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The Fourth National Bank of the City of New York offers to Depositors Every Facility W hich Their Balances, Business and Responsibility Warrants D es M oines , Iow a , February , 190 9 Fourteenth Y ear T= Hanover National Bank U. S. DEPOSITORY Nassau and Pine JAS. T. WOODWARD, P resident JA S. M. DONALD, Vice P resident E. HAYWARD FER RY , Vice P res. WM. WOODWARD, Vice P resident HENRY R. OARSE, Vice P resident ELM ER E. W HITTAKER, C ashier WM. I. L IG H T H IPE , Ass’t C ashier ALEX. D. CAMBELL, A ss’t Cashier OHAS. H. HAMPTON, A ss’t Cash. J. NIEMANN, A ss’t Cash. WM. DONALD, A ss’t Cash. . . $3,000,000 10,000,000 D E S M O IN E S, IO W A J. G. ROUNDS, P resid en t S. A. M ERRILL, V ice-P resident GEO. E. PEARSALL, C ashier of Chicago Capital $1,500,000 Surplus $300,000 Established 1851. . . Citizens National Bank The National City Bank OF THE CITY OF NEW YORK. Capital Surplus N um ber 2 Capital Surplus Solicits Your Business The Bankers National Bank O F CH ICA G O , IL L . $200,000 100,000 ACCOUNTS SOLICITED. The Bank of Personal Service Capital, Surplus and Profits $3,328,957.84 EDWARD S. LACEY, P resid en t JOHN C. CRAFT, V ice-P resident FRANK P. JUDSON, C ashier CHAS. C. W ILLSON, Ass’t Cash RALPH C. WILSON, Ass’t C ashier Comparative Statement, Showing in Deposits. Increase Sept. 23, 1900 - - $10,867,480.71 Sept. 23, 1904 - - 13,578,290.51 Sept. 23, 1908 - - 21,166,268.99 <r$> Mew Business Desired and Unexcelled Facilities Offered https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis The Merchants National Bank of Philadelphia F. W . AYER . President W M . A , L A W , Vice-President T H O M A S W - A N D R E W , Cashier W , P.. BARR OW S. Asst, Cashier Capital, Surplus and Profits, $1,850,000 ij THE 2 NORTHWESTERN BANKER February, 1909 TH E C E N T U R Y SAVIN G S B A N K DES M OINES, - - C A P IT A L , The Commercial National Rank IOWA $ 1 0 0 , 0 0 0 .0 0 O FFICERS W. G. HARVISON, Pres. L. E. HARBACH, Vice-Pres. D. A. BYERS, A ss’t Cash. of C H IC A G O 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 . TALBER T . RALPH VAN VECHTEN, DAVID VERNON . . . NATHANIEL R. LOSCH . . . , 2 nd 3 rd . President V ice-P res. V ice-P res. V ice-P res. . . C ashier GEORGE B. SMITH . . A ss 'T C ashier HARVEY C . VERNON . Ass'T C ashier H. ERSKINE SMITH . . A ss’T C ashier WM. T . BRUCKNER . . A ss ’T C ashier T h is b a n k is p le a s e d to p la c e a t th e d is p o s a l o f its c u s to m e r s th e fa c ilitie s g a in e d d u r in g f o r t y y e a r s o f c o n t in u o u s s e r v ic e a n d g r o w th F isk ù R ob in so n DIRECTORS W. G. H arvison, P. C. Kenyon, Geo. M. C hristian, J. B. Uhl, J. W. Radebeck, J. B. Sullivan, Li. E. H arbach, H. H. Teachout, W. G. Burnside. Accounts of Banks and Bankers Solicited. erior Facilities for Collections. Interest Paid on Time Deposits. Sup Great Western Accident Association DES MOINES, BANKERS - IOWA ASSETS Government January 1, 1902 $7,781.91 January 1, 1903 $ 5 2 , 3 4 8 .7 3 January 1, 1904 Bonds $131,123.92 January 1, 1905 City of New York Bonds $166,488.32 January 1, 1906 $232,770.28 Investment Securities Januayy 1, 1907 $ 2 9 9 ,898.09 January 1, 1908 NEW YORK C H IC A G O BO STO N $ 3 5 9 ,700.35 $ 4 0 3 ,607.32 January 1, 1909 Members New York Stock Exchange 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 , G reat W estern Building. President, Des Moines, Iowa. February, 1909 THE NORTHWESTERN BANKER THIRTEENTH ANNUAL STATEMENT. DECEMBER 31. 1908 Central Life Assurance Society o f the United States— Des Moines, Iowa GEORGE B. PEAK, President Capital Stock, Full Paid, $100,000.00 AD M ITTED ASSETS Loans on Real Estate and Policies........ $1,002,766.39 Cash in Banks and Office..................... 18,326.25 Agents Balance and Premium Notes (Admitted) ....... 14,927.66 Bonds Owned .............................. 6,875.27 Due and Deferred Premiums(Net) . . . 20,664.52 Interest Due and Accrued.. ....... ... 15,836.60 Total ........................ $1,079,396.69 L IA B IL IT IE S. Net Present Value of all Policies in force, according to the Actuaries’ Table of Mortality, with 4 per cent in terest .................................................$ 895,720.00 All Other Liabilities . ................. . 23,511.01 Surplus .............................. ................... 160,165.68 Paidto Policyholders . . Total Income .................. $491,431.35 Increase ........... .........69,740.55 Admitted Assets . ............................... $1,079,396.69 Increase .............................. $229,824.59 .........................$91,707.70 Insurance in Force............... .......... . .$12,593,575.00 Increase ........... . L . . . . .$1,810,026 Reserve Value of All Policies . . ; ........... $895,720.00 Increase .............................. $195,747.00 Total ........................................$1,079,396.69 Increase in Deposit with State of Iowa to Secure Policy Contracts. .$212,187.74 Progress in Twelve Years Insurance in Force Year Admitted Assets 1896 .......................................... . . . . . $ 2,972 .00 ......................................... $ 256,000.00 1899........... 4L 347.0 0 ............. . ..................... . . 1,161,000.00 2,353,054.00 1901 . .. ....................................... 102,687 .0 0 ....... 1903 ................................................... 266,296.0 0 ......................................... 4,363,784.00 190 5................................................... 55L 2I 2.0 0 .......................................... 8,815,246.00 190 7 .................................................. 849,572 .0 0 ........................................... 10,783,555.00 1908 .......................... 1,079,396.0 0 ........................................... 12,593,575.00 OFFICERS WM. L. SHEPARD, Vice-President. H. G. E V E R E T T , Sec. and Agency Mgr. O. C. M ILLER, Asst. Sec’y. HOMER A. M ILLER, Treasurer. DR. D. W. SMOUSE, Med. Director. DR. ADDISON C. PAGE, Asst. Med. Direc. JUDGE GEO. H. CARR, General Counsel. J. P. STAK E, Field Supt. Agents are invited to call at the office and see the policies that have made the Central Life popular and its Agents successful G ood Positions Now Open a n d L ib e r a l Contracts G ran ted General City Agents for Des Moines and Central District. Several other districts will be organized in the State and General Agents selected, also several State Agents needed at once. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3 4 THE NORTHWESTERN Home Recommendations Count T H E SA FE T O T R U S T W ithin th e past five y ears' th e following’ Omaha, South O m aha and Council Bluffs banks hav e purchased safe w ork from us: U. S. N ational B ank, te n Safes. F irst N ational Bank, Steel V ault and Safety Deposit Boxes. City Savings B ank, M anganese Steel V ault and Safety D eposit Boxes. H ay d en Bros. B ank, four B an k Safes. J . L. B randels & Sons B ank, tw o B ank Safes. Conservative Savings and Loan Assn., one B an k Safe. Packers’ N ational Bank, tw o B ank Safes. U nion Stock Y ards N ational B ank, tw o B ank Safes. Live Stock N ational Bank, one B ank Safe. F irst N ational B ank, one V ault. City N ational Bank, one B ank Safe, V ault Doors a n d Safety D eposit Boxes. Com m ercial N ational B an k one B an k Safe. Over 1,500 other banks In N ebraska, Iow a a n d South D akota have bought th e ir safes from us. No^other Safe C om pany in th e w orld can show such a hom e record. G ood Bankers D eal W ith G ood People. J. J. Deright Co. Omaha, Neb Dubuque, Iowa Second National X Dubuque and Bank Bank C o m b in e d S t a t e m e n t NOV. 27, 1908 Cash ....................... .......................................... $ 743,212.71 Investments .......... 1,851,103.17 Deposits.................. 1,735,008.97 Capital .................... 562,006.91 .........................$2,594,315.88 D IR E C TO R S W. H. Day Geo. W. Klesel H. B. Glover Jam es M. Burch J . K. Demlng Chas. H. Bradley Frank Bell https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis February, 1909 GOVERNOR GARST ON ASSESSM ENT OF NA TIO N A L BANKS AND ESTABLISH M EN T OF TRU ST COMPANIES. In his annual message the governor expresses nis views regarding the assessment of national banks, and recommends the establishment of trust companies to handle the larger financial transactions of Iowans, espe cially in the negotiation of bonds and stocks of large corporations. He says: “ Under the revised statutes of the United States the stock of national banks is now assessed as other moneys and credits, but to a large degree they escape taxation. You should memorialize the congress to permit assessment and taxation of national banks the same as state and savings banks in the state of their location. It seems impossible for us to change our system and it is manifestly unfair that banks organized under our laws should be taxed on their capital and surplus while sister institutions, enjoying special ad vantages, should be permitted in many instances to go scot free. “There is growing demand in Iowa for financial in stitutions which are capable of handling the larger financial transactions of our people, especially in the negotiation of bonds and stocks of large corporations. There is also real need for home companies that can act as trustee, administrator or guardian in probate mat ters. I would recommend a new law, making it pos sible to organize and establish trust companies, keep ing in mind that the demands of society require great est care for the protection of the people. A short time ago it was called to my attention that when a railroad company organized in Iowa desired to sell its bonds it was offered in New York seventy cents on the dol lar for 5 per cent bonds. When it is known that in October, 1907, Iowa people were lenders outside of the state to the amount of from one hundred and fifty to two hundred million dollars, it would seem that there is abundance of money in Iowa for all purposes if the machinery was only at hand for bringing the lender and the borrower together without going away and paying out so much of what belongs to our people.” X Savings Combined Total BANKER GRIMME GOES UP. A well deserved promotion came to Mr. L. H. Grimme, who has been assistant cashier of the National City Bank, Chicago, since its organizatipn. At a meet ing of the board of directors recently held he was pro moted to the cashiership of that institution and Mr. II. E. Otte, who was formerly the cashier, made vicepresident. Mr. Grimme has been in the banking busi ness since he was sixteen years old, beginning as a messenger boy in the First National of Chicago in 1888. He filled various positions with this bank for a period of more than nineteen years until D. R. Forgan organized the National City of Chicago, in February, 1907, when Mr. Grimme was offered the position of assistant cashier. He has filled it so satisfactorily and so ably that his advancement to the cashiership was won naturally and easily. The new bank has enjoyed a tremendous growth and goes steadily forward to still greater things. We wish the bank and Mr. Grimme a very full measure of success. February, 1909 THE NORTHW ESTERN BANKER 5 Your Account Cannon Breech Manganese Will be handled in the most BANK caretul and intelligent manner. M Collection facilities excellent. TH E NATIONAL CITY BANK OF CHICAGO O FFICERS D A V ID R. F O R G A N . P res. L . H. GRIM M E, C ashier A L FR E D L. BA K ER , V ice-Pres. F. A . C R A N D A L L , A sst. Cash. H . E. O T T E , V ice-P res. W . D. D IC K E Y , A sst. Cash. R . U. L A N S IN G , M anager B ond D epartm ent Capital $ 1 ,5 0 0 ,0 0 0 Surplus $ 3 0 0 ,0 0 0 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis r . Ba n k er SAFES : 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 ADE FROM 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 PROOF. s DOOR GR OUN D IN T O IT S S E A T L I K E A V A L V E , G U A R A N T E E I N G A F I T IM P ERV IOUS T O T H E IN T R O D U C T IO N OF DRY OR LIQ UID E XP LO SIVES. LO C K IN G D E V IC E S C O N S IS T OF A TR IP LE TIM E AND A U TO M A TIC , P LA C ED ON T H E INSIDE O F T H E DOOR AN D T H E I R O P E R A T I O N B E ING A U T O M A T I C W I T H NO H O L E S T H R O U G H T H E DOOR FOR S P IN D L E S OR O U T S ID E C O N N E C T IO N W H A T E V ER. S A F E W H E N C LO S E D AN D L O C K E D IS V I R T U A L L Y A SOLID B L O C K OF , D R IL L PROOF AN D E X P L O S IV E PROOF M A T E R I A L W I T H O N L Y O N E J O I N T IN T H E E N T I R E O U T S ID E SUR FACE, BEIN G T H E J O I N T A R O U N D T H E DOOR W H IC H IS G U A R A N T E E D LIQUID T I G 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 & Lock Company, of Cleveland, Ohio, whose line embraces every variety of burglar and fire proof safes, vault door linings, deposit boxes and allied products. C o rresp o n d en c e S olicited by The National Sate and Lock Co. W . H. M O R R IS O N , M gr. Flem ing Bldg. D es M oines, Iow a 6 THE NORTHWESTERN BANKER February, 1909 & TH E CORN EXCH AN G E N A T IO N A L B A N K 0/ CHICAGO a aaaamSiSi&inf aBaaafeiiaiamiiS iiim u iu ii» !. iinantiiHfiíil k:¡ss¡¡s:¡¡¡í3 a»» CAPITAL SURPLUS UNDIVIDED DEPOSITS Siik É : : : : : : PROFITS : : : $3 ,000,000 3 ,000,000 1,991,216 $58,000,000 ment especially organized OFFICERS to take care of Bank A c counts, invites the business of Northwestern Banks and Bankers with the assurance of satisfactory service and DIRECTORS Charles H. Wacker Martin A. Ryerson Chauncey J. Blair Edward B. Butler Charles H. Hulburd Clarence Buckingham Benjamin Carpenter Isaac G. Lombard Watson F. Blair Edwin G. Foreman Charles L. Hutchinson Edward A. Shedd Frederick W. Crosby Ernest A. Hamill • LETTERS OF CREDIT. James B. Forgan, President 'Y'HIS BANK, with a depart ERNEST A. HAMILL, President CHARLES L. HUTCHINSON, Vice-Pres. CHAUNCEY J. BLAIR, Vice-Pres. D. A. MOULTON, Vice-Pres. JOHN C. NEELY, Secretary FRANK W. SMITH, Cashier B. C. SAMMONS, Ass’t Cashier J. EDWARD MAASS, Ass’t Cashier JAMES G. WAKEFIELD, Ass’t Cashier FOREIGN EXCHANGE. The First National Bank of Chicago CABLETRANSFERS agreeable relationship. Division F. (Banks and Bankers) August Blum Herbert W. Brough Vice President Assistant Manager O u r facilities fo r handling th e a cco u n ts of N o rth w e ste rn B ankers are unexcelled. LITHOGRAPHING ESTABLISHED 1856 Iowa Lithographing Co., Des Moines, la. Bank and Commercial Stationery a Specialty. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis No Trouble to Quote P rices. T H E OLDEST BANK IN T H E U N ITED STATES (CHARTERED BY CONTINENTAL CONGRESS, 1781) THE BANK O F NORTH A M E R IC A NATIONAL BANK P H IL A D E L P H IA , P E N N S Y L V A N IA C A PITA L S U R P L U S ........................................ UNDIVIDED PROFITS, O V ER DEPOSITS DEC. 3, O V ER $1,000,000.00 2,000,000.00 400,000 00 $11,000,000.00 President Cashier Assistant Cashier Assistant Cashier - - H. G. M ICHENER - JO H N H. W A T T - SAML. D. JO R D A N - W M. J. M U R PH Y SOLICITS T H E ACCOUNTS OF BANKS, FIRMS, INDIVIDUALS AND CORPORATIONS The Northwestern Banker $2.00 Per A nnum D E S M O IN E S , IO W A , F E B R U A R Y , 1909 20 efts. Per C o p y T he Bank Robbers’ Nemesis How a Combination of Capitalists Has Provided Funds for the Relentless Pursuit of the Yeggman, the Forger and the “Sneak” By F R IT Z GRAVES in the Bohemian When the cashier of a St. Paul bank balanced his tune in plunder at each haul, has become a memory. accounts one night there was a shortage of $540. That The “ Yegg” has taken his place as the most dangerous the money had been stolen was apparent, for the thief enemy of the banks, but even he has been trained to had left traces. But before the bank’s officers had time have a wholesome fear of the membership card, while even to summon the detectives, a package containing the “ sneak” and the forger have learned to ply their $540 was received in the mail. On a piece of wrap trades against those not in the protective alliance of ping paper around the bills were scrawled these, words : capital. To show the efficacy of the system, look at these fig-' “ Why don’t you keep your sign out?” The sign to which the uneasy robber referred was ures: In a report of the American Bankers’ Associa one inscribed, “Member American Bankers’ Associa tion it is seen that thefts from members in a year tion.” Every safe-breaker, forger and “sneak” in the amounted only to $4,217.03, while non-members lost United States knows what that means. To rob a $99,415.20; and the number of members attacked was “member bank”— half of all the banks in the country but seventeen, against seventy-one outsiders. For belong to the association— is to court disaster. It being guarded the 8,800 members paid $3.71 apiece. means the limit of daring, the certainty of pursuit to For giving the protection the Pinkerton National De a prison cell or the grave, the assurance that sooner or tective Agency received $30,907.61. later, somehow, somewhere, the thief must atone for That the crusade has been a success is due to a dis his crime. The “ Pinks” regard of expense on the will follow him to the part of the bankers’ pro ends of the earth, back tective committee and a ed by the bottomless continual watchfulness treasury of an organiza by their agents. No lim tion that has adopted a it is placed upon the policy of hounding re amount necessary to lentlessly its despoilers catch the thief. It is a in the Under World. case of “ Get him and we For eleven years the pay the bill.” The chase Pinkertons have protect may last a day, or five ed the “member banks” years, or a lifetime. under contract. In this There’ are but two ave period the old-time safenues by which the pur robber, that skilled me sued avoids punishment chanic and cunning plot — death and reform. If ter who devised elabor he lives and persists, he ate plans for boring into must leave an open trail O n ly th e m o s t re c k le s s s a f e - b re a k e r w o u ld ro b a b a n k a f te r h e h a s seen vaults and reaping a for some day. Few die beth is s ig n h a n g in g a b o v e th e c a s h ie r ’s W indow . https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 8 THE NORTHWESTERN C a p ital S O L IC IT S $ 1, 000,000 YO UR ACCOUNT S u r p lu s a n d P ro fits $ 4 0 0 ,0 0 0 WM. A.TILDEN, - - NELSON N. LAMPERT, - February, 1909 BANKER - President Vice-President HENRY R. K E N T , ..........................Cashier CHARLES FERNALD, - - Asst. Cashier COLIN S. CAMPBELL, - - Asst. Cashier C lark and M onroe S treets C H IC A G O fore that trail is found; still fewer reform. And the craft that lives on stealing knows this full well. “Yeggs”— the Puzzle of Today. The center of the fight is the campaign against the “Yegg,” the unsolved puzzle of the century. While the other two existing classes of bank robbers, forgers and “sneaks,” are considered well in hand by those who make crime their study, the “ Yegg” defies scien tific analysis and thwarts, by the irregularity of his W e particularly appreciate the accounts of Banks and have unusual facilities fo r handling such business . nitro-glycerin, which he makes for himself by soaking dynamite sticks in warm water until the whitish sub stance rises to the surface. He does not survey for weeks ahead of time the scene of the proposed rob bery, but drops into the town at midnight and leaves it, or dies in the attempt, before dawn. George S. Dougherty, the Pinkerton detective who has charge of the bank cases and knows more about “ Yeggs” than any man living, thus described a typical experience with them: “The small town was all asleep at nine o’clock. It was the sort of a place a ‘Yegg’ visits; he never op erates in the big cities. Out in the woods, six or seven miles away, the band had been hiding all day. The ‘finder,’ a young chap of in nocent-appearance, had en tered the town as a peddler and had reported to the chief how the land lay, the posi tion of the bank safe, the re moteness of "the one police man’s dwelling and the out look for possible interfer ence. But after making his report the ‘finder’ took no further part in the game. He vanished, stopping only long enough to learn where would be the next meeting “T H E PIN K S” place, several weeks off. Robt. A . and Wm. A . Pinkerton “An hour after midnight The men who have made life a burden for bank robbers the band sneaked into town. There were, as we afterward learned, four of them. Two conduct and the very barbarity of his character, all ef were ‘insiders,’ wha pried open a window and went to forts at detective classification. A wanderer, a man work on the safe. The. other two were ‘watchers,’ owning neither name nor home, a murderer without who stood outside, ready with their pistols. The ‘soup flinching if need be, he neither indulges in the senti men’ inside the bank first filled the cracks of the safe mental display that distinguished the dashing safe with soap, leaving open just one crack on top. Over cracker of twenty years ago nor concocts the intricate this they built a soap cup. Into the cup they poured schemes his predecessor’s ingenuity devised. Satis the nitro-glycerin and it trickled down through the fied with comparatively small booty and relying upon safe. Then they exploded it with a fuse and detonator. the number of his thefts rather than upon their big “That is the way they always do it. In this case only ness, he needs no tools, no equipment save his flask of one explosion was necessary. The safe door fell to https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis February, 1909 TH E NORTHWESTERN pieces. The ‘Yeggs’ grabbed the money and ran, as the citizens in the neighborhood, awakened by the ex plosion, were poking their heads out of the windows to see what the matter was. Sometimes more than a single blast is needed, and there is a fight, and maybe somebody gets killed, for the ‘Yegg’ never leaves until he has his booty. I’ve known the ‘insiders’ to fire five blasts while their ‘watchers’ were fighting outside, the men at the safe finishing their job in spite of a dozen Citizens who ran to the rescue and saw them operating through the window— and they got away, too. “ But in this instance they were gone before any one saw them at close range. When we arrived on the scene the next day it was the same old story: ‘One very dark man, one tall chap, and two little short fel lows.’ That was all the town could tell us, and that little was merely guesswork. How did we catch the gang? Well, there was no clue. We had to work backward, using our knowledge of the ‘Yeggs’ and BANKER 9 \ T H E I C 0N T 1N E N T À Ì N A T IO N A L . B A N K Capital, Surplus and Profits $7,600,000 D eposits OF CHICAGO OFFICERS GEO. M. REYNOLDS, Pres. ALEX ROBERTSON, V. Pres. WM. G. SCHROEDER, Cashier HERMAN WALDECK, Asst. Cashier B. S. MAYER, Asst. Cashier F. H. ELMORE, Asst. Cashier WILBER HATTERY, Asst. Cashier J. R. WASHBURN. Asst. Cashier BOARD OF DIRECTORS 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. K. Hibbard,Spencer, Bartlett & Co., Wholesale Hardw. HENRY BOTSFORD, F.E. WEYERHAEUSER, Packer. Lumberman and PineLand Owner,St.Paul,Minn B. A. ECKHART, SAM’L McROBERTS, President, Eckhart & Swan Milling Co. Treasurer, Armour & Co. WM. C. SEIPP, ALEX- ROBERTSON, Capitalist. Vice-President. GEO. M. REYNOLDS, President. Accounts of Banks and Bankers Solicited. The Hamilton National Bank of Chicago Capital, $500,000 "T O P E K A ” R A PL E Y T he most daring of Yeggmen, now at large. H is immunit from arrest is a source of wonder since his face is disfigured by a ghastly scar that should instantly identify him their whereabouts as a basis. The job was character istic of certain men on our list. We learned that these men had been seen in the state. Questioning all the freight-train crews of the railroad, I learned that they had seen tramps answering the description of the men I suspected. After that it was easy. We trailed them to the nearest large city, found the whole gang in the house of a woman who harbored criminals, and arrest ed them red-handed, with the money in their clothes.” This was but one of many samples of “Yegg” opera tions. Except for certain traits common to the whole fraternity, the methods vary with the individual. The detective who knows the “ Yegg,” for instance, would recognize a job of “Topeka Joe” Rapley, most daring of all his class, by the way it was done. “Topeka” is one of the rare bank robbers who has vanished utterly. Not a word from him has reached the ears of the Pink ertons for six years. The detectives caught him in 1900 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Surplus and Profits, $176,300 Officers: Officers: CHAS. B. PIKE, President HENRY MEYER, Cashier J. H. CAMERON, Vice-Pres. GEO. H. WILSON, A ss't Cash. DIRECTORS: F. A. Delano, President Wabash Railroad Company. Charles L. Bartlett, Mgr. Proctor & Gamble D istributing Co. T. A. Shaw of T. A. Shaw & Co. Louis E. Laflin, Manager E state of Matthew Laflin. Charles B. Pike, President. J. H. Cameron, Vice-President. H enry M eytr, Cashier. C. J. Eldredge of M errill & Eldredge, Com. Merchants. Frank Cuneo, of Garibaldi & Cuneo. Edm und A. Russell, Otis Elevator Co. W. C. Brown, Vice-Pres. New York Central Lines. We Study the Requirements of the Banks in the N orthw est and Endeavor to Meet Them in E very Reasonable Way. THE IO N O RTHW ESTERN BANKER February, 1909 THE LIVE STOCK EXCHANGE NATIONAL BANK of CHICAGO Volume of Business for Year 1908 Exceeded One Billion, Tw o Hundred Million Dollars and carried him from Portland, Oregon, to Richmond, Virginia, where he escaped from jail. One year later he was captured again in Toledo, Ohio, but there, too, he broke out of his cell. In spite of a forehead scar impossible to conceal, the result of a wound inflicted by a negro partner in a fight, he has not been identified. Another disappearing“Yegg” is Gus De Ford,known as “Kentucky Yaller.” After he was arrested in the Bowery, New York, on New Year’s Day, 1906, he was sent toward Charleston in company with two United States marshals from that city. Thirty-five postoffice robberies and ten bank thefts were credited to him in the South. He escaped from his guards on the train. On his head is a scar similar to “Topeka’s” and equally easy of identification; but he has been seen no more. Just before he broke away he remarked to one of his captors that one dose of the American Bankers’ As sociation medicine was enough. There is a vague rumor in “Yegg” circles that he has gone to Australia. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis One of the boldest of the “ Yeggs” furnishes an ex ample of the relentlessness of the bankers’ protective committee. He is “ Black Billy,” sometimes known by his real name of J. Lang. At present he is in a Georgia penitentiary for a long term. But when that term ends he will not go free. There is prepared for him a'warrant of arrest for a robbery in Mocksville, N. C. On the moment of his release in Georgia the warrant will be served, and the bankers’ protective committee will see that he is sentenced anew in North Carolina. He is sure, they say, to spend the rest of his life in prison. Already his three pals -— “Germantown Shorty,” “ Cleve” and “ New Britain Blackie”— have left the At lanta jail and begun to work out their terms for the Mocksville crime, to which they pleaded guilty. It is estimated th^t there are in the United States about one hundred real “soup men,” expert users of the nitro-glycerin cup. The number of outside “Yeggs,” less experienced and less daring men, who have not been admitted to the highest degree of the fraternity, ' is placed at five hundred. Many of them, the Pinker tons admit, are never caught. Unlike the extinct bank burglar of the old school, who traveled in Pullman cars, spent weeks of preparation around the scene of his in tended crime, lavished money like a millionaire and rather prided himself on his reputation as a man of genius, the “Yegg” is never seen in the town where he plans a haul until the hour of the deed; when the “soup man” and his band have done their work they depart with no show, steak away like tramps on stoleil teams or handcars. Style is a thing apart from the “Yegg.” No matter what his success, he is content to wear his blue shirt, to live in the meanest of lodging houses and to endure the worst of discomforts. A tramp burglar is the “Yegg,” with his headquar ters in the center of population, but never operating there. He robs only in small towns, though he habit uates between times in the cities, where his brother hood has its means of intercommunication, its meeting places and its diversions. That brotherhood is as firm as it is unorganized. Though every “Yegg” works alone or in a little band, he is faithful to his kind. When one is caught there is no delay in the mysterious ap pearance of a fund for his defense. The money is sent from all parts of the country. Rarely, and only under extreme pressure, does he make a confession implicat ing a member of his class. Wherever he is, too, he February, 1909 THE NORTHW ESTERN knows how to communicate with other “Yeggs,” and yet the system of news circulation between them is so skillful that there is little danger of police detection. “Yeggs” Have Their Own Language. The principal go-betweens of the fraternity are sa loonkeepers of the slums and cheap lodging-house pro prietors. These men sometimes maintain regular ‘‘Yegg” post-offices, where the tramp thieves send let ters to each other, but letters couched in terms intelli gible only to the members of the class. “Yeggdom” has a vocabulary to itself. For instance, the “ Gay Cat,” or “finder,” after he has finished his spying task in a Pennsylvania village, is told to report at “ Dump 23” on the following Saturday. “ Dump 23” may be a bar-room in the lower East Side of New York or a dance hall in the South Side of Chicago. If the “ Gay Cat,” upon arriving there, does not find his chiefs, he is pretty certain that they,have been “ ditched,” which means arrested. In due time he learns that their “mouthpiece,” or lawyer, has got bail for them, or that they have broken jail and escaped on a “dangler,” an express train. Perhaps he hears that in escaping they have “jimmied a bull,” killed a police officer. Into the cult of this strange tongue are introduced all manners of men. A majority are the driftwood of humanity, but not infrequently the “ Yegg” has been, before his downfall, a son of some respectable family, or a skilled mechanic gone wrong through drink, or a once honest laborer thrown upon his own resources by strike troubles. A “ Yegg” recently arrested told this story of his fa ll: “I had a good job in Chicago, and the strike came. For weeks I was hungry. I began to tramp. One night, as I sat near a railroad track, boiling my coffee in a tin can under the clump of trees, a train came to a stop on the embankment a few feet away. In the din ing car I saw people eating and talking. They looked rich and happy. I didn’t see why I was barred from all the comforts of life. It occurred to me that the world ¿wed me a living. If it didn’t give, it to me, I would take it. I ’ve been taking it ever since.” Another captured “ Yegg,” a man reared in surround ings of refinement, drifted into his business largely through drink. He thus formulated the principles of his class: “It is no crime to rob the rich and kill their protectors.” That is the motto of the “ Yegg.” He is always ready to kill and, while alone he is, a coward, there is seldom an instance to be found today of his showing fear for his own safety in the midst of the gang. He will stand by, shooting into an overpower ing force until he is downed rather than leave a wound ed “pal” on the ground. When a man becomes a “Yegg” he practically loses the name that belongs to him. If there comes into, a “ Yegg” camp a stranger who proves by his dialect that he is entitled to membership, “ Yegg” etiquette does not permit any one to ask his name. “Where d’ye hail from ?” is the question. If he replies that he is a Pittsburger, they call him “ Pitts Slim” or “ Pitts Fat,” or some other name suggested by his physical character istics. There is a degree of cleverness, sometimes, in these names. A young man with a patch of gray hairs is known as “The Aged Kid.” A hunchback with a wooden leg acquires the appellation of “The Pegged Hump.” The word “Yegg” has been attributed to Gypsy orig https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis il BANKER The Farmers’ arid Mechanics' National Bank o f P h i l a d e lp h ia , P e n n s y l v a n i a 427 Chestnut Street S2.000.000.00 CAPITAL, SURPLUS AND PROFITS, 1,325,000.00 DEPOSITS, 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 aiti C IT Y D E PO SITO R Y o f f i c e r s HOWARD W . L E W IS , Presideet HENRY B. BARTOW , Cashier JOHN M ASON , Transfer Agent O S C A R A . W E IS S , Assistant Cashier Accounts of Banks and Bankers Solicited. ESTABLISHED 1879 STATE BANK of CHICAGO S. E. Cor. La Salle and Washington Sts. CH ICAG O Capital Surplus,—all earned Deposits $ 1,000,000 1,000,000 18, 000,000 OFFICERS H. A . HAUGAN, President L. A . GODDARD, Vice-President JOHN R. LINDGREN, Vice-President H CNRY S. H EN SCH EN, Cashier FRANK I. PA C K A R D , Ass’t. Cashier HENRY A . HAUGAN, Ass’t. Cashier S A M U E L E . K N EC H T, Secretary W ILLIAM C . M ILLER , A is’t. Secretary Your Business is R espectfully la In v ite d la 12 THE S Y S TE M FOR LOANS AND February, 1909 BANKER ONE W RITING THE Baker-Vawter N O RTHW ESTERN With Either Pen, Pencil or FOR Typewriter FULL PAR TICU LA R S MAKES THE W RITE Discount Register, Liability Ledger and Maturity Tickler Baker-Vawter Company The Most Practical System Ever Devised for the Purpose. Equally Adaptable to Banks of all Sizes. D IS C O U N TS in. When a thief showed special aptitude the Gypsies elected him a “Yegg Chief.” Gradually the ordinary tramp, or “hobo,” if he grew to be a skillful thief, came into the title of “Johnny. Yegg,” and finally the name was acquired exclusively by the wandering nitro-glycerin expert of today. This outcast appears to embody what is worst in the Gypsy and the “hobo” with the craft of one and the barbarity of the other added to a reckless daring of his own. One of the most interesting phases of the fraternity of the “Yeggs” is found in those rare exceptions, the (Jones Perpetual Ledger Co.) CHICAGO NEW YORK Tribune Big 350 Broadw’y quiry as to what has happened to the absent one, the reply is, “He’s gone home.” All “Yeggs” know what that means. The Forger Rare Nowadays. The second class