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~~
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Volume IL
ESTABLISHED 1875.
S. A. ROBERTSON,
P resident.
CAPITAL,
SURPLUS,
GEO. A. DISS:MORE,
Cashier.
s100,ooo .
30,000,
ci:~-:JICITIZENS
-
EDITORIAL,
-
-
9
NATIONAL
BANK~--~•
9
• •• _., ·, .. , •• (14 DES MOINES, IOWA.
- s
THE NEW REVENUE BILL AS PRO-
lowA NATI 0 NAL
BANK.
-:Slili:ti.l
""~lllltl11
►
•·
Number 2.
Des Moines, Iowa, February 20, 1897.
____Des Moines, Iowa.
-
POSED BY CODE COMMISSION,
THE ELDON BANK ROBBERY,
-
loWA 1896 BANK FAILURES,
CONDITION
OF
!OWA
6
NATIONAL
. BANKS,
IO
CAPITAL,
THE GERMAN SAVINGS BANK OF D ES
Accounts of Banks and Bankers solicited
on favorable terms. School and Municipal Bonds negotiated. Collections
handled promptly. Designated reserve agent for National Banks.
DIRECTORS:
S. A. Robertson, Pres't,
Jas. Cun ningham,
Geo. A. Dissmore, Oash'r, Geo. S. Redhead,
H. A. Elliott,
Frederick Field, ·
H. R. Heath,
E . H. Hunter,
J.M. Goodman.
M. T. V. Bowman,
Dr. W. H. Dickinson,
E. D. Samson:.
Theo. 0. Sherwood,
- IO
MOINES TO RESUME,
CONDITION
OF
IOWA
SAVINGS BANKS,
How
-
$200,000.00
- 100,000.00
STATE AND
-
-
II
J. G. R0UNDS, President.
A. LEDERER, Vice-President.
GEO. E. PEARSALL, Cashier .
H. T. BLACKBURN. Ass't Cash.
TO PROVIDE FOR DISHONESTY
. AMONG BANK EMPLOYES,
-
-
GEN ERA
_ L NEWS A~D NOTES,
·
MINNE:SOTA NEWS AND N OTES,
low A
SURPLUS,
NEWS .AND NOTES,
12
12
-
14
16
ACCOUNTS SOLICITED.
Ge:r1nan Savings Bankf Davenpo:rt Savings Bankf
OF
DES MOINES, IOWA.
DAVENPORT, IOWA.
Capital, - - - $ 250,000
· ·. 81,000
Undivided _Profits,
Deposits, - - - 1,963,605
FRA 01S GENESER, Preeident.
J. W. GENEBER, Vice-President.
H. T. BLACKBURN, 0ash,ier.
-
OFFICERS:
. . . DIRECTORS
JOHN B. SCHUSTER. PHIL. SCHMITT.
G. VAN . GINKLE.
FRANCIS GENESER.
J. R. ROLLINS.
CHAE!,µ. KAHLER.
CHARLES WEITZ.
J.
GENESER.
L. H. KURTZ.
w.
ANTHONY BURDICK, President .
LOUIS H;ALLER, Vice-President.
HENRY 0. ST RUCK, JR., Cashier.
OTTO L. LADENBERGER, Teller.
DIRECTORS:
-IN PROCESS OF REORGANIZATION,
Open 9 a.m., to 4 p. m.
Saturdaysto8p.m.
• • ■
214 FIFTH STREET.
CLAPP BLOCK.
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Federal Reserve Bank of St. Louis
A. Burdick, Louis Haller, A . Steffen, W. 0 . Schmidt, F. H.
Hancock, J. F. Dow, H. Kohrs, W. H. Wilson,
H. U. Struck, Jr.
CENT INTEREST PAID ON DEPOSITS. MONEY LOANED
5 PER REAL
ESTATE SECURITY IN THE STATE
IOWA.
ON
OF
THE TRI-STA TE BANKER.
2
OF THE CITY OF NEW YORK.
*****************
1,
Capital $500,000,
Surplus and Fronts $250,000,
liverage Deposits $8,000,000,
February
20,
1897.
People's
SaVings
Bank ...
Business
Solicited.
~Des Moines, Iowa.
DEPOSITORY FOR THE UNITED STATES,
STATE OF NEW YORK : :
... DIRECTORS ...
AND CITY OF NEW YORK. : :
A. Sheuerman .
0 . H. Perkins ,
Martin Tuttle .
OFFICERS :
STUART
SAMUEL G. BAYNE, President.
.TOHN F. THOMPSON, Cashier.
G. NELSON, Vice-President.
CHAS. C. THOMPSON, Assistant Cashier.
C.H . Martin.
C. c. Loomis .
A. Dickey.
J. A. Garver.
W. R . Warfield.
•
Martin Flynn.
""'
. .. . OFFICERS ...•
Martin Flynn, Pres.
C. H. Martin, Cashier.
We solicit correspondence with banks and bankers throughout the Northwest with a view to business relations. Because
of our large acquaintance-throughout that section and our personal knowledge of its business conditions we feel peculiarly
qualified to give bank accounts intelligent and satisfactory
treatment.
New England
-Burglary Insurance
... Conipany ...
oF
BOSTON, MASS.
Cash Capital, $zoo,ooo.
WARNING
-TOBURGLARS AND THI EVES
, THESE PREMISES
PROTECTED BY
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·Banks Insured
against loss by Burglary and Day
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Federal Reserve Bank of St. Louis
....... Chicago, Ill. ·
..._____TRI - STATE BANKER .
February
20,
THE TRI-STATE BANKER.
1897.
3
-----THE----.-.
FIRST ❖ NATIONAL
----== = =
IBANK
THE FOURTH NATIONAL
BANK OF.THE CITY OF NEW
_.,/
Corner Monroe and Dearborn Streets,
CHICAGO.
CAPITAL, $3,000,000.
SURPLUS, $2 ,000 ,000 ..
II ~egulatt Banking Business Tttansaeted.
TRAVELERS' CREDITS issued available in any part of the
world. TRANSFERS OF MONEY MADE BY TELEGRAPH AND
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All kinds of FIRST-CLASS INVESTMENT SECURITIES dealt
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GO"\TERNMENT BONDS, Municipal and Local Bonds, Choice Railroad Bonds.
Collections carefully made a nd proceeds promptly accounted for
on moderate terms. Accounts of banks and bankers solicited.
YORK OFFERS TO DEPOSITORS , EVERY FACILITY
WHICH THEIR BALANCES,
S
Q
BU IN E SS AN D RESP N •
SIBILITY WARRANT.
BANK OFFICERS:
S. M. NICKERSON, President.
JAMES B. FORGAN, Vice-Pres't.
RICHARD J. STREET, Ca.shier.
HOLMES HOGE, Asst. Cash.
FRANK E. BROWN. 2d Asst. Cash.
The Best Bankers'
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The Bankers' Magazine - oldest bankers' publication in
America. Established 1846. Terms, $5.00 a year.
Has over double the circulation of any other bankers' publication
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Advertising Rates low considering the large circulation
guaranteed.
~
Rhodes' Journal of Banking and the Bankers' Magazine have
been consolidated.
The Bankers' Directory. Issued in January and July - corrected to date. Price with marginal index, $4 a copy ;
both editions, $7. Plain, $3 a copy; $5 a year.
Practical Banking (Methods and Machinery of). By Claudius
B. Patten, for many years Cashier of the State National
Bank of Boston.
·
" The best Book on Banking in the English language."
Price, $5 a copy, or to Bank Clerks $3.50 a copy when
ordered in lots of ten copies and over.
The Bankers' R.eference Book. Ratings of National and
State Banks, Private Bankers, Loan, Trust and Investment
Companies, Collection Agents, Brokers, etc., for confidential use. Terms on application.
NEW BANK LEDGER.
Individual Ledger
and Index Book,,.
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R.and's Patented ....•
Pronounced the Be.st Ledger
Ever Offered to Bankers ..... .
Com bin es the best features of the old style Ledgers and the Boston
(or Daily Bala.nee) Ledger. You do not have to carry forward un•
c hanged balances every night in order to prove your work. You have
P.ach customer's account on separate page. and it can be looked over
for six months or a year at a glance, Bookkeepers can tell what a
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look at the balances of all their depositors in a few moments. Preventative against fraudulent entries by bookkeepers. For sample
pages and prices, address
RAND LEDGER COMPANY,
E.G. RIESTERER, PRES .
JAS. H. RAND , TREAS. ...
NORTH TONAWANDA,
NEW YORK .
P. F. P~TTIBONE & CO., INC.
... CHICAGO ...
Bank Stationers
and Lithographers
.,
78 William Street, NEW YORK.~
NOTICE. Orders for the Bradford Rhodes & Co.'s Bankers' Publications :received at publisher's rates by THE TRI- STATE BANKER,
Des ~oines, Iowa.
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Federal Reserve Bank of St. Louis
,
Fine Russet . . . .
Leather Pass . . .
Books and Pocket
· Check Books a ..
Specialty ..
us
BRADFORD RHODES & CO.,
Pub Ushers.
..•.. ..
LARGE ASSORTMENT OF
BANK REGISTERS
-·-•..•IOl••"-And other · Forms kept in stock.
THE TRI-STA TE BANKER.
4_
rir
CENTRALLY LOCATED
' I And
,
11
Well Equip.ped For Handlin g Country Accounts
... THE...
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Cedar Rapids National Bank odowa
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I
20 ,
G . B . SHAW , PR E S I D ENT .
J . R. CHAPMAN , CASHIER . .
JOY MORTON
W . L . MOYER ,
I
V ICE·PRESIDENT.
L . C . WACHSMUTH , 2D VICE-PREST,
0;
C . DECKER ,
1897.
ASSISTANT CASHI ER,
2D
ASST.
CASHIER ,
CAPITAL, $ -1 ,000,000 .
. LSTATEMENT,l
l
THE
AMERICAN TRUST
1
AND
SAVINGS BANK ....
I
Transacts Strictly A..
Commercial Business.
Februar y
NORTHWEST CORNER LA SALLE AND MADISON STREETS,
... CHICAGO ...
REPORT OF THE CONDITION BEFORE THE COMMENCE •
A. T. AVERILL, President.
G. F . VANVECHTEN, Vice-Prest.
RALPH V:ANVECHTEN, Cashier.
MENT OF BUSINESS , NOVEMBER 28TH , 1896 .. . . . . . ..
RESOURCES.
Capital,
$200,000 . . . . . , ..•. -
$3,181 , 027 315
37 , 14625
225,930 . 00
LOANS AND DISCOUNTS,
UNITED STATES BONDS , •
OTHER BONDS AND STOCKS,
CASH AND CASH ITEMS ,
DUE FROM OTHER BANKS ,
-
Undivided Profits, $30,000.
$
589 , 56.4 3T
1, 558 , 514 64
2 , 148,079 01
$5,592,182.61
LIABILITIES.
_DavenpQrt National. Bank,
CAPITAL STOCK PAID IN ,
S .URPLUS FUND ,
UND I VIDED PROFITS,
DIVIDENDS UNPAID,
DEPOSITS , INDIVIDUAL ,
DEPOSITS , BANKS , -
DAVENPORT, IOWA.
$1,000, 00!).00
200,000 . 00
39 , 45 7. 56
15 . 00
-
$2 , 940 , 5 5 6.42
1,412 , 153 . 6 3
Your Accounts and Collections Solicfred.
General Commercial Business ....
4 , 352 , 710 . 0S
$5,592,182 . 61
SPECIAL ATTENTION GIVEN TO ACCOUNTS
OF STATE AND PRIVATE BANKS . . • • . . .
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Acts as Trustee and Transfer Agent for Rai/-,,oads and other Ct1r/>orations. Accepts T r usts created by Will or otherwise. Issues Int1rest
Bearing Ce, ·ti.ficates of Dtposit. L egal .I.JEpository f or Execu tors and
Trustees. Tra nsacts a General Banking Business a nd Soli'cits Accou n ts
of Corporations, Firm s, and I ndividuals. . . . . . . . . . . .
Officers and Directors.
W. C. HAYWARD, President.
HENRY EGBERT, Vice-President .
.s. D. BAWDEN, Cashier.
.
S. F. SMITH.
A. F. CUTTER.
J. B. PHELPS.
M. J. EAGAL.
W. H. SNIDER.
JOHN W. BAI,LARD.
S. L. ELY.
WE SOLICIT CORRESPONDENCE
The United State$ Life
-
1
AN INSURANCE COMPANY the business management a,nd results of whic_h appeal especially to
. . .. .. . . . . . .
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L. E, SPENCER. Manager for Iovva and Nebraska.
IT . Ip ' FIRST ·- CLASS.
X
X
X
DES MOINES, IOWA..
·X
X
X
.Baqkefs' Mutual Casualty Company
DES ; MOINES, IOWA.
DIRECTORS:
'CHAS. R. HANNAN, Cashier Citizens State Bank. Council Bl~ffs, Ia.
J. M . WOQDW.ORTH,~Cash ier Com'l Stat~ Bank. Marshall,town, la .
J . M. DINWIDDIE,' Cashier· dedar R'apids Sav. Ban i,. Ced ar l{apids .
_ .J .. B-. ~OU:l'fDS, President Citizens National Bank, Des Moines, Ia.
· A. U. QulNT. -President State Bank, Scranton, Ia.
S. O'DONNELL, Pre!'i, Citizens National Bank, New Philadel phia, 0.
WM. A. GRAHAM, Cashier Citizens Bank, Sidney, Ohio.
F. M. RUDD, Cashier L . Rudd & Son B ank, Bronson. Mic h .
M. D. WAGNE-R, President Huron County Bank, Sand Beach, Mich.
DIRECTORS :
G. R. MOORE, P resident State Bank, Jackson . Minn.
JOHN H . LEATHERS, Cashier Lo uisville Banking Co., Lou isville, Ky.
