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Des Moines, Iowa:,

V olume II.

8. A.

ROBERTSON,

President.
CAPITAL ,
SURPLUS ,

Number 1.

· ~~ I CITIZENS

GEO. A. DJSSMORE,

Cashier.

--

$ 100 ,000.
3 0 , 000,

- s

EDITORIAL,

low A NATI

0 NAL

BANK.

IOWA B ANKS AND THE AMERICAN

6

BANKERS' ASSOCIATION,
THE NEW IOWA REVENUE BILL,

-

7

., ••

111 , " ' ~ ,. . . .

D ES rlOINES, IOWA.

8

THE HARLAN BANK FAILURE,

-::,,),'lt-.lll:>~?)11►
•-----Des Moines, Iowa.

NATIONAL
BANK~. . . . . .~•

THEY ARE PLEASED WIT H IT,

9

Accounts of Banks and Bankers solicited
on favorable terms. School and Municipal Bonds negotiated. Collections
handled promptly. Designated reserve agent for National Banks.

THE INIQUITOUS BANKER EXPOSED,

9

DIRECTORS:
S. A. Robertson, Pres't,
Jas. Cunningham,
Geo. A. Dissmore, Cash'r. Geo. S. Redhead,
H. A. Elliott,
Frederick Field,
E. H. Hunter,
H. R. Heath.
J. M. Goodman.
1\1. T. V. Bowman,
Dr. W. H. Dickinson,
E. D. Samson.
Theo. C. Sherwood,

THE GEJ:<.MAN SAVINGS BANK OF DES

CAPI TAL,
CATCHING BANK T HIEVES,

- IO

THE INDIANAPOLIS M ONETARY CONIO

VENTION,

MOINES SUSPENDED,
IOWA NEWS AND NOTES, MINNESOTA NEWS A N D N OTES,

SURPLUS,

$200,000.00
- 100,000. 00

J. G. ROUNDS, President.
A. LEDERER, Vice-President.
GEO. E. PEARSALL, Cashier.
H. T. BLACKBURN. Ass't Cash.

- IO
- II
19

ACCOUNTS SOLICITED.

German Savings Bankf Davenport Savings Bankf
OF

DAVENPORT, IOWA.

DES MOINES, IOWA.

Capital,
- $ 250,000
Undivided Profits,
8 1,000
\ O~posits,
- 1,963,605

FRANCIS GENESER, President.
J. W. GENE::3ER, Vice-~resident.
H. ~.r. BLACKBURN, Uashier.

O FFI CERS:

. . . DIRECTORS . . .
JOHN B. SCHUSTER. PHIL. SCHMITT.
G. VAN GINKLE.
FRANCIS GENESER.

J. R.

ROLLINS.

CHAS.

L.

KAHLER.

CHARL ES WEITZ.
J. W. GENESER.

L. H.

KURTZ.

Foreign Exchange Bought and Sold. Letters of Credit
issued on all Principal Cities of the World.

Interest Paid on Time Deposits.
. . 214 FIFTH STREET.
C LAPP BLOCK .


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Federal Reserve Bank of St. Louis

ANTHONY BURDICK, President.
LOUIS HALLER, Vice-President.
HENRY C. STRUCK, JR., Cashier.
OTTO L . LADE BERGER, T ,.
DIR ECTOR S:

A. Burdick, Louis Haller, A Steffen, W. 0. Schmid
Hancock, J. F. Dow, H. Kohrs, W. H. Wil
H. U. Struck, Jr.
CENT INTEREST PAID ON DEPOSITS •
5 PER
ON REAL ESTATE SECURITY IN TH

THE TRI-STA TE B A NKER.

2

January 23, 1897.

Vie ~eaboard Natiooal
Ql)k

I· . .

¾

People's
Savings .
;Bank .. ·./

0

\~
Capital $5 00, DOD,
·.
. Surplus an d P ro fi. ts $25~;.000 , ·
IIvera ge D eposits $B, Ef~D, DOD,

Business
Solicited.

I

~---n~s Moines, Iowa.
/

DEPOSITORY FOR THE UNITED STATES,
STATE OF NEW YORK : :

I

.•

"'-

'... DIRECTORS . ..

AND CITY OF NEW YORK.

A. Sheuerm.a'n.
o. H. Per~ins
Martin 'l'.:nttle .

OFFICERS:
STUART

/

SAMUEL G. BAYNE, Preside n t .
G. NELSON, Vic e-President.
,JOHN F. THOMPSO N, Ca shier.
CHAS. C. THOMPSON , As sistant Cashie r .

,,I

/

I

·~~················.............,,··· ..

Burglary Insuranc,i
... Company... //
,..

OF

BOSTON( MASS.

$200,000.

i

Adam Dickey. V.-Pres.
F. P . Flynn, Asst . Cash.

.

..

. , , ~ ~ .,,...............,

-----~--~-

~

~~~---~~~~

New England

Cash Capital,

Martin Flynn.

"'-

Martin Flynn, :Pres.

,

W . R. Warfield.

.. .. OFFICERS ....

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.

J. A. Garver.

C.H. Martin.
C. c. Loomis .
A. Dickey.

/

.

/

'
I~
~

::

~

in Chicago.

The 1 cation of the Atlantic is more
central :;i:han any $2.00 per day house
America plan. Five minutes' walk

to all theatres, wholesale and ,etail stores. Headquarte,s for country merC('ants, bankers, and pro-

fession~ b;i;e~~~i·~~-~i~~~:~

~:~~-

r

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~

i

_rm

ffl

i

l[~~~~-~~-~~~,~-~-~N....'-~~~)f)J

~~~~~~~~~~

Patten's Practical
;'

/ d

kS I llSlfre

against loss by Burglary and Day
light Robbery at lowest rates ......

I

; •"

.

/'

.

...... Banking
The Best Book

:o'odwin, Hall

&

Henshaw,

... GENERAL A G ENTS .• •

....... Chicago, Ill.

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Federal Reserve Bank of St. Louis

Price
.. $5 ..

Published for bankers just b inning or clerks who are anxi us
to learn the practical every day workings of a bank.
Now running the Sixth Edition. Address the. ..
\

THE TRI-STA TE BANKER.

January 23, 1897.

3

----THE~--

FIRST •••• NATIONAL
THE FOURTH NATIONAL

K

BANK

Corner Monroe and Dearborn Streets,
CHICAGO.

CAPITAL, $3,000,000.

SURPLUS, $2,000,000.

R ijegulatr Banking Business Ttransaeted.
TRAVELERS' CREDITS issued available in any part of the
world. TRANSFERS OF MONEY MADE BY TELEGRAPH AND
CABLE and EXCHANGE DRAW at customary usances, on the
principal cities of the United States, Europe, Japan, Ch ina and the
East Indies.
All kinds of FIRST-CLASS INVESTMENT SECURITIES dealt
in. Constantly on 4and and for sale at current rates a full line of
GOVER ME T BONDS, Municipal and Local Bonds, Choice Railroad Bonds.
Collections carefully made and proceeds promptly accounted for
on moderate terms. Accounts of banks and bankers solicited.

OF

THE CITY OF NEW

YORK OFFERS TO DEPOSITORS EVERY FACILITY
WHICH THEIR BALANCES,
BUSINESS AND RESPONSIBILITY WARRANT.

BANK OFFICERS:
LYMAN J. GAGE, President.
JAMES B. FORGAN, Vice-Prns't.
RICHARD J. STREET, Ca.shier.
HOLMES HOGE, Asst. Cash.
FRANK E. BROWN. 2d Asst. Cash.

,"

NEW BANK LEDGER.
R.and's Patented ..... Individual Ledger
and Index Book ~
----•~

The Bankers' Magazine - oldest bankers' publication in
America. Established 1846. Terms, $5.00 a year.

-Ever Offered to Bankers ..... .

The Best Bankers'
Publications.
Has over double the circulation of any other bankers ' publication
in the United States.