of bank robbers with whom the protective committee has to deal is that of forgers. Al though these once powerful criminals have been pur sued until their large operations appear to be no long er possible, there still exist a few lesser followers of the profession in this country. The “ Pinks” are con tinually on the watch for them, but the methods for manager, arranges each plot with dramatic settings m b s T H E HAVOC O F T H E “ SOUP M E N ” W re c k o f a s a fe in M elv in, 111., s h o w in g th e re s u lt o f a v is it by “ y e g g s,” w h o h a v e c a u s e d th e e x p lo sio n by th e u se o f n itr o g ly c e r in “Yegg” with a family and the “Yegg” with a longing for home. While most of them have no ties, it hap pens now and then that one boasts a wife and children. In that, event, if he is arrested, other “ Yeggs” invari ably provide for the family. The “Yegg” with the longing for home occasionally gratifies his ambition by saving a competence, with which he returns to his native place. He then settles down in some business, and “Yeggs” know him no more. If there is an in https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis IN T H E W A K E O F Y E G G M E N A b a n k s a te in N ew B a ltim o re , M ich ., o n th e m o r n in g a f te r th e b u rg la ry . A ty p ic a l s a f e - b re a k in g e x p lo it prevention are more accurately fixed than in the case of the “Yeggs,” and no banker who knows anything about his business, whether in a city or a small town, can be victimized to a great extent by “wrong paper.” In a forgery band, if it is well organized, are a back er, a “scratcher,” a middleman and one or more “pre senters.” The backer puts up the money for expenses. The “scratcher” does the work of penmanship, either by tracery or freehand. The middleman is the stage TH E February, 1909 CAPITAL, $100,000 NQ-RTHWESTERN SURPLUS AND PROFITS, $124,515 E stablished 1870 Merchants National Bank OF BURLINGTON, IO W A J L. EDWARDS, P resident W. E. BLAKE, Vice-President J a MES MOIR, V ice-President ALEX. MOIR, V ice-President H. J. HÜNGEREORD, Cashier P. L. HOUKE. A ssistant Cashier C. L FULTON A ssistant Cashier Y O U R A C C O U N T IN V IT E D BANKER 13 ------------ TH E ------------ First National Bank _______ OF SIOUX CIT Y, IOW A Capital, $300,000.00 Surplus and Profits, 91,037.88 Deposits, $3,010, 166.51 Accounts of banks received on liberal term s. A larg e list of p ar points in Iowa, M innesota, D akota and N ebraska. Collec tions carefully and prom ptly m ade. ACKLEY HUBBARD, P resident. L. S. CRITOHELL, Cashier. W. L. MONTGOMERY, Vice-Pres. P. L. BLAND, A ss’t Cashier. and mathematical accuracy and acts as the interme feated in an election for Congressman by a plurality of diary of the others; he is the only man known to every less than two hundred votes. That was in 1890. Between one in the group. The “presenter,” who is also called then and his conviction, in 1904, he was arrested many “layer down,” negoti times, but always ates the forged check managed to go free, or draft and gets the either through mis money. Often, too, trial, acquittal or there is an additional clemency. Once he member of the band, escaped under a sus the “shadow,” who is pended s e n t e n c e employed by the mid through the intervendleman to watch the lion of his mother, eighty years old. At “presenters” and see his first trial for pass that they are “on the ing forged paper on a level;” but this is not common, as forgers Buffalo trust com pany to the extent of are usually “honest” $3,850, many wit with each other. nesses from his na A Politician tive town of Dan Turned “ Yegg.” ville, New York, tes Alonzo J. Whitetified their belief in man, who is serving his uprightness. Even his time in the Au today there are ' nuburn prison, was the umerous Danville citlast active chief of a merous Danville cit really successful band izens who trust him of forgers, and with and think his convic his conviction the tion a tremendous bankers believe they (miscarriage qf jus have dealt a death tice. But Whiteman blow to the profes was rather a craft v sion, so far as whole organizer than a pen sale operations are expert. The old-style concerned. Whiteforger, who coul 1 im man, in more ways itate signatures so than one, is among that not even the the most remarkable original could distin criminals of the time. guish them from his Sprung from a good own writing, is a family of New York memory almost as State, he is a gradu remote as the dash ate of Hamilton Col ing safe burglar of lege, a lawyer by ed the last century. T H E DAY AFTER ucation and a student When the BeckerThis is the way the safe looked the day after the robbers made their visit to the bank by habit. Once he Creegan band was in an Iowa town. was Mayor of Du wrecked by the Pink luth.. He became a prominent member of the Minnesota Legislature and ertons, in 1897, the greatest “scratcher” and the craft was the- author of the Whiteman ballot law of that iest middleman of their time were ruined. Since then, state. His career of crime began just after he was de if there be any such experts, conditions have seemed https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis THE M NORTHWESTERN BANKER February, 1909 To Banks and Bankers Having More or Less Live Stock Business this Bank Offers Exceptional Advantages and Solicits Correspont dence as to Terms and Facilities. RESOURCES Seven Million Dollars Also acts as Reserve Agent for National Banks R. T. FORBES, President WM. A. TILDEN, GEO. M. BENEDICT, Vice-Pres. Cashier to prevent their activities. Not many years ago the two Pinkerton brothers, on a. vacation, were strolling in a public park in France. They happened to meet Creegan, the middleman of the Becker gang. He was, they learned, living hon estly. After a life busy with crime, he told them, he had found it was impossible for even the best of forg ers to keep out of jail permanently. It is a matter of police record in fact, that every successful forger, un less he died in jail, has reached old age in miserable poverty. George Engle and the Bidwell Brothers perpetrated the famous Bank of England forgeries, reaped a har vest of thousands and spent the money as fast as they got it, and died in need. Edwin Noyes Hill, who worked with them, reformed. McDonald, another of the band, went to. prison to spend his old age. Every month there is sent to each member of the American Bankers’ Association a secret bulletin, giv ing descriptions and photographs of thieves at large. In the case of forgers and “sneaks” this is very effect ive, though it is not much of a weapon against the “Yegg.” The bank clerk of today, unless he is stupid, has little excuse for being victimized by forgeries, and if the thief does succeed in getting the money he has small chance of escape. The preparedness of the As sociation for its relentless pursuit was indicated by William A. Pinkerton when he was asked what were the initial steps of the detectives after a robbery. Tracing Forgers. “When a forgery is reported to us,” he said, “we im mediately obtain a complete tracing of the forgery, a record of the bank drawn upon and deposited with. From the accepter of the forgery we obtain a full de scription of the ‘presenter,’ and from photographs of professional forgers and ‘presenters’ we endeavor to obtain an identification. Copies of the tracing of the forgery and particulars, no matter how unimportant the transaction, are sent to our Chicago and New York offices. There we have established central bureaus of identification, where all forgeries are classified in groups. Through this system, by comparison of hand writing and description, we have been -quite success ful in determining the identity of the forgers. We also have a carefully selected group of photographs of wellknown forgers, swindlers and bogus-check operators.” What the Pinkertons do for the “member banks” is as much to maintain a crusade for instilling fear in the hearts of the evildoers as to detect the guilty after crimes are committed. With none of the banks’ ene https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis JO H N FLETCH ER, J. C. MORRISON Assistant Cashier Auditor mies has this crusade borne more fruit than with the third and last class of modern professional thieves— the “sneaks.” If a “sneak” knows it he does not rob a protected institution unless he is hard put to it for quick results. His “safe” field, therefore, has come to be confined to comparatively narrow limits, for the detectives, besides their contract with the Association banks, also watch the interests of two jewelers’ organ izations— the Security Alliance*, composed of five thou sand retailers, and the Protective Union, which num bers twelve hundred wholesale dealers. Both these associations appropriate ample funds for the ceaseless pursuit'of thieves. The wholesalers devote special at tention to tracing robberies of stock from their travel ing salesmen. In the secret bulletins sent to the bankers through out the country are included descriptions of all the newest wiles of the “sneak,” also instructions as to safeguards against the old tricks. The “sneak” is a man of resource. Rarely using firearms or courting bodily combat, he is a sleight-of-hand artist,'with in genuity as his chief asset. In the many years of his evolution, however, he appears to have tried all the de ceptions inventable; so the bulletined warnings contain lessons that tell of his every aspect. Usually the “sneak” understands business methods so well that he can converse fluently upon any question of finance or banking. He enters the bank in the guise. of an honest citizen. Whether working alone' or in a band, his object is to divert the attention of those who are watching the cash, in order to make a quick haul. Sometimes he “spikes” a roll of bills with a long wire, drawing them with lightning deftness out of the tell er’s cage. Again he will slip like a shadow into the cage and out of it, laden with a handful of securities. Stealth is his strong point. It is on.record that a “sneak,” hearing the cashier coming at the vital mo ment, crept under a table, where the bank officer kicked him, thinking he was a dog. Then before the cashier could cry out the intruder vanished by the front door so swiftly that he was not captured. A gang of “sneaks” is as careful, if not as elaborate, in its plans as is the forger’s band. One of the favor ite dodges, after the advance agent has studied the habits of the bank’s officers, is for one member of the band is to engage the teller is an argument about in vestments, while the rubber-shod associate glides back to the safe. Another scheme is to call the money’s guardian on (the telephone at a moment exactly prear ranged, while the partner gets the cash. The “ invalid outside” trick, too, has had many victims. The teller THE February, 1909. NORTHWESTERN BANKER 15 Irving National Exchange Bank 'W e st B r o a d w a y a n d C h a m b e r s S ts . Capital $2,000,000 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 $27,893,604 COLLECTION OF BILL-0F-LADING DRAFTS OCR SPECIALTY FOREIGN AND DOMESTIC EXCHANGE B0CGHT AND SOLD Strictly a Commercial Bank goes out to the sidewalk to speak to a carriage pas senger who is supposed to be too crippled for walking, and the confederate steals into the unprotected money cage. There have been big thefts by methods such as these. The old detective remembers how a famous, band stole securities worth $1,200,000, all coupon bonds payable to bearer, from a capitalist named Lord in the tomatic burglar alarm and the electric light have ren dered “sneak” operations more uncertain, probably the most remarkable “sneak” has been Billy Coleman, who is serving his time for stealing gems worth $50,000 from the Cooperstown estate of Mrs. Clark, now the widow of the late Bishop Henry C. Potter, of New York. Coleman has been arrested thirteen times since 1869. He has spent half his life in jail. The theft of the Clark jewels, one of the most puzzling in “sneak” annals, deserves recalling. In a vault of the Clark estate’s office building lay the jewels. A sealed box encased them. Coleman, who was only expecting to make a small haul for his temporary needs, opened the vault, the lock of which had been carelessly left on the “half-turn.” He was arrested soon afterward, as the detectives found that he had been seen in the vicinity, but a grand jury refused to indict him because he bore no wounds to account for certain blood splotches on the broken jewel box. The “ Pinks,” however, were sure they had the right man. They “shadowed” him day and night for many months. At last they caught him digging beside the wall of a building in Harlem, New York City, and most of the jewels were discov ered under the spot. He confessed the crime. The blood, he explained, was due to a sudden attack of nose bleed, superinduced by the exertion of tearing open the box in the heated vault room. How the Detectives Do Their Work. late sixties, and how the thieves managed to turn much of their booty into cash, partly through the aid of the Bidwells, heads of the Bank of England forgers’ gang. Later, in 1878, James H. Young’s office in Nassau Street, New York, was robbed of $500,000 by “sneaks,!’ but the thieves were caught and the money recovered intact within two months. Another noted robbery by rubber-shoe men was that of $114,000 in bonds from the Erie County Savings Bank in 1882. A “ Sneak” Who Stole $50,000. In recent days, since detective precaution and the au https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis As soon as a “member bank” discovers that it has been robbed it notifies by telegraph the bankers’ pro tective committee, the membership of which is secret. The secretary of the Association telephones the news to the Pinkertons’ office in New York. In the mean time, probably, the bank has notified the detective agency’s nearest office— in California, or Missouri, or wherever it may be. Before the day is ended every office knows, every avenue of escape is watched, and as many sleuths as the case demands are dispatched to the scene. From then until the pursuit ends, if it ever does, ev ery move of the detective art is brought into play. It may be an easy case of following direct clue§, or one making necessary the deductive methods of a Sher lock Holmes, or, as is generally true in the pursuit of “Yeggs,” an exhaustive study of records to locate the í 6 TH E NORTHWESTERN individual through a study of the class; but in any event, with such aid as is sought from Federal or city police officers, the “ Pinks” follow all trails to the bit ter close. The relentlessness of it brings one almost to sympa thize with the prey. There is a story, a true one, about the detective whose nerves went to pieces when, after hounding a robber for months, with never enough le gal evidence to make an arrest, he finally trailed his victim one night along a lonely road near the ocean, ujiable to see the man ahead in the darkness, until sud denly the road came to an end at the edge of a cliff. The thief’s body was found on the beach the next day. The shock of his vigil’s abrupt termination was so pro found that the detective went mad. In another case, which led over sea and back, and then to the fever belt of South America, two of the “ Pinks” died on the trail of the suspect. As each one died his place was filled by another, until, after two years of wandering, the culprit was brought back to America for trial. And while the pursuit goes on, or before it begins, still other detectives are studying the case at head quarters. Keeping the crime records in shape and upto-date is half the game. Down among the skyscrap ers of New York, unlisted in the city directory, is a branch of the Pinkerton establishment into which few outsiders are permitted to enter. It fills an entire floor of an office building. Its contents are thousands of great volumes, stacks of papers and galleries of pho tographs. They are the records of the years of crime. There are no omissions, no names left out. Once you enter the list of criminals you stay there, alive or dead. On a moment’s notice, so systematically are you classi fied, the “ Pinks” can recall your life’s £tory, your face, your friends, your movements to the latest public ap pearance, and often beyond that the secrecy of your retirement. Or if you have not joined the throng of evil-doers, you are elected to their ranks on the mo ment of your first detection. The record room grows daily. To supplement further the work of the detectives the Pinkertons have their “informants” scattered all over the world. There is ño class to which the “informant” is confined. He may be an ex-criminal, held by fear or gratitude or choice. He may be a saloonkeeper, a dealer in dynamite or firearms, a peddler, a hotel clerk anything. He may even be a club member, a man of fashion. The sources of news upon which the “ Pinks” rely are unnumbered. Even if you happen to be a de tective, you know only a few of them. In your work of “shadowing” you yourself may be watched. There is no telling when the man with whom you rub el bows is working for the same employer. You may meet him, unknowingly, on the corner, behind the bar, on the train, in the drawing-room. For the“shadower” idle hours are far between. There must be no lpophole for the escape of the watched. The way the job is done is this: First, there must be a spot, that is, one detective learns to know by sight the person to be followed, notes all his peculiarities of dress and form. The “spotter” is never the “shadow er. After fixing the identity of the subject, the first detective points him out to the second, perhaps to half a dozen more, none of whom has been seen by the in dividual watched. Then the “shadowing” begins. The number of men placed on the trail depends upon cir https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis BANKER C hase February, 1909. H ation al Bank ©f tbc City of Hlew gorfe U N IT E D ST A T E S D E P O S IT O R Y CLEARING HOUSE BUILDING July 15 , 1908 C A PIT A L , SU R PLU S A N D P R O E IT S , (e a rn e d ) D E P O S IT S . . . . $ 5 ,000,000.00 - Officers A. BARTON HEPBURN, P res. SAMUEL H. M ILLER, Cash. EDW IN A. LEE, Asst. Cash. HENRY M. CONKEY, Asst. Cash. 5,617,468.0c 120 ,965 ,024 .0c ALBERT H. W IGGIN, V ice-Pres. CHARLES 0. SLADE, Asst. Cash. WM. E. PURDY, Asst. Cash. A. 0. ANDREWS, Asst. Cash. EMrectors HENRY W. CANNON, Chm. JAM ES J . H IL L GRANT B. SCHLEY A. BARTON HEPB U RN JO HN I. GEORGE ALBERT GEORGE WATERBURY F. BAKER H. W IGGIN F . BAKER, JR . JM onal 1wma Bank of Contmem in Jlnu gorfe Ï C f unercflleû facilities for tt)c transaction of domestic ano foreign bantling, tljc Rational "Bans of Commerce in ßem porti offers to bands ano banders the most liberal terms consistent mitt) consertatine methods, and tbe assurance that tije interests of its clients siali at all times receibe its paramount consideration. Cbe Statement of the condition of $ e “Band on tbe 22nd of august last, as Submitted to the com ptroller of ti&t Current?, scorned Capital, $25,000,000.00 Surplus anti ( Ä dnìu\Hbrt) profits, 114,928,090.22 144,511,475.46 Sepostts, ©filters V alentine P . S nyder. President Thomas F. R y an , V»ce-Preaidcnt H e a ry A.. Smith. Vice-President W , C . Duvall. Cashier Neilson O lcott, Assistant Cashier O liv er I. P ü at, Assistant Cashier Joseph B yrne, J r ., Assistant Cashier Faris R . Russell, Assistant Cashier Mimtoxs CWWT. B*n», j E. J. S «rwíad i C. Ltdyard Blair Mad.«» Pud D. C rttu It Jam«*B.D*ka G 4«n*lGmM Daniel G^genhe,, Thotnai H. HubWd A dm . y k ,I r . ' )saw .N .J« r* « A .D . JaíJKará O tte H . Kaim L tttW Kowats« Al-ioW.KwA WoodburyLanjctan C WleaLeui«-^ Á W. Hello» H. Moffat Vietar Mar*w«**~ Paul Morto« ■ W aiter G. O t l a n J umo H. Parker Charlee A. Peahady ! Charle» H. R«W 1 Thomas F. Ryan. S*cob H. Schiff V a W ia c P . Sayáer : Frederick Storse» ; H. H. Vroiand : Hanry Paya* W hitaa’ Gear#. W . Y a « * THE February, 1909 NORTHWESTERN BANKER JOSEPH WAYNE; JR RICHARD L, AUSTIN, Vice-President. FRANCIS B. REEVES, 17 Cashier. 1 Tne u irard National Bank THEO. E. WIEDERSHEIM, 2nd Vibe-President. President. r a i l . _ r\ H PH ILAD ELPH IA, CAPITAL, $2,000,000. M I t PA. SURPLUS and PROFITS, $3,888,221 DEPOSITS, $38,865,323. A C C O U N T S OF B A N K S AND B A N K E R S S O L IC IT E D cumstances. One may be enough; if the subject is suspicious, thinks he is being followed, a large number sometimes is necessary, and one by one, as he discov ers them, they drop off, allowing him to think that he has “shaken” them. But there is always one trailer left to hold him in view. In addition to the watching of specially designated persons there are always the penitentiaries to be vis ited, lest new prisoners be the men sought for crimes in distant sections of the country; always the haunts of “Yeggs” and forgers and “ sneaks” to be inspected, so that a continual record may be kept of all the clans of the Under World; always the general scrutiny of pedestrians in the streets of the large cities, for which work the most efficient detectives are those familiar with the faces of the criminals at large and those pos sessed of long memories. Incidentally, it may be re marked, the bank robber is but one of the many ob jects of the detective agency’s concerns. Its commis sions vary from A to Z, from the making of a report on secret real estate transactions in New York to the prospects for factory building in the West, from a club scandal to a war. There is no wickedness that fails to come within their ken at one time' or another, with the exception of such as involves divorces and family quarrels. These are barred subjects. In the eleven years of the alliance between the bank ers and the Pinkertons there have been six hundred convictions of bank robbers brought about through the protective committee, not including amateurs and de faulters, of whom the association does not take cog nizance. The bankers’ organization has grown from fifteen hundred to about nine thousand members, and its annual income has reached $150,000. Among the laws it has caused to be enacted for protection against thieves is one known as the Anti-Yegg statute, which is now on the books of ten states. One of the present undertakings of the committee is to create a senti ment for this law in all the other states. When it be comes general, providing imprisonment of- twenty-five years or more for the convicted nitro-glycerin expert, the banks will become immune. N E W L O A N A N D T R U S T CO. F O R W A T E R L O O . The Farmers Loan and Trust company is the latest acquisition to Waterloo’s financial institutions. The articles of incorporation provide that the capital stock of the company shall be $100,000, stock to be both preferred and common. The preferred stock shall consist of 750 shares at the par value of $100 each and https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2,500 shares of common stock at the par value of $10 each. Twenty-five thousand dollars of the preferred stock and an equal amount of the common stock have been subscribed and paid in. The preferred stock will draw a semi-annual dividend of three per cent, or a cumulative dividend of six per cent per annum. The common stock will divide all profits after the dividend for the preferred stock has been provided for out of the net earnings of the company. The holders of the common stock will be responsible for the management of the company. Any part of the profits of the' com pany may be transferred to the surplus account of the company, but if such transfer is made the surplus ac count shall belong to the holders of the common stock. The first board of directors is composed of W. W. Marsh, Ira Rodamar, C. E. Pickett, J. O. Trumbauer, C. L. Kingsley and J. E. Sedgwick. The first officers of the institution are J. E. Sedgwick, president ; J. O. Trumbauer, vice-president; Fred E. Stewart, secre tary, and Ira Rodamar, treasurer. D E S M O IN E S A C IT Y O F IN S U R A N C E S E C U R IT IE S . Under the above heading the Commerical West of Minneapolis has this to say about Des Moines and her insurance interests: “Over $30,000,000 in first farm mortgages, real es tate securities, municipal bonds, and par value stacks, now deposited in the office of the Iowa auditor of state, represents the greatest amount of insurance securities collected in any city west of the Ohio valley. Des Moines is becoming an insurance center without a pieer in the country. Des Moines is now called the ‘Hart ford of the West.’ Within five years, if the growth of the insurance business in this city continues, Hartford will be called the ‘Des Moines of the East.’ “ Now having home offices in this city, there are 5 companies writing accident insurance, 3 writing cy clone risks, 1 employers’ liability, 13 fire companies, 5 fraternal life, 5 hail insurance, 1 health indemnity, 9 life companies writing old line insurance, 3 lightning, 1 live stock insurance, and 3 plate glass risks, besides a number of others doing a general underwriting busi ness. “The insurance statistics of the year show there is more insurance written per capita in Des Moines than in any city of its size in the United States.” THE i8 NORTHW ESTERN BANKER February, 1909 The Seaboard National Bank q f the C i t y qf N e w Y o r k Capital $1,000,000 Surplus and Profits (earned) $1,649,000 A C C O U N T S S. G. B A Y N E , President S O L IC IT E D S. G .N E L S O N , Vice Pres. W . K. C L E V E R L E Y , A ss’t Cashier L. J. D E V A U S N E Y , A ss’t Cashier. C. C. T H O M P S O N , Cashier J. C. EM O R Y, Ass’t Cashier. O. M. JEFFERDS, Ass’t Cashier Registry Tax For Mortgages As it is probable that a bill to provide for registry tax on mortgages will be presented at the present ses sion of the Iowa legislature, and as bankers are all F E S T U S J. W A D E, ST. LOUIS. Mr. W ade by his recent election as president of the New M ercantile N ational Bank of St. Louis, finds his m any duties multiplied, as he is already, and has been for years, president of th e M ercantile T rust Company, whose g rea t business ex tends all over th e middle and south W est. As an executive officer his ta c t and ability have o ft been dem onstrated, and th e very valuable services rendered as a m ember of the M onetary Commission have been much appreciated by finan ciers. more or less interested in the subject, we present here the address of Chas. McLean, of Dubuque, editor of the Times-Journal, delivered at the session of the Iowa 1 ax Revision Association recently held in Des Moines. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Regarding this subject Governor Garst has the follow ing to say in his annual message: “ Mortgages, Moneys and Credits.— A number of states have enacted laws requiring mortgages to pay a small recording fee in lieu of all other taxes, with the result that while they have received substantially as much revenue, the burdens fall more equally upon the holders of this class of property. It is well known that mortgages of all kinds and character pay but a ludi crously small tax, and the tax that is paid is generally from those who should not have the burden placed upon them. I believe that under the system I suggest, rates of interest would be so lowered that the borrower would receive even greater benefit than the lender, ow ing to the fact that under our present system the lender pays comparatively no tax while by the change no doubt the borrower would get a materially less rate. I would recommend that you place upon the statute books a law requiring that all mortgages recorded shall pay a fee of one-half of i per cent in excess of the regular recording fee as now provided.” The address of Mr. McLean is herewith appended: Those who have given the incidence of taxation ser ious study agree that the subjection of moneys and credits to the general property tax is inexpedient and unjust in so far as it involves double taxation. They agree that the attempt to reach both the substance and the shadow under the general property tax has gener ally failed, that it has never succeeded in any degree except at the cost of injustice to those entitled to the equal protection of the laws and that it should be aban doned, the sooner the better for borrowers and the state. It by no means follows that the exemption of mort gages from the general property tax should await the complete exemption of moneys and credits generally and should be sought through this means. Reforms should move along the lines of least resistance and the reformation of our laws relating to taxation is no ex ception to this rule. To make demands in advance of public sentiment were to postpone the day of reform. This should come through evolution, the source of steady, reliable and permanent progress. Law is edu cational and in the political field progress comes, in republics especially, through object lessons. Thus the laws of Iowa, California and some other states relating February, 1909 THE NORTHW ESTERN BANKER 19 \ to the taxation of mortgages have taught us what is wrong, while those of Massachusetts, New York, Min nesota and certain other states have shown us what is right. The laws of Massachusetts and New York on this subject differ in detail, the one providing for com plete exemption of moneys and credits, the other for a registry tax on mortgages of 50 cents per $100, payable only once, regardless of the ownership or duration of the mortgage, but the statutes of the two states are alike in the essential thing— recognition of the prin ciple of equality. It is for this principle that the owners of mortgages liable to taxation in Iowa stand rather than for the complete exemption of moneys and credits, or for any reduction in the rate of taxation. In their capacity of mortgage owners they care not whether the state taxes such instruments the full rate imposed on prop erty generally or only a slender fraction thereof. Their demand is that, if mortgages are to be treated as sources of public revenue, every mortgage recorded in the state, or minor political division, shall bear the same rate of taxation, high or low, as every other mortgage recorded in the same state or minor political division without regard to whether the mortgage is owned by a corporation or an individual, a resident or a non-resident of Iowa. They insist that the state of Iowa shall not continue to discriminate in favor of the bank, trust company or insurance company and against the individual citizen of Iowa competing for the loan, in favor of the non-resident and against the resident. As mortgage owners merely, they have no recommendation to offer in favor of the exemption of The Mercantile National Bank, moneys and credits. They insist only that if the state taxes any mortgages at all it shall tax them all at a uniform rate, and by a method that will reach them all impartially, so that they will not be compelled to com pete with untaxed money while themselves paying on their mortgages taxes of 25 to 40 per cent of their income therefrom. It has been objected that a tax levied upon all mort gages would fall upon the borrower. The answer is that if the state objects to a tax falling upon the bor rower it should exempt mortgages from taxation alto gether. The experience of many states has proven that there can be no tax imposed on mortgages that will not fall in whole or in part upon the borrowers and that it costs them as a class more than the public treasury derives from it when the tax is levied under a law sus ceptible of evasion, such as the present Iowa statute. We may begin by citing the experience of California. In 1876 the supreme court of that state decided that mortgages could not be taxed. In 1879 a constitutional convention dominated by Denis Kearney and the Grangers, thinking to strike the rich, adopted a provis ion that the mortgage should be taxed as an interest in the property and that the amount of the mortgage should be deducted from the value of the property in assessing the same and that any contract requiring the borrower to pay the taxes on the mortgage should be void and should subject'the owner to forfeiture of his interest. The effect of this provision was to advance the inter est rates on California mortgages enough to cover the taxes and the contingency that the same might be Festus J. W ad e, President E d w ard B uder, C ashier The Mercantile Trust Company, of ST. LOUIS of ST. LOUIS Capital and Surplus $2,000,000.00 Capital and Surplus, $9,500,000.00 Accounts and collections from Banks, Bankers, Corporations and Individuals solicited upon fav orable terms. Immediate and careful attention given to all business. Financial Department MISSOURI, SOUTHERN, Collections on a Specialty KANSAS, Officers; Festus J. W ade President G eorge W . W ilson ’ V ice Pres. Edward Buder, Gash. Is open for business in the Building of the Mercantile Trust Company Acts as Reserve Agents tor National Banks CORRESPONDENCE Bond Department Safe Deposit Department OKLAHOMA, https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Transacts a General Deposit and Trust Company Business AND Real Estate Department Foreign Exchange Department Trust Department Will pay IN TE R E ST on daily balances and cer tificates of deposit. W ill make LOANS on approved collateral, W ill buy and sell H IG H GRADE BONDS W ill advise those seeking INVESTM ENTS W ill furnish list SELECTED SECURITIES on ap plication, W ill T A -i-v S wuuvy Vttiuauies 111 J3UJtvvX“ LAR and F IR E PROOF STORAGE VAULTS W ill furnish STEEL SAFE D EPO SIT BOXES for your securities and small valuables a t $5 00 per year and up. W ill buy and sell REAL ESTATE as agents, W ill procure TENANTS for your vacant houses, Will collect your RENTS, W ill pay your TAXES. W ill care for your PROPERTY, giving it personal attention. W ill buy and sell FOREIGN EXCHANGE Will make CABLE and TELEGRAPHIC tran sfers W ill ls/ ^ e TRAVELERS’ CHECKS and LETTERS of CREDIT, payable in all p arts of the world, W ill advise you as to the LAWS OF DESCENT W ill w rite your W ILL, W ill adm inister your ESTATE. W ill your children. W ill EXECUTE every truf°str w ith fidelity. INTERVIEWS INVITED THE 20 GEO. G. HUNTER, President F. M. RICE, Supt. of Agents C. S. HUNTER, Sec’y N O RTHW ESTERN O. B. FRYE, Ass’t Sec C. H. MARTIN, Treasurer W. I,. R E A D , G en C o u n s e l' D E S M O IN E S Fire Insurance Company OF IOWA ANNUAL STATEMENT, JANUARY 1, 1909 [To Insurance Department, State of Iowa] ASSETS: Cash in Banks and Office ................. $ 51,512.02 Cash in Course of Transmission.... 