C. F. SMITH, Cashier First National Bank, McGregor, Texas.
JAS . FERGUSON, V .-P . North western Nat. Bank, West Su perior, W is.
A. E . SPALDING, Cashier Ainswor th Savings Bank, Ainsworth, I a.
E. 8. BRANCH, Omaha, Neb.
E DWIN GOODALL, Des Moines. I owa.
IJ'. E LMO RE, Cash ier B ank of WincQester, Kansas.
J. D. GERLACH, Cash ier F irst N ational B!l,nk, Ch~ste r , Illinois.
INSUR.ES against burglary and robbery of bank. A bsolute security at actual cost. The sa(e _delivery· of -money and
securities shipped by registered mail. Better, safer, cheaper than by express. Organized and conducted by bankers. , Confines its business to banks. Corresp ondence solicited.
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Federal Reserve Bank of St. Louis
Ube Urf==State :JBanher.
VOLUME II.
$2.00
DES MOINES, IOWA, FEBRUARY
PER ANNUM .
THE TRI-STATE BANKER,
PUBLISHED BY
THE TRl=-STATE BANKER COMPANY
GEO. G . HUNTER, MANAGER.
MANHATTAN BUILDING, DES MOINES, IOWA.
A monthly bankers' Journal devoted to the interests of bankers
in the Middle-West.
All communications and news items of local interest to bankers
in this territory are requested.
Articles designated by star are paid matter.
Subscription, $2.00 per annum; single copies, 20 cents.
Advertising rates on application.
Entered at Des Moines Postofflce as second class matter.
GEORGE M. REYNOLDS, president of the Des Moines
National Bank, was a candidate for comptroller of the
currency, and with such strong backing that he was
told by Major McKinley him-,elf that the position
would have been given him but for previous obligations
requiring the appointment to go to Mr. Dawes. There
was in no sense a competition for the place, it having
been tendered to Mr. Dawes before Mr. Reynolds was
known as a candidate. Mr. Reynolds was asked to
choose anything else but declined. He will retain his
position as president of the bank where he has made a
record as one of the best bankers of the west.
***
MAJOR McKINLEY could have made no wiser selection than that of Lyman Gage for secretary of the
treasury. Probably no other man in the United States
has a like fitness coupled with the confidence of all
classes of people. Mr. Gage has come up from the
ranks. He has had great success and much honor and
they have been merited and fairly earned. He is a
close student of men and conditions and will bring to
the administration of his office a large experience in
practical finance as well as a thorough )mowledge of
reforms which seem to be necessary and the best
methods for their adoption.
*
**
CHARLES G. DAWES, of Chicago, has been selected
by Major McKinley for the position of comptroller of
the currency to succeed Mr. Eckels, whose term expires
in April, 1898. Mr. Dawes was Major McKinley's
confidential representative in Illinois before the St.
Louis convention and afterwards was made a member
of the republican national executive committee at the
Chicago headquarters in the same capacity. Major
McKinley wanted him in the white house as secretary,
but Mr. Dawes declined and picked out the comptrol
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Federal Reserve Bank of St. Louis
NUMBER
A Bankers' Journal for the Middle- West.
20,
1897.
SINGLE COPIES
20
2.
CENTS .
lership, which he was told he could have. He is a civil
engineer, a national bank director and president of
three gas companies. He formerly practiced law at
Lincoln, Neb. He is a son of General R. R. Dawes,
of Marietta, Ohio. He is 32 years of age.
***
THE readjustment of the reve1:ue laws of the state
will be the most important measure considered by the
present Iowa legislature. As a matter of course there
have been about as many plans proposed as there are
interests effected and the final adoption of any radical
change will be of great moment and very probable disastrous results. Instead of an entirely new measure
there should be adopted some system of uniform valuation, so that a land of equal selling value in one part of
the.state· would be assessed as much in any other part.
Taxes are most unequally assessed at the present time.
One man's personal property is assessed for twice as
much as another's and very many escape entirely. Our
present troubles are not so much the weakness of the
present law as they are due to the lack of system and
uniformity in assessing.
We call the attention of our readers to the excellent
article on this subject in this issue by ex-pr_e sident of
the Iowa Bankers Association. F. H. Helsell.
***
THE alarming frequency of bank robberies in all parts
of the country ought to be a sufficient argument why
most banks should carry burglary insurance and consider it just as necessary an expense as fire insurance,
stationery or any other item of the expense account.
As a matter of fact banks are now losing and have lost
for years more from robberies than they have by fires,
and yet there are few that would think for a moment of
going without fire insurance, although bank buildings
as a rule are the best buildings in town. Insurance
against robbery is comparatively new and many bankers
have_not yet realizied its necessity and that they can
more safely go without fire insurance. A bank is not
secure even with a watchman and a so-called burglar
pro<;>f safe. There have been many instances where
men set to watch a bank have been outwitted and the
bank robbed, and as for burglar proof safes there is not
a safe made but what can be burglarized. An instance has
but recently come to our attention where one of the very
· latest burglar proof safes was successfully drilled. Bank
burglary is a business in which there are many experts.
Every advance in safe improvement is met by improved
·means of breaking them. A bank to be on the safe side
should have one of the best safes and other appliances
for protection and should also carry burglary insurance.
THE TRI-STA TE BANKER.
THE exchange department of a bank ought to be one _
of the most profitable parts of the business. That it is
often run at an actual loss is due to the excessive competition for business into which. banks allow themselves
to be drawn. We are glad to note that very many of
the leading banks are now charging all their customers
exchange and that the sentiment is growing general
among the fraternity. In many clearing house cities
and smaller towns the bai1ks have an agreement to this
effect and it is found to work satisfactorily. Such an
agreement couJd be made in many other places if one
of the bankers would take it upon himself to see the
others and draw up and have signed by all such an
agreement with a schedule of rates, etc. Such action
should be published, signed by all the banks interested
and its requirements carried out faithfully. · We give
herewith a report of the exchange department of one
of the leading banks of North Dakota for the year
1896. It carried in New York and Minneapolis an
average balance for the year of $33,340, this being
kept there for the sole convenience of their . exchange
and coilection department. On this balance there was
a loss of not less than 6 per cent interest amounting to
$1,990.40. During the year this bank drew 11,609
drafts for $1,710,782. The exact cost of the lithographed drafts used was $58.04; of postage in this
department ,,of their business, $370. 17 ; stationery and
books estimated at $50; paid for express on currency
and transfers of money, $83 ; cost of collection and exchang_e clerk at $6o per month, $720, making a total
cost of this department $3,2 71.61. During the same
period their exact gross collection and exchange earnings was $1,660.09, leaving a net loss for the year of
$1,611.52.
February
20,
1897.
I suggest that the time is not opportune for any
grea(radical changes in our revenue law.
The adoption of -the - proposed bill, with its untried
results, with inexpert boards and assessors, will beyond
doubt increase the total amount of taxation, the revenue
raised and total taxes paid. This will be true as to
those who have paid just taxes, whether it · reaches
those who have not, or whether it does not. This
seems to me the most natural result of the proposed
bill.
Now, I do not see evident need of increased
revenue. Members of the legislature are not made up,
at least wholly, of those who have the closest connection with active business enterprise, and are perchance
not of those who personally feel the terrible effects of
the last few years of stagnation and low prices. I do
not believe our people can stand increased taxation, but
I do believe that it should · be the aim and intent of
legislative officers to curtail and retrench. State pride
and the demand of office-holding classes should develop
only in accord with absolute necessity until such a
time as average business expectations will warrant
more liberal views. In 1894 failures amounted to 13,8·85, involving liabilities of $172,992,856 in the United
States. In 1895 failures numbered 13,197 ~ involving
$173,196,060. In 1896 there were 15,286 commercial
failures, involving $276,815,749, according to Duri's
Report, and there is no better authority. Iowa has
had her· share. The figi:res are a_p palling, but are
incomparable to the figures, if known, ,vhich would be
represented by the business which has been done at a
loss or with no returns of profit. In small towns the
taxation now is not less than one and · three-quarters
per cent (generally throughout the northwest two per
cent) of total value, and business on farm or in town
will not stand an increase. · And where is the crying
need of more revenue? The bill then should be most
THE NEW REVENUE BILL AS PROPOSED BY CODE
closely examined to see if its natural and probable
COMnISSION.
results will not be an increase of taxation. With the
Mr. Editor,-In response to your request that I assessment raised to full value, the thought of present
furnish you some suggestions as to _' the enactment of debts of town and county and state in mind· of assessor
the proposed revenue bill for the new Code, I submit and board, with uncertainty of amount the total assessment will reach,- it seems to me an increase is the most
the following :
.,
That there is need of some reform of our revenue natural and certain ,result.
laws has come to be regarded as axiomatic. This view
Another and fatal defect of the bill is the raising of
arises from three causes.
assessment on full value.
First, is the apparent need of more revenue, especially
It is notorious that boards of equalization are not
state.
composed of men as a rule who favor retrenchment and
Second, is the idea that large amounts of taxable reform, but of men who are boomers of locality, who
property escape taxation.
·
are willing to mortgage the future for the luxuries of
Third, is the thought of inequalities existing between the _pr_e sent. An examination accurate and true of the
the taxation of properties now taxed.
num~er qf towns, especially small towns as well as large
In the opposition to the enactment of the proposed citie_s, which have bonds outstan~ing in excess of conlaw or of any stringent measures or great changes, I stitutional_limit, sometimes guaranteed by public spirdo not wish to be understood as not recognizing ma~y ited citizens, would be amazing. The town that does
of the good qualities, and my objections are somewhat not now .have its large schools, water·works and electric
cursory in their nature and are based almost entirely lights is indeed behind the times. This is true at this
upon a study of the subject limited to three counties time when the office-_h olding classes seem alone able to
where there are no large cities.
make money. What then would be the result to open
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Federal Reserve Bank of St. Louis
February
20,
1897.
THE TRI-STA TE BANKER.
wide the gates of extravagance and folly and permit
futurity to be mortgaged for any amount, only limited
by the ambitions of present desire? If any argument
can be urged for breaking down the barrier of constitional limitation, I have never heard or read it.
The object of any change in our present law primarily I believe to be the reaching of property now untaxed.
Farms and live stock and corporation stock and property in sight can readily be found. The proposed
assessment at full value, instead of as now assessed,
would be the mere multiplying of present injustice
three or four fold instead of decreasing the same, unless
a certain method of reaching hidden personal property
is suggested.
Section 64 of the new law is merely more effective as
to the duty of the assessor than section 1307 of the old
Code.
Real and personal property in 1895 was about
$560,000,000. An examination of the auditor's books
will show that the total assessment of farms and live
stock and the property of farmers amounts to about
$350,000,000, while the taxes on town lots, moneys
and credits and property of the people who are urban
residents, amounts to about $167,000,000. Now, at
least half the people of Iowa live in cities and towns,
and it is certainly usually thought that the rich people
and the greater portion of riches are in towns, and yet
the figures just given show the irrational assessment
now made. Can we conceive of the gross injustice then
that would obtain to the farmers and fanning communities unles$ the bill itself suggests a certain way to disclose personal property in cities and towns ?
The proposed law does not reduce or decrease the
possible rate of levy of twenty-seven mills for state,
county and township taxes, nor affect the thirty-six
mills possible city taxes. On a cash valuation then in
the levy of these taxes, the proportionate injustice that
may be done, and probably will be done, is increased
several fold instead of decreased. It needs no argument to show that cities and towns almost without a
single exception go to the limit and generally exceed
the limit of the law in the total amount of indebtedness
incurred.
There is a sort of attractiveness of course about the
thought of showing our actual wealth rather than a
fifth, or a fourth, or a third of the same as the assessment of the state _; but if people are to govern themselves by commonsense, it is better to do public business
on the delusion that we are poor than even on the fact
that we are rich. In other words, what I fear by such
a proposed law is that the people that are now taxed
will incur a liability multiplied to pay more taxes in
comparison with the people that are not now taxed.
It has neither any penalties nor provisions for discovery
in the change of method, which has existed for fifty
years, nor in any way does it seem to me that the proposed bill comes up to the demand of the times for a
hange in law and it is far better to continue under a
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Federal Reserve Bank of St. Louis
7
law of known effects than it is to hurriedly adopt a law
of unknown results and where the probabilities are for
greater rather than less injustice.
The assessment of real property at four and one-half
times the value of personal property is unjust in Iowa,
and I advocate a law that will remedy the injustice
rather than multiply it, and I believe, as before stated ,
that the trouble is not with the present law, but is in
the method of taxation.
The main objection I urge, however, against the bill,
is that it will not remedy the defects of our present law .
The defects are now two.
r. It fails to reach all property, especially credits.
2.
It does not furnish an eq.uitable assessment
between portions of state, or between townships, or
between individuals.
And I do not discover anything in the new law that
remedies the defects.
It will be pointed out that gives assessors greater
powers and boards somewhat l~rger revisory powers,
etc., etc., and provides for punishment for perjury for
false returns, etc. This simply means that it will
become all the more necessary to attend to electing
your own assessor, and that our legislature merely
expects to make another statutory crime which will
never be punished. ·
My belief is that we never will have equitable assessments until he have :
First-Assessors elected for a county-say threewho shall assess all the property of the county.
Second-A county board which can hear appeals and
can equalize between the citizens, as well as townships,
of all the county, with appeal to the district court.
Third-A state board which can-and what is of
more importance-will equalize between the counties
so that same classes of propert f may bear the burdens
throughout the state.
My objections run then to the method of taxation,
not to the necessity of making it more equitable. Take
assessments out of the hands of local influence. Let
me give a few samples. It has been published from
reliable source :
''The total assessed valuation of lands and lots is
four-fifths of the entire assessed value of the state.''
"In 1880 the northwestern counties of the state were
assessed relatively nearly double that of the older
counties.''
