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T he Fourth National Bank of the City of N ew Y ork offers to Depositors Every Facility W hich Their Balances, Business and Responsibility Warrants T= Hanover National Bank OF THE CITY OF NEW YORK. Nassau and Pine JAS. T. WOODWARD, President JAS. M. DONALD, Vice President E. HAYWARD FERRY, Vice Pres. WM. WOODWARD, Vice President HENRY R. CARSE, Vice President ELMER E. WHITTAKER, Cashier WM. I. LIGHTHIPE, Ass’t Cashier ALEX. D. CAMBELL, Ass’t Cashier CHAS. H. HAMPTON, Ass’t Cash. J. NIEMANN, Ass’t Cash. WM. DONALD, Ass’t Cash. Established 1851. Capital Surplus . . $3,000,000 10,000,000 U. S. DEPOSITORY Citizens National Bank The National DES MOINES, IOWA Bank J. G. ROUNDS, President S. A. MERRILL, Vice-President 'GEO. E. PEARSALL, Cashier of C h ic a g o C a p ita l $ 1 ,5 0 0 ,0 0 0 S u rp lu s $ 3 0 0 , 0 0 0 Capital Surplus S o lic its Y o u r B u s in e s s The Bankers National Bank jfr N u m b er 12 D es M oines, Io w a , Decem ber, 1 9 0 8 Thirteenth Y e a r O F CH ICA G O , ILL. Capital, Surplus and Profits $3,328,957.84 M i\b. Sept. 23, 1900 - - $10,867,480.71 Sept. 23, 1904 - - 13,578,290.51 Sept. 23, 1908 - - 21,166,268.99 100,000 ACCOUNTS SOLICITED. The Bank of Personal Service EDWARD S. LACEY, President JOHN C. CRAFT, Vice-President FRANK P. JUDSON, Cashier CHAS. C. WILLSON, Ass’t Cash RALPH C. WILSON, Ass’t Cashier Comparative Statement, Showing Increase in Deposits. $ 200,000 The M erchants National Bank of Philadelphia F . W , A Y E R . President T H O M A S W - A N D R E W , Caahier W M . A , L A W , V ice -P r esid e n t W . P.. B A R R O W S . Asst. Cashier Capital, Surplus and Profits, $1,850,000 New Business Desired and Unexcelled Facilities Offered https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2 TH E NORTHWESTERN BANKER December, 1908. ----------------- --------- T U C CENT U RY S A V IN G S BANK D E S M O IN E S , IO W A CAPITAL, The Commercial National Bank of CHICAGO Capital, Surplus and Undivided Profits, $ 7 , 0 0 0 , 0 0 0 Deposits, $ 4 0 , 0 0 0 , 0 0 0 OFFICERS GEORGE E. ROBERTS . JOSEPH T . TALBERT . RALPH VAN VECHTEN, DAVID VERNON . . . NATHANIEL R. LOSCH . . . P resioent . V ice-P res . 2 nd V ice-P res . 3 rd V ice -P res . . . . C ashier GEORGE B. SMITH . HARVEY C. VERNON H. ERSKINE SMITH . WM. T . BRUCKNER . . . . . A ss - t C ashier A ss - t C ashier A ss -t C ashier A ss- t C ashier This bank is pleased to place at the disposal of its customers the facilities gained during forty years of continuous service and growth F isk & R ob in son BANKERS $100,000.00 OFFICERS W . G. H A R V IS O N , P re s. L . E . H A R B A C H , V ic e -P re s . H . M. W H I N E R Y , C ash ier. D. A . B Y E R S , 'A ss’ t C ash . D IR E C T O R S W . G. H arv iso n , P. C. K e n y o n , Geo. M. C h ristia n , J. B. U hl, J. W . R id e b e c k , J. B . S u lliv a n , L . E . H arb ach , H . H . T ea ch o u t, W . G. B u rn sid e. A ccounts of Banks and B an kers S o licited . e rio r F acilities for C o llection s. In te re s t Paid on T im e Deposits. Sup Great Western Accident Association DES MOINES, - IOWA ASSETS January 1, 1902 $ 7 , 7 8 1 .9 1 Government Bonds” January 1, 1903 $ 5 2 , 348.73 January 1, 1904 City oi New York Bonds $ 131,1 2 3 .9 2 Investment Securities $ 1 6 6 ,4 8 8 .3 2 January 1, 1905 January 1, 1906 $ 2 3 2 ,7 7 0 .2 8 Januayy 1, 1907 NEW YORK CHICAGO BOSTON $ 299,898.09 January 1, 1908 Members New York Stock Exchange $359,700.35 For literature o r other information, address CHICAGO OFFICE: 135 Adams Street C. FREDERICK CHILDS, Mgr. Telephone Cent. 6216 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis H. B. H A W L E Y , Great Western Building. President, Des Moines, Iowa. December, 1908. THE NORTHWESTERN BANKER Catch Lines, Tips & Topics FROM "P R A C T IC A L BANK A D V E R T ISIN G " H ere is valuable material for the man who prepares the bank ads and who sometimes needs "just a suggestion to set him going." Begin early to save. Provident people prosper. Habitual savers can never be poor. Your children, encourage them to save. Habits of saving lead to solid fortune. The savings bank is the gateway of success. Small savings accounts are cordially welcomed. Beware, that gaunt poverty does not pinch you. * Present denial brings future ease and comfort. Getting and saving money is a worthy ambition. A savings bank is the place to save your money. Your ambition should be to save as well as to get. One dollar will start a savings account at a bank. Accumulated wealth is the direct result of saving. In seasons of prosperity provide for seasons of want. Having determined to win, let nothing discourage you. Unfortunate, indeed, is the man who has nothing saved. You should let yourself grow into the habit of saving. Small savings are the stepping-stones that lead to plenty. Wealthy folks are usually made so through habits of saving. The value of the savings bank is plain to all thrifty people. A full stomach today will not satisfy the hunger of tomorrow. The shiftless, shelterless man has no use for the savings bank. Making hay while the sun shines”, is earning mon ey and saving it. The savings bank is a firm, steadfast friend of the laboring man. Much, very much, can be saved by lopping off your imaginary needs. Get ahead in the race of life, by always having some thing ahead. .A goodly savings account may prove a welcome friend in time of need. The secret of acquiring wealth lies mainly in the habit of saving. Your Account Will be handled in the most careful and intelligent manner. Collection facilities excellent. THE NATIONAL CITY BANK O F C H IC A G O O F F IC E R S DAVID R. FO R GAN , Pres. L. H . GRIMME, Asst. Cash. ALFRED L. BAKER, Vice-Pres. F. A. CR A N D A L L , Asst. Cash. H. E. O T T E , Cashier W. D. DICKEY, Asst. Cash. R. U. LANSING, Manager Bond Department The wise wage-earner makes a present sacrifice for future comfort. A substantial savings account is a sure protection against poverty. A golden harvest is the reward of industry, thrift and economy. The savings bank points out to you the way of financial success. J Accident, sickness, old age— one or more of these wdl surely overtake you. You can provide against https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Capital $1,500,000 Surplus $300,000 TH E 4 NORTHWESTERN T he Safe to T rust W e are selling more bank safes than all other dealers combined. Fifty per cent increase in business from last year. A large stock of safes carrried for immedi ate shipmeut. Western agents, Maganese Steel Safes, Mosler screw door safes, Mosler-Corliss safes. Stoddard Dayton and Ford automobiles. J. J. DERIGHT & CO. 8th OMAHA, NEB & Farnam Sts. Dubuque, Iowa Second National * Dubuque Bank and Saving's Bank Combined Statement JULY 15, 1908 In v e stm e n ts D e p o s its __ C a p it a l........ https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis ............................................................................... 1,895,497-67 ....................................................................................... 1,668,358.21 ......................................................................................... 564,079.10 C o m b in ed t o t a l ................................................$2,514,437.31 D IRECTO RS W. H. Day H. B. Glover J. K. Dem ing F ra n k Geo. W. Klesel Jam es M . Burch Chas. H. B radley Bell BANKER December, 1908. the financial discomforts of these things, however, by laying aside a reserve in the bank. It’s not so much what you earn that makes you rich, as what you save. The deposits of a married woman are held as her personal property. A good savings account is a wise provision against the day of adversity. We encourage small accounts, and always give them respectful attention. Money in the bank gives a fellow a feeling of com fort and satisfaction. Be up and doing. Wait not for a lucky turn of the wheel to make you rich. Hundreds of women are depositing their surplus money with various banks. Deny yourself present luxuries, that you may have them in plenty later on. The wage-earner should begin early to lay aside a fund for that “ rainy day.” Deposit a fixed portion of your income regularly in a bank for accumulation. The key that unlocks the door of wealth is persist ent, systematic saving. The condition of the man without a home and with out money is a distressing one. The bank stands ready to help you in your effort to save money for use in old age. It will certainly pay you to open and run a savings account. It has paid others. People are often poor because of neglect of early training in habits of saving. The bank is designed for the laboring classes, rather than for the moneyed men. A dollar a week dropped into a savings bank soon amounts to quite a sum of money. Spending your earnings from day to day will surely bring you poverty, possibly woe. We welcome the deposits of the laboring man; like wise those of the working woman. Are you ambitious to achieve success? Then open a savings account with some bank. Workingman, now is your season for earning, and now is your opportunity for saving. Keeping your money idle, and hidden away in in secure places, is a very bad practice. A steady, sturdy habit of saving is a good habit for the growing youth to acquire. The bank affords a convenient and a reliable de pository for the savings of the people. Never despise a small beginning. Remember, “The lofty oak from a small acorn grows.” The young man who early begins to save is squarely on the road that leads to wealth. The bank extends every encouragement to the wage earner to the end that he may prosper. Gather wisdom from the squirrel, who shrewdly, in season, lays up his winter’s stores. No matter how trifling they may seem, do not neg lect to deposit your spare earnings. One of the highest privileges of an institution is to provide a place for those who wish to save their December, 1908. TH E NORTHWESTERN money— a place where they can profitably employ their funds without danger of loss. No matter what your age, your color, or your sex, you do well to patronize the savings bank. The bank was designed to meet the needs of the laboring man— to make it easy for him to save. Lean not upon others, but set yourself up as the architect and builder of your own fortune. Societies, lodges, and kindred organizations find it to their advantage to keep a bank account. Your becoming a savings bank patron may be the very turning point between success and failure. Success is usually attained by the exercise of good judgment, coupled with well-directed energy. The surest and most direct way of acquiring wealth is found in the fixed habit of saving money. The first rung of “ Fortune’s Ladder” consists of hard work; and the next, of systematic saving. In order to make your labor count for something, you will have to save a portion of your earnings. The savings department of a bank has become one of the most important features of its business. Every wage-earner should so regulate his outlay as to be able to put aside a small sum each week. A savings bank renders a more substantial service to the community than is commonly supposed. A savings bank performs its highest duty when it endeavors to persuade people up out of poverty. The bank is designed for all— the poor and the rich, the old and the young, the men and the women. Labor judiciously directed and capital intelligently employed form the bed rock of private fortune. If you would win success in life, patronize the sav ings bank. Patronize it liberally and continuously. The bank is strictly a savings institution, and in vests its funds only in high-grade securities. If people would only stop spending money foolish ly, there would be less complaint about hard times. Teach your children to be honest and industrious. Teach them to save their money, and where to put it. We make no discrimination whatever between large and small depositors; all are treated exactly alike. Deposits received as late as the third of the month, bear interest from the first of that same month. A well-kept bank book will serve as a certificate of character for the young man when seeking a situation. How much of your earnings have you saved and laid aside? In other words, have you lost money or made it? If you are not already a depositor, become one. You will shortly appreciate the wisdom of this advice. Dimes make dollars” ; and the dollars deposited in a savings department soon run into a good, fat bank account. A piece of coin no larger than the “ Dollar of our Daddies” is sufficient to start a savings account at the bank. Almost anybody can make money, but few know how to save it. A savings account with a bank is an efficient helper. Sound ideas should be instilled into the minds of the children. A very important one is the advantage of money-saving. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis BANKER 5 Cannon Breech Manganese B A N K S A F ES M r . B a n k e r : Your attention is invited to the following points in relation to these safes which explain why they have never been opened by burglars since first introduced over fifteen years ago. M A D E F R O M T H E B E S T Q U A L I T Y OF M A N G A N E S E S T E E L — A M E T A L AB S O L U T E L Y D R IL L A N D E X P L O S IV E PRO O F . DOOR G R O U N D I N T O I T S S E A T L I K E A V A L V E , G U A R A N T E E IN G A F IT IM P E R V IO U S TO T H E IN T R O D U C T IO N O F D R Y OR L I Q U I D E X P L O S I V E S . LO C K IN G D E V IC E S C O N S IS T OF A T R IP L E T IM E AND A U T O M A T IC , P L A C E D ON T H E I N S I D E OF THE DO O R A N D T H E I R O P E R A T I O N B E IN G A U T O M A T I C W I T H NO HOLES T H R O U G H T H E DO O R F O R S P I N D L E S OR O U T S I D E C O N N E C T I O N W H A T E V ER. SAFE W H E N CLOSED A ND LOCKED IS V I R T U A L L Y A S O L I D B L O C K OF D R IL L PROOF AND E X P L O S IV E PROOF M A T E R IA L W IT H O N L Y ONE J O I N T IN T H E E N T I R E O U T S I D E S U R FACE, B EIN G T H E JO IN T AROUND T H E DO O R W H I C H IS G U A R A N T E E D L IQ U ID T IG H T . That the wonderful merit of these safes is recognized by the insurance companies is evi denced by the fact that they take the lowest rate of burglary insurance quoted. These safes are made solely by The National Safe & Tock Company, of Cleveland, Ohio, whose line embraces every variety of burglar and fire proof safes, vault door linings, deposit boxes and allied products. Correspondence Solicited by The National Sate and Lock Co. W. H. MORRISON, Mgr. Fleming Bldg. Des Moines, Iowa TH E NORTHWESTERN December, 1908. BANKER (F THE CORN EXCHANGE N A TIO N A L BANK of CHICAGO C A P IT A L SU RPLU S U N D IV ID E D D E P O S IT S : : : : $ 3 ,0 0 0 ,0 0 0 : : 3 ,0 0 0 ,0 0 0 P R O F IT S 1 ,9 9 1 ,2 1 6 : : : $58,000,000 The First National Bank of Chicago James B. Forgan, President rJ'rHIS BANK, with a depart ment especially organized OFFICERS ERNEST A . HAM ILL, P resid en t CHARLES L . HUTCHINSON, V ic e -P re s. CHAUNCEY J . B LAIR , V ic e -P re s . D. A . MOULTON, V ic e -P re s . JOHN C. NEELY, S e c re ta ry FRANK W . SMITH, C a s h ie r B. C. SAMMONS, A s s ’ t C ash ier J . EDWARD MAASS, A s s ’ t C ash ier JAMES G. W AKEFIELD, A s s ’ t C ash ier to take care of Bank A c counts, invites the business of Northwestern Banks and Bankers with the assurance of satisfactory service and DIRECTORS C h arles H. W a c k e r M artin A . R yerson C h a u n cey J . B la ir Edw ard B. B u tle r C h a rles H. H ulhurd C laren ce B u c k in g h a m B en jam in C arpen ter Isa ac G. Lom bard W atson F. B la ir E d w in G. F orem an C h arles L . H u tchin son E dw ard A . Shedd F re d e ric k W . Crosby E rn est A . H a m ill FOREIGN EXCHANGE. LETTERS OF CREDIT. CABLE TRANSFERS agreeable relationship. Division F. (Banks and Bankers) August Blum Herbert W. Brough Vice President Assistant Manager Our facilities for handling the accounts of Northwestern Bankers are unexcelled. % LITH O G R A P HING E S T A B LIS H E D 1 8 5 6 Iowa Lithographing Co.s D es https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis M o in es, B ank and C o m m e rcia l S ta tio n e ry a S p ecia lty. No T ro u b le to Quote P rices. la THE OLDEST BANK IN THE UNITED STATES (CHARTERED BY CONTINENTAL CONGRESS, 1781) THE BANK OF NORTH AM ERICA NATIONAL BANK PHILADELPHIA, PENNSYLVANIA CAPITAL SURPLUS UNDIVIDED PROFITS, OVER DEPOSITS DEC. 3, OVER $1,000,000.00 2,000,000.00 400,000 00 $11,000,000.00 President Cashier Assistant Cashier Assistant Cashier - - H. G. MICHENER - JOHN H. W ATT - SAML. D. JORDAN - WM. J. MURPHY SOLICITS THE ACCOUNTS OF BANKS, FIRMS, INDIVIDUALS AND CORPORATIONS The Northwestern Banker $2.00 Per DES MOINES, IOWA, DECEMBER, 1908 Annum 20 efts. Per C opy Savings Banks vs. Industrial Insurance By L. D. Brandeis in T he Independent s a v in g s b a n k o ffic ia l w ill re a d th is a r tic le w ith m u ch in te r e s t. I t sh o w s c le a r ly th e v e r y g r e a t a d v a n ta g e to the w o r k in g m an o f th e s a v in g s b a n k o v er th e p re s e n t fo rm o f in d u s tr ia l in s u ra n c e , an d co n ta in s m a te r ia l w h ic h m a y be u sed m o s t e ffe c tiv e lv in w o r k in g a c a m p a ig n fo r s a v in g s ac co u n ts. E d i t o r ’s N o te — IJvery For the greatest life insurance wrongs— the so-called industrial insurance— the Armstrong Committee failed to offer any remedy. And yet nearly three-fourths of all level premium life insurance policies issued are of this character. On December 31, 1905, the day after the committee closed its hearings, there were 16,872,583 industrial policies outstanding in the United States. In New York alone their number was then 3,898,810, and while the committee was sitting an average of 67,200 such policies were being issued in that state every month. Industrial insurance, the workingman’s life insur ance, is simply life insurance in small amounts, on which the premiums are collected weekly at the homes of the insured. It includes both adult and child insur ance. The regular premium charge for such insurance is about double that charged by the Equitable, the New York Life, or the Mutual Life of New York, for ordinary life insurance. In the initial period of the industrial policy, the premium rate rises to eight times that paid for ordinary insurance, since, by a clause which will be found in most industrial policies, it is provided that if death occurs within the first six months of the date of the policy, only one-fourth of the face of the policy will be paid, and if death occurs with in the second six months, payment will be made of only one-half. So heavy are the burdens cast upon those least able to bear them. The disastrous result to the policy-holder of this system of life insurance may be illustrated from the following data, drawn from Massachusetts official re ports : In the fifteen years ending December 31, 1905, the workingmen of Massachusetts paid to the so-called in https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis dustrial life insurance companies an aggregate of $61,294,887 in premiums, and received back in death benefits, endowments or surrender values an aggregate of only $21,819,606. The insurance reserve arising from these premiums still held by the insurance com panies does not exceed $9,838,000. It thus appears that, in addition to interest on invested funds, about onehalf of the amounts paid by the workingmen in pre miums has been absorbed in the expense of conduct ing the business and in dividends to the stockholders of the insurance companies. If this $61,294,887, instead of being paid to the in surance companies, had been deposited in Massachu setts savings banks, and the depositors had withdrawn from the banks an amount equal to the aggregate of $21,819,606 which they received from the insurance companies during the fifteen years, the balance remain ing in the savings banks December 31, 1905, with the accumulated interest, would have amounted to $49,931,548.35— and this, although the savings banks would have been obliged to pay upon these increased deposits in taxes to the Commonwealth more than four times the amount which was actually paid by the insurance companies on account of the insurance. Perhaps the appalling sacrifice of workingmen’s sav ings through this system of insurance can be made more clear by the following illustration : The average expectancy of life in the United States of a man 21 years old is, according to Meech’s Table of Mortality, 40.25 years. In other words, take any large number of men who are 21 years old, and the average age which they will reach is 61% years. If a man, beginning with his 21st birthday, pays throughout life 50 cents a week into Massachusetts THE 8 NORTHWESTERN SO L IC IT S Capital $ 1, 0 0 0 ,0 0 0 YOUR ACCOUNT Surplus and Profits $ 400,000 WM. A. TILDEN, - - - - President Vice-President NELSON N. LAMPERT, HENRY R. KENT, - - - Cashier CHARLES FERNALD, - Asst. Cashier COLIN S. CAMPBELL, - Asst. Cashier National b a NK Clark and Monroe Streets C H IC A G O savings banks and allows these deposits to accumulate , for his family, the survivors will, in case of his death j at this average age of 61J4 years, inherit $2,265-9° ^ an interest rate of 3J2 per cent a year is maintained. $ If this same man should, beginning at the age of 21, pay throughout his life 50 cents a week to the Pru dential Insurance Company as premiums on a so-called “industrial’ life policy for the benefit of his family, the survivors would be legally entitled to receive, upon his death at the age of 6 iy4 years, only $820. If this same man, having made his weekly deposits in a savings bank for 20 years, should then conclude to discontinue his weekly payments and withdraw the money for his own benefit, he would receive $746-20. If, on the other hand, having made for 20 years such weekly payments to the Prudential Insurance Com pany, he should then conclude to discontinue payments and surrender hjs policy, he would be legally entitled to receive only $165. So widely different is the probable result to the workingman if he selects the one or the other of the two classes of the savings investment which are open to him; and yet life insurance is but a method of sav ing. The savings banks manage the aggregate fund3 made up of many small deposits until such time as they shall be demanded by the depositor; the insurance company manages them ordinarily until the depositor’s death. The savings bank pays back to the depositor his deposit with interest less the necessary expense of management. The insurance company in theory does the same, the difference being merely that the savings bank undertakes to repay to each individual depositor the whole of his deposit with interest; while the insurance company undertakes to pay to each member of a class the average amount (regarding the chances of life and death), so that those who do not reach the average age get more than they have de posited (including interest) and those who exceed the average age less than they have deposited (including interest). It is obvious that the community should not and will not long tolerate such a sacrifice of the working men’s savings as the present system of industrial in surance entails; for the causes of this sacrifice are easily determined and a remedy lies near. The extraordinary wastefulness of the present sys tem of industrial insurance is due in large part to the fact that the business, whether conducted by stock or https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis December, 1908 BANKER W e p a rticu la rly appreciate the accounts o f Banks and have unusual facilities f o r handling such business. by mutual companies, is carried on for the benefit of others than policy holders. The needs and financial experience of the wage-earner are exploited for the benefit of stockholders or officials. The Prudential (which was the first American company to engage in the business) pays annual dividends to its stockhold ers equivalent to more than 219 per cent upon the capital actually paid in; the Metropolitan dividends are equivalent to 28 per cent of such capital; and stock in the Columbian National Life Insurance Company, a corporation which commenced business but four vears ago, has risen from par to $296. But the excessive amounts paid in dividends or in salaries to the favored officials account directly for only a small part of the terrible shrinkage of the work ingmen’s savings. The main cause of waste lies in the huge expense of soliciting insurance, taken in connec tion with the large percentage of lapses, and in the heavy expenses incident to a weekly collection of pre miums at the homes of the insured. The commission of the insurance solicitor is from ten to twenty times the amount of the first premium. The cost of collect ing the premiums varies from one-fifth to one-sixth of the amount collected. And yet commissions for solic iting and collection are only a part of the expenses. The physician’s fee, the cost of supervision, of account ing and of advertising, must all be added; with the result that no industrial policy “pays its way” until it has been in force about three years. In other words, if the policy lapses before it has been in force three years, not only does the policy-holder lose (except the temporary protection) all that he has paid in, but the company (that is the persisting policy-holders) bears a part— generally the larger part— of the cost of the lapsed policy. And only a small percentage of industrial policies survive the third year. A majority of the policies lapse within the first year. In 1905, the average payments on a policy in the Metropolitan so lapsing continued little more than six weeks. The aggregate number of such lapses in a single year reaches huge figures. In 1905, 1,253,635 Metropolitan and 951,704 Prudential policies lapsed. The experience of their young and energetic rival, the Columbian National Life Insurance Company, is even more striking. On January 1, 1905, that company had outstanding 40,397 industrial pol icies. It wrote, during the year, 103,466. At the end of the year it had outstanding only 63,497;-and yet, December, 1908. THE NORTHWESTERN of the 143,863 policy-holders, only 699 had died, while 79,677 policies— that is, one hundred and fourteen times as many— had lapsed. The results of this system of insurance establish conclusively that, in the conduct of the business, the interests of the insured are ignored. A life insurance company for workingmen should, as to each policy holder, be conducted like a savings bank, as a benevo lent institution. No one should be induced to take out a policy unless it is advisable for him to do so in the interests of those whom he wishes to protect by it. No one should take a policy unless he will probably be able and willing to continue it in force. Further more, economy in the management of the insurance savings is as essential to satisfactory results as the economy on the part of the workingmen, which alone makes it possible to pay premiums. The supporters of the present system of industrial insurance declare that a reduction of expenses and of lapses is impossible. They insist that the loss to the insured and the heavy burden borne by the persisting policy-holders from lapses, as well as from the huge cost of premium collection, must all be patiently borne as being the inevitable incidents of the beneficial insti tution of life insurance, when applied to the working man. It is obvious that a remedy cannot come from men holding such views— from men who refuse to recognize that the best method of increasing the de mand for life insurance is not eloquent, persistent persuasion, but to furnish a good article at a low price. A remedy can be provided only by some institution which will proceed upon the principle that its function is to supply insurance upon proper terms to those who want it and can carry it, and not to induce working people to take insurance regardless of their real inter-* ests. To attain satisfactory results the change of sys tem must be radical. The savings banks established on the plan prevailing in New York and generally through the New England states are managed upon principles and under condi tions upon which alone a satisfactory system of life insurance for workingmen can be established. These savings banks have no stockholders, being operated solely for the benefit of the depositors. They are man aged by trustees, usually men of large business exper ience and high character, who serve without pay, rec ognizing that the business of collecting and investing the savings of persons of small means is a quasi-public trust, which should be conducted as a beneficent, and not as a money-making institution. The trustees, the officers and the employes of the savings banks, have been trained in the administration of these savings to the practice of the strictest economy. While the ex penses of managing the industrial departments of the Metropolitan, the Prudential and the John Hancock companies have, excluding taxes, exceeded 40 per cent of the year s premiums, the expense and management in 1905 (exclusive of taxes on surplus) of the 130 New York savings banks, holding $1,292,358,866 of depos its, was only 0.28 of 1 per cent of the average assets, or 1 per cent of the year’s deposits; and the $62,000,000 of deposits held in 1905 in the 189 Massachusetts sav ings banks were managed at an expense of 0.23 of 1 per cent of the average assets, or 1.36 per cent of the year’s deposits. Savings institutions so managed offer adequate means of providing insurance to the workingman. With a slight enlargement of their powers, these sav- https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis BANKER ■■y y 9 Th e y ÌI: CONTINENTAL N A T IO N A L ! Capital, Surplus and Profits $7,oo«,0«« B À IIIII Deposits $65,ooo,ooo 0 F: ¡ I CHICAGO O F F IC E R S GEO. M. REYNOLDS, Pres. B. S. MAYER, Asst. Cashier ALEX ROBERTSON, V. Pres. F. H. ELMORE, Asst. Cashier WM. G. SCHROEDER, Cashier WILBER HATTERY, Asst. Cashier HERMAN WALDECK, Asst. Cashier J. R. WASHBURN. Asst. Cashier B O A R D OF D IR E C T O R S JOHN C. BLACK. Chairman of the Board J. OGDEN ARMOUR. EDWARD HINES, President, Armour & Co. President, Edward Hines Lumber Co. ALBERT J. EARLING, FRANK HIBBARD, Pres. Chicago, Milwaukee & St. P. R. R. Hibbard,Spencer, Bartlett*Co.,W holesaleH ardw . HENRY BOTSFORD, F.E. WEYERHAEUSER, Packer. Lumberman and PineLand Owner,St.Paui,Minn B. A. ECKHART, President, Eckhart A Swan Milling Co. WM. C. SEIPP, SAM’L McROBERTS, Treasurer, Armour & Co. ALEX- ROBERTSON, Capitalist. Vice-President. GEO. M. REYNOLDS, President. Accounts of Banks and Bankers Solicited. The Hamilton National Bank of Chicago Capital, $500,000 Surplus and Profits, $176.388 Officers: HENRY MEYER, Cashier GEO. H. WILSON, A ss’t Cash. D IR E C T O R S: P. A. Delano, President Wabash Railroad Company. Charles D. Bartlett, Mgr. Proctor & Gamble Distributing Co. T. A. Shaw of T. A. Shaw & Co. Eouis E. Daflin, Manager Estate of Matthew Laflin. Charles B. Pike, President. J. H. Cameron, Vice-President. Henry Meytr, Cashier. C. J. Eldredge of Merrill & Eldredge, Com. Merchants. Frank Cuneo, of Garibaldi & Cuneo. Edmund A. Russell, Otis Elevator Co. W. C. Brown, Vice-Pres. New York Central Dines. W e S tu d y th e R e q u ir e m e n ts o f th e B a n k s in th e N o r t h w e s t and E n d e a v o r to M ee t T h e m in E v e r y R e a s o n a b le w a y . THE IO NORTHWESTERN BANKER December, 1908. THE UVE STOCK EXCHANGE NATIONAL BANK of CHICAGO CAPITAL $1,250,000 SURPLUS $250,000 ..... O F F I C E R S ..... S. R. Flynn, President J. A. Spoor, Vice-President G. F. Emery, Asst. Cashier G. A. Ryther, Cashier .....D I R E C T O R S ....... J A. Spoor Samuel Cozzens Arthur G. Leonard Gates A. Ryther ings banks can, at a minimum of expense, fill the great need of cheaper life insurance in small amounts. The only proper elements of the industrial insurance busi ness not common to the savings bank business are simple, and can be supplied at a minimum of expense in connection with such existing savings banks. They are: First— Fixing the terms on which insurance shall be given. Second— The initial medical examination. Third— Verifying the proof of death. The first is the work of an insurance actuary; and the present cost of actuarial service can be greatly re duced both by limiting the forms of insurance policies to two or three standard forms of policy to be uniform throughout the state, and by providing for the ap pointment of a state actuary who, in connection with the insurance commissioner, shall serve all the savings insurance banks. The initial medical examination and the verification of proof of death are services that may be readily performed for the savings banks at no greater pro rata expense than for the existing insurance compan ies. The insurance department of the savings banks would, of course, be kept entirely distinct as a matter of accounting from the savings department; but it would be conducted with the same plant and the same officials, without any large increase of clerical force or incidental expense, except such as would be reouired if the deposits of the bank were increased. On the other hand, the insurance department of savings banks would open with an extensive and potent good will, and under the most favorable conditions for teach ing the value of life insurance— a lesson easily learned when insurance is offered at about half the premium exacted by the industrial companies. With an insur ance clientele composed largely of thrifty savings banks depositors, the expensive house to house collec tion of premiums could be dispensed with, and more economical payments of premiums could probably be substituted for weekly payments. Indeed, it is prob able that the following simple, convenient and inex pensive method of paying premiums would, to a large extent, be adopted, namely, making deposits in the savings department from time to time, and giving, when the policy is issued, a standing order to draw on the savings fund in favor of the insurance fund to meet the premium payments as they accrue. The safety of savings banks would, of course, be in https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis James H. Ashby J. Ogden Armour Edward Morris S. R. Flynn no way imperiled by extending their functions to life insurance. Life insurance rests upon substantial cer tainty, differing in this respect radically from fire, acci dent and other kinds of insurance. Since practical ex perience has given to the world the mortality tables upon which life insurance premiums rest and the re serves for future needs are calculated, no life insurance company has ever failed which complied with the law governing the calculation, maintenance and investment of the legal reserve. The causes of failure of life in surance companies have been excessive expense, un sound investment or dishonest management. From these abuses our savings banks have been practically free, and that freedom affords strong reason for util izing them as the urgent need arises to supply the kindred service of life insurance. In Massachusetts, the proposition of permitting sav ings banks to establish insurance departments has al ready taken definite shape. The plan has been recently submitted to the recess Insurance Committee of its Legislature, and many of its eminent and public-spir ited citizens have associated themselves under the name of Massachusetts Savings Insurance League, for the purpose of securing the passage of a permissive act. Massachusetts laid the foundation of America’s ad mirable system of savings banks by chartering in 1810, Provident Institutions for Savings in the Town of Boston. Massachusetts established for the world the scientific practice of life insurance by 'the work of its great insurance commissioner, Elizur Wright. It seems fitting that Massachusetts should lead in an other great advance in the development through thrift of general prosperity by extending the functions of savings banks to the issuing of working men’s life insurance. Prosperous Waterloo As an indication of the prosperity which abounds at Waterloo, la., the bank deposits may be taken as a fair index. At the last call Sept. 23rd, 1908, there was on de posit in the banks of that city $6,404,332.86, as com pared with $5,765,800 in Dec. 1907, or an increase of $628,532.86 in about nine months. The weekly bank clearings of Waterloo are equal to some cities twice her size. Men who do not use the facilities offered by a bank cannot compete with those who do. December, 1908. THE NORTHWESTERN BANKER J. S. Pomeroy, Cashier Security National Bank, Minneapolis Mr. Pomeroy’s success as a banker is well known throughout the Northwest, and the Security Nation al with his guiding hand has gone steadily upward, in resources and deposits for a number of years. He began his banking career as bookkeeper for the Homer National Bank of Homer, N. Y., in 1884. After three years’ service in that ca pacity he went to the First National of Carthage, N. Y., remaining there for five years. Then nine years were spent as assistant cashier of the First National il The arid Farmers’ Mechanics’ National Bank of Philadelphia, Pennsylvania 427 Chestnut Street CAPITAL, . . . . SURPLUS AND PROFITS. DEPOSITS, . . . $2,000,000.00 - 1,325,000.00 . 