,LARD.
W. H. SNIDER.
s. L. ELY.
P.
F.
PETTIBONE
(Incorporated.)
... CHICAGO ...
Bank Stationers
:.
..~
==================== ..
~
and Lithog.r apher.s:
WE SOLICIT CORRESPONDENCE
& Co. CAPITALCITYSTATEBANK
·- ........
DES MOINES, IOWA .
,
Fine Russet . . . .
Leather Pass ...
Books and Pocket
~:::~i:;oks.~ ~:
================= .-~--...
. Oto as
- ......LARGE ASSORTMENT 0-F
BANK REGISTERS
_ ,....,..'°'"'"'-
Acts as Trustee and Transfer Agent for Rat'lroads and other Ct1rporatt'ons. Accepts Trusts created by 1f7ill or otherwise. Issues Interest
Bea ri'ng Ce·r tijicates of Deposi't. Legal Depository for Executors and
Trustees. Tra nsacts a General B anking Business and Solicits Accounts
of Corporations, Firms, and Individuals.
And other Forms kept in stock.
Capital and Surplus Additional Liability of Stockholders
$115,000
- $roo,ooo
OFFICERS.
DIRECTORS .
A. HOLLAND .............. .
. . .. .. . . . . . . .. .. .. . P r esident
Jas. Callanan,
J. S. Patten,
J. D. McGarraugh,
M. P . Turner,
A. Holl and,
J. A. T. Hull,
Leander Bolton,
M. P. T URNER ............ .
............... Vice-P r esident
J. A. McKINNEY ..... . ..... .
...................... Cashier
M. M. PATTEN ............ .
.. .... . ,. .... Assistant Cashier
:t~\!rad.
HenrW~
1
Under direct supervision and jurisdiction
of the Auditor of th~ State of Iowa •• • •
Interest Allowed on Special Deposits.
We R.espectfully Solicit Your Patronage.
Bankers' Mutual Casualty Company
DES MOINES, IOWA.
DIRECTORS:
CHAS. R. HANNAN, Cashier Citizens State Bank, Counoil Bl u ffs, Ia.
J. K . WOODWORTH, Cashier Com'l State Bank. Marshalltown, Ia.
J.M. DINWIDDIE, Cashier Cedar Rapids Sav. Bank. Cedar L{apids.
J. G. ROUNDS, P r esident Citizens National Bank, Des Moines, Ia.
A . U. QUINT, President State Bank, Scranton, Ia .
. O'DONNELL, Pres. Citizens National Bank, New Philadel ph ia, 0.
WM. A. GRAHAM, Cashier Citizens Bank, Sidney, Ohio.
F . M . RUDD, Cashier L. Rudd & Son B ank, Bronson, Mic h.
M . D . WAGNER, President H u ron Cou nty Bank, Sand Beach , Mich .
DIRECTORS :
G. R. MOORE, P r esident State B ank, Jackson. Minn.
JOHN H. LEATHERS, Cashier Lo u isville Banking Co., Louisville, Ky.
C. F . SMITH, Cashie r First National Bank, McGr <:igor, Texas.
J AS. FERGUSON, V.-P . Nort hwestern Nat. Bank, West Superior, Wis.
A . E. SPALDING,1... Cashier Ainsworth Savings Bank, Ainsworth, Ia.
E . B. BRANCH. v maha, Neb.
E DWI N GOODALL, Des Moines, I owa.
11' . E LMO RE, Cashier B ank of Win chester, Kansas.
J . D. GERLACH, Cash ier First National Bank, Chester, Illinois.
INSUR.ES against burglary and robbery of bank. Absolute security at actual cost. The safe delivery of money and
securities shipped by registered mail. Better, safer, cheaper than by express. Organized and conducted by bankers. Con fines its business to banks. Correspondence solicited.
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Federal Reserve Bank of St. Louis
ti
~be ~rf==State l3anRer.
VOLUME II.
DES MOINES, IOWA, DECEMBER, 1897.
$2.00 PER ANNUM .
THE TRI-STATE BANKER, .
PUBLISHED BY
THE TRl=STATE BANKER COMPANY
GEO. G. HUNTER, MANAGER.
MANHATTAN BUILDING, DES MOINES, IOWA.
A monthly bankers' Journal devoted to the interests of bankers
in the Middle-West.
All communications and news items of local interest to bankers
in this territory are requested.
Subscription, $2.00 per annum; single copies, 20 cents.
Advertising rates on application.
Entered at Des Moines Postoffice as second class matter.
THIS issue closes the second volume of THE TRISTATE BANKER. We take the opportunity to thank
our patrons for their co-operation and hearty support,
without which success could not have been attained.
The success of the journal from the · very start has
clearly demonstrated that such a paper, devoting its
attention to a comparatively small territory, and the
financial matters and local bank affairs of especial
interest and value to bankers in that territory, is
valuable to them, and appreciated by them. The
coming year will see many improvementr, and enlargements that will make our journal still more helpful.
We ask a continuation of your patronage. Our utmost endeavor shall be to merit your continued support.
***
IT WILL be seen by the consolidated Iowa state and
savings banks report, printed in this number, that the
deposits have increased 10 per cent since the last report, a period of three months and five days. The
statements of the national banks for the same period
show about the same gain. The increase is the more
remarkable because the period just preceding also
showed a large growth in the amount of deposits held
by the banks. There is no longer a scarcity of money;
indeed, most of the bankers are eagerly looking for
men with good security to whom they may loan money.
The result will be such a re-adj ustinent of loaning terms
that will encourage the use of the surplus money in
new business enterprises and the enlarging of present
facilities.
***
AT THE suggestion of J. M. Dinwiddie, secretary of
the Iowa Bankers' Association, we again call attention
to the protective feature ·of the association that is doing
so much to bring to justice or ruµ out of the state the
petty bank forgers and other criminals who prey on
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Federal Reserve Bank of St. Louis
NUMBER
A Bankers' Journal for the Middle-West.
12.
SINGLE COPIES 20 CENTS .
banks. In . many cases the amounts so lost by the
bank is so small and the expense of apprehending and
prosecuting the criminal so large that he is suffered to
escape and continue his depredations on other bankers.
At the last meeting of the Iowa Bankers' Association
a sum of money was set aside for the purpose o( following up and prosecuting such criminals for the _good
of the banks in general, and that criminals of this
class might be taught to omit Iowa in making up the
list of their professional appointments. Our readers
have doubtless noticed that the officers of the association have been very active in warning banks against
these criminals and in securing their apprehension and
punishment. In this work the association is deserving
of the cooperation of every banker in the state, and
each bank ought to show its appreciation by becoming
a member of the association. If you never attend a
meeting or convention of the members, this protective feature alone is worth many times the cost of
membership and should have your support.
***
There has been a movement started iri Iowa looking
to the passage of a law requiring banks to pay interest
on deposits of public money. The plan proposed seems
to be to put the public funds up at auction and let them
to the highest bidder who can furnish good and sufficient b_ond. That there is need for some reform in the
manner of the care and use of the people's money,
whereby it can be· taken out of politics, few will deny ;
but there are grave doubts in the minds of many as to
the safety and advisability of the remedy proposed.
The first point to be considered when dealing with
money, public or private, is that of security, and no
disposition should be made of it that will decrease in any
measure its greatest possible safety. Under the system
now in vogue in the_state the question of safety and
what banks shall have the care of public funds is left
largely in the hands of office-holders who in many
cases grant the use of the funds as a reward for favors
received or to further their political fortunes. Would
not the letting of public money to the highest bidder
sacrifice in a great measure the safety of such funds?
To the bank that is in urgent need of money and which
sometimes takes great risks for great profits, such
funds are m~ch more valuable than to the stronger and
more conservatively managed banks, with whom the
funds would be absolutely safe, but which could afford
to pay little if any interest on such deposits. But, the
deposits ;ire secured by good and sufficient bonds, it is
said. Experience has demonstrated that " good and
sufficient bonds '' are not difficult to obtain from private
THE TRI-STATE BANKER.
6
individuals, and the same hard teacher has taught that
when such bonds are called upon to make good losses
·there is an ·absence of property and value that is worthy
of a most completely punctured boom town. No reputable surety company could affoi:-d to guarantee safety
without a most thorough and constant examination
and knowledge of a bank's workings and business
which could not be had except at sucb a cost as would
make the paying of interest on public funds by the
bank unprofitable.
IOWA BANKS MUST R.EOR.OANIZE AT ONCE.
Attorney-General Remley has decided that all state
and savings banks organized under the laws of Iowa
must comply with the requirements of the new banking laws, whether they were organized before or after
the Code of 1897 was pas~ed. The new laws make a
numbe~ of important chauges in the government of
banks. Under section · r 866 of the new Code every
state bank in Iowa is required to have its stock held
by at least five directors, while heretofore the number
of directors chosen by each bank has been optional.
There was a tendency upon the part of some persons ..
iµterested in the new law to construe its provisions so
that they could not affect banks organized under the
old laws. For some time Auditor McCarthy has been
receiving inquiries from different parts of the state
regarding this point, and the auditor, after submitting
the question to the attorney-general, receives the
opinion which must finally govern the corporations
affected.
Mr. Remley says that the only theory upon which it
is contended that banks are not required to ·comply
with the law passed after their organization is that the
granting of a charter by the state is a contract between
the state and the corporation, and the state may not
constitutionally impair the obligation of a contract.
In answer to the contention, the attorney-general says
it has been held by the courts that if the state has
reserved the right to repeal or alter the charter of a
corporation, the exercise of this power does not impair
the obligation of a contract. By section 1618 of the
new Code it is provided that· corporations shall at all
times be subject to legislative control, and may be
altered or abridged or set aside at any time. Even
without this express reservation, Mr. Remley holds
that the legislature would still have power to make
any reasonable regulation, and he has no doubt but
that banks already organized must comply with the
new provisions or else go out of business.
The same section of the new Code increases the
number of shares of stock which must be held by each
director. Where the capital stock amounts to $50,000,
each director must hold in his own name at least five
shares; where the stock is between $40,000 and
$45,000, four shares, and so on down the list. The
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Federal Reserve Bank of St. Louis
December, 1897.
question was raised whether or ·n ot the state can legislate a man out of office who, at the time he is elected
to that position, is qualified.