'' In r 894 the eastern portion had increased its assessment 37 cents an acre and the western $1. 14 an acre.''
"It is also true that there has been little increase in
the east since 1870. ''
It appears ;ilso that in different counties the assessed
value of cattle ranged in one, from $4. r 3 a head to
$15.60 in another. Hogs ranged from 50 cents a head
in one county to $3. 70 a head in another. The same
author gives in sixteen counties the average assessment
as $25.60 a head on moneys and credits, and in another
sixteen counties an aventge of $6.75 a head.
THE TRI-STATE BANKER.
In one county, where I have examined the treasurer's
books, banks wfrh same capital pay double on one line
of railroad to what banks pay on another line.
In some counties there is a difference on farm valuations in same county of $4 an acre.
Much has been said and written about banks and
corporations failing to pay taxes. In three of our
western counties, I have had auditors send me statements, and in these counties the banks pay an average
of 31 per cent and the farm lands 18 per cent of fair
values. The average of state and national banks in
Iowa is 15 .per cent. Will the bill in question remedy
these inequalities? I would like to have it explained
how. There is no use of a new bill unless it will
provide remedies needed. It provides for same old
assessors, same old town board and same board of
supervisors, who equalize nothing. It goes nowhere
to the root of the evil. Its method is wrong.
I have no desire to make the slightest attack on the
good name of the eighteen hundred assessors of the
state, but it is a notorious fact that at least a part of
· them, how large a part your readers may determine in
their own minds, are men who have not made startling
successes in their own business, who are out of a job,
with but little property of their own to assess, and who
are given the position as a reward from some local politician for the quantity of enthusiasm displayed in advancing such party's interests or howling for the
majority party's candidate.
General judgment is
passed by those most interested as to whether or not
the candidate for the position will insist on administering the oath required by law, and a few other minor
matters that go ~o i_nsure as easy a release from the
burdens of life as is possible.
Much less would I make any imputations against the
hundreds of enterprising and sometimes able boards of
equalization, who have the good will of their town at
heart and an eternal vigilance toward their localities to
have them pay as small a per~entage of state and county
taxes as possible, and who are absolutely required to
equalize justly between citizens or between townships,
but who simply do not; whose duty it is to do so, but
whose main object when meeting as a board, without
pay for time spent, is to get through with it as soon as
possible and back to their business as soon as they can.
In some parts of Iowa the oath -of assessor should be
represented by X, an unknown quantity.
Now, these assessors and these boards as now constituted, sustained as they are by local sentiment, should
not have one breath of suspicion cast upon them, but
some ingenious legislator must devise a plan so that
laws will be obeyed; so that capable, unbiased, disinterested equali;zation not only can be had, but such imperative duty shall be recognized so that this will be
had.
Our former or present law provides for oaths and for
punishment. Will more oaths and less probable punishment do better? I call it less probable punishment
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Federal Reserve Bank of St. Louis
February
20,
1897.
because I do not believe that a conviction would ever
occur. It may as a nightmare disclose some more
property, but I am skeptical as to whether it will make
men more honest or frighten forth more property.
State taxes must be equalized so that same classes of
property all over the state bear equal state burdens.
County taxes must be equalized so that townships and
individuals bear equal burdens on same classes of property. Local taxes must be borne equally according
to local needs. And the real question is, will all this
be attained by the bill providing for assessors and ·
boards chosen as now, subject to same influe~ces as
now ? I do not believe the bill goes to the root of the
evil.
Minor objections can be urged to the bill. There is
an apparent attempt to reach curbstone brokers, but
our present law, p roperly enforced , will reach moneys
and credits, as well. It is not now the fault of the law,
it is in failure to enforce the law.
It is an apparent attempt to make corporations pay
the taxes of the state, while the present law makes the
corporation, with its books and definite assets, an easy
prey to the assessor, unless it happens - as is usualthat the corporation elected the assessor.
Forgetting that while the farm and the farmer has
his true tale of woe, that after all it has been the business man whose goods have gone down in value while
the farm has increased; that while products of farm are
low, yet the profit on investment is higher than in town
busine$S; the bill exempts all farm tools and has every
evidence of having been written by a farm implement
manufacturer, holding out further inducement to
Hodge to ruin himself by investment in farm machinery
on which he will have to pay no taxes.
Just why such property should be exempt, whether
as a reward to the farmer to further impoverish himself,
or as a populistic sop to a country constituency, is not
so plain.
Were it realized the tens of thousands of dollars
which yearly flow out of the state for such machinery,
~hich is not needed, it would doubtless appear more
wise to tax such property double than to exempt more of a kindness and protection to the farmer. I
notice, however, with thanksgiving that the line is
drawn on the threshing machine !
It would be unjust not to believe that the bill is
intended to uncover hidden property, and it doubtless
has .some features that may aid, but I discover nothing
that will avail more than the present law properly
enforced or anything ~that will profit over the loss
of present certainities, or for the disarrangement
caused by innovation. It is not alone reaching hidden property, but it must be equalization.
What
is there in ·the law that will utterly change results
with same assessors and boards practically as now ?
If these will allow, now, property to be hidden,
why will they not under the proposed law? There
may be reason why money should be assessed at its face
February 20, 1897.
THE TRI-STA TE BANKER.
Acts as Reserve Agents for National, State or Savings Banks
THE
Capital,
$300,000.00 ......... .
Details of Accounts Carefully Attended To.
DES MOINES NATIONAL
BANK, OF DEs Mo1NES, IowA ....
. .. Correspondence Invited.
value and property at its guessed value as suggested the reason probably being that money at such time is
earning nothing.
More plainly should place and value of assessment
of stocks and credits ap.d corporations be determined as
to place of assessment and basis thereof, but such is
mere verbal inaccuracy, easily corrected.
An examination of the bill shows its evident anticorporation tendency, with but little help of discovery,
ignoring the fact that it is not so much the known
capital in sight that we should attempt to reach (that
has generally been reached already), but the unknown
hidden property not in sight.
I firmly believe that the passage of the bill as it
stands would merely increase injustice to known
capital and compel many corporations to liquidate. It
may also, by its provisions as to foreign capital, raise
the rates of interest and merely make cheap money
scarcer.
That we need a revenue law that will be more equitable, which will disclose more assessable property not
now assessed, which will lighten the burden of the
many and disclose the venality of the dishonest, no one
will deny. That this law , in some parts, aims at such
results, everyone will admit. That it will accomplish
these aims or is right in the methods or will change
present inequalities, I do not believe . . In other words,
I advocate a complete change at proper time of the
methods of taxation, whereby assessors and boijrds will
by proper laws be as entirely removed as possible from
local influences and bound by as stringent laws as possible to do their duty - not merely permitted to practically do nothing, except to favor those to whom they
look for re-election.
F. H. HELSELL.
THE ELDON BANK ROBBERY.
.... OFFICERS ....
G. M. REYNOLDS, President, E. A. LYND, Vice-President, C. B. ATKINS,
Vice-President, ARTHUR REYNOLDS, Cai-h., C. M. SPENCER, Asst. Cash.
D. C. Bradley reports that the loss to the Bradley
estate through the robbery will not be very large. A
policy for $5,000 in a casualty insurance company and
$710 in gold which was overlooked by the robbers,
will almost cover the amount on hand that was taken.
It was also found that the books and papers were not
damaged as badly as was thought by the explosion. The
notes and mortgages are all right. It is said that the
amount of money taken by the burglars was not as
large as at first supposed, although it will be over
$5,000.
Mr. Bradley is inclined to thing that the work was
not that of experts. The charge of nitro-glycerine put
into the safe was far more heavy than was necessary.
The explosion carried the safe door, weighing 1, roo
pounds, a distance of twelve feet and landed it up
against the vault door with such force as to twist and
curi it all out of shape . . Other indications, said Mr.
Bradley, show that the work of plunder was not professionally executed, although the escape would seem
to point to well laid plans.
IOWA 18,9 6 BANK FAILURES.
In 1896 there were thirteen bank failures in Iowa
with liabilities of nearly $2,500,000. Of this number
but three were national banks and four were under
state supervision. The failures were as follows:
First National Bank of Decorah-Capital, $75,000;
assets, $75,000; liabilities, $236,000.
First National Bank of Sioux City-Capital, $100,000; surplus, $40,000; assets, $700,000; liabilities,
$675,000.
Sioux National Bank of Sioux City-Capital, $500,000; surplus, $5,000; assets, $700,000; liabilities,
$600,000.
The burglars who looted the Eldon Bank secured
some highly valuable negotiable paper. J. 0. Hummell , A. W. Roberts and W. H. Stauffer, of Eldon,
had private boxes in the bank. They were opened
and government and school bonds taken. It is understood that there were from $30,000 to $50,000 worth
of bonds in the three boxes.
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Federal Reserve Bank of St. Louis
9
.
State Bank of Baxter-Capital, $15,000; assets,
$14,000: · liabilities, $9,000.
State Bank of Maurice-Capital, $25,000; assets,
$20,000; liabilities, $30,000 . .
Sioux City Savings Bank-Capital, $250,000; surplus, $50,000; assets, $150,000; liabilities, $145,000.
Bank of McIntyre-Liabilities, $3,000.
THE TRI-STATE BANKER.
IO
Iowa Savings Bank of Sioux City-Capital, $150,000 ; surplus, $10,000; assets, $120,000; liabilities,
$105,000.
Commercial Bank of Des. Moines-Assets, $5,000;
liabilities, $6,000.
Bank of Atlantic-Capital , $400,000 ; assets, $350,000; liabilities, $250,000.
Private Bank at Vinton- Capital, $400,000 ; assets,
$350,000 ; liabilities, $250,000.
Private Bank at West Liberty-Capital, $35,000;
surplus, $50,000; assets, $290,000; liabilities, $230,000. - D es Moines L eader.
.
CONDITION OF IOWA NATIONAL BANKS .
Following is an abstract of reports made to the
comptroller of the currency, showing the condition of
the 160 national banks in the state of Iowa, exclusive
of Des Moines , at the close of business on Thursday, .
the 17th day of December, 1896.
RESOURCES.
Loans and discounts
$27,943,0D4.23
Overdrafts
39 2 ,3 11.79
U . S. bonds to secure circulation
3,808,750.00
U. S. bonds to secure U.S. deposits 100,000.00
U. S. bonds on hand
2,250.00
Premiums on U. S. bonds
195,696.88
I ,802 , 100.62
Stocks, secureties, etc.
Banking house, furniture and fixtures - I ,510,466.64
Other real estate and mortgages owned - 596,182.25
Due from national banks ( not reserve
agents)
916,605. IO
Due from state banks and bankers
385,354,55
Due from approved reserve agents 3,17 2 ,794.72
Checks and other cash items · 211,399.13
Exchanges for clearing house
57 ,.980.90
Bills of other national banks
280,235.00
Fractional paper currency, nickles and
cents
22,422.85
Lawful money reserve in bank :
Gold coin
$1,507,186.10
Gold treasury certific' s
131 ,250.00
Silver dollars
177,788.00
Silver treasury certific's 168,321.00
Silver fractional coin 96,363.23
$2,080,908.32
786,929.00
Total specie
Legal tender notes
2,867,837.33
Five per cent redemption fund with
. treasurer
Due from U. S. treasurer -
165,394.26
6,702,60
$44,437,438.85
LIABILITIES.
$12, I 20,000.00
Capital stock paid in
Surplus fund
2,851,582.54
Undivided profits, less expenses and
taxes paid
National bank notes issued
$3,426,380.00
Less amount on hand
21,017.50
Amount outstanding
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Federal Reserve Bank of St. Louis
February 20, 1897.
Due to other national banks
678,784.14
Due to state banks and bankers
I ,909, 165. 28
Dividends unpaid
I I ,207.50
Individual deposits
21,434,598.8~
United States deposits
50,913.45
Deposits of U. S. disbursiq,g officers
39,240.54
Notes and bills rediscounted
20T ,020. IT
Bills payable
452,500.00·
Liabilities other than those above stated
2,023.75
$44,437,438.85
Average reserve held , 27.60 per cent.
THE GER.MAN SA VINOS BANK OF DES MOINES TO
R.ESUME.
We give herewith the report of Bank Examiner
Miller, who has gone over the books of the German
Savings Bank with a view to learn the advisability of
resuming. The report is entirely with reference to the
needs of the bank in order to put it on its feet. To the
stockholders and depositors it is very encouraging and
exceeds their expectations. It shows that affairs are
much bette~ than generally supposed and that the task
of reorganization will not be nearly as difficult as had
been anticipated.
THE REPORT.
DES MOINES, Iowa, Feb. r2, 1897.
HoN. C. G. McCARTHY, Auditor of State.
Dear Sir,-At your request I have made an examination of the late German Savings Bank of Des Moines
and submit the following :
After working with the committee selected by the
depositors and getting the opinion of Mr. Blackburn,
. Mr. Parish, and Mr. J. W. Geneser, I believe the loss
on bills receivable to be $79,000 and on overdrafts
$10,000, making $89,000. The bills receivable are
made up of a very large number of small notes and · it
has been very hard to determine accurately as to their
value, and it may be that I have the amount named
above too high. It might be cut down to $85,000, but
the first amount I feel is a safe estimate. This is, of
course, on a basis of reorganization and by these figures you will see that the capital stock, surplus and
undivided profits amounting to $84,000 will be entirely
used up. My advice to all concerned, both stockholders and depositors, would be a reorganization of this
bank on the following basis : That an assessment of
100 per cent be made on the capital stock of the bank,
which to my mind would leave the capital unimpaired; then the committee representing the depositors secure the pledge of $50,000 transcripts for capital
stock, making the capital of the bank $100,000. I
feel that then in safety to all concerned pledges should
be secured from the depositors making a specified
time which the bank should take for payment
of the remaining deposits.