14,637,939.00 Organized January 17, 1807 DIVIDENDS PAID, - - . $12,777,000.00 UNITED S T A T E S , S T A T E and CITY DEPO SITO R Y OFFI CERS HOWARD W . L E W IS. Presideet HENRY B. BARTOW , Cashier JOHN M A SO N , Transfer A gen t O SC A R A . W E IS S , Assistant Cashier Accounts of Banks and Bankers Solicited. ESTABLISHED 1879 STATE BANK S. P O M E R O Y Cashier Security National Bank, Minneapolis atWinona,Minn.,and the following three years cash ier of the National Bank of North America in Chicago, until the bank was sold to the Continental Nation al in October, 1904. In December the same year he was elected to the position of cashier of the Security National, or as it was then known the Security Bank of Minnesota. Mr. Pomeroy combines with rare skill and good judgment as a banker, a genial, courteous nature, which wins favor and respect from all, and the great success attained by the Security under his manage ment proves no mistake was made when he was placed in charge of its affairs. qf CHICAGO S. E. Cor. La Salle and Washington Sts. CHICAGO Capital S u rp lu s,— all earned Deposits - - $ 1 ,0 0 0 ,0 0 0 1 ,0 0 0 ,0 0 0 1 8 ,0 0 0 ,0 0 0 OFFICERS H. A . HAUGAN, President L. A . G ODDARD, V ice-P resid en t JOHN R. LINDGREN, V ice-P resid en t H ENRY S . H E N SC H E N , Cashier FRANK I. PA C K A R D , Ass’t. Cashier Ridgley to Lose Job It has been announced that W. B. Ridgley, president of the Reorganized National Bank of Commerce, is to be replaced, Dr. W. S. Woods, the deposed president of the bank, and friends, having suceeded in buying up the majority of the bank’s stock and thus securing control. Ridgley last winter resigned his position as comptroller of the currency to become head of the bank. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis HENRY A . HAUGAN, Ass’t. Cashier SA M U E L E . K N EC H T, S e c re ta r y W ILLIAM C . M ILLER, Ass’t. S e c r e ta r y Your Business is R esp ectfu lly & I n v ite d 12 — --------------------------- THE TH E i Baker-Vawter | SYSTEM FOR LO ANS AND f NORTHWESTERN O N E W R IT IN G \ With Either Pen, Pencil or Typewriter , FOR FU LL P A R T IC U L A R S M A K E S TH E I 1 W R IT E Discount Register, Liability Ledger and Maturity Tickler [ i Baker-Vawter Company The M o st P rac tica l S ystem Ever D evised for the Equally A daptable to B an ks of all Sizes. D IS C O U N T S The N ext Administration From Fisk and Robinson’s Monthly Bulletin. Speculation as to the policies likely to be pursued by an incoming administration always possesses much fascination. Ordinarily there develop during a Presi dential campaign some well-defined indications of what may be expected from the successful candidate during his incumbency. But this can not be said of the contest just closed. The only real issue was the personal fitness of the respective candidates, and it is doubtful if a careful review of the utterances of the successful one would reveal with any degree of certainty the course he is likely to pursue. We do know, however, that our next President is a man ot irreproachable character, of lofty and judicial mind, of wide experience in our colonial and international affairs; that he is thoroughly familiar with depart mental and legislative life, and that he has a broad and open mind on public questions; but it is true also that while he understands the railroads’ necessities, he has not, thus far, publicly indicated an intimate knowledge of the more important economic questions which must be settled, and settled aright, before the more intelligent of our voters will rest content and our nation enjoy the fullest measure of prosperity. No administration ever entered upon its career with business conditions more favorable to success. Though M AITCni FITMC T h e ab o v e M A U S O L E U M is o n e o f o u r s im p le , IflilU ijU L IjU ifliJ w e ll c o n s tr u c te d d esign s w h ic h ca n be e re cte d a t a c o m p a ra tiv e ly lo w co s t w ith s ix to e ig h t c r y p ts . H o w m u ch le ss b a r b a ro u s th is m eth o d is th an b u r y in g in the g ro u n d . W rite fo r fre e b o o k le t on “ M o n u m e n ts ” to C H A S . C . BLAKE & C O ., T h e Old R e lia b le M a k ers ot M a u so leu m s an d M o n u m en ts. (T el. 115 M a in ) 7 9 6 W om a n ’s Tem ple, C H IC A C O , IL L. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis December, 1908. BANKER Purpose. 1 (Jones P erp etu al Ledger C o.) / C H IC A C O NEW YO R K T rib u n e Big 3 5 0 B ro a d w ’y overwhelmed by a great financial crisis, and handi capped by an inferior banking and currency system, the United States, through its wonderful recuperative power, has nearly recovered its equilibrium. The gross and net earnings of the railroads are ap proaching the normal. The number of idle cars is a rapidly diminishing quantity. Orders for rails and for railroad equipment, including locomotives, are each month more in evidence, and will help sustain the volume of tonnage after crop moving has ceased. Present building operations show an increase over those of the corresponding period of 1907. The gross earnings of the Steel Corporation for the quarter end ed September 30, 1908, while far short of the parallel months of 1907, still reach the gratifying figures of $27,000,000, with a balance, after paying all charges and dividends, of more than $5,000,000, the most en couraging fact being that the increase in gross has grown steadily as the quarter advanced. The average monthly bank clearings of I9°7 were $12,168,540,274, while those of September, 1908, were more than $11,000,000,000. The national banks of New York City alone have converted their reserve deficit of $54,000,000 of November 23, 1907, into a surplus of more than $33,000,000 above the required 25 per cent, reserve. During the year the national banks have increased their gold holdings by $134,000000, which gives a possible increase in credit expan sion of at least half a billion. The banks of the United States now represent 40 per cent of the banking pow er of the world. The bearing of the foregoing on the magnitude of future business will be readily recog nized. By the 4th of March, 1909, there will remain hardly a vestige of the panic’s wreckage. There is no accumu lation of manufactured products. Plants have been overhauled ; labor is quickly available ; lessons of econ omy and prudence have been taught; the moral tone of the nation has received an impetus, while the finan cial strength of the country never was greater. In brief, conditions are ideal for a full renewal of our national prosperity. The new administration has a duty to perform in connection therewith. The armor which best protects a nation against periodic financial disasters is a sound banking and currency system. It is to-day the great overshadowing, paramount need of the American people; the incoming administration should aid in meeting that need. There is another issue which should receive also the most careful and persistent attention. It is a sound law of economics that when a nation has great December, 1908. TH E NORTHWESTERN BANKER 13 To Banks and Bankers Having' More or Less Uve Stock Business this Bank Offers Exceptional Advantages and Solicits Correspon dence as to Terms and Facilities. Also acts RESOURCES Seven Million as Reserve Agent for National Banks R. T. FORBRS, President Dollars WM. A. TILDEN, GEO. M. BENEDICT, Vice-Pres. Cashier JOHN FLETCHER, J. C. MORRISON Assistant Cashier Auditor natural resources, rather than dispose of them as raw selling anything else. They are realizing that they commodities, it is far wiser to convert them into fin can educate the people to use more gas— just as the ished products and dispose of the excess to foreign bankers who thought they had all the money, found consumers, thus obtaining not only the price of the out that they had only the money of those who knew raw materials, but also the value of the labor used what a bank was. in their manufacture. The putting of such a policy into operation involves our entering the markets of Favoring the Guarantee Plan. the world on a larger scale by means of reciprocal Regarding the recent meeting in’ Des Moines of trade relations, and by a modification of the existing; tariff. bankers who favor a deposit guarantee law the Register In response to the efforts of the retiring administra and Leader makes the following report: tion the business world of the United States has ad The Iowa Bankers’ club, instituted to secure legis mitted its shortcomings and materially mended its lation in Iowa for guarantee of bank deposits and to ways. The time has come for the consideration of these more important questions. If the incoming luge national legislation to like end, was organized in President will call to his council both the men who Des Moines by thirty or forty bankers from different labor and the men who carry the heavy burdens im parts of the state who met at the Savery hotel. posed by the financial, commercial and industrial life John P. O Malley, of Perry, who called the confer of the country, and if he will study with his broad ence, was elected president, Parley Sheldon, of Ames, and open mind the great economic questions on which the welfare of both labor and capital rests, his ad was elected vice-president, and W. J. Burke, of Mis ministration can be made one of the most brilliant and souri Valley, was made secretary. beneficent thus far recorded in the history of the J. C. O Connell, of Des Moines, was made chair United States. man of the' legislative committee with power to choose his associates. J. S. Cunningham, of Knoxville, was From the Address of Mr. E. S. Lewis before made chairman of the committee on membership and Mich. Gas A ss’n. with him are associated W. B. Tallman, of Osceola Consider for a moment the first Bryan-McKinley and President O ’Malley. campaign, in which the silver heresy had us all scared The preamble of the articles of organization of the into Republicanism. It cost us millions of cold cash association recites the purposes of the club as follows: to fight that battle, yet for ten years we had been We, bankers of Iowa, believing in the insurance of. warned time and again. That campaign shook the bank deposits, do associate ourselves together for the banks out of their cold storage attitude towards the purpose of formulating plans and rules the better to use of printer’s ink, and today thousands of banks are obtain legislation along the lines of the guaranteeing profiting by that experience and getting new deposits of bank deposits, and we have formed an association creating wealth because they are calling into circu to be known as the Iowa Bankers’ club, and ask the lation the dead money heretofore hidden in the stock co-operation °f all bankers favorable to the plan. ing, the parlor stove or the old tea-pot. The association met in the afternoon at the club They are teaching the people to save— to trust the rooms of the Savery. Mr. O ’Malley, who had issued banks. the call, was present, and J. S. Cunningham, of KnoxThe banks paid dearly for that half century of neg 11 j , democratic candidate for treasurer of state ligence. & called the meeting to order. Mr. O ’Malley was inThe people fear the thing they do not understand Vxted to act as president, and Mr. Burke was made sec — and they believe the worst of the power they do retary. not comprehend. After the business of the conference had been out The selling of gas is a commercial proposition. Ten lined by the chairman and the speakers, the meeting years ago gas officials laughed the advertising man out was held behind closed doors— a committee on resolu of their offices. Electricity, having a public to edu tions was appointed t0>draft the sense of the meeting cate, choked that laugh in their throats, and gas com in favor of bank deposit guarantee and against postal panies are realizing that selling gas is a good deal like savings banks. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis THE NORTHWESTERN December, 1908, BANKER Irving ¡Mattonai Exchange Bank W e st B r o a d w a y a n d C h a m b e r s Sts. Capital $ 2 ,0 0 0 ,0 0 0 NEW YORK CITY Surplus $1,000,000 ROLLIN P. GRANT, Vice-President BENJAMIN F. WERNER, Cashier DAVID H. G. PENNY, Ass’t Cash. H ARRY E. WARD, Ass’t Cashier LEW IS E. PIERSON, President JAMES E. NICHOLS, Vice-Pres CHAS. L. FARRELL, Vice-Pres Resources $ 2 7 ,8 9 3 ,6 0 4 FOREIGN AND DOMESTIC EXCHANGE BOUGHT AND SOLD COLLECTION OF BILL-0F-LADING DRAFTS OUR SPECIAFTY S trictly a C o m m erc ial B ank A bout Bookkeeping in Banks * A . L. Alcorn in Business Mans Magazine The individual loose leaf ledger is perpetual— one feature alone which makes it a god-send to the slave of the counting-house. The laborious task of trans ferring the hundreds of names and balances contained in one large ledger to another was for years the bane of the book-keeper’s existence. First, therewas the proper spacing of the new ledger— to tell just how many pages should be allotted to each account and how much space to be reserved between accounts foi the insertion of new ones which might be opened from time to time. But in spite of the most painstaking cal culations, the bookkeeper’s judgment invariably proved wrong in case of some of the accounts, they becoming more active than he had anticipated, and pethaps more new accounts had been opened than allow ance was made for. Consequently accounts ran into each other, making it necessary to forward some m other parts of the ledger and thus throwing them out of their natural order. Mixing the accounts in this manner always increased the danger of posting to the wrong account. When transferring accounts in the old way, two trial balances had to be taken off— one of the old ledger, and one of the new ledger after the accounts had all been transferred. Of course these trial bal ances never agreed, and then came the never-ending and laborious task of searching and “ checking” through the ponderous ledgers. In the loose leaf ledger there is an account on every leaf— no blank leaves reserved for future use, conse quently the book is much smaller, more compact and easier to handle. This feature, also, facilitates post ing, as there are no “ dead accounts” or extra leaves to handle over and over again. The accounts never change their positions, their arrangement always re maining relatively the same. By transferring the “filled leaves” to their separate accounts in the transfer ledger, the record covering each account for the period of their entire existence in the bank is always together, and not scattered through perhaps half a dozen ledgers. In taking off trial balances there is less danger of https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis skipping an account, as there are no crowded pages, and for every page turned an amount must be set down. The leaves of the ledger may be “ ruled re verse,” thus throwing every account on the right-hand page, while the opposite page appears upside down. The individual book-keeper keeps “on the side,” as it were, three little memorandum books. One he uses for recording new accounts in the order in which they are opened, one for accounts closed, and the other for overdrafts. These little books are especially useful to the cashier in directors’ meetings. At each meeting he is enabled to report all the new accounts opened since last meeting, thereby keeping alive their interest in getting new business. By having it brought to his attention, also, whenever a depositor closes his ac count, the cashier can at once investigate and ascer tain the reason for the withdrawal. A polite and cour teous letter will often bring an old customer back again. The little book containing overdrafts shows at a glance who are overdrawn, when they are notified, and how long the overdrafts have been standing. Daily Proofs. When a journal, or “ debit and credit book,” is used in connection with the individual ledger instead of the proof ledger, various schemes are employed to “prove” the posting; but they are all more or less imperfect. One method in common use is as follows: Take a slip of paper two columns wide with room at the top for the date, and after each item is posted to the ledger account, take the difference between the “old balance” and the “ new balance” and place the result in the debit or credit column, according to whether the item posted is a deposit or check. When the entire posting is done, if correct, the footing of the credit column of the slip should agree with the footing of the credit side of the debit and credit book, and the debit footing of the slip with the total checks on the debit and credit book. If either column of the slip should disagree with the corresponding col umn of the debit and credit book, the error is located by checking separately the items in that column on the slip with the items on the debit and credit book. December, 1908. THE NORTHWESTERN Thus it is readily ascertained in what account an error occurred. Some book-keepers do not take this proof as they post, but wait until the next morning after the work becomes “cold” and there is less danger of overlook ing an error. To facilitate calling back the ledger, the book-keeper usually places the deposit tickets and checks in the ledger at the several accounts to which they belong. The slips and checks are inserted so that they project from the book and serve to “mark” the accounts. The book-keeper therefore turns very rapidly to the ac counts as his assistant calls the names and amounts, and having the item in his hand, at the same time com pares the entries on the ledger with the item itself. 1 his method of “proving” the ledger is very unsatis factory because it does not eliminate the necessity of “calling back” the ledger, the most irksome task con nected with the individual books. In fact, it does little more than prove that amounts have been correctly posted as to the figures. It does not prove that items are all posted to the proper account, or that a debit has not been posted as a credit, or a credit as a debit, or that an amount has not been posted twice, etc. The following is another method sometimes used: 1 ake a long slip of paper with four columns instead of two— two columns on the debit side and two on the credit side. When an item is posted to an account— and we will suppose it to be a credit— the ‘old balance,” that is, the balance standing to the credit of the ac count before the deposit is added, is entered in the first column on the credit side of the slip, while the “new balance,” that is, the balance created after the deposit is added to the former balance, is placed in the second column on the credit side of the slip. When the post ing is done the four columns on the slip are footed, the difference between the two on the debit side corre sponding with the total checks on the debit and credit book, while the difference between the two columns on the credit side “prove” with the total deposits. If upon comparing these columns they show a dis crepancy, the error cannot be so easily located as in the first proof. If the error is in posting the credits, for instance, it is necessary to begin at the top of the slip and take the difference between the two balances of each account, compare them to the corresponding cred its on the debit and credit book until you come to two balances, the difference between which does not agree with the corresponding credit. While this proof is perhaps a little more “effective” than the first, its advantages are not sufficient to com pensate for the great additional amount of time and labor required to operate it. It will detect a credit posted as a debit and a debit posted as a credit, but not an amount posted to the wrong account, etc. A call back” of the ledger is also necessary. Filing Deposit Tic kets and Checks. After the deposit slips and checks have been posted to the individual ledger, the final book of entry, they are ready for filing. Before the checks are filed, how ever, they are canceled by stamping them “ Paid” across the face with a rubber stamp, or perforating them. They are then filed in cabinets made especially for the purpose. These cabinets contain as many drawers as the num ber of accounts justify. Each drawer is divided into compartments by heavy cardboard partitions. A com partment is given to each depositor, the accounts being https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis BANKER 15 Cbe Chase IRattonal JSanh © f th e C i t ç o f m e w p o r i! BErUSITUKY CLEARING HOUSE BUILDING July 15, 1908 jrD w tu ' " ■ $ S.ooo.ooo.oo ^ W P n c T V o A N 'D P R o : P l T S > ( e a r n e d ) -D E P O S IT S . . . . - 5,308,511.0c 106,367,501.00 Officers A , T T K T0U Pres- ALBERT H. WIGGIN, Vice-Pres. Ht- MILLER, Cash. CHARLES 0 . SLADE, Asst. Cash. S S S tR L A E ? E’ Asst- CashWM. E- PURDY, Asst. Cash. HENRY M. CONKEY, Asst. Cash. A. C. ANDREWS, Asst. Cash. ^Directors W CANNON, Chm. JOHN I. WATERBURY A HILL GEORGE P. BAKER S0HT'EY ALBERT H. WIGGIN A. BARTON HEPBURN GEORGE P. BAKER, JR. Jiational Hank o f Com m erce f i m § o rb unercelleB facilities* for the isaetton of domestic anD foreign banding, tt)c /National Bans of Commerce in Gem Port! offers to bands anD banders tlje most itberal terms consistent with coHscraaritoe methods, ano tijc assurance that the interests of its clients Shall at a ll. ‘tmes receibe its paramount consideration, e statement of the condition of the &on the 22nD of a u g u st la st, as nutted to the Com ptroller of the nep, showed . $ 25 ,000 .000.00 urplus auto l 14QOQnQnoo • . 144,511 .475.46 - . lUrtifh profits. 1 I T 9 2 8 .0 9 0 .2 2 Officers P. Snyder, President F . R y a n , V ic e -P re s id e n t . Sm irk, V ic e -P re s id e n t uvsill, C ash ier L o tt, A ssistan t C a sh ie r P tla t, A ssistan t C a sh ie r y r w . J r . . A ssistan t C a sh ie r R u ssell, A ssistan t C a sh ier D irectors D. JrnUUrd H. Pa’rkër " H. HUka r j r Charle. A. Peabody Luther Kountae ; (Mesti ____ R Ata.W .Kta T’TSfcfe», Ourle. Lanier , - W . Mett» ' f f S Waodtary laasása , .t a r M e r s t a , ‘ i Ü tC n tJS T P*V»<WLitaey ■■ Owe*. W . TH E 16 F R A N C IS B. R E E V E S , P re s id e n t. NORTHWESTERN December, 1908. BANKER R IC H A R D L , A U S T IN , V ic e -P r e s id e n t. J O S E P H W A Y N E , JR T H E O . E . W IE D E R S H E IM , 2 n d V ic e -P r e s id e n t. C a s h ie r. National The G irara PHILADELPHIA, PA. npi_ Ä i -1 SM A «1 /] CAPITAL, $2.000,000. HT A 2 A Ti 1I SURPLUS and PROFITS, $3,888,221 D a m1 B a n k T DEPOSITS, $38,865,323. ACCOUNTS OF BANKS AND BANKERS SOLICITED arranged in the drawer in alphabetical order, or in the vouchers which have been paid since the book was last same order as they appear in the ledger. The depos balanced, and also all his deposit tickets. After comparing the deposit slips with the credits itors’ names are written or printed at the top of these cardboard partitions, which are so shaped that one par on his pass book and entering from the tickets them tition does not obscure the name on the next one be selves those which may not be on the book, the checks are listed on the adding machine, or with a pen and hind it. ink on a separate slip, if the bank has not provided Before filing, deposit tickets are always stamped themselves with a machine. across their face with the date upon which they were He then foots the deposits, putting the total in light received. This is done to correct those improperly lead pencil figures on the line next below the last de dated and to supply the date upon those left undated. posit. Under this is set down the “ total checks,” Deposit tickets are also filed in cabinets, each depos which are subtracted from the “total deposits” and the itor having a separate compartment. Two cabinets are difference entered on the next line below, which is the necessary when tickets are filed in this way a cur “balance.” rent cabinet” and a “transfer cabinet. In the current The pass book is then turned over to the individual cabinet the deposit tickets are filed each day in their book-keeper, who compares this balance with that on several compartments. When pass books are left to his ledger, and if they agree he erases the lead pencil be balanced, all the deposit tickets belonging to such figures and enters them in ink. The book is then ruled accounts are removed from the current cabinet, and off, showing the balance which the depositor begins after being checked with the entries on the pass books, anew. This ruling is accomplished with a single im are filed in the transfer cabinet. pression of a rubber stamp, as the following will illus Thus the current cabinet does not contain the de trate : posit tickets of any customer back of the date his book In order to show on the ledger when an account was last balanced, it is not necessary to rule the account was last balanced. In some banks deposit tickets are filed according to off and bring the balance down, as the balances are date, each day’s tickets being filed together. The tick carried in the balance column daily. Merely the date ets are perforated at the top with two small holes and is stamped with a rubber stamp dater to the left of placed upon a spindle. Each day’s tickets are separ the debit column and on the line with the last balance. When pass books have been thus balanced and veri ated from each other by thin sheets of cardboard, which are dated. At the end of each month they are fied, the checks with the slip upon which they are listed tied together with a wire thread and filed away in the are placed in the book and the books are filed away in convenient cabinets made especially for the purpose. vault. The assorting and filing of pass books after they have Balancing Pass Books. been balanced is an important matter. It is a bad The work of balancing depositors’ pass books be practice to throw them promiscuously in a drawer, so longs to the individual book-keeper, or his assistant. that the hand cannot readily be laid upon any one of If it can be avoided, however, the employe who keeps them. Customers become annoyed at having to wait the individual ledger of a bank should not be entrusted while search is being made through a stack of books. entirely with the balancing of pass books, although O ther Systems. the limited force of many country banks makes it nec There are various other systems of keeping the indi essary. vidual books employed by different banks. It will not Checks as well as deposits used to be entered on the be attempted, however, to describe the several systems pass book, but since the introduction of the adding in detail, or to enter into a discussion of their relative machine, this method has become obsolete. Deposits merits, as it would only tend to confuse those who only are entered on the pass book, while the checks are unfamiliar with bank book-keeping. are listed on separate envelopes or slips. The most important of these systems now in use When a depositor leaves his pass book to be “writ are: The Rand, the Eager, the Boston, the New York, ten up,” as he should do at least once a month if his account is active,' it is taken in charge first by the the Bound Three-Column Ledger. The Rand ledger is divided into sections by sheets assistant book-keeper, who gets out all the canceled https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis December, 1908. r TH E NORTHWESTERN BANKER 17 T h e N a t io n a l B a n k of the R e p u b lic of CHICAGO continues to offer to hanks and hankers the advantages of its facilities, developed and perfected h y seventeen years of close personal relations w ith a constantly growing list of correspondents throughout the world. John A . Lynch, President Thos. Jansen, As6t. Cashier W . T. Fenton, V ice-President James M. Hurst, Asst. Cashier of stiff cardboard. Each section may contain 20 or more leaves. The cardboard sheets extend beyond the edge of the other leaves, leaving a margin wide enough to hold little metal slides. In these metal slides are inserted little slips of paper bearing the names of the depositors. Beyond the outer edge of the slips there is still space enough left in the slide to contain another slip, upon which are written the balances of the depositors. Whenever an item is posted to a depositor’s account, thereby changing his balance, the slip containing his old balance is removed and replaced by another upon which is written the “ new balance.” As these balances are all in sight and in correct alignment, it will be seen that a daily trial balance of the entire ledger can be had by simply footing these balances. While this ledger saves the labor of forwarding un changed balances, yet it is a question whether this advantage is not more than counterbalanced by the time and labor consumed in manipulating this mechan ical device. The Eager. The Eager ledger is similar in all its important fea tures to the ordinary Three-Column ledger. Each ac count is given a full page, or leaf if the ledger is loose leaf, and the name of the customer is written at the top of the page. It is ruled with columns for “ Checks in Detail,” “Total Checks,” “ Deposits,” and “ Balance.” The book is divided into four sections, a stiff partition separating each section. These partitions project beyond the edge of the other leaves far enough to support a pad of “proof sheets” four columns wide. In the columns of the “proof sheet” are recorded “deposits,” “checks,” “old balances” and “new balances” belonging in each section. There is an index leaf for each section, which enables the book-keeper to readily turn to any account in the section. The posting is done in this manner: Turn to the account to which an item is to be posted, but before posting it set down the last balance of the account in the column “old balances” on the proof sheet. Then after posting the item enter the last balance in the column “ new balances” on the proof sheet. The de posit tickets and checks having been previously en tered in their respective columns of the proof sheet, when the posting is done the proof sheet shows the https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis R. M. M cK inney, Cashier W m. B. Lavinia, Asst. Cashier O. H. Sw an, Asst. Cashier W . H. Hurley, Asst. Cashier total deposits, total checks, and old and new balances of each section. The posting is proven as follows: Add the total deposits in each section to the sectional balance— that is, the total of all the balances in the section, and sub tract the total checks. This amount ought to equal the amount procured by adding the new balances to the sectional balance and subtracting the old balance. The Boston. In this ledger the names are written in alphabetical order, one under the other, from the top to the bottom of the page. The accounts are carried horizontally across the page. The leaves are ruled with six spaces sufficient to accommodate a week’s business without turning the page. Each space is ruled into columns for “ Checks in Detail,” “ Checks,” “Deposits,” and “Balance.” The book is composed of long and short leaves. Be tween each long leaf are several short leaves, usually about twelve. The object of these short leaves is to enable the book-keeper to forward the balances to the next page without rewriting the names. When they are turned back to the left and lie flat on the long leaf, the names written on the margin of the long leaf are always visible. The balances may also be transferred from one page to the next without having first to write the balances on the first page and then turning the leaf back and forth each time a balance is carried over to the next page. Balances are forwarded by folding to the left the short leaf so that the “balance” column at the be ginning of the next page will appear next to the “credit” column of the first page. When all the bal ances on the page are forwarded, the “ fold” is turned back, and the new balances then appear on the next page. The chief advantage of this book is that it furnishes a daily proof of the entire ledger. It involves an im mense amount of labor, however, and is rather incon venient in writing up pass books, and attendant with more than ordinary danger of posting to the wrong account. This danger is obviated to a certain extent by posting checks in red ink and deposits in purple ink. The New York Ledger. The New York ledger differs from the Boston only in the matter of ruling. The order of the ruling is simply reversed. First after the margin for names comes the “balance” column, next “Deposits,” “ Checks in Detail,” and “Total Checks.” As with the Boston TH E i8 NORTHWESTERN BANKER December, 1908. The Seaboard National Bank of the City of New York Capital SI,000,000 Surplus and Profits (earned) $1,649,000 ACCOUN TS S . G . B A Y N E , P re s id e n t SOLICITED S. G .N E L S O N , V ic e P re s . W . K . C L E V E R L E Y , A s s ’t C a s h ie r L . J. D E V A U S N E Y , A s s ’t C a s h ie r. system, the posting is done direct from the deposit tickets and checks, without the aid of any other aux iliary books. T he Bound Three-Column Ledger. This is known as the “old style ledger.” Each ac count is given a full page, but for inactive accounts some of the pages are divided into halves and quarters. Each page is double ruled— that is, divided by a heavy line running from top to bottom through the center of the page, each half-page comprising the “date,” “debit,” “ credit,” and “balance” columns. It is usually a ponderous volume made to accommo date the largest number of accounts for the longest possible time. The accounts are entered in alphabeti cal order so far as possible, each letter being allotted a certain amount of space, acording to the number of accounts under each letter. From the amount of space consumed by each account in the preceding ledger, the number of pages to be allotted to each account in the new ledger is approximated. In spite of the most careful calculations, however, the accounts will run into each other, thereby necessi tating the forwarding of many of the accounts to some other part of the ledger out of their natural order. In connection with this ledger it is necessary to keep a “journal or debit and credit book,” in which the checks and deposit tickets are entered. In some banks the name of the payer, the number and the amount of each check is entered, but such detail is really unnec essary. The initials of the payer and the amount of the checks is sufficient for all purposes. Only the totals of the deposit tickets are entered. If the accounts of the bank are numerous and very active, it is advisable to enter the checks and deposit tickets in separate books, the deposits in the “ Credit Book” and the checks in the “Debit Book.” C . C . T H O M P S O N , C a s h ie r J. C . E M O R Y , A s s ’ t C a s h ie r. O . M . J E F F E R D S , A s s ’t C a s h ie r length of time. In this way the certificates are kept “fresh” and overdue interest does not accumulate. For the purpose of keeping a complete record of all certificates issued and paid by them, banks employ a systematic method of registering each certificate. ^The book upon which this record is kept is called the Time Certificate of Deposit Register. As time and demand certificates must be kept in separate accounts on the general ledger, it is necessary to keep two registers, although both are alike as to form and ruling. Each page of the Time Certificate of Deposit Reg ister has both a debit and credit side. On the credit side of the page are entered the certificates as they are issued, with a complete description as follows: The date issued, the name of the person to whom it is issued, the number, and the amount. A “total” column follows, in which is carried the total of each day. When a certificate becomes due and is paid or re newed, it is traced by its number back to the date of issue and a small check mark placed opposite the num ber. There is also a column provided next to the “total” column for noting the date the certificate was paid. On the debit side of the register is then entered the date of payment, the number, the amount, and the interest which was paid upon it. The total certificates issued and paid on each day are posted from this register to the general ledger ac count. The register totals should agree with the “ cer tificate” columns on the cash book. The total time and demand deposits, as shown by the difference between the debit and credit sides of the registers, should always be the same as the balance shown by the general ledger. The certificate registers are also proved by taking off on the machine, or list ing with a pen, all the certificates which have not been “ checked.” The totals should correspond to the ledger balance. Certificates of Deposit Registers. Most banks issue both demand and time certificates of deposit. Demand certificates are, of course, paid immediately upon presentation of the certificates, if properly indorsed, and do not draw interest. Time cer tificates are payable at specified times and bear inter est at whatever rate may be agreed upon. Time certificates of deposit usually contain the stip ulation “ No interest after six months unless renewed.” This provision is inserted in order to induce the de positor to renew the certificate promptly when due and not allow it to remain outstanding any great https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis A Successful Prophet The bank guarantee scheme is of Chinese origin and was used and abandoned by the almond-eyed financiers a few hundred years ago. Mr. Bryan 'did nof dis cover it. He adopted it with the hope that there might be some votes in it. He has a very large and deformed and decrepit family of abandoned issues on hand and the bank guarantee scheme will take its place with free silver, government ownership of railroads, anti-im perialism and initiative and referendum after the votes are counted.