In accordance with, this, the state auditor asked the
attorney-general if directors of banks elected to such
positions previous to the taking effect of the new section, but who do not own the required shares of stock,
are legally entitled to hold their office until the next
annual election of directors without increasing their
holdings of stock, granting that they cannot be
re-elected without doing so. Mr. Remley again holds
that there is no good reason for saying that the law
shall not operate upon banks until some future date
after the law takes effect.
AR.E YOU ON THE LOOK OUT?
SECRETARY'S OFFICE,
}
IOWA BANKERS' ASSOCIATION.
CEDAR RAPIDS, Iowa, Nov. 18, 1897.
Reported by First National Bank, New Hampton, Iowa.
DescripHon.-On November 13th a party claiming to
be H. Wilson, about 35 years old, about 5 feet 10
inches high, smooth face with sandy moustache, wearing gray clothes and soft, black slouch hat, presented
a draft, purporting to be drawn by the Plymouth State
Bank of Plymouth, Indiana, on the Liberty National
Bank of New York City, for $550, which has turned
out to be a forgery. The party has his draft drawn to
one William Brown, and on the back William Brown
says pay to H. Wilson or order.
The scheme seems to be this : He purchased a draft
from the First National Bank, Charles City, for $roo.
This he presents, being identified by someone of not
the best character, but says he is buying horses. This
draft is all regular. About a week after he presents
his draft drawn on the Indiana bank, gets his money,
and the draft turns out to be a forgery. Other bankers
want to look out for him.
This is one more. evidence that this association wants
to put you on your guard. Look well to the identification of parties presenting drafts to be cashed. Interest your police. officers, arrest these frauds, and ad vise
our president promptly. The association will respond.
Ed. Lannon, party ·referred to in a former notice,
worked off another check at Fonda, 13th inst. Look
closely for him.
• TWO MORE.
CEDAR RAPIDS, Iowa, Nov. 18, 1897.
Reported by New Virginia Bank, New Virginia, Iowa.
Description of Parry.-Middle age-40 to 45 years
old,-dark hair, dark moustache drooping at ends, but
trimmed short; height about 5 feet 9 inches, weight
about 160 pounds; a good talker, intelligent; would
be taken for a traveling man; wore dark brown suit.
Mode of Work.-Obtained blank draft, filled it out
for $30, signed it J. H. Saxton, had hotel keeper iden-
THE TRI-STATE BANKER.
December, 1897.
Acts as Reserve Agents for National, State or Savings Banks
THE
$300,000.00 ••••...•..
OF
DEs Mo1NES, lowA ....
. .. Correspondence Invited.
tify and endorse · for him ; was '' buying potatoes and
had to make advance payments to insure delivery,"
etc.; had '' been sick,'' and was in a hurry to get together a car load and make shipment, etc. He drew
on Brayton Bros. & Co., Kansas City. There is no
such firm. He has not been seen since.
Reported by Bank of Lime Springs, Lime Springs, Iowa.
Description ef Parry.-Young man, 30 to 35 years
old; sandy hair, slightly bald, light complexion; height
about 5 feet 5 inches, weight about 130 pounds; gave
name of Ed. Lannon, and passed personal checks on
the banks at Lime Springs, Farmington, Jordan, Dodge
Center, Iowa, and Avoca, Minnesota; always getting
someone to endorse ; checks signed E. Loman or R. E.
Riseland, and payable to E. H. Lansing, E. Lawrence,
and H. N. Hunter, respectively. Lannon is rapid and
fine writer; signatures were poor writing, or appeared
so. No particular method used. · Minnesota bankers
also want him.
The Iowa Bankers' Association proposes to keep you
informed of these operations and thus protect you. If
you will co-operate with the officers they will run these
fellows out of the state or secure their arrest and conviction. See that your police officers get these descriptions and aid you in securing arrest of parties, then
advise the president by wire. Keep us informed of all
attempts to defraud.
CHAS.
R.
HANNAN,
President,
Council Bluffs, Iowa.
J. M.
DINWIDDIE,
Secretary.
AN IMPORTANT NEBRASKA DECISION.
Judge Scott, on November 15th, decided a demurrer
in a case in connection with the closing of the German
Savings Bank of Omaha, which establishes a rule of
vital importance to every banker and depositor in
banks in the state until the supreme court shall have
passed upon the case and affirmed or overruled the
decision.
Last Jan nary Theodore Wollstein filed a suit against
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Federal Reserve Bank of St. Louis
Deqiils of Accounts Carefully Attended To.
DES MOINES NATIONAL
BANK,
Capital,
7
.... OFFICERS ....
REYNOLDS, President, E. A. LYND, Vice-President,
C. B. ATKINS, Vice-President, A. J. ZWART, Asst. Cash.
ARTHUR
the directors of the German Savings Bank, in which
he asked judgment for $3,000.
The claim was that Wollstein sent the money to M.
Wollstein & Co. in this city for deposit in some bank
at interest. The firm chose the German Savings
Bank, depositing the money July 11 1896, and at that
time receiving the statement that the bank was in solvent condition, being referred to the :financial character
of the directors. The bank was closed July 10, imme•
diately following, and the petition asked an individual
judgment against the directors of the institution on
the claim that the directors knew, or ought to have
known, the insolvent condition of the bank, and
should have warned depositors of the bank's insolvency.
The defendants de~urred to the petition, claiming
that it set up no cause of action against them, as the
mere allegation that they knew, or ought to have
known , the condition of the bank without more substantial proof, is not a sufficient charge to warrant the
retention of the suit. Nearly two days were consumed
in argument, as the case establishes a precedent and
the decision would practically settle the issues.
Judge Scott, in a verbal decision, quoted from a
number of federal authorities to the effect that it is the
duty of a national bank director- to look after the
affairs of the bank in which he is interested as closely
and judiciously as he would look after his private
affairs. He applied the same rule to savings banks,
and said that the basis on which all banks stand is
confidence, as without having the confidence of the
people the bank cannot exist.
Depositors have a right to look to the :financial character of the directors of a bank, and the directors are
charged with the duty of being in°formed of the affairs
_of the bank and cannot release themselves from liability
by coming into court after the bank is closed and saying '' I did not know its condition." If the directors
do not know the condition of the institution they
ought to know it.
There is a difference between a civil action and a
criminal action against bank directors for receiving
THE TRI-STATE BANKER.
8
deposits when they know the institution is about to
fail. In a criminal action it is necessary to show an
actual knowledge on the part of the directors, from the
circumstances surrounding the case, or by other evidence. In a civil suit to establish their financial liabilities, however, it is unnecessary to show any actual
knowledge on the part of the directors, of the failing
condition of the bank. It is their duty to know it and
they should know it. The demurrer was therefore
overruled and the~defendants given two weeks to file
their answer.- Omaha World-Herald, November I6th.
December, 1897.
LIABILITIES.
. $16,212,200.00
Capital stock . . . . . . .
Due depositors . . . . . . . · . ; .
50,491 ,525.60
Due banks and others . .
274,213.58
Surplus . . . . .
I ,814,083.49
Undivided profits .
I, 742,506.7 l
Total . . . .
The above statements, made at the close of business
Oct~ber 5, 1895, show the following changes in the
conditions of the banks as compared with the statements made at the close of business June 30, 1897 :
ASSETS.
CONSOLIDATED STATEMENT OF IOWA STATE AND
SA VINOS BANKS.
Consolidated statement of the condition of 168 savings and 205 state banks at the close of business October 6, 1895, as shown by their reports to the auditor of
state in pursuance to call fqr that date : .
ASSETS -
SAVINGS
LIABILITIES.
. $30,233,505,82
1,866,051.62
6,136,841.72
268,297 . 28
1,59 2 ,334.89
Total . . . . . . . .
. $40,096,931.33
SAVINGS BANKS.
Capital stock . . .
Due depositors . . . .
Due banks and others .
·Surplus . . . . ·. . .
Undivided profits .
. . $ 7,101,500.00
Total . . . .
. $40,096,931.33
ASSETS -
31,288,423.07
92,526.85
784,052.68
830,428.73
Deposits, increase .
Surplus, increase
. $5,048,631.44
16,716.47
Total increase
Less capital stock, decrease . . . . . . . $ 75,000.00
Less indebtedness to
banks and others, decrease . . . . . . .
56,519.00
Less undivided profits,
decrease . . . .
198,740.49
Total decrease . . .
Net increase of liabilities
$5,065,347.91 .
$ 330,259,49
4,735,088.42
STATE BANKS.
Bills receivable. . .
Cash and cash items . . . .
Credits subject to sight draft .
Overdrafts . . .
Real and personal property
. $21,324,316.08
2,054,434.98
4,561,646.13
4 94,730.80
2,002,470.06
· $30,437,598.05
LIABILITIES -
STATE BANKS.
Capital stock . . .
Due depositors . . . . . .
Due banks and others . .
Surplus . . . . .' . . .
Undivided profits. . .
. $ 9,110,700.00
19,203,102.53
181 1 686.73
1,030,030.81
912,077.98
Total . . . . · . . .
. $30,437,598.05
Consolidated statement of the assets and liabilities of
state and savings banks:
ASSETS.
Bills receivable . . .
Cash and cash items ..
Cr~dits .subject to sight draft .
Overdrafts . . . . . . .
Real and personal property .
. $51,557,821.90
3,920,486.60
10,698,387.85
763,028.08
3,594,804.95
$70,534,529.38
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Federal Reserve Bank of St. Louis
Net increase of assets
BANKS.
Bills receivable• . . . .
Cash and cash items . . . . .
Credits subject to sight draft .
Overdrafts . . . . . .
· Real and personal property
LIABILITIES -
Bills receivable, increase $2,666,234.31
Cash, increase . .
529,566.51
Credits subject to sight
draft, increase. . . . 1,218,259.64
Real and personal property, increase . . . .
87,585.95
LIABILITY OF BANKER.S.
In the case of William C. Baxter, respondent, vs.
Jerry Coughlan et al., defendants, and Michael Nash,
appellant, the defendant and appellants, officers . and
directors in the defunct Irish-American Bank, of Minneapolis, seek to escape liability for a balance of $32,625.94, due on deposits amounting to $51,577.78 made
and received by the defendants after it is alleged they
knew the bank to be insolvent.