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
ordereq in lots of ten copies and over.
The Bankers' Reference Book. Ratings of National and
State ;Banks, Private Bankers, Loan, Trust and Investment
Companies, Collection Agents, Brokers, etc., for confidential use. Terms on application.

Pronounced the Best Ledger
Combines the best features of the old style Ledgers and the Boston
(or Daily Balance) Ledger. You do not have to carry forward unchanged 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
cu stomer's balance is without turning to his account. Officers can
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 y ORK.

P. F. PETTIBONE & CO., INC.
... CHICAGO ...

Bank Stationers
and Lithographers

.............
Fine Russet . . . .
Leather Pass .. .
Books and Pocket
Check Books a ..
Specialty ..

BRADFORD RHODES & CO.,
Publishers.

78 William Street, NEW YORK,_;
NOTICE. Orders for the Bradford Rhodes & Co.'s Bankers' Publications received at publisher's rates by THE TRI-STATE BANKER,
Des Moines, Iowa.


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Federal Reserve Bank of St. Louis

au
LARGE ASSORTMENT OF

BANK REGI.STER.S
_ ........,t0t,.......- And other Forms kept in stock.

THE TRI-STATE BANKER.

4

~r

January 23, 1897.

CENTRALLY LOCATED
And Well Equipped For Handling Country Accounts.

Cedar Rapids ;:t::~al Bank of Iowa

ll

1 1 ___.

Transacts Strictly A ..
Commercial Business.
A. T. AVERILL, Pre ident.
G. F. VANVECBTEN, Vice-Prest.
RALPH VA VECHTEN, Ca bier.

Capital,

U ndivided Profits,

!200, 000 . . . . .

$30,000 .

Davenport National Bank,
THE

DAVENPORT, IOWA.

Monarch
Mark

Your Accounts and Collections Solicited.

on a bicycle stands for all you can ask or
wish for; it's a pledge of staunchness,
speedine:;;s and reliabilit.y. (<l morlels, 5100 to an alike.)

General Commercial Business ....

DeH:uua,-<! mod els, $75, $60, $50, 10. Th e ~lonarch Book ia free.

MONARCH CYCLE MFG. CO.,

(

Lake, Halstednnd Fulton Sis., Chicago. 88 Rende St,, llewYorlr.
8 nnd 5 F'ront Stn-et, San J7ranel1M!O,

Officers and Directors.
W. C. HAYWARD, President.
HENRY EGBERT. Vice-President.
s. 0. BAWDEN, Cashier.
s. F. Sl\HTH.
A. F. CUTTE H.
J.B. PHELPS.
M. J EAOAL.
W. H . SNIDER.
JOHN W. BAI.LARD.
S. L. ELY.

The United States Life
AN INSURANCE COMPANY the business management and results of which appeal . especially to
bankers and business men.

L. ·E, SPENCER. Manager for Iowa and Nebraska.
IT IS FIRST- CLASS.

X

X

X

DES MOINES1 IOWA.

X

X

X

Bankers' Mutual Casualty Company
DES MOINES, IOWA.
DIRECTORS:
CHAS. R. HANNAN, Cashier Citizens State Bank. Council Bluffs, Ia.
J.M. WOODWORTH. Cashier Com'l State Bank. Marshalltown, Ia.
J. 1\1. DINWIDDIE. Cashier Ced ar Rapids Sav. Bank. Cedar l{apids.
J. G. ROUNDS, President Citizens National Bank, Des Moines, Ia.
A. U. QUINT. President State Bank, Scranton, Ia.
S. O'DONNELL, Pres. Citizens National Bank, ew Philadelphia, 0.
WM. A. GHAHAM, Cashier Citizens Bank, Sidney, Ohio.
F. M. RUDD, Cashier L. Rudd & Son Bank, Bronson. Mich.
M. D. WAGNER. President Huron County Bank, Sand Beach, Mich.

~

DIRECTORS :
G. R. MOORE, President tate Bank. Jackson. /(inn .
JOHN H. LEATHERS, Cashier Louisville Banking Co. Loui vflle, Ky.
C. F. ~MITH, Cashier Fir t ational Bank, McGregor, Texas.
JAS FERGUSON, V.-P . Northweste1·n Nat. Bank, West uperior, Wis.
A. E. PALDrNG. Cashier Ainsworth Savings Bank, Ain worth, Ia.
E. K. BRA CH, Omaha, eb.
EDWIN GOODALL. Des Moines. Iowa.
l:i'. Ec,MOLiE, Cashier Bank of Winchester, Kansas.
J. D. GERLACH, Cashier First National Bank, Cheste r, Illinois.

- - - - - - -- - - - '
INSURES against burglary and robbery of bank.

Absolute security at actual cost. The safe delivery of money and
securities shipped by registered mail. Better, safer, cheaper than by express. Organized and conducted by bankers. Confines its business to banks. Correspondence solicited.

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Federal Reserve Bank of St. Louis

~be ~ri==State l3anker.
Local B ankers' Journal for Iowa, Nebras/w, and Minnesota .

NUMBER

DES MOINES, IOWA, JANUARY 23, 1897.

SINGLE COPIES 20 CENTS.

VOLUME IL
$2.00 PER ANNUM .

THE TRI-STATE BANKER,
PUBLISHED BY

THE TRl=STATE BANKER COMPANY
MANHATTAN BUILDING, DES MOINES, IOWA .

A monthly bankers' Journal devoted to the intereats of bankers
in Iowa, Nebraska and Minnesota.
All commun ications and news items of local inter.est to bankers
in this territory are req u ested.
Articles designated by star are paid ma1,ter.
Subscription, 2.00 per annum; single copies, 20 cents.
Advertising rates on application.
Entered at Des Moines Postoffice as second class matter.

The K enyon Press, 502, 504, 506, 508 L ocust St., Des Moines, I owa.

CONFIDENCE is of slow growth.

***

THAT the outlook for 1897 is encouraging no thorough
student of present conditions can deny. Confidence is
slowly returning and although there may be an apparent weakening in various places, it will be found upon
investigation that this is due not alone to existing conditions but most largely to an inherent weakness. Mills
long idle are now running, while others are working to
a greater capacity. There are fewer people out of
employment to-day than for months. A steadily increasing demand for labe>r will soon give employment to a
vast army of unemployed. As the workers become
earners they will also become spenders almost to the
limit of their wages. The butcher will be no more a
stranger, and the grocer will become an every day
acquaintance. More and better foods will be eaten.
The merchants and the trades people will do a larger
business at a smaller expense and they_ will help
strengthen the demand for agricultural prnducts.
Larger consumption will increase prices and the farmer
will feel the stimulus of returning confidence and prosperity. Money is more plentiful in our financial centers than for years, and it is cheaper. We of the west
cannot look for much improvement for months.
Increased demand for our products must come from
increased consumption, which will be made possible as
rapidly as the people find employment. Confidence is
of slow growth, but it is growing.

***

IF COMPTROLLER ECKLES is to turn over his office to
a successor appointed by President McKinley, it is to be
hoped that such appointment, will be made solely and
only because of eminent fitness, and not as a reward for
party service. It is a most important as well as a difficult position to fill , and the banking interests· of the

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Federal Reserve Bank of St. Louis

I.

country have a right to demand that a position so
closely related to their interests and to the financial
prosperity of the country be not subject to the beck and
call of politicians, but that it be given· to a candidate
whose qualifications are a long and successful experience in institutions. over which he is now to exert control. The bankers would retain Mr. Eckels in the
position, but in the event of his not holding the office
longer than the expiration of his present term, their
next_choice would be any well known banker who had
demonstrated his ability and his knowledge of our financial affairs.

***

ST. PAUL and Minneapolis celebrated the close of the
old year and the beginning of the new by weeding out
their banking institutions. The last of the weak institutions, organized for the benefit of politicians, by whom
they were conducted, have disappeared and the remaining banks in the two cities are considered in a healthy
condition. Every bank in the two cities which has
closed has been under suspicion for a long time and it
has been well understood by bankers that it was only a
question of time before they must suspend. Some of
them were organized without even their capital being
properly paid up, and it is surprising, as well as the
condition was known to many, how large a number of
people were caught. The criticism in regard to banks
being run by politicians, perhaps ~hould not apply to t_h e
Bank of Minnesota , although we are led to believe that
such has been the case oflate. It is one of the oldest institutions in the state and has simply collapsed from the
effect of the times and _the class of business they catered
to, so many of their officials, directors and stockholders
being interested in real estate, which it is impossible
to realize on at this time.