32,862.66 Mortgage Loans on Real Estate.... 242,749.76 Stocks and Bonds................................. 100,628.85 Real Estate ........................................... 89,548.91 Loans, Secured by Pledges of Bonds 4,892.00 Unmatured Bills Receivable.............. 163,659.55 Total Admitted Assets.............. $685,853.75 LIA BILITIES : Capital Stock (full p a id )..................... $100,000.00 Reserve for Re-insurance and other Claims .............................................. 438,288.93 Net Surplus ........................................... 147,564.82 Total .................................................$685,853.75 S u r p lu s a s t o P o l i c y h o l d e r s $788,187.09 Condensed Statement At the Close of Business, November 17, 1908 RESOURCES. LOANS ................................................................. $11,040,197.48 Bonds and S to c k s .............................................. 6,702,227.41 Real E state ........................................................ 131,487.88 O verdrafts .......................................................... 1,938.76 Safety Deposit V a u lt s ..................................... 72,000.00 CASH AND EXCHANGE .............................. 6,179,353.78 All Other Resources ........................................... 64,104.67 T o t a l ................. $24,191,309.98 LIA BILITIES. Capital .................................................................. $ 3,000,000.00 Surplus and Undivided P rofits........................ 5,332 105 41 DEPOSITS ........................................................ 15,799,437.34 All other L ia b ilitie s ............................................ 59,767.23 T o t a l ........................................... $24,191,309.98 This Trust Company is a member of the St. Louis Clearing House Association. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis BANKER February, 1909 raised during the life of the mortgage. A further effect was to increase the valuation of mortgaged property because the mortgage gave a clue to the value. The average rate of taxation in California in the decade cov ered by the eleventh census, 1880-89, was 1.75 per cent and the average interest rate on mortgages 8.90 per cent, or exactly 2 per cent above the average tor the United States. Several eastern states also afford instructive com parisons. In all cases the exemption of mortgages from taxation was followed by a reduction in the in terest rate which saved the borrowers far more than the public treasury had formerly received from such taxation. In Massachusetts, Connecticut and New Jersey mortgages are exempt from taxation unless the owner of the real estate claims an exemption on ac count of the mortgage. As mortgage contracts provide against the making of such a claim, mortgages in these states are in effect exempted from taxation. New York has a law making interest rates on mortgages in excess of 6 per cent usurious and consequently the excessive interest, when levied, is collected in the form of brok erage fees, etc. Massachusetts has no such law and consequently the interest rate actually collected is ex pressed in mortgages written there. In 1904 the aver age interest rate expressed in mortgages was 5.09 in Boston and 5.20 in New York. Exclusive of money* loaned at over 6 per cent, the average interest rate in Boston was 4.73, or nearly half of 1 per cent below the average rate in New York. It is therefore calculated that interest rates on New York mortgages were load ed about half of 1 per cent to cover the tax liability. This calculation is sustained by the fact that bidders for the bonds of the state of New York had previously offered to accept a reduction of nine mills in the rate of interest should the bonds be exempted from taxation. Real estate mortgages in the state of New York in 1904 were estimated at two and one-half billion dollars ($2,500,000,000) and the taxes collected upon them at $600,000. But, if the interest rate was loaded half of 1 per cent on the average to cover the tax liability, the borrowers paid $12,500,000 extra interest to enable the public treasury to collect this $600,000 in taxes. Put ting the matter in another form, the tax dodger col lected twenty dollars in additional interest for every ‘dollar of revenue going to the public treasury as a con sequence of this antediluvian law seeking to impose the general property tax on mortgages. In Pennsylvania, mortgages are reported by the re corder to the assessor for taxation and are taxed four mills and in Philadelphia, the interest rate on real estate mortgages is the Boston rate, plus the four mill tax and the value of the service involved in giving the tax at tention. The same comparison applies to the rural counties of Pennsylvania and Massachusetts. In 1895 the legislature of New York adopted a law imposing an annual registry tax of half of 1 per cent on all mortgages recorded after July 1, 1905. This law was objectionable to loaners, most of whom had been paying no tax on mortgages, because the rate was deemed excessive, and because the tax had to be given attention annually as, if paid for the full term of a mortgage running many years, it could not be recov ered, though the instrument were canceled the day after filing. At the end of eight months following the taking effect of this law the average interest rate on mortgages, meanwhile unchanged in Boston, had ad- February, 1909 THE NORTHWESTERN 21' BANKER V A L L E Y N A T IO N A L B A N K -------------------------------- D E S M O IN E S , I O W A -------------------------------CAPITAL, SURPLUS and PROFITS, DEPOSITS, $300,000.00 80,000.00 2 , 000,000.00 VALLEY SAVINGS BANK, Under Same Management, DEPOSITS, - - - $1,000,000.00 vanced four and two-tenths mills in New York county, while the amount of mortgages recorded in the county declined from $265,801,499 for the eight months pre ceding July 1, 1905, to $160,944,878 for the eight months following. On July 1, 1906, a registry tax of C For the past th irty-six years the V alley National Bank has been favorably k now n as a carefully and con servatively managed institution,—and w ith its increased Capital and Surplus insures absolute safety and a service unsurpassed. W e in vite your business. R. A. CRAWFORD, P rest. C. T. COLE, J r., Vice Prest, D. S. CHAMBERLAIN, Vice Prest. W. E. BARRETT, Cashier 1906-7. For the full calendar year of 1904 the average rate of mortgage interest in New York was 5.20 per cent. It thus appears that the new registry law, be sides increasing the public revenue by millions annu ally, has reduced interest rates to borrowers in the Empire state by removing the load these rates former IN T E R IO R F IR S T N A T I O N A L BANK, M A R S H A L L T O W N , ly carried to cover the tax liability. On May 13, 1907, IOWA. the law was amended so as to allow the owners of old The new quarters of th e F irs t N ational are as attractiv e and elegant as good ta ste and a judicious e x p e n d itu re of mortgages to have them exempted from assessment as money can m ake them, and reflect great cred it on the pro personal property by paying the recording tax. This is gressive m anagem ent of this leading financial institution. At optional and not compulsory, but the privilege has th e date of la st statem ent, November 27th, the bank made the following showing: Resources—Loans and discounts, $760,- been freely exercised. A law imposing a registry tax of half of 1 per cent on mortgages became effective in Minnesota May 1, 1907. The number of mortgages recorded up to Sep tember 30, 1908, was 64,372. Receipts under the first year of the law’s operation were $304,777.40 and from May 1 to October 1, 1908, $115,983. Hon. Frank Clague, senator from the Nineteenth Minnesota dis trict, is the author of the law. He says it has reduced interest rates on mortgages from half of 1 per cent to 2 per cent, the largest reductions occurring in the rates on village property on which the loans are made by local parties who found it hardest to evade the assessor under the old law. He says the bankers opposed his bill, fearing the effect on deposits, but that these have not been materially affected. The following figures concerning the operation of the New York laws are supplied from the report of the state tax commission by courtesy of Mr. A. C. Pley-. dell, secretary of the New York Tax Reform Associa tion : A N N U AL T A X LAW . 572.93; overdrafts, $5,413.03; U. S. bonds and securities, $199,1905-1906. 384.57; bank building and fixtures, $84,385.84; other real Mortgages Recorded— estate, $10,586.96; due from banks and U. S. treasury, $168,123,064 615.74; cash on hand, $190,377.85. Totalfi $1,419,336.92. L ia Number .................................................... bilities—-Capital, $200,000.00; surplus and undivided profits, Gross ta x e s ......................................................... $935,291 $20,961.62; circulation, $50,000.00; deposits, $1,148,375.30. To Expense ..................................... 70,209 tal, $1,419,336.92. The officers are D. T. Denmead, president; RECORDING T A X LAW . Jas. L. Denmead, vice-president; C. C. St. Clair, cashier; H. Mortgages Recorded — G eruart, a ssista n t cashier; H S Lawrence, assista n t cashier. 1906-7 1907-8 $680,000,000 half of 1 per cent, payable only once, regardless of the V a lu e ................................. $990,000,000 Gross ta x e s ...................... 4,950,278 3>399>998 duration of the mortgage, was substituted for the an Expense ........................... 62,880 53,392 nual tax with the result that in eight months the The unusually large receipts in 1906-7 are attributed amount of mortgages recorded in New York county in to the fact that, in anticipation of the repealing of the creased to $306,874,021, while, the average interest annual tax, many mortgages were held up and record rate, 5.12 for eight months of 1904-5, and 5.54 for eight ed immediately after the new law went into effect. Mortgages are now subject to registry tax in New months of 1905-6, fell to 5.15 for eight months of York, Minnesota, Alabama and Virginia. They are https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis THE 22 NORTHW ESTERN February, 1909 BANKER TH E DENVER STO C K YARDS BANK Located in Live Stock Exchange Building, Denver Union Stock Yards, Denver OFFICERS CHAS. FLETCHER, JR., President C. K. BOETTCHER Vice-President JOS. S. DAVIS, Cashier CHAS. I. DEARDEN, Ass’t Cashier Éüfei DIRECTORS CHAS. FLETCHER, Jr. HENRY GEBHARD 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 a n d b a n k e r s o n fa v o r a b le te rm s a n d s h a ll b e p le a se d to m e e t o r c o rre s p o n d w ith th o s e 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 . exempted directly in Idaho and Washington and in directly in Colorado, New Jersey, Connecticut, Massa chusetts, Wisconsin, Arizona, Maryland, Hawaii and Alaska. The experience of the states mentioned would indi cate Iowa’s need for a registry tax law modeled on the amended New York statute. The state census of I9°5 reported the homes of Iowa encumbered for $219,000,000. This affords a basis from which to estimate the revenue a registry tax law would yield in Iowa by as suming a certain average life for the mortgages on record. In Woodbury county, Iowa, last year the rev enue from moneys and credits, including mortgages, bank stocks, etc., was $18,173,35. The face value of mortgages filed in the county that year was $4>78L373> on which a tax of half of 1 per cent would have yielded $23,900. In New York the recording tax goes to the state. In Minnesota it goes to the counties. 'Perhaps it should go to the school fund of the state to be distrib uted back to the districts on the basis of school popu lation. But this is a minor detail. It is more impor tant to provide that the tax shall be specific and uni form, a fixed rate per $100 of value, that it shall apply to every mortgage recorded and every old mortgage on Iowa property voluntarily subjected to the law, and that it shall be paid but once. If we had such a law on our statute books there would be more justice in the boast that Iowa is enlightened and “progressive.'’ W IN N E S H IE K C O U N T Y S T A T E B A N K O F D E C O R A H IN M IL L IO N D O L L A R C LA SS. The Northwestern Banker is pleased to present in this issue the statement of the above bank, which shows what a proud position it occupies among the banks of the state. A careful analysis reveals the fact that the statement contains not à single weak spot. The condition of this bank reflects great credit upon its splendid manage ment. That it is an institution which worthily excites much local pride is fully evidenced by the following editorial taken from the Decorah Republican; “The first statement of the Winneshiek County State Bank for A. D. 1909 appears in this issue of the Republican. All its financial reports are deserving of study. They will bear investigation. As the eldest https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 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 shipm ents to the m ark et. But our location in no way in terferes with business n ot of this na ture; our mail facilities enable us to give prom pt attention to any business entrusted to us. Send Us Your Western Collections representative of the next oldest of the semi-public occupations, we tender our compliments to the able management which so steadily advanced this bank to the high rank it has reached among its associates in the banking business. It is not long ago that it stepped up into the rank of a million dollar bank. Time has C . J. W E I S E R Pres. Winnesheik County State Bank, Decorah; Iowa proven that it was steady growth— the effect of splen did management— that had secured this position, and time is developing a progress toward the million and a quarter basis. We compliment Mr. Weiser, its presi dent, upon the evidence that the mantle of a grandsire and sire is being worthily worn by one of the third generation in the new century into which we have but lately entered.” Mr. H. M. Carpenter, cashier of the Monticello State Bank, who has been confined to his bed for over twelve weeks with an attack of typhoid fever, is slowly recovering. For weeks life hung by a mere thread, and his friends had serious doubts as to the outcome. All over the state there will be much rejoicing that he is on the road to recovery, for there is a host of “good men and true” who have a very warm spot in their hearts for Henry M. Carpenter. February, 1909 THE NORTHW ESTERN D E S M O IN E S B A N K E R H A S N E W P L A N F O R T H E G U A R A N T E E O F D E P O S IT S . Mr. A. O. Hauge, the live-wire cashier of the Iowa Trust and Savings Bank has a “middle ground” plan for the guarantee of deposits which will no doubt be incorporated in a bill and presented to the present leg islature. “I believe my plan is more logical than either of the plans previously agitated,” said Mr. Hauge in speak ing of his prospective bill. “The main objection to the Bryan plan is that the insurance he proposes is invol untary. This would compel all banks to come under the provisions of the law, and it proposes to good banks and bad banks alike. The guaranteeing of bank deposits should be a business proposition. It is no more business-like for a guarantee plan to insure a bad risk than it is for an insurance company to do so. “The chief objection to the postal savings bank, in my opinion, is that it provides that the national banks shall become the sole depositories. This oUr honored senator proposes to remedy by an amendment permit ting the postmasters to deposit also in state and sav ings banks. Even though the bill should be so amend ed it would still be faulty, because it draws the banks actively into politics. For instance, suppose my bank supports the republican candidate and another bank supports the democratic candidate. It is easy to see which institution will get the government deposit. The banks that were ‘right’ on congressmen under this plan would get the plums because the postmaster owes his position to his congressman. “Another objection to the postal savings plan is that BANKER it makes the deposits in them exempt from taxation and execution. I can see no reason why money so deposited should not be taxed or subject to levy the same as any note I may hold at present. “I would propose that the legislature pass a law that would make possible an Iowa bank insurance com mission, with all the objectionable features of the Ok lahoma law eliminated. Make it possible to organize an Iowa bank insurance commission with the follow ing terms: “ Banks of the state to be the stockholders, each hold. ing stock equal to not less than 2 per cent of its capi tal and surplus. “ Capital stock to be increased as the deposits of the state increase. “ Rate of insurance to be fixed by legislation. “ Compensation of officers in charge to be fixed either by the legislature or the state executive council. “ Board of directors to consist of the governor, the secretary of state, the treasurer of state and the state auditor, with five others to be elected by the bank stockholders. “ Cash reserve to be in the hands of the treasurer of state, and the amount of such reserve to be fixed by legislation, based on the amount of insurance in force. “ Every bank to pass the most rigid examination by the officers of the commission before any insurance is granted to such bank. “ Reports on file in office of auditor of state to be subject to examination by the officers of this com mission. “All funds in excess of the limit for reserve fixed by The Northwestern National Bank of MINNEAPOLIS Capital and Surplus $4,000,000 OFFICERS: W. H. DUNWOODY, President M. B. KOON, Vice-President E. W. DECKER, Vice-President JOSEPH CHAPMAN, Jr., Vice-President A. A. CRANE, Vice-President J. A. LATTA, Vice-President F. E. HOLTON, Cashier https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 21 C. W. FARWELL, Assistant Cashier R. E. McGREGOR, Assistant Cashier W. F. McLANE, Assistant Cashier S. S. COOK, Assistant Cashier I. F. COTTON, Assistant Cashier E. L. MATTSON, Assistant Cashier A. V. OSTROM, Assistant Cashier TH E 24 NORTHWESTERN February, 1909 BANKER W IN TE R F IX T U R E S “THE QUALITY KIND” H ig h G rade B ank F ix tu re s a S pecialty . W e are co n sta n tly fittin g up banks in all p arts of th e c o u n try . L et “ W IN T E R ” fit y o u o u t in m o d e rn style. D O N ’T W A IT u n til y o u r co m p e tito r fo rc es y o u to rem o d el. Get “Winter Fixtures” t :h e s t a n d a r d for q u a l i t y a n d s t y l e “ W IN T E R ” F ix tu res are R ight. W IN T E R w ill treat y o u rig h t. A sk o u r C u sto m ers. H ere are a few o f th e m w e h ave fitted up: P endleton Savings Bank, Pendleton Ore; County Court House, Globe, A riz ; F irs t Nat. Bank of So. Oregon, G rants Pass, O re; Canby Bank & T ru st Co., Canby, Ore; F irs t Nat. Bank, Me Lean, Texas, F irs t Nat. Bank, M ontour. Write for Catalogue “ 09A A ” M. WINTER LUM BER CO. SH EBO YG AN , W ISC O N SIN Partial V iew of F ix tu res Made fo r Citizens N atio n al Bank, C hillicothe, M issouri The “ High Grade” Fixture Makers SALES AGENTS: R. H. Birdsall, H am ilton Bldg., Portland, Ore.; 0. A. Faus, 313-323 So. T hird St., St. .Joseph, Mo.; F elix Parsons, W indsor Bldg., Dallas, Texas; 0. B. Dicks, M agazine Cor., Common St., New O rleans, La. legislation to be invested in Iowa farm loans on the basis of not to exceed 40 per cent of the actual cash value, exclusive of buil jings, of such farms. “ No dividends to be declared in excess of 6 per cent per annum. “This law to be framed in.such a way as to benefit national a's well as state and savings banks, should such banks desire this benefit.” Mr. Hauge has great faith in the practicability of his plan. “I have discussed the plan with a number of lawyers as well as with well-known conservative bankers of the city, and they believe in it as implicitly as do I.” The plan will be framed in a bill, and Mr. Hauge and his associates hope for its passage by the present leg islature. G U A R A N T E E O F D E P O S IT S L A W F O R S O U T H D A K O TA N O T TO BE CO M PU LSO RY . Pierre, S. D.— That South Dakota will approve the principle of the-guaranty of bank deposits is no longer a question, even banker members of the legislature who do not favor the plan saying that the platform promises to provide such a law must and will be kept. The bank committees of the two houses will soon begin work on a measure to be submitted for action and before March 1st, South Dakota, in all probability, will have become the first state in the Union to adopt the new scheme throqgji the republican party. A bill already has been drafted, after considerable work in the collection of information and working o,ut of details. Under the prepared bill, any bank able to present a certificate by the public examiner issued within thirty days preceding, and showing that the bank is solvent and well managed, may become a member of the state association of incorporated banks. This association is authorized in the bill, to create by voluntary pay ment of premiums, a fund to be known as the state de posit insurance fund, in trust for depositors of bank members and to be invested, administered and paid out https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis by the state. The association must be created by not less than fifty state banks, with a capital of not less than $500,000. Bank members must send to the state treasurer an annual tax of one mill on each dollar of capital stock and surplus' and request that the amount be placed to its credit in the fund. The state treasurer and bank examiner must keep a record of the banks, stocks, sur plus and premium paid. After the association is cre ated, any bank may enter by paying the required pre mium and any can withdraw by failure to pay it at the expiration of a year, showing a certificate of good con dition. The state treasurer is required to put the money of the fund in the state depositories and invest it in revenue and registered general warrants. When a bank fails, if its assets are insufficient, as shown to the satisfaction of the state examiner and state auditor by a certificate of the judge of the circuit court in the county where the bank is located, showing the names and addresses of the depositors and the amount of loss sustained by each, the bank examiner shall approve the certificate as a voucher and file it with the auditor who shall issue a warrant to the receiver of the bank, upon the state insurance deposit fund for an amount suffi cient to make good the loss. Every step in this plan is purposely made voluntarily because it has been declared on high legal authority in South Dakota that it would be unconstitutional to take by coercion from one bank to give another, perhaps in another part of the state. It is claimed it could not be shown before a court that this is one of the purposes of the state government. Mr. L. Slimmer, president of the Benton County Bank of Clarksville, Iowa, was a recent visitor at the office of The Northwestern Banker. Mr. Slimmer re ports conditions most prosperous in his section of the state, and thinks an Iowa farm mortgage about as good form of security as has been invented. A large number of people concur in this belief. February, 1909. TH E NORTHWESTERN BANKER 25 Capital and Surplus $510,000.00 Peoples Trust & Savings Bank CLINTON, IOW A 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 accounts of Banks and Bankers in its territory. C. B. MILLS..........Vice President W. W. COOK ..................... Cashier J. L. B0HNS0N ....A s s t . Cashier T h e Annual Elections in Des Moines THE ANNUAL ELECTIONS IN DES MOINES. Very few changes marked the annual elections in Des Moines. The stockholders seemed to feel that the splendid services rendered by the officials now in charge of the banks warranted their continuance in office and voted accordingly. Des Moines National Election. At the meeting of the stockholders of the Des Moines National Bank the following officers and directors were elected : President, Arthur Reynolds; vice-presi dent, John H. Blair; cashier, A. J. Zwart; assistant cashier, C. A. Barr; directors, George M. Reynolds, D. G. Edmundson, L. Sheuerman, W. S. Regur, George M. Van Evera, M. Frankel, Carroll Wright, Charles A. Rawson, C. W. Pitcairn, John H. Blair, Arthur Rey nolds. Preliminary arrangements for moving into the new building at the corner of Sixth and Walnut streets were made at this meeting. Valley National Bank and Valley Savings Bank Make No Changes. R. A. Crawford was re-elected president at the an nual meeting of the Valley National Bank at the stock holders’ meeting. The other officers and directors were all.chosen for another year as follows: D. S. Chamberlain, vice-president; C. T. Cole, Jr., vice-president, and W. E. Barrett, cashier. Directors: D. S. Chamberlain, W. E. Tone, C. W. Mennig, W. C. Harbach, T. F. Stevenson, Alfred Hammer, E. W. Stanton, H. M. Rollins, R. A. Crawford, C. T. Cole, Jr., and Daniel P. Reinking. At the meeting of the stockholders of the Valley Savings Bank Alfred Hammer was re-elected presi dent, and the other officers and directors were chosen for another year as follows: C. W. Mennig, vice-president; R. A. Crawford, cash ier, and the board of directors will include D. S. Cham berlain, C. W. Mennig, L. Harbach, Alfred Hammer, R. A. Crawford, Charles Weitz, P. Collins, M. Stalker and W. E. Barrett. E. K. Butler on Board of Iowa National. At the annual stockholders’ meeting of the Iowa National bank E. K. Butler was added to the board of directors and all of the old officers and directors were elected. It was voted to increase the surplus by $100,000 and a quarterly dividend of 2 per cent was de https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis clared. Following are the officers and directors of the bank : President, Homer A- Miller; vice-president, H. S. Butler; cashier, Harry T. Blackburn; assistant cashier, G. A. Nelson; directors, J. G. Berryhill, H. T. Black burn, H. S. Butler, J. H. Cownie, E. C. Finkbine, Louis C R O C K E R B U IL D IN G , D E S M O IN E S , IO W A Home of the Northwestern Banker. “ T h e latch string Is always out.” Suite 402-404 Harbach, G. M. Hippee, Homer A. Miller, C. C. Prouty, Edward A. Temple and E. K. Butler. Two New Directors for the Citizens. The only changes made in the directory of the Citi zens National Bank, at the annual meeting of the stockholders, was to name I. Friedlich and Charles L. THE 20 NORTHWESTERN BANKER February, 1909 TH E DES MOINES N A TIO N A L BANK DES MOINES, 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 in 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 esources (o ve r) $ 4 ,6 0 0 ,0 0 0 .0 0 Arthur Reynolds, President John H . Blair, Vice-Pres. Gilcrest as members of the directory board in place of A. Younker and former Governor William Larrabee. Mr. Larrabee had been a member of the board for many years, but as he resides at Clermont, in Fayette county, and is seldom in the city, he asked to be re lieved of the position he had so long occupied. The old officers were re-elected as follows: J. G. Rounds, president; S. A. Merrill, vice-president; George E. Pearsall, cashier. As reorganized, the board of direc tors is composed of the following named men: W. E. Coffin, George E. King, M. Strauss, S. A. Merrill, Geo. E. Pearsall, I. Friedlich, B. A. Lockwood, J. G. Rounds and Charles L. Gilcrest. The capital stock of the Citizens National is $300,000. Its deposits aggregate $1,838,888.88. Its total resources are $2,305,792.23. The bank was established thirtyseven years ago, and is one of the widest known financial institutions in the state. A . J . Zwart, Cashier Ellyson are the directors. dividend was declared. C. A. Barr, Asst. Cash. The usual four per cent Homer A. Miller Made President of Des Moines Savings Bank. Mr. Miller was elected president of the Des Moines Savings Bank to succeed Simon Casady, who resigned recently. Mr. Miller is also president of the Iowa Na tional Bank and under his management that institution has had a remarkable growth. E. K. Butler, a retired Chicago capitalist and a brother of H. S. Butler, was added to the directory board of the Des Moines Savings Bank. The other directors are James G. Berryhill, H. T. Blackburn, H. S; Butler, Homer A. Miller, J. H. Cownie, E. C. Finkbine, L. Harbach and G. M. Hippee. H. S. Butler was re-elected vice-president and H. T. Blackburn, cashier, W. H. Barnard was made assistant cashier. Peoples and Mechanics Savings Make No Changes. Central State Bank of Des Moines Elects Simon Casady President. The officers of the Mechanics Savings re-elected in At the annual meeting of the Central State Bank, re clude the following: H. B. Wyman, president; G. E. MacKinnon, vice- cently held, Simon Casady, formerly vice-president of president; John A. Elliott, cashier. The board of di the Iowa National, was elected president and the capi rectors will be John H. Gibson, F. C. Waterbury, H. B. tal stock was increased from $50,000 to $200,000. A Wyman, Nelson Royal, C. B. McNerney, R. R. Mc- number of plans for the enlargement of the business Cutcheon, Harry F. Gross, D. M. Johnson and G.' E. were discussed. The Central State has had a very MacKinnon. successful career. The directors are greatly pleased The officers of the Peoples Savings Bank include: with the outlook for the bank’s growth under the new C. H. Martin, president; T. F. Flynn, vice-president; management. Mr. J. D. Whisenand, who has conduct F. P. Flynn, cashier, and E. A. Slininger, assistant ed the affairs of this institution for a number of years, cashier. TJie board of directors will be composed of is to be congratulated upon the success which has at-’ O. H. Perkins, C. C. Loomis, J. A* Garver, Dr. D. W. tended his efforts in. the past in building up this splen Smouse, H. C. Wallace, L. Sheuerman, T. F. Flynn, did financial institution, and with Mr. Casady as a run ning-mate there is no reason why the bank will not be C. H. Martin and F. P. Flynn. The Mechanics bank declared a semi-annual divi able to take its place in the front rank of the banks in dend of 3 per cent at the close of last year and the this country. Other officers elected were as follows: J. D. Whisenand and H. B. Hedge, vice-presidents; R. Peoples declared an annual dividend of 8 per cent. T. Wellslager, J. G. Olmstead, W. H. Langan, C. R Hogan Elected Cashier. Chase, H. A. Elliott, J. W. Hill, and F. R. Risser, with At the annual meeting of the directors of the Mar the officers named, constitute the members of the board quardt Savings Bank yesterday afternoon, G. D. Elly- of directors. son was elected president, D. F. Witter, vice-president, Des Moines has no abler or more successful bankers and John H. Hogan, assistant cashier, was made cash- than the men who will from this time forward control ier John H. Hogan, J. H. Blair, Johnson Brigham, the destinies of the Central State Bank. Mr. Casady ’ G. B. Pray, D. F. Witter, E. H. Hunter and G. D. has been in the banking business all his life and every https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis THE February, 1909 NORTHWESTERN BANKER 27 O F F IC E R S A N D M E M B E R S O F T H E Association, Great Western DES MOINES, IOWA HOW J®ööEO.H.Ö\ia .WMiBAlLY WE GROW Insurance in Force fcviCE PRESIDENT LfóEtíERAI. CoVNjEL, January i , 1902 $2,649,400.00 January I, 1903 $4,816,600.00 January I, 1904 $ 7 ,1 8 1 ,4 0 0 .0 0 January 1, 1905 $ 7 ,4 9 6 ,7 0 0 .0 0 January 1, 1906 $11,147,900.00 January 1, 1907 $15,459,000.00 January 1. 