The defendants attempt to place the blame upon the
receiving teller, who performed the physical a<:t of
receiving the money. They claim that he is criminally
liable, and is the one who should be proceeded against.
The supreme court denies this, and . says the receiv- .
ing teller is not in a position to know the condition of
the bank, while the directors and officers should.
The decision of the lower court was that Baxter bas
· a cause of action against the management of the bank .
Here is what the court says in regard to the matter:
1. Where the statute prohibits the doing of an act,
or imposes a duty upon one for the protection and benefits of individuals, if he disobeys the prohibition or
THE TRI-STATE BANKER.
December, 1897.
Capital,
Surplus and Profits
$100,000.00
9
$15 , 200 . 00
The Iowa National Bank
DAVENPORT
CH AS. BEIDERBECKE, Pre si de nt.
A. P. DOE, Vice- President.
CHAS. PASCHE, Ca shi e r.
neglects fo perform the duty, he is liable to those for
whose protection the statute was enacted for any dam- .
ages resulting proximately from such disob edience or
neglect.
2.
Held, construing chapter 2 ro, laws 1895, relat_ing to receiving deposits in insolvent banks , that within
the rule stated the complaint herein, which alleges that
the defendants as directors of an insolvent bank
received from the plaintiff a deposit of money therein
knowing the bank to be then insolvent, of which fact
he was ignorant, whereby he lost the deposit, states a
cause of action.
In a second case, however, the order of the lower
court refusing Baxter an attachment is affirmed on the
ground that :
"Section 5289, General Statutes 1894, does not
authorize the issuing of an attachment on the sole
ground ' that the plaintiff's ·debt was fraudulently contracted, ' in an action where the plaintiff's alleged
cause of action is based ·u pon a tort committed by the
defendants as directors of a bank, in receiving a
deposit therein from the plaintiff, knowing the bank to
be insolvent.' '
I NTER.EST ON BAN K DE POSITS.
M r. Clzaz'rman , Gentlem en of the Convenlion,-It had
not been my purpose to take part in these deliberations
other than to act in the capacity of a sponge , and ab. sorb all the good things that came my way and digest
them at my leisure. But as there seems to be a break
in the program, and I, like all mankind, having a
hobby, and as my hobby is along the ·1ine of the next
on the program, '' Interest on Bank Deposits," if I may
take the time and task the patie~ce of the convention,
I will ride my hobby for a few minutes.
There came one time to a town in which I lived a
small man, a man of unprepossessing stature, pale and
sickly looking. He advertised a lecture to be given
on a certain date. Out of curiosity a great many went
to hear ~im, and to say we were surprised is putting it
mild, and the sense of the audience was voiced by one
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Federal Reserve Bank of St. Louis
New Business Invited
who, on leaving the building, said, "That man belies
his looks.' '
Now, gentlemen, in one respect I am like that man.
I belie my looks. I am, as you see, robust, and it has
been said that I have a good hard cheek, but, gentlemen1 it is not so. I am naturally modest and retiring,
not used to speaking in public, and what few thoughts
came to me on this subject of "Interest on Bank Deposits," I wrote down in a few moments, for fear of
embarrassment and for fear I would forget them, and if
the convention wishes to be inflicted, I will read them.
· It is a mistake for banks to pay interest on deposits,
and should I ever have anything to do about organizing
a new bank, I would never pay one cent of interest. No
one claims that banks are philanthropic institutions, but
all ID'1St admit that they are organized for pure, unsym·pa.t hetic, cold-blooded business, for the purpose of making money fot the stockholders, and if banks will pay
less, yes, if they will pay no interest, they will make
more money, there will be less failures, and the borrowing class, which is by far the larger, will pay a less
rate for the money borrowed .
The principle, the basis, the foundation, is wrong in
the first place. No bank should pay interest. They
are organized for the purpose of loaning money, and to
provide a place where those having more funds than
their immediate wants demand can deposit their surplus
money, and not for borrowing. Paying interest on
money deposited in banks is a habit, and a pernicious
one, and if some person will provide a hospital where
bankers affected with the habit can be cured, they will
give to the race as great, if not a greater, blessing than
did Keeley with his "gold cure." The man who is
called to manage the affairs of a bank is called to one
of the most sacred duties in this world of ours. He
receives the savings of widows and orphans, the funds
of estates as well as those of states and municipalities ;
he is expected to keep them securely and pay them back
on demand, and for taking the risk of so keeping them
and paying them out when called on they are asked to
pay anywhere from $5 to $6 for each $100 deposited
with them. Again, the habit of paying interest on de-
IO
THE TRI-STATE BANKER.
posits has a tendency to make the banker take greater
chances or risks, and is often the primary cause of a
failure. For instance, a person deposits in a bank
$1 ,ooo without interest. The banker, to be on the
safe side, if he is a careful, conservative man, holds in
reserve $400 or 40 per cent of the deposit, on which he
can get from the Chicago banks $6 for a year. He has
$600 to loan, which costs him nothing. He can loan
this at 7 per cent and receive $42, which, together with
the $6 received from Chicago, equals $48. Thus the
banker makes more money at less risk and the borrower gets his money for a less rate. On the other
hand, the . hanker receives $1,000 on deposit, paying
for it, say 5 per cent per annum. At the end of the
year he has to pay $1,050 ; he has to keep the same
$400 in reserve; has the same $600 to loan; be receives
the same $6 from the Chicago banks for the $400 reserve;
he is doing well if he gets 8 per cent for the balance or
the remaining $600, which equals .
. $48
Add the amount received from Chicago
6
Total income from the $1, ooo
Less interest paid to depositor
· $54
. 50
Net proceeds for receiving the $1,000 and being
responsible for its safe return to the depositor . $4
In this case the banker is $44 shy on profits, and the
borrower has paid a higher rate.
Now, we all know that $4 on $1,000 is too small a
margin for the risk run. Every banker when he receives deposits carefully computes the income and the
expense, and figures that he must get back all he pays
out and more, or eventually quit business and go into
liquidation. So, when a borrower comes along who is
not just A1 and offers I per cent per month for $1,000
on security that is a little questionable, be is tempted
( we all know that I per cent per month is a temptation).
He examines the security, shakes his head, hesitates,
and is lost ; says to himself he can get for the $600 $72,
from Chicago $6, total $78, pay the depositor $50 in_
terest and make $2 8. Not bad if his $ 1,ooo is paid
back. He knew the security was not up to his idea,
but by watching the man, the security, and perhaps
spending a few sleepless nights, he may win. He
does ; he wins this time and tries it again ; perhaps he
~s successful a number of times, gets a little more careless each time, saying he is a lucky fellow, until a time
comes when he loses his $1 ,ooo and the profits for a
long time are gone.
You say we will not get the deposits unless we pay
for them. Well, that may be true to a limited extent,
but which is better, to pay big interest for deposits,
take big chances on securities, do a big business, keep a
large force of clerks at good salaries and perhaps make
a loss that will cut a hole in the profits, or to be on the
safe side and pay no interest, take no chances, do a
smaller business with no loss, and in the end have a
larger balance on the credit side of profit and loss?
(
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Federal Reserve Bank of St. Louis
December, 1897.
It is not the amount of business we do, but the
profits we make which tells the story. I don't care if
my competitor does do a larger business, keep more
clerks, pay more taxes, and have a larger expense
account than I do. All I want is to show a good
round balance on the credit side of profit ·and loss at
the end of the year. I have been told that unless we
pay a good round rate of interest for deposits the people will take their money to Sioux City, where they
can get more for it. Now, with all due deference to the
Sioux City banks (than· which there is no better in the
state) I don't believe they want to do business at a
loss just for the sake of doing business, or even at a
profit of $4 per thousand, but if they do they are welcome to it so far as I am concerned. Why, if they
should get $100,000 of such deposits, they are responsible for its safe return to the depositors ; they must take
the chances of forgeries, burglaries, poor securities and
loans, and losses, and for all that risk they would get the
magnificent sum of $400-not enough to pay the janitor. I am not at all afraid of Sioux City getting very .
much of a deposit from our part of the country. But
suppose Sioux City or some other central town does
get it, it will be only for a short time. Man, you
know, is naturally a suspicious animal, and especially
so about banks, and at the first suspicion of a panic
the money deposited away from home will be withdrawn. The average depositor is like my daughter.
When she was a little girl she some way became possessed of a five-dollar gold piece, and after mature
reflection she deposited it in a bank, and the next day
she went down and wanted to know if they had her
money, and when told they had she wanted to see it.
She would do this every time she went to town. She
was shown bills and silver, but she said "That is not
my money, I want to see my money.'' The average
depositor, if anything is wrong, wants to see-the bank
where his money is deposited, to see the banker who
has it under his control. They want to watch· him
and see how often he has a new suit of clothes and
know about how much they cost, see what kind of a
horse he drives, the house he lives in and how his family dresses.
All this they cannot do if their money is in some
distant town, and at the first oppportunity their money
is withdrawn and they bring it home, where they can
put it in a tin can and bury it until they dream of
robbers, and eventually hand it to their home banker
and go home to sound, refreshing sleep, as well as
the banker.
I said before that banks receive the savings of
widows and orphans and some one says it is necessary that they receive interest on their money in order
to live. Well, that may be true in a few cases. No
reform can be inaugurated without a little harm to
some one. The parties who have money to deposit
certainly are not in so bad a condition as those who
THE TRI-STATE BANKER.
December, 1897.
SURETY
BONDS
l l
FURNISHED
Fidelity and Deposit Company of Maryland,
. . . . . . . . . . . . HOME OFFICE , BALTIMORE , MD .
~~~~®®I
IOWA GENERAL AGENTS.
··
Des Moines, T. W. Phillips.
··
Cedar Rapids, J. S. Anderson & Son.
@
Sioux City, Peters & Perkins Company. @
Burlington, Hutchinson & Wesner.
Dubuque, Coates & Robinson.
@
~S®S~S~ie
S
ECO MES SURETY on bonds of bank officials and employes, also on bonds
for contractors and employes of mercantile houses and all others occupying positions of trust. Accepted as SOLE SURETY on bonds given in
Judicial Proceedings in Iowa. These bonds executed on application for same.