— Atlantic News, October 16. December, 1908. TH E NORTHWESTERN In Memoriam When a good man dies it is hard for a newspaper or magazine to prepare and place in cold type a tribute of respect which seems in any degree proper and fit ting. The printed words seem so inadequate when com pared to the living deeds and works of the man, whose face long familiar, shall be seen no more among men; and when that man has spent more than half a cen tury among the people of one community the task is all the harder. This applies with more than ordinary force to George Weare, president of the Iowa State National Bank, of Sioux City, whose death occurred on Novem ber 5, 1908. Mr. Weare’s residence in Sioux City had passed the half cjentury mark and of the thousands of inhabitants of that hustling city not one was there when Mr. Weave arrived in 1855. He saw the city grow from nothing to its present splendid proportions, and stand ing rjpon the hills which are “round about,” and gaz ing ait the wonders the years had wrought, he might truly,1 have exclaimed, “All of which I am, and part of which I was.” Mr. Weare was the kind of man a financial jour nal like the Northwestern Banker delights to honor. For inore than fifty years he had been engaged in the banking business and during all that time no living man; was able to point to a single transaction of his which would not bear the searchlight. During years when it was no fun to be a banker, when the stress and strain were terrific, and during other years of panics and periods of “wild-catting,” when men who under ordinary circumstances were ordinarily honest, thought they might let down their mortal standards “just a little,” Geo. Weare stood firm and,1'true. To him a thing was either right or wrong, and) if the latter he did not give it a single moment’s conlsideration. To know a man whom you can absolutely depend upon for one year, two years, five years, is a great privilege, but who can measure the moral effect for fifty years of such a man on a community? The Geo. Weare type of man is the greatest heritage which can come to any city, and his impress will be felt “even unto the third generation.” The Clearing House Association adopted the fol lowing resolutions at a special meeting held at the tinjie of Mr. Weare’s death: hereas, In the fullness of time our esteemed friend and fellow worker, Mr. George Weare, the first president of this association, and for more than half a century a banker in this community, has been called from the activities of life, therefore, be it Resolved, That the officers of this association realize that in! the death of Mr. Weare they have lost their oldest and mfist distinguished ¡member. He was eminent in many wáys, and a list of those characteristics which made him sol would be an inventory of the virtues which make for well rounded manhood and rthe most desirable type of citizenship. . The commendation of his neighbors and of the public press give voice to the high esteem in which he was held as a citi zen, and it is our privilege to put upon record our apprecia t e 11.^ him as a banker, to testify to the diligence, ability, in tegrity and courage which distinguished him in his long https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis BANKER 19 career, and to give expression to the feelings of sorrow and of personal loss that come to us with his death. The influences of a good man survive his death, and we believe that the exemplary character of Mr. Weare, his integ rity in business, his zeal for his city, his loyalty to his friends, his love and devotion to his family have made a deep and abiding impression upon the community. Resolved, That we extend to the bereaved family our sin cere symimthy in the great sorrow that has come to them. Resolved, That these resolutions be spread upon the minutes^of this association, and that a copy be sent to Mr. Weare’s family, to the bank of which he was president, and to the newspapers of the city for publication. The board of directors of the Iowa State National Bank, of which Mr. Weare was president, passed the following resolutions: Resolved, That the directory of this, the Iowa State Na tional Bank, of Sioux City, Iowa, has learned with deep regret and profound sorrow, of the death of its honored president, Mr. GEO. W E AR E Formerly Pres. Iow a State National Bank, Sioux City, Iowa George Weare, which occurred at 7 a. m. on Thursday, Novem ber 5, 1908, at the family residence, in the presence of the members of his family. Resolved, That his death takes from us an honorable asso ciate, a wise counsellor, and from many, a very good and a very dear friend. His career of fifty-two years of actual banking service, un broken in continuity, was distinguished by unremitting faith fulness to every duty and unswerving fidelity to every trust reposed in him. No eulogy which we could pronounce would do justice to the noble life which has closed. We will honor him most by emulating his many virtues. The following very interesting sketch Weare’s life we take from the Tribune: of Mr. Mr. Weare was born in Derbyline, Vt., December 3, 1834. He was a son of John and Cynthia (Ashley) Weare, both natives of New Hampshire. As early as 1854 the father became en thused with the western spirit and on horseback came as far west as St. Louis, Mo. In the following year the family put ting their possessions in a wagon came to Michigan and there cast their lot with the early settlers of that part of what was then the West. In Allegan county they took up TH E 20 NORTHWESTERN their residence and lived there until 1848 when they came to Cedar Rapids, Iowa. There the family resided until the death of the father in 1856. The mother had died in Michigan in 1842. The first educational training of Geo. Weare was in the schools of Allegan, Mich. After the family moved to Cedar Rapids he attended school there and later studied in Roches ter, N. Y. When fourteen years old he engaged in teaming at Cedar Rapids for several months. After a year in the school of Rochester, and when sixteen years old he secured a position in a general store of the frontier town, receiving as compensation for his labors $2 a month and his board. The integrity and ability that he has possessed in the later years of his life was his in his young days and his labors there made such an impression on his employers that in the second year he was paid $20 a month. After another year devoted to study Mr. Weare entered the Greene & Weare bank at Cedar Rapids, the first bank in Linn county. In August, 1857, Mr. Weare was married to Miss Mary Carpenter, daughter of Gabriel Carpenter, of Cedar Rapids, la. Their honeymoon trip was an eventful one. They went twenty-five miles by stage to Iowa City and from there by train to Davenport and from Davenport by steamboat down the Mississippi to St. Louis and then by boat up the Missouri to Sioux City. Mr. Weare before leaving for his bride had purchased for $300 the furniture for a three-room house, the site of which ; now occupied by the double house, 710-712 Douglas St. ¿ney started to housekeeping immediately following their ar rival in Sioux City. In this dwelling their oldest child, Henry, was born. In 1859 they removed to the site of their present location, living in a small frame house. Here their three daughters were born. In 1872 their present residence was built and they have lived there continuously since that time —thirty-three years. Coming here in 1855, when Sioux City consisted of a few log houses and stores and a small population of frontiers men, and having resided here continuously since that time, Mr. Weare was more concerned with the development of the town than any person now living. Until his last illness, he retained a remarkable memory for names and faces and events, not only of the earliest pioneer days, but of the years after the war. If a business man or a lawyer or a GEO. G. HUNTER, President F. M. RICE, Supt. of Agents C. S. HUNTER, Sec’y O. B. FRYE, Ass’t Sec C. H. MARTIN, Treasurer W. R. R E A D , Oen C o u n s e l DES MOINES Fire Insurance Company OF IOWA ANNUAL STATEMENT, JANUARY 1 , 1908 [To Insurance D epartm ent, S ta te o f Iowa] ASSETS Real Estate owned by Company... .$118 ,330.00 Cash on hand in Office and Banks. . 38,670.14 Mortgage Loans on Real Estate 221,811.00 Loans Secured by Pledge of Bonds 1,311.00 Cash in course of Transmission... . 30,162.23 Unmatured Bills Receivable ....... . 221,303.60 Stocks and Bonds Owned by Co . 82,379.20 Total ............................... . •$7i3,968.13 LIABILITIES Capital Stock .......................... .$100,000.00 Re-Insurance Reserve ................ . 444,164.60 Losses in Process of Adjustment . . 14,070.47 Net Surplus ............................. • 155 ,733-06 Total ................................. •$713 ,968.13 Surplus as to Policyholders $ 2 5 5 ,7 3 3 .0 6 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis BANKER December, 1908. newspaper man wanted information about somebody who “used to live here” he generally went to George Weare. Hardly a man in the community had more friends than Mr. Weare. He had watched them grow up to manhood along with the town. To many of them he nad done little favors, the recollection of which today will bring the glint of a tear. His charities were not conspicuous, but they were not few. In business matters, Mr. Weare’s influence always was on the conservative, common sense side of affairs. He was a keen student of men and he liked to see them deal squarely. His style is reflected in the steady growth of Sioux City rather than the inflated boost of boom days. His banking institution was one of the few which weathered the storm and stress periods of ’73 and ’93, a record justifying pride. It is to be regretted that Mr. Weare’s recollections of Sioux City in the late ’50’s have not been recorded in detail, for they would form an important contribution to local history. He has told of his impressions of the town upon his arrival and there might now be some interest in their recall. It was at 4 o’clock on the morning of Christmas day, 1855, that Mr. Weare set out from Council Bluffs in a four-horse stage coach. The snow was nearly three feet deep bn the level and fast progress was impossible. He ate his Christmas dinner at Little Sioux with a snowbound voyager named Larmenter. Instead of the modern and delicious turkey, wild turkey, none the less palatable, was the substitute. They reached Ashton, a small town below the present site of Onawa, at dusk. Mr. Weare shared a bed that night with Geo. Murphy, now one of the oldest residents of Sioux City, but at that time living with John Fredlein, near the present site of Sloan. Arriving the following evening within sight of Sioux City, he gazed eagerly at the place that was to be his home. Half a dozen log houses clustered near the mouth of Perry creek, from whose stovepipes arose slender columns of smoke, was what he saw. That was Sioux City in 1855. Another cabin was added to those six by Mr. Weare and in it he established a banking business in which he had since continued. In 1860 he joined with John P. Allison in the banking firm of Weare & Allison. That partnership was maintained until 1901, enjoying the entire confidence of the community for over forty years. In January, 1901, the firm of Weare & Allison was consolidated with what is now the Iowa State National bank. Mr. Weare became president of the new bank, and continued in that office up to the time of his death. John McHugh is vice-president of the bank and Harry A. Gooch is cashier. John McHugh, vice-president of the Iowa State National Bank, paid the following tribute to Mr. Weare: “I am unable to summon words to my aid to sufficiently and fittingly express the high esteem in which I held him. I have had the rare privilege of a close, intimate business association with him, covering a period of many years, and can say, with all possible emphasis, that he was a good man in every sense of the word, a noble character, and he lived a good, courage ous, useful life. He was an honest man and he valued honesty in his fellow-men far more than financial worth. His promise, once given, was never qualified or recalled. “He never hesitated to assume responsibility for his actions, and would scorn to hide behind an excuse borne of expedi ency. Always strictly honest, ever highly honorable and frankly straightforward, he impressed his individuality upon others by the very force of these characteristics.” Can the City Assess the Bonds? Question. That is the The proposition of whether or not the city can assess government bonds is again in court. Although adverse decisions were given to the city last year on this ques tion, the assessor assessed the bonds this year just the same and now the Des Moines National, Valley Nation al and City National, through Charles L. Powell, their attorney, are asking that this be rescinded. It is thought the city will not object pending the decision on the former adjudication which is in the supreme court. Every individual who is desirous of laying aside something for a “ rainy day,” should open an account with a bank. December, 1908. TH E NORTHWESTERN BANKER 21 VALLEY N ATIO N AL B AN K -------------------------------- D E S M O IN E S , I O W A -------------------------------For the past thirty-six years the Valley National CAPITAL, $300,000.00 Bank has been favorably known as a carefully SURPLUS and PROFITS, 80,000.00 and conservatively managed institution,— and DEPOSITS, with its increased Capital and Surplus insures absolute 2, 000, 000.00 C VALLEY SAVINGS BANK, Under Same Management, DEPOSITS, - - - $1,000,000.00 E. F. Folda, Omaha, Vice President Union Stock Yards National Bank Mr. Folda became connected with the Union Stock Yards Bank early in July, 1906, coming from Schuyler, Neb,, where he has made a splendid success of the Banking House of F. Folda. If the history of the men who are prominent in the banking world to-<Jay was to be written, it would be found that most of them came from a country bank somewhere, comparatively few having received their training in city banks. The city bank is on the lookout for these men all safety and a service unsurpassed. business. W e invite your R. A. CRAWFORD, Prest. C. T. COLE, J r., Vice Prest, D. S. CHAMBERLAIN, Vice Prest. W. E. BARRETT, Cashier $3,138,844, surely a showing to be proud of. It may be truly said of Mr. Folda that he1 has been a banker all his life, beginning as cashier while yet a boy, in a small bank then owned by his father. Other members of the family have caught the infection also, and there are now “Five Folda Banks” in which Mr. Folda and other members of his family are interested. Farmers and Mechanics National of Philadelphia Declare Dividends The Farmers and Mechanics National of Philadelphia have just declared dividend No. 200, being a semi-an nual dividend of 3 1-2 per cent. They also passed $50,000 to the credit of the surplus fund, increasing same to $1,250,000. The bank is now 101 years old and has during its existence paid in dividends $12,777,000. The stock is widely distributed, the books carrying the names of nearly a thousand stockholders. In the state ment announcing the dividend, President Lewis says : “The bank has not any bad debts on its books and the market value of its investments is greater than thenbook value.” The Farmers State Bank of Osmond E,. F . F O L D A , V ice Pres. Union Stock Yards National, South Omaha, Nebraska the time, and when found they are invited to come up higher. The success of Mr. Folda in Schuyler attracted the attention of the officials of the Union Stock Yards National Bank, and he was invited to join forces with them, and the invitation was accepted. During the three years which have passed since then, the bank has gone steadily forward, increasing until at the last call the deposits had reached the handsome sum of https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Quite a number of changes have recently occurred in the affairs of this bank. The death of Mr. B. M. Smith, who was formerly connected with the bank, is to be deeply regretted as he was held in the highest esteem by all his associates. The stock held by Mr. Smith was purchased by Mr. Jas. F. Toy, president of the Farmer’s Loan and Trust Co., of Sioux City. Mr. M. J. Kuhl, formerly assistant cashier of the German Savings of Remsen, has been elected cashier of the Farmers State Bank and Mr. Jos. Cizek remains assistant cashier. It is Mr. Toy’s intention to reorganize the bank and in vite some of the people who will control the local man agement to become active members. This reorganiza tion and the close touch with the Farmers Loan and Trust Co., of Sioux City, will put the Farmers State Bank in a position to handle any business which mav be offered to it, no matter how large the amount involved may be. Same Old Story Another case comes to light of a man afraid of his bankers. Fear of failure cost W. P. Brodewick, of Eddyville, $892. Burglars suspicioned the truth in this case and raided his home, getting all the man’s savings and left no clew whatever for the officers to work on. THE 22 NORTHWESTERN December, 190S. BANKER THE DENVER STOCK YARDS BANK Located in Live S to ck Exchange B uilding, D enver Union S to ck Y a rd s , D enver OFFICERS CHAS. FLETCHER, JR., President C. K. BOETTCHER Vice-President JOS. S. DAVIS, Cashier CHAS. I. DEARDEN, Ass’t Cashier If not already a customer we invite you to become one Located at the Denver Union Stock Yards, we are enabled to give close attenton and quick action to business pertaining to shipments to the mark et. But our location in no way in terferes with business not of this na ture; our mail facilities enable us to give prompt attention to any business entrusted to us. DIRECTORS CHAS. FLETCHER, J r . HENRY GERHARD C. K. BOETTCHER GEO. W. BALLANTINE A. H. VEEDER, Jr. W e re c e iv e a c c o u n ts o f in d iv id u a ls , firm s, c o rp o ra tio n s , b a n k s an d b a n k e rs on fa v o r a b le te rm s a n d s h a ll b e p lea sed to m eet or co rr e sp o n d w ith th o se w h o c o n te m p la te m a k in g c h a n g e s o r o p e n in g n e w a c c o u n ts . Send Us Your Western Collections Department of Advertising Comment A Series of Monthly Studies in the Best and Moft Effective Methods of Bank Publicity By EMERSON DEPUY Elect Presidents by Advertising. No doubt many of our readers noted during the cam paign just closed the full page ads in the leading mag azines used by both parties. It may be said however, that Mr. Hitchcock evidently “saw it first” as it was not until late in the campaign that Chairman Mack adopted the same tactics. It is safe to say therefore that Mr. Taft’s triumph ant election was brought about by advertising, and had Mr. Bryan’s managers “ got into the game” at an earlier date they might at least have mitigated in some degree the crushing defeat which overtook him. When they finally got busy they put out some very effective copy, but it was too late then to stem the tide. I am inclined to think that the success of the experi ment will result in conducting future campaigns en tirely by advertising. When it is considered that a full page ad in the Saturday Evening Post for instance, places its argu ment before over 900,000 people each week, one is led to ask how many miles a candidate would have to travel to accomplish the same result with his mouth and what the relative cost would be. Mr. Emerson Hough the famous Iowa novelist was a recent visitor in this city and while here expressed himself on this subject in a Register & Leader inter view as follows: “Faith in advertising is the religion of the American peo ple, and in the next presidential campaign the wise politi cal manager will recognize this fact and profit by it. “I believe that more can be accomplished toward the elec tion of a president through the use of advertising space in the newspapers than through any other means. I suggested this idea at a little banquet of prominent advertising experts in Chicago some months ago. Such men as the advertising man ager of Everybody’s Magazine and the Saturday Evening Post saw my point, indorsed it and evidently set about to make the most of it, for in this campaign just closed for the first time in the history of presidential campaigns, advertising space in national publications was used by the national committee of both great parties. “I believe so firmly in this idea that I am willing to state https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis that if the democratic national committee had used the money it spent in sending Bryan on his tremendous tour back and forth across the country and in red fire and all the other trap pings of a political mass-meeting, in setting forth the merits of their bank deposit guarantee issue in the newspapers far and wide, Bryan would have received many more electoral votes than he did. “There isn’t any other department of a modern newspaper in which the people have such faith as in its advertising col umns. They are suspicious of the editorial page, because they believe it to be biased and it is a common thing for men to remark that editorials are paid for; they doubt the news col umns also and it is traditional to say, “Oh, that’s just a news paper story,” but when it comes to the advertising columns the public believes them implicitly. It is their habit to be lieve the advertisements, because that’s business, and good business men do not advertise goods they cannot deliver. If it were not the habit of American people to believe advertis ing, why would great business institutions spend as much as two and a half million dollars in a year for advertising space? They know, because for years they have tested the faith of the American people in advertising and they have found it stead fast. “In view of these facts, what is the use of spending money on oratory, red fire, brass bands, noise and the like in a presi dential campaign? That is money thrown away. At best the campaign orator’s voice reaches only a few thousands in the course of a whole campaign, and a large part of those few are often so filled with liquor or otherwise excited that the best argument is lost on them. Moreover, the orator doesn’t reach the man he wants to reach—the fellow who belongs to the oth er party or the fellow who is on the fence. Money spent for campaign oratory is money thrown away. “But let the campaign manager select his best arguments, then hire the best possible talent to write them into clean cut, logical advertisements and publish them in every big news paper and magazine in the country, regularly through the fight, and he will get his money’s worth. Those advertise ments will go everywhere, among republicans and democrats alike, and they will be read by republicans and democrats alike. They will be read when the mind is clear and when the reader is in a receptive mood; there will be no noise to distract, uo brass bands to disturb; every good argument will sink in deep ly and make a conviction.” The mighty power of advertising none can gainsay. If the candidate for president who was effectively ad vertised was elected, and his opponent “lost out,” how can the business house or the bank which does not December, 1908. TH E NORTHWESTERN BANKER 23 The Northwestern National Bank o f MINNEAPOLIS C a p ita l an d S u rp lu s D e p o s its $ 4,000,000 $25,000,000 O FFIC ER S: W . H . D U N W O O D Y , P r e s id e n t F. E. H O L T O N , C a s h ie r M . B. K O O N , V ic e -P r e s id e n t C. W . F A R W E L L , A s s is ta n t C a s h ie r E. W . D E C K E R , V ic e -P r e s id e n t R. E. M CG REG O R , A s s is ta n t C a s h ie r J O S E P H C H A P M A N , Jr., V ic e -P r e s id e n t W . F. M c L A N E , A s s is ta n t C a s h ie r A. A. C R A N E , V ic e -P r e s id e n t S. S. C O O K , A s s is ta n t C a s h ie r I. F. C O T T O N , A s s is ta n t C a s h ie r advertise, expect to win against the bank or business house which does. One of the funny things is the man who says: “Well I don’t believe in advertising,” and he says it with an air of finality as though that ended the thing. Advertising does not care a rap whether he believes in it or not, it simply keeps on doing its work in an absolutely impartial manner. A man might as well say that he does not believe in the law of gravitation, but his lack of faith in no way affects the law. It goes right on working, and should he stand too near the edge of a precipice, and happen to lean too far over he will be given a very prompt illustration of the working of the law, which will cause him to change his be lief, only the change will be of no practical use to him, because he will be dead. Same way in the business world, the “dead ones” don’t believe in advertising, but no one pays any attention to them. The man who prepares the bank advertising often finds himself reaching out for a “starter,” just a line or a few words to set him going. For his benefit we append a few paragraphs which he may find useful at such times. C o p y Suggestions for the Man W ho Prepares the Ads The only way to foil the pickpockets is to carry a check book instead of a pocketbook. Your money in bank is money in circulation— it plants the fields and moves crops to the markets. Your money in bank keeps the mills running, em ploys labor and makes good and prosperous times for all. Your bank account, however small, will be a start of a reserve fund which will mean peace, plenty and contentment in old age. A bank account makes you able to run your busi ness instead of your business running you. History repeats itself, and all the great fortunes of today had their beginning in a small saving account. Your cancelled checks returned to you, after having https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis been paid by the bank, save disputes and litigation. You may lose your receipted bill, but if you have your cancelled check, you won’t have to pay the bill twice. The check is proof positive that you paid the money. The bank account provides you with the most con venient means of handling your funds and collecting checks and drafts. It is the only way known to the business world by which you establish a credit which will enable you to borrow funds when such a course becomes necessary or advantageous. Your money in bank contributes to the general pros perity of the community by lowering interest rates and making better times. The more you have the more you want. This is human nature. It may be hard to save the first $100, but it will be easier to make it $1,000. It is simpler, easier, safer and cheaper to send remit tances to distant or nearby places through the bank than in any other way. Every endorser through whose hands a check passes is a witness that the payee received the amount the check calls for. If a check is lost your money is still safe in bank. If a check is stolen and collected by someone else by means of a forged endorsement you do not lose anything, for the various endorsers or the bank must make good the amount. Nine-tenths of the business of the world is carried on by means of checks, drafts, bills of exchange, etc. Systematic and persistent depositing in a bank is the best means yet devised for the accumulation of money, and the interests, whether large or small, of men, women and children are alike carefully attended to by the bank. For sanitary reasons it is better to issue checks than to handle foul, germ carrying, poison-laden currency. A word from your banker at the right time, may en- THE 24 NORTHWESTERN WINTER FIXTURES! BANK December, 1908. BANKER FIXTURES A SPECIALTY! W INTER Q U ALITY. High Grade Construction Workmanship, Finish and Material Modern Designs “ Winter” Fixtures are Right! “ Winter” Prices are Right! “ W inter’ will treat you right! Ask our Customers. Here are a f e w of t h e b a n k s w e r e c e n t l y fitted up: F ir s t N atio n al B a n k , G lobe, A r i z ; P a y e tte N a tio n al B a n k , P a y e tte , Id ah o ; C om m ercial S a v in g s B a n k , Tam a, Io w a ; F ir s t N a tio n al B a n k , M ontour, Io w a ; N atio n al B a n k o f B e lle v ille , B e lle v ille , K a n .; N assau S tate B a n k , N assau, M inn. Send us your floor plan and le t us m ake you an estim ate M. W INTER LUM BER COMPANY, S H E B O Y G A N , WI SCONSI N A W IN T E R Q U A L IT Y O U T F IT H igh-grade Fixture M akers. able you to make more money than all the letters of recommendation you can carry. The handling of a bank account gives you a practical business education. No man is likely to be given a position of trust or honor unless he is favorably known at the bank. An active bank account is one of the best means of establishing credit with your business associates. A man with a bank account and a check book in his pocket has all the money he needs right with him and the correct change, too. The mere fact of a person’s having a bank account, although small, creates within him a spirit of inde pendence and moral strength obtainable in no other way. The private office of the bank is at the disposal of its depositors, and there is no other place as suit able for the transaction of business of a financial na ture. Make your banker familiar with your circumstances and show him, by your actions, you are determined to save money, and you have established a basis for any reasonable accommodation. The banker is familiar with commercial law and all matters pertaining to good business practice, and is always ready to advise and inform his customers. Many fat attorney fees are thus saved by bank depositors. A Practical Suggestion If the bank will purchase its own font of type and borders, it will find they give an added value to space used in local papers, simply because no other ad in the paper is set in the same type. Ask your printer to show you his type book which contains samples of the various styles of type made by the type founders from whom he buys his material. Select the type and border you desire, and instruct him to order same for you with the understanding that it is to be your property and used exclusively in your ads. Once you inaugurate this plan it will please you greatly and the fact that no other ad in the paper uses same style https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis E stablished lb65. of type and border that you do adds dignity and value to your ads. The principle applies in everything. Your wife does not care to wear a hat which is the exact dupli cate of every other hat in town, nor is she greatly pleased after having purchased a new cloak to see half a dozen servant girls parading the streets with something exactly the same style, only in cheaper ma terial. Your wife being an extremely sensible woman, desires a degree of exclusiveness at any rate, as re gards dress; it makes what she wears distinctive. The same thing will be true of your ad if you use type (or dress) which belongs to you exclusively. Then add a design in black and white of the name of the bank and you will have a combination which will catch the eye at once and be read, and this is what you want, I take it, as an ad that is not read is of precious little value. It is like trying to convince a deaf man by oral argument. The bank of the future which does the best advertising will do the best busi ness. Whether that bank is to be yours or not de pends on you. I am willing to help all I can. W hat T h e y are Doing Mr. E. C. Lane, president of the First National Bank, Guthrie Center, is a bank official who believes in the right kind of up-to-date advertising. He not only believes in it, but he has the ability to produce it and is constantly putting forth this valuable com modity from his bank. His latest production is a very beautiful booklet issued on the twenty-first anniversary of the bank, which has just occurred. The book is printed on a very fine grade of enamel paper and contains a great deal of information of value to the depositors, the prospective depositors and is also em bellished with a number of very fine half-tone engrav ings, showing the lobby of the bank, the president’s office, and the customers’ room, the ladies’ room and private offices. Quite a unique feature in this booklet is the expense account for the farmer which is in the form of a number of blank pages properly ruled in the back of the book. This gives it a permanent and last ing value to the farmer who uses it, and every intelli gent man who gets it will use it. Every country December, 1908. TH E NORTHWESTERN BANKER 25 C a p ita l a n d S u rp lu s $ 5 1 0 ,0 0 0 .0 0 Tt i r e o p i e s m « i r u s i i) & n • to v i n e *i s ' m i i k CLINTON, IOWA J. H. INGWERSEN....... President C. F. ALDEN .. .Vice President L. LAMB ............ Vice President A n up-to-date, conservative Commercial and Savings Bank catering particularly to ac counts of Banks and Bankers in its territory. banker throughout the Northwest may learn some les sons from Mr. Lane in regard to the proper presenta tion of his business to the public. C. B. M ILLS.... .Vice President W. W. COOK .. J. L. B 0HNS0 N . ... Asst. Cashier The Fidelity & Casualty Company of N ew York. The fastest thing in the world in the line of transpor tation is the ice yacnt. Such a boat, the Drub, covered live-eights of a mile on the Shrewsbury river, two years In a recent letter from the live wire cashier, Mr. E. ago, at the rate of a mile in 24 seconds. Autos, however, do pretty well. Fred Marriott drove A. French, of the Exchange State Bank, of Collins, he a mile on the Florida sands, two years ago, in 28 3-5 says: “I am a great believer in newspaper advertising and seconds. Electric cars are not much behind. On the Marienalso all other advertising and have found your little a book of ‘Good Ads for Good Banks’ a great help. I feldt-Zossen line in Prussia they have reached speed of 130.4 miles an hour. have been using your ads for another purpose; that Steam cars have come close to the electric record. is, I attach the name of our bank to the bottom of In 1904 a Philadelphia and Reading train ran 4.8 miles the ads as they appear in your booklet and use the same under the glass counter at the window. We at a speed of 115.2 miles an hour. Somewhat in the rear is the bicyclist. Robert A. have a green felt under our glass which makes a good background for the ad. The customers all read the Walthour, paced, made a mile in 1 minute 6 1-3 ad when they are waiting for their book or draft. It seconds. “The ponies” are much slower, and yet they have has been a big success with us, as the ads are set reached a respectable rate of speed. Salvator ran a up in a very attractive way.” This is an entirely new and unique way of using the mile in 1.35 1-2. Dan Patch paced the distance in ads in our booklet and shows each cashier has ideas 1.55. Lou Dillon trotted it in 1.58 1-2. Mere unassisted man necessarily trails behind. J. of his own with reference to how to obtain the great I\ilsen skated a mile in 2.36. Dan Kelly ran 100 est amount of publicity. yards in 9 3-5 seconds. George M. Daniels swam 100 yards in 55 2-5 seconds, a rate of nearly four miles an The Jasper County Savings Bank, of Newton, Iowa, hour. issues an attractive booklet containing a lot of histor These records, which are assembled by a writer in ical information regarding the bank, laying emphasis the Technical World, are the symbols of an era that on the fact that there has been no change in the man is going some. agement for twenty-eight years. The statement occu The “fastest” thing in the way of insurance is pies a double page in center of book and showed deposits in September of $489,097.23. There is a lot Burglary Insurance. In 1900 there were only five com of other valuable matter calculated to cause the re panies writing the line; m 1908 there are twenty. The cipient to preserve the booklet, and I presume this total net premiums in 1900 were $436,780 and the losses was the intention of Cashier Hindorff when he pre were $58,998. The total net premiums in 1907 were $2,207,288 and the losses were $708,668. pared the material. The first stock company in America to make a suc cess in burglary insurance was the F. & C. It led in A most excellent ad recently issued by the First establishing the business, and it leads to-day in volume National, of Gladbrook, Iowa, occupied large double of business. Other companies “shook their heads” in column space in a local paper and was headed “ Guar doubt, some ridiculed, they then followed suit and are anteed Deposits.” The body of the ad contained the now trying to “catch up.”