1908 $ V.5. FAIRCHILD M.B. CHIEF SVT< 21,624,172.00 'January 1, 1909 6EO N $27,320,585.00 Increase during 1908 $5,696,413.00 HOW W E GROW A s se ts January 1, 19Q2 $7,781.91 January 1, 1903 $52,348.73 H.B-HAWLE' kOPRESIDENT^ y January 1, 1904 $ 1 3 1 ,1 2 3 .9 2 January 1, 1905 $ 1 6 6 ,4 8 8 .3 2 January 1, 1906 $232,770.28 ■¿¡9 January 1, 1907 m §¿. $299,898.09 January 1, 1908 $ 359,700.35 J a n u ary !, 1909 $415,023.21 H'ss" -J. B . H A RáH ■. ■rtiC&Æü-QJju H 1J / HOME OFFICE I f I H— E.D. BRIGHAM 4^1 ' C H R M , ABM S Q A R -P Increase during 1908 $55,322.86 t» ___ i ___» I „ o L . „ r : _ „ T h e G re a t W e s te rn A c c id e n t A ss o c ia tio n m a d e la rg e g a m s l a s t y e a r m a u im p o r ta a r nem s, o i to e u u m ? K e m a rK a D le a l l o w i n g . n ess. T h e g a in s o f n e w b u s in e s s , c ash in c o m e , in s u ra n c e in force, c la im s p a id a n d a s s e ts r u n fro m 25 t>er c e n t to so p e r c e n t , a m o s t re m a rk a b le re c o rd fo r a c o m p a n y w h ic h h a s p re v io u s ly been b re a k in g all re c o rd s a lo u g h e a lth a n d a c c id e n t lin e s , I h e C o m p a n y c lo sed its e ig h th y e a r w ith m o re a ss e ts a n d m o re in s u ra n c e in fo rce th a n a ll th e o th e r Io w a a c c id e n t c o m p a n ie s c o m b in e d a s sh o w n b y th e la s t r e p o rt o f th e in s u ra n c e D e p a r tm e n t o f Io w a . T h is d o e s n o t in c lu d e th e T r a v e lin g M en ’s C o m p a n ies a s th e y d o n o t r e p o rt to th e In s u ra n c e D e p a rtm e n t A https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis THE 28 NORTHWESTERN BANKER February, 1909 The Commercial IVali011al Bank o f W A T E R L O O , IO W A Capital and Surplus $250,000.00 OFFICERS W. W. Miller, E L. Johnson, President Vice-Président I H. C. Schultz, | E. W. Miller, Cashier Asst. Cashier DIRECTORS W. W. Miller W arren Brown B. L. Johnson J. S. Tutm ii F. C. P la tt C. W. Illingw orth Geo. E. Lichty H. C. Schultz Our facilities for handling the accounts of banks in Iowa are Unexcelled bank he has been associated with has been successful. He got his first experience in his profession as an offi cial of the old Des Moines Bank, which for many years flourished on lower Walnut street. It was changed into the Des Moines Savings Bank, which, by a com bination of progressive and conservative policies, grew to be the largest bank in the state. One year ago, it was consolidated with the Iowa National Bank, the two removing to the Fleming building, where they are doing a large business. Mr. Casady was president of the Des Moines Savings, vice-president of the Iowa National and a director of both banks until he resigned all these positions. Mr. Whisenand practiced law sev eral years before engaging in banking, but has devoted his energies exclusively to banking for sixteen years. H. M. Reed J. W. K rapfel A. J. E dw ards YOUR A C C O U N T IS SO LIC ITED and with admitted surplus to policyholders above all liability of $160,165.68. The substantial gains m&de by this company will G E O R G E B. P E A K A N D T H E C E N T R A L L IF E . To mention one is to think of the other. For years Mr. Peak has been a leading factor in the development of the business of the Central Life, and it has reached such proud proportions today, that any man who has helped in the building of it has reason for congratula tion. If there is joy in accomplishment, and who will deny it, then Mr. Peak is entitled to a full measure as he contemplates the splendid record revealed by the . statement which we publish in this issue of The North western Banker. The growth of the Central Life has placed it at the head of the list of the most progressive companies of the United States, and it has also maintained a conserv ative management that merits the admiration of in surance men everywhere. This company means much to Des Moines, to Iowa, and in fact to the central and western states. It is now doing business in ten states and will soon enter five additional states. Its farm loans are being distributed over a wide territory and it is a very important factor in the making of Des Moines a financial center which will stimulate business' throughout the entire West. The individual who carries insurance in this com pany will read the report with great satisfaction. The statement shows the company paid to policyholders during the year $91,707.70 and also gained in admitted v assets $229,824.00. The reserve to policyholders has increased $i95>747-°0) while the deposits of approved securities in the state safety vaults held for the protec tion of all policyholders was increased $212,187.74. The year closed with admitted assets of $1,079,396.69, https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis G E O . B. P E A K Pres. Central Life Des Moines, Iowa make possible greater gains for the future. The Cen tral Life is thoroughly aggressive and embodies every advantage to the insured possible in its policies. It was the first to adopt the standard policy, prepared and recommended by the convention of governors, in surance commissioners and attorney-generals called together by President Roosevelt to consider the best interests of policyholders. February, 1909 THE NORTHWESTERN 29 BANKER T h e Deposit Insurance Battle W ill Soon be on in Nebraska The question of insurance of bank deposits will come before the present legislature and the following is a copy of a bill prepared along this line which is worth reading and consideration: Be It Enacted by the Legislature of the State of Ne braska : Section 1. That in addition to the purposes for which corporations may be formed under existing laws of the state of Nebraska, there may be created as here in provided corporations for the insurance of deposits of state, private and national banks in the state of Ne braska, from any loss which may accrue to their deposi tors from failure in whole or in part of such insured banks or trust companies and consequent inability to pay such depositors in full, and thereby to indemnify such depositors from loss, by written policy of insur ance in form to be approved by the state banking board. Sec. 2. That any deposit insurance company organ ized under this act shall have a capital stock of not less than one million dollars and no dividend in excess of 10 per cent per annum shall be declared until such company shall have a surplus of one million dollars; provided, that the amount of deposits insured shall at no time exceed a sum equal to one hundred times the amount of the capital stock and surplus subscribed and fully paid up. Sec. 3. That not less than fifteen persons, two- thirds of whom shall be resident citizens of the state of Nebraska, may form any such deposit insurance corporation, and at least 20 per cent of the capital stock shall be paid in, in cash, before such corporation shall be authorized to transact business, and the re mainder within twelve months from date of organ ization. Sec. 4. That any bank or trust company doing busi ness in the state of Nebraska may subscribe for stock in any sum not exceeding 10 per cent of the paid-up stock of such bank or trust company, provided that no bank or trust company shall own stock in more than one such deposit insurance company at the same time. Sec. 5. Relates to officers and their duties. Sec. 6. Defines the form of the’charter. Sec. 7. That no such deposit insurance company shall ever invest any of its funds in securities or invest ments outside of the state of Nebraska except such as shall be approved by the state banking board, provided that the board of directors shall have power to use any of the funds of the company to prevent the failure of any bank or trust company insured by said company, but such company may take and hold temporarily any property or securities, real, personal, or mixed, to pro tect itself against losses, but any such property shall be disposed of within a reasonable time and under such rules as may be prescribed by the state banking board. Sec. 8. That any such deposit insurance company “TH IS BANK WAS NOT BUILT IN A DAY!” Condensed Statement of the Winneshiek County State Bank https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis DECORAH, IOWA at the Close of Business on December 31st, 1908 Quick Assets RESOURCES: Cash and due from hanks.................................................................................. $236,370.92 U. S. 2 per cent bonds (par).............................. • • • • • • • • .................... ......... 40.000. 00 New York City is t Mortgage 3 ^ per cent bonds (p ar).. . ........................ 10.000. 60 New York Central Ry. is t Mortgage 3^ per cent bonds (par) ............. 10.000.00 C. B. & Q. Ry., 111. Div. 4 per cent bonds (p ar)............. •........................ 10 .0 0 0 . 00 C. M ’ & St. P. Ry. is t Mortgage 3yi per cent bonds (p a r)....................... 10 ,000 .0 0 C. St. P. M. & O. Ry. is t Mortgage 6 per cent bonds (par)..................... 10 , 0 00.00 A. T. & St. F. Ry. Gen. is t Mortgage 4 per cent bonds (p ar)................ 10 ,0 0 0 .0 0 Demand loans at 4 per cent secured by term inal warehouse receipts---- 60,000.00 396,370.92 Winneshiek county and other w arran ts........................... Loans and discounts .............................................................. t, 1 -u Bank b u ild in g ........................................................................ Furniture and Fixtures (Cost 9,000.00)............................ .................................................................................. 63,875.47 663,063.45 15,000.00 ..................x- _ $1,138,310.84 LIABILITIES: ................. $100,000.00 W .. , £aPita l......... -•■ ••••;....................................................................... ....... 25000.00 Undivided p r o fits - n e t........................................................................ Deposlts...................v................................................... ...............13,381,10.84 30 THE NOR TH W ESTERN BANKER February, 1909 TH E M ER C H AN TS’ N A TIO N A L BANK of CEDAR RAPIDS, IOWA Capital Surplus . . . . $200,000 200,000 OFFICERS JO H N T. H A M I L T O N , Pr es id en t P. C. F RI CK, 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 Live, Commercial Bank of Cedar Rapids shall deposit, keep and maintain with the treasurer of the state of Nebraska, one hundred thousand dollars in cash or in Nebraska municipal securities, real estate mortgages, or United States government bonds, which sum or securities or mortgage shall be subject to at tachment or execution to satisfy any claim of any bank, trust company or depositor of any bank or trust com pany that may be injured by the default of such deposit insurance company to promptly meet its corporate obligations, provided that this section shall not limit the injured party from invoking any remedy provided in the ordinary course of law; and provided that any securities or mortgages deposited with the treasurer of the state may be exchanged from time to time by oth ers of equal value whenever there is no attachment or execution levied against them. Sec. 9. That any deposit insurance company organ ized under this act shall have power to issue policies of insurance to banks and trust companies in the state of Nebraska upon such terms as the by-laws of the de posit insurance company provide conditioned that the company will promptly pay when due on demand, upon payment of which the deposit insurance company shall be subrogated to all the rights of such depositors against such bank or trust company, and the deposit insurance company shall be entitled to reimburse it self as far as the assets and property and credits of such bank or trust company may permit. Sec. 10. That whenever the deposits of any bank are insured by any deposit insurance company organized under this act, county funds may be deposited with such insured bank without other security if the county board approve of such bank as a depository. And the state treasurer may likewise deposit the funds of the state in such banks for safe keeping without other se curity. Sec. 11. That any deposit insurance company hav ing issued a policy of insurance on the deposits of any bank or trust company may at any-time examine the business and affairs of the assured, and whenever such deposit insurance company finds that any bank or trust company is violating any state or federal law, or that its capital is impaired, or that its assets or any part of https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis them are of doubtful value, it may by letter or wire no tify the bank, the state bank commissioner or national comptroller of the currency, as may be proper, of such fact and may after ninety days from giving such notice cancel its policy by surrendering the unearned pre mium, provided that if such assured bank or trust com pany shall fail or be compelled to suspend business or be taken charge of by any federal or state officer or the officer of any federal or state court within ninety days from the giving of such notice by such deposit' insurance company, then and in any such case such insurance policy shall not be cancelled but shall remain in force for the full guaranty and insurance of the de posits of the assured; provided, that at least: thirty days before the expiration of the time fixed for such deposit insurance company to cancel its policy of in surance it shall be the duty of such deposit insurance company to publish notice of such intention to cancel such policy in a newspaper published in the town or city in which is located such insured bank and if no newspaper is published in such town or city, in which is located such insured bank, then by publication in a newspaper of general circulation in the county in which is located such insured bank. Sec. 12. That the State Banking Board is hereby granted full and complete inquisitorial power and power of visitation over j j .11 deposit insurance com panies which may be created under this act and over the books, assets, property and liabilities of such com panies, and whenever the State Banking Board is of opinion that any of the investments of such companies are unsafe, or that ¡p.ny of the methods or practices of any such company are not consistent with safe and conservative business policy, the said board may direct that such investments shall be disposed of or that such methods and practices shall be corrected or abandoned ; and whenever the capital of any such company is im paired, or whenever it fails for ten days to keep any of its corporate obligations, the attorney general shall commence an action in quo warranto for the dissolu tion of such corporation and to wind up its affairs; or if the attorney general believes some less drastic meas ures will rectify the objection of the State Banking THE February, 1909 NORTHW ESTERN BANKER 31 UNITED S T A T E S D EPO SITA R Y T h e C e d a r OF CEDAR çlRECT e*a*M*CTtO**® N r a p i d s B A N K a t i o n a l R A P ID S , IOWA Has f or more than 21 years given particular atten'tion to the accounts of Iowa Banks and Bankers, and is thereby enabled to place at their disposal facilities which are unsurpassed. OFFICERS: A. T. A V E R IL L , President G. F . V A N V E CH TE N , Vice-Pres. Board to the methods, practices of investments of such company, he may resort to any court of competent jurisdiction for any of the usual remedies provided by law. Sec. 13. That any deposit insurance company doing business under this act is authorized to call for posi tively sworn statements from any officers of any bank or trust company assured by it, and any person who makes a wilfully false statement under oath in refer ence to the business of the assured shall be guilty of perjury and so prosecuted and punished according to the criminal laws of the state of Nebraska. Sec. 14. That the State Banking Board is author ized to call for positively sworn statements from any officer of any deposit insurance company created and doing business by virtue of this act, and any person who makes a wilfully false statement under oath in ref erence to the business of such deposit insurance com pany shall be guilty of perjury and so prosecuted and punished according to the criminal laws of the state of Nebraska. Sec. 15. That all other regulations for the creation, management, conduct and control of deposit insurance companies and defining their powers, duties and lia bilities not herein provided for and not inconsistent herewith, shall be governed by Chapter 16 of the Com piled Statutes of the state of Nebraska of 1907 relat ing to corporations and by the acts supplemental there to and in amendment thereof. Sec. 16. The secretary of the state banking board shall within thirty days after the passage of this act, mail to each national bank, state bank, savings bank, private bank, and trust company, doing business with in the state of Nebraska, subscription blanks to the capital stock of the deposit insurance company on which each bank or its officers may subscribe to the capital stock as provided herein; provided, that when $200,000 have been subscribed the persons or banks making such subscriptions shall be called together for organization. A. R. SMOUSE, Auditor cashier; C. B. Dugdale, second assistant cashier; the board of directors consists of Luther Drake, Frank T. Hamilton, John F. Coad, G. S. Rogers and George E. Pritchett. The First National elected its old officers and direc tors, the officers being C. T. Kountze, president; F. H. Davis, vice-president; L. L. Kountze, second vice president; T. L. Davis, cashier, and I. Allison, assistant cashier. The directors are E. M. Andreesen, J. D. Creighton, F. H. Davis, T. L. Davis, C. B. Kountze, C. T. Kountze, L. L. Kountze, W. A. Paxton, Jr., and W. S. Poppleton. The Omaha National made no changes, the officers being J. H. Millard, president; William Wallace, vicepresident; C. F. McGrew, vice-president; W. H. Bucholz, cashier; Frank Boyd, B. 'A. Wilcox and Ezra Millard, assistant cashiers. The directors are J. H. Millard, K. C. Barton, W. M. Burgess, C. H. Brown, A. J. Simpson, William Wallace, I. W. Carpenter, W. H. Bucholz, J. E. Baum and L. C. Nash. The United States National elected W. E. Rhoades a director to succeed Guy C. Barton. The officers are Milton T. Barlow, president; G. W. Wattles, vicepresident; V. B..Caldwell, vice-president; A. Millard, vice-president; W. E. Rhoades, cashier; G. E. Haverstick, assistant cashier, and R. P. Morsman, assistant cashier. The directors are M. T. Barlow, W. E. Rhoades, S. S. Caldwell, V. B. Caldwell, E. A. Duff, Thomas A. Fry,'C. W. Lyman, Euclid Martin, A. Mil lard, E. M. Morsman, A. L. Reed, B. F. Smith, W. A. Smith, G. W. Wattles and C. E. Yost. People’s Savings Bank DES MOINES, IOW A Capital, $100,000.00 OM AHA BANKS ELEC T. The splendid business of the past year in all the Omaha banks, and the extremely satisfactory service rendered by the various officials resulted in very few changes when time came for the annual elections. The officers of the Merchants National are Luther Drake, president; Frank T. Hamilton, vice-president; *F. P. Hamilton, cashier; B. H. Meile, first assistant https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis LO U IS V IS H A , A sst. Cashier R A L P H V A N V E CH TE N , Vice-Pres. K E N T C. FERM AN , Cashier Surplus, $75,000.00 O F F IC E R S : C. T. F. E. H. M A R T I N , F. F L Y N N , P. F L Y N N , A . S L IN IN G E R , President V ice-P resid en t C ash ier A sst. C ashier D IR E C T O R S : C . H . A in le y J. A . G a rv er L . Sheuerm an O . H. Perkin s D . W . Sm ouse T . F. F lyn n C . C . L o om is H . C . W allace C . H. M artin 32 THE NORTHW ESTERN The Northwestern Banker PUBLISHED MONTHLY AT 402-404 CROCKER BUILDING BY The Northwestern Banker Publishing Company D E S M O IN E S , I O W A EMERSON DE P UY - . . . . Manager “A CASHIER’S CHECK” monthly Fo*i?*00 .1?, alI Fe<luired *Banker ? sfcurfforth visits of(ítheatNorthwestern ane 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 CORRESPONDENTS” 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. We are always glad to hear from our friends. “SIGHT DRAFTS” a'ways carry a large “ Reserve” of good will and additional service, and will 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” °ur co'umns 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. We learn things by an interchange of ideas, and people with whom we disagree often prove valuable teachers. We shall be glad to hear from you. “NO PROTEST” Has ever *>een °®ere<l 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 AND UNDIVIDED 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 MATTER” This i°urnaI 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. F E B R U A R Y , 1909 Resignation of M r. Whinery The Northwestern Banker records with much regret the resignation of Mr. Whinery as cashier of the Cen tury Savings Bank of Des Moines. Mr. Whinery has been cashier of the bank ever since it was organized, August io, 1903. During the past year he has complained of not feeling well, and Mrs. Whinery’s health has been poor. It is probable that they will leave for a stay at Seattle or some other far western town. “ W h at They are Doing and H ow ** Under this heading we open in this issue of The Northwestern Banker a new department and the title is suggestive of its mission. All over the Northwest there are up-to-date bankers who are doing special things to promote the interests of their business. That which proves a success in one section will be just as big a success in another, and this department is for the purpose of exploiting these special efforts on the part of our readers. We shall be very glad to hear from any of our friends who have undertaken special cam paigns for the purpose of increasing their business and we will be pleased if they will write us full details concerning same. We will fix it up and put it in proper shape for publication in this department. The fact that Iowa has the largest bankers’ association of any state in the Union clearly demonstrates that there is a strong fraternal feeling among the bankers and that they are anxious to stand together and assist each other in all ways possible. A banker can confer no https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis BANKER February, 1909 more fully appreciated favor upon a fellow banker than by telling him of some plan he worked out which brought in some extra deposits, and the department which we inaugurate with this issue of The Northwest ern Banker is the place to tell this story so that all may be benefited thereby. Let us hear from you. “ The Y eggm en ” The news columns of the daily papers as well as the news columns of the Northwestern Banker have con tained reports for some time past of the work of these enemies of the country banks. Their depredations have been marked especially throughout the North west. Many of the banks of the smaller towns of Minnesota, North and South Dakota, and Nebraska, as well as some in Iowa, have suffered considerably. In this issue of The Northwestern Banker there ap pears an article entitled, “The Bank Robber’s Neme sis,” which will be found very interesting to all our readers as it describes in detail the work of these men and also shows what the American Bankers’ Associa tion is doing to put them out of business. The article is illustrated and the description given, as to the work done by the Pinkerton Detective Agency which is em ployed by the A. B. A., is of intense dramatic interest. Regarding Illustrations The Northwestern Banker would be pleased if when any of our subscribers or advertisers have half-tone cuts of their buildings, either interior or exterior, they would send them to us for publication in our columns. A study of the various styles of bank architecture is always an interesting one and as a great many new banks are being built throughout the territory covered by our journal, we believe that the publication of illus trations of these buildings in our columns could not fail to be of the highest possible interest to our readers. There will be no charge whatever for this service on our part. The engravings will be given the best pos sible care while they are in our hands and returned to the owners as soon as they are published. We should be glad to hear from any of our readers along this line. Insurance Interests o f Des M oines The insurance interests of the capital city of Iowa are attracting attention throughout the entire country, as is evidenced by the article published in another col umn taken from a recent issue of the Commercial West, of Minneapolis. Very steadily, but without making much fuss about it, Des Moines has forged to the front as an insurance center. A number of home companies located here are doing an enormous business. Several reasons may be attributed; first, the Iowa insurance laws are probably the best of any state in the Union, and the policyholder feels that the state is doing every- THE February, 1909 NORTHWESTERN thing possible to safeguard his interests. This, of course, increases confidence and without this a volume of business along any line is impossible. Then, too, the state and city has reason to be proud of the character of the local institutions. They are officered by men of the very highest type, there has never been the slight est breath of scandal against any of them, all losses have been promptly met, and the dividend-paying companies compare very favorably with companies of similar character located anywhere in the United States. These reasons, combined with the extremely favorable location of this state in the midst of the greatest and richest agricultural section on earth, has given Des Moines much of its present proud prom inence in insurance circles. BANKER 33 part of the various group chairmen would, it seems to us, help to enable visitors who wish to attend all to do so. We shall be glad if the different secretaries will furnish us with dates of the meetings for publication in The Northwestern Banker as soon as they are set tled upon, and we shall also be pleased to receive copies of the programs far enough in advance to enable us to give place to them in the columns of this journal a month preceding the date of the meeting. We shall appreciate the co-operation of the secretaries of the dif ferent groups in this particular. Life and Accident Business in Iow a G ood For 1 9 0 8 Reports of the Iowa insurance companies for the year ending December 31st and now being filed with Group M eetings As the season for the holding of the group meetings throughout the state js now approaching, it would be desirable if it were possible for the various secretaries to arrange these meetings so that the dates would not conflict. This would enable a large number of visi tors to attend all the meetings, whereas, when meet ings are arranged so that there is a conflict of dates, this is impossible. A little concerted action on the Auditor of State Bleakly are evidence that the past year was a good one for Iowa insurance men. Life and accident insurance men declare they are more than pleased with the showing they are able to make. The fire writers, however, are not so well satisfied. While reports differ largely, many fire insurance com panies show an increase in fire losses and a decrease in premiums. Farm losses are reported as unusually The Bennett Loan and Trust Co. Sioux City, Iowa Capital $50,000 Surplus $20,000 Farm and City Loans a Specialty Short Time Commercial Paper Usual Trust Company Business Transacted Correspondence In vited on These Ü* Subjects & https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis THE 34 The Second Largest Savings Bank in the State of Iowa NORTHWESTERN BANKER February, 1909 Capital, Surplus & Profits $490,000 J l h E SCjOTTi Ü S A V IN G S L DAVENftoR] • I I heavy, although the number of large fires was less than usual. The Blanchard anti-compact law is blamed by the fire writers as one cause of the poor business done in Iowa. The law makes possible'and, in fact, encour ages the cutting of rates so that insurance men say it is impossible to longer maintain reasonable returns. That is one reason they will ask the repeal, or at least an amendment to the law cutting out the prohibitive forming of compact to maintain exorbitant prices by eliminating the word exorbitant. The uniform policy law recommended by Auditor of State Carroll and which insurance men did not like at first, is now generally commended. It does away with the trickster and insurance liar, while the patron knows that one policy is as good as the other. UNTY BANiK Deposits Over $4 ,000,000 OFFICERS: I. H. SEARS, Pres. H. F. PETERSEN, - Vice-Pres. J. H. HASS, Cashier GUSTAV STUEBEN, Asst. Cashier the other, the Auto Block, being finished about a year ago. These two blocks are now occupied by nine of Sioux City’s most enterprising firms. The Northwestern Banker is glad to present in group form on page 33 the photos of the officers of this institution, also a picture of the building. This very fine engraving adorned the annual calendar re cently issued by the company. MEETING OF NORTH DAKOTA BANKERS CONDEMN POSTAL SAVINGS BANKS. After perfecting their organization and electing offi cers, the district bankers of the fifth judicial district adjourned, to meet next June at some point to be des ignated by the executive committee. The gathering was an unqualified success and the visiting bankers declared that it was one of the most pleasant gather ings of the kind which they had ever attended. The following officers were named after the perma THE BENNETT LOAN & TRUST COMPANY OF nent organization had been effected: President, W. C. SIOUX CITY. McDowell, Marion; vice-president, Theo. Torbenson, This is one of Sioux City’s most prosperous, and pro Nome; secretary-treasurer, P. R. Sherman, Courten gressive financial institutions. Under the able leader ay. These three officials and P. A. Pickett, Leal, and ship of Mr. A. T. Bennett it has gone steadily forward, John Tracy, Valley City, to make up the executive until the showing it makes is such as to cause those re committee. sponsible for its growth unbounded satisfaction. The following resolutions were reported and The Bennett Loan & Trust Co. commenced business adopted: January 2, 1907, its capital being $50,000, the surplus We, the bankers of the fifth judicial district of the and undivided profits now exceed $20,000. It receives state of North Dakota, in convention at Valley City, time deposits, makes a specialty of farm and city loans North Dakota, this sixteenth day of December, 1908, and has such loans to sell to investors. The president do hereby oppose any and all legislation looking to is A. T. Bennett, J. A. Whitaker is vice-president, F. P. ward the establishment of government postal savings Berger is secretary, and Ralph A. Bennett assistant bank in any form for the following reasons: secretary. The directors being John G. Shumaker, First—Removal of funds from local investment and George Jepson, J. A. Whitaker, Ralph A. Bennett and the consequent increase of interest rates, which would result in retarding local development and add an un A. T. Bennett. The Bennett Bank receives checking accounts and necessary burden to the borrower. does a general banking business and its business is Second— Removal of taxable property from the com steadily increasing. Its officers are the same as the munity and the consequent increase in rate of taxa Trust Company with R. G. Hoffmeyer as cashier. tion of real estate in such community. Nothing is more indicative of the healthy growth Third— Increase of government offices to be filled of Sioux City in the last few years than the two large by political influence. business blocks which have been constructed on Ne Fourth— Consequent lobbying for distribution of braska street by Mr. A. T. Bennett. The first one, the government funds. Bennett Block now owned by the Bennett Loan & Fifth— Removal of property from process of law and Trust Co., being completed two years ago this month; consequently facilitates the evasion of debt. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis February, 1909 THE NORTHWESTERN BANKER 35 What They Are Doing—And How • EDITOR’S NOTE:—In this departm ent we hope to be able to present to our readers each m onth some of the things being done by the up-to-date bankers throughout the northw est, to prom ote their interests, attract attention to th eir banks and increase th eir deposits. We therefore cordially invite our readers to send us inform ation relative to anything special they m ay have u ndertaken, giving full details as to the m easure of success attained. The departm ent m ay be m ade a most valuable “clearing house” for ideas if our readers will respond to our invitation for contributions. H O W S A N T A C L A U S M ADE A RUN ON TH E GUTHRIE C O U N T Y BAN K A T PA N O R A , IO W A S ' H O W P R E S ID E N T R E Y N O L D S AN D T H E G U T H R I E C O U N T Y N A T I O N A L OF PANORA, IOWA, DID T H IN G S . A very unique method of attracting attention to the bank was that used by President M. M. Reynolds of the Guthrie County National of Panora. About the first of December a large number of circulars were distributed throughout the surrounding country bear ing a letter from Santa Claus which read as follows: SANTA CLAUS’ L E T T E R To M. M. Reynolds, President of T H E G U T H R I E C O U N T Y N A T I O N A L BANK. New York, Dec. 1, 1908. M. M. Reynolds, Pres., Panora, Iowa. F ourteen years ago today I was in P anora and gave away toys for you. I am coming w est again and will be a t the G uthrie County N ational Bank w ith a sleigh load of toys, on Thursday, Decem ber 24, 1908, a t 2 p, m., consisting of all th e la te s t novelties to be found in this market. Have every boy and girl in Guthrie county there, and don’t forget th e babies, bring them all. SANTA CLAUS. It was further announced at this time that Santa Claus^ would give away a thousand toys; every boy and girl under twelve years of age was to be there, also that there was to be music, and a parade headed by the Panora Junior Band which was to be followed by Santa Claus with his sleigh, also the toys, and the children marching behind. It is unnecessary to say that the majority of the boys and girls in the county under the age of twelve, and a whole lot of boys and girls who were more than twelve, were on hand De cember 24th, the day preceding Christmas, the younger ones to receive the toys, the elders to see the fun. It was a jolly crowd and as the time for distribution of the gifts approached the excitement was at fever heat. We have reproduced on this page three photographs of the scene which was enacted in front of the bank at the time specified, and a glance at these pictures will con vince any of our readers that Mr. Reynolds’ Santa Claus idea was the biggest kind of a success. No doubt that in every family in the whole county the bank was talked about and every business man and banker knows that to get his business talked about in a favor https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis able way means more business for him. - This applies just as fully to the bank as to a department store or anything else and we have no doubt that Mr. Rey nolds’ sleigh load of toys secured a very valuable as set in the form of a largely increased amount of good will for his bank. SOME T H I N G S W H IC H T H E F A R M E R S N A T I O N A L B AN K OF W H I T E , S. D., IS DOING. In a letter recently received from Mr. J. E. Dricken, the live assistant cashier of the bank named above, he enclosed some samples of the advertisements which at various times have been put forth by his bank. He says: “ We endeavor to make all our advertising orig inal and we believe much of our growth can be traced to the kind of advertising we are doing. Wish to say that the advertising department of The Northwestern Banker has been a great help along this line in securing new ideas.” Mr. Dricken enclosed four samples of the work being put out by his bank. No. 1 was a statement of condi tion, which was a four-page folder, pages 6x8 inches in size, giving a complete detailed description of every item galled for. This is in line with the suggestions which have been advanced in our advertising depart ment from time to time that the statements should be made to convey information to the public and this statement surely does. No. 2 was a yearly statement which comprised the entire business of the year and made a splendid showing, and on the back was a little talk relative to the statement and an invitation to do business with the bank. No. 3 was quite a novelty. It consisted of the comparative statements of all the banks of Brookings county, in which the Farmers Na tional is situated. Of course, the comparison with the other twelve banks of the state was for the purpose of showing how splendidly the Farmers National ranked with the rest of them, and it certainly accomplished its purpose. No. 4 was a novelty in the shape of a com parative statement with a coupon attached, and this coupon was in the shape of a postal card, and secured, to anyone who presented it at the bank, one of the hand- 36 TH E NORTHWESTERN BANKER February, 1909 German Savings Bank Believing that our large Capital and D avenport, Iowa. Capital Surplus and Undivided Profits Over Deposits - - Surplus oilers a strong reserve lor $600,000 our depositors we invite the accounts 