***
IN THE May nu·m ber of THl~ TRI-STATE BANKER
attention was called to the fact that so much of Minnesota's public money was locked up in suspended banks.
The recent failures will add very largely to this amount.
Public officials should be prosecuted for criminal negligence, if not for fraud, for depositing money in such
places as they do. How did such banks obtain these
deposits? If political favors are not responsible, what
is? If the treasurer says truthfully that he believes the
bank sound, then he is no business man and is unfit
for his responsible position. It may be stated . that
these banks are required to furnish bonds. Experience
will show how much these bondsmen are worth. Public funds should not be under the control of one man

THE TRI-STA TE BANKER.

6

January 23, 1897.

THE PEOPLES TR.UST AND SA VINOS BANK OF
Some remedy for this evil should be found, either in the
CLINTON, IOWA.
busiof
committee
a
of
legislature
the
by
appointment
nesslmen to indicate the depositories of the state's money,
The rapid growth of this institution during these
or by re uiring the would-be depositories to furnish times of financial depression, has attracted the attention
good state, county or municipal bonds. The rate of
. of bankers all over the west who will be glad to know
interest should be a very secondary consideratio•n. The
more of the bank, its methods, and its success. Its
system of examination of national and state banks organization was completed and a charter received June
should be such that the mere fact of the selection of a 30, 1893, and a few days later active business was c.:ombank for state funds be an indication of its strength menced in the new building that had been erected for
and an inducement to depositors to entrust their busi- the bank. On account of its exceptionally strong direcness with it.
torate, consisting of many of the most prominent and
wealthy citizens of Clinton, the new institution enjoyed
A young man representing the army of unskilled full confidence from the very start, and began at once
labor of this country came to this town three years ago. a growth that .has continued steadily ever since. The
He has worked hard, lived very economically, and deposits September 30, 1893, were $199,773; loans,
to-day has over $400 on deposit in one of our banks, $396,710; on September 26, 1894, deposits were $527,the savings of his three years of labor. Of course he 693 ; loans, $606,994 ; September 2 I, 1895, deposits
has not worn fine clothes, lived very high, or been out were $935,413; loans, $959,390; September 30, 1896,
very often with the boys for ·a high old time. He has · deposits were $1,135,905; loans, $1,194,483, and on
attended strictly to business, grubbed and saved. January 6, 1897, deposits were $1,343,886 ; loans,
Besides the $400 which he has saved, he has acquired $1,263,703. This is a record of which the officers and
the habit of thrift and industry- a realization of the stockholders may well be proud, especially when the
value and power of money-which will make a well- rigid rules of the bank governing loans are considered.
to-do and successful business man, which knowledge is All loans are first passed upon by a committee selected
worth more than $400 to any young man. While he from the directors for that purpose. There are also
has been doing this, other young men have been doing two examining committees of three directors each, one
diffe_rently. They are just as bright, just as strong, committee makes a personal examination of all affairs
just as able to work, but they have not a dollar to their of the bank about December and June, and the other
name; they are worse off than that, for they are in committee a similar examination about March and Sepdebt. They manage · to wear good clothes and have tember of each year. In this way at least six of the
what they term a dickens of a good time. They are directors see all the paper at least twice a year. All
more or less a burden upon their relations, hate to get applications for loans, no matter how sinall, are first
down to steady, hard work, and spend every dollar entered on an application book which is subject to
they do earn as soon as it is earned. It is easy to tell inspection by every director, all accounts such as cerwhat will become of them- they have secured a life tificates of deposit, bills receivable, etc., are kept closely
membership in that organization which has for its fol- checked so that they are always in perfect balance.
lowing the tramp, the pauper, the criminal. They will The constant aim of the officers has been to conduct the
live and die poor. We want to drive home to the bank strictly along the lines laid down by the state
young men of this community the hard and unpleasant banking department. The first semi-annual dividend
truth that no matter how it may have been in the past, of three per cent was declared January 1, 1894, since
from now on financial success in life depends upon when a regular semi-annual three per cent dividend
hard work, self denial, economy and saving what they has not failed. There has been accumulated also a
earn.-Rockford R egister.
surplus of $21,000, and undivided profits of $6,967.
The active accounts now number over 1,500.

***

On Saturday before election call money brought 100
per cent in New York City. The day after election it
brought from 3 to 5 per cent.
The paper for printing Bank of England notes is
dampened with water in the exhausted receiver of an
air pump. The ink used in the plate printing is made
of Frankford black, which is composed of the charcoal
of the tendrils and husks of the German grape, ground
with linseed oil. The ink has a peculiar and deep
shade of black, common black inks being tinted either
with blue or brown.

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Federal Reserve Bank of St. Louis

IOWA BANKS AND THE AnER.ICAN
ASSOCIATION.

BANKER.S'

Active work is being done by Mr. Fred Heinz, of
Davenport, in forwarding the objects of the American
Bankers' Association, of which he is one of the vicepresidents. He is engaged in an attempt to get every
oneof Iowa's 1,022 banks_into the association. He prepared a circular letter, which has been sent out all
over the state, setting forth the objects of the association, and the features which make a membership desirable. Only fifty-five of the Iowa banks belong to the

THE TRI-STA TE BANKER.
association at the present time, so that he has 957
banks to work upon. He says, in his circular letter:
'' It is the plan of the association for the coming year
to continue to pursue, prosecute and punish professional bank burglars who operate against the. members
of this association - never to compromise a crime or
compound a felony, and to spare no expense to defend
the members against the operations of professional
criminals. The association can do much good for the
banking interest by helping to shape legislation, state
and national, and in having state laws made uniform
as to checks, drafts, promissory notes, warehouse
receipts and collaterals, and in attending to other matters ·a ffecting banking. Besides all this you get the
benefit of having your bank advertised in the annual
proceedings of the association, a copy of which is sent
to every financial institution in the United States."
Among these r ,022 banks that this state boasts are
some of very resp~ctable size. The largest one in the
state is located in this city, but there are others here and
in other lending cities of Iowa, that boast of large capital, deposits and surplus and undivided profits. However, it is plain,, the vast majority of these Iowa banks
are located in the towns and villages of modest size.
They are not great institutions, compared with the
large banks of the country, but they are great conveniences to the people surrounding them ; they are safely
and soundly and honestly conducted, in the main, and
they are undeniably great factors in the upbuilding of
the state. It has been the fashion for the past few months
to throw bricks at the banks, and a good many people
have taken part in that form of political athletics who
would be sadly injured if they should happen to accomplish the destruction that they think they wish to see
brought to pass, but the fact is, as all the people of Iowa
by overwhelming vote declared,that the bank,as we have
it here in Iowa, is an indispensable factor of our success
in business and our comfort and our progress. Iowa is
regarded as the safest state in the Union in which to
make investments. Her broad acres are underlaid
with an unalterable value that cannot fixedly abide in
manufacturing communities, like those of the east, or
communities · that trust their future to the fortune of
the mine, as in the west, and that can never be found
in states where the spirit of populism and evasion of
settlement of honest debts is rife, as is the case with
some other purely agricultural states of this general
section of the country. Iowa has made steady progress, and that unfailing growth in wealth of all her
people has helped to make her banks, but on the other
hand, the banks have repaid the debt by helping to
make her. There may be imperfections in the banking
· system of the country, or of this state,·but it is vastly
better, with all its imperfections on its head, than no such
system at all, or a system that does not supply banking
facilities to practically every community in the state.
The people of Iowa generally recognize this unassailable fact, and in this line Mr. Heinz is prosecuting his

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Federal Reserve Bank of St. Louis

7

work of unifying and organizing the banks of the state;
not for concerted action against the poor, or the debtor
who is paying them interest, but in the direct·i on of
making the banks of Iowa sounder, safer, and still
more trustworthy than even they have been . It is a good
and patriotic work, and it deserves suc~ess. Every
bank in the state should be on the roll. There would
be still fewer failures and still less stringency of money,
in times of gene~al stringency, than we have had, and
this state has come through the hard times better than
any other state in the union.-Davenport D emocrat.
THE NEW IOWA REVENUE BILL.'