I would suggest that
it be made in three dates, nine, twelve and fifteen months, and I think this time should be given
February
20,
THE TRI-STATE BANKER.
1897.
PEOPLES TRUST t,,,,·
X SAVINGS BANK
CLINTON,
IOWA,
II
OFFICERS.
LAMB, Pres't.
CHAS. F, ALDKN, v.-Pres.
J . H . INGWHRSKN , Cash .
G. E . LA).'dB, Asst. Ca s h.
ARTEMUS
DIRECTORS.
Chas. F. Alden .
S. W. Gardiner.
T . M. Gobble,
A. M . Ingwersen.
A. Lal;llb,
C. Lamb.
11
CCOUNTS of Responsible
.Banks, merchants and
corporatioi;is solicited, X
Business conducted strictly along the
lines laid down by the Iowa Banking
X. X X X X
Laws, X
L. Lamb,
Daniel Langan.
P. S. Towle.
without interest to depositors. My reason for making
this statement is that $50,000 stock subscription represented by the depositors will make it possible for the
remaining depositors to have access to their money at
some date not far distant and receive roo cents on the
dollar for the same. Therefore, those of the depositors
who do not take stock should take this much of a part
to aid in the reorganization. If the above cannot be
brought about I would hardly undertake to name th~
amount the depositors would receive finally on the
amount due them. There are a great many things to
be taken into consideration. I will not list them to
you as you can readily see the difference between a
receivership and a going concern. I hope that it will
be possible for the stockholders to pay up the full
assessment and for the committee representing the
depositors to raise the $50,000 subscription among
themselves as I know it will save a large amount to
the creditors of the bank.
For the_benefit of those who have bee·n closely connected with the management I would add that there
has been no embezzlement of the bank's funds.
HOMER
A.
MILLER,
State Bank Examiner.
As the matter now stands the question of reorganization lies entirely with the depositors. The stockholders have expressed themselves as willing to put up
the $50,000 required of them and there seems little
reason to doubt the depositors will do likewise. At
the present time they are asking to have their stock
made preferred stock and not subject to assessment
until after that of the original stockholders had been
exhausted.
It is thought that quite a considerable
part of the $89,000 reported as bad paper by the examiner can be collected if the bank reorganizes. Reorganization would seem best for the interest of all concerned and we believe it will be accomplished. By
April 1st or 15th we may expect the bank to reopen
for business.
H. C. Lucas, of the Sibley State Bank, is in Des
Moines.
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Federal Reserve Bank of St. Louis
CO\JDITION OF IOWA STATE AND SAVINGS BANKS
Auditor's Report from Statements of January 6th-.
The state auditor has given out his report on the
conditions of the state banks of Iowa on January 6th.
It shows that on that date there were 164 savings and
203 state banks. It is estimated that there are about ·
the same number of national as state banks, and about
as many private banks as of all others put together; in
all, between 1,ooo and 1, rod banking institutions in
the state. The reports made to the auditor from the
institutions under his control - state and savings banks
- indicate the following condition :
SAVINGS BANKS.
ASSETS.
Bills receivable . ............................... $28,584,734.92
Cash and cash items. . . . . . . . . . . . . . . . . . . . . . . . . . . 2,026,495.42
Credits subject to sight draft. ...... .... : ........ 3,509,257.90
Overdrafts . ........................ . ......... . .
176,229.04
Real and personal property. . . . . . . . . . . . . . . . . . . 1,421,958.52
_Total ........ . ......... . ... . ............. $35,718,675.80
LIABILITIES.
Capital stock .... . ............................ $ 7,024,800.00
Due depositors ................. . ............. 26,905,749.13
Due banks and others . ,........................
251,263.84
Surplus . ................... . ........... . ... . ...
777,648.II
Undivided profits..............................
759,214.72
Total. ..................................... $35,718,675.80
STATE BANKS.
ASSETS.
Bills receivable ..... . ................. . ....... $19,968,795.39
Cash and cash items....... . ................... 1,940,077.61
Credits subject to sight draft... . ............... 2,466,239.30
Overdrafts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
355,633.79
Real and personal property . ... . . . . . . . . . . . . . . 1,902,171.49
Total. .................... . ... . ... .. ...... $26,632,917.58
LIABILITIES.
Capital stock ...... . .......... . .... . .. . ...... . $ 8,978,200.00
Due depositors: .................. . ..... . ...... 15,204,780.18
Due banks and others.............. . ... . .......
536,951.58
Surplus . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.043,092.01
Undivided profits. . ....... . . . . . . . . . . . . . . . . . . . .
869.893.81
Total ..................................... $26,632,917.57
THE TRI-STATE BANKER.
12
Consolidated statement of assets and liabilities of the
state and savings banks :
ASSETS.
Bills receivable . . . . .. ... .. ... . . .. . . .... ... .. . .. $48,553,530.31
Cash and cash items . . . . . . . . . . . . . . . . . . . . . . . . . . 3,966,573.03
Credits subject to sight draft. .. , ... . .. . . . . . . . . . 5,975,497.20
Overdrafts . ........... . ... . . .. ... . . . . ·. ; . . ....
531,862.83
Real and personal property . ... .. .. : . . . . . . . . . . . 3,324,130.01
Total. . ...... . . . . .. . .......... .. ......... $62,351,593.38
LIABILITIES.
Capital stock . ... .. . .. .. . ... .. .... . ............ $16,003;000.oo
Due depositors . ... . .·......, ........ . . ... . ...... 42, IIo,529 3 I
Due banks and others . . .... .............. . .....
788,215-42
Surplus . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,820,740.12
Undivided profits. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,629,108.53
February
20,
1897.
The time is coming when a bond of any consequence
will not be accepted when signed by individual citizens
and individual citizens ought to refuse to mortgage
their future for the sake of friendship.
Our readers will remember the recent heavy defalcation in Baltimore by Richard Cornelius, late cashier of
the Farmers and Planters National Bank of that city.
This man was one in whom everybody reposed the
utmost confidence and the last one to be thought an
embezzler.
Nevertheless he misappropriated many
thousands of dollars belonging to others. Happily
for the bank- his honesty had been guaranteed to the
extent of $25,000 by the Fidelity and Deposit Company
of that city.
Total . .......... . .. . . . .. .. .. . ........ . ... $62,351,593.38
The above statements show the following changes in
the conditions of the banks, as compared with the
statements made at the close of business June 30, 1896:
ASSETS.
Bills receivable, decrease . .................. . ... $ 2,432,280.19
Credits subject to sight draft, decrease.... . . . . .
723,426;84
Overdrafts, decrease. . . . . . . . . . . . . . . . . . . . . . . . . . .
28,462. oo
Total decrease . .... . ....... . ... . .. . . ... . ... $ 3,184, 16,9.03
Less cash, increase..... . ... . . .... . ... . . . . . . . . .
840,447.17
Real and personal property, increase........ . ...
66,834 16
Total increase . . . .................. . ....... $
907,281.33
Net decrease of assets ..... . ... . . .. . . ...... $ 2,276,887. 70
LIABILITIES.
Capital stock, decrease ...... .. ..... . . . . . . . ..... $ 408,400.00
Deposits, decrease . .. . ......... .. ... .'.......... 1,856,264.48
Surplus, decrease...... . .............. .. . .. .. .
21,567.72
Undivided profits, decrease........ . ........ . ...
287,618.70
Total decrease .. ....... . .. . . . .............. $ 2,573,850.90
Less indebtedness to banks and others, increase.
296,963.20
Net decrease of liabilities . . . . ..... . . . ...... $ 2,276,887.70
HOW TO PROVIDE FOR DISHONESTY AMONO BANK
EMPLOYES.
It is encouraging to note the rapid growth of the
sentiment favoring surety company bonds for employes
of banks and other monetary institutio_ns, as well as
public officials generally who have the handling of
large sums of money. There are many reasons why
this system is far superior to the old individual bond system. The employe will enter on his duties unhampered
by the personal or financial obligations that mu~t arise
under the old system. The surety company will not give
a bond until it has made most thorough and searching
inquiry into character ·of the person seeking it, nor do
they stop after a bond is given but close watch is kept
on the conduct of persons they bond. Losses are met
promptly by surety corporations, while under the old
system it is rarely that a loss is paid by _a n individual
surety without resort to a law suit, and even then it is
found the property of the bond signer cannot be reached,
if, indeed, he has property to the amount of his responsibility.
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Federal Reserve Bank of St. Louis
OENERAL NEWS AND NOTES.
A new receiver has been appointed for the First
National Bank of Helena.
Ex-State Treasurer Bartley, of Nebraska, is said to
be short in his accounts with the state nearly half a
million dollars.
Chicago is to be very much congratulated on the
acquisition of Bank Examiner Talbert. He is aniong
the best examiners in the service.
Mr. C. F. Zimmerman, national bank examiner for
South Dakota, has been appointed temporary receiver
of the _Dakota National Bank of Sioux Falls, South
Dakota.
S. M. Nickerson has been elected president of the
First National Bank of Chicago in place of Lyman J.
Gage. J. B. Forgan will be the real executive chief of
the institution.
The comptroller of the currency has declared dividends as follows : Second dividend, IO per cent, First
National Bank of Kearney, Neb.; fifth dividend, 20
per cent, First National Bank of Redfield, S. D.
STOLEN.-From Bradley's Bank of Eldon, February
1897, a number of independent school district bonds
of Eldon.
Warning is hereby given by the owner not
to purchase such bonds.
J. 0. HUNNELL.
I,
At a meeting of the board of directors held January
5th, II. R. Kent, late second assistant cashier of the
National Bank of Illinois, was duly elected assistant
cashier of the national Bank of the Republic, ehicago,
capital $1,000,000.
We desire to call the attention of our readers to the
advertisement of the Fidelity and Deposit Company of
Maryland which appears in this issue. This company
is one of the best. When you desire surety you can
get no better than that given by this company.
"The James River National Bank of Jamestown,
North Dakota, is the strongest bank in the state.''
This statement was made to the editor by a disinterested
banker whose former business led him to become thoroughly acquainted with the banks of North Dakota.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Supplement to Ube Uri==State l3anher.
DES MOINES, IOWA, FEBRUARY,
20,
1897.
TH E BANKERS' MUTUAL CASUALTY COMPANY,
DES MOINES, IOWA.
The first suggestion to organize this company which
was placed before the public bore the date of February
28, 1895. The matter received considerable attention,
but those who were at that time interested in the project felt disposed to move somewhat cautiously. No
active effort was made until last October. The first active
measure taken in behalf of the company was in December last, its organization being effected on the 4th day
of March last, under the articles of incorporation,
commonly known as the charter, which had been filed
on _.the 23d of January. The matters of the company
were adjusted to enable it to issue policies in the currency department in January, but it was not in a posi. tion to issue policies · in the burglary department until
the 8th of April.
The company, a·s is well known, was organized in
Iowa in preference to some other states, because of the
fact that its insurance laws were so well adapted to the
plan proposed. The fact is that the only difference in
this state between a mutual insurance company and a
stock insurance company is that the profits belong
to the policy-holders rather than to the stockholders.
Either of these companies may be operated upon a
level premium, as this company has seen fit to do, and
the profits of its business treated as they see fit to fix
by their by-laws, resulting in surplus account or dividend ; and another feature of this is that when the
premium has been paid the insured, or policy-holder,
has discharged all his liability by the payment of this
premium, and there is no contingent liability on his
part then to the company.
The articles of incorporation and by-laws of this
company are so framed as to emphasize this feature of
its business and place it beyond dispute.
The business of the company is conducted in two
departments. In the shipping department the company issues its policy protecting funds and securities in
course of shipment by registered mail. This method
of moving currency is receiving attention from all parts
of the country, and the business is growing rapidly.
It is becoming one of the important features in the
problem of moving currency safely and quickly. As
compared with the cost of moving currency by express,
it works a savirig on local business in Iowa of a little
over 20 per cent. In some states, where the express
rate is higher (local express rate in Iowa is 50 cents
per $1 ,ooo), the saving is more than 50 per cent on the
cost of the express service ; in some cases 75 per cent
is saved. One policy-holder writes : " T he express
rate between our place ( western Nebraska) and Omaha
is $1.25 per $1 ,ooo shipped, while total cost by regis
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Federal Reserve Bank of St. Louis
tered mail under your policy is never more tlian 45
cents, a saving of So cents on each $1 ,ooo we ship."
The future of this department means great things for
the banking fraternity.
Local business can undoubtedly be transacted at ten
cents per thousand and all long haul distances at twenty
cents per thousand, as compared with the present charge
on short haul business at twenty cents or twenty-five
cents per thousand, and that increase on long haul business up to seventy-five cents per thousand.
This will indicate to the banking fraternity that it is
to their interest to patronize the company, ~therefore
reap the benefit of the pr.esent reduction of the cost of
moving currency and also enable the company to procure desired reduction in rates in .the future. For all
can readily see that if the company procures a line of
business sufficient in volume it can accomplish this end. '
In the burglary department the company issues a
policy which indemnifies the bank for loss or damage
by burglary and robbery. This important par_t of the
business of the company is operated on ' a level premium as determined by the fixed rates which hav~ been
established by the executive committee. The rates are
about 40 per cent less than the rates demanded by
other companies before this competition was placed in
the field. Investigation shows that the rates formerly
demanded were exorbitant. The policy of this company is also drawn with a view to furnish full indemnity, protecting the premises owned by the bank, as
well as the vault, safe and contents. The insurance
against robbery in the day .time is not limited to a percentage. The company does not require the presence of
more than one clerk in the bank during. business hours.
It will be the policy of the company, .as provided in
its by-laws, to maintain and create such a surplus as
wlll make itself amply secure and its condition strong.