— Reprint from The Monthly Bulletin. following : “The depositors of this bank are secured by all the I have observed in my life that some of the best property of the bank, amounting to $375,000.00; by stockholders’ liabilities, $50,000.00; total, $425,000.00. things I have accomplished have been the result of some failure at first. Not being satisfied with the first And back of this security is the experience, judgment attempt, I have given the matter more thought and and knowledge of the officers and directors of the action and have made it pan out in the end.— Frank bank. Under existing law no bank can offer better.” lin (Geo. not Ben). https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 26 TH E NORTHWESTERN BANKER December, 1908. THE MERCHANTS’ NATIONAL BANK of CEDAR RAPIDS, IOWA Capital Surplus . . . . $200,000 200,000 OFFICERS JO H N T. H A M IL T O N , President P. C . F R I C K , V i c e - P r e s i d e n t J A M E S E. H A M I L T O N , V i c e - P r e s i d e n t J O H N S. B R O E K S M I T , C a s h i e r E D W I N H. F U R R O W , A s s ’ t. C a s h i e r The L iv e , Commercial Bank of Cedar Rapids Citizens National of Union Grows A Correction The Citizens National Bank, of Union, Iowa, is ex periencing a very fine growth in its business. They have recently installed some fine fixtures from the First National Bank of Marshalltown, and Mr. Clyde Barnes, the new bookkeeper, took up his duties on the first of November. Business is increasing to such an extent that it was necessary to add two men to the list of offi cers in the last month. In a recent letter, Mr. C. E. Lawrence, the cashier, says, “We are well pleased with the Northwestern Banker and wish it much success.” In our last issue, through a blunder of the types in printing the tabulated statement of the deposits of the various banks in Omaha, we made it appear that the deposits of the Union Stock Yards National of South Omaha were $2,133,844, whereas these figures should have been $3,138,844.97. We take this opportunity of making the correction as we want the Union Stock Yards National to have full credit for the splendid in crease which they are making in all departments of their growing business. N ew Cashier for the Iowa State Bank and Trust Company Fifteen Years for Morse; Curtis Free Under Sus pended Sentence A few months ago Mr. Walter Light was elected cashier of the Iowa State Bank and Trust Co., West Liberty, Iowa. For several years previous Mr. Lawrence had been cashier of the Farmers Savings Bank of Hartwick, Iowa, and was succeeded at that place by Mr. B. W. Grier, of Deep River. Mr. R. L. Arnold, Cashier of the First National Bank of N ew ton One of the most successful banking institutions of the state is the First National and Newton Savings, ot Newton, and a very large measure of its success is dut to the able and efficient management of Mr. R. L. Arnold, the cashier. Their last statement, issued on September 23rd, showed the deposits at that time to have reached the splendid sum of $472,473.89, havingincreased to this sum from $260,214 as per statement of September 24, 1900. The statement referred to shows that deposits have increased more in the last two years than in any other twelve years of the bank’s history. We think that there are very few banks in the state out side of Des Moines that can make any better showing than this. The big increase in the deposits covers the period of Mr. Arnold’s connection with the bank and this fact is in itself significant. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis After a trial lasting three weeks, during which the methods of manipulating the funds of the National Bank of North America were made public in detail, Charles W. Morse and Alfred H. Curtis were found guilty by a jury whose verdict, however, strongly rec ommended mercy for the defendant Curtis. Judge Hough, before whom the case was tried, sentenced Morse_ to fifteen years in the federal prison at Atlanta, Georgia, and gave Curtis a sentence of five years which was then suspended and Mr. Curtis was given his free dom. This action of Judge Hough met with general approval for it was the universal opinion drawn from the evidence that Mr. Curtis had acted for Morse throughout and that he had not profited one cent in the plunging transaction of the bank. At no time was his personal honesty and integrity questioned, and in his sentence Judge Hough took occasion to voice1 his personal belief in Mr. Curtis’ honesty. Counsel for Morse will appeal the case and will this afternoon try and get their client out of the Tombs on bail. So general was the faith in Mr. Curtis that at a meeting of the stockholders of the National Bank of America held last week the proposition that in event of reorganization of the bank Alfred H. Curtis be made vice-president was favorably received. Another meet ing of the shareholders will be held at an early date when some definite action looking toward the reorgan ization of the bank is expected.— Financier. THE December, 1908. The NORTHWESTERN 27 BANKER C o m m e r c ia l ^National B a n k o f W A T E R L O O , IO W A C apital and S u rp lu s $ 2 5 0 ,0 0 0 .0 0 W. W. Müler, E L. Johnson, OFFICERS President j H. C. Schultz, Vice-President | E. W. Miller, Cashier Asst. Cashier DIRECTORS W . W . M ille r W a rre n B row n E . L . Johnson J. S. T u tn iij F . C. P la tt C. W . I llin g w o rth H . M . R eed J. W . K r a p fe l Geo. E . L ic h ty H. C. S ch u ltz O u r fac ilitie s for handling the acco u n t of banks in Iow a a re U nexcelled Free Money Orders The Citizens State Bank of Virginia, Neb., issue a free money order which is a most convenient thing for their customers who may wish to make remittances of any kind by mail. In describing this money order Cashier Nickell says: These money orders are the result of much study by me. I have seen people drive a long ways to town to get a money order—or stand and wait in the road for the rural delivery man to come and give them an order. This has never looked r-ght to me, and I have found that it is not necessary. These new money orders make it unnecessary for you to come to town, to wait, or be vexed in any other manner when you want to send money away. You can fill these orders out yourself, with the same ease that you address the letter, and sw e yourself all drives, waits and vexations. The method of using is as follows: For each money order you get, you will pay the bank $10 the highest amount that the order can be used for. When sending money away, you will fill out the order, as directed on it, for the amount of money you wish to send. The dif ference between the amount you send and the $10 you pay Wni be credited your account by us or we will mail the dif ference to you, as you may prefer. If we credit the difference to your account we shall send you a postal card advising you that the amount has been credited. For instance, you get an order, pay the bank the $10, fill out the order in favor of John Smith for $3, sending same to him. When he presents the order at his bank it is paid and that bank sends the money order to us at once. We see that but $3 has been used, so there is $7 due you. We credit your checking account with the $7 due you, send you a postal card advising you of the credit, and you can check out this $7 in the usual way. Or, if you prefer, we will mail you the $7 in place of putting it in your checking account, advising you that it is the refund upon your order in favor of John Smith. If you have filled out the order for $6, we refund $4 and so on, you getting the full difference between $10 and the amount you send. The money order costs you nothing. In event you want to send more than $10, use two or more money orders. Since they cost you nothing, can be filled out in an instant, and are so handy, it will pay you to use them for all money sent; for you can fill ten orders out easier than pay thirty cents for one postal order, when sending a hundred dollars aways. If you lose a money order, either filled out, or not filled out, let us know, and we will send you a new one at once. In order that there may be a slight inducement beyond the saving in cost, we have decided to make these money orders bear interest if not used. You who have money in the bank checking account, or in certificate of deposit fornp or in your pockets, can take money orders for a large portion of that money. Any time you want to send money away, or pay your neighbor, or your merchant, you have these money orders handy. And every one that you do not use is drawing you interest. So, if you use the money order, you save what you would otherwise pay to get one made out for you, and if you do not https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis A . J. E d w ard s YO U R A C C O U N T IS S O L IC IT E D use the money order, it is drawing you interest on the full $10 you have paid for it. I want everyone to get one or more of these money orders. Send me your check upon any bank whatever, so long as you have money there, and I will forward the orders. I want not only our own customers, but the customers of other banks to use these. They can be furnished to you by no other person or bank than ourselves. I have myself planned the orders, they have copyright and patent rights applied for, and no one in the United States can furnish them to you but this bank. They are as good to you in New York as in Virginia. So let every one use them. I will send you one by return mail for each $10 received from you. You can remit by check, by certificate of deposit, in cash, or any way. They are planned to save you money, and will do it. Death of Ambrose A. Call Ambrose A. Call, president of the First National bank, of Algona, and one of the founders of the town, died October 22nd. He was in his seventy-sixth year and had resided in Algona for nearly fifty-five years. Mr. Call is survived by his wife and six children— Mrs. Gardner Cowles, of Des Moines; Mrs. F. E. V. Shore, of Des Moines; Mrs. A. Hutchison, of Algona; Mrs. L. J. Dickinson, of Algona; Chester C. Call, of Kansas City, and Roscoe Call, of Algona. Mr. Call was widely known throughout the northern part of the state of Iowa, and was a large land owner, besides being prominent in banking circles. Fitz in Des Moines Mr. M. W. Fitz, a prominent banker of Manson, Iowa, was a caller at the office of The Northwestern Banker recently. Mr. Fitz was in the city. attending a meeting of the association of private bankers, of which he is a member. He is a strong opponent of _postal savings banks, and will outline his views on this sub ject in the next issue of this journal. Receiver of Chariton First National Pays Dividend The receiver of the defunct First National paid a dividend to the depositors about the middle of Novem ber. Nearly $300.000 was thus disposed of. Mr. Jamieson thinks now that perhaps 35 cents on the dol lar may be finally available when everything convertible has been accounted for. The Modern Woodmen’s claim of $350,000 was finally pro-rated with other claims through an arrangement made by a committee repre senting the organization and Receiver Tamison. 28 TH E NORTHWESTERN The N orthw estern Banker PUBLISHED MONTHLY AT 402-404 CROCKER BUILDING BY The Northwestern Banker Publishing Company DES MOINES, IO W A E M E R SO N D E P U Y . . . . . M an ager “A CASHIER’S CHECK” For $2.00 is all that is required to secure the monthly visits of the Northwestern Banker for an entire year. Each issue contains from 56 to 64 pages of mighty interesting matter pertaining to banks and banking interests in the territory covered by the magazine. “OUR C O R R ESPO N D EN T S” Every bank in the Northwest is invited to a , place on this list. Send us items of local interest, tell us about your bank and its growth, prospects, etc., also any other financial news of interest to bankers in your section. W e are always glad to hear from our friends. “SIGHT D R A F T S” W e always carry a large “ Reserve” of good w ill and additional service, and w ill promptly honor drafts made upon same by any bank. This department is for your special benefit. It may be made of very great benefit to your bank. Do not fail to avail yourself of its privileges. “A CLEARING HOUSE” Our columns are a clearing house for all our readers. Express your views on any topic of in terest to the banking fraternity and submit same for publication. You do not have to agree with us, or with anyone else. W e learn things by an interchange of ideas, and people with whom we disagree often prove valuable teachers. W e shall be glad to hear from you. “N O P R O T E ST ” Has ever been offered to the statement that the field covered by the Northwestern Banker is the money producing section of the American continent, rich in hogs, cattle, corn, etc., and dotted with thousands of prosperous banks, all doing a good business, and the majority of them are readers of “ The Northwestern.” “SURPLUS A N D UNDIV ID ED PROFITS” Increase very rapidly . with those b a n k s , whose advertisements appear regularly in the columns of this magazine. Full information as to rates and our special service,( will be promptly furnished on application. Your business solicited and appreciated. The “ Banker” has been fourteen years in its present field. “SECOND CLASS M A T T E R ” This journal is entered as second class . matter at the Des Moines postoffice. This is done in order to conform to the postal laws; everything pertaining to the journal, save this entry, being strictly first class. DECEM BER, 1908 The Bank D rum m er A recent issue of the Saturday Evening Post con tained a very interesting article on the above subject. Among other things the Post said: The bank drummer, in all his phases, is a development of a relentless commercialism that is gradually leveling the bar rier separating the professions from “trade.” The banker of half a century ago would no sooner think of soliciting depos its than he would think of advertising, and yet both the so licitor and the advertisement now are generally recognized as essential factors in the success of the modern bank, at least if it be located in any of the centers of population. Like the physician and the lawyer, the banker of former days was con tent to sit in his office and with patience and dignity await the pleasure of the outside world; but the few who have steadfastly clung to the traditions of that generation have beheld their institutions languish in the clutch of that most insidious of commercial diseases, “dry rot.” It cannot be said that the profession has accepted all the twentieth-century innovations complacently, but even today, when the triumph of the modern school is everywhere conceded, one occasional ly hears an old-time banker call upon the shades of Hamilton and Morris in protest against the new order of things. The progressive bank usually selects for this work a young man who has the faculty of “making a good approach,” who is known as a good “mixer,” who can tell a story, and make himself generally agreeable. In fact the Bank Drummer must possess in a large meas ure the same characteristics which make his mercan tile brother so much of a success. Usually he is an official of the bank and as a gener al rule his title is that of assistant cashier. He will be found in attendance upon all the conventions where bankers congregate, and has never been known to let his smile come off. At all times he is a close observer of the ethics of business, and however hard he may work to land an https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis BANKER December, 1908. account when in the office of the banker, he seldom “talks shop” at conventions unless his prospective cus tomer gives him an opportunity. The banks which are employing men of this type are convinced they are on the right track as they see their deposits keep climbing, and the list of new and desir able accounts lengthen as the days go by. The progressive banker no longer sits with folded hands waiting for the dear people to come in when they get ready, he goes out and compels them to come in. His stockholders are not much interested in ethics, but their clamor for dividends is incessant and will not be denied. F ifty N e w B anks “More than fifty new banks have been started un der Oklahoma guaranty of deposits law and some of them are offering 6 per cent for time deposits.” The above item from a recent copy of a financial journal calls for some consideration. There is a limit beyond which competition cannot go, if a profit is desired, and at the rate banks are multi plying in Oklahoma the limit will soon be reached. Perhaps this is a phase of the question which the ad vocates of the “deposit guarantee” have not fully con sidered. At any rate one thing is certain, and that is Oklahoma as a field for banking endeavor will soon cease to. be attractive to careful men looking to build up a business that shall endure, because the number of banks will be so great that profit making will be im possible. So many new phases of this question are constant ly arising that other states are wisely waiting the final outcome in Oklahoma before doing any plunging on their own account. “Publicity Pro an d Con ** Every banker admits the baleful effect of the publicity given bankers and the banking business in general every time a bank fails, a cashier absconds or commits suicide. The admission carries with it an acknowledgment of the “power of the press” and its widespread influence, but it does not require a very searching analysis to re veal the fact that this power may be used to the very great benefit of the banking business if properly recog nized and applied. Such being an established fact, it would certainly seem the part of good business judgment then to em ploy this powerful engine which is right at hand ready to be used by every banker who desires to create in the minds of his customers and others as well, a feeling of confidence, not only in his bank,, but in all banks gen erally. Nothing could possibly contribute more to the crea tion of a sense of security which would grow and spread and become-rooted in any community, than a series of advertisement put out by any good reliable bank, taking confidence and security as a basis for the subject matter. Convince people that money in your bank is safely held there ready for them any time they call for December, 1908. THE NORTHWESTERN BANKER 29 THE DES MOINES NATIONAL BANK DES M O IN E S , IOWA ( T The policy of this bank is to cultivate helpful business relations with its correspondents and to render at all times the service which their needs demand and which our equipment insures An experience extending over a quarter of a century in catering to such needs has provided a broad under standing of the requirements m this field. We cordially invite a share of your business. S e p te m b e r 2 3 r d , 1 9 0 8 C a ll R e so u rce s (o v e r) $ 4 , 6 0 0 , 0 0 0 . 0 0 Arthur Reynolds, President John H . Blair, Vlce-Pres. it, and you will get their business. You may convince them of this by constantly telling them of it through the columns of your local paper. This has been demonstrated over and over again and the banker is short-sighted who fails to call to his aid so great a help in safely building his business as his local paper. A . J . Zw art. Cashier C . A . Barr, Asst. Cash. graph says: The largest loser, if there be a loss, is Carroll county, the bank was the point of payment for taxes and the county deposits had been swelled by recent collections to nearly $25,000. Treasurer McAllister today said that he had secured a bond from the bank, but it was re ported to be of no value because it was signed by Cul bertson, Macomber and Coburn, all of whom have sac Casual Observations rificed their personal fortunes in an attempt to postpone Push is the force that converts our ideals into re the crash which came yesterday. One of the heavy alities. losers is H. E. Russell, who loans money for the Con Doing the “right thing” once does not attain our necticut Mutual, he having, it is asserted, nearly $ icsuccess nor assure our salvation. 000 on deposit there. Thomas Bedford, a farmer had If we had no faults ourselves, we would not take so $6,000 on deposit. The school district of Carml, of l much delight in pointing out those of others. which Culbertson was treasurer, has $4,000 on deposit You may well listen to the advice of others, but you j. B Hungerford, editor of The Herald, had $2,400 in must place absolute dependence in yourself alone. the bank, and practically all of the merchants of the j Some people’s efforts are so spasmodic they seem city had sums varying from $100 to $1,000. Other f to be trying to gain success on the installment plan. banks throughout the county are heavy losers, but not That which is in hand is most important now. To of sufficient amount to damage their solvency. The morrow will take care of tomorrow’s tasks if today’s first National Bank of Glidden had, it is stated, about be done today. $10,000 in the Carroll institution. That which is good lives forever because it is de The state banks at Lidderdale, Arcadia and Lanessirable. That which is bad dies quickly because it is boro all have amounts to their credit in the local bank. undesirable. A general agreement among the depositors has been t T he best night’s rest comes after the best day’s work. reached to take no steps until the report of the ex Ihere is a great deal of peaceful consolation in the fact aminer is made and a receiver has been appointed. i °f a day well spent and duty well done. Some are honest when they cannot be otherwise, but Bankers Club Elect Officers not otherwise. The Twin City Bankers’ Club has elected officers as j The biggest number is number One. ; The honesty which is good policy may be poor follows: President, E. W. Decker, of the Northwestern National Bank of Minneapolis; vice-president, George I honesty. H. Prince, of the Merchants’ National Bank of St. It is not what there is in it, but what you can get Paul; secretary-treasurer, George F. Orde, of the First out of it that counts. Success needs no reasons, failures they cannot ex National Bank, Minneapolis, Perry Harrison, of the Se curity National Bank, Minneapolis, and George C. plain. For every sucker who is born every minute there are Power, of the Second National Bank, St. Paul, were elected to the executive committee. two sharks waiting. It Is an open question whether friends or enemies are A. J. Frame Gives Donation for Athletics the more expensive. Pres. A.. J. Frame, of the Waukesha National Bank, has donated $1,500 for an athletic field for Carroll ColThe Possible Losers lege, at Waukesha, Wis. Carroll now has one of the Referring to the probable losers of large amounts bv finest athletic fields of any of the smaller colleges of the closing of the First National of Carroll, whose presi vVisconson, due to the generosity of the well-known dent, W. L. Culbertson, shot himself, the Atlantic Tele Waukesha banker. It will be known as “Frame Field.” / https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis TH Ë 30 NORTHWESTERN December, 190B. BANKER UN I T E D S T A T E S D E P O S I T A R Y THE CEDAR RAPIDS NATIONAL BANK OF CEDAR RAPIDS, IOWA direct C0"M ECT>0,i6 H a s fo r m o re than 2 1 y e a r s g iven p a rtic u la r a tten tion to the accou n ts o f Io w a B an ks an d B an kers, an d is th ereby en abled to p la c e a t th eir d isp o sa l facilities w hich a re u n su rpassed. OFFICERS: A. T. AVERILL, President G. F. VAN VECHTEN, Vice-Pres. RALPH VAN VECHTEN, Vice-Pres. KENT C. FERMAN, Cashier LOUIS VISHA, Asst. Cashier A. R. SMOUSE, Auditor Is the Banker Far R em oved From the People? A n Address before the Indiana Bankers Convention at Indianapolis, Nov. 1 1, 19 0 8 , By Henry S. Henschen, Cashier State Bank of Chicago Among the notable addresses at the recent convention of the American Bankers’ Association in Denver, was one by the distinguished President of Princeton University, on the topic, “The Banker and the Nation.” Speaking from the experience of many years as a close student of the political history of the American people, Dr. Woodrow Wilson analyzed some of the phases of our national life today. “For the first time m the history of America,” said he, “there is a general feeling that issue is now joined, or about to be joined, between the power of accumulated capital and the privileges and opportunities of the masses of the people. The power of accumulated capital is now, as at all other times, and in all other circumstances in the hands of a comparatively small number of persons, but there is a very widespread impression that those persons 'who have been able in recent years, as never before to control the national development in their own interest.” Proceeding, the speaker emphasized the fact that the different elements of society which, in his view, are contending against each other, can have no independent existence, but must of necessity con tinue co-ordinated members of the body of society. _ Men °* our day ” he goes on to say, “in England and America, have almost forgotten what it is to fear the government, but have found out what it is to fear the power of capital, to watch it with jealousy and suspicion, and trace to it the source of every open or hidden wrong; and so we do not fear the government, and are not jealous of political power. We fear capital and are jealous of its domination.” I quote from a latter part of his address: “I am sure that many bankers must have become acutely and sensitively aware of the fact that the most isolated and the most criticized _in terest of all is banking. The banks are, in the general view and estimation, the special and exclusive instrumentalities of capital used on a large scale. The banks are in fact and m spirit at the service of every man to the limit of his tnown trustworthiness and credit, and they know very well that there is profit in multiplying small accounts and small loans. But on the other hand, they are in fact singularly remote from the laborer and the body of the people. They are particu larly remote from the farmer and the small trader of our ex tensive countrysides.” To illustrate this last statement, the speaker cited two spe cific illustrations, to which I shall recur later. After calling at tention to opportunities, of which bankers in the large centers are urged to avail themselves, of placing their resources at the disposal of the merchants and farmers in the rural dis tricts, and after a brief allusion to the possible value to the entire country of a system of branch making, but disclaiming any argument for or against branch banks, the speaker con tinued: “It is the duty of the banker, as it is the duty of men of every other class, to see to it that there be in his call ing no class spirit, no feeling of antagonism to the people, to https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis plain men whom the bankers, to their great loss and detri ment, do not know.” . Later referring to the duty which every public-spirited man in a democracy owes to the commonwealth, Dr. Wilson closed his address with a warm-hearted appeal, addressed especially to bankers, to render to the nation the duty which they owe H E N R Y S. H E N S C H E N Cashier State Bank of Chicago it not alone in the solution of financial problems, but to “open their thoughts to the country at large and serve the general intelligence as well as the general welfare.” With that part of the distinguished educator s address, which calls upon the banker to render to his fellow-men and to the nation his full quota of influence, service and intelligence, no banker, I believe, will find any cause for difference. But it may not be considered a discourtesy to a guest of the Ameri can Bankers’ Association, if the banker ventures to observe that he fails to recognize himself and his brethren when they December, 1908. The Second Largest Savings Bank in the S tate of Iow a I TH E NORTHWESTERN BANKER Capital, Surplus & Profits $ 490,000 „■ SCOTT COUNTY \ SAVINGS \|BAN|K DAVENPORT are described as men, “who, to their great loss and detriment, do not know plain men, the people.” And lest the banker in public opinion be pilloried with our national scapegoat, the capitalist, may he not be permitted at least this modest voice in his defense? Is the banker far removed from the people? The indict ment lodged at Denver is apparently directed against every banker, without qualification; against the one serving a rural population, of which he is a part; against the one in the smaller community, supporting and fostering local trade and manufacturing; against the one in the large city, in touch with its business affairs of all kinds, and against the banker in our chief financial centers. Let us at the outset concede that there are in New York perhaps half a dozen large inter national banking houses, not incorporated, nor typical of American banking, whose chief function is to finance and as sist large capitalistic enterprises. Whether or not they are in touch with the people, I shall offer no opinion. But can not something justly be said in behalf of all other American bankers, who from one ocean to the other, in every city, town and village, are gaining a livelihood and earning honest rep utations by seeking and knowing the people and in turn be ing sought and known by them? The two instances cited by Dr. Wilson to illustrate the great void alleged to exist between the banks and the people, are, first, that one of his friends rode through seven counties of one of the oldest states in the Union, before finding a place where he could change a twenty-dollar bill; and, second, that, personally, one summer Dr. Wilson, in a thriving agricultural district, was compelled to get change for bills of any consider able denomination sent by express from banks fifty miles dis tant. These two most unusual instances are probably not intended as all the evidence in the case and do not appear very con clusive. They may be an argument that these two districts lack banking facilities. One might even reason that they prove that these communities are so sparsely populated that no bank can be supported by them. But surely they have no bearing on the status of the banker devoting himself to the community in which he resides, nor do they determine whether or not he is close to the people whom he serves. Is it not also likely that the friend who rode through seven counties, and Dr. Wilson in the agricultural district, to which he alludes, would both have looked in vain for higher educational insti tutions, for a stage correctly interpreting the classic drama, for a well equipped book store, for cement walks and other adjuncts of civilization? As Mr. Dooley has so sagely ob served: “The trouble about our farmers is that theyre too far from our cities. At a recent meeting of bankers representing the entire state of Illinois, held in the city of Chicago, three bankers were observed seated near each other. As their cases are per haps typical, let me briefly allude to them. One of them is the only banker in a small rural community. His evolution from farmer to general merchant and from general merchant to banker has been gradual. During his period as general merchant his customers became more and more in the habit of leaving him the checks and money which they had re ceived in payment for their produce, taking credit from him, in exchange, on his books, against which they could make https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3i Deposits Over $ 4 , 000,000 OFFICERS: I. H. SEARS, P res. H. F. PETERSEN, V ic e -P re s . J . H. HASS, C ash ier GUSTAV STUEBEN, Asst. C ash ier purchases of commodities as required. This led in time to his offering banking facilities to all his neighbors and en tering the rank of full fledged bankers. Beside him sat one of the executive officers of a Chicago bank. His rise from the position of messenger has been grad ual and has required two decades of hard work. His daily routine brings him in contact with a body of twenty thousand savings depositors, consisting largely of laboring men and small wage earners whose average credit in the bank, accord ing to the institution’s own statistics, is three hundred and four dollars. The third banker in the group has retired from active busi ness after serving many years as president of a national bank whose business is closely allied to the packing industries. Dur ing an active banking career of thirty years, he has daily been in contact with farmers, cattle-raisers, and buyers and sellers of live stock. Which of these three men is far removed from the people? Which of them is “acutely and sensitively aware of the fact that his business is the most isolated and criticized of all?” Which of them, I ask, is “in fact singularly remote from the laborer and the body of the people?” Their cases are not cited as being unusual, but are on the contrary, typical, though taken at random from among nine hundred or more bankers present. Two of the three men live in America's second largest city. It would be difficult to support the assertion that these three men, or that the seventy-five thousand other bankers in the United States, whose daily work is of a similar charac ter, are out of touch with the plain people of the land. Whatever power is possessed by the banker of our country today is a strictly delegated power and not an inherent one. The banker, in most cases, is not a capitalist but an employee. He serves alike the stockholders of his bank and that larger body made up of depositors of the institution. That he en joys, in the aggregate, the confidence and respect of the peo ple of the United States is evidenced by the fact that twentytwo thousand banks hold $13,750,000,000 of the people’s money on deposit. Daily and hourly, the owners of this vast fund are scrutinizing the banker whom they have selected as its custodian. Daily and hourly, he must hold his house in or der, ready, as was evidenced in the recent panic of 1907, to give an immediate account of his stewardship. That steward who proves himself unworthy of trust will be required to de liver back the one, two or five pounds which have been en trusted to him. He cannot shut himself up in dignified se clusion, claiming the fund as his own and the people as his vassals. On the contrary, he must, by integrity, capacity and close intimacy with the people, his employers, prove to them that he is worthy of their confidence and has their best in terests at heart. As is indicated above, the banker, in his many manifesta tions in our country, is not one but legion. The Wall Street banker, famous in fiction and cartoon, is in a hopeless minor ity, among all the others of the country. Whoever has attend ed a gathering of bankers in their annual state or national conventions must have been struck by the manifest fact that, as a whole, they are an aggregation of modest, unassuming, even plain men, in no way differing in manner, appearance or characteristic from other classes of business men. The people of the United States stand before the world THE 32 NORTHWESTERN December, 1908. BANKER G erm an S a v in g s B ank B e lie v in g th a t o u r la r g e C a p ita l a n d D a ven p o rt, Iow a. S u r p lu s C a p i t a l .............................