We give herewith a few of the main features of the
revenue bill, as taken from the Des Moines Leader.
Iowa bankers will be particularly interested in this bill
and its final fate.
The special session of the legislature will undoubtedly adopt a radical revision of the revenue laws of the
state. The state is united in the demand for this, for
the first time in its history, and the. people agree on the
necessity of it, and the legislators are willing to do it
if possible.
It seems probable the measure which will be. adopted
will be very close to the bill on which the ways and
means committees of the two houses practically agreed
last winter. It is Senate file 47, from ways and means.
It is a roo per cent valuation bill, but provides that
taxes shall be levied on only half the valuation. But
the essential of a roo per cent valuation by the assessors
is provided for in strongest terms, and stringent penalties provided for violations. A careful synopsis of the
measure, with special reference to the points wherein it
differs from the present law, is given. The bill is very
long, and was drawn with care, discussed in many sessions of the Senate ways and means committee, and
finally adopted by that committee.
TAXES OF CORPORATIONS.

The principal changes in the bill begin with section
ro, wherein it requires that moneys and credits. ·notes,
bills, bonds or corporate shares or stocks shall be listed
and assessed where the owner lives. Other personal
property which has been kept in another assessment
district during the greater part of the year .preceding
January rst, can be taxed where it has been so kept.
Such corporations as private banks and bankers shall
furnish the assessor a sworn statement on the first day
of the year of the amount of cash and checks on hand,
the amount of credits, including sums receivable and
interest accrued but not due, and interest due and
unpaid; the amount of deposits and the amount of
bills payable ; the amount of bonds and stocks of other
corporations held as investment and that represent
assets as well as the kinds exempt from taxation.
The shares of stocks of any corporation organized
under the laws of Iowa except where not organized for
pecuniary profit, and except corporations otherwise

8

THE TRI-STA TE BANKER.

provided for in the act, shall be assessed at the place
where the principal business is transacted. Real estate
holdings are to be deducted from the value of such
share and be assessed as other real estate. Corporations are required to furnish the assessor before the
25th day of January a verified statement showing specifically with reference to the year next preceding the
1st day of January then last past: Total authorized
capital stock and number of shares ; shares issued and
value of each; amount paid in on each share and capital paid in; per cent of dividend declared and amount
of capital on which dividend was declared; gross and
net earnings and amount of surplus; profit added to
the sinking fund ; highest prices of sales of stock
between the 1st and 10th of January of the current
year, and the highest price of sales of stocks during the
preceding year, as well as average price. If the officers
of any corporation refuse or neglect to make such a
statement the assessor shall make a valuation of the
capital stock from the best information obtainable.
Such taxes shall be payable in the same manner and
under the same penalties as from an individual taxpayer, and may be collected in the same manner, but
corporations may recover from each shareholder his
proportion of the taxes so paid and shall have a lien
on his stock and unpaid dividends.
· Any person making any verified statement, or return,
or taking any oath required by this act, who knowingly
makes a false statement therein, shall be guilty of perjury.
PENALTIES PROVIDED.
It shall be lawful for the board of supervisors, the
trustees of townships, and councils of cities and incorporated towns as boards of review to summon any
assessor or assessors to appear before them respectively
to be inquired of under oath with respect to the method
by which he or. they has or have ascertained and fixed
any valuation or valuations returned to him or them,
and as to the correctness of any such valuation or
valuations, and to administer the oath by any one of
their member's to the assessor or assessors so summoned
before them; and any assessor so summoned who shall
fail without good cause to appear, or, appearing, shall
refuse to submit to such inquiry shall be deemed guilty
of a misdemeanor, and on conviction thereof shall be
punished accordingly.
When property subject to taxation is withheld, overlooked, or from any other cause is not listed and
assessed, the county treasurer may at any time within
five years from the date at which such assessment _
should have been made, demand of the person, firm,
corporation, or other party by whom the same
should have been listed,' or to whom it should have
been assessed, the amount the property should have
been taxed in each year t.he same was so withheld or
overlooked and not listed and assessed, together with
6 per cent interest thereon from the time the taxes
would have become due and payable had such property

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Federal Reserve Bank of St. Louis

January 23, 1897.

been listed and assessed, and upon failure to pay such
sum within thirty days, with all accrued interest, ·the
same may be recovered in an action brought in the
name of the treasurer for the use of the proper county,
to be prosecuted by the county attorney, or such other
person as the board of supervisors may appoint, and
when such property has been fraudulently withheld
from assessment, there shall be added to the demand a
penalty of 50 per cent upon the amount which shall be
included in the judgment. The amount thus recovered shall be by the treasurer apportioned ratably as
the taxes would have been if they had been paid
according to law.
It shall be the duty of the general assembly at each
regular session by statute or joint resolution to definitely fix the amount expended for general state purposes during the biennial period next ensuing. The
executive council shall annually fix the rate per cent
upon the valuation of the taxable property within the
state to be levied to raise such amount after deducting
the receipts for the general revenue fund received from
other sources, and .certify such rate to the auditor of
each county.
THE HAR.LAN BANK FAILUR.E.

The Iowa State Register says: Attorney General
Remley on Thursday issued an important opinion relative to the recent failure of the State Bank at Harlan.
It seems that the county has got mixed up in the affair
and the county attorney wants to know how it can pull
out. The opinion is as follows :
"C. H. WHITNEY, EsQ., County Attorney, Harlan,
Iowa.
'' Dear Sir,-Yourfavor of the 7th inst. received; in
which you refer to mine of the 6th inst., and say :
" 'I find on further investigation that subsequent to
the resolution referred to in my former letter and at the
succeeding session of the board of supervisors a bond
was filed, executed by the Harlan State Bank by its
president and cashier, with several securities thereon.
That said bond was approved by the county treasurer
and by the board of supervisors. You ask whether, in
such circumstances, the treasurer is relieved from the
responsibility from losses from such deposit in accordance with the resolution of the board.'
'' Assuming that the treasurer acted in perfectly good
faith and believed the bond to be good, he would, iri my
judgment, be relieved from responsibility. If, howev:er,
the treasurer knew the insolvency of the bank or the
insufficiency of the security offered by the bondsmen, a different question might arise. This, however,
is not embraced in your inquiry. I have no doubt, in ·
the absence of malfeasance on the part of the treasurer,
he is not liable for the money deposited.
" You also state that a petition of intervention has
been filed in the receivership by the county treasurer,
asking that this deposit be decreed by the court to be a

January 23, 1897.

THE TRI-STATE BANKER.

Acts as Reserve Agents for National, State or Savings Banks

THE

$300,000.00 ......... .

OF

DEs Mo1NES, low A ....

... Correspondence Invited.

preferred claim against the funds of the Harlan State
Bank, and in such action Shelby county has been made
a party with the treasurer. You also say that the
board of supervisors have informed you that they have
not authorized such action to be brought in the name
of the county and that they have no intent and do not
intend to waive any rights thereby to begin proceedings against the sureties on the board above referred to.
'' It does not occur to me that such a proceeding
would waive any rights against the sureties of the bond.
I think it would be well for the county to be governed
by the wishes of the sureties. It is the duty of th
· county to make the burden as little as possible against
the sureties, and I would suggest, inasmuch as I have
not a full statement of all the facts, that it might be
well to get an agreement from the sureties, if they
desire such proceedings to be commenced and carried
to termination, that they will indemnify the county
from loss in attorney's fees or costs in such proceedings.
I do not think there would be any obligation ·on the
part of the county to commence such proceedings in
order to hold the sureties, and am not_ clear that the
proceedings begun by the treasurer would jeopardize the
county's right; but inasmuch as the case may be continued sometimes by consent of parties who are claiming
to act for the county, with the knowledge of the county ,
I think it would be a safe course to have the sureties
sign a stipulation consenting that such action should
be brought and agreeing to hold the county harmless
as above suggested, and in case they refuse to sign such
a stipulation then an action might well be brought
against them at once. Yours truly,
MILTON REMLEY , Attorney General. ' '
THHY AR.E PLEASED WITH IT.