674,000 9,178,130 ol Iowa Banks and Bankers. Liberal treatment and prompt service OFFICERS CHAS N VOSS, Pres. DAVID H. McKEE, Vice-Pres. AUG. A. BALLUFF, Second Vice-Pres JENS LORENZEN. Vice-Pres. ED. KAUFMANN, Cashier. F. C. KR0EGER, Ass'i Cashier Commercial Accounts. Farm M ortgage Loans. some art calendars which the bank was giving for the new year. Thisj it will be noted, brought every indi vidual who received one of these to the bank and that of course, was the object aimed at. Such work as this cannot fail to be productive of satisfactory results and this is evidenced by the steady growth of this bank. F IN E B O O K L E T ISSUED BY P E O P LE S SAVIN G S B A N K OF GRAND MOUND, IOWA. The Peoples Savings Bank of Grand Mound, Iowa, issue a very attractive 12-page folder, printed in gold on the front cover page as a greeting and announce ment to their stockholders, of the usual New Year’s dividend check which they send to all those who are fortunate enough to be on the list. The announcement is a very handsome one and reflects much credit on the up-to-date cashier, Mr. J. W. Reihman. This bank had deposits on January 1, 1901, of $13,284.05, while on January 1, 1909, the deposits were $343*373-97 ; 5° per cent of the increase of their capital stock was paid out of the undivided profits and the furniture and fix tures account was decreased 20 per cent by charging that account to profit and loss. The bank has never had a loss or lawsuit. They are to be congratulated upon a management which makes such things pos sible. DROVERS D E P O S IT SEN D S O U T N O V E L S O U V EN IR . The Drovers Deposit National Bank of Chicago is sending out a very attractive and useful desk novelty to their friends. It is an ivory letter opener, the handle being in the form of a steer’s head and neck with horns, color and all complete. The name of the bank and the “Quick Service” motto is stamped in gold on the side. All who are favored with one of these high-class novelities wish they had letters enough to keep them busy all day using the opener. H A L F PAGE ADS IN L O C A L PAPERS. More and more the bankers are beginning to realize the great advantage of using space in their local papers and we note the half-page ad of the Monroe National of Monroe, Iowa, and also the half page by the Jasper County Savings Bank of Newton, Iowa, both of these ads being published in local papers. The banker is no longer contented to simply publish a card or a state ment without comfnent. He uses space and uses it liberally and in proportion as he does this his business expands and becomes profitable. There is no invest https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Savings Deposits. Collections ment the bank can make which returns such dividends as an investment in printer’s ink. We congratulate the above named banks on the splendid showing they made at the end of the year. The Monroe National has deposits of $244,476 and the Jasper County Sav ings had $512,661. Mr. A. E. Hindorff is the cashier of the Jasper County Savings and Mr. Chas. Schenck of the Monroe National. MR. ED. T . K E A R N E Y OF T H E B A N K OF D A K O T A C O U N T Y , JA C K S O N , NEB., V E R Y MUCH A L IV E . This up-to-date bank does things right along, every month in the year. Mr. Kearney calls his bank “The bank that always treats you right,” and he makes good this catch line. The letters which he sends regularly to his patrons and to those whom he wishes to become such, are unique and original and no doubt bring the friends of the bank in close contact with him. The let ter sent out the first of the year is appended herewith. To our F rie n d s:— A Happy and Prosperous New Year to you and yours. Now is th e tim e w hen one feels like wiping th e slate clean, and beginning all over again. L et’s you and I do that. If we have a .grudge against any living being—forget it—’tis not w orth bothering about. If we’ve any bad h ab it or habits (and we all have) wipe them from th e slate of our manhood and womanhood. If our business has not prospered during 1908, dig in HARD and m ake 1909 th e banner year. In short, take off th e dirty old m antle th a t clings to all frail m ortal men, and don th e brand new, spotless, shining cloak EVERYBODY can w ear in 1909, if they b u t choose. H ere in good old Dakota county, w here bountiful crops aw ait all who sow and culti vate and reap, w here social, business, even political life is nearly all one could wish for, w here church and school offer every opportunity for m an and child to be b etter and w iser— here w here h ealth and w ealth and happiness abound, th ere should be many happy hearts, this b rig h t New Year? Resolve, one and all, to do b etter during 1909 th an you did in 1908—b etter for yourself, for your family, for your friends, for th e poor and needy, for all hum anity. L et Jan u ary 1, 1910, unfurl a glorious record, so you can tru ly say, “I have ju st closed th e .b e st year of my life.” H ere’s hoping we can ALL tru ly say th a t. G ratefully yours, “The Bank th a t ALWAYS tre a ts you RIGHT.” Bank of D akota County, Jan. 1, 1909. Jackson, Nebraska. In the little folder which accompanied this letter, we notice this paragraph: “A 1909 calendar and purse are at the bank for our customers, a purse that will never be empty if you deposit your savings with us.” It’s useless to suggest here that “The Bank That A l ways Treats You Right” is doing a most excellent business and is increasing in deposits and prestige all the while. That is the natural result of hustling. February, 1909 THE NORTHWESTERN BANKER 37 THE NAUMAN CO. 420-428 Cedar St W ATERLOO, IOW A Manufacturers of BANK FIXTURES Catalogues Free PLANS AND ESTIM ATES FURNISHED CEDAR RAPIDS NATIONAL CLOSES A MOST PROSPEROUS YEAR. The year 1908 proved to be one of the best in the history of the Cedar Rapids .National as per report made at the annual meeting held the middle of Janu ary. The showing was exceedingly gratifying to all the stockholders and filled the hearts of the officers and directors with much pride. Mr. Kent C. Ferman, the efficient and able cashier of this institution, is respon sible for much of this success, and his associates in the management of the bank are to be congratulated with him upon the splendid work of the past year. All the old officers and directors were elected and Mr. Martin Newcomer was very worthily advanced to the office of assistant cashier. The officers are as follows : Presi dent, A. T. Averill ; vice-president, G. F. Van Vetchen ; vice-president, Ralph Van Vetchen; cashier, Kent C. Ferman; assistant cashiers, Louis Visha and Martin Newcomer; auditor, A. R. Smouse. The building plans for the present year were discussed at some length and it is more than probable that three or four stories will be added to the present building during 1909. HANOVER NATIONAL ELECTS. At the annual meeting held the middle of January, the Hanover National, of New York, elected the follow ing as officers and directors : Officers: James T. Woodward, president; James M. Donald, vice-president; E. Hayward Ferry,’ vicepresident; William Woodward, vice-president; Henry R. Carse, vice-president; Elmer E. Whittaker, cashier; Wm. I. Lighthipe, assistant cashier; Alex D. Cambell, assistant cashier; Chas. H. Hampton, assistant cash ier; J. Nieman, assistant cashier; William Donald, assistant cashier. Directors: James T. Woodward, president; Vernon H. Brown, Agent Cunard Steamship Company; W il liam Barbour, president The Linen Thread Company, 96 Franklin St.; John W. Castles, president Union Trust Co., of New York; J. William Clark, treasurer Clark Thread Co., Newark, N. J. ; James F. Fargo, vicepresident and treasurer American Express Co.; W il liam Halls, Jr., Summit, N. J. ; William de F. Haynes, of Lawrence & Co., Dry Goods Commission, 24 Thom as St.; Arthur Curtiss James, vice-president Phelps, Dodge & Co., Inc., Metals, Q9 John St.; Charles H. Marshall, chairman Liverpool & London & Globe In surance Co.; Cord Meyer, Merchant, 62 William St.; https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Samuel T. Peters, of Williams & Peters, Coal Mer chants, 1 Broadway; John S. Phipps, 787 Fifth A ve.; William Rockefeller, 26 Broadway; Elijah P. Smith, of Weodward, Baldwin & Co., Dry Goods Commission (Cottons); James Stillman, of Woodward & Stillman, Merchants, 16 to 22 William St.; Isidor Straus, of L. Straus & Sons, Importers of China and Glassware, 44 Warren St.; James M. Donald, vice president; E. Hay ward Ferry, vice-president; William Woodward, vicepresident. To all of those who are familiar with the various in terests controlled by the individual members of this board the combination of the names above shows that the Hanover National Bank occupies what might be termed almost an unique position among the great banks and great interests of this country, for it is in close touch with nearly all the large combinations and groups, yet is in itself an independent unit. For not withstanding that in the publication of so-called groups of banks the Hanover has sometimes been placed with this combination or that combination, the fact remains that, while the bank is friendly to all, it is absolutely, independent of any of them through the control of its; stock. Founded 1860 No. 411 First National Bank MARSHALLTOWN, IOWA Capital and Surplus $215,000.00 D. T . D E N M E A D , Pres. JA S. L . D E N M IR E , V ice-P res. C . C . S T C L A I R . C ashier H. G E R H A R T , A sst. Cash, H. S. L A W R E N C E , A sst. Cash. THE 38 NORTHWESTERN February, 1909 BANKER O F F IC E R S Capital Stock - $100,000.00 Surplus - - - 90,000.00 Undivided Profits - 2,536.41 A. P. DOE, President J. D. BROCKMANN, Vice-President Deposits - $1,430,015.09 J. E. BURMEISTER, V. P. and Cashier F. B. YETTER, Assistant Cashier. We invite your business. W h a t They A r e Saying From their ads appearing in home papers we clip the following arguments as put forth by local banks in different parts of the state. F A R M E R S N A T I O N A L BANK, Garner, Iowa. You can get m arried when you’ve got money in the bank. C IT IZ E N S S T A T E BANK, Newton, Iowa. The business repu tation of our directors and the experience and ability of our officers w ith th e ir record of successful business is sufficient g uarantee th a t the in te rest of every depositor will be care fully protected. S T A T E SAVINGS BANK, Grand River, Iowa. No banker ever knowingly advised a depositor wrongly. W hen you find a place for your money safer and more profitable than our bank, we expect you to put it there, and if you consult us we will advise you to do so. In th e meantime, however, we are glad to render you our best service. S T A T E B A N K OF E A R L V IL L E , Earlville, Iowa. Don’t per m it yourself to be inveigled into investing in get-rich-quick propositions organized solely for th e purpose of getting you poor quick- You go wrong in seeking high ra te s of in terest on your money, but you cannot go far wrong in calling on the old reliable when in need of funds or w hen you have funds for deposit. We do a careful, conservative, legitim ate banking business. C IT IZ E N S BANK, Altoona, Iowa. E very refusal of a loan is ¡based on the desire for the best in terests of the bank’s depositors. W hen you deposit money w ith us, it is under stood w ithout saying, th a t your money will be protected, not alone by steel safe and com bination locks, but from injudi cious and unbusiness-like loans. W hen you as a depositor, ask for a loan th a t we cannot see our way clear to make, we are protecting th e in terests of every other depositor ju st as we would protect you, should someone else ask a loan under sim ilar circum stances. K E L L E R T O N S T A T E BANK. Is your money m aking money for you? The more of it you have employed for you, th e less you need to w ork yourself. If you keep on saving and putting your .savings to work, the funded capital of your earning years will gradually take up the burden and m ake life easier la ter on. H ave you ever thought about having some money a t w ork for you. If not, it is tim e you did if you have any regard for your future com fort or for the well being of those dependent upon you. The K ellerton S tate Bank will pay you in te rest on w hatever am ount you wish to leave on Time De posit, in te rest payable every six months, if desired. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis F IR S T N A T I O N A L BANK, Ruthven, Iowa. The man who w ants to borrow money and th e m an who w ants a safe place to keep his money, a place w here he can leave it w ith the certain ty of getting all or any p art of it a t any tim e, are both appreciated patrons of this bank. We do a general com mercial banking business—we co-operate w ith and assist our custom ers in th e up-building of th eir business. W e are con stantly gaining new patrons and shall be pleased to number you among them . B A N K OF MAN SON. The chances are th a t four or five m onths after you pay a bill, you forget about it. Suppose th a t same .bill should be presented to you—possibly you could rem em ber about paying it, b ut nine out of every dozen bills you pay, you forget about in six months. Some you could not recall after six weeks. Pay all bills by checks. Six years afterw ards you can tu rn to the checks, if necessary, and pro duce indisputable evidence for every bill paid. We will be pleased to explain other advantages of th e checking account to you. RIP P EY SAVINGS BANK. Y ears ago men seemed to think th a t business success m eant the ability to tak e money away from other people—th a t business was a fight in which the strongest or th e m ost unscrupulous won and th e victor took all th e spoils. Now th e standard is higher. Men realize th at co-operation is th e key th a t unlocks the golden trea su re— th a t men succeed by helping each other and th a t by working to g eth er they can accom plish results th a t were impossible to individual effort. The first rule for w orking together in business is to keep your money a t home. This is the “Home Bank”—owned rig h t here in Rippey. F A R M E R S SAVING S BANK, Holland, Iowa. The bank th a t w ants your business is th e one th a t comes rig h t out and says so. T h at is w hat we w ant and th a t is w hat we are try in g to im press on you. The deposits of th is bank have increased over $25,000 during th e la st year. W e have a long list of well satisfied custom ers. If you are not a t present a custom er of Those IVe w Size $15, $20, $30 T h e MEAKER [S p rin g le ss ] COIN CASHIER The best m oney m a chine any price will buy, as high a price as you should pay. Y ou probably know a M eaker user; we will gladly send you a list of th e m . They áre our dem onstrators. “ M eakers” are n o w u s e d by the busiest p a y i n g t e l l e r s in ¡ ■ ¡■ ¡I, A m e r i c a , not only because it is tne fastest m aebine to use, b u t because it never causes trouble. W e are represented in Chicago by M arshall-Jackson Co., in M ilwaukee by TT. H. W est Co., a nd in St. P a u l by the Brown, T reak & Sperry Co. M anufactured by The Ireland & Matthews Mfg. Co. 102 Iron St., Detroit, Mich. February, 1909 THE NORTHWESTERN BANKER BANK SU PPLIES 39 LITHOGR APHERS An Independent Company for Iowa Write Us for Prices this your hanking house in the future. We pay 4 per cen t in te rest on deposits semi-annually if desired. O thers are pleased w ith the service we have to offer. You will be also. F IR S T N A T I O N A L BANK, Le Mars, Iowa. If you have any money hidden about the house, m ark this prediction: Unless you take it from its hiding place yourself and put it in some good, safe bank, somebody is going to find it and steal it. You may im agine yourself shrew der a t hiding things th an th e thousands who have lost th e ir money all by robbery, fire, anim als and the elem ents. They imagined the same thing. You are certainly taking trem endous chances. And why should you do it? Your money will be as safe deposited here as it would ¡be in governm ent bonds. We will pay a safe rate of in terest and extend you every accommodation th a t your account will w arrant. S T A T E B A N K O F D E X T E R , Dexter, Iowa. In selecting your bank give careful attention to the stability of the^ bank and its willingness to co-operate w ith patrons in the development of their business. Our custom ers value and “bank on” our w illingness and ability to assist them in every way consistent w ith safe, sound banking. W hether th eir account be large or small we appreciate th e ir patronage. T his makes for a mu tually satisfactory and profitable arrangem ent and for th e future well-being of both bank and patron. We shall be pleased to have you open an account w ith us, and wish to direct your attention to a partial list of our facilities. F A R M E R S BANK, Grand River, Iowa. If the banking busi ness presented no opportunities for money m aking there would be no banks. On th e sam e basis there would be no business houses of any kind, as their v e ry ‘existence depends upon th eir ability to m ake money. The more prosperous the bank the b etter service it can give you, because its pros perity radiates in every direction and enables it to do things for custom ers it could not do were it constantly on the “ragged edge.” Because this bank is prosperous and is mak ing money all the tim e is one of the strongest argum ents it can offer you when soliciting your business. Prosperity m eans success, and your business is safer in th e hands of a successful institution than it would be otherw ise. There is still room for you on our books and we shall be glad to have you a p art of this prosperous institution. G ILM O R E S T A T E SAVING S BANK. T here are a lot of smooth gentlem en in this country who smilingly inform us th a t a sucker is born every m inute, th a t few die, and none ever stop sucking. These so-called “suckers” they tell us have th e ir savings deposited in Savings Banks, and are con te n t to receive a m eagre pittance of 5 per cent. The thing to do, according to th e ir theory, is to show them how to make th e ir money earn 5 per cent a week, or a m inute (the am ount being lim ited only by the im agination of th e prom oter) and then you get th e “sucker” on the string. Our theory is th a t th e m an who has his money invested in a bank as safe as this one b etter leave it there, because while th e rate of in ter est is b u t 5 p er cent, th e rate of security is 100 per cent, and the la tte r feature is by no m eans to be ignored in deciding w here to place your money. Don’t think th a t some grafter who never saw you has more in te rest in you th an your home banker. The form er is after your money only. Book out for him. Come to us and get th e facts regarding any scheme which may be presented to you. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Bankers Samples Sent on Request B A N K OF E S T H E R V I L L E . Most of us are selfish, ever look ing for th e main chance, constantly asking, “W hat is th ere in it for me?” T h at is all right. W e would hardly expect anyone to do business w ith us to th eir own disadvantage, b ut we think th e y ¡should study th e situation enough before they send th eir business elsewhere, to ascertain w herein they them selves are to be benfited. Now as regards th is sending money away to d istan t cities for depbsit, we have never been able to see how th a t benefits the one who sends o r the com m unity in w hich he lives. Several banks in Cleveland and P ittsburg are making strong appeals for deposits to be sent them. They pay no m ore in te rest th an local banks, yet th o u sands of people are sending th e ir money to them neverthe less. We feel like presenting a barrel of apples to th e man who will come to th e bank some day and m ake clear to us how he is personally benefited by having his money deposited in an eastern city bank instead of this bank. Our opinion is we would be able to keep the apples a long tim e. It always pays to be fair and sensible. If you w ish to be prosperous keep your money here. ABRAM R U T T N A T IO N A L BANK, Casey, la. T here is lots of mail order business being tran sacted ju st a t present. Our m er chants are large sufferers because of this, and it is only to be expected, we presum e, th a t th e banking business should come in for its share of loss on business w hich rightly belongs to it. Several large banks in eastern cities have secured through advertising millions of dollars in deposits from peo ple all over th e country. P erhaps your deposit may have been solicited. Before you send your money away from home b etter ask yourself w hat is to be gained by it for you or anyone else. This banks offers as g rea t a degree of safety and as high a ra te of in te rest as any of th ese “Banking by Mail” banks, and on th a t basis alone should have your deposit. Suppose for instance we all buy our goods in some d istant city and do our banking by mail, w hat becomes of this town and surrounding country? I t is always b est to th in k before you act, otherw ise th e thinking m ay be done too late. Bank ing by mail may be digging *your own business grave. Citizens Savings Bank DECORAH, IOWA C apital $50,000.00 Special Attention Given to Collections. Send Us Your Decorah Items. E. J. C U R T I N , President O G D E N C A S T E R T O N , V ic e President B . J. M c K A Y , Cashier E . L . A M U N D S O N , A sst. Cashier TH E 40 NORTHWESTERN February, 1909 BANKER Davenport Savings Bank D A V E N P O R T , IOWA Officers Capital Undivided Profits Deposits JO H N F. D O W , President L O U IS H A L L E R , V ic e President H E N R Y C . S T R U C K , C ash ier O T T O L . L A D E N B E R G E R , T e lle r :: A. Burdick Louis Haller A.'Steffen :: $ 300,000.00 - 270,009.99 3,843,385.30 DIRECTORS Theo. Karbbenhoeft P er C e n t Interest Paid on D e posits: M on ey Loaned on R eal E state S ecu rity in the State o f Iow a. :: H Kohrs W . H. W ilson H. C. Struck subject to removal by the governor, subject to consent of the executive council. “It is provided that the governor shall, prior to ad journment of the thirty-third general assembly and quadrienally thereafter, nominate, and with the consent of two-thirds of the members of the senate in executive session, appoint an insurance commissioner who shall be the head of the insurance department, and ‘who shall have general control, supervision and oversight of the insurance business in the state of Iowa, and be charged with the execution of the laws of the state re lating to insurance.’ The commissioner of insurance is given and will exercise ‘all of the powers and duties of every kind and character now conferred by law upon the auditor of state in relation to insurance matters.’ “The official term of the insurance commissioner will commence on the first Monday of May in the year 1909, and will continue for a term of four yeg,rs. B e fore entering upon his official duties, the commissioner must give bond for $100,000 to be approved by the executive council. “ No nomination for insurance commissioner may be considered by the senate until it shall have been re ferred to a committee of five, not more than three of whom shall belong to the same political party, appoint ed by the president of the senate, which committee AN INSURANCE COMMISSIONER FOR IOWA. A bill for the creation of an insurance commissioner is to be presented at the present session of the Iowa legislature by Senator Dowell of Polk county. Re garding this measure the Register and Leader says: “It has been stated by insurance men that they would not oppose a measure which created a depart ment whose head would be chosen by the executive council. The Dowell bill puts the appointing power in the hands of the governor, with confirmation by the senate. “The life underwriters’ organization recently raised a committee on separate department, and Dr. John Em ery was made chairman of it, to keep track of pro posed legislation. . “The senate insurance committee will be headed by Senator W. P. Whipple again, it is understood. He has been chairman during several sessions. The chair manship of the house committee is a matter of specu lation. “The fact that Governor Garst recommended the creation of a department, that Governor Carroll has ad vocated it, that Auditor Bleakly is on record for it, and that the insurance people themselves demanded it at the last session of the legislature, lead to the belief that it stands a fair show of enactment by the legislature which convened Monday. “ Senator Dowell’s bill provides for a four-year ap pointment of commissioner, the appointment to be confirmed by the senate, and the commissioner to be IO W A S T A T E :: J. F. D o w 4 WANTED.—Position as bookkeeper or assistan t cashier by lady now employed in bank. Can take and transcribe dicta tion. Address L. E., care N orthw estern Banker. N A T IO N A L BAN K S I OUX CITY, IOWA Officers: JO H N M cH U G H , President H E N R Y G . W E A R E , V . Pres. & Capital, Surplus, Deposits, _ - - - - - - % 200,000.00 100,570.33 2,465,140.00 Officers: H . A . J A N D T , V . President H. A . G O O C H , Cashier This bank has unexcelled facilities for the prompt and careful handling of all business entrusted to it. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis & February, 1909 THE NORTHWESTERN must report to the senate in executive session, and the consideration of such nomination by the senate cannot be had on the same legislative day the nomina tion is referred. “The governor may, by and with the consent of the senate during a session of the general assembly, re move the insurance commissioner for misfeasance or malfeasance in o'ffice, or for any cause which renders him ineligible for appointment or incapable of dis charging the duties of his office. When the general assembly is not in session the governor may suspend the said insurance commissioner for any cause for which he might be removed when the general assembly is in session, which suspension must be, how~e\er, with the approval of the executive council. But such sus pension shall be subject to the action of the senate when next in session. “A vacancy occurring in the office of insurance com missioner when the general assembly is not in session, may be filled by the appointment by the governor, with the approval of the executive council, but the appoint ment will terminate at the expiration of thirty days from the time the general assembly next convenes, and any vacancy occurring during the session of the gen eral assembly will be filled as regular appointments are made. “All books, papers, records, and securities of what ever kind, in the office of the auditor of state, relating to the business of insurance, are to be delivered and transferred to the insurance commissioner, and will re main in his charge and custody, and all papers, books, records, and securities of whatever kind relating to the business of insurance, now enjoin by law, to be deliv BANKER 41 ered to or deposited with the auditor of state, will be delivered to or deposited with the insurance commis sioner. And all fees and charges which are now re quired by law to be paid to the auditor of state by in surance companies and associations, will become pay able to the insurance commissioner, whose duty it will be to account for and pay the same over to the treas urer of state at the times, and in the manner provided by law for the auditor of state. “The insurance commissioner may appoint a deputy insurance commissioner, who shall assist him in his duties, and in the absence or disability of the com missioner, will perform the duties of the commission er. This deputy must give bond with sureties to be approved by the executive council, for $25,000. “The salary of the insurance commissioner is fixed at $3,500 per year, and the salary of the deputy insur ance commissioner, $2,000. “The executive council must assign the insurance commissioner suitable rooms for conducting the insur ance department, and furnish said commissioner with the proper furniture, stationery, and other conven iences for the transaction of the business of said de partment, which shall be paid for in the manner pro vided by law for the payment of like expenses in other offices of the state.” W anted—To negotiate w ith party having $5,000 to invest in an established and profitable farm loan company. Guaranteed dividends. An absolutely safe proposition. Address Loan Company, N orthw estern Banker. Organized 1880 Twenty-Eighth Annual Statement IOW A STATE TRAVELING MEN’S ASSO CIATIO N DES MOINES, IOW A Accident Insurance lor Commercial Travelers at Aetna! Cost B E N E FIT S IN CASE OF ACCIDENT D eath ...................................................................................................... $5,000.00 Loss of Both H ands......................................................... $5,000.00 Loss of Both F e e t........................................ $5,000.00 Loss of Both E yes.................................................................................$5,000.00 Loss of One H and................................................................................. $1,250.00 Loss of One F o o t..................................................................................,$1,250.00 Loss o f One E y e .................................................................................... $1,250.00 W eekly Indemnity (104 weeks) ........................................................ $25.00 TOTAL 31,288 2,070 2,065 66 14 $247,640.29 $124,835.02 $9.00 Membership, January 1,1909............ Net Gain In Membership in 1908.... Claims Paid in 1908............................. Number Claims Per 1,000 M em bers. Death Loss Paid, 1908........................ Total Benefits Paid, 1908................... Cash Balance, January 1,1909.......... Cost Per Member, 1908...................... $1,828,675.48 B E N E F IT S PAID S IN C E O R G A N IZA TIO N T R E A S U R E R ’S S T A T E M E N T C O N D E N S E D R E C E IP T S January 1.1908, Balance (Bonds and C a sh ).......... ................................................................................................ ... „ $154,703.38 To A ssessm en ts............................................ .................................................. ; ........................................ $225,158.00 To Annual D ues.......................................................................................................................................... 28,308.00 To Membership F e e s................ .............................................................................................................. 22,680.00 To Interest................................................................ : .............................................................................. 6,466.27 To AH Other Receipts........................................................ ‘ .................................................................... 277.31 282,889.58 $437,592.96 D ISB U R SEM E N TS By Benefits P a i d ..................................................................................................... .$247,640.29 By Expenses............................................................................................ 60,888.15 By Refunds................................................................................................. ............................................... 4,229.50 January 1,1909, Balance (Cash and Bonds), Both F unds...................... ............................................................ 312,757.94 $124,835.02 $437,592.96 J. W. HILL, President JAMES BOWIE, Vice President DIRECTORS: Wm. H. Smith, Chairman. J. A. Gunn R. A . Barrowman George Carr H. E. Rex Walter St. John W. G. Batchelor https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis L. C. DEETS, Secretary-Treasurer F. S. McCord Milton L. Hirsch Adam Stirling THE 42 NORTHWESTERN February, 1909 BANKER TW E L F TH ANNUAL S T A T E M E N T OF TH E Brotherhood of American Yeomen of Des Moines, Iowa JANUARY 1, 1909 WILLIAM KOCH, President A new, unique equitable plan of Fraternal Life Insurance. W. E. DAVY, Secretary ,€J A Society with a Reserve fund. one million dollars in securities deposited with auditor of State of Iowa. C| Nearly €| Society only twelve years old Total Reserve F u n d ........................................................................................................... ............$ 855,872.75 "Total Cash on Hand in Benefit F und............................................................................................ 122,857.91 Total Cash on hand in General F u n d ..................................................... J................................... $ 33,653.13__________ T o ta l.............................................................................................................................. $1,012,383.79 Office, Printing Plant, Lodge Room Furniture and Fixtures (estimated) .......................... 20,000.00 Invested Assets—Real Estate, Home Office Building, e tc ........................................................ ............................. 75,164.32 Total Assets Jan. 1, i909........ \ . ............................................................................... $1,107,548.11 Total Assets January 1,1908........................................................................................................... 907,564.06 $ 199,984.05 Total Net Increase in A ssets................................................................................................... ,__ Beneficiary Membership January 1, 1909 ............................................................................................................. 94,208 Social M em bership.............................................................................................................................•..................... 3.987 A ctu al Membership January 1,1909 ................................................................................................. 98,195 Beneficiary Certificates issued in December, adoptions not re p o rted ......................................................... ............. 3,217 Total Membership January 1, 1909 .......................................................................................... .. 101,412 T otal Membership January 1, 1908................................................................................................... 79,922 Total net increase since January 1,1908.......................................................................................... 