$600,000 Surplus and Undivided Profits Over 674,000 Deposits 9,178,130 o ile r s a stro n g re s e r v e lo r o u r d e p o sito rs w e in v ite th e a c c o u n ts ol I o w a B a n k s a n d B a n k e r s . L ib e r a l treatm en t a n d p ro m p t s e r v ic e OFFI CERS C H A S . N. V O S S , P res. D AVID H. M cK E E , V ice-P res. A UG . A . B A L L U F F , Second V ice-P res J E N S L O R EN Z E N , V ice-P res. E D . KA U FM A N N , Cashier. F . C. K R O E G E R , A s s t Cashier C om m ercial A ccoun ts. Farm M o rtg a g e L oans. unique, not only because of the success of their democratic institutions, the marvelous natural resources of the country in which they live, the opportunities for developing these re sources which the country offers alike to native and to alien, but for the number, wide distribution, soundness and useful ness of its banking institutions. There are banks in rural communities suited to the needs of these communities and catering to them. The manufacturing and commercial towns of medium size have their own banks, in number and strength well suited to the needs of each respective town. In the large cities, there are great banks, with ample capital and huge de posits which, for solvency, skill of management and adapta tion to the requirements of their constituencies, need fear no comparison with the banks of other nations. Some writers on economic subjects have asserted that the rapid growth of our country is largely due to our system of free banking, which has resulted in providing for each community, large or small, the facilities of which it stands in need. A system of branch banks, it has been pointed out, whether with or with out good reason I will not argue, would be more likely to withdraw deposits from small communities and lodge them in the large centers where they can be easily loaned on quickly convertible collateral, than to draw funds from the large centers to the outlying districts. Passing on to the supposed hoarding of the people’s money in Wall Street, to which Dr. Wilson alludes, as something feared by the people, such a fear is soon dispelled by studying the reserves held by the clearing house banks of New York City, accurate statistics of which have been published every Saturday for many years back. Under the law, national banks in that city are required to carry in their vaults, in actual mon ey, twenty-five per cent of their net deposits. Only infrequent ly and in a dull money market does this reserve reach 30 per cent. Whether or not the law requiring the maintenance of such a fixed reserve is a wise one need not here be discussed, but incontrovertible statistics show that it has been the policy of the New York clearing house banks to maintain this reserve and but little beyond it. The charge of hoarding money does not, therefore, appear well founded, and the fears of the plain people on this score, if they exist, can be dispelled, like many other fears due to ignorance, by a study of the facts. The annual recurring drains on the reserves, not only of New York, but of Chicago, St. Louis, Kansas City and other financial centers, are caused each autumn by the demand for money for crop moving purposes. That this demand is for actual money, in small denomination, to be distributed among the farmers of our extensive countrysides, can be testified to by those officials of the United States Treasury and of the banks who hear the autumnal clamor for bills of small denom inations. It would be interesting, if time permitted, to cite additional facts taken from the daily life of the banker and the nation, in reply to the theory advanced in Denver. Permit me, in conclusion, to express a doubt whether the average citizen, or the plain man, if you so prefer, is ready to join in the assertion that clumsiness, rather than broadmind edness, lack of public spirit, rather than intelligent citizen ship, aloofness, rather than a desire to know his fellow-men and their conditions, are characteristic of the American bank er. Would it not be more just to say of him that, deriving his support from the public which he serves, he is closely identified with his depositors and their interests, and that, https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis S a vin g s D eposits. C ollections more than bankers in any other land, he is of the people, for the people and by the people? M. WINTER LUMBER CO. The M. WINTER LUMBER CO., the "High Grade” fixture makers of Sheboygan, Wisconsin, who make a specialty of high grade store fixtures, fine floor cases, show cases, bank and office fixtures, etc., state that they have very little cause to complain regarding their business during 1908 and that the larger percentage of their orders were from old customers di rectly or indirectly, which demonstrates that their goods are giving high-class satisfaction. The M. WINTER LUMBER CO., make a specialty of “High Grade” goods and pride themselves on selection of material, construction, and high-class finish; and that they are “Lead ers” in designs, arrangements, etc. Their catalogues demon strate. They make no soft wood fixtures of any kind, but fixtures of plain oak, quarter-sawed Oak, Plain Birch, Curly Birch, Ma hogany and other fancy woods. They also specifically state that the quarter-sawed Oak they use is selected LARGE FLAKED QUARTER-SAWED SOUTHERN WHITE OAK, not the small flaked Southern quarter-sawed Red Oak Strips that is sometimes advertised at plain Oak prices and which cost about the same as Wisconsin Plain Oak. The state that comparatively very few merchants seem to understand that there are a number of different grades of quarter-sawed oak, as well as a number of different grades of Plain Oak. The small flaked quarter-sawed Southern Red Oak Strips, which are often used in show cases cost about the same as Wisconsin Plain Oak and is not any better, but SELECTED LARGE FLAKED QUARTER-SAWED SOUTHERN WHITE OAK COSTS ABOUT 40% MORE, furthermore that if a plain oak board is cut into narrow moldings, the two edges show quarter-sawed Oak, and if a quarter-sawed oak board is cut into narrow moldings, the two edges show plain oak and therefore you can not, whether you want plain or quartersawed oak, have solid moldings with all four edges showing quarter-sawed oak. The M. WINTER LUMBER CO., positively state that when they specify quarter-sawed oak you get the genuine article, the SELECTED LARGE FLAKED SOUTHERN WHITE OAK, panels 5 ply, cors-glued, built-up, so that they can not warp, swell, shrink, or split and all the other stock selected, the kind thai “Winter uses” and not the small flaked Southern Red Oak and that they guarantee their regular plain oak cases to be better in many respects than some of them that are sold as quarter-sawed at plain oak prices. ALL LOCK-JOINT CON STRUCTION. Catalogue can be had on application. It is a book that will show you and gives you an opportunity to judge the QUAL ITY for yourselves. “IF IT IS FROM ‘WINTER’S,’ IT IS RIGHT.” “The Chinese pay all their debts on the first day of each year,” remarked the man who thinks it his duty to scatter wisdom. “ I have heard so,” replied the careless person. “ But I’d rather be in debt all my life than be a Chinaman.” — Washington Star. December, 1908. TH E NORTHWESTERN BANKER OFFICERS 33 Capital Stock - $100,000.00 Surplus - 90,000.00 Undivided Profits - 2.536.41 A. P. DOE, President J. D. BROCKMANN, Vice-President Deposits J. E. BURMEISTER, V. P. and Cashier F. B. YETTER, Assistant Cashier. - $1,430,015.09 We invite your business. Deposit Guarantee An Address Before the Philadelphia Chapter of the American Institute of Banking by Joseph Wayne, jr., Cashier Girard National Bank Mr. Joseph Wayne, Cashier of the G irard N ational Bank and Ex-President of the Pennsylvania B ankers’ Association, gave a very able address on the subject of “G uaranty of Bank De posits.” Mr. W ayne reminded his hearers that, although the agitation of this question during the heat of the presidential campaign is past, we m ust by no means take for granted th at all the doctrines propounded by the defeated parties are dead. The com paratively new issue of a deposit guaranty is a live one and has so m any strong adherents in all parties, th a t it is bound to bob to the surface during the next session of con gress. In answer to the claim th a t the defeat of deposit guaranty would force upon us a postal savings system, the speaker stated that, in his opinion, he could see no objection to the latter, as he would consider a properly organized system of postal savings a welcome addition to our already nearly com plete banking facilities. Such a system could in no way warm the present banks or savings institutions, as the rate of in terest to' be allowed would not a ttra c t their depositors; but would encourage small savings among a class of people who a t present do not deposit in banks and who would not do so under any circumstances, thus putting into circulation a large sum of money th a t is not available for the purposes of banking or for commercial uses. Commenting on the proposal of changing or shifting the re sponsibility of a bank to its depositors from an individual to a joint responsibility, he pointed out the dangers of removing from the business some of the present inducements for con servative banking—am ount of capital, accumulated surplus and profits, personnel of officers and directors, and reputation for conservatism and ability to safeguard depositors’ interest. The foundation of the whole system is personality, which as set will be virtually swept away by the guaranty scheme, thus placing all banks upon the same footing. A nother result would be to open wide the way to unfair and ruinous competition, as no laws could be fram ed which could safely lim it the possible inducem ents for business. In refutation of the fallacy th at deposit guaranty would be sim ilar to the principles in practice for insuring our lives, health and property, he called attention to the fact th a t such attem pted comparison is misleading. Even if such a scheme were desirable or feasible, to be at all effective, it m ust be compulsory and therefore a tax. In placing insurance, a man is at liberty to choose the company which to his mind offers the best security, but th a t he has no guarantee other than the strength of the individual company involved th a t he will ever, in case of necessity, be able to collect the am ount of his policy. Are the strongest insurance companies taxed to guar antee the risks assumed by any and all insurance companies? Most assuerdly not. The premium for insurance or guaranty of w hatever it may be called, is in any line of business based upon the character of the risk involved, which principle, https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis however, has apparently been overlooked in the bank guaranty plan. The claim th a t a guaranty plan in action would make every banker a policeman or private detective to watch other banks and bankers, Mr. Wayne dismissed as absurd, being equally impracticable and undesirable, owing to the fact th a t no bank could have actual knowledge of the investm ents of another bank and no cause for action until some serious condition has actually developed. Citing the experience of the state of Oklahoma, where the guaranty plan has been in operation for nearly one year, he pointed out th a t actual figures from the latest reports of its banking authorities showed the following: W ithin the state there were fifty-eight millions, (58,000,000) of deposits; of this am ount thirty-seven millions ( 37 ,000,000 ) were in national banks prohibited from enjoying the protec tion of the state guaranty law, leaving only twenty-one m il lions ( 2 1 ,000,000 ) of dollars on deposit with state institutions enjoying the privilege of the guaranty law, and this w ith all public moneys on deposit w ith the state banks. Only eight national banks have become state banks and the majority" of those made the change owing to th eir affiliations w ith the guardians of the public funds. A ttention was then called to the fact th a t the bank deposits of the United States aggregate upw ards of thirteen billion, (13,000,000,000) dollars and th a t we now have a vast guar anty fund in the capital, surplus and undivided profits of our financial institutions, an am ount in excess of three billions five hundred m illions (3,500,000,000) of dollars; to say noth ing of the double liability of the stockholders of all national banks and some state institutions. In case there should be created the deposit guaranty fund as suggested, it would be the n atu ral tendency to distribute the present fund among stockholders and let the government assume the liability at the expense of the depositors insured. The most serious feature of the guaranty scheme, however, is th a t no pratical plan has been provided for the handling of the immense guaranty fund which would of necessity be ac cumulated. To be effective, prompt paym ent of the depositors of a failed bank m ust be assured, and to accomplish this an enormous am ount of actual money m ust be on hand aw aiting emergencies; The requirem ents of general business would not perm it the w ithdraw al from circulation of such an immense sum and depositing it w ith the government. Nor could it be distributed^ among the banks insured, for th a t would virtually be taking it out of one pocket and putting it in another. In tim es of stress like last fall, it would have prevented the gov ernm ent from rendering the aid it did to the banks, and in either case it would have been practically impossible to have advanced the cash necessary to tide over such a stringency. The only solution for such an experience is better currency laws, which will enable banks to meet the needs of business in such seasons of alarm and distress. Mr. Wayne then stated that, in his opinion, the Committee THE 34 NORTHWESTERN December, 1908. BANKER Davenport Savings Bank D A V E N P O R T , IO W A Officers Capital Undivided Profits Deposits JOHN F. DOW , President LOUIS HALLER, Vice President H EN RY C. STRUCK, Cashier O T T O L. LADENBERGER, Teller :: A. B u rd ick L o u is H a lle r A. S te ffe n :: D I R E C T O R S T h e o . K a rb b e n h o e ft on Federal Legislation of the American B ankers’ Association about nailed the subject of a bank guaranty in the following words: “Depositors of a bank are guaranteed prim arily by the character of the assets in which the depositors’ money is in vested, margined and forfeited by the bank’s capital and sur plus. If a bank’s assets are good, if tne credits have been wisely made, depositors are amply protected and need no oth er guaranty. Why should not a bank’s assets be guaranteed? Why not guarantee paym ents to hanks of th eir advances to various clients, for th is would guarantee deposits? Both prop ositions are alike illogical and absurd. We should rath e r dis courage unwise extension of credit, rath er than open the way for reckless hanking, which would seem to be the inevitable result of the proposed scheme.” In closing, he quoted the words of President Powers, of the American B ankers’ Association, who said: “Many good men, as we well know, believe th a t such a guaranty was ju st and right, but in the early stages of the free silver heresy many good men also believed th a t cause right. There was a great awakening, however, after the fallacy of a sixteen to one had been thoroughly exposed and so it will be w ith the guaranty of bank deposits.” The splendid ovation accorded Mr. Wayne a t the conclusion of his address was strong proof of the appreciation w ith which his tim ely words were received by the young bankers present. Buy and Sell Banks We buy and sell banks and bank stocks. We supply banks w ith thoroughly reliable and competent officers and clerks. We secure positions and changes in location for bank officers and clerks. We locate desirable points for the establishm ent of new banks. We aid bankers in the organization of new banks if they will furnish us w ith the location. We have a large num ber of clients and we are growing every day. All business strictly confidential. If interested, correspond w ith— THE WALTER H. HULL COMPANY, MARSHALLTOWN, IOWA. Dec., ’08, t f Rutt’s Right Reasoning Mr. S. Lincoln Rutt, cashier of the Abram Rutt National Bank, of Casey, Iowa, sends a letter to pros pective depositors which might be called, “ Come let us reason together.” Mr. Rutt presents six reasons why residents of his community should become pa trons of his bank. They are as follows: 1st. A N ational Bank is under direct supervision of the U nited States Government and is subject to a rigid personal exam ination of all its accounts, records and loans by an expert exam iner in the employ of the governm ent a t least twice each year at unannounced tim es known only to the govern ment. In addition to this every national bank is required to m ake and publish a complete statem ent of its condition under dates called for by the Comptroller of Currency aggregating five statem ents each year. 2d. This hank has a record of twenty-two years of success ful banking, and of which record we are justly proud. Com mencing as a private bank in a small way it has grown up w ith the community to its present strong position w ith de https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis $ 300,000.00 - 270,009.99 3,843,385.30 :: J. F. D o w 4 Per Cent Interest Paid on De posits: Money Loaned on Real Estate Security in the State of Iowa. :: H K o h rs W . H . W ilso n H . C. S tru c k posits aggregating $230,0€f0.00. Since March, 1906, it has been a national bank, b u t the change from a private to national bank was a change in nam e and system only, as the same m anagement and control exists as before. The organization under national laws enables th e bank to enter a w ider field of usefulness and stran g th in banking circles. 3d. Years of experience ought to m ake com petent m an agement. The m anagem ent of the Abram R utt N ational Bank has successfully piloted th e affairs of the bank through two financial panics during the la st tw enty years, and th a t w ith out the loss of a dollar of its assets or a depreciation in the least of its stren g th and prosperity. 4th. This bank is in position to extend to its customers every favor and accommodation consistent w ith safe and con servative banking and can handle any business intrusted to its care in a way th a t will be entirely satisfactory. 5th. If you contem plate having a public sale a t any time we w ant to clerk it for you and also to purchase the notes. We are always glad to buy the kind of notes we take a t pub lic sales. 6th. If you have valuable papers th a t you wish kept in safety bring them in and place in our fire-proof vault. “A Better Day’s Work” is a book of 160 pages of in formation on modern business practice and accounting. It is handsomely bound, printed on good paper and specially illustrated with high-class drawings by one of the best New York artists. All in all, it is one of the best things ever offered gratuitously, and it is of special interest tO' our readers, all of whom may have a copy free on request to Burroughs Adding Machine Co., Detroit, Mich. “A Better Day’s Work” is not essentially an adver tisement. Rather, it is one of the steps in a broad edu cational campaign planned by E. St. Elmo Lewis, ad vertising manager for the Burroughs. The book is now being advertised all over the coun try in magazines and newspapers, and requests already received from business men will more than exhaust the first edition, which numbered 10,000 copies. Another edition is now on the press, and a copy will be sent to every business man who writes on his business sta tionery. Banker— But do you know anything about checks and drafts? Applicant— Sure; I’ve run our furnace for years. Mrs. Gushington— “So your son is a real author! How distractinglv interesting. And does he write for money?” Mrs. Bonds— “Yes. I get applications about once a week.” December, 1908. THE NORTHWESTERN BANKER 35 IOWA NATIONAL BANK FLEMING BUILDING DES MOINES, IOWA » STATEMENT SEPT. 23, 1908 R eso u rces L o a n s .............................................................................................. O v e r d r a fts .................................................................................... F u rn itu re an d fix tu r e s ............................................................ 19,000.00 U. S. an d o th e r b o n d s ......................................................... . .. • • 959,063.82 C ash an d D ue fro m B a n k s ................................................... .. 2,827,167.24 Largest National Bank in Iowa. Makes a specialty of farm loans for its correspondents. Write for rates. $8,954,432.01 Liabilities C a p ita l s t o c k ............................................................................... .$1,000,000.00 S u r p lu s .................................................................................... ... 75,000.00 P r o fit s ............................................................................................ 33,989.02 C ir c u la t io n ................................................................................ D iv id e n d s U n p a id ..................................................................... 15,000.00 D e p o s its ......................................................................................... | 8 ,9 5 4 ,4 3 2-o i & HOMER A. MILLER, Pres. IOW A Officers SIMON CASADY, Vice Pres. NEW S AN D 0 H. S. BUTLER, Vice Pres. N O TES H. T. BLACKBURN, Cashier. placed in voluntary liquidation October 12, 1908. * * H : The F irst N ational Bank of Carroll placed in charge of a receiver on The Savings Bank of L uana is open for serve agent for the Commercial National was October 2 1 , 1908. business. Bank of Essex, Iowa. * * * * * * * * * O. J. Woodward, of Lehigh, Iowa, has The Toledo Savings Bank has moved to The Eddyville Security Bank will be accepted the position of cashier w ith the the new building. reorganized into a savings bank. Y etter Bank. * * * * * * * * * A. M. Glaze will erect a bank building E. E. Swartz is the new cashier of the Jas. Cook, cashier of the Alexander a t Vorhies, Iowa. Home Savings Bank a t Iowa City. Savings Bank, was in H ampton recentlv * * * * * * on business. The S tate Bank of W averly has moved J. N. Gates, of Davis City, is able to * * * into the new building. be a t the bank after a recent illness. The new bank building has been com * * * * * * pleted a t Newberg. The bank organized Jas. McGuire is the new cashier of the The German Savings Bank of H aver with $10 ,000. Victor Savings Bank. hill has incorporated w ith a capital of * * * * * * $ 10, 000. The Milford Savings Bank will convert * * * The German Savings Bank, Eldridge, the Milford National Bank. Capital will erect a new building. O. J. Woodard, of Lehigh, has accepted to stock, $25,000. * * * a position as cashier of the Y etter bank. ❖ * * * * * The F irs t N ational Bank of Olin is The F irs t T ru st & Savings Bank of being remodeled. Cedar Rapids business men propose to Shenandoah has been incorporated. Cap * * * sta rt a bank at Shellsburg with $25,000 ital stock, $10 ,000. A. A. Call, president of the F irst Na capital. * * * * * * tional Bank of Algona, is dead. M. J. Kuhl, of Remsen, has gone to * * * The Magnolia Savings Bank voted an K irby Smith succeeded F. J. Mann in 8 per cent dividend and added $500 to Osmond, Neb., to become cashier of the F arm ers S tate Bank. the F irs t N ational Bank a t Burt. surplus. * * * * * * * * * The Breda Savings Bank will vote De The E ldridge Savings Bank has de E dgar A. Faw cett was elected assistan t cember 15th on increasing its capital clared an 8 per cent annual dividend. cashier of the F irst National Bank of Ne from $20,000 to $30,000. * * vada. * * * * * * The F arm ers Savings Bank of W il L. A. M artin has resigned as cashier liam sburg, is enlarging its building. The F irst T rust & Savings Bank of of the W est Bend Savings Bank and A. * * * M arshalltown will open this fall. Cap L. Frye will succeed him. Banker W. R. Conway, of Conway, re ital, $50,000. * * * * * * cently made a business trip to Bedford. W. A. Richardson, of Albia, is arran g * ❖ * The S tate Bank of Burton & Co., of ing to open a bank a t Leighton, of which H. M. Rogers, of Hancock, Iowa, is Kellogg, will rebuild its burned structure he will be cashier. working a t the Avoca S tate Bank. at once. * * * * * * * * * A new bank will open in the Fishbaugh The S tate Bank, Edgewood, was dam The Union County Savings Bank, of Building, Shenandoah, w ith E. G. F ish aged by fire recently. Loss $2,500. Kent, changes its nam e to the K ent State baugh as cashier. * * * * * * Savings Bank. * * * The F arm ers Loan & T rust Co., of M. S. Helland, cashier of the F arm ers The national bank exam iner has taken Savings Bank of Slater, recently made Sioux City, recently purchased a bank at charge of the F irst National Bank of a business trip to Madrid. Osmond. * * * * * * Carroll. * * * The Tootle-Lemon N ational Bank, St. The F irst N ational Bank of M arshall Joseph, Mo., has been approved as re The F irst N ational Bank of Clutier was town moved to the quarters form erly oc- https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis THE NORTHWESTERN BANKER Try a B urroughs w ith o u t cost T costs you nothing to get con crete proof of the value- of our claim that you are losing money without a Burroughs. A word from you and a Burroughs will be sent you for free trial in your bank on your own work, in your own way, and at your convenience. Not only will the I Burroughs Adding and Listing Machine pay for itself if you buy it, but you will pay for it if you don’t buy it. That sounds strange, but it is true. You will pay for it in time and sleep lost hunting for errors impossible with the B urroughs; in mis understandings that lose you custom ers; in wages you pay for extra help to do work the Burroughs should be doing for y o u ; in your own time wasted by being tied down to detail when you might be out cultivating the acquaintance of your depositors and getting new ones ? That’s why there are over 65,000 of our machines in use today. Take this opportunity to learn what the Burroughs system No. 354 (free) can do for you in handling “yesterday’s and today’s balance.” Burroughs Adding Machine Company Block 71 Detroit, Michigan, U. S. A. cupied by the City National Bank, lately McIntosh, president; Irw in Aikins, cash ier. remodeled. * * * E. M. Scott, cashier of th e Cedar Rap ids Security Savings Bank, was a recent business visitor a t Em m etsburg. * * * Levi Allred, form erly of Nashua, Iowa, died recently in Boise City, Idaho. He was a banker a t th a t place. * * Miss B ertha Carr has accepted a posi tion as bookkeeper at the F irst N ational Bank of W illiams. * * * The F irst National Bank of Titonka was recently examined and everything re ported to be in excellent condition. * * The F irst National Bank of Dike has purchased a steam heating plant, and the same has been put in operation. * * * V. P. Caldwell, vice-president of the Union N ational Bank of Omaha, was in Manning, Iowa, recently on business. Jno. McCarly, president of the F irst N ational Bank of W illiams, recently w ent to Defiance, Ohio, on a business trip. * * * L. W. Flack, of Glendive, Mont., b e comes cashier of the Linden Savings Bank, Linden, Iowa, succeeding A. J. Pol king. * * * Jos. H. Brus has taken up his duties as cashier of the Home Savings Bank at Davenport, to succeed Julius F. Rochau. * * * December, 1908. Bank and Mrs. Skinner was form erly Miss W illie Ellis, of Des Moines. * * * J. H. Ingwerson, president of the Peo ple’s T ru st & Savings Bank, of Clinton, recently made a sh o rt business trip to H olstein and Ida Grove. * * * The F arm ers State Bank of Elberon in corporates. Those interested are Jno. Skrable, A. A. Pace, N. K. S hugart and others. * * ❖ A rticles of incorporation have been filed for the organization of the F arm ers S tate Bank of Elberon, Iowa, w ith a cap ital stock of $40,000. $ * * N ational Bank Exam iner Shaw, who was conducting the exam ination of the F irst N ational Bank of Carroll, died at St. Anthony’s hospital recently. $ :!: $ M. B. Nelson, who is now connected w ith the bank at Exira, made a business trip to Kiron recently. He was formerly w ith the bank a t Arion. * * * The F irst National Bank of Buchanan County, St. Joseph, Mo., has been ap proved as reserve agent for the Iowa Na tional Bank of Davenport, Iowa. * * * H. F. McDonald resigned as assistan t cashier of the F irst N ational Bank of Centerville. W alter Craig has been se cured to fill th e vacancy. * * * J. F. H arrell, who has been connected * * * w ith the Winfield S tate Bank for two The Union Savings Bank of Davenport years, has accepted a position w ith the will erect a new bank building early National S tate Bank of Mt. Pleasant. * * * next spring. It will be a stone structure. , * * * Geo. K ern resigned from the W inne P ran k Epperson, vice-president of the shiek County S tate Bank, Decorah, Iowa, M anning & Epperson S tate Bank, of to go as cashier of th e F irst National nMdyville, recently made a business trip Bank of G arrington, N. D. * * * to Chicago. * * * The Cook, M usser & Co. S tate Bank & The Ham ilton N ational Bank, Chicago, T ru st Co., M uscatine, changes its nam e 111., has been approved as reserve agent to Cook, Musser & Co. State Bank and for the National Bank of Decorah, De- increases its capital to $250,000. * * * corah, Iowa. * * M. W. Fitz, president of the bank of The Iowa National Bank of Des Moines, Manson, was in Sioux Rapids recently Iowa, has been approved as reserve agent tran sactin g some im portant business m at for the Villisca National Bank, Villisca, te rs w ith the Bank of Sioux Rapids. * * * Iowa. * * * W arren Dunkle, of Carroll, has secured W ill H. M artin, of the Citizens State a position w ith the F irst National Bank Bank of Mount Vernon, accepted a posi of Sioux City and will have charge of the tion w ith th e In tersta te Savings Bank city collection departm ent. * * * of Denver, Iowa. * * * Wm. Slezak has resigned his position The new bank building a t Pierson is in the Nevinville Bank as cashier and about ready for occupancy and the Farm has purchased the in te rest of F. L. Sur ers Savings Bank will soon be ready for geon in th e firm of E. B. Steele & Co. * * * business. * * * The F irst N ational Bank of Randolph The com ptroller of currency has has invested in a new safe of the latest granted perm ission to organize a new na p attern and also fifty safety deposit tional bank a t Milford. The capital stock boxes will be installed in a sh o rt time. * * * is $25,000. * * * Miss Dorothy Lee, of Fayette, and Roy The S tate Bank of W averly has elected H arris, banker of Hamburg, were m a r G. O. Van DeVeer cashier, succeeding ried at the home of the bride’s m other Louis Case, resigned. G. P. Ellis becomes in F ayette la st month. They will reside in Hamburg. president. A new bank is organized at Millers* * * * * * Durg w ith a $10,000 capital. A building The m arriage of Miss Sadie V. StibW ord was received in Des Moines re will be erected. L. W. H atter will be cently th a t a son had been born to Mr. bens, daughter of Mr. and Mrs. Geo. A. cashier. * $ * and Mrs. H orace Skinner, of Colorado Stibb'ens, of Red Oak, to Mr. Raymond The Citizens Savings Bank of W est Springs. Mr. Skinner for a num ber of Smith, of A tlantic, Iowa, occurred a t the L iberty h as opened for business. J. E. years was in the Des Moines Savings I home of the b rid e’s parents, October 14th. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis December, 1908. TH E NORTHWESTERN BANKER IOW A S T A T E N A TIO N A L SIOUX Officers: GEO. W EARE, President H. A. JA N D T , Vice President ¡& Capital, Surplus, Deposits, - I OWA % 200,000.00 100,570.33 2,465,140.00 Officers: JOHN McHUGH, V. President H. A. GOOCH, Cashier This bank has unexcelled facilities for the prompt and careful handling of all business entrusted to it. Mr. ¡Smith is a man of responsibility and w orth and holds a high position in the A tlantic N ational Bank. The young couple will m ake their home in Atlantic. * * * The Selma Savings Bank was incorpor ated w ith $10,000 capital stock. Direc tors, Dr. T. G. McClure, W ill Michael, E. D. Michael, H. E. R ity and W. E Baldwin. * * * The F irs t N ational Bank of Sheldon has installed a saving departm ent in th at institution and has purchased a large consignm ent of savings banks for their custom ers. * * * Jos. W. Meyer, assista n t cashier of the Ossian S tate Bank, Ossian, Iowa, has been a t Interior, S. D., w here he has been helping organize the Interior S tate Bank. * * * The F irs t N ational Bank of Tilden re cently received from the governm ent $12,500 in national bank notes, which represents its circulation, secured by gov ernm ent bonds. * * * The open a $50,000 B arnett ers. CITY, BANK Centerville National Bank will branch state savings bank w ith capital, Dr. J. L. Sawyer, G. M. and Jos. Goss being stockhold * * * All depositors of the Green M ountain Savings Bank, which failed in February, have been paid in full. The crim inal cases have all been dismissed, all claims having been paid. * * * The Security T ru st & Savings Bank of Shenandoah will open about January 1st. Capital, $30,000. C. W. Fishbaugh will be a t the head and his son, E. C. F ish baugh, will be cashier. * * * W. F. Reinecke, who resigned the office of county trea su rer to accept the posi tion of cashier of th e Clayton County Bank, a t Guttenberg, has entered upon his duties. * * * H. M. C arpenter, cashier of the Monticello S tate Bank, who has been con fined to his home for some tim e w ith a severe attack of typhoid fever, Is re ported as convalescing. * * * Ellis Robb, exam iner for state and savings banks in Iowa, was a t Thomp son recently and examined th e condi https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis & tion of the State Bank of Thompson and president, August Lundell; cashier, Wm. found everything in fine condition. J. Sandberg; assista n t cashier, Rudolph * * # Nordeli. Board of directors, W. F. Bay, At the regular annual m eeting of the Hy Hanson, Aug. Lundell, G. A. Norelius, stockholders of the H ardin County State Jos. M attes. Bank of Eldora, it was decided to con * * * v ert the H ardin County S tate Bank into The F arm ers Loan & T ru st Co., of the H ardin County N ational Bank. Sioux City, has recently purchased a $ $ $ F ran k Phillips, form erly a director of bank a t Osmond and F ran k Stegge, of the Iowa S tate Savings Bank, of Creston, Randolph, has been engaged th ere for a bought th e Bartlesville N ational Bank short tiihe in attending to the details of a t Bartlesville, Okla., and will consoli the transfers. * * * date it w ith the Citizens Bank. * * * The Iowa B ankers’ Club was organized The Beaver Valley S tate Bank, o£ recently a t the Savery in Des Moines, Parkersburg, has the local agency for the w ith Jno. O’Mally, of Perry, as president; leading steam ship lines of the world, and Parley Sheldon, of Ames, vice-president, will gladly give any inform ation needed and W. J. Burke, of Missouri Valley, sec retary. in regard to foreign trips. * * * M artin H. Troup, assista n t cashier of the Exchange Bank of Collins, has ac cepted th e position of cashier of the F arm ers Exchange Bank a t Rhodes, Iowa. His place has not yet been filled. $ * $ J. W. M artin has resigned as cashier of the F irs t National Bank in Fonda and will engage in th e banking business for him self a t some other point. It is said he bought a b ank in Carroll county. * * * At a recen t m eeting of the stockholders and directors of the Union County Sav ings Bank a t Kent, it was voted unani mously to change the nam e of th e bank to the K ent S tate Savings Bank in honor of the town. * * * The new Iowa Savings Bank, M arshall town, has opened for business. The bank will do a general banking business, and * * * a t all tim es will extend to the public any J. H. Lowrey, a prom inent banker of courtesies consistent w ith good banking. * * * Pomeroy, was m arried to Miss Nellie Bowers, a teacher in the Storm Lake The F arm ers N ational Bank of H en schools, at the home of the bride’s derson in its statem en t of Septem ber 23d brother, Miles Bowers, a t Sioux Rapids, shows deposits of $117,234.20. The loans October 27th. am ounted to $82,442.20. T here w ere $47,* * * 253.68 in other banks and $1,590.98 cash No report can be expected on the af on hand. * * * fairs of the F irst National Bank of Carroll, which closed its doors recently fol Mr. L. F. Button, of Decorah, Iowa, will lowing the suicide of P resid en t W. L. soon leave for the province of Saskatche Culbertson, until about the middle of No wan, Canada, where he will take charge vember. of a bank and handle th e real estate * * * business of a firm in which he has be The M erchants N ational Bank of come financially interested. Greene has made a change in th e officers, * * * C. W. Soesbe having been elected vice The B ankers’ N ational Bank, Chicago, president in place of Rfein Morrill, and D. H. Ellis, cashier, in place of C. W. 111., the National City Bank, Chicago, 111., and the Security N ational Bank, Minne Soesbe. apolis, Minn., have been approved as re * * * serve agents for the Black Haw k Na At the annual m eeting of th e stock tional Bank of W aterloo, Iowa. holders of th e K iron S tate Bank, th e fol * * * lowing officers w ere elected for the en The state banking departm ent under suing year: President, Hy H anson; vice THE 38 NORTHWESTERN Black Hawk National Bank W A TER LO O , Iowa Life Insurance Co. Offices: Third Floor of Syndicate Building Waterloo, IO W A - F. F. McElhinney, President; C. W. Mullan, Vice-President; F. A. Ferguson, Secy, and Gen. Mgr.; E. D. Clithero, Superintendent Agents; F. W. Powers, M. D., Medical Director. Depository OFFICERS F . F. M cElhinney, Pres. Richard Holmes, Vice-Pres. F. W. Powers, Vice-Pres. Charles W. Knoop, Cashier U. D. Bedford, Asst. Cashier Lila Marcham, Teller Write us for our liberal term s for new accounts. We can handle your account at a PRO FIT TO YOU. 3 per cent. Interest paid an Bank Balances. A uditor B. F. Carroll, of Des Moines, may adopt the new ruling of the national banking departm ent in which the exam ination of institutions shall be accom panied by a m eeting of the board of di rectors. * * * R obert Fabricius, veteran German banker and a pioneer of Davenport, who has been engaged in business for many years and one of the oldest bankers in the state, passed away November 11th at his home, aged 81 years. * * * At the annual m eeting of the State Savings Bank of Galt, it was reported to be in the best possible financial condi tion. A dividend of 10 per cent was de clared, and a goodly sum was added to the sinking fund for the coming year. * * * Iowa OFFICERS $200,000.00 States - CAPITAL, PAID UP - $100,000 SURPLUS 25,000 Capital and Surplus United December, 1908. BANKER DIRECTORS C. W. Mullan, W. R. Jameson, F. W. Powers, 0. L. Kingsley, G. B. McWilliams, J. D. Easton, Geo. S. Mornin, F. F. McElh'inney, A. N. Odenheiimier, C. A. Wise. COUNSEL Mullan & Pickett Courtright & Arbuckle derson, president; Anna A. Dancer, vice- vance school work in the U niversity of president; W. A. Hopkins, cashier; Oscar M innesota. He is a t presen t employed in the F irs t National Bank of Sheldon. Anderson, assista n t cashier. * ** * * * The new Security Savings Bank of Greeley opened up recently for business in the bank building form erly occupied by the Bank of Greeley. The officers are, president, W. H. Norris, of M anchester; vice-president, J. D. Chase; cashier, W. P. H arris; assistan t cashier, F. B. W il son, of Greeley. A t th e regular m eeting of the Des moines B ankers’ Club a t the Savery r e cently, it was decided to discuss postal savings hanks a t the next monthly ses sion. The feature of this last meeting was a description of the Denver conven tion by A rthur Reynolds, president of the Des Moines N ational Ban*.. On October 15th a deal was consum m ated whereby Fred Becker and F. H. Becker retire from the board of direc tors of the LeMars Savings Bank, hav ing sold th eir in te rest in the bank to J. L. Mitchell, who has filled the position of vice-president in the in stitu tio n since May 2 1 st, last. C. H. Sugdam has resigned the presi dency of the Rippey Savings Bank and retired from active business. He will be succeeded by Jno. A. Cavanagh. Mr. Sugdam has lived in Rippey over forty years and has conducted the bank for the last th irty years. He is one of the best known bankers in the state of Iowa. * * * The suit of the Modern Woodmen of Am erica to establish its $350,000 deposit in the defunct F irs t N ational Bank of Chariton as a preferred claim has been dropped following a conference of the in terested attorneys and the receiver. The Des Moines National Bank has completed arrangem ents to take over the safety deposit business of the Security Loan & T ru st Co. as soon as the new bank building is completed on Sixth and W alnut streets. The company will in * * * stall one of the largest and most com By direction of the state board of plete systems of safety vaults in the parole three of the four hank robbers West. * * * who were sentenced to seven years for robbing the Citizens Savings Bank of Mr. Fred L. B arrager and Miss GeorgQuimby, Cherokee county, on December iana Aborn were m arried recently at the 16, 1903, have been liberated from the home of the bride’s parents in Sheldon. state prison. The bride possesses a m ost beautiful ❖ ❖ ❖ character and is held in the highest Articles of incorporation hfive been esteem by all. The groom is a young filed for the organization of the State man of the highest character and integ Savings Bank of Lamoni, w ith a capital rity. He was educated in the public stock of $30,000. Officers are, Wm. An school of Sheldon and later completed ad THE First National Bank O F SIO U X C IT Y , IO W A CAPITAL, $100,000 * * * * * * Mr. F rederick W. W alsm ith and Miss Flossie Hughes, both employes of the F irst N ational Bank of Sioux City, were m arried on W ednesday, November 11th, at the bride’s home. Mr. W alsm ith has been teller in the bank for the past six years and Miss Hughes ju st recently re signed her position as stenographer. * * * The Vinton S tate Bank a t its annual meeting re-elected the present board of directors, viz., Paul Correll, W. S. Goodhue, C. C. Griffin, M. J. Tobin, F ran k G. Ray, Malcolm McNie and B. Murphy. The present executive force was also re elected, viz., Paul Correll, president; W. S. Goodhue, cashier, and Jay Donelan, as sistan t casm er. This hank is conservaS U R P L U S A N D P R O F IT S , $124,515 Established 1870 Merchants National Bank OF B U R L IN G T O N , IO W A Capital, $300,000.00 Surplus and Profits, 91,037.88 Deposits, $3,010,166.51 Accounts of banks received on liberal terms. A large list of par points in Iowa, Minnesota, Dakota and Nebraska. Collec tions carefully and promptly made. A C K L E Y H U B B A R D , P resid en t. L . S. C R I T C H E L L , C ash ier. W . L . M O N T G O M E R Y , V ic e -P re s . F . L . B L A N D , A s s ’ t C ash ier. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis J L . E D W A R D S . P re s id e n t W . E . B L A K E , V ice -P re sid e n t J a m e s M O IR , V ic e -P re s id e n t A L E X . M O IR , V ic e -P re s id e n t H. J. H U N G E R F O R D , C a sh ie r F . L . H O U K E . A s s is ta n t C a sh ie r C. L F U L T O N A s s is t a n t C a sh ie r YO UR A C C O U N T INVITED December, 1908. THE NORTHWESTERN BANKER 39 The Nationa 1 Bank of COMMERCE IN ST. LOUIS NORTH YAKIMA, WASH. The Bank of Central Washington for people from the Middle States. CAPITAL, SURPLUS, PROFITS, DEPOSITS, - $18,000,000 60,000.000 If any of your customers are coming to the Y aki ma Valley a letter of introduction will be appreciated by us and will insure them prompt and courteous attention. Two Per Cent Interest on Bankers’ ]Balances G. S. RANKIN, President. H. C. LUCAS, V ice Pres C. H. ROYCE, Cashier. Three Per Cent Interest on Time Deposits tive and safe in its m anagem ent and is in A settlem ent of the affairs of the old a prosperous condition. Bank of Lineville was consummated re * * * cently by an order of Judge Towner, of The Fidelity Savings Bank of M arshall Leon, Iowa, in the district court approv town, which up to this year has confined ing the plan arranged and agreed upon itself to a strictly savings bank business, several weeks ago by the officers and has now opened a commercial depart principal stockholders of the defunct m ent and is prepared to take care of bank, by which all depositors receiving cnecking accounts and to offer its pa the balance of 25 per cen t rem aining un trons all the facilities of general banking. paid on th eir certificates of deposit. Will receive accounts of individuals, banks, corporations and firms on favor F A R M E R S ’ N A T I O N A L A T W E B S T E R able term s. C I T Y ON H O N O R RO L L . * * * The German Savings Bank of H aver hill has incorporated w ith a capital of $10,000. Business will begin January 1st. Officerselected are, president, J. M. Schlueter; vice-president, M. L. K rier; cashier, F. C. Pritchard. The directors, in addition to Schlueter and K rier, are M artin Kunkel, C. J. Imholt, H. B. Kopel, n e n ry M oldgrafer and J. J. McGuire, the la tte r of M arshalltown. * * * A daring attem pt to rob the Plymouth County Bank, Oyens, Iowa, by five men, was m ade recently, but the robbers were frightened away before securing any thing. The explosion of dynam ite used by the robbers upon the safe did not ef fect an entrance, and the noise awakened the citizens early, so th a t the robbers had to beat a re tre a t before they could m ake a second attem pt. The Journal says: “In the statistics of national banks as shown by the comp troller’s office as to the standing of the different banks having an am ount of su r plus and profits more than the capital, we notice th a t the F arm er’s National, of this city, takes the highest rank of any of the banks of this state. This is an honor we are pleased to see come to W ebster City and is w hat the F arm er’s iNational deserves for th e progressive and careful conduct of its business. Its of ficers and directors are to be congratu lated th a t their efforts to build up a strong banking institution have been so em inently successful. Bank OF C L IN T O N , IOW A Capital, Surplus and P ro f its .............. $200,000.00 Deposits ..................................................$1,800,000.00 O F FIE R S : A. C . S m ith , P räs id e n t C . M C u rtis , V ice-P resid en t A. C. S m ith , C a s h ie r Accounts of Banks and Bankers received on most favorable terms. Correspondence Invited. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis THE Y O U T H ’S C O M P A N I O N D A R F O R 1909. CALEN “In G randm other’s Garden” is the title of the beautiful picture painted by Charles 0. Curran for The Youth’s Com panion panel calendar for 1909. It is printed on the finest finished stock, by th e m ost recent methods of lithography. All the stren g th and beauty of th e orig inal painting are faithfully shown by em ploying thirteen separate colors. This is th e larg est calendar th a t The Compan IOW A TO AD O PT N E W RULING. ion has ever issued, the picture alone The state banking departm ent of Iowa m easuring eight inches in w idth and may adopt the new ruling of the national twenty-four inches in length. Below the banking departm ent in which the exam- picture are arranged the twelve months. THE C i t y N a t io n a l ination of institutions shall be accom panied by a m eeting of the board of di rectors. To th e board a list of twentysix questions inquiring into the m inute details of the bank will be asked. This, it is believed, will bring about a g reater knowledge of the affairs of the bank among the directors and aid the inspec tor to secure more inform ation relative to the w orth of the securities which the bank holds. It is claimed by the exam iners th a t the g reatest difficulty and the one which brings about the vagueness relative to a bank’s condition is the inability of the exam iners to know the w orth of the notes and other bills receivable which the institutions carry on their books. H. C. BOSTWICK, President. H. C. MILLER, Ass’t Cash. E. A. CUDAHY, Vice-Pres. JOHN S. KINO, Ass’t Cash. TRUMAN BUCK, Vice-Pres. JAS. B. OWEN, Ass’t Cash J. C. FRENCH, Cashier. The South Omaha National Bank South Omaha, Nebraska Capital, $250,000 Surplus, $250,000 Prolits, $100,000 Send us your Stock Yards and Packing House items. We make a study of the efficient handling of accounts of banks transacting business at the South Omaha stock yards. Correspondence in vited. TH E 40 Correspondence invit ed, with a view to bus iness relations with the banks oí Western Iowa Nebraska, C olorado, Wyoming, South Dakota and the Northwest : : NORTHWESTERN December, 1908. BANKER Capital and Surplus $1,000,000.00 V ¿ 'S NEBRASKA OF _ y ( OMÁHM NEWS AND NOTES Reserve Depository tor National Banks vem ber 12th. They w ent to th eir new home by automobile. ❖ ❖ ❖ Chas. Miner, of Tam ora, has taken up the position as assistan t cashier of the W ork on the new hank building at agent for the N ebraska City National bank, which he resigned la st w inter. Bank of N ebraska City. Cook is progressing rapidly. * * * * * * * * * The M erchants N ational Bank, Omaha, The contract has been aw arded for the Neb., has been approved as reserve agent A new brick building is about com erection of the new bank building at for the Creighton N ational Bank, of pleted for the Giltner bank. * * * Deshler, Neb. Creighton. * * * The new bank a t Crookston will be * * * The National Bank of Pawnee City has ready for business soon. W. H. Kleine, one of the stockholders * * * elected H. H. Hull cashier, in place of of the Dalton S tate Bank, was a t Sidney The building to be used for the new Vernon Bascom. recently looking after his banking in ter * * * bank in Naponee is nearly completed. ests. * * * J. L. F reeland has bought th e in te rest * * * The Citizens Bank of Giltner is now of R. S. H endricks and others in the J. C. Rynearson, assista n t cashier of Bank of Beaver City. located in the new bank building. the Citizens N ational Bank of Madison, * * * * # * recently made a business trip to Nor Jas. F. Toy, of Remsen, Iowa, bought folk. Jno. R. Pierson, form erly of Tecumseh, has purchased the bank a t Union, Neb. a bank a t Osmond, Neb., and appointed * * * * * * M. J. Kuhl, cashier. F ran k Eichelberger has sold his in ter * * * Banker Greely and F, A. Putnam , of est in the H untley Bank to one of the A two-story brick bank building to cost principal shareholders, Mr. Johnson of Napier, Neb., w ere a t B utte recently on $6,000 will be erected at Deshler. Ru Wilcox. business. H : $ $ dolph Koch, secretary. H i ^ ^ * * * The Citizens S tate Bank people, at S. M. Chamberlain, form erly a bank The F irst N ational Bank, Omaha, has ing house at Tecumseh, charged w ith Comstock, have been negotiating for a been approved as reserve agent for the stealing $100,000 of the b an k ’s funds, large safe. * * * City National Bank of Holdredge. causing the failure, may escape further * * * Miss Flossie Dye resigned her posi prosecution. All the bank’s books used B. M. Smith, pioneer citizen and banker tion in the Citizens S tate Bank a t Corna t Osmond, died recently after a long and stock recently. WANTED. * * * painful illness. * * * Position as cashier or assistan t by The F oster Bank building is about com Governor-elect Shallenberger, of Lin young man of 27; m arried. Seven and pleted and they will move into it in a coln, has gone to Oklahoma to make a one-half years’ experience in country short time. * * * bank as assistan t cashier and cashier. Ad study of the bank guaranty law. * * * dress R. H., N orthw estern Banker. The National Bank of Commerce, New York City, has been approved as reserve The Citizens S tate Bank of Kimball j opened for business recently. F. M. | W ooldridge is th e ow ner of this bank. Weil, Farrell & Co. Established 1894 BAN KERS Specializing Commercial Paper 171 L a S alle S tre e t C H IC A G O 79 M ilk S tre e t BO STO N M u tu al L ife Bldg. B U FFA LO Offerings on Application https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis * * * The Citizens S tate Bank building at Bloomfield, Neb., is being overhauled and put in attractiv e condition. * * * Ed. Cannon, of Deshler, made a trip to Omaha recently to g et figures on cer tain m aterial for the new bank. B ANK * * * M at Cunningham, of Ham let, recently w ent to Julesburg, Colo., to sta rt a bank in th a t town, so it is alleged. * * * Miss Marion Gutru, who for some tim e has been assistan t cashier of the New man Grove S tate Bank, was m arried to G. B. Howell, of Frederich, S. D., No REGARDLESS OF SIZE OR LOCATION The Charles E . Walters Co. Council Bluffs, Iowa December, 1908. T H E N O R T H W E STERN as evidence in the first trial were stolen from the court house. Robbers entered through a window and carried away the box of books, which weighed 200 pounds. * * * The bank safe in the vault of the Ju n ia ta bank, which was burned, has been opened and everything found to be all right. BANKER printed upon the inside in gold letters. This bank extends a cordial invitation to the people of Fairfield and vicinity to call and examine th eir new vault and safe and note the im provem ent over the average banking house for taking care of money and other business entrusted with them. 41 in th e bank to J. B. Huigaas, who has been assista n t cashier for some time. % % % J. K. Derrington, form erly of Bloom field, is now located a t Milan, Kan., w here he has engaged in a banking busi ness w ith his father and brother. * * * * * * The F irst S tate Bank of Kenesaw on The F irst S tate Bank, at H eartwell, a application was made a depository for S. J. W eeks, cashier of an O’Neill bank, sm all town on the Burlington, a few miles Adams county funds a t the m eeting of is said to have cleaned $553.50 in no w est of Kenesaw, was burglarized re the supervisors ju st closed. * H = * ta rial business in eleven days during the cently and $3,500. taken. ❖ * * “rush.” The National Bank of Commerce, K an * * * The F irst N ational Bank, Albany, N. sas City, Mo., h as been approved as re Miss E lent Nichols has resigned her Y., has been approved as reserve agent serve agent for the Union Stock Yards position in the Brown County Bank, Long for the Union Stock Yards N ational Bank National Bank of South Omaha. * * H i Pine, and Chas. Schooley is now taking of South Omaha. * * * her place. Chief Hoagland, of Grand Island, re * * * At the regular annual m eeting of the ceived word recently th a t th e bank at J. E. H aase, cashier of the Citizens stockholders of the Chapman S tate Bank Minden had been broken into and th at National Bank of NorfoLc, attended the the capital stock was increased from the robbers had escaped w ith $3,000. H : * * annual m eeting of the Toy banking $5,000 to $10,000. * * * houses a t Sioux City. By the reorganization of the F irs t Na * ❖ ❖ The Seven Valleys Bank of Callaway tional Bank of Columbus, M. F. Mielenz The new bank building at Naponee will change to the F irst National Bank, dropped oqt as assistan t cashier and is assum ing proportions and when fin capital $25,000. Wm. Tyson, president; will remove to New Mexico or Arizona. * * ❖ ished will hold the edge over anything Edward M. W arner, cashier. * ❖ * in th a t neck-o’-woods. Miss McNeely is now rem ittance clerk ❖ ❖ ❖ Hugh Maguire has resigned his posi a t th e N ebraska n atio n al Bank, of Nor E. H. Luikart, Madison, Neb., is maktion a t the Greeley S tate Bank and has folk, having resigned as bookkeeper in ing arrangem ents to establish a fourth gone to Omaha w here he will enter the the office of th e N ebraska Telephone bank a t Norfolk. The new bank will Creighton School of D entistry. Company. * * * * H = * have a capital of $25,000. h * h* ❖ J. A. Blair, who has been cashier of The Chase N ational Bank, New York The F arm ers & M erchants Bank of the F arm ers State Bank, at Creighton, City, tne F irs t N ational Bank, Lincoln, Fairfield treated its friends and custom since its establishm ent, severed his con Neb., the M erchants N ational Bank, ers recently to a beautiful souvenir in the nection recently w ith th a t institution Omaha, Neb., and the U nited S tates Na way of a china plaque w ith the firm name through the sale of his stock and interest tional Bank, Omaha, Neb., have been * * * THE OMAHA NATIONAL BANK OF O M A H A , N E B R A S K A STATEMENT, SEPT. 23, 1908 RESOURCES. LIABILITIES. Overdrafts d is c o u n ts ............................ $ U . S. b o n d s f o r c i r c u l a t i o n . . .......... .. 6 ,5 9 4 ,3 i 3 -9 6 4,767-25 726,250.00 S h o c k s a n d b o n d s .............................. . . . 670.73 B a n k i n g h o u s e s a n d s a f e t y d e p o s it v a u lts ... ............................................. 200,000.00 C a s h a n d d u e f r o m b a n k s ..................... 5,259,219.50 594 C a p i t a l ................................................. j .......... $ 1,000,000.00 S u r p lu s f u n d ..................................... j........... 200,000.00 1 $1 3 ,3 7 9 ,2 2 1 -4 4 $13,379,221.44 J . H. M ILL A R D , President https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis C. F . M cGREW . V . President WM. W A L L A C E , V . President W EL L O RGAN IZED COLLECTION D EPA R T M EN T . 259,433.33 Undivided profits.................. ■........ C i r c u l a t i o n , ...................................... ............ 699,997.50 D e p o s i t s .............................................| ............... 11,219,790.61 W. H. BUCHOLZ, Cashier IT E M S ON OMAHA AND A L L N E B R A S K A PO INTS SO LICITED . F R A N K BO YD . A ss’t Cashie TH E 42 NORTHWESTERN December, 1908. BANKER The O ldest N ational Bank in the State: This means th a t for forty-five years (under the name of “Kountze B rothers”) the F irst way th a t each year has shown a steady increase of business in all departm ents, enables it, in the IN THE a s a N ational Bank, as well as for seven years previous to th a t N ational Bank of Omaha has been serving its custom ers in such a in its business. This increase, together w ith the careful execution b e st manner, to care for all of its depositors, not only in Omaha and STATE OF NEBRASKA but in a much more extensive territory. Because of its strength, its location in a large res erve city, and its unexcelled facilities for handling this p a rt of the work, it counts as valued custom ers a steadily incr easing num ber of banks and bankers throughout the W est, who find it both convenient and advantageous to carry w ith it very large balances, against which they may make drafts for their custom ers in settlem ent of purchases from Om aha’s rapidly growing, jobbing and m anufacturing trade. Y o u r A cc o u n t is S o lic ite d F IR S T N A TIO N A L BANK OF O M A H A approved as reserve agents for the F irst mar, Iowa, will make their home in Columbus, Neb., Mr. P eterson having be National Bank of Callaway, Neb. * * * come a stockholder in the F irst Na The Citizens S tate Bank of Bloomfield tional Bank and also one of the assist have painted and decorated the inside ants. * ❖ of their building and it now presents a Local bankers a t Greeley are optim is very beautiful appearance. * * * tic of the outlook for the banking busi Jess R. Caley, of Creighton, has gone ness, under the new banking laws, which to Siebert, Colo., w here he will take the will in all probability be enacted by the position of bookkeeper in the Siebert forthcom ing legislature. ❖ ❖ ❖ S tate Bank, of which G. W. KlockenC. A. Pierson, who was form erly en teger is cashier. $ ^ $ gaged in the banking business at Im The F irs t N ational Bank of Callaway perial, but who has been president of the has been authorized to do business. Cap Afton, Iowa, Savings Bank, for th e past ital $25,000. Wm. Tyson, president; Thos. ten years, has resigned his position and Norbury, vice-president; Edw ard W ar will move to Des Moines. * * * ner, cashier. * * * * An im portant bank change occurred The Bank of Benkelman underw ent a a t Mason City recently, w hereby the few slight changes in a business way F irst S tate Bank has been consolidated recently when three new stockholders, w ith the Mason City Banking Company. C. C. B arr, Jas. A. McDonald, and J. G. There has been no change in the officers of the last nam ed institution. Riley, were made known. * * * * * * The Citizens S tate Bank of U niversity Place has closed a deal for the corner lot w here J. G. Johnson’s building now stands and expect to erect a new bank building in the spring. Omaha has been prom inently men tioned in connection w ith the reports in circulation in the E ast th a t the N ational Bank of New York City is preparing to establish a chain of banks in the prin cipal cities of the W est. * * * had not Deen tam pered with. The Manly Bank seems to be having more than its share of robberies. Ju st a little over a year ago a hold up, single handed, w ent into this bank and a t the point of a re volver compelled the cashier to tu rn over all the money in the bank, am ounting to $1 ,200 . i t was in broad daylight, but he made his escape. * * * Robert P. Sick, for some tim e book keeper in the Citizens N ational Bank of Tecumseh, but later of the Omaha Na tional Bank, Omaha, has secured a de sirable place w ith the Donald S tate Bank at N orth P latte and has gone to th a t city. * * * The L eshara S tate Bank, of which Jay W iney, of M arietta precinct, is president, changed hands recently, F ran k N. Aus tin , form erly of Ashland, retirin g as cashier in favor of T. F. Green, who comes from Audubon, Iowa. ❖ ❖ F rank O’Neill, cashier of the Farm ers % % % A desperate attem pt was made recently Bank a t Adams, Neb., has tendered his resignation, to accept a sim ilar position to rob th e State Bank of Manly. There in a bank a t Exeter, Neb. He is suc was a hole in the roof directly over the vault large enough for a man to crawl ceeded by a Mr. Pearson. * * through. The robbers w ere evidently Mr. and Mrs. P. A. Peterson, of Cal- frightened away, as the lock on the safe Packers National Bank OF SOUTH OMAHA, NEB. C A PITA L, $150,000 UND. PROFITS, $52,830.00 SURPLUS, $100,000 DEPOSITS, $2,189,820.00 ❖ ❖ Jno. H ardin now holds the keys to the cashier’s desk in the State Bank of Huntley, having purchased the in te rest of F. E. Eichelberger, who will move w ith his family to Boise City, Idaho, w here he has secured banking interests. ❖ ❖ At a m eeting of the board of directors c l the Citizens Bank of Geneva, Mr. J. F. W alker was elected president and E. K Cobb again resum es his duties as cashier. All other officers and employes w ere re tained in their presen t capacity. M. Dowiing, of Omaha, was in North First National Bank DUBUQUE, IO W A C i? ital, ■ - - $200,000 Surplus and Profits, $94,831.36 Deposits, $1,584,405 ■■■■ : OFFICERS: JOHN F. COAD, President. A. W. TRUMBLE, Vice-Pres. F. J. MORIARTY, Cashier. CHAS. A. DUNHAM, Ass’t Cashier. J. F. COAD, JR., Ass’t Cashier. We invite the Live Stock Banking business of Iowa and Nebraska Bankers. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis OFFICERS C. H. RIGHMRY President E. A. RNGLER, Vice-President B. F. BLOCKLINGER, Cashier DIRECTORS C. H. Eighmey E. A. Engler Geo. A. Burden J. T. Adams C. M. Peaslee Jas. C.Collier B. P. Blocklinger Peter Kiene December, 1908 THE I n t o « NORTHWESTERN fa r fc s N ation al la n k BANKER 43 The Denver and Colorado S E C U R IT IE S C O M P A N Y SOUTH OMAHA, NEBRASKA C apital Th e Bank that m akes a specialty of handling Nebraska items. 9 2 3 , 1 7th S t. $ 2 0 0 , 0 0 0 .0 0 . . . D e n v er, Colorado WE SELL BANKS W R IT E FOR L IS T You have no re al know ledge of the best se rv ic e and low est ra tes for N ebraska item s until you have tried the References, Dun or Bradstreet. I m jin ^ to r k f a r k s N a tio n a l S a n k , E x c lu s iv e lin e s of T he only Bank at the Union Stock Yards G rain, M illin g , Lum ber and Jobbing P ap er of M em ber Omaha Clearing House E s t a b l i s h e d 1886 N a t i o n a l i z e d 1891 M in n e a p o lis and S t. P a u l Capital, Surplus, Deposits, - - $300,000.00 60,000.09 3,500,000.00 Write at once for particulars to E. F. FOLD A, Vice-Pres’t. P latte recently looking over the ground and interview ing the business men in re gard to opening a new bank. He seemed well pleased w ith the town and the busi ness condition, and it is probable that m e institution will be established. Especially suitable for N o rth w este rn O fferings on application. EUGENE M. STEVENS & CO. C om m ercial P a p e r and In vestm en t Bonds N o rth w e s tern N ational B ank B ldg. M IN N E A P O L IS state bankers, the state bankers were very largely in favor of it. “This is due to the fact th a t they fear the national bankers will have sufficient influence w ith congress, when the repub licans carry out th eir postal savings bank pledge, to have depositories located NEBRASKA BANKERS S O M E W H A T at central points in states, thus draining the sm aller communities of a portion of ANXIOUS. their banking capital.” A dispatch dated a t Lincoln, Neb., and published in various papers throughout A NEW COUNTERFEIT. the state, makes the following statem ent w ith reference to w hat action may be A new counterfeit $5 silver certificate taken regarding guarantee of deposits by has put in its appearance. It is of the the coming state legislature: Indian head variety, series of 1889, check “The national bankers of N ebraska are letter “A,” plate num ber 1041, W. T. feeling very sore over the result of the Rogers, register and Chas. H. Treat, U nited States treasurer. The certificate state election. “Confident th a t if they prevented an is a poor photo-mechanical production, expression of opinion in favor of bank printed on good paper w ithout an in ser guarantee by the republican state con tion of the silk threads of the genuine. vention they had the idea killed in Ne The note is poor and should be easily braska, they confined their attention only detected. It is made by T. W. Crozier, a noted counterfeiter, who is in custody to the convention. in Canada, for making counterfeit cer “Now they face the absolute certainty tificates of the $5 and $10 denom ination of some sort of a bank guaranty law at of the Farm ers Bank of Canada. the hands of the next legislature. “The dem ocratic platform is pledged to M E R C H A N T S A N D B A N K E R S OF it and Mr. Bryan is expected to insist SIOUX C IT Y ORGANIZE FIRE upon his own state, w ith the legislature INSU RAN CE COMPANY. and governor in control of his party, to give the country another example of how A fire insurance company w ith a paid it can be done. up capital of $200,000, has been organized “One curious fact has developed, and by business men of Sioux City, rep resen t th a t is th a t while the national bankers ing the most substantial financial insti w ere a unit against a state guaranty law tutions of the town. F. McCornack, a because it m eant a transfer of m any de director of the Iowa State N ational Bank, posits from their vaults to those of the is president. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis B anks. BANK S ta te S avings B an k B ld g . S T. P A U L E X A M I N A T I O N S TO THOROUGH. BE MORE J. A. Rathbun, newly appointed' ch air man of the national bank examining board in the Seventh D istrict, which in cludes Minnesota, as arranged by the com ptroller of the currency, has arrived in Minneapolis ready for work. “I api well pleased w ith the outlook of the ¡conditions in this disctrict,” Mr. Rathbun said upon his arrival, “and I am certain th a t the new system inaugurated by the com ptroller will surpass anything thus fajr attem pted in hank examinations. The new system provides for quarterly meetings, and the first to be held in this district will he during the first week of January in Minneapolis. “This system of quarterly meetings in the twelve districts of the U nited States will mean a g reat deal in overcoming the weak U aces in the present system of ex am ination. Each district will call its five exam iners together and the questions th a t confront the exam iner will be care fully Considered. It will give every ex amine^ a more thorough knowledge of the business in general and make him a more valuable man to the government. After j each m eeting the chairm an will make his report to the com ptroller.” Thq five exam iners for the Seventh District, which includes Minnesota, W is consin, N orth and South Dakota, are E. S. Tyler and John A. Smith, Grand Forksj, N. D .; J. L. Root, Minneapolis, MinnH; E. W. Munson, W isconsin, and J. C. Johnson, South Dakota. THE NORTHWESTERN BANKER December, 1908. T H E S EC U R IT Y N A T IO N A L BANK MINNEAPOLIS Ä Ü a S lIll|ilIlI| » p a ia a a lilfP ia i É S l f f| ï 5S!sII«iS8 ;¡SiiIÉ f l l i l i l í il H if i . 3s: s: SBUli as hibi»I f 1111 C A P IT A L ■ $ 1 ,0 0 0 ,0 0 0 .0 0 D E P O S IT S . . . . SURPLUS $ 1 ,0 0 0 ,0 0 0 .0 0 $ 1 7 ,2 5 0 ,0 0 0 .0 0 F. A. Chamberlain, President E. F. Mearkle, Vice-President J. S. Pomeroy, Cashier Fred Spafford, Assistant-Cashier George Lawther, Assistant Cashier Perry Harrison, Vice-President Stanley H. Bezoier, Ass’t Cashier W e Invite C o rrespo nd en ce W ith B anks Throughout the N o rth w est M IN N E SO T A NEWS AND NOTES charged w ith electricity so th a t any a t tem pt to enter the vault will instantly sta rt a big gong going. • * • The F irst National Bank of Minneap w estern N ational Bank, Minneapolis, * * * Minn., have been approved as reserve olis, Minn., has been approved as reserve agent for the F irst National Bank of The Cook County Bank of Grand Ma agents for the F irs t N ational Bank of Belle Plaine, Minn. rais was burned out. W innebago, Minn. * * * * * * * * The National City Bank, New lo rk , N. The Peoples S tate Bank of W aseca has The Peterson State Bank has moved to been converted into the F arm ers Na Y., has been approved as reserve agent the new building. for the Security N ational Bank of Min * * * tional Bank. neapolis. * * * The S tate Bank of Sargeant has occu * * * The walls for the first floor of the Mer pied its new building. The Security National Bank, Minne * * * chants & Miners S tate Bank of Hibbing apolis, has been approved as reserve E. H. W eber has become cashier of are alm ost up. agent for th e F irs t National Bank of * * * the S tate Bank of Frost. * # * The bank building, which was burned Virginia, Minn. * * * W. H. Cloud will be cashier of the new recently a t Grand Marais, will be rebuilt The N orthw estern National Bank, Min in the spring. state bank a t Jequot. neapolis, has been approved as reserve * * * * * * agent for the N ational Bank of Luverne, The Bank Securities Company, of Min Minn. Ground was broken for the new bank neapolis, am ends its articles, making the building a t K inbrae, Minn. * * * * * * capital stock $400,000. The F arm ers & M erchants S tate Bank * * * Isaac Summerfleld, of Cloquet, will go Bank clearing in Minneapolis took a of Houston moved into its new quarters, w est and engage in banking. form er Carlson brick building, a short * * * spurt on October 13th and the figures the time ago. reached $6,177,672.17. The new $10,000 safe for the Brook # * # # * * park S tate Bank has been installed. D. J. Ross, who resigned as cashier of * * * The Citizens National Bank, Faribault, the F arm ers S tate Bank, Hardwick, is The F irst National Bank of Chisholm, installed a savings bank departm ent with now w ith the W ashington N ational Bank, Jos. E rblang in charge. Minn., is getting ready to build. W ashington, Iowa. * * * * * * * * F. H. Snure, of Blanchard, N. D., will The F arm ers & M erchants Bank of The F irst National Bank of Biwabik be cashier of the W ayzata S tate Bank to Greembush is erecting a new building. is aw aiting authorization from W ashing * * * open about Jan u ary 1st. ton, and will open for business imme * * * F. S. Graham, of Rolleta, N. D., will it. The S tate Bank of Mound was incor diately on receiving have charge of a bank a t Callaway, Minn. * * * porated by M. H. Hergele, E. H. Dhladek * * * The F irst N ational Bank of Belle Capital, $10,000. The Continental N ational Bank, Chi and Anna M. Dhladek. Plaine, Minn., placed in charge of a re * * * cago, 111., the Cedar Rapids N ational It is rum ored th a t the F irs t National ceived August 6 , 1908, resum ed business Bank, Cedar Rapids, Iowa, and the NorthBank, Chisholm, has been sold to the October 23, 1908.