(9
Cash Resources , Over
HER.MAN E. BOSLER., Treasurer.
have none and are compelled to borrow, and, as the
borrowing class is much the larger, to look at it from
a philanthropical standpoint it is better for the masses
that banks pay no interest, and parties having idle
money will not keep the funds in a tin can or tied up
in a handkerchief, but will deposit them jtist the same,
and as long as they have funds to deposit they are not
objects of charity. I do not expect and do not wish
to set the world on fire, or to turn it upside down ;
neither do I expect that banks will stop paying interest
from this date. As before stated, paying interest -on
bank deposits is a habit and it takes time to cure it,
and I believe that my position, that it is better for aH
that banks pay no interest, is correct, and I hope to see
the time when banks will not borrow money.
This is but a wedge and some hard blows must be
given to drive it in. But if it will set y~u thinking of
the evils of interest on bank deposits it will accomplish
that for which it is sent out.
MORTON WILBltR,
Cashier Sanborn State Bank, Sanborn, Iowa.
:A P R.OMINENT IOWA BANKER. MOVES TO CHICAGO.
The question is often asked when positions of great
trust and responsibility are to be filled in the larger
cities why men are so often selected from the smaller
cities and country towns over the heads of men who
have been reared in the city and are supposed to know
the conditions and relative relations of business in that
city. It is a social phenomena that grows more and
more interesting as one learns of the surprisingly large
number of successful professional, banking and other
business men whose early training was on a farm or in
one of the smaller towns of the country. No western
state is better represented among the successful men of
the country than is Iowa. She is to the west in this
respect what Massachusetts has been to New England.
The latest Iowa man to be called to fields of greater
usefulness and responsibility is George M. Reynolds, of
Des Moines. The many friends of Mr. Reynolds
among the bankers of Iowa and the west will regret
his departure even while they rejoice in his advancement and the greater opportunities that will come
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Federal Reserve Bank of St. Louis
$2,000,000.
EDWIN WAR.FIELD, President.
with his new position as cashier of one of the largest
and strongest banks in the west - the Continental
National of Chicago.
Mr. Reynolds entered the banking business in 1879
at the age of sixteen_. His first position was floor
sweeper and general utility man in the Guthrie County
Bank, of Panora. In 1886 he went to Hastings, Neb. ,
and organized the Western Loan and Investment Company. After. he had been in Nebraska three years the
Guthrie Bank was reorganized and the Reynolds family
bought a controlling interest in it. He returned to
Iowa and became cashier of the institution. He
remained there until 1893, when he came to Des
Moines as cashier of the Des Moines National. He
occupied this position till 1895, when he was elected
president, a position he has held ever since. Uuder
Mr. Reynolds' management the bank has been built up
till it now occupies a place in the fore fr(?nt of Iowa
institutions, known as one of the most solid and successful in the city and state.
Mr. Reynolds has been active in the work of the
American Bankers' Association, and for two years has
been on the executive council of the association. He
was a canaidate for comptroller under President McKinley and secured a splendid endorsment from bankers all
over the country. He was only kept from the appointment because the position had been promised by President McKinley to a personal friend. Mr. Reynolds is
affable and courteous, keen in discernment, quick in
decision, and firm in the discharge of every duty . As
a student of financial and business problems, he has a
thorough knowledge of the conditions prevailing in
the different sec.t ions of the country, as well as the
causes leading to tliem. His training in Iowa has
given him a thorough understanding of the needs and
requirements of banking in the west.
The Continental National Bank has a capital, surplus
and undivided profits aggregating $2,500,000 ; deposits,
$14,500,000; loans, $10,000,000, and a cash reserve of
about $7,000,000.
Mr. Reynolds assumed his new duties in Chicago
December 1st. It is unnecessary to add that he will
at all times be glad to see western bankers, and particularly Iowa bankers.
GEORGE M. REYNOLD~
Cashier Continental National Bank;.Chicago.
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Federal Reserve Bank of St. Louis
ARTHUR REYNOLDS,
President Des foines
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Federal Reserve Bank of St. Louis
ational Bank, Des Moines.
THE TRI-STATE BANKER.
A New PR.ESIDENT FOR. THE DES MOINES
NATIONAL BANK.
At a meeting of the board of directors of the Des
Moines National Bank, Des Moines, Iowa, on November 20th, Arthur Reynolds was unanimously elected to
the presidency of that institution to succeed his
brother, George M. Reynolds, who has gone to Chicago
as cashier of the Continental National Bank of that
city. Arth tir Reynolds is one of the youngest bankers
in the west to occupy so prominent and responsible a
position. Though young in years he is not young in
the banking business, having worked his way up
through every grade from a beginner in a country
bank to his present position. He began his banking
experience eleven years ago in the Guthrie County
National Bank at Panora, of which his father was one
of the founders. He was assistant cashier of this bank
while his brother George was cashier, and when the
latter came to Des Moines in 1893, Arthur became
cashier of the Panora bank, a position he held until he
was called to the cashiership of the Des Moines
National three years ago. The brothers have been
closely related in all their business relations, and in the
success of the Des Moines National Bank the credit is
shared alike by each. Eight years of Arthur's banking experience was spent in the bank at Panora. This
experience is especially valuable to him now, in that it
has given him a most thorough knowledge of country
bank business-their needs, resources and requirements.
That Mr. Reynolds has demonstrated his ability to the
entire satisfaction of those most interested is plainly in
evidence by his unanimous election to the presidency
by the directors of the bank. He not only has the
confidence of the directors, he also has ·t he utmost confidence of the patrons of the bank, as well as of the
other bankers of the city and ~tate.
At the last ' annual meeting of the Iowa Bankers'
Association Arthur was chosen as chairman of one of
the nine districts into which the state was divided.
The group over which he has supervision is the largest
in the state, comprising twenty counties, of which
Des Moines is the center. He has also been the president of the Northwestern Life & Savings Association
of Des Moines since its organization.
The policy of the bank will not be changed by the
new management. The duties of cashier are being
performed by the assistant cashier, A. J. Zwart. The
election for the cashiership will occur at the January
meeting, at which time Mr. Zwart will probably be
elected to fill the position. The last statement of the
bank shows a capital of $300,000 ; deposits of $1 ,319,921, and loans and discounts of $966,178.
A IO per cent increase in the amount of bank deposits in Iowa in the past three months would indicate
that times are 'still improving.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
December, 1897.
CONDITION OF MINNESOTA BANKS.
Superintendent of Banks Kenyon has issued an
official statement of the condition of the 144 state and
71 national banks in the state at the close of business
October 5. The statement is as follows :
RESOURCES.
STATE BANKS.
NATIONAL BANKS.
Loans and discounts . $18,545,992.31 $31,742,362.21
Overdrafts
153,3°4- 15
88,632.66
U.S. bonds on hand
12,412.50
2,512,520.30
Other stocks and bonds
482,237.58
2,653,4 23.36
Due from other banks 4,135,471.12 16,033, 265.99
Banking houses, furniture and :fixtures .
966,795.41
1,7 24,994. 27
Other real estate .
952,048.04
533,8c2.52
Expenses paid .
33 436.86
Taxes paid
I ,469.02
Checks and cash items
I05,846.51
241,235.65
Exchanges for clearing
house .
494,3I0.05
I ,37o,984.4I
Cash on hand
2, 41 5 , 606. 7 I
7,220,125.25
Other resources
205,212.53
53 1,044.78
Total resources . . $28,799,975.04 $64,326,559: 15
. LIABILITIES.
Capital stock paid in.$ 6,266,200.00 $13,165,000.00
Surplus fund . .
826,085.85
2,358,618.93
Other undivided profits
487,427.41
1,814,466.38
Dividends unpaid . .
23, 193 .85
5,0 1 8.99
Due to depositors . . IO, 164,559.49 34,348,678.55
Due to other banks . . 1,908,566.19 11,025,546.13
Notes and bills rediscounted . . . . .
5,000.00
9,900.00
Bills payable .
22,000.00
40,885.95
Other liabilities
13,892.81
91,331.16
Circulation . . .
1,550,162.50
Total liabilities
GENER.AL NEWS AND NOTES.
Bank robbers at Morganfield, Ky., entered the Union
County Bank while the officials were at lunch and
walked away with $,3000.
Counterfeit silver dollars of greater weight and fineness than the genuine are the latest in the coin maker's
art. Bank tellers have been accepting them without
hesitation. Only when they reached the sub-treasury
were their spurious character detected. One sent to
mint for assay was found to weigh 13 ,½ grains more
than the genuine and was of a :fineness 4 per cent
above the genuine.
Passengers arriving at Chicago by the Chicago, Rock
Island & Pacific Railway can, by the new Union Elevated Loop, reach any part of the city, or for a five
cent fare can be taken immediately to any of the large
stores in the down-town district. A train will stop at
the Rock Island station every minute. These facilities
can only be offered by the "great Rock Island route.':
Aduress John Sebastian, general p~ssenger agent, Chicago.
THE TRI-STATE BANKER.
December, 1897.
The Omaha Savings Bank is now in process of liquidation, preparatory to going out of business.
The companies that furnish surety bonds have long
been the terror of defaulters, embezzlers and others
who betray trusts reposed in them. Without thought
of expense they pursue every criminal of this class
and coldly push the case to conviction. The Fidelity
& Deposit Company of Maryland, .Baltimore, Md.,
is perhaps ~he strongest of the surety companies.
The Hanover National Bank of New York City has
been approved as reserve agent for the First National
Bank of Aurora, Neb.
The National Bank of St. Joseph, St. Joseph, Mo.,
has been approved as reserve agent for the First National Bank of Sutton, Neb.
The officers of the defunct Midland State Bank of
Omaha will probably be prosecuted for accepting deposits when they knew the bank was insolvent.
Attention has been called to the secretary of the
treasury of the advantages of having bank notes of
different denominations made in a color peculiar to that
denomination instead of using practically one color as
is the case now. It is claimed, with good -reason, that
this plan would facilita e very much the matter of counting bills in banks and other places where large amounts
of currency are used, and at the same time it would be a
check to some of the methods used by counterfeiters.
It would seem that there is as much room for different
colors for each denomination of bills as for postage
stamps, and even more.
Thomas H. McCague, receiver of the German Savings Bank of Omaha, reports to the court that he has
received bids on a portion of the unsecured assets of
the bank, amounting nominally to $52,000, and asks
instructions as to which bid he will accept. The bids
range from $82 to $937.