21,490 Total Claims Paid Since Organization, $3,730,051.79 THE FINANCIAL CONDITIONS IN MINNEAPOLIS. The round-up of the year showed an unusually pros perous condition in the banks of Minneapolis. At the meeting of the directors of the Northwestern National Bank a quarterly dividend of 2J2 per cent was declared. The vice-president, Mr. E. W. Decker, stated that in many ways this had been one of the most unusual years in the history of the bank. The total volume of business handled amounted to $1,387,981,000, which totals nearly as much as the entire clearings of the whole city. Deposits of the bank have practically doubled as well as the force of employes and the long list of customers. To make room for this largely increased business' it has been necessary for the Northwestern to add some additional floor space, thus increasing its present quar ters very materially. It has taken over the front room of the building formerly occupied by Geo. B. Lane, thus adding about 2,500 additional feet to the floor space. Besides this great increase in the banking room proper, Mr. Chapman announces that two new receiv ing and one paying teller will be added to the list of the bank’s employes. This increases the number to seven receiving and three paying tellers. Another ad dition is soon to be opened on the south front of the bank. The Northwestern it will be seen is rapidly as suming huge proportions. The First National Bank is also in the 10 per cent dividend class, the directors at the close of the year, deciding on the 2^ per cent quarterly dividend. Capi tal and surplus of this institution has now reached https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis $4,000,000 and the directors therefore thought that the increased dividend was advisable. The Security National has declared its regular quar terly dividend of 3 per cent, and the Minnesota Nation al has also placed about $12,000 in the dividend ac count to the credit of its stockholders. It required about $30,000 to pay the Security dividends the last quarter. The four national banks named above paid out in dividends during the month of January something over $142,000. Nineteen hundred and eight was a very pros perous year for the Minneapolis banks, and in spite of the fact that there are only six banks in the clearing house in Minneapolis now, While a year ago there were eight, these six equal the clearings of the eight in 1907. All the bankers in Minneapolis named are very well pleased with the showing made by 1908, and are going forward to greater things for 1909. HANDSOME NEW BANK FOR COUNCIL BLUFFS. A new banking institution which has just com menced business in its own new and handsome struc ture is the City National Bank, which adds materially to the financial institutions of Council Bluffs and southwestern Iowa. No outside capital is interested in the new bank, its officers, directors and stockholders all being local men. The building, just completed at a cost of over $50,000, is one of the most substantial in the city. The upper floors are divided into offices, all of which are occupied by professional men. Every modern convenience and device known to modern construction is to be found February, 1909 THE NORTHWESTERN in the new building. The interior of the bank proper is elaborate, the fur nishings being in white marble, figured tile, mission bronze and mahogany, with walls of delicate green tint on a cream background. The two vaults in the bank are said to be the finest in the West. They are constructed of chrome steel and are equipped with the latest modern locks and appliances. Every precaution that mechanical ingenuity can devise for safeguarding the funds and papers of the bank are provided within and without the vaults. Safety deposit boxes are also provided for the public. The bank is officered as follows: President, T. G. Turner; vice-presidents, J. G. Wadsworth and Oscar Keeline; cashier, C. H. Hanna, Jr.; directors, B. M. Sargent, E. H. Doolittle, William Orr, W. H. Kimball, F. H. Klopping; receiving teller, R. D. M. Turner; head bookkeeper, O. Mitchell. The City National starts business with a capital of $150,000 and a surplus of $50,000. The stockholders are as follows: T. G. Turner, Jesse W. Hannan, Chas. R. Hannan, Jr., J. G. Wadsworth, E. H. Doolittle, Oscar Keeline, Walter I. Smith, Lyman T. Shugart, F. H. Klopping, Levi Baker, Dr. L. L. Baker, V. Lyngby, B. M. Sargent, H. E. Tiarks, G. W. Crossley, Henry. Torneten, John M. Galvin, W. H. Thomas, A. K. Chambers, H. M. Thomas, A. F. Mampen, Eugene Steupfel, H. N. Bebenzee, R. M. McKenzie, P. N. Suxksdorf, Wm. Trede, W. E. Price, Morris Hough, W. P. Barnett, W. H. Kimball, Joseph Nansel, H. E. Plumer, H. F. Saar, William Orr, F. S. Thomas, J. A. 1867 BANKER 43 Price, J. N. Miller, H. F. Plumer, Oluf Bondo, Joe H. Craigmize, F. B. Chambers, W. H. Dudley, George S. Wright, J. W. Wild, H. A. Alexander, J. H. Alexander, E. Harmes, Henry Wild, Henry J. Nichols, George L. Thomas. “T H E Y E O M E N .” Des Moines is the home of a fra tern al insurance company which has Recently attracted a g reat deal of attention. We refer to the Brotherhood of A m erican Yeomen, whose financial statem ent is published in this issue. The “Yeomen” as the Bdciety, is known, are operating an entirely different plan from the ordinary, assessm ent fratern al association. The Yeomen started w ith a reserve fund and have continued to accum ulate the sam e until they now"have on deposit w ith the Auditor of the S tate of Iowa nearly a million dollars in first-class securities. The total assets of the Society on Jan u ary 1st, aggregated $1,107,548.11. This includes the m agnificent home office build ing, owned and exclusively occupied by the Society. The m anagem ent boasts of having as policy-holders a larger perecentage of bankers, and business and professional men than any other association doing business in the United States. From the rep o rt filed w ith th e Insurance D epartm ent of the S tate of Iowa, we observe th a t th e Yeomen have been having considerable prosperity especially during the la st three years, since which tim e th e num ber of policy-holders has been doubled. On Jan u ary 1st, they had a m em bership of over one hundred thousand. During the year of 1908, over $40,000,000.00 of risks wore written. The Institution has a splendid standing in the city of Des Moines and th e state of Iowa. In fact 27,000 people in the state ca rry policies w ith the company. The Executive Officers are W illiam Koch, President, and W. E. Davy, Secretary. - THE FORTY-SECOND ANNUAL REPORT - 1909 OF THE Equitable Life Insurance Company of Iowa Home Office: "Equitable Building/' Des Moines. January 1,1909 Net Ledger Assets Jan. 1, 1908, $6,446,217,59 CYRUS KIRK, President INCOME 1908 P re m iu m s...............................................................$ t ,396,274 .45 In terest, rents, e tc ........................... 3 58,052.54 T otal In com e................................................................................ 1 ,754 ,326.99 Total................................................................ . $ 8,200,5 44.58 DISBURSEM ENTS 1908 D eath Losses P a id ..............................................................$158,528,07 M atured E n d o w m e n ts..................................................... 23 ,289,54 D ividends to P olicyholders.................................... 16 1 ,640,97 S u rren d er V a lu e s ............................................................... 74 ,109,59 All O ther D isb ursem ents.................................................... 352,270,12 T otal D isbursem ents.................................... $769,838-29 Ledger Assets. December 31, 1 9 0 8 ..................... $7,430,7 06.29 OTHER ASSETS In terest, Due an d A ccrued..........................'.....................$174 ,938.91 Due an d D eferred P re m iu m s........................................... 103,924,41 ________ 278,863.32 Gross A ssets...................................................................... $7 ,709,569,61 Less Item s N ot A d m itted .............................................. 37,395,15 Total Admitted Assets............................................. $7,672,1 74.46 INSURANCE in force Jan, 1 , 1908—24,887 P olicies—A m ount............................ $34,854,322,00 Issued an d R estored in 1908—4,205 Policies—A m ount............... 6,533,609,00 T otal, 29,092 P o lic ie s........................... $4 1 ,387,931.00 T erm in ated in 1908—1,359 Policies—A m ount....................... 2 ,281,295,00 In F orce Dec. 31 , 1908—27,733 policies—a m o u n t..............$39 ,1 0 6 ,6 3 6 .0 0 DEPOSIT S ecurities on deposit w ith A uditor o f S tate Dec, 31 , 1908, to protect policyholders........................................... $6,8 4 4 ,6 7 0 .5 7 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis J. C. CUMMINS, Secretary LIABILITIES Reserve [mid-year] on all policies in force, A ctuaries Table w ith 4 per cent In terest an d A m erican 3% per c e n t ................................................................................ Claims for D eath Losses (proofs n o t com pleted). . . . . . ' . Supplem entary C ontracts n o t yet due (present v alue ).. . . P rem ium s P aid in A dvance and Com. due A g en ts.......!!. Dividends C ontingent on P aym ent o f Due Prem ium s''.'.'. D ividends A pportioned for I 909 .........................................’ Dividends, Deferred, on Sem i-T ontine Policies'.'.’. ' . 7.7 Accrued In te re s t on In cu m b ran c e..........> ............. Accrued T axes, $35,0 0 0 ; E x am in ers’ Fees, unpaid, $350^00 U nassigned F unds(including C apital S to c k )............... Total Liabilities A dm itted Assets $2 ,382,724,00 ........ 3 .128 .584.00 ........ 4,171 348.00 ........ 5 .6 11 .843.00 ........ 6 ,666,60 4.0 5 ........ 7,672,17 4.46 $6 ,399, 8,453.58 10 ,773.80 5,423-12 14 ,032,28 185 ,0 00 ,0 0 1 39,923-75 3 ,827,08 35,350.00 8 6 9 ,8 7 1 .6 8 ................................................... $7,672.1 74.46 COMPARATIVE STA TE M E N T Y ear In su ran ce in F orce ■. 1 9 0 0 ...................:.................. $1 3 ,3 0 7 ,5 8 5 0 0 ....................................... 18 ,521 ,063.00 .1 9 0 2 .•19 0 4 ....................................... 24,275 ,575.00 .. 1906 ....................................... 30 ,874,319.00 .•1 9 0 7 ....................................... 34,854,322.00 1908 ....................... 3 9 ,1 0 6 ,6 3 6 .0 0 A G EN TS W AN TED AND CO R R ESPO N D EN CE S O LIC ITE D . THE 44 NORTHWESTERN February, 1909 BANKER IOWA NATIONAL BANK FLEMING BUILDING, DES MOINES, IOWA STATEMENT NOV. 27, 1908 RESOURCES. Loans and D iscounts.......................................................$ 5,265,116.17 Oyer D r a fts ....................................................................... 11,489.52 U. S. and Other B on d s........................................ 754,319.00 Furniture and F ix tu re s................................................. 18,000.00 Cash and Due from B a n k s........................................... 1,822,181.27 Largest National Bank in Iowa. Makes a speci alty of farm loans for its correspondents. Write for rates. $7,871,105.96 L IA B IL IT IE S . Capital Stock . . . Surplus . . . . . . . . Profits .................. Circulation Dividends Unpaid D e n o s it s ................ $ 1, 000, 000.00 75,000.00 57,508.03 255,000.00 165.00 6,483,432.93 $7,871,105.96 Officers HOMER A. MILLER, Pres. IOWA H. S. BUTLER, Vice Pres. NEWS AND & H. T. BLACKBURN, Cashier. NOTES G. A. NELSON, Asst. Cash. tion in the bank at Ralton and Mr. Thomas, of Coon Rapids, is his suc cès soi. * * * F. D. Nelson has resigned as cash State Bank is Mr. Elmer Engleier oi the Farmers State Bank of dinger. * * # Audubon. Miss Harriet Bilharz suc A building will be erected for the The little town of Quitman was ceeds him as cashier. * * * Citizens Bank at Bedford. visited by a fire and the Farmers * * * The directors of the Oxford Junc Bank building was consumed. * * * The Owasa Savings Bank incor tion Savings Bank declared a 6 per porated. I Miss Edna Hanson has, been en cent dividend and devoted $1,500 to * * * gaged as vassistant in the Farmers the surplus fund. * * John Noyes will become cashier of National Bank of Odebolt. the Baldwin Bank. G. W..Dunham, G. W. Miller and. * * * The American Trust & Savings others of Manchester, will establish The new City Bank of Hiteman Bank, Cedar Rapids, increases its a bank at Lavina in the near future. * * * will soon be ready for occupancy. capital to $100.000. * * * * * * The German Savings Bank of It is reported that another bank is Theodore H. Brown, formerly Davenport made a Christmas pres to be formed at Iowa City. president of the Griswold Bank, died ent to its employes of a percentage * * * recently at Monterey, Mex. of their annual salaries. Stanley Brown has been appoint * * * * *. * ed assistant cashier of the Kent Harry Marks will become cashier The Eddyville Savings Bank has Bank. been authorized. W. L. Hays, F. L. of the Providence State Bank, Feb * * * ruary 1st. He succeeds J. B. How interested. Burlington Junction is to have a Bay and others*are * * ard. new bank, but the particulars are not * * * The stockholders of the Farmers yet obtainable. * * * Savings Bank, Calamus, have re Cashier Fowler, of the Peoples The State Savings Bank of Fon elected the former board of direc State Savings Bank of Humeston, presented his customers with a hand tanelle has purchased a new Bur tors. * * * some calendar plate. roughs adding machine. * * * * * * P. J. Cunningham was elected The First National Bank, Cam The Cedar Falls National Bank president of the Winterset Savings has increased its capital to $100,000. |Bank, succeeding A. B. Shriver, re- bridge, has changed its location, and * * * is now in the new brick building just Howard W. Fuller succeeds Wm. 5signed. completed. * * * * * # Ontjes as cashier of the Peoples J. F. Toy, of -Sioux City, Iowa, has The Peoples State Savings Bank State Bank of Mason City. * * * purchased a controlling interest of of Maxwell has purchased a fine The Burton & Co. State Bank, the First National Bank of Slayton, brick block and will have it arranged Kellogg, will soon move into the Minn. for a home for the bank. ♦ * * * * * new building. Ray C. Fell has resigned his posi President J. A. Bussey, of the BusThe new assistant at the Winfield ' Iowa News and Notes. A bank is projected at Postville. * * https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis * * * * February, 1909 THE sey Savings Bank, has gone to Long Branch, Calif., where he will spend the winter with his family. * * * A. L. Cook, the popular cashier of the First National Bank, Lost Na tion, was married recently to Miss Cornelia Stephens, of Maquoketa. * * * The Iowa State Bank of Hull in corporated for $35,000. John B. Mayer, Nannie Reimann and J. H. C. Bauman are interested. * * * The Hershey State Bank, Musca tine, has commenced to transact bus iness in its magnificent new quarters in the Hershey building. * * if The Minnesota National Bank, Minneapolis, Minn., has been ap proved as reserve agent for the Live Stock National Bank, Sioux City. * 1 * At the meeting of the stockholders of the Citizens Savings Bank, Iowa Falls, it was decided to reduce the capital stock to $25,000. * * NORTHWESTERN ( t BANKER C h eer Up! It is a little book of 6 4 pages— illustrated with 52 lively sketches and made readable by an equal number of witty and humor ous jabs at the business foibles of the day—mak ing it worth reading. Be sides it has a few good things about systems, ac counting, etc., that make worth keeping. Nearly 7 5 ,0 0 0 of these little books have been distributed—you may have one, if you mention this paper— on a postal card—and name your bank. Burroughs Adding Machine Company Block 71 Detroit, Michigan, U. S. A. * Frank P. Flynn, vice president of the Peoples Savings Bank, Des Moines, has been seriously ill with York, N. Y., has been approved as reserve agent for the National State pneumonia. IBank, Burlington. * * # Jas. Harragan, cashier of the Du The Commercial National Bank, buque National Bank, is reported Chicago, 111., has been approved as very ill with typhoid fever. * * * reserve agent for the Commercial The Farmers Savings Bank of Bank, Cedar Rapids. Struble has been incorporated with The Farmers Loan & Trust Co., a capital of $10,000. John Weyen Waterloo, incorporates with a capi and others are interested. * * # tal stock of $100,000. J. E. Sedg The First National Bank of Inde wick, president; Fred E. Stewart, pendence has not elected a president secretary. in place of Wm. G. Donnan, de The Security National Bank, Min ceased. neapolis, Minn., has been approved as reserve agent for the First Na The National Shawmut Bank, tional Bank, Lake Mills. * * * Boston, Mass., has been approved as reserve agent for the Northwestern Mr. J. Hamaker, who has been Bank, Sioux City. bookkeeper in the First National The Liberty National Bank, New Bank at Coin for the past six months, has resigned his position. * * * * * * 45 * * * president; J. L. Denmead, vice-pres ident; C. C. St. Clair, cashier. # * * The First National Bank, Rippey, held their election of officers and was able to declare the largest dividend in the history of the bank. # * * At the meeting of the stockhold ers of the State Savings Bank of Des Moines, the entire list of offic'ers and directors was reelected for the ensuing year. Moses Strauss, presi dent; J. G. Rounds, vice-president; Geo. E. Pearsall, cashier, and Irvin M. Leiser, assistant cashier. * * * J. Weston Martin, formerly cash ier of the First National Bank at Fonda, bought a controlling inter est in the German Savings Bank, Halbur, Iowa. # * # * * * FRED W. DEAN H ighest Gratae COMMERCIAL PAPER M in n e a p o lis, M in n . Security Bank Building Correspondence Invited https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis The Iowa Savings Bank of OelThe First National Bank of Ran wein has had some fine decorating dolph has installed a new safe of the done in the directors’ room, lobby Victor Spherical Manganese steel and ladies’ parlor, and they look very attractive. screw door type. * * * * * # C. A. Smith has been elected pres The Iowa State Savings Bhnk, Creston, celebrated its twenty-fifth ident of the Farmers State Bank of anniversary by moving into new Dyersville. He is identified with a number of banks throughout Du quarters. * * * buque county. * * * ,The First Trust & Savings Bank, H. S. Collins, a bookkeeper for Marshalltown, has incoroorated with a capital of $50,000. D. T. Denmead, the First National Bank, Mason THE 46 NORTHWESTERN February, 1909 BANKER T h e C en tral L ife Assurance S o c ie ty of the United States, Des Moines, Iowa The Best Policies Issued by any Company. Every Feature Guaranteed and Secured Ct The New Guaranteed Premium Saving Policy on the Twenty Paym ent Life Plan, guarantees to return all premiums paid in cash should the insured live to the end of the tw enty years. The full face of the policy is paid immediately in event of death, C. B ankers can benefit their patrons and also increase their own income by representing the Central Life. W rite Today fo r Literature and Agency GEORGE B. PEAK, President W. L Shepard, Vice-Pres. Homer A . Miller. Treas. H. G. E verett, S e c y and A g e n cy Mgr. O. C . Miller, Aist. Sec. J. M. Em ery, Actuary Dr. D. W. Smouse, M ed. Director Geo. H. Carr, Gen’l. Counse Dr. Addison C . Pag'e, Asst. Med. Director I The Farmers & Merchants Bank City, Iowa, has been elected cashier growth of the country. . * * * j of Churdan has added a new system of the Dakota National Bank at Ab The Citizens National Bank, Des ' of bookkeeping in their growing in erdeen, S. D. * * * Moines, has been approved as re stitution. A new set of loose leaf The Exchange National Bank of serve agent for the Osceola Nation books has >been purchased for the Leon has purchased $15,000 worth al Bank, Osceola, and the First Na banking work. * * * of the $30,000,000 issue of Panama tional Bank, Valley Junction. * * * canal bonds, being one of the suc The City National Bank of Coun The Merchants National Bank, I cessful bidders. cil Bluffs has been organized with * * * Cedar Rapids, and the Valley Na- j a capital of $125,000. T. G. Turner, Clarence A. Lacey, who has been tional Bank, Des Moines, have been cashier at the State Bank, Keota, approved as reserve agents for the president; Oscar Keeline, vice-presi dent; S. F. McConnell, cashier. has resigned that position and will First National Bank, Seymour. * * * * * * move to Washington to work for The First National Bank of Mel The First National Bank of De the Geo. Paul Land Co. W itt has about completed a safety vin was blown by robbers on Janu • * * * W. T. Kirkpatrick, who has been deposit vault in the basement of their ary is,t, but the robbers got no booty. the efficient assistant cashier of the building for the accommodation of Considerable damage was done to the safe and building. Keokuk County State Bank of Si~ their customers.* * * ' * * * gourney for the past three years, re The Security Trust & Savings F. H. Simpson, receiving teller of signed his position December 31st. Bank, Shenandoah, has been in cor the Mechanics Savings Bank, Des * * * porated with $30,000capital. Jos. Moines, has severed his connection H. L. McGrew has resigned as Morhain, S.S. Lingo, J. W.Shunick with that institution and will accept cashier of the East Pleasant Plain and others are interested. a position with the N. M. Stark * * * Savings Bank to become cashier of Jay Scholes, of Des Moines, has Bridge Company. a bank at New London, Iowa. Ed. * * * taken a position as bookkeeper in N. Crumly succeeds him. At the annual election of the * * * the Warren County State Bank, InW. D. McEwen, president of the dianola, filling the vacancy caused stockholders of the Peoples State of Harley Gaines. Bank, West Liberty, the following State Savings Bank of Rolfe, is dead. by the resignation * * * officers were elected : A. H. McClun, He came to the county in an early Mr. Jesse Binga, 3633 State St., president; W. S. Luse, cashier; Ray day and became wealthy through the Chicago, 111., has recently opened a j private bank at Sioux City, which is meeting with success and with fa vorable prospects. WE CAN SELL YOUR BANK REGARDLESS OF SIZE OR LOCATION The Charles E. Walters Co. Council Bluffs, Iowa https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis * * * The following officers were elect ed for the ensuing year for the Cush ing Savings Bank: F. H. Needham, of Sac City; J. P. Therkelsen, of Lake View, and M. F. Dewell. * * * Geo. L. Jameson died December 4th in Sac City. He resigned his place as assistant cashier of the bank in Salem, S. D., a short time ago, on account of poor health. Weil, Farrell & Co. E stablished 1894 BANKERS Specializing Commercial Paper 171 La Salle Street C H IC A G O 79 Milk Street BOSTON Mutual Life Bldg. B UFFALO O fferings on A pplication February, 1909 THE NORTHWESTERN BANKER B la c k H a w k N a tio n a l B ank Iowa Life Insurance Co. Offices: Third Floor of Syndicate Building Waterloo, - - Iowa WATERLOO. IOWA CAPITAL, PAID UP - $100,000 SURPLUS • 25,000 Capital and Surplus O F F IC E R S $200,000.00 F. F. M cE lhinney, President; C . W . Mullan, V ice-President; F. United A . Ferguson, S e cy , and G en . M gr.; E. D . C lithero, Superintendent A gen ts; F. W . P o w e rs, M. D „ M edical D irector. D IR E C TO R S C. W. M ullan, W. R. Jam eson, F . W. Powers, C. L. Kingsley, G. B. M cW illiams, J. D. Easton, Geo. S. M ornin, F . F. McEl hinney, A. N. Odenheimer, C. A. Wise. COUNSEL M ullan & P ick ett C ourtright & Arbuckle * * * States Depository OFFICERS F . F. M cElhinney, Pres. Richard Holmes, Vice-Pres. F. W. Powers, Vice-Pres. Charles W. Knoop, Cashier L. D. Bedford, Asst. Cashier Lila Marcham, Teller W rite 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. Whitacre, vice-president and assist dars. The plates have the compli ant cashier. ments of the bank printed on them C, I. Brown, who has gone to Broad in gold lettering. * * * view, Mont., where he will hold The Milford National Bank, Mil down a claim for the coming year. * * * ford, Iowa, has been organized with J. A. Cook has assumed the posi a capital of $25,000. Milton S. Dew tion of assistant cashier in the Bank ey, president; H. H. Overocker, viceof Hinton. He takes the place of president; H. S. Abbott, cashier; F. * * * A. Heldridge, assistant cashier. * * * At the annual election of the stockholders of the Keokuk Savings Sullivan Hanson, president of the Bank, F. W. Davis, A. J. Mathias, Peoples State Bank of Hamilton, Howard L. Connable, B. L. Au- died recently from the effects of an werda and A. E. Johnstone, were operation. He had been identified elected directors. as president of the Peoples State * * * Bank ever since its organization in * * * 1903. At the annual meeting of the di The report of the First National rectors of Kiefer’s State Bank of Bank of Elliott of date of November Hazelton, L. W. Miller was elected director in place of Dr. Garard, re signed. The other officers remain the same. O. C. Kucheman is back in his old position as cashier of the Jackson County Bank, Maquoketa. He was up in Dakota to install or institute a bank in a new town for the Coles, of Bellevue. 47 26th, shows deposits aggregating $229,967.22, loans amounting to and due from other banks, including reserve agents, l54,388-94-____________________________ BURROUGHS ADDING MACHINE Standard size, in perfect con dition, used but little, for sale, because business changes gave an extra machine MERCHANTS & BANKERS FIRE INSURANCE COMPANY 600 CROCKER BLDG., DES MOINES, IOWA M .J.W RAGG GARDENER W e can make your hom e grounds into a beautiful picture at v e r y little cost. T h e proper plants properly placed w ill do it. W e k n o w h o w * * * The new furniture and fixtures in stalled recently by the Macedonia State Bank are quite elaborate and give the institution one of the neat est banking rooms in that section of the state. * * * The Farmers State Bank, Salix, will dissolve and surrender its char ters, and turn its affairs over to the Farmers Bank, private, composed of the same stockholders, to continue ! the business. * * * The Citizens Bank-of Red Oak is giving decorated china plates to cus tomers this season instead of calen https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis W e are grow ers of all kinds of fruit and ornamental trees, the highest possible grade. T rue to name in ev ery case and guaranteed. Our stock of Evergreens, R oses, Shrubs, Etc., is u nexcelled. Send for a co p y of our beautiful n ew catalogue free. WRAGG NURSERY CO., : Dcs Moines, Iowa 48 THE NORTHWESTERN Februaiy, 1909 BANKER T h e N a t i o n a l B a n k o f the R e p u h l 1C of C H IC A G O 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 Thoa. Jansen, Asst. Cashier W. T. Fenton, Vice-President James M. Hurst, Asst. Cashier Adolph Kemper, of Lancaster, Wis., will fill the place of cashier of the new German Savings Bank at Eldridge. The new bank will open about the 1st of February, and the articles of incorporation will soon be filed. * * * A dividend has been paid by the First National Bank of Chariton to its creditors, and the money paid out during the first three days was practically all to creditors living in Lucas county, and amounted to $140,000. * * * Miss Susie Pfiffner, of Traer, has been employed as bookkeeper in the Grundy County National Bank, Grundy Center. She will take the place of Miss Naomi Tompkins, who goes to California. * * * The eighteenth annual meeting of the Iowa Trust & Savings Bank, Des Moines, was held recently and all of the officers of last year were re-elected for the coming year. A dividend of 7 per cent was declared and $5,000 put in thé surplus fund. * * * J. M. Logan, Elliott, has shipped R. M. McKinney, Cashier Wm. B. Lavinia, Asst. Cashier O. H. Swan, Asst. Cashier W. H. Hurley, Asst. Cashier his household goods to Ong, Neb., where he has accepted a position as cashier of the Exchange Bank, an institution with a capital of $25,000 and a surplus and undivided profits of .$50,000. tors department have been appointed as follows: H. M. Carmony, of Woodbine; H. M. Sproull, of Wash ington, and Chas. Ellis D. Robb, of Eldora; Jno. Olson, of Forest City, and E. Putnam, of Linn county. J. B. McDougal, paying teller of the Century Savings Bank, Des Moines, who has been with that in stitution since its organization in 1903, has resigned to accept a sim ilar position in the newly organized Central State Bank. Considerable interest centers in the persistent rumor that an effort is to be made to secude a parole for Roy Ware, cashier of the defunct Seymour Farmer's & Drovers State Bank. As yet no application has been filed with the state board of parole. * * * * * * The statement of the Mills Coun ty National Bank of Glenwood in dicates a much better condition in money matters as compared with a year ago. There is an increase of about $15,500 in deposits, $17,400 in loans, and $13,175 in general totals. * * * Miss Katherine Moore, stenog rapher at the Cedar Falls National Bank, was seriously burned on the left hand recently by coming in con tact with a live electric wire. It was necessary to cut off the current be fore she could be released. * * * * * * The check cashed at the Security Savings Bank, Waterloo, by J. A. Brown, a short time ago, has been returned with “forgery” written across the face. The check was drawn for $310 and signed by the name of E. Robinson. The bank on which it was drawn was in Warrensburg, 111. * -if * The Winthrop State Bank issued something unique in the calendar line this year. Each year there is something different, but this year * * * they are giving out a decorated din Five bank examiners for the audi ner plate. On the plate is tastefully T h e V ic to r S p h e ric a l M a n g a n e s e S te e l S c r e w -D o o r B a n k S a fe . H IG H E S T ■ ■ MIL - 1 NEVER BURGLARIZED https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis AW ARD, GRAND P R IZ E , ST. L O U IS W O R L D ’S F A IR M ade of tough M a n g a n e se S te e l. J a c k -S c r e w p o w e r utilized in clo sing door. N o holes through the door for locking o r bolting sp indle s. Safe locked and unlocked by the B a n k e r’s D u s t Proof T rip le T im e L o ck . T a k e s low est rate of B a n k B u rg la ry In s u ra n c e . N O IN S U R A N C E C O . H A S E V E R P A ID O U T A S IN G L E D O L L A R L O S S O N T H IS S A F E . The Victor Safe & Lock Go., Cincinnati, Ohio. WRITE FOR CATALOGUE 104M . February, 1909 THE NORTHWESTERN SE C U R ITY “ ™'"s Cedar Rapids CA PITA L AND SURPLUS DEPOSITS - SIOUX C IT Y , IO W A - - $250,000.0 185,000.00 W. MANLEY, President C. L. WRIGHT, Vice-Pres. T. A. BLACK, Vice-Pres C. N. LUKES, Cashier C. W. BRITTON, Ass’t Cashier arranged the twelve calendars. In the center of the plate is placed “ Compliments of the Wirithrop State Bank.” The souvenir is daintily dec orated and a handsome and useful gift. * * * The annual meeting of the stock holders of the Iowa Savings Bank of Oelwein was held recently and all the old officers were re-elected. A dividend of 6 per cent was declared and a sum placed in the undivided profits department. The bank has been in business about a year. * * * An amendment was submitted at the annual meeting of the stockhold ers of the State Savings Bank of Baxter to amend article three of the articles of incorporation of said bank, so that said article should read, “The amount of its capital stock shall be thirty thousand dol lars.” * * * At the annual meeting of the stockholders of the Farmers Savings Bank, Roland, Iowa, the officers and directors were all re-elected for the ensuing year, and the board of di Main 4276 - TELEPHONES - 49 SECURITY National Bank Capital, Surplus and Profits, BANKER $ 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 4 Per Cent G. F. VAN VECHTEN, President E. M. SCOTT,Vice-Pres . J. R, AMIDON, Vice-Pres. I. W BOWDISH, Cashier FRANK FILIP, Asst. Cashier rectors declared their usual 10 per R. Redman, J. F. Prine, John R. cent dividend, the balance of their Barnes, H. S. Howard. * * * earnings being carried as undivided profits. O. D. Wray, cashier of the Bloonf* * * field State Bank, states that the year The stock in the Farmers Savings just closed was the best, save one, Bank of Madrid, held by Lewis in the history of the institution. The Schooler, of Des Moines; Dean records of the bank show a steady Schooler, of Madrid, and G. D. El- gain since Mr. W ray took charge. lyson, of Des Moines, amounting to * # * considerable above the controlling At the annual meeting of the line, has been purchased by S. L. stockholders and directors of the Moore, Wm. Crooks and J. H. Rob State Bank of Earlville, the affairs erts, of Boone. of the bank were found to be in a * # * H. E. Manker, cashier of the First most excellent condition and the National Bank, Elliott, was the re past business year was one of the cipient of a fine oak, leather-backed most successful in the history of the office chair as a Christmas gift from institution. The officers and direc the boys in the bank. Mr. Manker is tors were all re-elected. * # # still in his wheel chair, where he has At Marshalltown an action has been for more than a month on ac been taken whereby the banks of the count of a wounded ankle. * * * county handling the county funds The stockholders of the Mahaska will have to pay interest on all coun County State Bank of Oskaloosa, re ty deposits beginning January 1st, at cently held their annual meeting and the rate of per cent on the aver elected the following directors : W. age daily balances held in the four R. Lacey, Gug. G. Woodin, Jas. At teen different depositories. Mar chison, Jno. Nash, W. W. Williams, shall’s average deposit is about $75,Geo. E. Fraker, Horace Crookham, 000. Automatic 3276 Laurence A. Jones & Co. 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 R eal E state D e ale r W ill C onduct S ales A ny w h ere S. K. NOLAND 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. ESTABLISHED 1891 L. A. JONES, 1891 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis HAWLEY, JONES & CO., 1902 LAURENCE A. JONES Sf CO., 1902. 