The surplus, of course, belongs to the policy - holders,
but is a funq. maintained and kept intact to meet the
contingency of unfortunately large losses and their
frequent occurence, if such should be the case: It is
the surplus account which makes mutual companies
strong and reliable. The company is young and in
a new field. It will be the policy of the company, however, to extend the best service possible to the banking
fraternity in this direction. On December 1st the company closes the charter membership and from that date
the membership rule will apply. The membership will
be charged on the first policy only, there being no
membership charge on renewals. T he membership fee
amounts to only $1.00 per $1 ,ooo of insurance taken ;
minimum fee, $5.00. The charter list will exceed 55Q.
February
20,
THE TRI-STA TE BANKER.
1897.
OFFICERS.
CAPITAL, $2,000,000.
WO#ZUOS0AUOC
SO
ZUUUOUC0-1
Continental National Bank,
Cor. Adams and La Salle Streets,
CHICAGO, ILL.
-••111111116111111, .., _
A General Foreign Exchange Business Transacted.
Travelers'
Circular Letters of Credit issued, available in all parts of the World.
The comptroller of the currency bas appointed
receivers of failed national banks as follows: A. A.
Phillips, First National Bank of Olympia, Washington;
J. D. Miller, First National Bank of Franklin, Ohio,
and Ira F. Hendricks, First National Bank of Griswold,
Iowa.
A bill has been introduced in the Wisconsin, legislature providing for a tax of 4 per cent upon the gross
receipts of express companies exclusive of the amount
paid to _railway companies for carrying express. It
also prescribes the manner in which the tax is to be
collected.
Representative Stone of Pennsylvania, for the committee on coinage, has reported the house resolution
requesting the president to invite expression of opinion
from other governments as to the desirability and feasibility of the adoption of international coins to be current in all countries adopting them and to be especially
adapted to invoice purposes.-
13
JOHN C. BLACK, President.
ISAAC N. PERRY, Vice-President.
IRA P. BOWEN, Ass't Cashier.
ALVA V. SHOEMAKER, Ass't Cashier.
BOARD OF DIRECTORS.
JOHN C. BLACK, President.
ROSWELL MILLER, Prest. Chi., Mil. & St. Paul R.R.
ISAAC N. PERRY, Vice-President.
HENRY BOTSFORD, Packer.
JAMES H. DOLE, of J. H . Dole & Co., Commission.
B. C. DURAND, President Durand & Casper Co.
Wholesale Grocers.
J. OGDEN ARMOUR, of Armour & Co.
WM. G. HIBBARD, of Hibbard, Spencer, Bartlett &
Co. , Wholesale Hardware.
.GEORGE H. WHEELER, Prest. Chicago City R'y Co.
'' By law, the duty of conducting the affairs of a
bank devolves upon the directors, and it is desired that
such intention shall be made effective.
"You will acknowledge the receipt of this letter and
return it with the signatures of the directors attached.
'' I enclose a copy for your own files.''
It seems to be the opinion of all good bankers that
the rule is an excellent one.
Comptroller Eckels has sent letters to all state governors pointing out the duty under the law to make an
annual statement exhibiting the condition of state
banks as well as national. Owing to irregularity in
banking laws of the different states it is impossible to
secure uniform information at the time when it is necessary for him to make up a report, and he suggested
legislation such as will cause a statement to be made
by state banks all over the United States at the same
time.
The supreme court on February 1st, by a bare majority, affirmed the validity of the Ohio law regulating the
taxing of express companies, known as the Nichols
law. Mr. Justice White for himself, and Justices Field,
Harlan and Brown dissented. The court also sustained
the Indiana law taxing telegraph companies, which
was brought up for review by appeal from the judgment
of the Indiana state supreme court. From this decision
Justices Harlan and White dissented.
In one day '$4,500 ,000 was recently paid out to the
depositors of the National Bank of Illinois. This was
the first dividend. The payment was made within
thirty days of the bank's failure. The comptroller and
his assistants in charge are entitled to great credit.
John C. :McKeon retains the receivership of the bank,
and Jos .. T. Talbert, who succeeded Gilbert G. Thorne
in the Minneapolis district, has been appointed examiner for _Chicago. S. R. Flynn bas been transferred
from Spokane to take Mr. Talbert's former position.
The following is a copy of a communication sent to
all national banks by the comptroller of the currency:
'' In order to obviate in the future any excuse on the
part of the directors of national banks, based upon the
ground that they are not and have not been informed
of the affairs of the banks with which they are officially
connected, and therefore should not be held responsible
for the same, all letters hereafter addressed to the officers of banks bearing upon the report of the examiner
are to be submitted to the directors, and the acknowledgement and answer thereto made over each director's
individual signature.
The rules of the Bankers Accident Insurance Company, of Des Moines, Iowa, require an examination each
year by members of its Advisory Board of Bankers.
Hon. J. B. Harsh, president of Creston National
Bank, and General Rule, of the City National Bank, of
Mason City, have just completed the examination.
General Rule had previously examined the company for
state department up to September 1st, and this closes
the work for the year.
DES MOINES, Iowa, Jan. 22, 1897.
We have examined the affairs of the Bankers Accident Insurance Company, of Des Moines, Iowa, for the
four months ending December 31, 1896, and from such
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Federal Reserve Bank of St. Louis
THE TRI-STA TE BANKER.
examination find that the executive officers and employes of the company seem to be honest, capable persons, and are devoting their entire time and energy in
an earnest effort to faithfully carry out the plan upon
which the company was organized. A large business
is being done, and we believe under present management the business will continue to grow and be ·of lasting b~nefit to members. Losses have been promptly
paid and the books neatly and correctly kept.
This examination was made by request of the management.
J. B. HARSH,
}AMES RULE,
Committee.
The Bank of Eagle -was attacked by burglars on the
night of the 7th inst. and the vault injured by repeated
charges of dynamite. The explosives seem to have
been very skillfully applied, but the safe was only damaged. There was $10,000 in the safe. Some of the
bills were burned partly, and much of the gold and silver was dented by the concussions. The bank will
suffer no loss as it was insured in the Bankers Mutual
Casualty Company of Des Moines Iowa. Many county
banks in that section of the state have employed special
watchmen, as a gang of expert safe blowers is known
to be traveling round the state attacking country
banks. They are said to be disguised as horse traders.
MINNESOTA NEWS AND NOTES.
The Minneapolis city treasurer has $400,000 of the
city money tied up in defunct banks.
Senator Knute Nelson in a recent letter says he is
heartily in favor of postal savings banks.
The First National Bank of St. Paul has been approved as reserve agent for the Fergus Falls National
Bank.
The National Bank of Commerce, Minneapolis, has
been approved as reserve agent for the Union National
Bank of Rochester, Minn.
The grand jury at Duluth have been investigating
the keeping of public funds. A number of bankers
were called upon for information.
February 20, 1897.
The First National Bank of Minneapolis has been
approved as reserve agent for the First National Bank
of Little Falls and the First National Bank of Moorhead.
S. R. Flynn, the new bank examiner for the Minneapolis district; is spoken of in the highest terms by
those who know his work. He is rated very near the
top by the department.
State Senator Spencer proposes to prohibit in future
the deposit of public funds in banks, but to have the
state and municipalities erect fire and burglar proof
vaults for its safe storage.
The Bankers Life Association of Minnesota is said
to be one of the best, if not the best, institutions of the
kind in the west. It has made rapid strides in,gaining
the confidence of bankers and others whose patronage
is solicited.
Representative Snodgrass introduce~ a resolution in
the state legislature looking to the abolishment of the
office of State Bank Examiner. Accompanying the
resolution were others in strong language relative to
the recent failures.
Mr. Snodgrass was promptly
quieted.
Mr. E. H. Bailey, who has been about twenty-five
years in the First National Bank of St. Paul, has been
promoted to the position of vice-president, vice Mr.
Gilfillan, who has resigned. Mr. W. A. Miller, late
assistant cashier, who has been twenty-three years in
the same bank, has been promoted to the position of
cashier.
The First National Bank of Minneapolis will move
from its present location to the Phcenix building, Fourth
street and First avenue south, about May 1. The
reason for not moving immediately is that there are
some necessary changes to .be made in the room to be
occupied. It is expected that this work will be completed about May 1, and then the removal will take
place.
Mr. E. G Cooke, attorney for the Minneapolis
Trust Company, has been added to the board of directors of the Northwestern National Bank of Minneapolis.
Daniel Fish, as receiver of the Northern Trust Company, has filed an inventory of the assets received by
him and also a list of the liabilities of the insolvent
concern. The schedules placed the assets and liabilities at the same figure-$533,535.96. Of the cash
$13,794.48 is tied up in two insolvent banks- Columbia National Bank of Chicago, $5,826.93; Washington
Bank of this city, $7,967.55.
At a special term of district court N. V. R. Hunter
was appointed by the court assignee of the Citizens
· Bank in place of the suspended Northern Trust Company.
Mr. Kenneth Clark has been appointed active vicepresident of the Merchants National Bank of St. Paul,
and Mr. Geo. H. Prince, formerly of the Capital Bank
of the same city, assistant cashier in place of Mr. Geo.
C. Power, who resigned to accept the position of
cashier of the same bank.
As an indication of how city officials are beginning
to regard the necessity for more care in placing their
deposits, we cite the recent action of West Superior,
Wis., whose officers have just recently made a deposit
in the First National Bank of that place upon the
bank's own terms ; that is, without bonds, without
co1lateral and no interest. That the bank is justly
entitled to credit for safety the city just seems to recognize, after having lost so much money in other institutions.
The comptroller of the currency has ordered an
assessment of 83 per cent upon the stockholders of the
Keystone National Bank of West Superior.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
February 20, 1897.
THE TRI-STA 1E BANKER.
Capital, $rno ,ooo.oo .... .. .
Surplus and Profits,
$15,200.00
The Iowa National Bank
DAVENPORT
CHAS. BEIDERBE CKE, Pre sid e n t .
CHAS. PASCH E, Ca s h i e r.
. A. P. DOE, Vi ce - Presi dent.
Otto Rood was on February 10th appointed receiver
for the Bankers Exchange Bank, Minneapolis. This
institution closed its doors last December and reopened
January 7th by order of the State Bank Examiner. At
the time of the reopening the deposits were $53,000.
Since then, however, the deposits have been reduced
75 per cent by withdrawals. The action this time was
a voluntary liquidation, and the bank claims to h~ve
four times the amount of deposits in bills receivable.
The receiver expects to pay depositors in full within
thirty days.
An order has been made by Judge Bunn in the
United States court at Madison authorizing Receiver
Gilbert G. Thorne, of the Superior National Bank, to
sell all the remaining assets of the institution.
The
bank suspended three years ago and the nominal value
of assets to be now sold is $193,550. Affairs will be
closed out and the receiver discharged. !tis probable
that claims will be purchased by Dr. Parker, of New
York, who bought the city and county deposits at 50
cents on the dollar.
The Minnesota Savings Bank assigned January 18th
to W. Bickel. The capital stock of this bank was
$25,000 paid in, and its assets, according to an affidavit
of the president, amount to about $250,000. The liabilities are estimated at about $230,000. If the assets
are handled well the depositors will suffer a very small,
if any, shrinkage. The bank charter is a very valuable
asset, $15,000 having been offered for it by different
parties several times, but this is not reckoned as part
of the regular assets. The stockholders are subject to
double liability. The bank suffered somewhat through
its relation to the Germania and afterwards the Allemannia, through which it cleared.
There has been quite a disturbance up · in West
Superior, the Northwestern National and the State
Trust & Savings having been conducted in the same
building, one used as a cover for the transactions of the
other. The operations of the Fowlers, who practically
owned the State Trust & Savings Bank and were president and vice-president respectively of the Northwestern National, were exposed by a recent examination
made simultaneously by the national bank examiner
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Federal Reserve Bank of St. Louis
New Business Invited
and the state examiner. The consequence is, the
directors have caused the resignation of the Fowlers
and a receiver has been appointed for the State Trust
& Savings Bank. Mr. Louis Hanitch, a prominent
attorney, has been appointed president in place of Mr.
Homer T. Fowler. Gilbert G. Thorne represented
Comptroller Eckels in the matter and it is understood
that the whole action is the result of his visit. James
Ferguson is now first vice-president and will have the
management.
State Treasurer A. T. Koerner on January 30th rendered his monthly report of the standing of the finances
of the state. It shows $769,671.52 in the different
banks of the state, credited to the different institutions
as .follows :
·
Revenue Fund
$ 47,008.99
Soldiers' Relief Fund
- 39,901.67
Funding Tax Fund
39,591.43
Permanent School Fund - 95,620 53
General School Fund 188,853.93
Permanent University Fund
- 38,709.62
General University Fund
41,838.52
Internal Improvement Fund
13,601.37
Internal Improvement Land Fund 30,863.92
Internal Improvement Laud Fund Interest - 4,831.92
State Institutions Fund
52,777.40
School Text Book Fund
47,546.49
Swamp Land Fund
7,914.23
Reform School Fund 8,826.46
Grain Inspection Fund
Ir 1,785.04
The report further shows that the state has the sum
of $349,772.38 tied up in suspended banks.
The comptroller has been advised of the following
changes in Minnesota National banks : The Second
National Bank of Winona, Sam'l L. Prentiss, cashier,
in place of W. H. Garlock; A. W. Laird, assistant
cashier, in place of Sam'l L. Prentiss. The First
National Bank of Crookston, H. R. Robertson, assistant cashier. The Citizens' ational Bank of Fergus
Falls, G. 0. Dahl, president ,in place of J. W. Mason,
no vice-president in place of E J. Webber; no assistant
cashier in place of L. J. Pickit. The First National
Bank of Pipestone, J. R. Hubbard, vice-president , in
pla~e of L. R. Ober. The First National Bank of
Little Falls, F. Stange assistant cashier, in place of
THE TRI-STA TE BANKER.