# * * M erchants & Miners State Bank of th at The N orthw estern N ational Bank, M in place. neapolis, has been apprved as reserve * * * Judge J. H. Quinn, of Fairm ont, sen agent for the F irst N ational Bank of tenced Holmes, one of the men who Braham, Minn. * * * robbed the bank at Monterey, to prison The N orthw estern National Bank, Min for five years. * * * neapolis, has been approved as reserve H ighest Grade A bank will soon be opened a t Pons- agent for th e F irst National Bank of ford. W. R. E. Smyth is at the head. A Balaton, Minn. * * * COMMERCIAL P A P E R building will be erected at once. Capital The N ational Copper Bank, New York, $10,000. J. W. Munn, cashier M in neapolis, Minn. * * * N. Y., has been approved as reserve Security Bank Building A new electrical burglar alarm system agent for the M innesota National Bank, has been installed at the F irst National of Minneapolis, *Minn. * * Bank Building: in Virginia, Minn. The C o r r e s p o n d e n c e In v ited The National P ark Bank, New York, N. entire vault is lined w ith a double plate ' of steel which will be kep t constantly Y., nas been approved as reserve agent A bank is projected at Lynd, Minn. FRED W. DEAN https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis December, 1908. i» The THE NORTHWESTERN BANKER 45 FIRST NATIONAL BANK & MINNEAPOLIS, MINNESOTA Established 1864. United States Depository. * for the F irs t National Bank of Belie promise, ana a trusted employe of the request of the state secretaries th a t they Plaine, Minn. bank. employ night watchmen. The headquar # * * * * * te rs of the new association are in Min Jos. Lockey, president of the American Royal C. Moore was elected president neapolis. ! * * * National Bank, St. Paul, declares there of the W ayzata S tate Bank, and Dr. Leo is no tru th in the rum or th a t he has re M. Crafts, of Minneapolis, vice-president. The F irst N ational Bank of G ilbert Is signed, stating he has no such intention. A cashier will be secured and a building about to open for business. J. P. Thomp • * * erected. Capital, $25,000. son, cash[ier; Verne Sutton, assistant * * * A. P. Toupin and J. A. Duffy, of the cashier. A nother bank will probably be M erchants S tate Bank of Red Lake Falls, The N ational Bank of the Republic, opened in the Sparta addition next spring Minn., have bought the in terests of L. C. Chicago, 111., and th e N orthw estern Na by the same interests. * * * Simon and C. N. Bourdon in the F irst tional niank, Minneapolis, Minn., have S tate Bank of Plummer. been approved as reserve agent for the Miss Lulu A. W eber, of Lakefield, * * * F irst N ational Bank of M ountain Lake, formerly of Winnebago, was m arried the The new F arm ers S tate Bank of Foss- Minn. first of October to H arry ju. Bond, of * * * ton has opened for business. J. A. Nor Lakefield. Mr. and Mrs. Bond will con throp, president; Ing. Larson, vice-presi The Citizens S tate Bank of Callaway. tinue to r¡eside in Lakefield, w here he is dent; M. A. Hendrickson, cashier; Olaf Minn., incorporates w ith a capital of engaged in the banking business. * * Brandt, assista n t cashier. Capital, $10,000. Those interested are J. R. Hol $ 10, 000 . ton, of Grand Forks, N. D., and F. C. P. Petefson, statem ent clerk a t the Se * * * Riebe and C. M. Case, of Minneapolis. curity N ational Bank of Minneapolis, re * * * The F irs t National Bank of M ountain cently com m itted suicide by blowing out Lake, Minn., has been organized w ith a R eport is deniedi th a t the F orest Na his brains. The young man had not been capital of $25,000. Jno. J. Rupp, presi tional Bank, Gilbert, is controlled by the well for some time, b u t this was not dent; Jno. C. Klaassen. vice-president; C. Miners National Bank of Eveleth, Minn. thought sufficient cause for his act. * * * C. M ertens, cashier. Two stockholders of the E veleth Bank * * * own stock in the Bilbert Bank, b ut do A new bank to be known as the F irst The application of J. L. W ashburn and not control it. ideate Bank has opened under the title of * * * others to form the N orthern National uniil incorporation is completed. Leon Bank of Duluth has been approved. Cap The F irst N ational Bank of Gilbert, M. Bolter, president; A. G. Bosshard, ital, $250,000. The Duluth Savings Bank Minn., has been organized w ith a capital vice-president, both of Grand Rapids; M in terests 1 are in the proposition. of $25,000. W alter J. Smith, president; A. Mulvihili, cashier. * * * * * * F. B. Myers, vice-president; J. B. Thomp The Twin City Bankers Club’ will give The M erchants National Bank of Sauk son, cashier; L. L. Sutton, assistan t cash Center has elected A. F. Strebel cashier, ier. a banquet at the Minneapolis Club on # * * in place of A. W. A ustin; Benp. F. Du December 8th, for the second m eeting of The F irst National Bank of W inne the present season, and guests from all Bois, assistan t cashier, in place of A. F. bago and the F aribault County State parts of th e N orthw est will be in atten d Strebel. * * * Bank consolidate as the F irst National ance. The banquet probably will be the ever given by the club. Mr. W ulstein, assistan t cashier a t the Bank. J. W. Reagan, retirin g president, m ost sumptuous * * * Citizens Bank, Morris, resigned to take a is succeeded by Jno. E. Rorman, formerly The Robbinsdale State Bank, of which position as cashier in a bank a t Cham cashier of the F* irs t* Bank. * the controlling in te rest was owned by the berlain, S. D. He is succeeded by San The N ational Copper Bank, New York. late Jncj. G. Lund, recently elected of ford H. Severson, of Stoughton, Wis. * * President, Jesse Van ValkenN. Y., the Continental National Bank, ficers. The F irst S tate Bank of Jequot has Chicago, 111., and the Security National burg, executor of the Lund estate; viceH. W agner; cashier, been incorporated, w ith a capital of Bank, Minneapolis, Minn., have been ap president, Dr. C. Thos. H. Girling; assistan t cashier, Gus $10,000. Isaac H azlett, Minneapolis; F. proved as reserve agents for the F irst tave Scharf. Minn. B. Coon, F. F. L atta and others, of W a N ational Bank *of Gilbert, *:• * * * * dena, are interested. The F irst N ational Bank of Belle The Brown N ational Bank of Jackson, * * * Minn., has made some changes in its of Plaine, Minn., has made some changes The Greenbush ¿ la te Bank is install ficers. J. W. Cowins: being elected presi in its officers, F. H. Welcome, being ing a hot w ater heating plant in their dent in place of J. K. Brown, deceased: elected president in place of J. G. Lund; new building and will have a therm ostat T. J. Knox, vice-president, in place of E rn st Vinkemeier, vice-president, in place in the office, a very convenient inven J. W. Cowing. of H. fi(. Kamp; A. F. Meyer, assistan t tion by which the heat can be regulated. * * * cashier. * * * * * * The In tersta te Protective Association Sam J. Foss, assistant cashier of the of the banking associations in five north The local Y. M. C. A. of Minneapolis Appleton S tate Bank, was accidentally w estern states has hired a detective has opined a night school of banking. drowned in Shible Lake, while hunting force, and its first step will be to see There is no school of this kind in the ducks. He was a young man of much th at the country bankers carry out the N orthwest, the only thing sim ilar in this https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis THE 46 NORTHWESTERN December, 1908. BANKER Sw edish Am erican N ational Bank & MINNEAPOLIS Capital, Surplus, and Profits Deposits, 0 0 500.000 400.000 3,300,000 OFFICERS; N. 0 . W e r n e r , President E. E. M a t t s o n , Cashier C. S. H u e b u r t , Vice-President A. V. O s t r o m , Ass’t Cashier J . A. R a t t a , Vice-President K n u t e E c k m a n , Ass’t Cashier Write Us Regarding Your Northwestern Collections p art of the country being the one opened this fall by the N orthw estern U niversity in its down town school in Chicago. The whole course will take two years. * * * Bank clearings for the first fifteen days of November this year in M inneap olis, show an increase over the sam e period of last year of $6,860,875.37. The m anager of the M inneapolis Clearing House gave the figures of the first half of N ovember this year as $57,384,526.43, against $50,523,651.09 last. W hile the first half of the month shows a decided in crease over last year, the am ount of clearings still falls befiind the first fif teen days of November, 1906, when the am ount for the period was $59,115,606.34. PR O TEC TIN G DEPOSITORS NESOTA. IN M I N W ithin two m onths there will be i'n operation among the country banks of M innesota a new plan for the protection of bank deposits. It is a plan devised by bankers instead of by politicians, and those who are fathering it firmly believe th a t it will actually achieve all the bene ficial results which were promised by the advocates of the bank guarantee scheme. Throughout the recent campaign, plans for the new idea have been quietly car ried forward. W. D. W illard, cashier of the F irst Na tional Bank, of Mankato, was in Minne apolis recently. He is chairm an of a com m ittee appointed la st spring by the bankers of the second congressional dis tric t of Minnesota to organize the banks in th a t d istrict for the operation of an independent system of exam ination along the line of th a t now in operation in the twin cities. Sickness in the com mittee has delayed its work to some extent, but it is probable th a t the first of the new year will see the independent bank ex am ination under way in the second dis trict. The banks of the twin cities were among the first in the country to adopt the plan of having an independent ex am ination and this has been in operation since February 1, 1906, in charge of P. M. K erst, form er state public examiner. There are seven strong district groups cf banks outside the tw in cities and it is believed th a t the plan of the second dis tric t will be adopted by all of them w ith in a short time. Sim ultaneously w ith the appointm ent of the com m ittee by the • second district https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis its investigations it publishes the follow ing: ■Believing th a t a central bank of issue, owned by the national banks of the U nited States w ith a board of directors on which the governm ent is represented, would remedy the present inadequate c u r rency system, leading bankers of Minne apolis expressed them selves yesterday as heartily in favor of the plan th a t is now oefore the American people. “W ithout exception, every banker who was interview ed believed th a t the real so lution of the currency problem is a main bank of issue th a t will have a capital invested in governm ent bonds; the sh are holders to be national banks to be repre sented by a board of directors elected by territo rial districts ; the governm ent to be represented in the directorate by of ficers of the treasu ry departm ent. “F. A. Chamberlain, president of the Security N ational Bank, said: “ T am in favor of a large central bank to be owned by the national banks of the country. This hank to do business only w ith national and possibly w ith state banks, w ith power from the national gov ernm ent to issue currency on the deposit of collateral by these banks. “ ‘The m ost feasible plan of such a bank has been form ulated by E. B. W alker, president of the Canadian Bank of Commerce, Toronto. It is in brief: “ ‘To have a capital of say $100,000,000 to be invested in governm ent bonds; the shareholders to be national banks, and possibly, also, state banks; to issue its notes, say for $300,000,000, in exchange for gold provided by banks who become shareholders; to be authorized to issue additional notes up to say $600,000,000, provided a gold reserve of at least 33 1-3 per cent of the whole issue be m ain tained; the central bank to use its pow ers of lending m erely by re-discóunting for or lending to the other banks of the country; the shareholders to be rep re sented by a board of directors elected by territo rial districts; the governm ent also to be represented in the directorate by officers of the treasu ry departm ent.’ “A. A. Crane, vice-president of the N orthw estern N ational Bank, said: “ ‘From the standpoint of a rem edy for the present currency system of the United States, I believe in the plan of a main bank of issue. The system as pro C E N T R A L B A N K I DEA. posed and as has been used in Germany The Minneapolis Tribune has oeen in and France for a num ber of years, would terview ing some local bankers regarding prove successful, I am sure. “ ‘W hether the country is ready for it the central hank plan, and as a result of bankers in Minnesota, the same plan was being discussed by California bankers, resulting th ere in the form ation of the California S tate Clearing House Asso ciation. The m ethods followed in the organiza tion and operation of this pioneer asso ciation will probably be largely followed in Minnesota. California was divided into eleven dis tricts, and the banks in each district held m eetings and elected district com m ittees and each d istrict selected a rep resentative to a central board. This board convened and after careful con sideration adopted a constitution, which forms the w orking basis of the California S tate Clearing House A ssociation The purpose of this California associa tion is set forth in an extract from its constitution, which reads: “The objects of this association are: To improve and strengthen the banking system of this state; to prevent improper or unsafe conduct upon the p art of any bank w ithin the state; to provide a sys tem of thorough and complete examina tions into the affairs of every banking corporation or individual banker belong ing to this association by expert exam iners, and generally to safeguard the com mon in terests of the banks and the pub lic.” A bank failure not only creates unrest and sh atters the confidence of the people, but it tem porarily elim inates the liquid assets of a great number. Business en terprises are upset, and a whole com m unity is demoralized. W hile the indi vidual depositor suffers directly, the bur den of every failure is throw n upon the solvent banks of the community. It is to obviate this th a t the bankers are combining for th eir own protection, and in protecting them selves they are offering the g reatest protection to the public. The projected system of exam inations will be so thorough th a t it will be practic ally impossible for a bank to dissipate its assets sufficiently to injure depositors before it is checked by the examiners. Every bank in the state is eligible to mem bership in th e association, but only those which can satisfactorily pass the m ost rigid exam ination of th eir affairs may retain membership. December, 1908. TH E NORTHWESTERN TH E M IN N E S O T A N A TIO N A L BANK £ E M IN N E A P O L IS Capital - • - 5,000 Circulation - 50,000 Deposits - - 1,000,000 O F F IC E R S A N D D IR E C T O R S A. F. J. C. D. CLARKE ............................ Prest. L. WILLIAMS ..................... V. Prest. D. UTENDORFER ..................Cashier I. WELCH.......................Asst. Cashier a t this time, is another question. The people will have to he inform ed of the benefits of such a bank. Those who have gone into th e question have only one fear as to th e outcome of the system, and th a t is politics. They fear th a t it m ight enter into the system, which is not a t all like ly, if the bank is properly organized.’ “J. E. Bell, president of the H ennepin County Savings Bank, said: “ I am in favor of a m ain bank of issue. It is the best thing offered yet to remedy the ills of the present currency system. The plan has been tried successfully for years in Germany and France, why could it not prove so here? In those countries th e m ain bank of issue proved a wonder ful help during tim es of financial strin gency.” “George F. Orde, cashier of the F irst National Bank, is in favor of a central eqi si m juqL saAeqaq pun ipinq [Buoiquu this time. He m aintains th a t as long as it is possible to secure circulation on high-grade governm ent bonds, a main bank of issue is unnecessary. J. A. L atta, vice-president of the Swedish-American National Bank, is of the opinion th a t a central national bank, well organized and properly managed, would be a success in solving th e present cur rency problem .” PEOPLE DECIDE TO BANK. John McCulloch P. D. Boutell M. W. Savage W . W . Heffelflnger Frank W. Greaves J. H. Martin $64,000 to replace the w orthless secur ities held by Lund. This sum has been guaranteed by the stockholders in the bank. The capital of the new bank will be $25,000 and all the old depositors will get credit for the full am ount of their de posits. The board of directors will re main unchanged w ith the exception of Dr. F. H. Welcome, president of the Union Investm ent Company, who will take Lund’s place as president of the in stitution. BANKERS GET FULL BURGLAR SURANCE. IN M innesota banks are to be protected by a special insurance policy, which will cover all forms of burglary and hold ups, both day and night. The p resen t insur ance form covers only loss w here tools and explosives have been used on the safe. A fter a contention of several years, Charles R. Frost, secretary of the Minne sota State Bankers’ Association, was no tified yesterday th a t the National Surety Company of New York would comply with this request of the association. Minneapolis bankers m aintain th a t Mr. Frosts victory is w orth thousands of dol lars to the association. U nder the old policy, if a burglar made P A T R O N I Z E a bank officer open the safe a t the point The officers of the Manning & E pper son S tate Bank, Eddyville, Iowa, report th a t since the recent robbery of the W. P. Brodrick home they have opened over twenty-five new bank accounts w ith peo A bank is needed a t Haynes, via H et ple, m ost of whom never before had any tinger, N. D. * * * hanking connection w hatever, but kept their savings hidden about their homes in Jno. Bischof has been appointed cash bed ticks, bureau draw ers, old stoves, etc. ier of the Bank of Zeeland, N. D. B E L L E P L A I N E B A N K OPENS. The reorganization of the F irst Na tional Bank, of Belle Plaine, Minn., which was closed la st August after the tragic suicide of John G. Lund, the prom inent Minneapolis land man, who shot him self while in his private office and who held a controlling in te rest in the institu tion, has been perfected and the bank will open for business. The bank has been reorganized prin cipally through the efforts of Jesse Van Valkenburgh, one of the executors of the Lund estate, and the Union Investm ent Company, of Minneapolis, which put up https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 47 U se th e M in n e a p o lis M o n e y O rd e r Is s u e d o n ly b y u s. A s k fo r a B lo c k o f D r a fts w h ic h a ffo r d you th e c o n v e n ie n c e o f a n O p en A c co u n t w ith u s . Q u ic k R e tu rn s . O u r T e rm s th e V e ry B e s t. W rite us a t o n ce. $200,000 Sur. & Profits BANKER A. D. Clarke Jos. W. Molyneaux M. E. Williams F. Li. Williams J. D. Utendorfer of a revolver the insurance companies would not pay the loss because no tools w ere used. V I C T O R Y FOR T H E MANGANESE. The Courier, of Colton, S. D., says: “The culprits . attem pting to burglarize the bank a t Hills, Minn., a few days after they weije here, m ust have felt disap pointed when they discovered they had to deal w ith a M anganese burglar proof safe. A t the present w riting we under stand th a t there is no question but w hat it was the same gang. Receiving nothing for their work a t Hills, and very little for th eir trouble here, we should think they would try some other way making a living. Now th a t both banks in this town have bought a M anganese safe it will be poor picking for yeggmen in this town. The Commercial N ational Bank, of Sturgis, S. D., was opened for business October 21, 1903. October, 21, 1908, m arked the close of its fifth year of busi ness, the total assets a t this tim e being in excess of $300,000. These figures em phasize th e fact th a t the community has the utm ést confidence in this institution, which it deserves, as care and conser vatism have been its constant policy dur ing its entire existence. Lake, N. D., and the Bank of York, N. D., to the Ross-Davidson Company, of Min neapolis. C. H. Ross becomes president of the F irs t National Bank a t Leeds, Chas. F. Chalsm a continuing as cashier. ❖ ❖ ❖ * * * The walls of th e bank building at The F irst N ational Bank of H ettinger, Montrose, S. D., are completed. N . D., will soon occupy the new building. * * * A new bank building is in course of W ork is progressing on a building for construction a t Kempton, N. D. * * * the new F arm ers Bank a t Nome, N. D. ❖ ❖ ❖ The Chaffee S tate Bank of Chaffee, N. for dissolution. The new bank building a t Columbia, D., has made application ❖ ❖ ❖ S. D., will be completed in a short time. Wm. M. Howe, of Fairm ount, N. D., is * * * cashier of t ue new bank at Chelsea, S. D. W ork on the brick bank building at ❖ ❖ * Mobridge, S. D., is progressing nicely. Bullatv Bros., of Iowa, opened the State $ $ $ Bank of Interior, S. D., A. O. Figg'e, as E. B. Page, of Leeds, N. D., has sold sisting. a * * * controlling in te rest in the F irst National Bank of Leeds, the Bank of Pleasant The F irst State Bank of Nome, N. D., THE 40 NORTHWESTERN K ENNETH CLARK, Pres. G. H. PRINCE, Vice-Pres. D ecem ber, 1908. BANKER H. W. PARKER, Cashier H. VAN VLECK, Ass’t. Cashier G - w - EKSTRAND, Ass.. Cash. The Merchants National Bank of Saint Paul, Minnesota Surplus, - $650,000 United States Depository Capital, - $1,000,000 DIRECTORS W. B. Parsons Geo. H. Prince L. P. Ordway Charles P. Noyes Louis W. Hill V. M. Watkins Crawford Livingston J. M. Hannaford F. B. Kellogg Kenneth Clark Thomas A. Marlow C. H. Biglow J. H. Skinner E. N. Saunders D. R. Noyes Correspondence and Personal Interviews Invited increases its capital stock from $10,000 Wialum, N. D„ was destroyed by fire. It was insured. to $25,000. * * * H : ❖ ❖ E. A. Huden, assistan t cashier of the The new bank a t Rock Lake, N. D., is M erchants Bank, Bryant, S. D., has be nearing completion and will soon be do ing business. come cashier. % % % % % % The American N ational Bank building, The F irs t State Bank of Ree H eights put in steel vault fixtures and safety de of Valley City, N. D., is fast approaching completion. posit boxes. * ❖ ❖ $ $ $ E. A. Peterson, president of the F irst R. M. Hoenisch, of Dogden, N. D., be comes cashier of the Kief Bank, Kief, State Bank, of Sinai, S. D., died in a hos pital during an operation. N. D. * * * * * * The F irst N ational Bank of W esthope, The Colton S tate Bank, Colton, S. D., which was recently burned out, will be N. D., has elected J. M. M essner, cashier, in place of W. J. Cooper. reouilt. $ * * * * * Daniel H. Sours, president of the State Bank of H ayti, S. D., died suddenly of dropsy of the heart. * * * The new F irst N ational Bank build ing a t Carrington, N. D., is nearing com pletion. * * * People’s Savings Bank Surplus, $75,000.00 OFFICERS: President Vice-President Cashier ii Asst. Cashier H. M ARTIN, F. FLYNN, P. FLYN N , A. SLININGER, DIRECTORS: C. H. Ainley J. A. Garver L. Sheuerman https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis O. H. Perkins D. W. Smouse T . F. Flynn * * * * * * The F arm ers S tate Bank of Harvey, N D., incorporates w ith $25,000 capital. L. W. Miller, F. O. B rew ster and others are interested. The W hitbeck National Bank of Cham berlain, S. D., has been organized w ith a capital stock of $50,000. Those interested are A. G. W hitbeck, Chamberlain, S. D.; Jam es Brown, E. F. Scott, N. W. Egleston, Wm. M. P ra tt and Emily M. Whitback. Citizens Savings Bank D E C O R A H , IO W A DES M O IN ES, IO W A C. T. F. E. * * * On account of increasing business the F irst S tate Bank of K ermit, N. D., has been compelled to install a larger vault. * * * The Bank of Midland, S. D., will erect a two-story and basem ent building on the corner occupied by the Midland Drug Co. * * * The Foxholm S tate Bank, of Foxholm, N. D., incorporates, capital $10,000. Cook Robinson, of Foxholm, and others are in terested.. The N ational Produce Bank, Chicago, 111., has been approved as reserve agent The Brule National Bank, of Cham for the F irst N ational Bank of Wyndberlain, S. D., has elected S. P. Seierson mere, N. D. * ❖ ❖ president, in place of H. R. Dennis. $ ^ $ W. Morrish, of page, N. D., becomes W. T. McConnell, of W essington president of the bank a t Ayr, N. D., and Springs, S D., has become cashier of the Mr. K ettle, of Casselton, N. D., viceW estern National Bank of Mitchell, S. D. president. * * * The Sargent County S tate Bank, of The F arm ers & M erchants Bank of Sheyenne, N. D., increases capital to Cogswell, N. D., was recently blown by yeggmen, but they did not secure any $15,000 from $10,000. % % % loot. * * * W. L. Green and S.T. Kiddoo buy the Chas. C. King, now incarcerated for W. G. K enaston interests in the local embezzlement, has been adjudged bank bank a t Wall, S. D. * * # rupt. He was a banker at Scotland, S. D. * ❖ ❖ J. W. Bryant, of Mitchell, S. D., be The F irst S tate Bank of Bergen, N. D., comes cashier of the E than S tate Bank, of which H. J. Rorlien and M artin ApEthan, S. D. * * * land, form er L uther College students, are The F arm ers S tate Bank building, of managing officers, reports a cash reserve Capital, $100,000.00 on Septem ber 23d of $17,353.34, against deposits of $38,067.94 beside other evi dences of prosperity. C. C. Loomis H. C. Wallace C. H. Martin C apital $50,000.00 Special Attention Given to Collections. Send Us Your Decorah Items. E. J. CURTIN, President OGDEN C A ST E R T O N , Vice President B. J. McKAY, Cashier E. L. AMUNDSON, Asst. Cashier THE December, 1908. NORTHWESTERN SECU RITY SAVINGS BANK Cedar Rapids CA PITA L AND SURPLUS DEPOSITS - $ 250,000.00 1,500,000.00 Does no Commercial Banking, but offers for Iowa business the ser vices of a careful competent and exclusive Savings Bank, paying interest on deposits at the rate of G. F. VAN VECHTEN, President E. M. SCOTT, Vice-Pres. J. R, AM1DON, Vice-Pres. |. W BOWD1SH, Cashier FRANK FILIP, Asst. Cashier N ^4 Cent The Promoter. The promoter, with a scheme that looked good on the surface, went forth among the people and made Lis proposition. “it will bring investors 100 per cent a month,” he said. “ But how can that be,” queried the cautious. “The answer is easy,” said the promoter. “ We mere ly put up the money to float the stock, and then we get from under and let the suckers carry the load.” This struck many as being a good thing, so they pushed it along with all their might. “We’ll get our nets full of suckers,” they said, “ and then we can pick their bones clean.” Just as the cautious were about to demand their share cf the swag, the promoter packed up all of it and left for parts unknown. Whereupon the cautious wept bit terly and exclaimed: “Such dishonesty is deserving of severe reprobation.” Moral: Some people never become long on honesty until they become short on swag. Where the Credit was Due. Levi P. Morton once established a dry goods house m New York and failed, says an exchange, but to his creditors he gave all he possessed, settling for 50 cents on the dollar. Years afterwards he made a great suc cess as a banker, and then he again gave thought to those whom he had not paid in full as a merchant. One day all of his former creditors received invita tions to a banquet. His guests took their seats at the Real Estate Dealer Will Conduct Sales Anywhere BANKER SECURITY National Bank SIO UX C IT Y , IO W A Iowa’s Leading Real Estate and Live Stock Auctioneer 14 Years’ Experience. I have handled 1200 Stock and Farm Sales and over 500 Real Estate Sales. REAL ESTATE SALES A SPECIALTY. $250,000.0 185,000.00 Capital, Surplus and Profits, W. MANLEY, President C. L. WRIGHT, Vice-Pres. T. A. BLACK, Vice-Pres C. N. LUKES, Cashier C. W. BRITTON, Ass’t Cashier table and as each opened his napkin found a check for the full amount of his claim, with interest. “ Gentlemen,” said Mr. Morton, “the one who de serves the credit for the— shall we say— favors of the evening is not your host, but the mother who by her early influence has guided him through life. My fath er’s salary as the village parson was not sufficient for all the household expenses, so I went to work clerking in the village store for a few dollars a month. When 1 brought my wages to my mother she said: “ ‘Levi, do you owe any of this money to anybody ? Yes? Then go at once and pay it if it takes every dol lar. If you owe money you are not a free boy.’ “ My emancipation tonight, gentlemen, is the direct result of that mother’s early counsel!” Bank Must Pay Again. Joseph L. Robinson, of Pike county, sent a note to Winslow, Ind., for collection by Miss Zelphia Haw kins, who was living at his home. She received the check for the money, which was cashed by the Bank of Winslow, on her indorsement of her employer’s name on the back followed by her own. The lady lost the pocketbook and Robinson insisted that the bank oughc not to have given her the money on a check payable to him, which he had not indorsed nor authorized her to indorse for him. Suit was brought and judgment was given against Robinson. Appeal was taken to the appellate court of Indiana, and the court held that the bank must pay the check again, this time to Robinson, reversing the judgment of the circuit court.— American Banker. Main 4276 - TELEPHONES L a u r e n c e S. K. NOLAND 49 A . - J o n e s Automatic 3276 & C o . PU B L IC A C C O U N T A N T S A N D A U D IT O R S. Chamber of Commerce Bldg., C H IC A G O Audits and Investigations Conducted. Systems of Accounts and Costs Installed ESTABLISHED 1891 400 Youngerman Bldg. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Des Moines, Iowa L. A. JONES, 1891 HAWLEY, JONES & CO., 1902 LAURENCE A. JONES & CO., 1902 TH E 50 NORTHWESTERN BANKER AUCTION December, 1908. Sales Clerk Outfit Makes Record in Duplicate as Sale Progresses. No Extra Work H undreds in Use : H ie Id ea l System : Everyone Pleased We Prepay Express Outfit c o n s i s t s of double cover n e a t l y and su b stan tially bound in Rus sia leather and black cloth. The sheets are quickly taken out or placed in position. Is “l o a d e d ” for days busi ness b e f o r e sale begins. At c l o s e o f sale the w hole r e c o r d is in duplicate. when draft ac companies the order. Otherwise strictly net F. O. B. D e s Moines. Prices 1 Sales Cover $1.50 100 Sales Sheets - .75 Carbon Paper - .00 Press Bds. .00 Complete $2.25 Simple Easy Cheap Your Money Back A Success if you want it. : : We M anufacture Coin Wrappers, Deposit Slips, Checks and Drafts, all kinds of Printed Matter for Blanks, Leath er Covers for Vest Pocket Check Books, Loose Leaf Ledgers, Binders and Holders. We fur nish leaves for any make of Loose Leaf Ledger on market. Send for sample leaves of duplicate Clearance Books, duplicate PROTEST Books, duplicate Tax Receipt Books, duplicate order on County Treas. for Tax Receipts. All kinds of duplicate blanks made to order. THS* Bankers Cabinet & Supply Co. mJT ‘ https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis December, 1908. THE NORTHWESTERN BANKER 51 A n y representative Bank desiring a place in this D irectory may be accom m odated upon paym ent of the regular rate for this service, w h ich w ill be made k n ow n on application. Directory of Representative Iowa Banks TOWN NAME OF BANK PRESIDENT VICE PRES. CASHIER Ackley .......... EXCHANGE BANK . . . . . John Rath ........... W. A. Y oung............. Adel................. ADEL STATE BANK .. S. M. Leach ........ W. B. K innick.......... R. L. L each ............... Albert C ity.. .. SECURITY SAVINGS .. . Geo. R. Anderson E. E. H u ghes............ C, E. L arson............. Algona............. FIRST NATIONAL ........ A. A. Call ........... D. H. H utchins.......... W. K. Ferguson........ Alton.............. BANK OF N. W. IOWA. G. W. Pitts ............. M. D. G ib b s.............. Alvord.............. ALVORD BANK ............ . Chas. Shade ........ D. R. W hitaker........ Aplington........ FARMERS SAVINGS . . . . A. Ontjes ........... C. P rim us................... Arlington........ FIRST STATE ............... . T. Dunning .......... C, D em ing................. D. B. Allen .............. Arthur............. ARTHUR SAVING ........ . G. E. Clifford . . . . C. A. Ellis ............... F. J. W hinery........... Audubon.......... FIRST NATIONAL ........ . Chas. Van Gorder H. A. A rnold.......... F. S. W a t ts .............. Aurelia........... . 0 . E. Yocum ___ R. B. Y ocum ............ P. D. Wine .............. Ayrshire___ FIRST NATIONAL ............... M. L. Brown . .. . John Sherlock.......... J. M. K e lly .............. Battle Creek.. BATTLE CREEK ASINGS... . J. L. Riesdel ___ H. M. Schmidt . . . . D. H. H edrick.......... Battle Creek.. MAPLE VALLEY oAVINGS. W. H. James ___ J. E. Spotts .............. H. J. S n over............. Baxter.............. STATE SAVINGS ................. Fred Hager ........ H. A. Geise ............... Chas. Burdick........... Bennett........... BENNEi'T SAVINGS ............ A. Hinrichs ........ John Bannick............ E. P. W ingert........... Bloomfield___ J. H. Taylor ___ S. S. Standley ........ S. F. McConnell ___ Boyden.......... FARMERS SAVINGS ........... W. M. Smith . . . . John McCandless___ W. H. E d d y ............. Breda............. . BREDA SAVINGS ................. T. H. Ricke ......... G. Von Gian ............ F. Van Er dewyk . . . Bronson.......... BRONSON SAVINGS ........... A. T. Bennett . .. Ernest D a w e............. F. L. Shumaker........ Brooklyn........ FIRST NATIONAL ............... B. M. Talbott . . . . A. B. Talbott .......... N. H. Wright .......... Burt ............... FIRST NATIONAL ............... J. W. Wardsworth L. C. S m ith ............... C. D. Smith ............. Calamus........... FARMERS SAVINGS ......... C. Knebler .......... A. Wendel ........... C. A. B la k e .............. Cascade............ CASCADE STATE ............. H. L. Dehner . . . . M. B. Flanigan ........ A V. D e iv in ............ Casey............... ABRAM RUTT NAT’L.......... Abram Rutt . . . . Wm. Valentine ........ S. L. R u t t ................. Cedar Falls___ NAT. SAV. & TRUST CO. . . . C. H. Rodenbach . Roger L ea v itt........... F. B. M u ie r.............. Cedar F a lls..., CITIZENS SAVINGS . . . . . . C. A. Wise .......... W. N. H ostrop......... 0 . H. Leonard............ Churdan........... FARMERS & MERCHANTS. M. M. Head ........ Mahlon Head ........... M. B. Westervelt . . . Churdan........... FIRST NATIONAL ............... C. J. Martin ___ Joseph C arroll.......... M. F. Coons ___ Clarence............ CLARENCE SAVINGS ........ D. Elijah ........... Fred H e c h t............... D. L. Diehl .............. Clarinda........... CLARINDA NATIONAL . . . . Ed. F. Rose ........ H. E. Parslow ........... E. G. Day ................ Clearfield.......... CLEARFIELD BANK ............ Grant McPherrin C. C. Carlton .......... Clemons............ BANK OF CLEMONS ............ W. A. Pollock . .v. T. E. Pollock .......... Coggon.............. COGGON STATE BANK... S. N. Goodhue . . . A. J. W a r e ............... N. B. Richardson . . . Collins............. BANK OF COLLINS............... John Thompson .. W. H. Thompson___ Conrad.............. CONRAD STATE BANK........ Jno. Murrow, J r . . P. T. E v a n s .............. E. L. G u ild ............... Creston............. FIRST NATIONAL ............... S. W. Richardson C. L. B ullard............ M. D. S m ith ............. Creston............. IOWA STATE SAVINGS___ D. Davenport . . . P. C. Winter ........... F. D. Ball ................ Davenport........ GERMAN SAVINGS ............. Chas. N. Voss . . . D. H. McKee .. Ed Kaufman ........... Delmar.............. PEOPLES SAVINGS .......... P. Shollenberger W. R. Barrick........... F. P. Goodjohn ........ Denison............ L. Cornwell . . . . Geo. N a e v e ................ M. E. J o n e s .............. Denison............ FIRST NATIONAL .......... W. A. McHenry . M. S. McHenry ........ Sears McHenry ........ Des M oines..., MAr OUARDT s a v in g s . . . G. D. Ellyson . . . D. F. Witter ............ J. H. H ogan ............... De W itt.......... FIRST NATIONAL............... W. H. Talbot . . . Wm. L e e ..................... A, M. P r ic e ............... Dows................. FARMERS EX. S T A T E .... W. R. Jameson .. W. P. Mendell ........ G. H. Jameson .......... Dubuque.......... FIRST NATIONAL ................ C. H. Eighmey . E. A. E n g le r ............ B. F. Blocklinger___ Dunlap.............. FIRST NATIONAL ............... T. F. Jordan ........ W. T. P reston........... A. N. Jordan ............. Dunlap............. DUNLAP STATE ___ L. Kellogg . . . . . G. P. Moorhead ........ S. J. Patterson ........ Durant............ FARMERS & MER. STATE. . Theo. S in d t.......... R. Tagge .................. W. H. Crecelius........ Dyersville........ GERMAN STATE ............. Jacob Kerper . . . . D. D. M y ers.............. D. A. Gehrig............. Dysart............ DYSART SAVINGS .............. H. P. J en sen ___ E. F. S u i t ................ Henry M o h r.............. Eldora.............. CITIZENS SAVINGS............. J. F. H ardin___ N. R. Van Avery . . . L. W. H arris............. Emmetsburg... FARMERS SAVINGS ............. D. A. Johnson . . . C. C. M ueller............ J. W. N e a r y ............. Essex............... FARMERS SAV IN G S............. R. A. Sanderson . H. A. Chandler ........ J. A. E k eroth ........... Farley............... STATE BANK OF FARLEY ., W. J. Creglow . . . Will B a k e r ............... Geo. A. G ibbs............ Farnhamville.. BANK OF FARNHAMVILLE H. W. Beacham . Chas. Beacham ......... Fayette............ STATE BANK OF FAYETTE J. A. Claxton . . . Q. C. Babcock........... C. R. Carpenter.......... Floyd............. FARMERS & MERCHANTS.. Rodney Hill . . . G. H. Jackson............ Forest C ity.. FOREST CITY NATIONAL... G. S. Gilbertson . W. 0 . H an son .......... C. A. Isa a c s............... Fort Atkinson.. WINNESHIEK CO. BANK C. J. Weiser . . . . E. W. D. Holway . . . F. J. Pouska ............ Fremont........... STATE BANK OF FREMC M. E. Votan . . . . D. K. U nsuker......... E. E. A u stin ............. Garner.............. FARMERS NATIONAL C. K. M o e .......... G. E. Troeger .......... Isaac Sweigard.......... Garwin............. GARWIN STATE ............ G. H. Austin . . . . S. S. D o b so n ............ Edwin B e e r y ............. Glenwood.......... MILLS CO. NATIONAL . D. L. Heinsheimer F. M. Buffington . . . . A. D. French............. Graettinger___ FIRST NATIONAL.......... M. L. Brown . . . L. C. Christensen___ C S. George ............ Grand Mound.. PEOPLES SAVINGS . . . . Geo. Jordan ___ Wm. Voss ................ T. W. Reihman ........ Granville.......... EXCHANGE BANK........... N. H. Graff . . . . H. C. G raff................ Greeley............. BANK OF GREELEY . . . . Thos. Cole : .......... Thos. C o le ................. A. P. Littleton . . . W. W. B urrell........... C. D. M yers............... Greenfield........ FIRST NATIONAL Greene ............ FIRST STATE ................. 0 . C. Perrin ___ M. J. P er rin ............. F. L. Stober ............. S. A. Cravath . . . . E. W. C la r k ............ Geo. H. H am lin.......... Grinnell.......... MERCHANTS NATIONAL Guthrie Center FIRST NATIONAL . . . . E. C. Lane ........ F. M. Hopkins .......... C. H. L a n e ................ CITIZENS NATIONAL .. Hampton. . . T. J. B. Robinson N. W. B e e b e ............ W. L. Robinson ___ Harlan............. HARLAN B A N K ............... Geo. Walters . . . . M. V. W alters........... G Walters .............. L. F. Potter .. Harlan.............. SHELBY CO. STATE . . . T. N. Franklin ........ F. F. W u nd er.......... H H. Buck . . . . B. B. Van Steenburg. A. E. B u c k ............... Harris............... HARRIS SAVINGS.......... Hartley............. FIRST NATIONAL .......... E. F. Broders . . . Oliver E v a n s ............ W. J. D a v is .............. Hartley............ GERMAN SAVINGS . . . . . Wm. T. V o s s ............. G. E. K naack........... Hartley .......... HARTLEY STATE ........... Frank P a tc h ........ D. A. Patch ............. F. R. Patch ............. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis CAP. $ 50,000 50.000 30.000 50.000 DEP. $380,000 107,682 330.000 20.000 15.000 25.000 15.000 50.000 125.000 130.000 586,433 25.000 40.000 25.000 30.000 20.000 100.000 260.000 *95,761 230.000 243,204 15.000 20.000 10.000 50.000 25.000 16.000 50.000 80.000 247.700 90.000 310.000 70.000 2 5 .0 0 0 230.000 606.000 54,ioo 100.000 600,999 160.000 100.000 r0,000 25.000 25.000 50.000 40.000 85.000 r60,000 225,631 350.000 165.000 25.000 300.000 10.000 3 5 .0 0 0 40.000 50.000 50.000 600.000 25.000 r00,000 100.000 50.000 50.000 550.000 95.000 227,2g6 490,456 450.000 9.160.000 145.000 600.000 500.000 500.000 350.000 4 5 .0 0 0 200.000 30.000 50.000 25.000 25.000 30.000 40.000 25.000 25.000 25.000 3 5 .0 0 0 35.000 20.000 50.000 40.000 25.000 30.000 65.000 25.000 30.000 1.300.000 r5o,ooo 393.000 175.000 483.000 250.000 90.000 134.700 42.000 120.000 125.0 m 314.000 IT0,000 345.000 7 2 0 .0 0 J 165.000 215.000 225.000 100,000 330 me; 40,000 70.000 220.000 350.000 600.000 300.000 100.000 437,270 TO ,0 0 0 25.000 50,000 TOO,OOO 5 0 .0 0 0 20.000 550.000 45.000 180.000 178.000 50.000 240.000 100,000 10.000 50.000 THE 52 NORTHW ESTERN BANKER D ecem ber, 1908. Directory of Representative Iowa Banks (Continued) DEP. CASHIER 1 CAP. PRESIDENT VICE PRES. NAME OF BANK HEDRICK S T A T E ................... 25.000 F. H. T in s le y .......... [. B. Mowrey . . . B. D. M ow rey.......... Heanck............. 115.000 10.000 Hillsboro.......... FARMERS & TRAD. S A V ..... 1ames Kennedy .. Wm. A. T a d e ............ I. D. T a d e................. C . J. Wohlenberg . . . . 60.000 Holstein........... HOLSTEIN SA V IN G S............ J. W. R ee d .......... J. C. Kuchel . . . . ,. 650.000 25.000 FARMERS STATE ................. H. M. Johnson .. S. P. Thorpe............. A. W. McDonald___ 60,000 40.000 HOPKINTON STATE............... F. B. Doolittle .. F. E. Williamson . . . F. C. R eev e............... 250.000 25.000 FIRST NATIONAL ................ Thomas Loonan . F. R. Hollis ............ C. W. Bedford .......... 100.000 35.000 100.000 Iowa Falls........ HOME SAVINGS ................ . J. M. Rinehart .. H. L. W alk er............ W. S. Walker ........ 10.000 184.000 Kalona............. FARMERS SAVING S.............. C. M. K e ck .......... L. E. Edmondson___ F. E. S k o la .............. 10.000 80,500 RINGGOLD CO. SAVINGS . . . W. H. Merritt .. W. A. H opkins.......... 3 . W. B la ir .............. 25.000 114,776 Kellerton ........ KELLERTON STATE ............. j. A. Woollums . T. C. Gorsuch .......... W. G. McCleary . . . . 100.000 !,641,545 STATE CENTRAL SAVINGS. Wm. L o g a n .......... Geo. E. R i x ............... C. J. Bode ................. 27,500 H. N. R e in ts............. Kesley............... BANK OF K E SL E Y ................ 15.000 115.000 STATE SAVINGS .................. W. R. Bloom . . . . D. D. Ross ................ P. M. Griesemer........ 60.000 500.000 MARION CO. NATIONAL . . . 0 . P. Wright . . . . Chas. P e r r y ............... 0 . L. W rig h t............. 75.000 Lake City........ CITIZENS B A N K .............. E. W. Townsend . S. A. Townsend........ R. F. Townsend . . . . 50.000 350.000 Lake Mills___ FIRST NATIONAL ................ P. M. Joice ---- J. C. Williams . . .. A. W. W inden.......... 10.000 150.000 LE CLAIRE SAV..................... C. S. Simpson . .. W. A. Shirk ............. J. E. Park ............... 20.000 Lehigh.............. LEHIGH VALLEY SAV........... J. L. Hamilton .. P. F. N u g e n t............ N. H. Tyson ............ 40.000 165.000 Letts................. CITIZENS SAV IN G S.............. Wm. Lieberknecht Thos. N e w e ll............ E. R. McCormick . . . 25.000 60.000 Lineville........... FIRST NATIONAL ................ Geo. Rockhold . . . C. W. E lso n .............. D. T. Sollenbarger . . . G S. Ringland ........ E. J. Hines ............... 50.000 Livermore . . . STATE. BAlNfK OF T. 25.000 165.000 LOWDEN SAVING S................ Chas. Heiner . . . . H. D. Kenmann........ H. H. Peterson.......... W. E. K y le r .............. 25.000 90.000 GERMAN B A N K ...................... Rodney Hill . . . . 75.000 280.000 Lyons.............. IOWA STATE SAVINGS .... C. H. Ingwersen .. T. J. H udson............ Gustv G radert.......... 25.000 80,892 Macksburg. . . . MACKSBURG NATIONAL .. J. M. Wilson . . . J. H. M a c k .............. W. W. W alker.......... 10.000 90.000 McCausland.. . . McCAUSLAND SAVINGS . . . . L. Litscher . . . . F. J. L e ssin .............. F. E. R in g e y ............ 25.000 MADRID STATE ................... Oscar Oakleaf___ Peter C a ssel............. F. H. Graves ___ . 100.000 565.000 Manchester.. .. DELAWARE CO. BANK......... W. C. Cawley . . . R. W. T irrill............. Chas. J. S eed s........... 50.000 225.000 BANK OF MANSON ........... M. W Fitz ........ M. E. Griswold ........ B. E. Sebern ............ E. L. Crow -------C. C. Jacobsen .......... 40.000 100.000 FIRST NAT BANK ............. J. R. Welch . . . . 50.000 W. L. G und............... BANK OF MARCUS............... Louis Gund ........ 60.000 E. J. E sg a te............... 300.000 FARMERS & MER. STATE.. G. W. Toms ___ 200.000 1.200.000 Marshalltown.. FIRST NATIONAL.................. D. T. Denmead .. J. I. Dennead............ C. C. St. Clair .......... ............ J. L. Carney 150.000 W. G. C. Bagley . . . . 2.300.000 Mason C ity .... FIRST NATIONAL ................ C H. McNider . C. W. B rin k ............... 75.000 Matlock.......... BANK OF MATLOCK ........... M. Brink ............ W. C. P a g e .............. E. Webbies ............... 25.000 320.000 Mechanicsville. MECHANICSVILLE SAV........ H. P. Stoffel . . . . Joseph Barton .......... 50.000 M. U. Bridwell ........ 400.000 CITIZENS STATE ................. C. H. McKee . . . 35.000 *55,000 FIRST NATIONAL ................. P, Rasmussen . . . C. Torstenson .......... C. F. M a u s s ............ J. E. K nudson.......... 15.000 H. S. Abbott .......... 80.000 MILFORD SAVINGS ............. M. S. D ew ey ........ Milford J. E. Blenkiron.......... J S. McGavren ........ 60.000 340.000 Missouri Valley FIRST NATIONAL ................ G. A. K ellogg___ Henry In d r a ............. 10.000 C. A. R andall............ 55.000 MITCHELL SAVINGS ............ A. C. Prime ........ 15.000 STATE SAVINGS .................. John Young . . . . W. J. Burke ............. H. M. Silsby ............ .......... H. F. Morton 30.000 A. C. M cG ill.............. 300.000 Montezuma.. .. MONTEZUMA SAVINGS . . . . J. W. C a rr.......... H. J .Stiger ............. R. E. Austin, Jr. . . . 25.000 164.000 Montour........... FIRST NATIONAL ................ J. S. Hall ................. R. C. Stirton .......... 100.000 818.000 Monticello........ LOVELL STATE .................... G. L. L o v ell......... W m. Stuhler ............ H. M. Carpenter . . . . 100.000 1.460.000 Monticello........ MONTICELLO STATE ......... S. S. F arw ell___ 30.000 125.000 Moulton............ MOULTON STATE SAVINGS M. S. Edwards . . . R. B. Carson............. J. B. S n e e d .............. Thos. T e a le ............... 25.000 Bert Teale . . ........... 200.000 J. W. Harvey IOWA STATE BANK 50.000 J. H. Allyn .............. 250.000 G. S. Allyn . . . . Mt. Ayr.......... MT. AYR BANK . . . . 25.000 W. F. G etsch............. Nashua............. A. G. CASE & CO................... J. A. Case ........ 25.000 C. H. Townsend........ Nemaha............ NEMAHA S T A T E ................... E. N. Bailey . . . . D. W. Graf f .............. 50.000 J. A. Mills ................ 325.000 Nevada............. FARMERS B A N K ................... J. G. Dutton ___ 75.000 400.000 FIRST NATIONAL ............. . J. A. Fitzpatrick W. P. Zwilling ........ Edgar John ............. H. A. H arvey............ Newell............. BANK OF N EW E LL.............. J. T. Norton . . . G. W. C haney........... 20.000 MILLER & CHANEY BANK. D. C. Miller ___ 228.000 50.000 240.000 E. N. O lm sted.......... W. L. T u rn er............ New Hampton STATE BANK ......................... John Foley . . . . 25.000 180.000 New Sharon... NEW SHARON S T A T E ........... J. G. Hammond H. M. W hitacre........ C. C. Branson............ 60.000 CITIZENS STATE .................. F. L. Maytag Toe Horn ................. L. E. B row n ............. 280.000 26.000 203,500 North English. NORTH ENGLISH SAV.......... J. W. Erwin . . . . W. F. Hill ................ E. D. B a ir d .............. 25.000 J. N. C asad y............ Norwalk............ NORWALK B A N K .................. Simon Casady .. 20.000 90,000 Olin................... CITIZENS SAV IN G S.............. W. H. Crain . . . G. B la y n e y ................ H. W. Flenniken . . . 50.000 100.000 HOME TRUST & SAV............ J. W. Annis . . . . K. J. Johnsen............ L. W. Knoulton........ 50.000 IOWA STATE B A N K ............ J. E. Shepard___ W.-“B.“ Tallman ........ Chas. Isr a e l............... 100.000 450.000 SIMMONS & CO.......... ___ 100.000 750.000 Oskaloosa........ MAHASKA CO. STATE . . . . . . W. R. Lacey . . . . H. S. Hawrd............... R. M. B o y e r .............. 10.000 240.000 CITIZENS BANK .................. R. W. Anderson . A, T. Gunderson........ M. J. K le in ............... 100.000 900.000 OTTUMWA NATIONAL . . . . J. B. Mowrey .. J. T. Hackworth .. L. E. Stevens ............. 115.000 900.000 ................. F Von Schrader . Frank Mclntire ........ B. P. Brown ........... Ottumwa ___ OTTUMWA SAV L. F. Z e lle r .............. 50.000 Oxford Junction EXCHANGE B A N K ................. L. Zeller ............. 25.000 S. C. Culbertson E. E. K ellogg............ H. M. Culbertson___ Panora............. CITIZENS STATE 50.000 300.000 Perry............... CITIZENS S T A T E .................. S. S. Dilenbeck . S. M. Thornley.......... B. C. Dilenbeck ........ 25.000 115.000 Perry................ PEOPLES SAVINGS ............... J. P. O’Malley .. Wm. W o lf ................. Jno. Carmody............ 25.000 140.000 POMEROY STATE ................ J. H. Low rey___ M. F. M ullan............. Jno. F. Gutz ............. 210,370 25.000 T E Johns......... John Ryan................. H. M. Wilson........... Prairie City. .. STATF. RANK 10.000 60,000 Reasnor............ REASNOR SAVINGS . . . . .. H. B. Allfree . . . . L. A. A ndrew ........... W. A. Williamson . . . 60.000 200.000 FARMERS NATIONAL ........ L. D. Goodrich . J. F. Brown ............ T. B. Stair ............... 100.000 540.000 FIRST NATIONAL............... F. M. Byrkit ___ A. C Hinchman___ F. J. Brodby............. 135.000 50.000 Renwick.......... STATE BANK ...................... R. R. Smith . . . S. I. Gillespie ........ L. M. S m ith .............. 75.000 325.000 M„ A. C o x ................... Rock Rapids.. .LYON CO NATIONAL ........ 0 . P. Miller . . . . 200.000 50 .0 0 0 Rockwell City. FIRST NATIONAL .............. iEt. A. Richards . J. H. B r a d t............ F. P. H u ff ................ 360.000 30,00c Lamoni.......... ..1 STATE SAV. BANK............. . Wm. J ew itt.. . . ..¡Mrs. Anna A. DancerW. A. Hopkins........ 25,0001 225.000 Van Horne... . FARMERS SAV. BANK........ . jWm. Anderson. (Michael Kelly ........ . Chas. H. Hartung. .. TOWN https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis £)ecember, 1908. THE NORTHWESTERN 3> i BANKER 3A Directory of Representative Iowa Banks (continued). TOWN NAME OF BANK PRESIDENT Rockwell.......... ROCKWELL B A N K ................ G. H. Felthous . Rolfe................. STATE SAVINGS ................. W. D. McEwen .. Schalier............ SCHALLER SAVINGS............ F. S. Needham .. Schaller............ STATE BANK ......................... W. J. Howard___ Sheffield............ SHEFFIELD B A N K ................ L. B. Carhart . . . Sheldon............ SHELDON NATIONAL .......... Jas. F. T o y ---Shenandoah___ COMMERIAL NATIONAL .. H. I. F o sk ett___ Shenadoah . . . FIRST NATIONAL ................. T. H. Read .......... Sigourney......... FIRST NATIONAL ................ H. G. Brown . . . . Silver City___ SILVER CITY STATE........... C. G. Greenwood . Spirit Lake. . . . FIRST NATIONAL ................ J. W. Cravens . . . Spirit L ake... SPIRIT LAKE NAT’L ............ Marcus Snyder . . . Stacy ville........ 3 TACYVILLE BANK ............ R. C. Lubiens . . . State Center.. BANK OF STATE CENTER. W. N. Gilbert . . . St. Charles.... J. F. JOHNSTON'S BANK . . . J. F. Johnston .. Steamboat Rock FARMERS EXCHANGE ........ D. W. Turner . . . Storm Lake... CITIZENS BANK .................. Fred Schaller . . . . Strawberry Pt.. STRAWBERRY PT. STATE.. Chas. Roberts . . . . Stuart ............ EXCHANGE B A N K ................. J. E. Savage . . . . FIRST NATIONAL ................. J. W. Foster . . . . Swea C it y ---- FIRST NATIONAL ................. Gardner Cowles . Tabor ............. STATE BANK ......................... C A. Barnes ___ Tama............... COMMERCIAL SAVINGS . . . . G. H. Austin . . . . Tingley .......... TINGLEY STATE SAV........... H. R. Boyd ........ Toledo............. TOLEDO SAVINGS ................ W. C. Walters___ Turin................. TURIN BANK ........................ W. T. Day . . . . Van Wert........ BANK OF VAN WERT ........ W. F. Blair . . . . Victor. ........ FARMERS SAVINGS............. H. C. P h elp s___ PEOPLES SAVINGS .............. John Young ......... Wall L a k e.... GERMAN B A N K ..................... A. H e r r ig ........... Ware................. BANK OF WARE ................. J. H. A lle n .......... Waucoma.......... BANK OF WAUCOMA .......... W. H. Stone . . . . BANK OF WAUKEE ........... S. M. Leach . . . . STATE BANK OF WAVERLY Geo. P. Ellis . . . West Branch.. CITIZENS SAV IN G S.............. 0 . C. Pennock___ West Branch.. WEST BRANCH STATE . . . . Tno. Pearson___ West Liberty.. IOWA S T A T E ......................... I. A. Nichols . . . . Wilton Junction UNION SAVINGS .................. A. R. Leith . . . . Woodward........ WOODWARD ST A T E ............. S. 0 . Conger ___ . . ___ A. H. Grimm . . . . Zearing............. STATE SA V IN G S Sheffield........... j FARMERS & MER. BANK... Wm. Starck.......... Newton............. FIRST NAT. & NEWTON W. C. Bergman.. SAVINGS BANK................... Capital $100,000 M E R C H A N T S N A TIO N A L B A N K * , »• 1I I P Surplus $50,000 1 SIOUX CITY, IOWA O F F IC E R S E . W . R IC E , P r e s id e n t E . B . S P A L D IN G , V ic e -P re s id e n t GEO. P G . N . S W A N , A s s t. C a s h ie r D A Y , C a s h ie r VICE PRES. CASHIER F. C. Siegfried........... Robert B ruce............. James B ru ce............. C. W. Brimhall ........ A. J. Martin ............ C. A. E d so n .......... . J. E. E d so n ............... H. L .Carhart.......... W. H. M y e rs............ P. W. Hall l ................ A. W. Murphy.......... J. F. Lake ............... Elbert A. Read ---Thos. K e lly ............... J. R. M ackey............. E. F. Landon............. W. B. O a k s .............. 0 . S. Jones .............. C. E. N a r e y .............. A. W. Osborne.......... L. Sperbeck.............. Avery B ru sh ............. Kennedy Scott .......... P. W. C o e ................ 0 . F. Ecklund........... W. A. Barnes .......... H. A. Mueller .......... H. H. T urner............ Geo. J. Schaller........ T. D unning............... J. M. Pollard ........... J. R. Smull, Jr........... Geo. B. Irick ........... A. C. Curtis ............ J. F. Blackman ___ E. J. Murtagh .......... A. T. Wherry ........ W. W. Mickelwait . C. L. Hall ............... F. W. Brokhausen . . . D. E. Goodell............ J. J. Baxter ............ A. R. Hass ............... I. E. T y le r ................ E. C. H a lsey ............. C. T. H ansen............. J. H. P e te r s .............. Lester Gould ............ E. 0 . Stearns ............. Levi Lewis ................ H. L. M ussetter........ John Lorenz............... A. B. A lle n .............. C. M. H errig............. R. G. Cundy ............. Leo C. S to n e ............. Chas. R. Brenton . . . . S. F. Foft ................ G. A. Grossman........ Louis Case ............... L. J. L eech ............... P. V. N. M yers.......... T. L. Crozer.............. T. F. Adair .............. C. M. Nichols ............ Irwin A ik in s............. D. G. A g n e w ............ W. D. Harris ........... Joseph S to r m ........... H. S. T a y lo r............. T. S. H o r st............... T. S. S m it h .............. C. J. LeValley.......... C. J. LeValley.......... H. B. Allfree............. R. L. Arnold............. C. Sloanaker............. CAP. 25.000 DEP. 95,000 160.000 125.000 75.000 25.000 40.000 15.000 50.000 50.000 130,000 75.000 50.000 50,000 50,000 10.000 30.000 50,000 20,000 90,000 275.000 300.000 700.000 200.000 140.000 230,000 287,642 50.000 25.000 400.000 200.000 25.000 25.000 50.000 20.000 50.000 85,000 133.000 275.000 85,000 185,000 10.000 25.000 50.000 125.000 25.000 10,000 50.000 20.000 5o,ooo 40.000 40.000 35 ,ooo 25,000 110,000 108,240 90.000 475 .000 335.000 65.000 140.000 550.000 95,000 175,000 282 282 425,000 7 5 ,0 0 0 10,000 117,500 426,873 I believe that banks should be among the biggest of all advertisers. We know that an immense amount of money which should go inlto banks, is, for one cause or another diverted to other channels. Perhaps, because of the dire failure in the management in the affairs of large as well as small institutions many examples of which were so rife during the recent upheaval, the work of building up that precious asset— confidence— must again be patiently and persistently undertaken, and to what a great extent does advertising play an important part!— F. R. Sircom, Treasurer Malden Trust Company, before Massachusetts Bankers Association. Chas. Hathaway & Company COMMERCIAL PAPER H. D. COPELAND & CO, 181-183 U N IO N S T O C K Y A R D S Correspondence Invited. 205 LA SALLE ST., CHICAGO A. Burdick, Pres. Joe R. Lane, Vice Pres. John P. Van Patten, Vice Pres Lew J. Yaggy, Cashier W ill J. Housman, Ass’t Cashier F I R S T N A T IO N A L B A N K OF D A V E N P O R T , IOW A. C a p it a l $ 2 0 0 , 0 0 0 . S u r p lu s a n d U n d iv id e d P r o fit s $ 1 7 0 , 0 0 0 Send us your Davenport business. The first National Bank in operation in the United States. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Chicago LIVE STOCK COMMISSION MERCHANTS Bankers desiring to make loans on Live Stock or Ranches or having loans they wish investigated should correspond with us. We are up to date in all lines of the Live Stoçk business and charges will be reasonable. REFERENCES National Live Stock Bank, Chicago National Bank of Republic, Chicago Live Stock Shipments Solicited THE 54 NORTHWESTERN D ecem ber, 1908. BANKER THE NAUMAN CO. 420-428 Cedar St W A T E R L O O , IO W A Manufacturers of BANK F IX T U R E S Catalogues Free P L A N S A N D E S T IM A T E S F U R N IS H E D Directory of Representative Nebraska Banks NAME OF BANK TOWN PRESIDENT Bloomfield ___ FARMERS & MER. STATE.. W. H. Harm . . . . . J T McKnight .. BANK OF BRAINARD Bridgeport ---- BRIDGEPORT BANK............. J W. Wehn ........ R. C Miller ........ BANK OF BROCK Cotesfield........ FIRST STATE BANK .......... C. C. Hansen FARMERS STATE ............... J. C. Martin ........ Creighton ---- SECURITY BANK ................. H. A. C heney___ ELGIN STATE ......................... Geo. N. Seymour Havelock . . . . . FARMERS & MECHANICS.. Fred Whittemore H Gilsdorf .......... FIRST NATIONAL M alm o.............. FARMERS & MERCHANTS.. Peter Reimers . . . Alex Thom ........ NAT’L BANK OF N B EXCHANGE BANK ............. H. Welpton ........ J B. McGrew . .. RIVERTON STATE Springfield___ J. D. SPEARMAN & CO........ S. E. Spearman .. Sterling .......... FARMERS & MERCHANTS.. D. M. Boatsman .. FARMERS & MERCHANTS Geo. L. Smi t h. . . . FARMERS STATE .......... Phil Mitchell ___ Plainview.......... bANK OF PLAINVIEW............ W. L. Mote.......... VICE PRES. CASHIER H. J. Miller ............. P. A. Tulleys .......... Henry Schulz .......... A. K. Smith ............. Mark Spanogle ........ John Yont . . . . . . . . . E. C. Yont ............... Thos. Blanchard ___ L. C. Madsen .......... E. D. Martin ........... E. J. Martin ........... James G. Kruse ___ G. W. Klockenteger.. M. S. Huffman ........ Wm. H. Campbell .. J. A. Aspegren ........ V. F. Hofmann ........ J. 0 . Riley ............. Jay M. Riley ........... G. E. Bredenberg .. H. H. Ostenberg ---T. J. Kastle .............. Thos. H. Fowler ___ J, W. W elpton.......... R. V. McGrew .......... N. R. Morrow .......... C. K. Spearman ___ C. F. Calhoun ......... Wm. Freeburn ........ John Boatsman ___ W R. Brown ............ Floyd Seybolt .......... E. W. Hurst ............ T. A. A nthony.......... M. Sorenson.............. » CAP. 50,000 30,000 10,000 10,000 10,000 12,000 25,000 25,000 15,000 25,000 12,500 25,000 15,000 10,000 15,000 60,000 15,000 50,000 20,000 DEP. 225,000 207,500 80,000 90,000 35 ,ooo 101,663 225,000 300,000 135,000 85,000 180,000 260,000 150,000 60,000 145,000 100,000 100,000 225,000 160,000 Directory of Representative Minnesota Banks TOWN NAME OF BANK FIRST NATIONAL ............... BROWN’S VALLEY STATE.. FIRST NATIONAL ............... AMERICAN EXCHANGE . . . . SECURITY STATE BANK . .. GERMAN STATE ................... FARMERS & MER. STATE.. Hutchinson . . . CITIZENS BANK ................... STATE BANK OF J ............... STATE BANK ................... PEOPLES FIRST NAT. BANK Pelican Rapids. FIRST NAT’L BANK ............. Swanville . . . . FIRST STATE ......................... Brainard ........ Browns Valley Crookston . . . . Duluth ........... PRESIDENT G. D. La Bar . . . . Peter Nelson ___ J. W. Wheeler . . . H. M. Peyton . . . . GEO. E. Sloan . .. E. A. Brown ........ A. E. Schroeder .. Wm. E. Harrington F. E. Duroe ........ C. E. Williams .. C A H e in s.......... 0 . M. Carr.......... Wm. Siems .......... VICE PRES. CASHIER G. W. Holland .......... F. A. Farrar ............. A. I. Engebretson .. Wm. Anglin ........... C. F. Mix ................. C. A. Congdon .......... W. G. Hegardt ........ L. Peavey................... W. E. Galloway....... P Hickman .............. F. W. Stanton ........ W. B. Strom ............ S. W. Anderson . . . . H. H. A m es................ P. P. Pendergast ___ E. M. Duroe .............. C. R. Duroe ............. Andrew Larson ........ F. W. Waterman . . . W. H. H ein s.............. E. G. Heins ............... C. D. Haugen............ M. T. Weikle............ B. M. Siems .............. Olga Siems ............... CAP. DEP. 50,000 800,000 30,000 269,079 75,000 820,000 500,000 6,000,000 10,000 85,000 15.000 121,878 20.000 120,000 40,000 470,000 25,000 go,000 i5,oor 85,000 20,000 160.000 25,000 150.000 10,000 35,ooo Directory of Representative South Dakota Banks TOWN NAME OF BANK PRESIDENT VICE PRES. CASHIER STATE ............... BUTTE CO. BANK ................. FIRST NAT’L BANK ............. STATE BANK OF B ............. PEOPLES STATE BANK . . . . CROCKER STATE ................. CUSTER CO. BANK............... HILL CITY BANK ___ LAKE CO BANK ......................... BANK OF MIDLAND ............. PENNINGTON CO. BANK. . . BON HOMME CO. BANK........ STATE BANK SUMMIT BANK ............................... F. Eastman ........ John Clay .......... Thos. H. Gay. . . . Jno. Scanlan ---H. I. Olston......... S. A. Schneider .. S. H. Mills .......... C. E. McEachron. John Wadden . . . C. L. Millett.......... S. H. Mills .............. H. A. Kaeppler . A. Dixon................. 0 . P. Brustuen . . F. L. Hall ................. J. I. Craig ............... Wm. Fried ............... E. J. Scanlan ............ H. J. Setbacken........ S. 0 . P illsbury.......... D. W. Webster ........ P. Burns ............................ John W. Wadden . . . J. C. R u ssell............. Corbin Morse ................. R. P Loomis ................. E. J. Dixon................. Paul Hanson ............ 0 . K. Eastman ........ 5 ,0 0 0 3 6 ,7 7 8 W. B. Penfold .......... D. R. Evans............. Frank D u d ley........... E . A. Schullian.......... L . 0 . Pillsbury ........ T. W. Delicate ........ D. W. Webster ........ G. E. Cochrane ........ M. C. Sherwood........ G. F. Schneider ........ W. S. Brant .................... Jno. A. Dixon........... C. H. Lien ............... 2 5 .0 0 0 2 5 .0 0 0 50 0 .0 0 0 1 0 .0 0 0 7 0 .0 0 0 10 ,0 0 0 4 0 .0 0 0 5 ,0 0 0 15 ,0 0 0 14 0 ,0 0 0 ARDM ORE Belle Fourche Belle Fourche. Bradley............. Crocker ......... Custer City . .. H ill T ifir Midland........... Rapid City . . . S um m it ................. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis CAP. 2 5 ,0 0 0 DEP. 3 0 0 .0 0 0 10 ,0 0 0 10 0 ,0 0 0 2 5 ,0 0 0 3 1 0 .0 0 0 10 4 .0 0 0 1 5 ,0 0 0 50 .0 0 0 1 5 .0 0 0 8 8 9 ,6 2 5 1 0 0 ,0 0 0 5,0 0 0 8 0 ,0 0 0 10 ,0 0 0 1 1 5 ,0 0 0 December, 1908. THE NORTHW ESTERN BANKER S3 REPRESENTATIVE IOWA BANKS These Banks have special facilities for handling collections and any other business entrusted to them BATTLE CREEK— Battle Creek Sav. Bk. FOREST CITY— Forest City N afl Bank. Capital, $26,000. Undivided Profits, $24,044.66. Deposits, $211,467.61. Alex McHugh, Pres., J. L. Riedesel, V-Pris. D.H.Hedrick, Cash., J.P.Christiansen, Jr.A.C. MONTICELLO— The Monticello State Bk. Capital and Surplus, $65,000. G. S. Gilbertson, Pres., W. O. Hanson, V.P., C. H. Kelley, Vice-Pres., C. A. Isaacs, Cash ier, M. J. Johnson, Ass’t Cashier. Capital, $100,000. Surplus and Profits, $150,000. Deposits, $1,348,000. S. S. Farwell, Pres., Wm. Stuhler, V-Pres., H. M. Carpenter, C., H. S. Richardson, A. C. BAXTER— State Savings Bank. Capital, $30,000. Surplus, $2,400. Undivided Profits, $2,200. Deposits, $230,000. Fred Hager, Pres., H. A. Geise, V-Pres., Chas. Burdick, Cash., J. E. Holmes, Ass’t C. HAMBURG— Farmers National Bank. MARSHALLTOWN-Marshalltown State Bk. Capital, $50,000. Surplus, $5,500. Undivided Profits, $11,000. Deposits, $425,000. A. Hydinger, Pres., G. M. Beai, Vice-Pres., B. D. Butterfield, Cash., B. G. Franklin, A. C. BOONE— Boone National Bank. Capital, $100,000. Surplus, $25,000. Undivid Deposits $600,000 E. E. Hughes, Pres., John Cooper, V-Fres., T. L. Ashford, Cash., A. M. Burnside, A. C. ed P ro fits $10,000 INDEPENDENCE— Com. State Bank. OSKALOOSA— Oskaloosa National Bank. Capital, $100,000. Surplus, $20,000. Undi vided Profits, $29,845. Deposits, $343,818. O. M. GiUlett, Pres., A. G. Shellito, V. P„ C. E. Purdy, Cashier. CHEROKEE— First National Bank. Capital, $50,000. Surplus, $35,000. Undivi d Profits, $7,000. Deposits, $700,000. N. T. Burroughs, P., W. A. Sanford, V.-P , R. H. Scribner, Cash., C. Sullivan, Ass’t C. KLEMME— State Savings Bank. Capital, $15,000. Surplus, $4,000. Undivided Profits, $2,500. Deposits, $110,000. W .R. Bloom, P., D. D. Ross, Wm. Katter, V. P.’s., P. M. Griesemer, C., F. J. Wench, A. DECORAH— Winneshiek Co. State Bank. Capital, $100,000. Surplus, $25,000. Undi vided Profits. $25,000. Deposits, $960,000. C. J. Weiser, Pres., E. W. D. Holway, V. P.. R. Algyer, Cashier, A. Ankinson, Teller. Capital, $100,000. Surplus and Profits, $50,000. Deposits, $750,000. A. F. Balch, Pres., G. A. Turner, V-Pres., P. S. Balch, Cash., C. C. Trine, Ass’t Casn. LE MARS— First National Bank. Capital, $100,000. Surplus, $50,000. Depos its, $700,000. W. H. Kalbach, Pres., H. L. Spencer, VicePres., Q. E. Lafland, Cash. SIOUX CITY— Live Stock National Bank. Located at Sioux City Stock Yards. Capital, $100,000. Surplus, $75,000. Geo. S. Parker, Pres., F. L. Eaton, Vice-P., W. P. Dickey, Cash., C. D. Van Dyke, A. C. VICTOR— Farmers Savings Bank. P. F. Dalton, Pres., G. L. Wernli, V-Pres., E. A. Dalton, Cashier, J. A. Hoffmann, A. C. Chpital, $100,000. Surplus, $20,000. Undivided Profits, $8,000. Deposits, $1,085,000. Capital, $25,000. Surplus, $15,000. Undivided Profits, $3,500. Deposits, $400,000. H. C. Phelps. Pres., Levi Lewis, Vioe-Pres.. H. L. Mussetter. C., Florence Mussetter, A. C. ELDORA— First National Bank. C a p ital, $50,000. S u rp lu s and P ro fits, $45,000 W. J. M u rray, P res., W. J. M oir, V icePras., W. E. Rathbone, Gash., A. W, Crossan and H . S. H am m ond, A ss t. C a sh iers. U . S. D e p o sita ry . MASON CITY— First National Bank. WESLEY— Security Bank. Capital, $±,>0,000. Surplus, $150,000. Deposits $1,800,000. C. H. McNider, Pres., W. G. C. Bagley C. A. Parker, Ass’t Cashiers. Capital, $30,000. Surplus, $7,900. Undivided Profits, $1,346. Deposits, $159,825. Rodney Hill, Pres., Geo. B. Hall, Cashier, Louis B. Rasmussen, Ass’t Cashier. RELIABLE REAL ESTATE DEALERS OF IOWA BOONE— W. H. Nelson LOGAN— Almor Stern Real Estate and Insurance. 723 Story Street. DUBUQUE— Jas. A. Hayes S e c u r it y B u ild in g ESTHERVILLE— C. D. Osgood _Write me for choice bargains in rich j Emmet Co. land. I have some land that will double In price shortly. W. E. Turner, Utica, 111., and W. H. Hodge, Carroll. Ia.. 1 Travelling Agts. Ten excursions per year to Western Can ada. $20.00 round trip. Tame grass lands, p ro d u c in g 40 b u sh e ls. W h e a t o u r s p e c ia lty a ls o I o w a , N e b ra s k a , D a k o ta a n d C o lo ra d o la n d Banks and Corporations Audited Davenport, Iowa. C O IN W RAPPER Millions are used annually by Banks, Trust Companies, Railroads, Etc. Made to hold all silver coins, nickels, pennies, etc., in amounts from 25 cents up to $20.00. Samples, price list and descriptive circular free. We also make coin bags in twenty sizes and special sizes to order. Write the D E T R O IT C O IN W R A P P E R CO. 1 8 John R S f, D etro it, M ich and STORM LAKE— I. N. Hill Land Co* Real Estate— good list of Farms In this ■ vicinity. 32,000 acres in Eastern Montana @ $8 to $15 per acre. Local agents want ed. Reference: Citizens’ Bank. Hotel Colling'wood THIRTY-FIFTH STREET BETWEEN FIFTH AVENUE AND BROADWAY REFERENCE: BANKS IN D A V E N P O R T https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Real Estate Dealer Sac County, Iowa, Farmsy Acreages Residence Property RED OAK— 0. E. Schoonover Public Auditor Accountant D E T R O IT SAC CITY — Geo. A. Taylor L a w y e r — Collections— Real Estate. Special attention to property in this city and Cerro Gordo County owned by non residents. C. A . Mast, THE We have a largo list of choice Iowa Farms for sale, some geneulne bargains. Write us for our large list. MASON CITY— P. C. Church, B. A. Gale. North and South Dakota and Neb. lands and Stocks, Bonds and Real Estate Bought and sold. MISSOURI VALLEY— Martin & Stout Farm Loans, Real Estate Abstracts of Title First Mortgage Farm Loans for sale. NEW YORK Absolutely fireproof, containing every modem com fort and convenience, conducted in a thoroughly firstclass manner and within k «tone’s throw of the fashion able shops, clubs and theatos. Suites and single rooms with bath, for transient and permanent occu pancy. Restaurant a la carte. FRED’K V. WISHART TH E 5Ó ‘The NORTHWESTERN December, 1908. BANKER Fidelity £* Casualty Company 97 to 103 Cedar Street, NEW YORK CITY Assets .......................................................................................................................* 7 ,537,429 -9 i Capital and Surplus .............................................................................................. 2,013,400.24 Losses paid to January x, 1908........................................................................... 26,629,131.90 This Company grants insurance as follows: Bonds of Suretyship for persons in positions of trust, Fidelity Bonds, Burglary, Plate Glass, Steam Boiler, FlyW heel, Employers, Public, Teams, W orkm en’s Collective, Elevator and General Liabil ity, Personal Accident, Health, Physicians Liabilty and Bonded Attorneys’ List. OFFICERS: George F. Seward, President Frank E. Law, 2nd Asst. Sec. George W. Allen, 3rd Asst. Sec. Robert J. Hillas, V. Pres. & Seic. Henry Crossley, Asst. Sec. D IRECTORS: Ü r Rite,- John L. Riker, of J. V^andD^b. KiKer^ fft&îsiESSS: KSE M£ chant George p Seward, President The V icto r S p h erical M an g an ese S teel S c re w -D o o r B ank S afe. HIGHEST AWARD, GRAND PRIZE, ST . LOUIS WORLD’S FAIR M ade of tough M an g an es e S tee l. J a c k -S c re w pow er utilized in closing door. No holes through the door for locking or bolting spindles. Safe locked and unlocked by the B a n k e r’s D ust Proof T rip le Tim e Lock. T akes low est ra te of B ank B u rg lary In s u ra n c e . N O IN S U R A N C E C O . H A S EVER PA ID O UT A S IN G L E D O LLA R L O S S ON T H IS SA FE. The Victor Safe & Lock Go., Cincinnati, Ohio. W R IT E FOR C ATALO G UE 1 0 4 M . The “9 9 ” fo r “0 9 ” https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 99 Bank Ads That Bring Business iff A Complete Advertising Campaign for the Bank. <¡1 A hundred new Bank Ads for newspaper advertising, iff Conveniently arranged under fifteen departments, f Educational. Instructive. Many new features, iff The Price of the series is $3. iff Sold under Absolute Guarantee. iff Return the Series if not satisfied—your m oney back. Cff Send your check today—book w ill come by return mail. H. B. C R A D D IC K , - N e v a d a , Io w a
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