400 Youngerman Bldg. Des Moines, Iowa THE 50 Correspondence invit ed with a view to bus iness relations with the banks of Western Iowa Nebraska, C olorado, Wyoming, South Dakota and the Northwest : : NEBRASKA N O R T H*W E S T E R N February, 1909 BANKER Capital and Surplus $1,100,000.00 ' V V L ( NEWS i om ahm AND NOTES Reserve Depository for National Banks safe was placed in the State Bank of Keene. * * * Geo. H. Gutru, cashier of the A new bank has been started at has accepted the position of assistant Newman Grove State Bank, is one cashier of the First National Bank of the stockholders of the new state Naponee, Neb. * * of Beemer. Bank of Albion. * * * The Citizens State Bank of Albion * * * The First National Bank of Co has put its new two-ton safe in The annual meeting of the stock lumbus, Neb., has elected A. R. Mil place. holders of the Albion National Bank * ** * ler, cashier, in place of 'O. T. Roen. was held at the banking house on * * * The Bank of Dakota City is com January 12th. G. W. Youngsworth, of Tyndall, pleting a $15,000 two-story brick S. D., has let the contract for a $25,building. Rumors of a new bank for Aurora * * w 000 bank building at Sioux City, have developed into a certain an J.f K. Liggett has become asso Neb. nouncement of such an institution * * * ciated with the National Bank of F. D. Webber has purchased anwithin a few months. Pawnee City. * * * * * * interest in the Goehner State Bank The First National Bank of Oma The First National Bank of Valen and began his duties as cashier Jan ha has been approved as reserve tine has purchased $25,000 worth of uary 1st. agent for the First National Bank of Panama bonds. * * * The safe has been installed and Overton. * * * The Minatare Bank has moved in the new bank at Albion will be The directors of the State Bank of to larger quarters and is nicely opened for business in a short time. Stella held a meeting recently and * * * equipped for handling business. * * * The First National Bank of Val the capital stock was increased from At the meeting of the stockhold entine has increased its circulation $30,000 to $50,000. * * * ers of the Valley State Bank, the old by the purchase of Panama bonds to H. T. Jones, president of the First officers were reelected. $25,000. * * * National Bank of Seward, has re * * * turned from Mexico where he The State Bank of Clearwater The Bank of Axtell has installed of land, ffl held its annual meeting and elected a new manganese safe. The old bought a large *tract # • Harvey Miller assistant cashier. * * * J. M. Logan, of Elliott, Iowa, will become cashier of the Exchange 3 % TIM E S A V E R Earle M. Sawyer has accepted a Only t h e Bank at Ong. Capital, $25,000; sur position as bookkeeper in the First tim e isrequired to apply th a t plus and undivided profits, $50,000. National Bank, Scottsbluff. * * * th e “fiat”paper * * * o n e s t a k e— A fire on the afternoon of Decem Hence Cheaper. At a meeting of the stockholders Made of heavy pressed paper ber 31st completely destroyed the of the State Bank of Jansen, the old with self-seal* Concord State Bank and its contents. ing flap. officers were re-elected. Hold all coins The loss is about $2,000. * * * * The State Bank of Ceresco was looted by robbers, but had burglar insurance and opened afterwards, as usual. * * * August Leutheuser, West Point, https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis securely—c a n 't slip out th e ends, o r unroll. Keep shape in dry or dam p clim ates . Mi11ion s Used Ann ua 11y. 9 sizes; $2 per M. boxed. $1 . 5 0 p er M. in 10,000 lots. P O I K I R A P Q ___ Our’s d o n ’trip -b ecau se double VrUlli D n U O stitched. We m ake tw enty sizes. 6 -HOLE COrN CARDS, like cut, 10c doz.; 100, postpaid, 75c; 1,000 $3; any printing, little m ore. 1-H0LE, any printing, $3 M; less for more. DETROIT COIN W RAPPER CO. 15 John R. St., Detroit, Mich. * * * * * At the annual meeting of the stockholders of the Security Savings Bank of Fremont, Pearl E. Albert son was elected secretary and treas urer to succeed Elmer Williams, who goes to Grand Island to assume <*tfrf*? •' ■’*<* February, 1909. THE TH E NORTHWESTERN OMAHA BANKER 51 NATIONAL BANK O F O M A H A , NEBRASKA STATEMENT. NOV. 27. 1908 RESOURCES. Loans and d iscounts................ $ O verdrafts ................................... U. S. bonds for circulation. . . Stocks and bonds ..................... Banking house and safety de posit vaults ............................ U. S. bonds for deposits......... Due from approved reserve agents ....................................... Due from other b a n k s.............. Cash on hand ................ Due from U. S. treasu rer. . . . L IA B IL IT IE S . 6,766,223,32 8,099.10 626,250.00 586,865.52 200,000.00 578,925.00 1,628,877.68 1,164,017.60 1,330,068.55 30,000.00 Capital ..........................................$ 1,000,000.00 Surplus fund .......... 200,000.00 Undivided Profits ..................... 269,436.16 Circulation ................................... 599,997.50 Deposits ................ ’ .................... 10,849,993.11 Total ..............................$12,919,426.77 Total ............................. $12,919,426.77 J. H. MILLARD, President C. F. McGREW. V. President WM. WALLACE. V. President W. H. BUCH0LZ, Cashier WELL ORGANIZED COLLECTION DEPARTMENT. ITEMS ON OMAHA AND ALL NEBRASKA POINTS SOLICITED. personal charge of a bank which he elected: H. L. Brinkerhoff, presi and M. Dowling of Omaha recently dent; F. W. Field, vice-president; purchased. C. M. Welch, cashier; G. L. Cramp# # * ton, assistant cashier. * * * The Bankers Life Insurance Com pany will erect a twelve-story build Some of the stolen notes from the ing at Lincoln. The First National Commercial Bank of Gibbon were Bank will occupy the lower story. found in a hay stack, north of Shel * * * ton, and were taken to Gibbon to be The Valley National Bank of Des identified. ■ * * * Moines, Iowa, has been approved as reserve agent for the Union Stock The Ashton State Bank opened up Yards National Bank of South Oma for business with Frank Bandura, ha. president; Joe Jankdwski, cashier. * * * This is one of the best banks in Sher The State Banking Board, Lin man county. * * * coln, composed of the auditor, state treasurer and attorney general, met C. E. Grew has sold a controlling recently and reappointed the old interest in the Dixon Bank to A. G. officers. Rahn, of Newcastle, who will move * * * to Dixon and take charge of the The Fronter County Bank of bank. * * * Stockville was sold recently to L. M. Graham, W. C. Reed, I. A. Williams, The case against Chas. M. Cham of that place, and J. B. Taylor, of berlain, defaulting cashier of the de Bennett. funct Chamberlain National Bank of * * * Tecumseh, is dragging very slowly H. L. Brinkerhoff, president of the in the district court. * * * National Bank of Pawnee City, and C. M. Welch, also of Pawnee City, The Frontier County Bank of Cur have bought the State Bank at Dun tis, owned by the Sawyers, was sold ning. The following officers were' to L. M. Graham, W. C. Read and H. C. BOSTWICK, P resident. H. C. M ILLER, A ss’t Cash. E. A. CUDAHY, Vlce-Pres. JO H N S. KINO, A ss’t Cash. TRUMAN BUCK, Vlce-Pres. JAS. B. OWEN, A ss’t Cash. J. C. FREN CH , Cashier. The South Omaha National Bank South Omaha, Nebraska Capital, $250,000 Surplus, $250,000 Profits, $100,000 Send u s y our Stock Y ards and P acking H ouse item s. W e m ake a study of th e efficient handling of accounts of banks tran sactin g business a t th e South Om aha stock yards. Correspondence in vited. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis FRANK BOYD, Ass’t Cashie J. A. Williams, of Stockville, and J. B. Taylor, of Bennett. * * * The First National and Fidelity National Banks of Aurora have filed pleas in abatement to the coun ty’s petition demanding interest from them for the county deposits. * * * Five Lincoln banks held their an nual meetings recently and elected officers for the new year. No changes were made in the director1ates or list of officers. * * * -Miss Jessie Parkinson and Mr. F. L. Beals, of Anselmo, were united in marriage at the Methodist church recently. Mr. Beals is assistant cash ier in the Farmers State Bank. * * * The stockholders of the First Na tional Bank of Grand Island elected the following officers: S. N. Wolbach, president; Mr. Reimers, vicepresident; Mr. Talmage, cashier. * * •» T. B. Garrison, Jr., Bert Robinson, and J. S. McNae have purchased a bank in Jefferson, Oregon, and will leave Kearney about the middle of February. W. N. Garrison, vice- First National Bank DUBUQUE, IOWA Capital, - ■ - - ' ' ■■ $200,000 Surplus and Profits, $94,831.36 D eposits, $1,584,405 O F F IC E R S C. H. RIGHMRY P resident R. A. RNGLRR, V ice-President B. F. BLOCKLINGRR, Cashier — D IR E C T O R S C. H. R ighm ey Geo. A. Burden C. M. Peaslee B. R. Blocklinger R. A. R ngler J. T. Adam s Ja s. C.Collier P eter K iene THE 52 NORTHWESTERN First Mortgage y barm Loans In tfltt j^tnrk f a rk s National la n k The Only Bank at Union Stock Yards SOUTH OMAHA, NEB. to the office of C a s h ie r CL W ith an e x p e r ie n c e g a in e d in tw e n ty -fiv e s u c c e s s fu l y e a r s o f b a n k in g , (s ev en teen as c a s h ie r o j th e F ir s t N a tio n a l B a n k , C re s to n , la . a n d e ig h t as P re s id e n t o f th e C o m m e rc ia l B a n k a t H a rr is o n , N e b ). M r. C la rk e co m es w e ll eq u ip p ed to re n d e r v a lu a b le s e rv ic e to th e liv e s to c k in d u s tr y tr ib u t a r y to th e S o u th O m ah a m a r k e t. W ith th e o fficia l fa m ily o f th e B a n k co m p o sed n o w o f MR. F> H. D A V IS, P re sid en t V ic e -P re s id e n t o f th e F ir s t N a tio n a l B a n k , O m ah a , w ith 40 y e a r s a c tiv e s e r v ic e in th is o n e b a n k . M R. E. F. FO LD A , V ice-P resident W ith 19 y e a rs a c t iv e m a n a g e m e n t o f th e B a n k in g H o u se o f F . F o ld s, a t S c h u y le r. N eb ., p rio r to c o m in g to th is B a n k in 1906. M R. F. W . C L A R K E , C ashier M R. N . F. R E C K A R D , MR. E PES C O R Y , A sst. C ashiers B o th w ith a co n tin u o u s s e rv ice in th is o n e b a n k for tw e n ty y e a rs . W e b e lie v e w e a re ju s tifie d in c la im in g e x c e p tio n a l s e r v ic e in all b ra n ch e s o f le g itim a t e b a n k in g , esp e c ifilly m a tte rs p e r ta in in g to th e liv e s to c k a n d m e a t tr a d e a t th e U n io n S to c k Y a r d s , S o u th O m ah a . G. W e also m a k e a s p e c ia lty o f h a n d lin g N e b r a s k a ite m s , s e n d in g a ll d ir e c t, an d y o u h a v e no k n o w le d g e o f th e b e s t s e rv ic e a n d lo w e s t ra te s u n til y o u h a v e tried f . O rganized 1886 N ationalized 1891 & G. S GILBERTSON Crocker Building I ., C apital $300,000 S urplus 60,000 ' Des Moines, V # * * * * The Nebraska National, Omaha, held its meeting recently and re elected Henry Yates president; Warren Switzler, vice-president;' W. E. Shepard, cashier, and Henry Yates, Jr., assistant cashier. * * * The Homer State Bank is now doing business in its fine new home, which is one of the best buildings in the northeast part of the state. The officers of the bank are: C. J. O ’Connor, president; Wm. H. Clapp, vice-president; Geo. W. McBeath, https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Iowa ___ _________ ____= J president of the Bank of Elmcreek, cashier; G. M. Best, assistant cash will move to Keareny to assist in ier. * * * the Commercial Bank. The Seven Valleys Bank, Calla At a meeting of the board of di way, has been merged into the First rectors of the First National Bank National of Callaway, capital, $25,of Grand Island, the resignation of 000. The Farmers State Bank in Arthur Bentley was accepted and creased its capital from $10,000 to B. H. Paine was elected to fill the $15,000, with a surplus of $3,000. * * * vacancy. * * * The stockholders of the First Na In a meeting of directors held re- Itional Bank of Emerson held their cently at the Merchants National annual meeting recently. Jas. F. Bank of Omaha, Luther Drake was Toy was elected president; Gus reelected president; Frank Hamil Isenborg, vice-president; H. L. Lenton, vice-president; F. P. Hamilton, derink, cashier, and J. A. McDonoe, cashier. assistant cashier. * to 6 l-2per <J[ W e offer gilt-edged First Mortgages on Iowa, Minne sota and North Dakota farms netting the investor 5 to 6 1 -2 per cent. Our loans are care fully selected on conservative valuations. Each farm per sonally inspected before loan is made. C an furnish loans in amounts from $300 up ward. Interest and principle collected and remitted to in vestor without expense. €| Correspondence and per sonal call invited. A n n o u n c e s the appointm ent of M r . F . W . C la rk e JL February. 1909 BANKER just completed a new building and installed a good set of fixtures and opened for business January 4th. * * * The Commercial Bank of Gibbon has bought two safes to take the place of the one wrecked by the rob bers. One will be used for the books and papers, and the other one will be of the burglar proof style and will be for the money. * * * The stockholders of the Citizens Bank of Geneva held their annual meeting and elected the following officers: M. Bolton, president; R. Tweed, vice-president; J. F. Walker, second vice-president; W. H. Stew * * * art, cashier; L. Eckley, assistant Negotiations for the sale of the cashier. # * * Commercial State Bank, Grand Island, came to a close in Omaha re F. W. Clarke, vice-president of the cently when the bank< was sold by First'National Bank of Chadron, and H. B. Stewart, of Chariton, and B. F. cashier of the bank at Harrison, has Clayton, of Indianola, Iowa, to been elected cashier of the Union Michael Dowling, of Omaha. Stock Yards National Bank of South * * * Omaha. Mr. Clarke will divide his The Bank of Crookston has been time between Harrison and South organized with C. H. Cornell, presi Omaha. # * * dent; M. V. Nicholson, vice-presi E. D. Hamilton, cashier of the dent; Max E. Viertel, cashier, and C. PI. Vanden, assistant cashier. Commercial State Bank, Grand The capital is $40,000, and they have Island, has resigned his position, and THE February, 1909 NORTHWESTERN BANKER The Oldest National Bank in the S tate: This means th a t for forty-five years a s a N ational Bank, as well as for seven years previous to th a t (under the nam e of “Kountze B rothers”) the F irst N ational Bank of Omaha has been serving its custom ers in such a way th a t each year has shown a steady increase i n its business. This increase, together w ith th e careful execution of business in all departm ents, enables it, in the b e s t m anner, to care for all of its depositors, not only in Omaha and IN TH E S TA TE 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, ag ain st which they may m ake drafts for their custom ers in settlem ent of purchases from O m aha’s rapidly growing jobbing and m anufacturing trade. Your Account is Solicited FIRST NATIONAL BANK OF OMAHA State Bank at Lawrence, with a capi tal of $10,000. It will begin doing business as soon as the work of per fecting the business can be com pleted and a charter granted. B. F. Scroggin, president; Henry Buesch* * # er, vice-president; H. G. Eggers, H. Harms has tendered his resig cashier; Geo. W. Ewing, assistant nation to the First National Bank of cashier. * # * Fairbury, where he has been book keeper, and will go to Deshler, J. M. Logan, of Elliott, Iowa, will where he has interested himself in become cashier of the Exchange the Farmers and Merchants Bank, Bank at Ong, Neb., an institution a new institution just founded there. with a capital stock of $25,000, and He will commence his duties as a surplus and undivided profit of cashier about the first of March. $50,000. Mr. Logan was associated * * * At the annual meeting of the with the First National Bank of Red stockholders of the Farmers State Oak, Iowa, for six years and with Bank, Crab Orchard, the following the First National Bank of Elliott officers were elected: I. S. Platt, for two years. « # # president; S. Bacon, vice-president; The Farmers & Merchants Bank H. C. Platt, cashier. A dividend of 9 per cent was declared, 6 per cent of Sterling, has elected the following being paid to the stockholders, and officers for the ensuing year: Mr. the remaining 3 placed in the re Boatsman and Mr. Freeburn were reelected- president and vice-presi serve fund. dent; E. H. Johnson, cashier, to fill Several parties in Lawrence and the vacancy caused by the resigna Ben Scroggin of Oak and Geo. Ew tion of John Boatsman. They de ing of Angus have organized a clared another 10 per cent dividend will return to Julesburg as soon as his successor is chosen, which will be at the annual meeting in January. He will take a position in the Color ado Bank, in which he has an inter est. * * * and placed 6 per cent to the reserve fund. * * * A part of the interest owned by W. G. Hirons in the Security State Bank of Plainview, has been pur chased by R. L. Tinsdale, Robert Tinsdale and Bruce Sires. Mr. R. L. Tinsdale, who will be the cashier of the bank, has been assistant cashier of the Brunswick State Bank for some time. Mr. Hirons will soon move to Colorado, but still retains an interest in the bank. * * * The Bank of Beaver City is hav ing a new banking room fitted up for its permanent home and when com pleted, both in location and conven ience, it will be a good improvement over the present quarters of that bank. * # * Articles of incorporation of the new Citizens Bank of Albion have been filed. The capital stock of the bank will be $20,000, and the incor porators are: J. P. Shirley, George H. Gutru, H. H. Funru, A. G. Mans field and James Fox. The M ERCH AN TS N A T IO N A L BANK of OMAHA, 2775 L u th er D rake, President F. P. H am ilton, C ashier A C C O U N T S S O L IC IT E D . https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis NEBRASKA Capital Frank T . H am ilton, V ice Pres. B. H. M eile, A ssistant Cashier U. S. D E P O S I T O R Y - Surplus Undivided Profits Deposits - $500,000 - $300,000 - $ 47,732 $6,119,983 THE 54 NORTHWESTERN BANKER February. 1Q09 THE SECURITY NATIONAL BANK M IN N E A P O L IS C A P IT A L , • m . V ■. L 1 • ’ T x : •: MS $ 1 , 0 0 0 ,0 0 0 .0 0 D E P O S IT S . . . . SU R P LU S $ 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 - ■ MINNESOTA - NE WS W e Invite C o rre s p o n d e n c e W ith B a n k s T h ro u g h o u t the N o rth w e st AND NOTES as reserve agent for the Mankato National Bank, Mankato, Minn. * * * The State Bank of Mound has The State Bank of Mound, capital, the title will become the State Bank opened. * * * of Houston. K. T. Thompson be $10,000, was licensed. * * * The State Bank of Wayzata has comes cashier, Hollis Briggs and Ar is cashier. The Miners State Bank, Chisholm, nold Clodt, assistants. J. C. Kelly opened. John Snure * * * will probably be president. will erect a new building. * * * The First National Bank of Aus The Eitzen State Bank is author A. T. Lund, president of Lund’s ized, capital, $25,000. W. F. Deties, tin has bought the adjoining prop erty to its building. State Bank, Vining, died recently. president, F. H. Freuchte, cashier. # # * * * * * * * W. P. Roberts will become second Robert Share, president of the The Lismore Farmers State Bank Rushmore Bank, died recently, aged has been organized. Wm. Tentler, vice-president and manager of the Bank. 80 years. president. Business began February Moorehead National * * * * * * 1st. The interior of the bank building * * * Jno. Cromb, president of the Mer chants National Bank of Crookston, W. C. Huff will resign as cashier at Hendrum was damaged by fire, to $300. died recently. at Wolverton, to engage in business with a loss of $200 * * * * * * for himself in Northern Minnesota. The First National Bank of St. * * * The Delano State Bank expected Cloud merges the Stearns County to be in its new quarters by January The National Shawmut Bank of State Bank and takes over the busi 15th. Boston, Mass., has been approved as * * * reserve agent for the City National ness. G. B. Ward, president of the First Bank of Duluth, Minn. The State Bank of Lafayette elect * * * National Bank of Alexandria died ed Jos. A. Eckstein, of New Ulm, recently. The National Bank of Commerce, * * * Retrum, cashier. St. Louis, Mo., has been approved as president, and P. * * * W. D. White, of Minneapolis, is reserve agent for the First National W. J. Naylor, the former cashier cashier of the Northwestern State Bank of Wabasha, Minn. * * * of the Citizens State Bank, Houston, * * * Bank at Cloquet. The Fort Dearborn National Bank has gone to Owatonna to spend the The First State Bank at Plummer of Chicago, 111., has been approved winter. has increased the number of its di as reserve agent for the First Na A. O. Netland succeeds S. O. Netrectors from three to five. tional Bank of Little Falls. * * * land as president of the State Bank * * * Work on the foundation of the H. G. Merritt, president of theof Audubon, Minn. I. L. Knudson new National Bank building at Peoples Bank of Minneapolis, died becomes cashier. * * * Chisholm has been commenced. recently. His successor was not * * * J. F. Toy, of Sioux City, Iowa, has named until the January Meeting. * * * The capital stock of the Citizens bought an interest in the First Na Bank of Lake City has been in The Liberty National Bank of tional Bank, of Slayton, Minn., and creased from $35,000 to $50,000. New York City has been approved will be cashier. * * * * * * as reserve agent for the Security Na The Citizens and the Farmers and tional Bank of Minneapolis. The International State Bank, In * * * Merchants State Bank, Houston, ternational Falls, has opened for have merged as the Citizens State The Southwest National Bank, business, capital $30,000. M. F. Bank, capital $25,000. Ultimately Kansas City, Mo., has beenapproved Murphy, Grand Forks, N. D., pros; https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis * * * * * * February, 1909 THE NORTHWESTERN BANKER 55 &usrplus F I R S T N A T I O N A L B A N K De«’#si,s $4.000.000 $20.000.000 Capital It w ill pay you o f f ic e r s D. i\lacker char. .Assistant items 'th r o u g h Cashier this bank. H. A. Willoughby. .Assist. Cashier M IN N E A P O L IS ; meeting recently, declared the regu¡lar dividend for the last quarter of the year. A general review of the business done during the year was * * * made, a highly satisfactory showing * * * Country state bank interests, being the result. The directors trans The Northwestern National Bank, headed by C. D. Griffith, of Sleepy ferred $100,000 to the surplus ac Minneapolis, Minn., has been ap Eye, propose a state bank at Minne count of the bank, making a total of proved as reserve agent for the First apolis with a $1,000,000 capital. , $1,100,000. * * * National Bank, Coleraine, Minn. * * * The First State Bank of Battle The First National Bank of BiA. G. Schwarzrock is named as Lake, Minn., incorporates with a wabik, whose safe yeggmen so sig cashier of the Farmers State Bank, capital of $10,000. W. L. Winsloe, nally failed to crack last fall, now of Vergas, Minn. He was formerly president -and G. R. Hopkins, cash has an electric burglar alarm. Re with the State Bank at Springfield, ier. cently President F. B. Meyers had * * * Minn. occasion to open the vault at night, * * * Jno. Saari succeeds W. J. Smith, and the alarm sounded. People The public examiner states that resigned, as president of the First came running from all directions the Security State Bank of Brainerd National Bank of Gilbert. The bank thinking the bank was being robbed. which recently closed its doors will will probably erect a brick building The bells could be heard in many shortly reopen. A 100 per cent as within a year. sections of the village. * * * * # * sessment was levied upon the stock. * * * P. D. Beaulieu, of the Chippewa The German American National The First State Bank of Biscay, State Bank, White Earth, Minn., Bank of Little Falls has about com Minn., incorporates with a capital of contemplates establishing a bank at pleted its interior improvements. A $10,000. John Kennedy, president; Camden Place, a suburb of Minneap heating plant has been installed. The C. F. Firman, of Hutchinson, Minn., olis, with probably $25,000 capital. walls and ceiling have been painted * * * cashier. A building will be erected giving the banking room a decidedly J. F. Herman, cashier, has opened in the spring. bright appearance. 'T h e black wal * * # up business as a banker, at Mizpah, The Sequrity National Bank, Min but the business will not be incor nut furniture has been revarnished and other furniture will be added. neapolis, the Capital National Bank, porated until spring. Deposits will The bank now has one of the nicest St. Paul, and the Merchants Nation be received for the First State Bank office rooms in the city. al Bank, St. Paul, Minn., have been of Northome. * # * * * * approved as reserve agents for the The Swedish-American Savings The State Bank of Monticello has Bank, Minneapolis, has removed First National Bank, Rochester, bought the building and fixtures of from its space with the Northwest Minn. # * * the Security State Bank. The busi ern National Bank to the old quart The Security National Bank, Min ness of the Security, a J. M. Haven ers on Fourth street, vacated when neapolis, Minn., has been approved bank, will be transferred to the Big the Swedish-American National as reserve agent for the Rochester Lake, Minn., bank. bank was consolidated with the # # # National Bank, Rochester, Minn. * » # T. F. McClure becomes presidentNorthwestern National. The busi Geo. G. Sawyer, formerly of the of the Bank of Litchfield, succeeding ness of the savings bank has been State Bank of Kimball, has bought Andrew Nelson, deceased. J. Es- conducted from the Northwestern the J. G. Hayter interest in the Bank bjornsson is vice president, P. Ro- National bank since that institution of Annandale, and becomes cashier. dang succeeds Mr. McClure as cash took over the Swedish-American Na * # * ier and D. N. Tharalson is assistant tional bank. President N. O. Wern er stated that the business of the Presbury W. Moore, of Mankato, cashier. * * * Swedish-American Savings bank has taken up his duties as assistant The directors of the Security Na could not be successfully cared for at cashier of the Farmers State Bank at Heron Lake. He has been assist tional Bank of Minneapolis, at a the Northwestern and that its redent; R. S. McDonald, International Falls, vice-president; Jno. B. Moon ey, Langdon, N. D., cashier; Harry Hilliard, Reynolds, N. D., assistant cashier. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis ant bookkeeper at the First National at Mankato for a couple of years, and was succeeded by Fred Walser, who has been collector. * * * TH E 56 NORTHWESTERN T H E M IN N E S O T A N A T IO N A L BANK 2E M I N N E A P O L I S Capital - - $200,000 Sur. &Profits 5,000 Circulation - - 50,000 Deposits - - 1,000,000 A. F. J. C. * * * * * * The First National Bank of Adams has just installed a Victor Mangenese steel screw door safe. All those who have seen the new safe pronounce it to be the most remark able piece of mechanism ever seen in the line of burglar proof sates * * * A. W. O ’Hearn is succeeded as cashier of the Merchants and Miners State Bank, Hibbing, Minn., by A. G. Wilson. The new building is re ceiving its finishing touches and the officers expect to move to the new quarters early in March. * The number of state banks in Min nesota has increased from 502 to 616, or a gaip of 114 banks during the past year. Not only has the past year witnessed a large increase in the number of banks, but the in crease in business has also been In remodeling the Rochester Na tional Bank, one of the improve ments made was the installing of a system of safety boxes in the vault. The plan was to provide a place for keeping jewels, other valuables and papers safe from every possible ele ment of destruction. The safety vaults can be rented for $1.00 per https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Use the M inneapolis M oney O rd e r Issued o nly b y us* Ask for a B lock of D rafts w hich afford you the convenience of an Open A c count w ith us* Q uick Returns* O u r Te rm s the Very Best* W rite us at once* D. CLARKE ...............................Prest. L. WILLIAMS ................... .V. Prest. D. UTENDORFER ................. Cashier I. WELCH....................... Asst. Cashier R. F. Smith of Wibaux, who has been appointed to the cashiership of the new Baker State Bank, Holdingford, met with the officers recently. He is a young man of pleasing ad dress and has had considerable ex perience. * February, 1909 O F F IC E R S A N D D IR E C T O R S moval to separate quarters was ab solutely necessary both for the wel fare of the institution and the deposi tors. The business of the bank will be conducted from the old quarters of the Swedish-American National bank until new quarters can be ob tained. * BANKER John McCulloch P. E>. Boutell M. W. Savage W. W. Heffelfinger F ra n k W. Greaves J. H. M artin A. D. C larke Jos. W. Molyneaux M. E. W illiam * F . L. W illiam s J. D. U tendorfer year. The vaults are accessible to vice president, S. G. Anderson, Jr., the owners at any time during bank Hutchinson; cashier, C. F. Firman, ing hours. assistant cashier of the Citizens * # * bank of Hutchinson; directors, L. E. At the annual meeting of the Wakefield, Minneapolis; Frank stockholders of the Capital National Kohler, Jr., Biscay; William Schulz, Bank, St. Paul, a new director was and Henry Ulrich, Biscay, and the elected to take the place of Paris officers. Mr. Kennedy is a farmer Fletcher, the local real estate dealer and general store keeper. Mr. An who was killed in an automobile ac derson is a county attorney for Mc cident near Winona last summer. Leod county. * * * There was no other change in the officers and directors of the bank ; na The Minnesota National bank, a good sized dividend was declared Minneapolis, will not increase its from the profits of the bank for the capital stock until the semi-annual past year. meeting, late in May, if the increase # # * is made at all. The stockholders of The stockholders of the Metropoli the institution met recently and con tan State Bank, Minneapolis, held sidered the question of doubling the their annual meeting recently and present capital, but it was laid on the the following directors were reelect table until the semi-annual meeting. ed: G. F. Blossom, F. R. Chase, A. D. A. McLarty, banker of Granite E. Clarke, W. P. Cleator, J. W. Falls, Minn., was elected a director Crane, J. O. Davis, P. M. Endsley, of the bank to fill the vacancy made H. G. Fertig, S. H. Hudson, Peter by the resignation of M. E. W il Manderfeld, G. C. Merrill, G. B. liams, to serve with M. W. Savage, Norris, F. W. Sullivan and V. H. P. D. Boutell, John McCulloch, Fj Van Slyke. The past year has been W. Greave, W. W. Hefíelfinger, J. one of the best since the organiza W. Molyneaux, J. H. Martin, F. L. tion of the bank. Williams and J. D. Utendorfer. # # * The directors reelected A. D. Harry Parker, brother of the dis Clarke, president, Mr. Williams, vicetinguished English writer of fiction, president, Mr. Utendorfer, cashier Sir Gilbert Parker, has become a cit and C. I. Welch assistant cashier. izen of the United States. He resides in St. Paul and Judge M. D. Purdy The Wayzata State bank is the naturalized him. Parker is cashier first financial institution on Lake of the Merchants National Bank and Minnetonka to have a building ex came here from England 17 years clusively for its own use. It stands ago. across the main street of Wayzata * * * from the Great Northern railroad Lyman E. Wakefield, manager of station and opposite the new town the transit department of the North hall. The building was designed by western National bank, Minneapolis, Lowell A. Lamoreaux, a Minneapol has been made a director in the First is architect and the contract was tak State Bank of Biscay, Minn. The en by Allen T. Dart, of Wayzata. bank has $10,000 capital. Thq design is colonial. The large * * * columns and exterior walls will be The officers and directors are: finished in rough cast concrete. The President, John Kennedy of Biscay; building will not be completed until TH E February, 1909 NORTHWESTERN K EN N ETH CivAR K , Pres. G. H. PRIN CE, Vice-Pres. BANKER 57 H. W. P A R K E R , Cashier H. VAN V L E C K , Ass’t. Cashier G. W. EKSTR AN D , Ass.. Cash. The Merchants National Bank of Saint Paul, Minnesota Capital, - $1,000,000 C harles P. Noyes Louis W. H ill V. M. W atkins United States Depository W. B. P arsons Geo. H. Prince L. P. Ordway D IR E C T O R S Crawford Livingston J. M. H annaford F. B. Kellogg Ambrose G uiterm an Surplus, - $675,000 K enneth C lark Thom as A. Marlow C. H. Biglow J. H. S kinner E. N. Saunders D. R. Noyes Correspondence and Personal Interview s Invited February. R. C. Moore of Wayzata is president; Dr. L. M. Crafts, of Minneapolis, is vice president; Hen ry Snure is cashier. Messrs. T. C. Burgess and M. O. Nelson are the other directors. The bank is the first organized on the north shore. It will carry on an insurance and mortgage loan business also. INSTALLS “WESTMINSTER CHIMES.” The Northfield (Minn.) National bank has installed a beautiful and unique timepiece called Westmins ter chimes. The contrivance is not only an ornament, but serves to keep the people on the street posted on the time of day. The chimes are con trolled from a clock inside the bank, and when the hour, quarter, half or three-quarters is ticked off by the clock an electrical circuit is com pleted and the hour is tolled off. The casing of the chimes measures about six feet. The electrical circuit governing the clock is an auxiliary to the burg lar alarm system and the sounding of the chimes shows that the alarm is in perfect condition. An electric TH E light inside the clock shows at night holders dedicated them to the ac through the transparency, and the complishment of these aims. name,. “The Northfield National Bank,” is not only impressed on the ST. PAUL CLEARING FOR 1908 ABOUT SAME AS 1907. ear with the chimes, but on the eye. The total bank clearings of the St. Paul banks for the year ending DEDICATION OF FIRST NA Dec. 31, 1908, aggregated $483,976,TIONAL BANK, WINONA, 978.42. This is a slight falling off MINNESOTA. from the total for the previous year, The handsome new First Nation but the difference is so slight as to al Bank building in this city at the make the totals practically the same corner of Fourth and Center streets for the two years. The actual de was formally dedicated to its use as crease was $914,689.40, and repre a banking house at exercises held in sents only about a half-day’s busi the directors’ room at the bank, at ness. which the stockholders of the bank A comparison of the last six and their wives were present, says months of the year with the corres the Republican and Herald. ponding months of 1907 is as fol These exercises were brief and lows : consisted of an address by Hon. 19 0 7. 