16
SURETY
BONDS
February 20, 1897.
FURNI_SHED
Fidelity and Deposit Company of Maryland, HOME OFFIC.E, BALTIMORE, MD.
~®~:=~~~=~;~®®;
Des Moines, T. W. Phillips.
~
Cedar Rapids, J. S. Anderson & Son.
@_·.
Sioux City, Peters & Perkins Company. {f;
Burlington, Hutchinson & Wesner.
(fJ
Dubuque, Coates & Robinson.
(fJ
~S®:.S.-~:.S.-~®:.S.-®:.S.-~
S
ECOMES SURETY on bonds of bank offic;:ials and employes, also on bonds
for contractors and employes of mercantile houses and all others occupying positions of trust. Accepted as SOLE SURETY on bonds given in
Judicial Proceedings in Iowa. These bonds executed on application for same. _
Cash Resources, Over
HER.MAN E. BOSLER., Treasurer.
Theo. Wold. The First National Bank of Rochester,
Geo. B. Doty, second assistant cashier. The Flour
City National Bank of Minneapolis, C. D. Langee,
vice-president, in place of C. E. Lyman. The First
National Bank of East Grand Forks, G. R. Jacobi,
assistant cashier. The First National Bank of St.
James, Thomas Tonnesson, assistant cashier. The
First National Bank of Tracy, L. J. Hunter, assistant
cashier.
The affairs of the Washington Bank which recently
failed are said to be in bad condition, with a strong
probability that depositors will get no more than 50
per cent of deposits. The receiver states that the
liabilities of the bank foot up $5 ro,ooo, while the
assets, at the very best value to be placed upon them,
will not exceed $250,000. As the capital stock of the
bank is but $100,000, it is claimed that the double
liability, if collected, would not pay the deficiency, and
so action has been begun against the stockholders of
the bank. Of the stockholders the holders of 229
shares out of the 1,ooo are wholly insolvent, and unable to pay their debts. Of the others, a careful summing up leads those who know to venture the opinion
that only about 350 shares can be enforced against
their owners with any degree of success for coliection.
This will allow the receiver to realize about $70,000
from the stockholders after suit. Therefore, should
collection be exceptionally good, and expenses low, the
receiver may be able to pay 50 cents on the dollar.
However, offers have been made by holders of certificates of deposits to sell at a discount of 60 per cent,
with no takers.
IOWA NEWS AND NOTES.
Four prominent Maquoketa attorneys have been
indicted by the grand jury for complicity to extort
$5,000 from John L. Sloan, cashier of the Exchange
Bank at that place. This is the culmination of the
Sloan-Davies case, in which Dr. Davies prosecuted Mr.
Sloan for alienating his ( Davies' ) wife's affections.
Dr. Davies secured a verdict for $3,000 and costs.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
$2,000,000.
EDWIN WAR.FIELD, President.
The deposits of the recently failed Griswold bank
shrunk in a few days from $135,000 to $40,000.
The German State Bank of Dyersville paid the patrons of creameries in that vicinity in 1896, $105,599.
The First National Bank of Chicago is now a reserve
agent for the Mills County National Bank of Glenwood.
The Creston National Bank's claims against the
Bell pepartment Stock of that city have been fully _
paid.
The private bank of D. R. Grabill, at Massena, Cass
county, has been disposed of to the Farmers Savings
Bank.
The Creston Advertiser says that the failure of the
German Savings Bank in this city was due to the gold
standard.
Capt. Andrew I. Smith, president of the First National Bank of Mason City, has gone to California for
his health.
The Commercial State Bank of Marshalltown was
damaged to the extent of $200, by an adjoining fire
February 7th.
The failure of the bank at Nora Springs precipitated
trouble for the creamery at Rock Falls and it has been
sold at sheriff's sale.
James W. Hervey, after a service of sixteen years as
cashier of the bank at New Bedford, has resigned
owing to failing health.
The State Bank of Keota has filed incorporation
articles with the secretary of state. The bank has a
capital stock of $50,000.
Comptroller Eckels has approved the Contine~tal
National Bank of St. Louis as reserve agent for the
Ottumwa National Bank of Ottumwa.
The Merchants National Bank of Burlington has
taken possession of the stock of the Burlington Candy
Company on a chattle mortgage for $3,500.
A check for $22 r, drawn on the Citizens State Bank
of Council Bluffs and signed by S. A. Pierce & Company, has been lost -supposed to be stolen.
February
20,
THE
1897.
TRI-STA TE BANKER.
THE POLK COUNTY SAVINGS BANK,
DES MOINES, IOWA.
Capital
$100,000.
Your
JOHN A. GARVER, President.
Business
C. W. PITCAIRN, Vice-President.
Colonel J. W. Hammond, a banker of Oskaloosa,
was a recent Des Moines visitor. For years Colonel
Hammond has been a champion of sound money.
The Commercial State Bank, Marshalltown, J. M.
Woodworth cashier, gave the fire department $25 as a
present for their work in fighting a fire that threatened
the bank.
There were thirteen bank failures in Iowa in 1896,
with liabilities of nearly $2,500,000. Only three of
these were national banks, two at Sioux City and one
at Decorah.
F. G. Coffin has been elected president of the Louisa
County National Bank, at Columbus Junction, in place
of R. S. Johnston. Wilson Dougherty has been elected
vice:-presiden t.
The Ruthven Savings Bank, besides conducting a
very good banking business, furnishes abstracts of titles
and sells insurance. This is one of the enterprising
banks of Iowa.
The First National Bank of Spencer has new officers.
They are : Cpas. McAllister, president ; A. C. Perine,
vice-president; M. P. W. Albee, cashier; A. F. Lamar,
assistant cashier.
The new vault for the Bradley Bank at Eldon is finished, but the new safe has not arrived Nevertheless
the bank has been doing business right along, but
under some disadvantages.
The depositors of the defunct Iowa Savings Bank of
Sioux City are perfecting arrangements for reorganization of that institution and will make a determined
fight for the removal of the receiver.
STOLEN.-From Bradley's Bank of Eldon, February
1897, a number of Independent School District
bonds of Eldon. Persons are warned not to buy the
same by the owner-J. 0. Hunnell.
1,
There will soon be a new bank building at Gladbrook. It will be of brick and terra cotta, with steel
ceilings and all modern improvements. It will be
24x60 and cost about $10_ooo completed.
The stockholders of the defunct First National
Bank of Decorah now appreciate the full joy of owning
bank stock. They have been assessed $75,000, the
full amount of their written subscription.
·The Manchester Democrat contributes the generous
opinion that the bank failure in Des Moines is direct
retribution for the pronounced stand the business men of this city took in favor of sound money.
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Federal Reserve Bank of St. Louis
Solicited.
Established
1882.
A. J. ZWART, Cashier.
The Farmers State Bank of Dyersville, Iowa, make
a most excell~nt showing at the close of its first year's
business, February 8th.
They have deposits of
$36,500, with a capital stock of $30,000.
Henry C. Shaver, formerly a newspaper man of Des
Moines, but now proprietor of a newspaper and postmaster at Moscow, Idaho, is a candidate for the receivership of the recently closed Moscow bank.
Dubuque and Cedar Rapids are working hard to
secure the proposed gifts of Banker Slummer. Des
Moines has done nothing toward raising the amount
necessary to make sure of his gift to this city.
George Bogart, a bank president of Shenandoah,
Iowa, has notified the Council Bluffs police of the
theft of a gold watch belonging to him, and has asked
that the pawnshops there be looked over for the stolen
property.
The creditors of the defunct Cass County Bank met
and appointed a committee to employ an attorney to
defend the stock liability case that they have every
reason to believe will be carried to the supreme court
to come up at the next term.
We are glad to note the growth of the First National
Bank of Grundy Center. Under the leadership of
Cashier Finlayson it is fast becoming the leading bank
in that town. The president, Mr. Wells, is one of the
wealthiest men in the state.
C. H. Dow and E. S. McClurken, who were convicted in the United States court at Denver last week
and sentenced to seven and five years respectively in
the penitentiary for wrecking the Commercial National
Bank , were formerly Iowa men, having lived at Wilton
and subsequently at Bedford, Taylor county, a number
of years. They were brothers-in-law.
The Havill Deposit Ledger
Arranged with the Ledger Index Balance Sheets.
(PATENTED NOV. 26, 1895 .)
~~
OM BINES the best points of the old-style Deposit Ledger,
with its compact grouping of debits and credits and daily
balances of accounts, rendering the examination of an
account in all its details easy and satisfactory, with the
advantages of the Boston System, in its grouping together the
accounts in alphabetical order and the a rrangements of the
balances so that a rlaily trial balance can be tctken easily. For
circular, address
((?
0. H. HA VILL, St. Cloud, rtinn . .
THE TRI-STA TE BANKER.
r8
It is thought that the money secured from the recent
bank burglary at Eldon can be easily identified when
presented, as it will bear powder marks, or if the metal
be bent from the force of the explosion. Bankers are
requested to look out for it.
In his speech upon the national banking system,
Congressman Brosius said: "There is a coincidence
worthy of notice that the states which voted for Bryan
are those in which the greatest need for additional banking facilities is supposed to exist.''
The report of Receiver Goss of the suspended Sioux
City Savings Bank, shows that the assets of $163,408.14
will shrink to a little over $89,000, a reduction of 45
per cent. It is hoped depositors inay receive all their
money by an assessment of stockholders.
A fellow giving his name as Sanger, but who is believed to be Alfred Haynes, has been arrested at
Dubuque on a charge of forgery. A number of blank
checks were found on him and he later confessed to
having passed the bogus papers in many towns.
Representative J. H. Funk, of Hardin county, and
Homer A. Miller, of Eagle Grove, who is state bank
examiner, are mentioned as probable candidates for
senator in the district composed of Wright, Hardin and
Hamilton counties, now represented by Senator
Rowen.
J. M. Woodwor_tb, cashier of the Commercial State
Bank at Marshalltown, and treasurer of the Masonic
grand lodge of Iowa, is one of the active managing
officers of the Bankers Mutual Casualty Company.
He is a frequent visitor at the company's headquarters
in Des Moines.
Major I. R. Kirk, of Mason City, who for years
has been the active president of the Commercial Savings Bank, at the recent annual election resigned his
position and J. A. Felthous was made his successor.
A pressure of outside business caused Mr_ Kirk to
retire from the work.
February
20, I 897.
shoot. Liabilities, exclusive of capital stock, $11,500;
assets, $37 ,956.
Warren A. Lechtenwalter, a wealthy farmer and a
director in the First City Bank of Nora Springs, which
failed about six weeks ago, committed suicide February
5th by hanging. He was thought to be temporarily
insane caused by the bank's failure, though he was
able to meet his share of the loss.
T. E . Johns, cashier of the Keswick Savings Bank,
Keswick, Iowa, was a business visitor 1n Des Moines
last week. Besides being a successful banker, Mr.
Johns takes a prominent part in politics. He was a
member of the legislature in the old capitol building
and helped to elect Senator Wilson.
The Farll}ers and Traders Bank was organized in
Anamosa January 27th. Mr. C. H. Lull, formerly of
the Anamosa National Bank, will be president, and
Mr. J. B. Lull, cashier. The new bank will be backed
by .strong capitalists and promises to be one of the
leading :financial concerns of the county.
Harry Desbrow, a young man of twenty years, was
arrested at Des Moines February 13th charged with forgery. He successfully passed three forged checks, and
attempted to pass two others. amounting in all to $142.
The checks were all on the Iowa National Bank and to
them was forged the name of W. A. Ulmer. He made
good the amounts he received ·and was allowed to go.
The associates of President Fred Grumme in the
Marshalltown State Bank have received an interesting
letter from that gentleman dated at Key West, Fla.
Fred says he was tempted to go over to Cuba, a dis-·
tance of but sixty miles from Key West, but he concluded that the further away from the bloody Spaniards
he was the better.
Ed R. McKee, a banker of Indianola, recently died.
He was a peculiar man and a man of · ntense likes and
dislikes, a very strong force in the community, a
banker· and a very active republican. He requested
W ..L. Frost was on February 13th appointed receiver that State Senator Berry should say what might be
for the Commercial Savings Bank of Leeds, a suburb necessary to be said over his remains because he knew
of Sioux City. The bank is a small one and has been · that Senator Berry knew him best and would not
weak since the liquidation of the Corn Exchange exaggerate, and in order to prevent any flattery at his
National Bank of Sioux City, of whjch it is an off- funeral such as he had heard at others.
Iowa Printing Co.
Capital,
$50 ,0 00.
Lithographers,
Blank Book Makers,
Printers, Etc.
Des Moines, Iowa.
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Federal Reserve Bank of St. Louis
We
Make .... . .
A Specialty
of Bank and Insurance Stationery.
An O pportunity ...
To Submit Samples and Prices will
be Appreciated . . . . . . . . . . . . .
February 20, 1897.
Capital ,
$ 3 0 0 ,000 .
THE TRI-STATE BANKER.
Surpl us,
19
Deposits, . $1,500,000.
$300,000.
Farmers Loan & Trust Company,
SI OUX CITY, IOWA.
llns BANK has no borrowed money ; no notes
l
re-discounted and has 70 per cent of demand
deposits in cash. @.- ®- ®-- ®-- ®--
JYiotte than 500 Patt Points.
The First National Bank of De Witt - William Lee·,
a director, vice N. A. Merrill, deceased, and S. B.
Walker vice M .. R. Waggoner. The members of the
board are all good business men and have the confidence o~ the community. The board elected W. H.
Talbot, president; J. N. Arthur, vice-president; A.
M. Price, cashier.
A meeting of the creditors of the Cass County Bank,
that went under in December, 1893, has been held
for the purpose of deciding upon a division of the
$i8 ,ooo to be paid into the court by the Coopers and
Keyes on their stock liabili°ty. There are twenty-seven
of the creditors who pooled their claims and made a
fight in the courts for the above amount and they felt
that they alone should be entitled to divide the spoils,
which was done.