The attorney-general is preparing to commence suit
against the sureties on the depository bond given by
the First National Bank of Orleans to secure the state
money deposited in that institution. When the bank
went into the hands of a receiver the first part of the
present year it owed the state on account of deposits
$20,000. The depository bond was in the amount of
$25,000, and there was an excessive deposit by exState Treasurer Bartley of $7,500.
NEBRASKA NEWS AND NOTES.
The Jefferson County Bank of Daykin is one of the
most enterprising banks of that section of the state.
The First National Bank of Tobias, Neb., has gone
into voluntary liquidation by resolution of its stockholders dated November 1, 1897.
rT. . . . . . . .
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FRANK 0. LOWDEN, Attorneyat-Law.
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Federal Reserve Bank of St. Louis
2
NEW LINE LOCKING DEVICE
AND OTHER IMPROVEMENTS.
-
-
THE TRI-STATE BANKER.
16
December, 1897.
A man has been working off bogus checks for small
amounts on the merchants of Omaha and Council Bluffs.
All of the checks reported to the police were for the
sum of $12, and purported to have been signed by
"James G. Mercier," and were stamped in red ink,
evidently with an ordinary rubber stamp, "James G.
Mercier, paymaster."
John Ludwig, of Winona, to collect a balance of $4,150,
alleged to be due on stock of the bank bought by Mr.
Ludwig.
Attorney-General -Smyth has commenced suit in the
district court of Hall county to recover $10,000 of the
state permanent school fund which was deposited in
the Citizens Natio11al Bank of Grand Island when that
institution closed its doors. The action is in the name
of the state of Nebraska against the Citizens National
Bank, Edgar M. Westervelt, receiver of the bank, and
Joseph S. Bartley.
The Lumbermens National Bank of Stillwater have
made changes in their officers as follows: B. H. Bronson, second vice-president ; A . J. Lehmicke, cashier in
place of R. S. Davis; no assistant cashier in place of
A. J. Lehmicke.
William Glover has retired from the First National
Bank of Aurora as its president, and G. W. Curry bas
been elected to succeed him. Mr. Glover is well known
among the banks and the bankers of the state as being
a financier of ability, and his redreme □ t will be somewhat of a surprise. He is, however, connected with
the Bank of Bromfield. No other changes in the management of the bank are contemplated.
MINNESOTA NEWS AN D N OTES.
The National Bank of Commerce, Minneapolis, has
been appn;>Ved as reserve agent for the First National
Bank of Mankato.
The Northwestern National Bank of Minneapolis has
been approved as reserve agent for the Fergus Falls
National Bank of Fergus Falls.
E. Lomman, alias H. N . Hunter, has been working
Minnesota towns and passing personal checks on the
Bank of Lime Springs, Iowa. He has no funds there.
The National Bank of Commerce has been approved
as reserve agent for the Albert Lea National Bank of
Albert Lea; also for the First National Bank of St:
James.
Gilbert G. Thorne, as receiver of the Keystone
National Bank of Superior1 has brought suit against
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Federal Reserve Bank of St. Louis
John A. Willard, a well known banker of Mankato,
has made an assignment. Mr. Willard estimates his
direct liabilities at about $480,060. All is secured by
what is supposed to be ample security.
The remaining . assets · of the defunct Keystone
National Bank of West Superior, Wis., were sold by
the receiver, Gilbert G. Thorne, of Minneapolis. The
purchaser was R. C. Ogilvie, for $3,750, subject to the
approval of the court.
Another check was received by the bank at Pine
Spring made payable to E. H. Lawrence, signed by R.
E. Reiselan<l and cashed at Dodge Center, Minn. This
makes three checks that have been passed in Minnesota
towns by the same man in a few days. Look out for
him.
The First National Bank of Appleton has decided to
go out of business. It is in excellent condition, and
doing a profitable business, but a desire on the part. of
some of the stockholders to go out of the banking business is the reason for the liquidation. The bank will
probably be reorganized.
The city treasury of St. Paul is richer by $5,076 ,
which was paid in by the West Side Bank. When the
bank broke up last January, the city had a deposit of
$25,000 there. When the bank reorganized recently,
an agreement was made for restitution of the money in
five installments. One has been paid, and another
will be paid in twelve, fifteen, eighteen and twenty-one
months.
Judge Bunn, on November 13th, signed the final
order which allows the West Side Bank of St. Paul to
reopen. The conditons are that the bank" shall have
an unimpaired capital stock of $25,000, and that it
must have a like amount of cash on hand with which
to do business. The bank reopened the following
Monday morning.
Receiver W. E. Lucas, of the failed Marine National
Bank of Duluth, has stirred up a veritable hornet's nest
among a number of prominent professional and business
men through advertising for sale in the newspapers certain notes due from them or on which they are endorsers.
A determined effort will be made by a number of those
who have been advertised as debtors of the bank to get
Mr. Lucas removed from the receivership.
The comptroller of the currency has declared dividends in favor of the creditors of insofvent nationai
December, 1897.
THE TRI-STATE BANKER.
PEOPLES TRUST t,,,,
SAVINGS BANK
OFFICERS.
ART.EMUS LAMB, Pres't.
CHAS. F , ALD EN, v.-Pres.
J. H . INGWERSEN , Cash .
G. E . LAMB, Asst. Ca sh.
CLINTON.
IOWA.
DIRECTORS.
Ch as. F . Alden .
S. W. Gardiner.
T . M . Gobble;
A. M. Ingwersen .
A. Lamb,
G . E. Lamb.
L . Lamb,
Daniel Langan.
P. S. Towle.
11
CCOUNTS of Responsible
Banks. merchants and
corporations solicited, X
Business conducted strictly along the
lines laid down by the Iowa Banking
Laws, X X X X X X
IOWA NEWS AND NOTES.
banks as follows: Twenty per cent, the Second National Ba1:1k of Grand Forks, N. D.; 17 .30 per cent,
Churdan is soon to have another bank.
the Citizens National Bank of Madison, S. D.; 15 per
cent, t~e Key Stone National Bank of Superior, West
Charles Larson has been engaged as bookkeeper for
Superior, Wis.; two dividends, IO and 15 per cent re- Darrow Bros. ' bank at New Hampton.
spectively, the Union National Bank of Minneapolis,
Will Stuhr has entered the German-American Bank
Minn.; 18.73 per cent, the First National Bank of · of Shelby to learn the banking business.
Marion, Kan.
Palmer & Torrison, of Ute, Iowa, have traded their
Business men of Barnesville, were swindled out of old bank safe, counters and fix tures for land.
about $1,000 by two sharps who came from Iowa a
The capital stock of the Exchange State Bank of
year ago and claimed to be settlers on land near here.
Walnut
has been reduced from $40,000 to $25,000 .
Horses, harnesses, shotguns, etc., were bought of
The Farmers & Merchauts Bank Building at Cascade
different parties, a small sum being paid down in each
case, all of which they mortgaged to H. D . Hawver, has been completely overhauled and much improved.
.of the Farmers & Mechanics State Bank , and then
The Bank of Manson has come into possession of the
.skipped with the money and property. They are being Guernsey stock of general merchandise at Gilmore
followed with warrants for their arrest .
City.
The Bank of Morton claims to have been swindled
out of several hundred dollars by a fictitious supply
house. Several months ago agents of the supply house
appeared in that section and solicited orders for groceries from farmers. They secured a number of orders
and delivered the goods at prices higher than they ·
could be purchased in country stores. They continued
their work of soliciting, but instead of merely taking
_orders, insisted that the farmers who ga:ve the orders
sign the same. This was done on very light paper.
Under this thin note was a piece of carbon paper, and
under that a promissory note, located so that when the
farmer signed the order with a hard pencil he also
signed the note. Last week several hundred dollars
of these notes were sold to the Bank of Morton. An
officer of the _bank saw several of the signers on the
streets two hours after he purchased the notes, and
on inquiry found that the notes were fraudulent. He
made a search for the supply agent, but he had disappeared. It is understood that several other banks in
this section have been caught by the same process.
Anton Neuwoehner, bookkeeper at the German
Bank of Dubuque, was recently married.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
On October 27th Daniel A. Good, cashier of the
Ogden Bank, and Miss Minnie Reutter were married at
Pilot Mound.
The Marengo Savings Bank is improving its interior
by putting in a new _floor, and ?therwise fixing up
their surroundings.
John M. Arnold, of Davis City, for several years the
cashier of the Citizens Bank of that place, died October
20th, aged fifty years.
Cashier E. S. Carl, after a vacation of a month as a
result of a fall, is back at his desk in the Citizens
National Bank of Davenport.
·
Cashier Ed I. Miller, of the First National Bank of
Huron, and A. F. Donaldson have gone to the Indiana
mineral springs for a two weeks' stay.
Fred Heins, who has been an assistant at the Wapello Savings Bank, has gone to. Olivia, Minn. , to take
charge of a bank. John Miller succeeds him.
Miss Frances Campbell has accepted the position of
assistant cashier at the Minburn Bank. The business
of this bank has largely increased since moving into
their new and more commodious quarters.
18
THE TRI-STATE BANKER.
The Union National Bank of Chicago has been
approved as reserve agent for the First National Bank
of Centerville.
No vice-president has yet 'been elected for the First
National Bank of Odebolt in place of W. J. Summerwill (deceased ) .
On October 5, 1897, the deposits in the savings and
state banks of Iowa were $5,000,000 larger than on the
same day in 1896.
The National Bank of the Republic, Chicago, has
been approved as reserve agent for the First National
Bank of Peterson.
The Continental National Bank of Chicago has been
approved as reserve agent for the Des Moines National
Bank of Des Moines.
B. J. McKay, a bookkeeper in the Citizens Savings
Bank of Decorah, was married October 20th to Grace
A. Jennisch, of the same city.
M. D. Gibbs, receiver of the Maurice State Bank,
has sold the assets of that defunct institution at public
sale at the Orange City court house.
Mr. Eastman, cashier of the Callendar Bank and a
prosperous young business man, was married recently
at Algona to Miss Wartman, of that city.
Homer A. 'Miller, president of the Citizens State
Bank of Eagle Grove, Iowa, is rejoicing over the arrival at his home of an eleven-pound banker.