1908. Earle S. Youmans, the president of July . .$41,374,168.12 $38,562,326.88 the bank, in which in an admirable Aug. .. 37,077.57i -03 36,750,909.47 manner he traced the history of this S e p tl . 38,690,116.11 40,789,403.18 bank back to the year 1856, although O c t. . . 53,467,910.85 46,281,282.79 it was not a national bank until sev Nov. .43,378,389-83 46,820,655.21 eral years after that time. At the Dec. .. 45,593,046.51 44,850,884.53 close of his address Mr. Youmans, by virtue of his official position, ded WANTED—Position as bookkeeper and stenographer by young lady w ith four icated the building to the high pur years’ experience in bank, now em poses for which it has been erected ployed. Can furnish recommends. Ad and speaking for directors and stock dress A. L., care N. W. Banker. i C ity National Bank O F C L I N T O N , IO W A Capital, Surplus and Prom ts............. . .$200,000.00 Deposits ............................................... $1,800,000.00 OFFIERS: A. C. Smith, President G. M Curtis, VIce-PrasIdent A. C. Smith, Cashier Accounts of Banks and Bankers received on most favorable terms. Correspondence Invited. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Packers National Bank O F SO U TH O M AH A, N EB. C A P IT A L , $150,000 U N D . P R O F IT S , $52,830.00 SURPLUS, $100,000 D E PO SIT S, $2,189,820.00 O FFIC ER S: JO H N F. COAD, P resident. A. W. TRUMBLE, Vice-Pres. F. J. MORI ARTY, Cashier. OHAS. A. DUNHAM, A ss’t Cashier. J . F . COAD, JR ., A ss’t Cashier. W e invite the Live Stock B anking business of Iowa and N ebraska Bankers. TH E 58 NORTHWESTERN Exclusive lines of Grain, Milling, Lumber and Jobbing Paper of Minneapolis and St. Paul Esp e cia lly suitable for N o rth w e ste rn O fferings on application. B a n k s. EUGENE M. STEVEN S & CO. Commercial Paper and investment Bonds Northwestern National Bank Bldg. State Savings Bank?Bldg. MINNEAPOLIS ST. PAUL H. D. C O P E L A N D & C O . 181-183 U N IO N STOCK Y A R D S • Chicago BANKER February, I9.r<9 Got That Sales Clerk Outfit Vet? See our cA d ” in December issue this'journal. W e car ry the sheets in stock also the covers W e also have D uplicate Protest Books, Duplicate Clearance Books, Duplicate R eceipt and T a x R eceipt Books, D up licate R econcilin g Books, C oin W rap pers and Currency Straps—gum less—all denom inations, T yp ew riter Ribbons, A dding Machine Ribbons, T yp ew riter Carbon, Pen and Pencil Carbons, Ledger leaves for anyjm ake of binder, Binders forlany ledger leaves. LIVE STOCK COMMISSION MERCHANTS W r ite Us Y o u r W a n ts B ankers desiring to m ake loans on Live Stock or ¿Ranches or having loans they wish investigated should correspond w ith us. W e are up to date in all lines of the Live Stock business and charges will be reasonable. Bankers Cabinet & Supply Co. REFER EN C ES N ational Live Stock Bank, Chicago N ational Bank of Republic, Chicago L ive Stock Shipments Solicited F A M O U S “Y E G G ” LAN D ED . “Jimmy Gaynor,” recognized by the detective agencies of the coun try as the star yeggman of the Northwest, is in jail at Oliyia, Minn., according to advices received by C. R. Frost, secretary of the Bankers’ Protective association, at his office in Minneapolis. Gaynor is held on the charge of robbing the Danube State bank on Oct. 6th. Gaynor and two other “yeggs,’’ traveling under the alias of Streeter and Collins, were arrested at Sioux Falls, S. D., last week and were tak en to Olivia. The State . Bank of Danube was entered on the morn ing of Oct. 6th. The safe was blown to pieces, and the burglars got booty amounting to $2,300 in cash. He had his hearing at Olivia and was bound over to the grand jury. T H E O R G A N IZ A TIO N OF N E W B AN K S M ADE IM P R A C TIC A B L E . The proposed Postal Savings Bank bill, if enacted by Congress, means that fewer banks will be es tablished after the law goes into ef fect, says the Watertown (Minn.) News. It means that many and many https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis “Progressive Printers and Stationers” M anufacturers and Jobbers o f B an k and O ffice Supplies M utual P h o n e 1259 a town, which will perforce grow up in the future, 1 will be practically without those modern banking facil ities which have proved to be the backbone of older states, towns, vil lages and even rural districts. Those communities which have become ac customed to modern bank methods will not give them up ; but the fron tier, deprived of the incentive to or ganize strong, sound banks, will con tinue for long periods to struggle against the disadvantages imposed by Postal Savings bank laws. The bank which has always been proudly numbered among the first establish ments of growing towns will no longer be among the first institution; but will be forced to delay its ap pearance by reason of the presence of its rival, the United States Postoffice, doing away with the organi zation of new banks. 6 1 6 G ra n d A venne, DES MOINES, IOWA directors will direct the affairs of the bank during 1909: J. A. McWaid, A. M. Duval, C. P. Meredith, L. W. Niles, J. L. Winne, Chas. R. Hunt, R. H. Bailey, Chas. Block and Clyde T. Campbell. The directors immediately held their first meeting of the new year and elected the following officers: J. A. McWaid, president; Chas. R. Hunt, vice-president; L. W. Niles, cashier; T. P. Breheney, assistant cashier. The clerical force in the bank will remain as it is at present, constituted with John F. Trede and Raymond Smith, bookkeepers, and Harry C. Jones, clerk. C EDAR F A L L S N A T I O N A L IN C R EASE S S TO C K . At the last meeting of the stock holders’ of the Cedar Falls National bank it was voted to increase the A T L A N T I C (IA.) N A T I O N A L E L E C T S . capital ¡of the bank to $100,000. In At the annual meeting of the stead of increasing the capital stock stockholders of the Atlantic National of the Trust company to $75,000 as bank the stockholders selected the was first anticipated. After duly directors who had served during the considering the matter it was voted year just ended to take up the duties to make the capital stock $100,000. and responsibilities of the directoryr Eaqh stockholder will hold a propor for the ensuing year. The following tionate amount in both institutions. THE February, 1909 NORTHWESTERN THE BANKER LARGEST IN S U R A N C E O R G A N IZ A TIO N 59 IN IOWA. Splendid Business of the Bankers’ Life Association— Its Strong Financial Condition. NORTH YAKIMA, WASH. The Bank of Central Washington for people from the Middle States. If any of your custom ers are com ing to the Y aki ma V alley a letter of introduction w ill be appreciated by us and w ill insure them prompt and courteous attention. G. S. RANKIN, President. H. C. LUCAS, Vice Pres C. H. ROYCE, Cashier. C. A. Mast, Public Auditor Accountant Banks and Corporations Audited Davenport, Iowa. B A N K S IN D A V E N P O R T Chas. H athaway & Company COMMERCIAL PAPER Correspondence Inviled. 205 LA SALLE ST., CHICAGO A. Burdick, Pres. Joe R. Lane, Vice Pres. John P. Van Patten, Vice Pres Lew J. Yagey, Cashier W ill J. Housman, Ass’t Cashier F IR S T NATIONAL BANK O F D A V E N P O R T , IO W A . C a p ita i $ 2 0 0 , 0 0 0 . S u rp lu s a n d lV n d iv id e d P ro fits $ 1 7 0 , 0 0 0 Send us your' Davenport business. The first National Bank in operation in the United States. Ijg g ^ g : WMX ! Im p I :ri ( :M*- . ( H i C ap ital $ 1 0 0 ,0 0 0 S u rp lu s $50 ,0 0 0 MERCHANTS NATIONAL BANK SIOUX CITY, IOWA OFFICERS E. W. RICE, President GEO. P DAY. Cashier E. B. SPALDING, Vice-President G. N. SWAN. Asst. Cashier B U Y AN D S E L L BANKS. We buy and sell banks and bank stocks. We supply banks w ith thoroughly reliable and com petent officers and clerks. We secure positions and changes in location for bank officers and clerks. W e locate desirable points for th e establishm ent pf new banks. W e aid bankers in th e organization of ne>v banks if they will furnish us w ith the location. W e have a large num ber of clients and we are growing every, day. All business strictly confidential. If interested, correspond w ith— '¡THE W ALTER H. HULL COMPANY, MARSHALLTOWN, IOWA. Dec., ’08, t f https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis The tw enty-ninth annual rep o rt of th e B ankers’ Life Asso ciation of Des Moines appears elsew here in this paper. It shows th a t steady growth which has characterized its history from the earliest days. The new insurance w ritten exceeds $58,500,000. T h at m eans an issue averaging over $195,000 of policies each business day through the year. The issues for 1908 exceed those of any one of th e tw enty-nine years since its work began. The am ount of insurance now in force is $367,688,000. Excluding industrial and fratern al insurance, th e re w ere but four life companies in th e U nited S tates w hich carried a t the first of the year th a t am ount of insurance. This enormous volume of business has been obtained by m ethods of th e m ost conservative kind. No p a rt of it has come from th e taking over of oth er insurance concerns unable to m anage th e ir affairs. It is largely the w ork of small agencies carried on by men who had faith in its m ethods and m anagem ent. They have worked under no so rt of pressure, have not been attracted to it by high commissions or prizes, and owe th e ir success to h ard and honest w ork and to the help of its own m em bers who have ever been ready to say a good word as th e resu lt of th eir own experience. Taken as a whole, it may safely be said th a t its members, now num bering over 135,000 men, scattered over th e north ern portion of the U nited States, constitute as fine a body of insurance risks as can anyw here be found. The to tal resources a t th e date of the la st rep o rt w ere $11,738,775.76. The figures now stand a t $13,502,474.51, having increased during the year by $1,763,698.75. I t has on deposit w ith th e Iowa insurance departm ent in vestm ents am ounting to $10,858,144.89. These are largely loans made on Iowa farm s—a form of investm ent which has proven to be of th e m ost satisfactory kind under all circum stances. Several hundred thousand dollars of bonds issued by Iowa counties, cities and school d istricts are also carried. The guarantee deposits made by mem bers now aggregate $6,672,538. They are held as a forfeit to induce th e prom pt paym ent of calls made upon th e members. Upon the aggre gate of these funds are based th e am ount of th e calls each one is asked to pay to provide funds for each qu arter’s loss. As th e average am ount of losses to he paid am ounts to a little more than $595,000 each quarter, it will he seen th a t the pledge behind them is over eleven tim es th e am ount it se cures. The reserve fund is held for th e purpose of reducing the cost to mem bers in future years. It now exceeds $5,540,000, having gained nearly $800,000 during th e year ju st closed. Its increase alone would have paid about one-third of the death losses incurred. As it grows from th e in te rest upon all th e funds of the association w ith th e power of in te re st compounded year after year, it will readily be seen how large a p art it will tak e in the fu tu re progress of th e business. During the year th ere was paid to beneficiaries the sum of $2,437,415.19. E ach week th ere was disbursed to widows and orphans a sum of money running from $30,000 to $60,000. Who shall say how much com fort and relief has followed this con sta n t stream of help in tim e of need? Over $18,040,000 have gone from the trea su ry of th e association to beneficiaries since th is w ork began. As usual, all death claim s ready for pay m ent w ere paid a t th e close of th e year. The death rate for each thousand dollars a t risk was less th an $7. T he cost to mem bers aged 35 for each thousand dollars of insurance car ried was $9.45. W RAG G T H E LA N D S C A P IS T. Mr. M. J. W ragg, of Des M oines, who was for a num ber of years S tate H orticulturist for Iowa, is devoting much of his tim e now to landscape work. He has executed several com missions lately of such high grade, as .to place him in the front rank. His ability in planning a city lot or a g reat country estate is such th a t he finds his tim e nearly all taken w ith work of this character. His love of the beautiful, com bined w ith a thorough knowledge of w hat constitutes beauty, and endowed w ith the rare gift of good taste, has created a demand for his services from those who w ant only the best and m ost artistic effects in landscaping. 6o THE NORTHWESTERN BANKER February, 1909. ORGANIZED 1881 The Des Moines Fire Insurance Co. Des Moines, Iowa. The Des Moines Fire Insurance Company Made Splendid Gains During 1908 S T A T E M E N T O F G A IN S Admitted Assets January 1, 1909........................................................$685,853.75 Increase Over Last Y e a r ................................. $21,885.62 Capital (Paid Up in Cash).............................................................. . Increase Over Last Y e a r .................................. 100,000.00 50,000.00 Gross Premiums Written 1908. ........................................................... 494,751.78 Increase Over Last Year .......... .............. 5,015.00 Increase Over Last Y e a r ........................ 5,057.20 Iowa Premiums Written 1908.............................................................. 373*849.67 Present Net Surplus After Deducting $40,000 Which Was Capitalized ...................................................................................... 147,564.82 Surplus Protection to Policyholders...........................•....' ................. 788,187.09 TW EN TY EIGHTH ANNUAL STATEM ENT ASSETS: Cash in Banks and O ffice .......................'........................................... $ 51,512.02 Cash in Course of Transmission......... ................ ............................... 32,862.66 Mortgage Loans on Real E s ta te ....................................................... L. 242,749.76 Stocks and B o n d s............... ............................................................... 100,628.85 Real E s ta te ............................................................................................. 89,548.91 Loans, Secured by Pledge of Bonds.................................................... 4,892.00 Unmatured Bills Receivable................................................................ 163,659.55 Total Admitted Assets.................................. ......................... $685,853.75 L IA B IL IT IE S : Capital Stock (full paid)....................................................................... $100,000.00 Reserve for Re-insurance and Other Claims...................................... 438,288.93 Net Surplus ........................................................................................ 147,564.82 T otal $685,853.75 The Company’s Statement filed with the Insurance Department shows other assets not given above amounting to $102,333.34. CEO. G. H U N TER , President C. S. HUNTER, Secretary C. H. MARTIN, Treasurer https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis O. B. FRYE, Assistant Secretary W. L. READ, General Counsel February, 1909 T W E N T Y -N IN T H TH E NORTHWESTERN BANKER AN N UAL S TA TE M E N T OF TH E 61 C O N D IT IO N OF The Bankers Life Association of Des Moines Assets, D ecem ber 31,1908 Funds and Increases, 1908 First Mortgage Loans on Real Es tate ................................................. $10,477,044.07 Bonds and Other Securities, Book Value ............................................. 397>59I-92 Real Estate ............. 53,258.07 Deposited with Missouri Insurance Department ................................... 1,000.00 Guarantee Notes Not Yet Due . . . . 1,595,114.89 532,156.68 Cash in Banks andTreasury. Income During the Year 1908. .. .$ 5,086,696-33 Disbursements During the Year J9o8 ............... ............................. 3,352,925 -93 Saved for Investment During the Year 1908........... 1,733,770.40 Securities Deposited With State Department ................................ 10,858,144.89 Guarantee Fund to Secure Pay ment of C a lls .......................... 6,672,538.00 Reserve Fund Pledged for Payment of Losses in Excess of One Per Cent Per Annum for MembershiP .............................. 5,544,906.55 Insurance in Force January 1, 1909 367,688,000.00 Death Claims Paid During 1908. . 2,388,944.19 Guarantee Deposits Returned Dur ing 1908 ...................................... 48,471.00 Total Paid to Beneficiaries Since Organization .............................. 18,041,278.71 Death Rate Per Thousand in 1908. 6.98 Cost of Insurance Per Thousand at Age 35 in 1908 (other ages in proportion) .................................. 9.45 Increase in Insurance in Force Dur ing 1908........................................ 37,450,000.00 Increase in Guarantee Fund Dur ing 1908 ...................................... 661,607.00 Increase in Reserve Fund During 1908 ............................................ 799,510.68 Depository Banks Appointed........ 9,315 Total Ledger Assets .................$13,056,165.63 Interest Accrued ............................ $ 270,616.88 Assessments Payable in January, 1909, to Cover Losses Reported and Not P roven ......... .................. 175,692.00 Total Gross Assets .....................$13,502,474.51 Deduct Guarantee Notes Not Yet Due ............................................... 1,595,114.89 Total Admitted Assets ........... $11,907,359.62 Liabilities, Dec. 31,1908 Death Claims Proven and Unpaid. . None Death Claims Not P ro ven ............. $ 175,692.00 Trust Fund Deposits and Advance Payments ....................................... 18,611.71 Accounts Due and Payable in Jan uary, 190 9......................... 5,500.00 Balance of Resources ..................... 11,707,555.91 Total ............................................. $11,907,359.62 O F F I C E R S E D W A R D A, T E M PL E , P resieen t E. E. C L A R K , V ice-P resid en t Cen. Offices https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis SIM ON CA SA D Y , T re a s H. S. N Ö L L E N , Sec. I. M. E A R L E , G en ’l C ounsel J. M. B A C H T E L L , A ud. and A sst. Sec. EQUITABLE BUILDING G E O R G E K U H N S, Field M gr D R. F. J. W IL L . Med. D irecto r Des Moines, Iowa 62 TH E NORTHWESTERN BANKER February, 1909. “In All That Is Good, Iowa AHords The Best. T W E N T Y -T H IR D ANNUAL STATEM EN T Royal Union Mutual Life Insurance Co. Des Moines, Iowa F R A N K D . J A C K S O N , President S I D N E Y A . F O S T E R , Secretary G I L B E R T B. P R A Y , Treasurer J A M E S T A G G A R T P R I E S T L E Y , M edical Director YEAR ENDING DECEMBER 31,1908 Brought Forw ard .............................................. ! 2,165,734.98 STATEMENT. OTHER ASSETS. Ledger A ssets Jan. 1, 1908.............................. $ 1,938,544.3? INCOME 1908. Prem ium s ...................................... 705,125.07 Interest, etc...................................... 128,449.34 79,841.00 833,574.41 Total Income Total ............................................................ $ 2,772,118.745 DISBURSEMENTS 1908. D eath Losses Paid ......................... $160,914.18 1,000.00 F atured E n d o w m e n ts .................. Dividends to Policy H olders........ 55,372.44 Surrender Values (Including Re serve on M atured Policies 74,514.82 20,844.00) ................. S tate Fees and T a x e s .............. 14,931.40 Commissions and Agency Ex pense ......................................... 186,070.25 Paid for Claims on Supplem ent ary Contracts not involving Life Contingencies ................ 2,900.00 Salaries of Officers and C lerk s.. 40,086.36 Medical Fees and Inspection of Risks .......... 12,531.57 Printing, Stationery, Postage and A d v e rtisin g ...................... 10,555.69 R ent Home Office and Agency Offices .................. . ................... 5,178.75 F urniture and F ixtures .............. 3,184.08 Dividends to G uarantee Fund ..................... 7,000.00 Shareholders ........................... .................... 2,163.42 Legal Expenses .............................. All O ther D isbursem ents ............ 11,734.66 $ 2,183,981.12 1,465,544.00 653,404.29 Ï4,817.65 21,969.04 Carried Forw ard .................. ................... $ 2,165,734.98 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis LIABILITIES. Reserve on all Policies in F o r c e ........ ..........$ 2,005,108.00 Claims for D eath Losses in process of ad justm ent and not d u e .............................. 3,388.00 Claims for D eath Losses, proofs not re ceived ....................... 1 ,000.00 Supplem entary Contracts not y et due (pres en t value) .................................................. 30,430.00 Prem ium s Paid in Advance ........................... 2,417.48 Due and unpaid on Supplem entary Con trac ts ................................................. 500.00 Salaries, Rents and Office Expenses due and accrued ........................................................ 843.00 Medical Exam iners Fees due and a c c ru e d .. 242.00 Dividends Due Policy H olders ................ 6,130.69 U nearned In terest paid in advance .......... 696.22 U nassigned Surplus .............................. 194,820.59 INSURANCE. ASSETS INVESTED AS FOLLOWS: F irst Mortgage Loans ............ Loans and Notes On Policies w ithin Re-serve .......................... Cash in Office and B a n k s ........ O ther Secured Investm ents . . . Total Adm itted A ssets ............................ $ 2,245,575.98 Total ............................................................ $ 2,245,575.98 588,137.62 Total D isbursem ents Ledger A ssets December 31, 1908 In terest Due and Accrued . . . $ 52,092.64 Due and Deferred Premiums, 27,748.36 N e t .: .......... ...................... . In Force January 1, 1908 10,961 Policies Amount ..................................................... $ 17,700,087 Issued and R estored in 1908 2,494 Policies Amount ................ 4,155,576 Total 13,455 P o licies-----------------Amount ............................ 21,855,663 Term inated 1,370 Policies Amount .................................. 2,463,729 In force December 31,1908 12,085 Policies Amount ........................................... ............$ 19,391,934 DEPOSIT. Securities on deposit w ith A uditor of S tate December 31, 1908, to protect policy holders .................. ......................................$ 2,036,280.27 Appraised value of above se cu ritie s---- . . . 4,646,124.00 M IS C E L L A N E O U S . Insurance in force Admitted Assets Paid to Policy Holders 1908 Surplus to Policy Holders Per cent of Interest on Mean Assets $ 19,391,934 2,245,576 291,801 194,820 5.90% February, 1909 TH E NORTHWESTERN BANKER 63 REPRESENTATIVE IOWA BANKS These Banks have special facilities for handling collections and any other business entrusted to them ADEL—Adel S tate Bank. Capital, $50,000. Undivided Profits, $15,000. Deposits, $325,000. S. M. Leach, P res., Robt. Leach, Cash. BAXTER—State Savings Bank. Capital, $30,000. Surplus, $2,400. U n divided Profits, $2,200. Deposits, $230,000. F red H ager, Pres., H. A. Geise, V-Pres., Chas. Burdick, Cash., J. E. Holmes, A ss’t C. MASON CITY—First National Bank. ROCKWELL CITY—F irst Natl. Bank. Capital, $50,000. Surplus, $10,000. U n divided Profits, $8,000. Deposits, $210,000. E. A. Richards, Pres., J. H. B radt, Vice Pres., F. P. Huff, Cash., W. A. Sandburg, A ss’t Cash. Capital, $150,000. Surplus, $150,000. De posits, $1,800,000. C- H. McNider, Pres., W. G. C. Bagley, C. A. P arker, A ss’t Cashier. MARSHALLTOWN—Marshalltown State. Capital, $100,000. Surplus and Profits, $50,000. Deposits, $750,000. A. F. Balch, Pres., G. A. T urner, V-Pres., P . S. Balch, Cash., 0. C. Trine, A ss’t Cash. SIOUX CITY—Live Stock Nat. Bank. Located a t Sioux City Stock Yards. Capital, $100,000. Surplus, $75,000. Geo. S. P arker, Pres., F. L. Eaton, Vice-P., W. P . Dickey, Cash., C. D. V an Dyke, A. 0. BOONE—Boone National Bank. Capital, $100,000. Surplus, $25,000. U n divided Profits, $10,000. Dep., $600,000.« E. E. Hughes, Pres., John Cooper, V-Pres.. T. L. Ashford, Cash., A. M. Burnside, A. C. MONTICELLO—The Monticello St. Bk. ■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. SHENANDOAH—Shenandoah N at’l Bk. Capital, $100,000. Surplus, $60,000. D e posits, $375,000. George Bogart, Pres., E. H. Mitchell, V-P., R. M. Gwynn, Cash., F. M. Schneider, A. 0. CHEROKEE—First National Bank. Capital, $50,000. Surplus, $35,000. U n MARENGO—First National Bank. divided Profits, $7,000. Deposits,' $700,000. Capital, $50,000. Surplus and Undivided N. T. Burroughs, P., W. A. Sanford, V.-P., Profits, $25,000. Deposits, $200,000. R. H. Scribner, Cash., O. Sullivan, A ss’t O. F rank Cook, Pres., H. E. Oldaker, Cash. DECORAH—Winneshiek Co. State Bank. C. J . W eiser, Pres., E. W. D. Holway, V. P., R. Algyer, Cashier, A. Ankinson, Teller. FOREST CITY—Forest City N at’l Bank. Capital, $25,000. Undivided Profits, $2,Deposits, $218,000. A rthur M. V ette, Pres., J. B. Murphy, Vice Pres., J. Ewin Evans, Cash., W alter MacGregor, A ss’t Cash. 000. 000. Capital, $50,000. Surplus and profits, $45,000. W. J. M urray, Pres., W. J. Moir, ViceP res., W. E. Rathbone, Cash., A. W. CrosBan and H. S. Hammond, Asst. Cashiers. U. S. Depositary. MARENGO—German Am. Sav. Bank. Capital, $60,000. Surplus, $10,000. U n divided Profits, $2,544.30. Deposits, $197,258.17. E. H. F airburn, Pres., F ran k A. Fairburn, Vice Pres., A. S. Wood, Cash., Will C. Wood, A ss’t Cash. GILMORE CITY—Gilmore State Sav. Bank Capital, $25,000. Deposits, $80,000. R. H. Van Alstine, Pres., S. V an Alstine, Vice Pres., Lorenz Lorenzen, Cash. GRINNELL—Merchants Nat. Bank. Capital, $100,000. Surplus, $40,000. U n divided Profits,. $15,000. Dep., $670,000. S. A. Oravath, Pres., E. W. Clark, Vice P res., L. F. P arker, 2d Vice Pres., Geo. H. Ham lin, Cash., W. C. Staat, A ss’t. Cash. HAMBURG—Farmers National Bank. Capital, $50,000. Surplus, $5,500. U ndi vided Profits, $11,000. Deposits, $425,000. A. Hydinger, Pres., G. M. Beal, Vice-Pres., B. D. Butterfield, Cash., B. G. F ranklin, A. C. . IOWA CITY—Iowa City S tate Bank. Capital, $65,000. Surplus, $29,000. U n divided Profits, $700. Deposits, $390,000. Euclid Sanders, Pres., Wm. Musser, Vice Pres., P. A. Korab, Cash., J. C. ' Switzer, A ss’t Cash. INDEPENDENCE—Com. State Bank. Capital, $100,000. Surplus, $20,000. U n divided Profits, $29,845. Deposits, $343,818. O. M. Gillett, Pres., A. G. Shellito, V. Pres., C. E. Purdy, Cash. NEWTON—First Nat. & Newton Sav. Capital, $100,000. Surplus, $10,000. U n divided Profits, $1,357.27. Deposits, $516,705.45. J. M. Woodrow, Pres., F. M. Woodrow, Vice Pres., A. E. Hindorff, Cash. NEWTON—Citizens State Bank. Capital, $60,000. Undivided Profits, $6, 000. Deposits, $300,000. F. L. Maytag, P res., Joe Horn, Vice Pres., Lee E. Brown, Cash. NORWAY—Benton Co. Savings Bank. Capital, $15,000. Surplus, $15,000. U n divided Profits, $1,700. Deposits. $143,000. H. L. Uthoff, Pres., Lorenz Brecht, V. Pres., J. H. P ickart, Cash. NORWAY—First National Bank. Capital, $25,000. Surplus, $7,500. U n divided Profits, $685.24. Dep., $173,571. C. E. Simpson, Pres., Geo. A. Doebel, V. P res., John T. Smith, Cash., L . . H. Jurgemeyer, A. Cash. NEVADA—First National Bank. Capital, $75,000. Surplus, $25,000. U n divided Profits, $10,000. Dep., $400,000. J. A. F itchpatrick, Pres., W. P. Zwilling, Vice P res., E dgar John, Cash., E. A. Faw cett, A ss’t Cash. OSKALOOSA—Oskaloosa National Bank. Capital, $100,000. « Surplus, $50,000. De posits, $700.000. W, H, Kalbach, Pres., H. L. Spencer, VicePres.', ; C. E. Lafland, Cash. PANORA—Guthrie Co. Natl. Bank. LE MARS—First National Bank. Capital, $100,000. Surplus, $20,000. U n divided Profits, $8,0000. Dep. $1,085,000. P. F. Dalton, Pres., G. L. W em li, .V-Pres., E . A. Dalton, Cashier, J. A, Hoffman, A. C. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Capital, $50,000! Deposits, $320,000. G. H. Austin, Pres., F . W, Brokhausen, Vice Pres., D. E. Goodell, Cash. VICTOR—Farmers Savings Bank. Capital, $25,000. Surplus, $15,000. U n divided Profits, $3,500. Deposits, $400.000. H. C. Phelps, Pres., Levi Lewis, V. P res., H. L. M ussetter, C., Florence M ussetter, A.C. WESLEY—Security Bank. Capital, $30,000. Surplus, $7,900. U n divided Profits, $1,346. Deposits, $159,825. Rodney Hill, Pres., Geo. B. Hall, Cashier, Louis B. Rasmussen, A ss’t Cashier. WEST LIBERTY—Citizens Sav. Bank. NEWTON—Jasper County Savings Bk. KLEM.ME—State Savings B ank.! Capital, $15,000. Surplus, $10,500. JJn, divided 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. TAMA—Commercial Savings Bank. Capital, $25,000. Surplus, $5,000. U n divided Profits, $2,000. Deposits, $180,000. D. H. McKee, Pres., J. C. Engelbert, Vice Pres., Chas. Ludwig, Cash., C. I. Deuzler, A ss’t Cash. Capital and Surplus, $65,000. Capital, $80,000. Surplus, $37,500. De G. S. Gilbertson, Pres., W. O. Hanson, posits, $500,000. V.-P.; C. H. Kelley, Vice-Pres., C. A. Isaacs, W. 0. Bergman, Pres., H. B. Allfree and Cashier, M. J. Johnson, A ss’t Cashier. C. Sloanaker, V. Pres., R. L. Arnold, Cash. FONDA—The Fairburn State Bank. Capital, $25,000. Surplus, $26,000. De posits, $240,000. Chas. Bofink, Pres., H en ry Haag, Vice Pres., W. W / Anderson, Cash., A. E. Adams, A ss’t Cash. MARENGO—Peoples Savings Bank. Capital, $100,000. Surplus, $25,000. U n divided Profits, $25,000. Deposits, $960,- ELDORA—First National Bank. SCRANTON—Bank of Scranton. Capital, $50,000. Surplus, $10,000. Un divided Profits, $6,000. Deposits, $330,000. M. M. Reynolds, Pres., H. L. Moore, Vice Pres,, W ade Spurgin, Cash. PANORA—Citizens State Bank. Capital, $25,000. Deposits, $115,000. S. 0. Culbertson, Pres., M. M. Head, Vice Pres., H. M. Culbertson, Cash., G. A. Goetzman, A ss’t Cash. Capital, $25,000. U ndivided Profits, $100. Deposits, $50,000. J. E. M cIntosh, Pres., G. A. Moore, Vice Pres., Irw in Aikins, Cash. Commenced business Oct. 17, 1908. WEST LIBERTY—la. State Bk. & T. C.O. Capital, $40,000. Surplus, $20,000. U n divided Profits, $18,000. Deposits, $290,000. I. A. Nichols, P res., C. M. Nichols, Vice Pres., W alter Light, Cash., Iv an Noland, A ss’t Cash. WILTON JUNCTION—Farmers. Sav. Bk. Capital, $20,000. Undivided Profits, $2,000. Deposits, $125,000. Chas. C. Kaufm ann, Pres., F red M aurer, Vice Pres., F. 0. Wiekes, Cash., A. J. W acker, A ss’t Cash. WILTON JUNCTION—Union Sav. Bk. Capital, $40,000. Surplus, $25,000. U n divided Profits, $5,000. Deposits, $400,000. A. R. Leith, Pres., D. G. Agnew, Vice Pres., W. D. H arris, Cash. The Commercial State Bank of Grand Island has been sold by H. B. Stewart, of Chariton, Iowa, and B. F. Clayton, of Indianola, Iowa, to M. Dowling, of Omaha, and - E. W il liams, of Fremont. The bank has a paid up capital of $50,000 and car ries a surplus of $20,000. Harry Dowling and E. Williams will be ac tive- in the management of the bank under its new ownership. * * * Daniel Schram has resigned as cashier of the Commercial National Bank of Columbus and will be suc ceeded by Frank Rover. TH E 64 NORTHWESTERN February, 1909 BANKER N A P O L E O N . Napoleon’s necessities, his war with. England, his desire for money to aid in prosecuting the w ar, his determination that England should not gain the territory, and his wish to raise up a rival to E gland on sea and land, marked to the eternal advance ent of the United States of repre entative institu tions, and of the world’s progress, J E F F E R S O N . President Jefferson wanted New Orleans in order to control the mouth of the Mississippi on the east side, and offered to guarantee to Napoleon all the territory west of the Mississippi, if this inducement became necessary, i9 order to get that town. Looking for a City, he had an empire thrust upon him. Commemorative'to the Memory of the Great Commonwealth—-IOWA On th e s ite o f The National Bank of Commerce in St.Louis liv e d th e p io n e e r, W illia m C la rk an d th e n c e , m o re th a n ioo y e a r s a g o , s e t fo rth th e fa m o u s Lewis and Clark Expedition, w h ic h ad d ed to th e U n ite d S ta te s a te r r ito r y in th e N o rth w e st im p e r ia l in e x te n t a t a c o s t o f $15,000,000. A n o th e r e m p ir e — an em p ire o f b u sin ess— lik e w is e sta rted o n th is s p o t an d ce n te rs h ere I t is ty p ifie d b y The National Bank ot Commerce In St. Louis—in p o in t o f w o r k in g c a p ita l, th e la r g e s t a n d s tro n g e s t b a n k in th e c o u n tr y , o u ts id e o f N e w Y o r k C ity , a n d h a v in g to t a l re s o u rce s o f over $90,000,000. A fte r 52 y e a r s o f su cc e s s fu l ca re e r, w ith $18,000,000 c a p ita l an d su rp lu s, an d e x te n s iv e c o n n e c tio n s th r o u g h o u t th e w o rld , w e a im an d w ill w e lc o m e an o p p o rtu n ity to serv e y o u . *The Fidelity 6 Casualty Company 97 to 103 Cedar Street, NEW YORK CITY Assets ........................................................................................................................$ 7 ,537 ,429.91 Capital and Surplus .................................... ......................................................... 2,013 ,400.24 Losses paid to January 1 , 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, Fly Wheel, 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. & Sec. Henry Crossley, Asst. Sec. D IR E C T O R S : W illia m P . D ix o n , D ix o n & H o lm es A lfr e d M . H o y t, B a n k e r G eo . E . I d e r Pres. H o m e L ife Ins. C o . W m . G. U ow , C o u n se lo r-at-law W illia m J . M a th e so n , M e rc h a n t H e n ry E . P ie r re p o n t, R e tire d Jo h n E . H ik er, o f J. I,- an d D . S. R ik e r W. E m le n R o o se v e lt, B a n k e r A le x a n d e r E . O rr, R e tire d M e rc h a n t G e o rg e F . S e w a rd , https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis A u re liu s B. H u ll, R e tir e d M e rc h a n t Joh n G . M c C u llo u g h , E r ie R a ilro a d Co. A n to n A . R a v e n , A tla n tic M u tu a l In s .Co. D u m o n t C la rk , Pres. A m e ric a n E x c h a n g e N a tio n <1 B a n k P re s id e n t
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