Hon. John McHugh died at his home at Cresco,
January 30th, from paralysis. He represented the
county in the lower house of t__he legislature, and was
state bank examiner under President Harrison. Mr.
McHugh was elected president of the Iowa Deposit
& Loan Company of Des Moines, at the time of its
reorganization, following the retirement of E. · C.
Spinney, about two years ago, and he placed B. A.
Beeson at the helm as secretary of the company.
The store and .bank building at Walford belonging
to Novack & Jilep was burned February 3d. A small
bank was conducted by the firm. Novack slept in the
building and as a body was found . in the ruins .it was
at first supposed he was the victim. Investigation
proved, how~ver, that the body was that of a friend
who had stayed with him that night. It is now thought
that Novack murdered his friend and set the buildings
on •f ire and escaped. A reward of $500 is offered by
the state for his capture. The county, too, offers a
reward of $200.
A friend of Homer A. Miller, of Eagle Grove, state
bank examiner,, says that Mr. Miller is likely to be a
candidate for the repub1ican nomination · for auditor of
state to succeed C. G. McCarthy. Mr. Miller is one of
the most popular young republicans and one of'the
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
-
... ....... A. Genettal Banking Business Tttansaeted.
'VFLICIT your busi~ess and are always
pleased to extend reasonable accommodations
to our customers. ~ ®- @-- ®-- @-most successful business men in the state. He is
abundantly qualified to fill the office with credit to
himself and the state.-Capital.
J. H. Jackson was on February roth appointed
receiver for the Mutual Deposit and Trust Company.
The concern was a side issue of the defunct Sioux City
Savings Bank and was managed by Cashier Stone ot
that institution. It is charged that before leaving town
Stone secreted its assets and records. It was feared
the lack of them would ruin the company unless a
receiver took its affairs in hand. An oil stove which. had been ~ept burning in the
conservatory at the home of Banker P. S. Balch at
Marshallto~n, to protect the plants, exploded and set
fire to the surroundings. The smoke awoke Mr. Balch,
who was sleeping in an adjoining apartment, and he
rushed into the cons~rvatory in time to throw the stove
out doors and extinguish the flames before any serious
damage was done. The loss was about $200.
A. A. Payne, until recently cashier of the Bank of
Dia,.gonal , is in debt to the stockholders in the sum of
$r ,400, which amount he has at certain times appropriated to his own business. So think the expert
accountants who have been examining his books during
the past few days. While Mr. Payne is not excusable
for his action, he is not entirely to blame. The small
salary he received - one dollar per day each working
day - was insufficient to support himself and family.
A director's meeting of the Banker's Mutual Casualty
Company was held at the offices in the Manhattan
building. The directors from out of the city who wer.e in
attendance are: M. D. Wagner, Sun Beach, Mich.;
W. A. Graham, Sidney, 0.; G. R. Moore, Jackson,
Minn.; Charles R. Hannan, Council Bluffs ; A. E.
Spaulding, Ainsworth, Iowa; Edwin Goodall, New
York ; J. M. Dinwiddie, Cedar Rapids; A. R. Moulton, Viola , Ill.; E. B. Branch, Omaha, and J. M.
Woodworth, Marshalltown. The company reports that
it now has over six hundred policies written and since
its organization has paid four losses, three from burglary and one from daylight hold up.
20
THE TRI-STATE BANKER.
James W. Hervey, after a service of sixteen years
as cashier of the Mechanics National Bank at New
Bedford, has tendered his resignation, and Lemuel T.
Terry has been elected to fill the vacancy.
Mr. Hervey was led to take the step by reason of the cpndition
of his health, in connection with the increasing ·demand upon his time.
He desired relief from the
growing responsibilities of the cashiership, but will continue with the bank as assistant cashier.-Capital, January 27.
The comptroller of the currency has approved the
following reserve agents: American Exchange National of Chicago, for the Dubuque National of
Dubuque; American Exchange National of Chicago,
for the First National of Nevada; Nation~l Live Stock
of Chicago, for the First National of Odebolt ; Merchants National of Chicago, for the Osage National of
Osage ; American Exchange National of Chicago, for.
the First National of Spencer ; The Des Moines
N aHonal of Des Moines, for the First National of
Spencer.
Comptroller of the Currency Eckels has issued a call
upon all of the stockholders of the First National
Bank of Decorah to the full extent of their liability,
which means that each shareholder must pay to the
receiver $100 for each share that he held at the time of
the closing of the bank. Of this $75,000 we learn
that J. H. Easton, the president, held $45,000 worth
of shares, which will leave only $30,000 available, and
the greater part of that must come from our business
men. This is conclusive evidence that the assets of
this defunct institution at the time of its failure were
not enough to meet its liabilities.
Receiver Goss, of the Sioux City Savings Bank has
been directed by the court to commence suit for damages
against the directors for the amount of loss incurred by
reason of Cashier Stone's forgery, the ground of the suit
being that the directors neglected to require Stone to put
up proper bonds. After the defalcation it was learned
that Stone had not been under bond for several months.
This, it is believed, will render the directors personally
liable for his shortage.
LATER.-lt is rumored that all the claims against
Cashier Stone will be settled by relatives and the
charges dropped.
F'ebruary 20, 1897.
F. R. Payne, of Chicago, representing the Fidelity
and Casualty Company, which had the Eldon bank
insured against robbery, is working- on the case. He
is accompanied by W. F. Forsee, a Pinkerton detective.
Mr. Payne said the work was undoubtedly that of professionals, but was done in a very bungling manner.
He thinks the men are in Ottumwa or have been since
the robbery. There were three men implicated in the
deed. Two worked the bank and the other stole the
team and had it in readiness at tl;ie edge of town.
It is said that negotiations are being carried on between the attorneys for the depositors in the defunct
Sioux Chy Savings Bank and attorneys representing
E. P. Stone, the cashier, looking to dismissal of the
criminal charges against him on condition that he
make good the claims against him. When Mr. Stone
left he went to Omaha where he has a brother, who,
within a few days, has visited Sioux City accompanied
by an attorney, and the proposition was made to the
creditors. They deny the charge of fraud in regard to
the $20,000 of " cattle paper" for which no cattle
could be found, and say there was no· forgery. They
offer to assume payment of this amount and the other
claims against Stone, amounting to as much more, and
the attorneys for the creditors are in favor of accepting
the terms. It is stated that Stone is in Chicago, and
that be has been in communication with his attorneys
here directly.
r ...........
.................
............................ ................ ..
~
j
~
~
7
Conducting its business along legitimate
commercial lines, loaning money in
moderate amounts · to re·putable business houses for mercantile uses only, the
~
NATIONAL
BANK OF THE REPUBLIC
offers its services to the business public,
expecting to receive a fair share of patronage.
~
CAPITAL, ONE MILLION DOLLARS
W. C. Stuckslager, of Lisbon, president of the Lisbon ,
OFFICERS AND DIRECTORS.
bank, has bought the interest of Dr. Carson in the Mt.
LOUIS F. SWIFT, of Swift & Co.,
HENRY SIEGEL, of Siegel,
Vernon bank, and become president of that institutio1.1
Packers.
Cooper & Co.
JOHN A. LYNCH, of Thos.
A . M. ROTHSCHILD. of A. M.
also. Dr . Carson retires from the banking business
Lynch & Sons, Capitalists.
Rothschild & Co., Dry Goods.
0. LOWDEN, AttorneyE. B. STRONG, of the late firm
with the esteem and confidence of all his associates.
j FRANK
at-Law.
•
. of Foss, Strong & Co.
S. DURAND, of the Home
ALEXANDER MACKAY, Presi. Mr. Stuckslager, although a young man, has demon- ~ H.Insurance
Co.
dent Globe Stone Company.
J.B. GREENHUT, Peoria, Ill .
W. T . FENTON.
strated exceptional ability in financial affairs and he is
recognized as one of the foremost young men and
JOHN A . LYNCH , PRESIDENT,
J. H. CAMERON,}
leading bankers in Linn county. The Mt. Vernon
A. M. ROTHSCHILD. V1cE-PRESIDENT.
H. R KENT, AssT . CAsH'RS
W . T . FENTON, 20 V1cE•PRESIDENT & CASHIER .
bank has been one of the best managed banks in Iowa
R. M. McKINNEY, 2o AssT, CASHIER .
and we bespeak for -it continued success. The capital ~
L ..
~
~~~
stock will be increased to $50,000.
I
I
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
..........................
...........
•
. . .J
February 20, 1897.
THE TRI-STATE BANKER.
_ Receiver Goss of the defunct Sioux City Savings
Bank, concerning the management of which so many
charges of fraud have been made, reported that if exCashier Stone is arrested and brought back, or the
directors be held liable for losses alleged to have been
sustained through their carelessness, he will be able to
pay 50 or 60 per cent on claims. Otherwise about 30
per cent will be the limit. He says be will do his best
to recover everything in sight, but is much handicapped
by the depositors' organization, which is demanding
his removal and seems bent on defeating all plans to
help them.
Joseph Yetzer, ·president of the broken Atlantic
bank, who is doing a five years' sentence at Fort
Madison, has been declared to be a helpless cripple
from rheumatism. He was in such a frail condition
when taken from the Cass county jail last summer that
grave fears were entertained that he would die before
he could be placed in the prison. He has lingered at
the point of death for a long time. The prison physician gives but little · hope that the bank president will
be able to spend any great portion of time out of the
hospital. He has lost the use entirely of one arm.
The acting comptroller of the currency has issued a
statement of the one hundred and sixty national banks
in Iowa outside of Des Moines at close of business
December 17th. . The individual deposits aggregated
$21,434,598, about $2,000,000 less than on July 14th
last. The loans and discounts amounted to $27,943,004, or $3,000,000 less than in July. The lawful
.money on hand in December amounted to $2,867,837,
against $2,964,484 last' July. The Iowa banks owe
other national banks $678,784, against $916,605 due
them from such banks. They owe state banks $1 ,909,165, against $385,354 due from state banks. They have
-op. deposit w:ith their reserve agents $3,172,724, and
their average reserve is 27 .60 per cent.
There will be a new bank started in Spencer soon,
with an abundance of capital. At a meeting of the
board of directors of the:_First National Bank, William
Flindt and William Bender, of Spencer, decided to
resign as directors of that bank and go into the new
enterprise. The new bank will include in its organization the former president, vice-president and cashier of
the First National and four out of the five directors
that formerly composed its board, and three out of
seven as at present constituted. The large corner room
in the Smith block, corner of Main and Fifth streets,
formerly occupied by the Farmers & Mechanics Bank,
has. been secured for the new bank. Ackley Hubbard
will be cashier of this new bank, which fact assures its
success. The new bank will start with a paid up capital of $25,000. The name. will be the Citizens State
Bank. Starting out with so experienced and wealthy
a lot of bankers success -is sure. Mr. Hubbard's many
friends among the bankers of Iowa will rejoice that he
is to stay with us.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
21
[ STATEMENT.]
THE BANKERS
NATIONAL
BANK,
X Chicago, Illinois. X
r ..............
CAPITAL $1,000,000.
~~~
. . . · ...............
~
. . . . . . . . .1
tllll.lSllla1,,a11,a111a1,,a111s111a111a1oa,ns111s,,1a,,,s,11@iil$lllslllalOal/ll1
Report of the Condition at the Close of Business on
the 17th Day of December, 1896,
X
RESOURCES.
Loans and Discounts . . . . . . .
Overdrafts .
.
.
.
.
U. S. Bonds to secure Circulation . .
. ....
Premium on U. S. Bonds
Other Bonds (Chicago Drainage 5s) .
Real Estate
. . . . . . . . . .
t Furniture and Fixtures . . . . . . .
t Cash and Sight Exchange . . . . . .
i
t
.
Total . .
. $2,306. 992
1,878
50,000
4,250
103,930
3,100
19,138
2,463,374
I I
95
00
00
65
00
31
95
. $4,952,664 97
LIABILITIES.
Capital Stock paid in . . . . .
Surplus and Undivided Profits .
Reserved for Taxes .
·
Circulating Notes
Deposits
Dividends Unpaid
Total . . . .
~
. $1,000,000 oo j
.
133,405 o6 ~
.
51000 oo l
.
41,150 oo
. 3,773,079 01
.
30 oo
l
. $4,952,664 97
l
~~:':~:':~:':EJ:':~:':~:'~~~,:~:':~":~:':~:':~:':~:':~~~:':~:':~~:~~:':~j
OFFICERS,
E . S. LACEY, President.
· D. B. DEWEY, Vice-President.
GEORGES. LORD: Second Vice-President.
JOHN C. CRAFT, Cashier.
J.C. McNAUGHTON, Asst. Cashier.
FRANK P. JUDSON, Second Asst. Cashier.
The accounts of Banks, Corporations, Firms,
and Individuals received upon the most favorable terms consistent with safe and conservative
banki ng.
Correspondence solicited with those contemplating a change or division of their Chicago
accounts..
'
22
THE TRI-STATE BANKER.
The search for Cashier Stone of the defunct Sioux City
Savings Bank continues without much hope of success.
It is charged that the bank had been practically insolvent for more than -two years with the knowledge of
the directors; that the requirement as to bonds of the
directors had not been observed for more than two
years; that about four years ago the cashier commenced to engage in speculation; that the bank had
loaned to him or to his wife or companies which he
owed about $20,000; that it had loaned about $40,000
to other persons known to be insolvent; that the
amount of the cattle paper held by the bank known to
be bogus is about $20,000, and that it is believed this
was forged by Stone. Cashier Stone was last seen in
Chicago about January 15th. A warrant has been
issued for his arrest. He is charged with forgery,
making false reports to the state auditor, and withdrawing the bank's money for his own use and giving in
return worthless securities.