Enclosed find draft for $2 .0 0 in payment of subscription as
per your statement herein, which please receipt and return. I
regard your journal as a very creditable publication and worthy
the support of bankers,-throughout your particular field, especially.-]. A. S. Pollard, cashier Fort Madison Savings Bank,
Fort Madison, Iowa.
I enclose herewith draft for $ 2.00 in payment for subscription
for THE TRI-STATE BANKER for 1896. I am very much pleased
with your publication and consider it almost indispensable to

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Federal Reserve Bank of St. Louis

Details of Accounts Carefully Attended To.

DES MOINES .NA TI.ONAL
BANK,

Capital,

9

.... OFFICERS ....
G. M . REYNOLDS, President, E . A. LYND, Vice-President, C. B. ATKIN S,
Vice-President, ARTHUR REYNOLDS, Cai-h., C. M. SPENCER, Asst. Cash.

bankers in the states it covers. It gives us just what we want,
the local news concerning banks in our vicinity. Wishing you
future success in this undertaking, etc.-Ackley Hubbard, cashier First National Bank, Spencer, Iowa.
Ever since receipt of the first number of THE TRI-STAU:
BANKER I have been intending writing you. I am pleased with
the first number, and if it is a forerunner of what is to follow,
feel that we will all be proud of the paper. It will be a medium
which all will appreciate and will be near to us, in that it treats
more of us than the papers from away from home. I believe
it will do much good for our tri-state bankers.-]. M. Dinwiddie,
secretary Iowa State Bankers' Association.
I enclose you herewith draft for $2.00 in payment of my
subscription of THE TRI-STATE BANKER. I will say that I am
greatly pleased with its pages, and anxiously await its arrival,
as it has the best banking news and the most reliable that we
have received at our office. The First National Bank of Thompson would certainly feel amiss without THE TRI-STATE
BANKER. Accept my best wishes for its continued success. F. W . Thompson, First National Bank, Thompson, Iowa.
THE INIQUITOUS BANKER. EXPOSED.

An article on national banks recently published by
Cashier B. M. Talbott and Assistant Cashier N. H.
Wrig~t of the First National Bank of Brooklyn, Iowa,
is so good an exposition of the workings of these enemies of "the plain people" and their nefarious officers,
that we republish parts of it for the benefit of our
readers:
On January ro, 1885, the private bank of Sterling &
Talbott was merged into the First National Bank of
Brooklyn, Iowa. The paid up-capital was then and is
now f,50,000. Bonds to the amount of $14,500 were
purchased by the bank and are held by the government as security for the circulation of $13,050 ( being
90 per cent of the face value of the bonds) issued
thereon. At the time of the purchase of these bonds
by the bank we were obliged to go on the market to
buy them and in order to obtain them we had to pay a
premium of $2,300. And right here it wotJld seem to
be in order to bring up this matter of double interest
you hear so much howling about. Let us see how this
is. $2 ,ooo of the bonds above mentioned draw four
per cent mterest and $12,500 but two (2) per cent
being a total annual interest of $330 on the entire
$14,5000 from which must be deducted the following:

THE TRI-STA TE BANKER.

IO

Annual duty of one ( 1) per cent on circulation
of $13,050, paid the government
$130.50
Cost of bank examiners each year 40.00
Publishing five statements each year of condition of bank
Shipping of new currency
Total $200. 50
Deduct this from the $330 and there is but $129.50
left on interest on the $14;500, so that if there is a big
howl due on this it ought to come from us and not
from the other fellow. Further than this it must be
borne in mind that this premium of $2,300 heretofore
mentioned is wiped ·out, gone into innocuous desuetude as it were, which amount alone if on interest
from time of purchase of bonds would have made us
better returns each year than we are now receiving
from the bonds. So much for this awful double interest particularly when the $12,500 bonds are now listed
at 93c, being 7c less than par.
A further claim is made that we pay but very little
taxes. Here are the figures as taken from the present
tax list :
Amount paid by the bank
$ 846.00
Amount paid by stockholders of the bank in
town of Brooklyn
I ,606.83

.-----

Total $2,452.83
From the tax list it appears that the total amount of
taxes to be paid the treasurer from the town of Brooklyn is $9,650, so that from these figures given abov~ it
seems we do pay some taxes and further that the combined taxes of the bank and such of its stockholders as
reside or have property within the incorporate limits
of the town equals one-fourth of the tax of the town.
Since our organization in 1885 we have paid to our
stockholders an average of less than eight per cent per
annum on their stock. Have never evaded the faw as
to the legal rate of interest to be paid and have always
been as lenient with our customers as is consistent with
sound banking, believing that our interests are mutual.
We have tried to make this matter as plain as possible so that those who read may understand something
of the character of national banks.
CA TC HING BANK THIEVES.

/

January 23, 1897 .

\
nicely adjusted as to be unnoticed. except upon close )
examination. The dropping of the trap is effected by
a knob on the inside and readily accessible to the
cashier. Directly beneath the drop a shoot extends
downward about six feet and converging to a point at
the bottom. The sides of this shoot are lined with
spikes, wbic.!!_2roject inward and downwarc:L.f When
Mr. Robber steps to the window and makes his demand,
the cashier grabs the money with one band, as if to
deliver it, says, " All right, here you are," and with
the other turns the knob that unlatches the drop, when
"down goes McGinty, " wedged into the shoot between
the spikes, from which no amount of cursing will extricate him, and the bank partition, being bulletproof, if
he chooses to shoot, it only adds to the alarm already
given by the bank's 9fficials, which brings the police to
bag the game so effectually caught.-New Ideas.
THE INDIANAPOLIS MONETAR.Y CONVENTION.

The monetary convention which convened in Indianoplis the 12th inst., has adjourned after laying- down as
general principles of currency and banking reform that:
1. The present gold standard should be maintained.
2. Steps should be taken for the gradual and steady
retirement of all United States notes.
3. A banking system should be provided which will
furnish credit facilities to all parts of the country and
supply an elastic circulating medium.
The convention also made provisions for continuing
its own existence by directing the creation of a perma. nent executive committee, which has power to reassemble the convention.
The executive committee is directed to endeavor to
procure at the extra session of congress legislation providing for the appointment of a monetary commission
to consider the entire question of currency and banking
reform.
Failing to procure such legislation, the executive
committee is directed to select a commission of experts
to investigate the monetary affairs of the country and
report a detailed plan of reforms to the convention when
assembled.
Congressman Walker feared that the adoption of the
resolutions of which the foregoing is a brief abstract
would tie the hands of the banking and currency committee, but the resolutions were finally adopted without
dissent.

The 1atest _devices for bringing to naught the ill
directed energy of the thief who presents a pistol to the
( head of bank officials in broad daylight and duringGERnAN SA VINOS BANK OF DES MOINES SUSPENDS.
Q_usiness hours is re ort~d from the west. This species
of criminal audacity is getting to be painfully common
The German Savings Bank of Des Moines made a
of late, the usual plan being for the bandit to select the general assignment Thursday morning, January 21st,
opportune moment, when lots of money is in sight, and · to Harry T. Blackburn, the cashier of the bank. The
rush up to the window, thrust his pistol through the affairs of the bank are said not to be in_very bad shape,
cashier's opening and demand the funds on pain of and we are informed by one of the officers that deposiinstant death in case of a refusal. r The system devised tors will be paid in full. The other Des Moines banks
for trapping this species of the gentry consists of a drop are in good condition and there is no fear of further
fitted in the floor in front of the pay window and so trouble.