The store and bank of Chamberlain & Carson at
Foster was visited by burglars, the safe blown open
and an unknown amount of cash taken.-Ex.
George Shipp, for forty years a resident of Webster
City, is dead. He was vice-president of the Farmers
National Bank from the time of its organization.
The First National Bank of Griswold paid 20 per
cent to its creditors this week. This makes 60 per
cent paid so far, in about eight months after the ban~
closed.
An amendment to the articles of incorporation of the
State Exchange Bank of Walnnt has been filed for
record, reducing the capital stock from $40,000 to
$25,000.
The American Savings Bank of Maquoketa has
bought a new building on Main street, and are putting
in entirely new :fixtures. It is one of the growing
savings banks in eastern Iowa.
A new bank has been organized at Van Horne. The
organizers are Chas. Hartung, P. D. Bell, Geo. Welch,
J ewet Bros., and others. It is named the Farmers
Savings Bank. The capital is $15,000.
Banker L. F. Potter, of Oakland, has been returned
to the Iowa legislature for another term. Mr. Potter
was one of the ablest legislators who passed upon the
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
December, 1897.
new code. His defeat would have been a calamity to
the state, as well as the district he represents.
Edward Gillcoin, the wounded Blairsburg bank robber, was sentenced to· five years in the penitentiary at
Anamosa by Judge Birdsell. Gillcoin entered a plea
of guilty. He shed tears when taken back to his cell.
The widow Keegan, of Chicago, kept her bank account and a surplus of $8,000 in an old barrel. In the
absence of Mrs. Keegan there was a run on the bank
by ·burglars, who believed the money should be in circulation.
Hon. H. J. Nietert, the banker of Walker, has
bee~ returned to the legislature for another term. Mr.
Nietert is one of the prominent candidates for speaker
of the House. His qualification_s for the position are
undisputed.
Sophus Hanson, late assistant cashier of the Manly
Bank, has resigned that position to take a more lucrative one with the new firm of Strauss & Gunderson.
He was faithful and efficient in the one position and
will be in the other.
The Citizens State Bank of Spencer has bought the
building iu which their bank is now located. They
have the plans marl.e for a large vault to be built soon,
and later expect to rearrange and greatly improve
their banking room.
We are in receipt of the statement of the First National Bank of Davenport. With a capital of $3oq,ooo
they have $100,000 surplus, $18,000 undivided profits,
and deposits of $1,052,000. A very good showing.
E. S. Carl is cashier.
An effort is being made at Sioux City to secure an
indictment against Rufus W. Sloan, former teller of
the Sioux City Savings Bank, as it is supposed he
knew of the bank's condition during the period covered
by Cashier Stone's pecufations.
The auditor of state has authorized the Oakville
State Savings Bank to commence business at once.
The bank is located at Oakville, in Louisa county,
and has a capital of $10,000. C. A. Brown is president and M. H. Bridgeford cashier.
George Pullin wider and wife expect to leave the last
of the week for their new home at Huron, South Dakota. Mr. Fullinwider is vice-president of a bank in
that city with a capital stock of $25,000, and he goes
there to assume complete control of the institution.
While in Davenport recently, the writer was shown
through the magnificent new building of the Farmers
& Mechanics Savings Bank, of which our genial friend
Fred Heinz is president. The building is especially
designed for banking and . offices. .Fred Heinz and
partner have suite of rooms on the second floor for law
offices· the superior of which cannot be found in the
state of Iowa.
December, 1897.
THE TRI-STA TE BANKER.
19
In the case of the Tingley Bank vs. Mt. Ayr Bank
the plaintiff's counsel made application for a change of
venue to Union county. The case was tried at Mt.
Ayr at the last term of court. The jury disagreed and
the case is docketed for a rehearing at the November
term.
[ STATEMENT.]
P. C. Toy, cashier of the Farmers Loan & Trust
Company 's bank at Fonda, has been promoted to the
head of their bank at Storm Lake and will remove to
that city _w ith his family. L. A. Rothe will be the
new cashier at Fonda and W. D. Day, of Sioux City,
assistant.
J. G.. Sandy, president of the First National Bank of
Indianola, died November 22d at Colorado Springs,
Colo. Mr. Sandy had been confined to his house for
some months by the asthma and was persuaded to accompany friends to Colorado Springs in the hope of
securing relief.
C. T. Hansen, who has been the assistant cashier of
the Castana Savings Bank for the past three years, has
resigned his position and accepted the position of
associate general district agent for the Northwestern
Mutual Life Insurance Company of Milwaukee, with
W. M. McKercher, of Sioux City.
THE BANKERS
NATIONAL
BANKf
X Chicago, Blinois, :i
CAPITAL $1,000,000.
t.
tlllll=tlll@lll$111@111@111Et11lgnngn]§lll@IOEtllls11/Etlll@111@1/1E1/ll$lll$l1/Etllll~
Report of the Condition at the Close of Business on
the 5th Day of October, 1897,
X
RESOURCES.
Loans and Discounts . . . . . . .
U. S. Bonds and Premium thereon .
Other Bonds (Chicago Drainage 5s)
Stocks and Securities . . . .
Real Estate, Furniture and Fixtures
Cash and Sight Exchange .
Chas. R. Binns, formerly of Red Oak, resident in
Essex for several years, where he is one of the directors
of the Commercial State Bank, and T. K. Elliott,
cashier of the Commercial State Bank, have bought
from P. J. Larmon the business of the Farmers
Exchange Bank of Stanton, and the bank building.
Banker Allen and George Fullinwider are at Huron,
South Dakota, this week looking after some banking
business. Mr. Fullinwider has been offered the cashiership of a bank in that city which is owned by Mr.
Allen, and should he like the town and its surroundings he will accept and remove to that city.-Estherville Democrat.
A sentence of six months in the penitentiary and
$50 fine was passed by Judge Thornell upon Miss
Anna Hanner, the Red Oak music teacher, convicted
of passing a forged note for $55 on the Bank of Elliott.
Governor Drake will be asked to suspend sentence.
Such a petition has received numerous signatures,
including those of the jury.
Banker W. C. Hayward, of Davenport, was elected
state senator from Scott county at the last election.
He is one of the busiest men in that city of busy people. He is president of the Davenport National Bank,
president of the Union Savings Bank, secretary of the
Riverside Milling Company, president of a gold mining
company now drilling a tunnel in a Colorado mountain,
secretary and treasurer of a Dakota land company,
member of the school board, with a great deal of private
business. He is a broad gauge man and will be one
of the foremost members in the Iowa upper house.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
........,,.,...,,.,.....,..,. ......,....7
..,,.,.~.............
Total . . . . .
.
.
.
.
· $3 ,407,978
.
331,625
124,191
3, 2 53
26,938
3,283,959
73
00
65
19 ~
31 l
51 j
. $7,177,946 39
LIABILITIES.
~ Capital Stock paid in . . . . .
Surplus arfd Undivided Profits .
Circulating Notes
Deposits
Dividends Unpaid
-~
Total . . . . . . .
5, 1896
~ Deposits October
. $1,000,000
125,921
.
32,300
. 6,018,987
737
oo
o6 l
oo
83
50
. $7,177,946 39
. $2,757,226 30
['~~~:::~l:~:':~:l:~O:~:l:~:':~:OEtill~~:':~:l:~:l'.~:l:~:':sill~~:~~:l:~j
OFFICERS,
E. S. LACEY, President.
D. B. DEWEY, Vice-President.
GEORGES. LORD, Second Vice-President.
J0HN C. CRAFT, Cashier.
J.C. McNAUGHTON, Asst. Cashier.
FRANK P. JUDSON, Asst. Cashier.
The accounts of □ Banks, Corporations, Firms
and Individuals received upon the most favorable terms consistent with safe and conservative
banking.
Correspondence solicited with those contemplating a change or division of their Chicago
accounts;
20
THE TRI-STATE BANKER.
Comptroller Eckels has approved reserve agents for
Iowa national banks as follows: Des Moines National
of Des Moines for Iowa National of Davenport; First
National of Minneapolis and Hanover National of
New York for the First National .of Nora Springs;
Valley National of Des Moines for Iowa State National
of Sioux City.
R. G. Phelps, banker of Atlantic, among the first to
advocate the holding of the trans-Mississippi exposition, and a prominent Iowa personage in the national
democratic convention at Indianapolis in 1896, was
taken suddenly ill recently and is now in a critical
condition. Last year he suffered a paralytic stroke,
from which he never fully recovered.
A sensational suit was filed in the Keokuk county
court at Sigourney November 29th. The suit was one
for $50,000 damages, brought against S. W. Brunt,
cashier of the Keokuk County State Bank, by P. L.
Wood, charging him with alienating his wife's affections. The suit created an immense sensation, all
parties being prominent in the community.
The Bank of LaHarpe creditors to the number of
about twenty appeared before the grand jury and fifteen indictments are said to have been returned against
the defunct firm. One indictment had been found at a
previous session of the jury and it was expected they
would be tried in court on this charge at this term, but
the matter has been continued until March.
Judgments aggregating $46,000 against Lhe stockholders in the defunct ·rowa Savings Bank, of Sioux
City, have been entered on the court records. The
money is to be paid into the receiver in thirty days and
a dividend will be paid the depositors. This is about
the first glimmer of hope the depositors have ha~ for
the recovery of their money since the failure in 1896.
A new bank has been organized at Aurora known as
the Farmers & Merchants Savings Bank, with a paidup capital of $10,000, which will open up January 1st.
S. T. Spangler is president; J. H. Guntlach, vice-pre~ident; Elmer Brint_n all, ·cashier; directors, M. V. Smith,
E. D: Y.ork, ·M. J. Brown, A. B. Stockings and J. M.
Hayes. Mr. Spangler is one of the wealthiest men in
the county.
December, 1897.
duced the assessment in the former case from 100 per
cent to 70 per cent, and the same action will be taken
in the other case. This ends a long line of litigation
that has been engaging the attention of the courts for
several months.
Hon. Geo. A. Stone, of Mt. Pleasant, national bank
examiner for this state, visited · Woodbine Sunday and
Monday for the purpose of examining the First
National of this city. Mr. Stone reports that the
banks of the state are generally doing a very good business and with a large increase in deposits and loans
over this time last year. Mr. Stone expressed himself
as well pleased with the condition of the Woodbine
National Bank.-Woodbine Twiner.