A Des Moines jeweler was recently made the victim
of a clever swindler. The story is to the effect a
stranger called on a jeweler and purchased $165 worth
of goods, tendering a check drawn on a Boone bank in
payment. The jeweler questioned it, when the stranger
told him he would leave the goods and check with him
until he could take it to the bank, while he transacted
other business. In an hour the stranger returned and
was told the check had been thrown out. He expressed
surprise, but produced $165 in cash, took the goods
and asked for · the return of his check. This was
given him. When it was presented at the bank, the
jeweler had endorsed it, and on the strength of the
endorsement, the stranger went at once to a bank and
had it cashed, disappearing before the fraud was discovered and without leaving the slightest clue behind.
The First National Bank of Griswold failed February
4th. The capital stock' of the bank is $50,000. At
the date of the last report, December 17th, its total
liabilities were $80,000 and the surplus $10,000. The
total assets of the bank, including bonds, were given
at $147,000. Its last statement indicates a surplus of
$10,000, and deposits of from $75,000 to $100,000.
The bank officials are anxious to see the examiner
before talking much. The cash on hand had run
below the legal reserve and the advice from the comptroller of the treasury was to close and await the
coming · of a national bank examiner. The deposits
were reduced to.$40,000 at the time of the failure. The
bank will pay out in full. This is the bank that was
the object of a sensational attempt at robbery a couple
of years ago. The robbers secured an entrance to the
building and blew open the vault with dynamite. But
they were evidently new at the business and injected
such a quantity of the explosive that it nearly wreckeq.
the building- and aroused the entire population of the
city. The thieves were compelled to leav.e before they
had an opportunity to secure any of the plunder and
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
February 20,
I 897.
the only loss the bank suffered was the damage to the
building, which amounted to something like $2,000.
Nearly a thousand silver dollars which lay in the vault
were scattered all over the block by the explosion and
were picked up by resident~ in the vicinity.
Bradley's Bank at Eldon , an important railroad city
on the Rock Island road, in Wapello county, was
blown up with nitro-glycerine, and looted on the morning of February 1st, by burglars, and $7 ,ooo in gold,
silver and currency was taken, together with negotiable
school bonds and other securities. The men escaped
and up to the present they have eluded the pursuit
that was at once prosecuted. The bank is in the corner room of the large Eldon hotel building. The
entrance is directly at the corner, and a general merchandise store forms an "L" about it. About the
east and south side of the building are windows, and
it was one of these entrances that the burglars forced
open. The vault is in the rear of the room, but it was
not burglar-proof. The robbery was well planned and
skillfully executed. An entrance was made in the rear
of the brick vault by removing the brick. The safe
within the vault is an old style Hall with double doors
and weighing three tons. In the space between the
door and the sill nitro-glycerine was poured. The
men then withdrew from the vault and fired the explo.,.
sive. The report that followed seemed to shake the
whole town, but before any arrivals on the scene the
bandits had secured all the booty in the safe and disappeared. No immediate ' search was begun, and the
men got safely away. No clues have yet been found.
Not a dollar was left in the safe, but on the :floor in the
office was found a number of gold pieces dropped by
the b1:1rglars in evident precipitate :flight. The bank
will lose nothing, as it carries ·a burglar policy in an
insurance company which will cover the entire amount.
The Eldon bank is one of a system of eight banks in
Southern Iowa and Northern Missouri, operated by J.
A. Bradley and D. C. Bradley and founded by Will
Bradley, who died a millionaire May 15, 1896. Last
March the Bradley bank at Moulton was burglarized
of $3,000 in exactly the same way, which might indicate that the two burglarizing operations were conducted
by the same parties.
The supreme court has ruled in the case of the First
National Bank of Storm Lake vs. Zeph. Charles Felt
that Felt could not be forced to pay a note he had made
while president of the bank. The comptroller of the
currency objected to the bank carrying _a n obligation of
Warner Bros. in excess of 10 per cent of its capital
stock, and to get around this Felt gave his note for a
certain amount. It brought a third party into the
transaction. The obligation was afterward settled by
foreclosure of a mortgage and the bank brought suit
against Felt on the note he had signed. It was deemed
accomodation paper and was held not collectible. The
decision is based entirely upon the fact that the notes
sued upon were without consideration.
F ebruar y
TH E TRI-STA TE BANKER.
1897.
2 0,
?
•.,,------
ARE You INTERESTED
IN LIPE INSURANCE.... •
~~· ·
~~'4111""
________,.
The Leading Hotel in Iowa.
~TN : :ERSALLY
C ONCEDED
TO BE
A NEC E SSIT Y
·
The Penn Mutual
Life Insurance Co.
DES MOINES , IOWA .
Rates $2.50 to $4.50 per day .
I
·.... W. L. BROWN, Manager.
Of Ph il adel ph i a, was organized i n 1847 and is unexcelled by any company. Its policy contracts embrace all the liberal features, such as
Uasb, Loan, and Paid - up Valu es, or Extended Insurance. in case of
lapse, for full face of policy, a ll plain ly guaranteed in the policy.
Collections made th r ou gh you r local bank. Life insurance policies
bought. A f~w reliab le agents wanted in good territory . For further
• information addr ess ....
C. H. & H. E. RUMSEY, Gen'I Agents,
50:J and 503 Equitable Bldg.,
W. H. RYAN ,
SPECIAL AGENT .
DES MOINES, IOWA ......... .
CAPITAL $300,000.00.
Des Moines Savings Bank
Des Moines, Iowa.
SIMON CASADY ,
P . M. CASADY,
C ASH IE R ,
PRES I D EN T .
LELAND WINDSOR,
ASS ' T CASHIER .
NATIO.NAL
State Ban.k of BoPlington
t Oldest Established Bank in Iowa.)
CAPITAL, $ 1 SO,OOO.
r~~
e ~
~
$URPLUS AND PROFITS :
$1so.ooo.
OFFICERS:
J. T. REMEY, President.
CHAS. STARKER, Vice-Pres.
JOHN J. FLEMING, Cashier.
J. w. Bt-t00KS, Ass't Cash ier.
DIRECTORS :
C. E. Perkins,
J . C. Peasley.
Chas. W. Rand.
J. T . Remey_.
Chas. Starker.
J. W. Brooks,
CLINTON NOURSE ~
- --•~
Architect of
City Bank,
Boone.
Union National,
Ames ..
Citizens National,
Knoxville.
First National,
Nevada.
Stilson 's Bank,
Cor with .
Citizens Stat,e,
Eagle Grove.
Ham ilton County,
Webster City.
Fi rst Nationa l.
Ft. Dodge, Ia.
Citizens State.
Gol dfield, Ia.
CORR E SPONDENCE
. . . I NVI T ED
ADDRESS.
DES MO I NES . IOWA
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
FAST LINE
BETWEEN
CHICJ\.GO
DUBUQUE
ST. PJ\.UL
MINNEAPOLIS
WJ\.TERLOO
CEDJ\.R F J\.LLS
Ml\.RSHJ\.LL TOWN
DES MOINES
ST. JOSEPH
KJ\.NSJ\.S CITY
F. H. LORD,
G. P . & T . A ., CH I CAGO
CAPITAL CITY STATE BANK
DES MOINES , IOWA.
Capital and Surplus
Additional Liability of Stockholders
$115,000
$100,000
OFFICERS.
DIRECTORS .
A. HO LLAND .............. .
.. .. .. . . . . . . . . .. . .. P resident
M. P. TURNER ... ... . .. ... .
............. .. Vice-President
J . A. McKINNEY .. .. ..... .. .
... . ................ . . Cashier
M. M. PATT EN ........... ..
. ........... Assistant Uasbier
Jas. Callanan,
J. S. Patten .
J. D. McGarraugb,
M. P. Turner.
A. Holland,
J . A. T. Hull,
Leander Boiton,
Henrw~l~ie:~d.
Under direct supervision and jurisdiction
of the Auditor of the State of Iowa ••••
Interest Allowed on Special Deposits.
We Respectfully Solicit Your Patronage.
THE TRI-STA TE BANKER.
JHE
The A.
NORTHWESTERN NATIONAL BANK!
300
February
H.
20,
1897.
Andrews Co.,
Wabash Ave.,
Chicago.
CAPITAL, $1,250,000.
Designers and ...
Manufactuters of
SURPLUS AND PROFITS, $500,000.
Fine Bank Fixtures
. .. and ...
MINNEAPOLIS, MINN.
GEORGE A. PILLSBURY, Prest.
JAMES w. RAYMOND, Vice-Prest.
Office Furniture ..... .
GILBERT G. THORNE, Cashie r.
WILLI.AM COLLINS, Asst.Cash .
If you are erecting
a new building or
refitting your present banking room
CONDENSED STATEMENT OF THE NORTHWESTERN NATIONAL BANK , OF MINNEAPOLIS , MINN ., AT CLOSE OF
BUSINESS, DECEMBER 17, 1896 , COMPTROLLER'S CALL .
ASSETS.
Write Us
Cash on band . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . iS798,ll70.93
Due from other Banks . . . . . . . . . . . . . . . . . . . . . . . . . . 615,403.22
1,414,074.15
50,000. 00
69.695.00
;;,,250.00.
80,000.00
3,291.51 t.23
U. S. Bonds . .. ..... .... ......... .. . ...... .......... . . ......... .
Other Bonds and Stocks .. . . . .... . ..... : ............. ...... .
Redemption F und. . . . . . . . . . ........ . ... ·- .. ...... ...... .. , .. .
Real Estate.... . . . . . . . . . . . . . . . . . . . . . . . . . . . ....... ... ....... .
Loans an d Discounts . . . .... .. . . ......... ... . ..... .. ... .. .... .
$4,857,530.38
LIABILITIES.
Capital Paid up ... . . ....... .. .... . . ....... : .. ... ·............. . $1,250,000.00
Surplus and Undivided Profits, (net) . ..... ............... ..
483,403.82
13,900.00
Circulation . . . ......... ... ........... ... . .. . ..... ..... ~-..... .
. Depos itsDu e Banks ...... . .. . .. .. . . . .. .. . ............ . . $1,133.781.78
Demand De posits ......... .. ....... . ....... . ..... . 1,976,444.78 $~,110,2~6.56
---- ----
and we will be ..
pleased to have one
of our expert spec:
ialists call on you.
We have furnished,
with complete equipments, more than three thousand of the
best banks in the United States. . .. List sent on application.
It's all Fol-de-rol ~
$4,857,530.oS
.
Two per cent paid to correspondent banks on
balances averaging over $1,000.00. . . . . .
VALLEY
NATIONAL
BANK • • • • •
OF Dl:S MOINl:S.
~
·.·
to think that because we
,
make the BEST desks, we
jj\
can not beat them all In
.7 -'\.•
LOW PRICES. TRY
us.
We use only
hone st materials and ...
construction.
Report of the Condition of the
SECOND NATIO.NAL BANK
OF DUBUQUE, IOWA,
At the Close of Business, Thursday, December 17, 1896.
OFFICERS.
GEO. B. BURCH, President.
J. K. DEMING, Cashie r.
HERM ESCHEN, Asst. Cashier .
DIRECTORS .
GEO . B.
URCH,
WM. L. BRADLEY,
W. H. DAY,
H.B. GLOVER,
J. K. DEMING,
F. A. RUMPF,
GEO. w. KIESL.
RESOURCES.
J. J. TOWN, President.
C.H. DILWORTH, Vice-Pres't.
R. A. CRAWFORD, Cashier.
W. E. BARRETT, Ass't Cashier.
Loans and Discounts .......... , ......... ·.... ...... $847,468 24
Overdrafts ...... . . ... . . . . .. . . . . . . .. . . .. . . .. . . .. . . . .
224 29--$ 847,692 53
U.S. Bonds, 4 per cents.............................
50,001 00
Other Bonds .. ........ ... . ..... . . ................... J93,460 04
Furniture and Fixtu r es................. . .. . .. . . .
5,000 00
Due from Reserve Agents .... .. ................... 224,940 01
Due from other Banks . . . .. . . . . . . . . . .. . . . . . . . . .. .. 47,287 27
Cash on band . .. . . .. . .. .. .. . . .. . . . . .. .. . . .. . . . . . . 96,469 42
Redemption Fund.. .. .. . . . .. . .. . .. . .. .. .. . . . .. .
2.250 00370,936 70
Total . .. ................. .. ... .. .... . . .
$1,467,089 27
LIABILITIES.
CAPITAL AND SURPLUS .
. $300,000.00.
0apital Stock ......... ....... ........ .... . ..... ... .
Surp_lus Fund ..................................... $ 65,000
Und ivided Profits... . .. ...... ....................... 28,144
Circulation ........ . ... . . : . . . . . .. . ... .. .. .... ... .. .
Deposits (Indivi d u als) ..... .... . ... . .. ......... .... t\28,244
Deposits (Banks) ................. .. ............... 300.700
Total .. .... . .. .. . .... ... ·.. ....... . .... .. .
Accounts of Banks, Firms and Individuals
solicited, and will receive careful
attention.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
$400,000 00
~O
3453
40-
93, 144 34
45,000 00
928,944 93
$1,467,089 27
State of Iowa, County of Dubuq ue, ss:
.
We, Geo. B. Burch, President, a nd J. K, Deming, Cashier, of the above named bank, do
sole mnly swear that the above statement is true to the best of our knowledge and beHef.
GEO B. BURC H , President.
J. K. DE M ING Cashier,
Subscribed and sworn to before me this 17th day of December, 1896 .
[SEAL]
HERM ESCHEN, Notary Public,
We have examined the foregoing statement and find the same to be correct.
H.B. GLOVER, W. H. DAY, WM . L. BRADL E Y, GEO. W. K IESEL, F. A. RUMPF,
Directors.
@FedFRASER