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Federal Reserve Bank of St. Louis

January 23, 1897.

THE TRI-STA TE BANKER.

PEOPLES TRUST&,,,,
X SAVINGS BANK

OFFICERS.
Pres't.
v.-Pres.
J. H . INGWERSEN, Cash .
G. E. LAMB, Asst. Ca s h.
ARTEMUS LAMB,

CHAS.

CLINTON.
IOWA.

II

F.

ALDEN,

DIRECTORS.
Chas. F. Alden.
S. W. Gardiner. _
T. M. Gobble,
A. M. Ingwersen.
A. Lamb,
C. Lamb.
L . Lamb,
Daniel Langan.
P. S. Towle.

11

CCOUNTS of Responsible
Banks, merchants and
corporations solicited, X
Business conducted strictly along the
lines laid down by the Iowa Banking
Laws, X X X X X X

~
IOWA NEWS AND NOTES.

Garden Grove has advertised $2,000 worth of school
bonds for sale.
The Exchange Bank of Colo has been sold to the
Citizens Bank of Colo.
Look out for bogus counterfeit $5 gold pieces. Many
have found their way into Iowa.
The State Bank of Renwick is in most excell~nt condition. They get out a very good .statement.

Judge Cole recently argued the case of President
Graham, of the Commercial National Bank of Dubuque, convicted of illegal banking, before the supreme
court. He is of the opinion a decision will be han~ed
down in February.
E. B. Spencer, cashier of the Omaha, Nebraska, and
Sioux City, Iowa, offices of the Barber Asphalt Company, disappeared on December 29th and has not been
heard of since. An examination of his accounts shows
a shortage of at least $5,000.

Corporation papers for a new bank have been filed at
the county recorder's office at Atlantic. It will be
known as the Farmers State Bank, and do business
The comptroller of the currency has declared a divi- at Massena after January 18, 1897. D. P. Hogan, of
dend of 71/z per cent of the First National Bank of _Corning, is one of the directors and will also be cashier.
Cedar Falls.
The Emmetsburgh Democrat reports that Col. E. S.
The Chemical National Bank, New York City, has
Ormsby, president of the First National Bank of that
been approved as reserve agent for the National State
place, is coming to Des Moines to live. He is said to
Bank of Mt. Pleasant.
have bought an interest in a Des Moines financial conThe National Bank of Commerce, Kansas City, has cern. He is one of the wealthy and influential men of
been approved a:s reserve agent for the First National the northwest part of the state.
Bank of New Hampton.
Some of the depositors of the failed First National
Cashier T. J. Lambe, of Lamotte, reports the busi- Bank of Decorah have employed an attorney and will
ness of the new bank very good, much better than he investigate the affairs of the institution. They claim
expected for the first few months.
that the bank was insolvent so much as three years
Oscar Tuttle, the Clearmont banker, was recently ago, and had justice been done the institution should
stricken by paralysis while traveling in Minnesota. have been in the hands of a receiver then.
The Sutherland State Bank of Sutherland, is one of
the progressive banks in that part of the state.

There is little hope of his complete recovery.
There was no truth in the story recently going the
rounds of the press that Abraham Slimmer, the
Waverly banker and philanthropist, bad disappeared.
The Mt. Ayr Bank, Allyn Bros. proprietors, have
issued a neat little advertising thermometer. It is a
handy and useful article and an excellent reminder of
the bank.
The First National Bank of West Liberty, capital
$50,000, has been approved as organized by the following persons : I. A. Nichols, C. M. Nichols, C. E.
Cheesebrough, A. Lebeck and W. M. McFadden.

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Federal Reserve Bank of St. Louis

An important change in financial circles occurred in
Anamosa, January 5th, whereby the banking house of
L.Schoonover will be merged into the Anamosa National Bank. The officers and stockholders have been
reorganized. President C.H. Lull, of the National, and
Assistant Cashier J. Z. Lull retiring of their own accord.
The new bank will have as principal stockholders Col.
Wm. T. Shaw, L. Schoonover and C. S. Millard. The
latter gentleman has been cashier of the National Bank
for the last five years and will occupy the same position
in the new one. The members of the new firm represent
close to a million of dollars. L. Schoonover will probably be president of the new bank.

12

THE TRI-STATE BANKER.

The First National Bank of Mason City presented
all of its employes with a $ro gold piece as a Christmas present.
A. C. Tiede cashier of the Commercial State Bank
at Storm Lake, is one of the most popular bankers of
that pushing little city.
In Tama county several thousand head of cattle have
been brought in from the west and the banks have
advanced the money to do the business.
Cashier James Espeset, of the Estherville State Bank,
is skilled in the art of taxidermy. ~e has some finely
mounted birds, among which are some rare specimens.
The Geneva National Bank of Geneva, Nebraska, is
one of the best banking institutions in that state. It
is a pleasure to note a ·bank so ably and successfully
conducted.
L. R. P. Wadleigh, assistant cashier of the Citizens
Bank, Lyons, was recently held up by footpads and
relieved of $3 , a gold watch, chain and charm, and a
diamond stud worth $125.
The comptroller of the currency has appointed Bank
Examiner Blanding temporary receiver of the First
National Bank of Sioux City. The appointment is
temporary pending resumption.
Will McClintock who forged checks to the amount
of $200 in the name of Merrill's wholesale grocery firm
of Creston, was arrested at Kansas City, but waived
examination and was placed under bonds.
We learn that the search for John C. Wa:tts, the
defaulting cashier of the Neola State Bank, has been
given up, the amount of his defalcation having been
made good by 1:Iis father-in-law, Mr. Dillon, of Neola.

January 23, 1897.

The Farmers Trust Company, of Sioux City, Ia.,
which closed January 4th, will prove a hard blow to
its Vermont investors. According to returns since the
failure, 80 per cent
the liabilities are said to be due
the people of that state.

of

Those of the creditors of the Farmers Bank of Rock
Valley who had succeeded in having preferred c aims
made of their claims, have received a third of their .
claims from the assignee. The bank assigned· last
July. It is thought there will be enough money soon
in the hands of the assignee to make another payment
on the preferred claims, and the preferred creditors will
soon have their money in full.
A. E. Thompson, former cashier of the defunct
Maurice State Bank of Maurice, was recently arrested
at Sioux City , charged with obtaining money under
false pretenses. While an officer of the bank he is
alleged to have traded land for a stock of goods at
Stanwood, Iowa. The purchaser claims he misrepresented the value of the land. Thompson is now liv;ng
at Des Moines. He was released on bond.
The statement of the First National Bank, which is
published in this issue, shows that institution to be
in a flourishing condition. There has been a healthy
increase in deposits and in the total business of the
bank. Through all the storms of financial panic, the
First National has stood firm until it is regarded with
a feeling of confidence by our business men. The
enviable reputation of the bank is due to the marked
business ability of the cashier, H. L. Emmert, backed
up by conservative and capable o:fficers.-Sibley Gazette.

At the semi-annual meeting of the directors of the
Farmers & Merchants State Bank of Marion the usual
A. A. Cooper, representing a Dubuque Bank , has semi-annual dividend of 3_½ per cent was declared on
foreclosed a mortgage for $55,000 against the Iowa their capital stock of $60,000. In view of the freIron Works, of that city. The money was lost in quency on the part of many banking institutions to
constructing the torpedo boat Ericsson and revenue · pass the customary dividend, and considering the
further fact that instead of a cash, many of them have
cutter Windom.
substituted stock dividends, this evidence of wise and
In the federal court Judge Shiras decided in favor of conservative management on the part of the managing
J. K. Deming, assigne_e of the insurance policies car- officers of this s·olid and stable financial institution will
ried by the Ryan Packing Company of Dubuque, be gratifying intelligence to both the stockholders and
whose plant was destroyed by fire last summer. The the public.
insurance was $35,oco.
Messrs. C. N. Flagler and Ira L. Flagler have purPresident Park, of the Commercial Exchange, ap- chased the banking interest and real estate of the firm
pointed the following members to represent Des Moines of Meyer, Carter, Figge & Flagler, of the Bank of
at the monetary conference at Indianapolis: J. G. Lime Springs, Lime Springs, Iowa. The real estate
Rounds, C. G. :McCarthy, Frank D. Jackson, Samuel consists of the bank building there and a farm of 200
Strauss and E. A. Temple.
acres adjoining town. C. N. Flagler entered the busiGeo. D. Foster, a resident of Preston, a large farmer ness six years ago last August, as the manager for the
and president of the Farmers & Merchants Bank, is firm of Meyer, Carter, Figge & Flagler, and in all the
the patentee of '' a corn shock loader and binder.'' vast business of the bank has shown himself to be a
This machine will undoubtedly revolutionize the mode thorough going, honorable business man. His brother,
of fa~ming where dairy cows are kept. . It will do away Ira L., is a thorough business man. The new firm will
with meadows and haying, as corn stalks can be put undoubtedly be successful. Besides the bank property
into the barn cheaper_than hay.
they are large owners of farm property.