The Farmers Savings Bank of ·Slater, Iowa, held
their third annual meeting recently, electing Oley
Nelson president, and Mr. M. S. Helland cashier.
Mr. Helland's report shows net earnings of 13_¼ per
cent for the year on stock, and 8 per cent dividend was
declared and balance passed to surplus. Mr. Helland
is to be congratulated on bis management, starting
three years ago with $12,000 capital ; has now $3,600
surplus, after paying an 8 per cent dividend.
Samuel J. Ritchie was arrested at Port Morris November 17th and identified as one of the gang who
robbed the Bradley Bank of Eldon, Iowa, of $8,000
last February. Ritchie was captured at the time, but
escaped from the Wapello county jail after having
been indicted: A letter was secured which Ritchie
had written to a friend in jail at Peterson, in which he
stated he wa_s afraid he was caught for the Iowa robbery, and begging him not to ·give him away.
Mr. John M. Lehr acted as cashier of the Beriton
County Bank for about eight years, leaving it to take
the office of county clerk, where he served four years.
During the past fifteen months he has been cashier of
the First National Bank of Skullsburg, Wis. Now he
will return to his old friends and neighbors and be
cashier of the Benton County Savings Bank at Van
Horne. He .is an excellent business man and well
known, and popular throughout the county.
The case of the German Savings Bank of Davenport
vs. the Citizens National Bank, in which the City Natio1:1al Bank of Clinton was defendant by intervention,
has been decided by the supreme court. The petition
for the rehearing has been overruled and this action
ends the case. The German Savings Bank is loser to
the amount of $6,000 with interest, on account of the
acceptance by the Clinton bank of a forged document.
The statement of the Security Savings Bank, published. to-day, shows a steady increase in the popularity
of this well-known bank. Its careful management as
merits to the full .the healt_h y •patronage it receives.
. . . We note with pleasure the steady growth of the
youngest bank in this city, the Bohemian-American
Savings, shown by its statement published in this
issue. Its conservative management has certainly entitled it to its increase in business and established for it
merited confi.dence.-Cedar Rapids Gazette.
Judge Gaynor of the district court made an order
November 4th at Sioux City that saves $150,000 to the
unfortunate holders of stock in the defunct Iowa Savings and Sioux City Savings Banks . . The court re-
A unique decision, but a perfectly proper one, was
rendered in a case Saturday by Judge Weaver. Suit
was brought by the State Bank of Jewell on the foreclosure of a mortgage for $1,035. J. L. Kamrar repre-
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Federal Reserve Bank of St. Louis
THE TRI-STATE BANKER.
December, 1897.
sented the bank ancl A. N. Boeye the defendant. It
seems $120 of the note was used in speculation on the
board of trade. When Mr. Boeye called his honor' s
attention to the fact that a statute of this state provides
that money secured by a note to be used for gambling
invalidates the whole note, he quickly gave Mr. Boeye's
client the benefit and set the whole note aside. -Webster C'ity Tribune.
Hon. C. J. Wyland died at his home in Harlan on
October 28th,. after an illness extending over a period
of some three years. He was born June 22, 1836, in
Indiana, where he grew to manhood. In 1861 he
came to Shelby county and settled on a section of land
near Bowman's Grove, previously located by his father.
With his brother he established the Harlan Bank,
which was successfully operated until succeeded by the
Harlan State Bank. In 1883 Mr. Wyland was elected
to the legislature, and in 1885 was honored by a reelection. Deceased was a potent factor in the development and growth of Shelby county, and was particularly
active in the upbuilding of his city.
LOOK OUT FOR THEM.
A government offici.il has been following a pair of
clever swindlels through Boone, Dallas, Greene and
Calhoun counties.
They are driving through the
country working off Confederate bills on farmers and
small business houses. They take their meals and
21
lodging at farm houses and pay for the same in $5 and
$10 Confederate bills, receiving the change in good
money. As a rule, they pick out foreigners for their
victims. They are described as one tall and one short
man. They are driving a chestnut horse and have a
top carriage.
In the November number of THE TRr-ST ATE BANKER
the statement was made that the Des Moines ·National
Bank was the largest national bank in the state in the
amount of deposits carried. This was a mistake. ~rhe
Second National. Bank of Dubuque, J. K. Deming
cashier , stands at the head of Iowa national banks,
with deposits aggregating $1 ,354:435. The Des Moines
National is a close second, with deposits of $1,319,921.
The Second National of Dubuque and the Northwestern
National of Minneapolis get out statements that might
well be taken as models. You will always find them
on the back cover page of this journal.
The ~ German Savings Bank of Des Moines on
November 20th commenced paying the first installment
of the time certificates of deposit issued to depositors
at the time of its reorganization, June 7th. The certificates due at this time do not bear interest and call
only for 25 per cent of the amount of the deposits or
about $70,000 in cash. 1'he bank now has funds on
hand to pay at least 70 per cent of its Jeposits. The
payment was not due until December 7th, but it was
WE HAVE USED THIS SPACE FOR A VEAR . HAVE
YOU READ OUR ADVERTISEMENT, AND ARE YOU READING THIS? WE WANT TO KNOW . WILL SEND ONEHALF DOZEN LARGE DESK BLOTTERS, 19X24 INCHES ,
FREE OF ALL CHARGE, FOR THE ASKING.
IOWA PRINTING
co.,
LITHOGRAPHERS ,
DES MOINES, IOWA.
USE NATIONAL SAFETY PAPER FOR
YOUR DRAFTS , CHECKS , ETC .
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Federal Reserve Bank of St. Louis
THE TRI-STATE BANKER.
22
decided to make it at this time because of the large
amount of money collected in. Quite a number of
depositors called for their money, but not a great deal
of it was taken out of the bank.
M. D. Gibbs, receiver of the Maurice State Bank,
sold the assets of the defunct institution at public sale
last Monday at the Orange City court house. Billy
Rieckhoff purchased all the real estate. The Pipestone
county land brought from $8.50 to .$12.50 per acre;
the O'Brien county farm sold for $14. 7 5 per acre ; the
Ida county farm went for $18 per acre, and the South
Dakota farm in Davison county brought. $r per acre.
Over $10,000 of the Thompson notes were sold for $120
to Rieckhoff. The stockholders will be compelled to
come down heavily to pay depositors, for the assets of
the bank won't begin to pay them.-Ex.
STANDING COMMITTEES OF GROUP SEVEN.
No. 1. Arbitration.- Peter A. Dey, president First
National Bank, Iowa City, chairman ; A. M. Henderson, cashier Marengo Savings Bank; A. C. McGill,
cashier Montezuma Savings Bank.
No. 2. Uniform Action.-R. H. Moore, cashier
Brooks & Moore, Traer, chairman; Charles A. Blossom, City National Bank, Belle Plaine; H.J. Nietert,
president Exchange Bank, Walker.
No. 3. Reception and Program.-H. M. Carpenter,
cashier Monticello State Bank, chairman ; J. H.
Ingwersen, cashier Peoples Trust & Savings Bank,
Clinton; Chas. Pasche, cashier Iowa National Bank,
Davenport.
No. 4.
Protection Against Fraud.-F. Heinz,
president Fai:mers & Mechanics Savings Bank, Davenport, chairman; A. P. Brown, president Hershey
State Bank, Muscatine; W. J. Moore, cashier First
National Bank, Tipton.
No. 5. Press and Publication.- Chas. S. Millard,
cashier Anamosa National Bank, chairman ; C. F.
Butler, cashier Exchange Bank, Springville;· 'r. J.
Davis, vice-president Farmers & Merchants State
Ba.n k, Marion.
E. M. ScoTT, Secretary.
A complimentary banquet to Geo. M. Reynolds, retiring president of the Des Moines National Bank, was
given by the Des Moines Clearing House Association
on the evening of November 26th in the banquet hall
of the Savery House. Simon Casady presided in his
happy manner. The tables were arranged in an open
hollow square. The decorations were chrysanthemums,
roses and potted plants. Mr. Reynolds' menu card
was done in water colors, which had places for receiving the autograph signatures of those attending the
banquet. Those present were : Messrs. Charles Martin, J. D. Whisenand, Al. C. Miller, George Dissmore,
C. A. Crawford, Frank Flynn, A. J. Zwart, J. G.
Rounds, H. E. Teachout, A. B. Elliott, J. J. Town,
C. H. Dilworth, V. P. Twombly, R. A. Crawford, M.
Strauss, G. D. Ellyson, C. M. Spencer, G. W. Mar-
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Federal Reserve Bank of St. Louis
December, 1897.
quardt, J. A. McKinney, D. H. Kooker, R. T. Wellslager, W. E. Barrett, Joseph Geneser, George Pearsall,
G. M. Rippee, Adam Dickey, J. R. Rollins, E. F.
Kennedy, W. L. Shepard, Harry Blackburn, Arthur
Reynolds, D. F. Witter; George F. Henry, B. A. Lockwood, H. B. Hedge, Robert Dempster, N. W. Smith,
Edwin A. Nye, Dr. D. W. Dickinson, Allan Dawson,
Lafayette Young, W. E. Odell, L. Harbach , ·E. G.
Pratt, Murray Campbell, John Herriott, state treasurer,
and Congressman Hull.
The People's Savings Bank of Des Moines is gradually piling up a handsome surplus. The first of the
month they added $5,000 more to that account, making
a surplus fund now as large as their capital stock. The
~anagement of the People's Savings Bank is to be congratulated, as a bank's success to a great extent is
measured by its profits. With a capital stock of $50,000, a surplus of $50,000, and deposits $400,000, the
People's holds a position among the strongest banks of
the capital city.
BOOK AND JOURNAL NOTICES.
· The Youth's Companion's souvenir calendar for 1898,
a series of charming figure-pieces, faithfully copied in
colors and embossed in gold, is recognized as one of
the richest and most costly examples of this form of
art. Yet every new subscriber receives it without additional charge. Moreover, the paper is sent free to .
new subscribers every week from the time the subscription is received until January, 1898, and then for
a full year to January, 1899. The popular price of
The Companion is $1.75 a year. Address The Youth's
Companion, 205 Columbus avenue, Boston, Mass.