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BOARD OF DIRECTORS OF THE BANKERS' MUTUAL CASUAL TY COMPANY, DES MOINES. IOW /l.

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Federal Reserve Bank of St. Louis

Supplement to Ube Uri==State JBanher.
DES MOINES, IOWA, JANUARY, 23, 1897.

THE BANKERS' MUTUAL CASUALTY COMPANY,.
DES MOINES, IOWA.
The first suggestion to organize this company which tered mail under your policy is never more than 45
was placed before the public bore the date of February cents, a saving of 80 cents on each $1 ,ooo we ship.''
28, 1895. The matter received considerable attention, The future of this department means great things for
but those who were at that time interested in the pro- the banking fraternity.
Local business can undoubtedly be transacted at ten
ject felt disposed to move somewhat cautiously. No
active effort was made until last October. The first active cents per thousand and all long haul distances at twenty
measure ta~en in behalf of the company was in Decem- cents per thousand, as compared with the present charge
ber last, its organization being effected on the 4th day on short haul business at twenty cents or twenty-five
of March last , under the articles of incorporation, cents per thousand, and that increase on long haul busicommonly known as the charter, which bad been filed ness up to seventy-five cents per thousand.
This will indicate to the banking fraternity that it is
on the 23d of January. The matters of the company
were adjusted to enable it to issue policies in the cur- to their interest to patronize the company, therefore
rency department in January, but it was not in a posi- reap the benefit of the present reduction of the cost of
tion to issue policies in the burglary department until moving currency and also enable the company to procure desired red nction in rates in the future. For all
the 8th of April.
The company, as is well known, was organized in can readily see that if the company procures a line of
Iowa in preference to some other states, because of the business sufficient in volume it can accomplish this end.
fact that its insurance laws were so well adapted to the
In the burglary department the company issues a
plan proposed. The fact is that the only difference in policy which indemnifies the bank for loss or damage
this state between a mutual insurance company and a by burglary and robbery. This important part of the
stock insurance company is that the profits belong business of the company is operated on a level preto the policy-holders rather than to the stockholders. mium as determined by the fixed rates which have been
Either of these companies may be operated upon a established by the executive committee. The rates are
level premium, as this company bas seen fit to do, and about 40 per cent less than the rates demanded by
the profits of its business treated as they see fit to fix other companies before this competition was placed in
by their by-laws, resulting in surplus account or divi- the field. Investigation shows that the rates formerly
dend; and another feature of this is that when the demanded were exorbitant. The policy of this compremium bas been paid the insured, or policy-holder, pany is also drawn with a view to furnish full indembas discharged all his liability by the payment of this nity, protecting the . premises owned by the bank, as
premium, and there is no contingent liability on his well as the vault, safe and contents. The insurance
part then to the company.
against robbery in the day time is not limited to a perThe articles of incorporation and by-laws of this centage. The company does not require the presence of
company are so framed as to emphasize this feature of more than one clerk in the bank during business hours.
its business and place it beyond dispute.
It will be the policy of the company, as provided in
The business of the company is conducted in two its by-laws, to maintain and create such a surplus as
departments. In the shipping department the com- w111 make itself amply secure and its condition strong.
pany issues its policy protecting funds and securities in The surplus, of course, belongs to the policy - holders,
c~urse of shipment by registered mail. This method but is a fund maintained and kept intact to meet the
of moving currency is receiving attention from all parts contingency of unfortunately large losses and their
of the country, and the business is growing rapidly. frequent occurence, if such should be the case. It is
It is becoming one of .the important features in the the surplus account which makes mutual companies
problem of moving currency safely and quickly. As strong and reliable. The company is young and in
compared with the cost of moving currency by express, a new field. It will be the policy of the company, howit works a saving on local business in Iowa of a little ever, to extend the best service possible to the banking
over 20 per cent. In some states, where the express fraternity in this direction. On December 1st the comrate is higher (local express rate in Iowa is 50 cents pany closes the charter membership and from tbat date
per $1 ,ooo), the saving is more than 50 per cent on the the membership rule will apply. The membership will
cost of the express service ; in some cases 75 per cent be charged on the first policy only, there being no
is saved. One policy-bolder writes : '' The express membership charge on renewals. The membership fee
rate between our place ( western Nebraska ) and Omaha amounts to only $1. oo per $1 ,ooo of insurance taken ;
is $1. 25 per $1 ,ooo shipped, while total cost by regis- minimum. fee, $5.00. The charter Ii.s t will exceed 550.

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Federal Reserve Bank of St. Louis

January 23, 1897.

THE TRI-STA TE BANKER.

CAPITAL, $2,000,000.

wou auaoooec so

13
OFFICERS.

z••••••osuc

Continental National Bank,
Cor. Adants and La Salle Streets,

CHICAGO, ILL.
-••·····••t0111111\11,-

A General Foreign Exchange Business Transacted.
Travelers'
Circular Letters of Credit issued, available in all parts of the World.

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, Vic.e -President.
HENRY BOTSFORD, Packer . .
JAMES H. I>OLE, of J. H . Dole & Co., Commission.
H. 0. 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.

The Citizens Savings & Trust Company, of Iowa
City, has declared a usual semi-annual dividend of 5
per cent.

cashier's protector. It consists of a sheet of steel which
flies up in front of the wicket when a spring in the
floor is-touched by the foot, thus shielding the cashier
Fremont will have a new bank. I. E. Fisher and .from bullets.
Cal Manning, of Ottumwa, are said to be interested in
The First City Bank of Nora Springs has made an
the project.
assignment to Byron Gammidge. The bank has been
Benjamin Witmer has been chosen a director of the
Security Savings Bank of Cedar Rapids, to succeed
C. H. Clark, deceased.
Tbe state auditor has issued the call for a statement
of the condition of the state and savings banks at the
close of business, January 6th.

embarrassed for several weeks, and in consequence the
deposits were not large. Representative M. E. Betterman, Samuel Spotts and T. E. Bryan were the principal stockholders.-E.x.