The Christmas Ladies' Home Journal tells how the
German emperor, with the empress and the royal family, spend Christmas Day :-vith their children. The
article is written by Mr. Nagel von Brawe, a_n attache
of the court, who was permitted to be present at the
celebration last Christmas in order to write this article.
The pictures were made •' on the spot,'' and approved
by the emperor.
News and Opinions of National Importance.
Sun
ALONE CONTAINS BOTH.
- $6 a year.
Daily, by mail, Daily and Sunday, by mail, - $8 a year.
The· Sunday Sun
is the greatest Sunday Newspaper in the world.
Price 5c. a copy.
By mail, $2 a year.
Address TH E SUN, New York.
THE TRI-STA TE B A NKER.
December, 1897.
_T HE
NEW
Union Elevated Loop
The Leading Hotel in Iowa.
IN CHICAGO IS NOW OPEN.
DES MOINES , IOWA.
It runs on Van Buren Street, directly in front of the
Rates $2.50 to $4.50 per day .
.... W. L. BROWN, Manager.
CHICAGO,
ROCK ISLAN.D & PACIFIC
STATION.
CAPITAL $300,000.00.
Des Moines Savings Bank
Des Moines, Iowa.
SIMON CASADY,
P . M. CASADY,
CASHIER .
PREi::IDENT .
LELAND WINDSOR,
ASS ' T CASHIER .
NATIONAL
State Bank of Burlington
( Oldes t Established Bank in Iowa.)
~
CAPITAL, $150,000.
SURPLUS AND PROFITS :
-~
$160,000.
OFFICERS :
J . T. REMEY, President.
CHAS. STARKER, Vice-Pres.
JOHN J . FLEMING, Cashier .
J. w. BROOKS, Ass't Ca.shier.
DIRECTORS:
C. E. Perkins,
J.C. Peasl~y.
Chas. W. Rand.
·
J. T. Remey.
Chas. Starker .
J. W. Brooks,
International
Dictionary
Passengers arriving in Chicag o can, by the new Union Elevated
Loop, reach any part of the city; or, for a five cent fare, can be taken
immediately to any of the large s~ores in the down town district
All Elevated Trains will stop at the "Rock Island" Station. Train
every_minute. '.rhese facilities can only be offered by the" GREAT
ROOK ISLAND ROUTE."
If you will send a 2-cent stamp for postage, we will mail you at
once a new bird's-eye view of Chicago, just issued in five colors,
which shows you just what you want to know about Chicago and the
new Loop and Elevated System. This map you should have, whether
you live out of the city and expect to come to it, or whether you now
live in Chicago and you or your friends contemplate making a trip.
Address,
JOHN SEBASTIAN, G. P . A.,
Chicago.
TO COLORADO
AND
CALIFORNIA
Take the (C. R. I. & P. Ry. )
GREAT
ROCK
ISLAND
ROUTE
A THOROUGH REVISION OF THE UNABRIDGED ,
J~oevfs~°o\e ~tt:1liYhf~atJ>fsWuri~~~{;1J nfa;~r~
tisement, but the due, judicious, scholarly, thorough
0
~~~~iifs M1i'ii~:i\n'"f~~i~~l i~g~~! tt~fi~o~fa~~
confidence of scholars and of the general public.
t.
atl\~et\t!t~:~::~o~ft!~~fe· SS~PJi~!r~~~t
Printing Office, and of nearly all the Schoolbooks.
Warmly commended by State Superintendents of
Schools, and other Educators almost without number..
The International is invaluable in
Elegant Equipment, Pullman Service, Chair Cars Free
IT IS THE BEST LINE TO COLORADO.
Through Service to California in the Pfiillips' Tourist Cars.
the household, the schoolroom, and to the teacher,
scholar, professional man, and self-educator.
IT IS THE BEST FOR PRACTICAL PURPOSES, BECAUSE
Words are easily found * 0 . Pronunciation is easily ascertained ,
Meanings are easily learned *** The growth of words easily traced ,
and because excellence of quality rather than superfluity of quantity characterizes its every department. * * * OET THE BEST.
_,-Specimen pages sent on application to
G. & c. MERRIAM co., Publishers,
Springfield, Mass. , U. s. A.
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Federal Reserve Bank of St. Louis
Do you want a farm in Kansas, Oklaho ma or T exas? Send
to addr~ss below. fo r our new Emigration Folder.
Also, Descriptive Folder, giving full particulars as to rates,
etc., to Colorado and ,California, sent on application.
"Address JOHN SEBASTIAN, G. P. A.,
Chicago.
THE TRI-STATE BANKER.
JHE
December, r 897.
The A. H. Andrews Co.,
NORTHWESTERN NATIONAL BANK,
300
Wabash Ave.,
Chicago.
CAPITAL, · $1,250,000.
Designers and ...
Manufacturers of
SURPLUS AND PROFITS, $500,000.
Fine Bank Fixtures
MINNEAPOLIS, MINN.
. .. and ...
GEORGE A. PILLSBURY, Prest.
JAMES w. RAYMOND, Vice-Prest.
GILBERT G. THORNE, Oasbie r
WILLIAM OOLLINS, Ass t .Oash
If you are erecting
a new building or
refitting your present banking room
CONDENSED STATEMENT OF THE NORTHWESTERN NATIONAL BANK , OF MINNEAPOLIS , MINN . , AT CLOSE OF
BUSINESS, OCTOBER 5, 1897, COMPTROLLER •S CALL . . .
ASSETS.
Gold and SilverOoin ... . ..... ... .. . ... ... . ... .... .. $ 428,460 .37
U.S. & Nat. Bk. Notes ... .. .... ... ... .. .. ... .. .... 568,181.00
Cash Balance with Banks . . .. . ... .... . . . . .. .... . 2,139,979.52
$3,136,620.89
50,000.00
2,250.00
147,045.00
20.66
2,533,437.20
U.S. Bonds ... . . . .. .. .. .. . . . .. . . .... .. .. . . .. .. . . .. . ..... .. .... .
Redemption Fund. . . . ... . . . . .............. .. . .. . . ..... ... ... .
Other Bonds and Stocks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Overdrafts . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . ...... , .. . ..... .. .. .
Bills Discounted .. .. ... . .. .. . . .. .. .. . . ... .. ... ... .. . . . ....... .
$5,869,373.75
LIABILITIES.
Oapital Paid up. . .. .. ............... .. .. . .. .. . .. . $1,250,000.00
Surplus . . ........ . . ..... .. ... ;. . . . . . . .. . . . .. . .. .. . . 250,000.00
Undivided Profits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 205,868.62
Total Liabilities to Stockholders .. . . . . . . . .
$1 ,705,868.62
Notes in Circulation.... . ... .. ........ . . . . . . . . . . .
10,250.00
Due to other Banks. . . .. . .. . .. . .... . . . .. . . . ... 1,542.991.16
Demll,nd Deposits . ... . . ... .. .... ..... ..... . ....... 2,610,263.97
Total Liabilities to the Public ....... . . . . ... .
4,163,505.13
$fi,869,373.75
Two per cent paid to correspondent banks on
balances averaging over $1,000.00. . . . . .
VALLEY
NATIONAL
BANK • • • • •
OF DES MOINES.
0
J. J. TOWN, President.
C.H. DILWORTH, Vice-Pres't.
R. A . .ORAWFORD, Cashier.
W. E. BARRETT, Ass't Cashier.
CAPITAL AND SURPLUS .
Office Furniture..... .
. $300,000.00.
Write Us
and we will be ...
pleased to have one
of our expert specialists call on you.
We have furnished,
with complete equipments, more than three thousand of the
best banks in the United States. . .. List sent on application.
It's all Fol-de-rol ~
to think that because we
make th~ BEST desks, we
can not beat them all In
LOW PRICES. TRY
us.
/A
.; r-'\
We use only
honest materials and ...
construction.
Report of the Condition of the
SECOND NATIONAL BANK
OF DUBUQUE, IOWA,
At the Close of Business, Tuesday, October 5, 1897'.
RESOURCES .
Loans and Discounts . ... ... . .. . .. .. ....... .. . .... . . $843,30i 62
Overdrafts . . . .... .. .. . .. . . . . . . . . .. . . . . . . . . . . . . ... . . .
54 56
U.S. Bonds, 4 per cents. .. .. ... .. . .. . ......... . .. . .. 60,001 00
Other Bonds . . . ......... . ....... . . .. ... .... .. . ..... . 194,173 40-$1,087,532 58
Furniture and Fixtures..... ... . . ... ... .. . ... . . . .
5,000 00
Due from Reserve Agents . ...... .. ..... ........... $576,086 10
Due from other Banks. . .. . ..... . ... . . . . . . . . . . . . . . 85,343 74 _
Cash on hand . . . . . . . . . . . . .. . .. .. . . .. .. ...... . . . . . .. 117,177 66
Redemption Fund .. . . . . .. . . . . . . . . . . . . . . . . . . . . . .
2,260 00- 780,857 50
Total . .... . .
$1,873,390.08
LIABILITIES.
Oapital Stock .... . ..... . .... ... . ..... ... . . . . . . . . . . .
Surplus Fund . ... . . .... ... ... .............. .. .... . $ 68,000
Undivided Profits .. .... . . . . .. . .. .. .. ..... .. .. ....... 5,954
Oirc ulation. . ... . . .. ... . . .... . . ... . . . . . . . . . . . . . . . . .
Deposits (Individuals) . .. .. .. . . . ........ .. . ... . .... 802,089
Deposits (Banks) . .. .. ... .. ... . ... . ....... . ... . ... . 552,346
Total . .. ... ... .. . . . .. . .. .. _. . . . .
$400,000 00
00
81-
73,954 81
46,000 00
10
17-1,354,435 27
$1,873,3110 08
OFFICERS.
Accounts of Banks, Firms and Individual9
solicited, and will receive caref-rrl
attention.
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Federal Reserve Bank of St. Louis
GEO. B. BURCH, President.
J. K. DEMING, Vice-Pres. and Oashier
HERM ESCHEN, Asst. Oasbier.
DIRECTORS.
bEO. B. BURCH,
WM. L. BRADLEY.
W. H. DAY,
H.B. GLOVER,
J. K. DEMING,
F. A. RUMPF,
GEO. w. KIESEL.
@FedFRASER