A First National Bank was organized at Thompson,
January 1, 1897. Capital, $50,000. Following are
fficers: President, C. H. Kelley ; vice-president,
William Daggett, president of the Iowa National
James
Elleckson; cashier, F. W. Thompson. In the
Bank, was appointed a delegate from Ottumwa to the
spring
they will erect a two-story building where the
monetary conference at Indianapolis.
. Farmers Savings Bank now stands.
The Security Bank of Rockwell City has loaned on
an average one thousand dolla_rs a day on farms in CalThe Boston Savings Deposit & Trust Company has
houn and Pocahontas counties, since election.
begun an action against Frank C. Miles for $20,000,
alleging that he absconded with this amount of propA movement is on foot looking to the establishment
erty belonging to the company. Miles formerly lived
of a savings bank in Webster City. A building has
in W 09dbury county and owned considerable farm
been leased and the bank will start out with $12,500
property, to secure possession of which this suit is
capital.
brought.
Mr. Benjamin Woodrow, who died January· 6th at
A movement is on foot among depositors in the
Newton, was one of the oldest settlers, and a stockdefunct
Sioux City Savings Bank to secure a change
holder in the Jasper County Bank, of which his son, J.
of
receivers.
They make no charge against F. B.
M. Woodrow, is president.
Goss, the present officer, except that he is the repre·The Iowa State Bank of Shell Rock opened its
sentative of the shareholders, and that th_e y fear he will
doors for business January 6th. The bank officials
give the latter the preference over the depositors in
are well known by the most of Shell Rock people, and
settling the bank's affairs.
the institution will undoubtedly be successful.
W. W. Field, president of the First National Bank
Comptroller Eckels has approved the selection of the
at Odebolt, is the leading candidate for president 0£.the
Union National Bank of Omaha as a reserve agent for
State Agricultural Society.
Mr. Field is now vicethe First National Bank of Council J3luffs ; the Des
president, having held the position with credit several
Moines National of Des Moines, for the LeMars Nayears. He has heavy fi~ancial interest in farming and
tional of Le Mars ; and the Metropolitan National of
possesses both the inclination and the executive ability
Chicago, for the Ottumwa National of Ottum:wa.
to make a first-class president' of the society.
Since writing the above Mr. Field has been elected
Theodore Ivens, cashier of the Schaller Savings
Bank, has made application for a patent on a bank president of the society.

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Federal Reserve Bank of St. Louis

THE TRI-STA TE BANKER.
The City National· Bank of Cedar Rapids has increased the number of their directors.
C. H. White & Co., of New York City, have disposed $15,000 worth of Clinton city bonds.
The First National Bank of Chicago is now Chicago
correspondent for the Knoxville National Bank.
The state auditor has approved the organization of
the new bank at Shellrock, with a capital of $25,000.
There never will be a banking law that may not be
beaten by a gambler among bank o:fficials.-Cedar

Rapids Gazette.
The Sioux City National Bank corner, of Sioux
City, will be sold at auction, no bid being received for
less than $20,000.
The Cooperative Bank of Iowa has filed amended
articles of incorporation to comply with the new building and loan laws.
The American Savings Bank of Maquoketa publish
a good statement, showing that institution to have been
wisely managed during the last year.
The comptroller of th~ currency authorized the
First National Bank at Thompson, Iowa, to begin
business January 1st with a capital of $50,000.
The general opinion among depositors of the
suspended Sioux City Savings Bank is that the
receiver will not be able to pay more than 25 cents on
the dollar of deposits.
· The State Bank of Shell Rock, Butler county, had
its organization approved by the state auditor January
6th. The officers are: L. H. Severen, president; W.
E. Albertson, cashier. Capital, $25,000.
The manager of THE TRI-STATE BB.NKER recently
visited most of the large cities of Iowa. He reports
that Davenport banks are in better condition and doing
more business than any other town in-the state.
O'Brien Bros., proprietors of the largest :furniture
store in Webster City, have turned their business over
to the Hamilton County State Bank. The bank holds
a mortgage of $2,500. Other secured claims are in the
neighborhood of $6,000, while the total liabilities will
reach about $15,000.
Geo. W. Lovell, of Monticello, proprietor of the
Lovell House, and one of the largest stockholders in the
Monticello County National Bank, has been stricken
with paralysis, and his recovery is doubtful, because
·o f his advanced age. He has been engaged in the
banking business for years.
The First National Bank at Sioux City will probably
resume in the near future. The men most interested in
the failed bank are among Sioux City's weathiest people. We understand that the capital will be doubled1
every obligation provided for, and all other possible
means taken to insure the permanency of the institution.

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Federal Reserve Bank of St. Louis

January 23, 1897.

The statement of the three national banks of Fort
Dodge, just published, showing their condition on December 17th, make a gratifying exhibit of strength.
The cash held by them amounts to the round sum of
$250,000, an enormous amount for a town of this size.
In fact, if any criticism was to be made it would be
that they might loan more money, for they could let
out $100,000 and still be up to the proportion which
the law requires them to keep on hand. However,
nobody wants to criticise a banker for sacrificing his
profits to do a steady, safe business.- Ft. Dodge Messenger.
The police at Clinton recently arrested one John C.
Galbraith. He attracted attention by his erratic conduct in going from bank to bank in an endeavor to
raise money. He insisted that he has sixteen car loads
of cattle coming. He is upwards of thirty-five years
old, and claims to be a lawyer, having been admitted
to the bar at Albia, Iowa, he says. He is 5 feet 9
inches tall, and weighs about 150 pounds; has brown
eyes, closely cropped hair and mustache, and is well
dressed. He claims his father is cashier of a bank at
Fairbury, Nebraska. Who his people are, with the
exception of his father, or where they are, he does not
know. He says he can remember being in a lawsuit
and on a farm, but where or how he can't tell.
•
The International Hypothecate Bank has been incorporated. The principal place of business is Dubuque,
but branches shall be established in London, Paris,
Berlin and Amsterdam. The authorized capital is
$10,000,000, of which $1,000,000 shall be issued, and
at least 50 per cent of this paid up before beginning
business. The company shall transact a general mortgage banking business, act as agent, receiver, attorney
and assignee, and issue debentures based on municipal
loans not exceeding $200,000,000. The directors are:
Henry A. Cors, James J. Horeb, Edward H. Talbot,
Charles Stickney, Edgar L .' Wells, J. T. Darling and
J. W. Ihve, all of Chicago, the two first named being
the incorporators.
A skillful forger has been at work near Iowa Falls,
and notes that are now maturing are the best reminder
to the makers of the schemers' visits. Some months
ago a man who was selling a patent gate canvassed
this section and where the farmer could not pay in
cash a note for $3 was taken, the farmer being assured
that it would be cashed at the local bank, where it
could be paid when the obligation matured. Those
notes are now maturing but in larger denominations
than when signed. Investigation shows that the notes
have been very skillfully " raised" and the original
sum increased ten and twenty times. So well is the
alteration made that it is almost impossible to detect
the alterations made 1 and the paper being offered for
sale at a tempting discount was bought by local speculators in paper. All protests against paying the notes
are unavailing, as the signatures are genuine.

THE TRI-STA TE BANKER.

January 23, 1897.

Capital,

Surplus and Profits,

$100,000.00

15

$15,200 . 00

The Iowa National Bank
DAVENPORT
CHAS. BEIDERBECKE, Pres ident.
A. P. DOE, Vice- Presi dent.
CHAS. PASCHE, Ca s hier.

New Business Invited

The Cedar Rapids Savings Bank has one of the finest
bank buildings in Iowa. It is an ideal office building.
We would like to give different views of this building
and its appointments for the benefit of our bankers, but
we cannot afford the space. J. M . Dinwiddie, secretary of the State Association, is the cashier of the
bank .

T~e Des Moines Leader is one of the very best and
most reliable newspapers published in the state of
Iowa. It is fearlessly and ably edited, is outspoken
in advocating popular rights: and in condemning political evil in whatever party. The editors and managers of this paper are to be congratulated on the
high standard their paper has attained.

Several months ago the residence of D. J. Batchelder,
the wealthy Lyons banker, was entered and several
hundred dollars in money, silverware and diamonds
were taken. The robbery was committed in daylight
and there was no clue. The coachman, Peter Nelson,
has been arrested charged with the crime, and will be
taken before the grand jury now in session.

There are good prospects that ex-Deputy Sheriff
Nick O'Brien will soon have the satisfaction of seeing
J ohn Riley, the Griswold bank robber who made such
an effort to kill him, safely behind prison bars in Iowa,
serving a term for his murderous assault. Three years
ago the Griswold bank and postoffice were robbed.
The burglars were traced in the direction of Council
Bluffs, and at 10 o'clock the next day the local officers
were notified to look out for them. They were recognized in the Kiel Hotel. There were four of them,
Wilson, Butler, RiJey and another man, wl}.o managed
to get away. They were invited to have a conference
with the sheriff. When the men arrived in front of
the court house Riley stepped behind one of the large
shade trees and remarked that he was not going any
:further. At the same time he sent a big revolver bullet at O'Brien's head. Wilson was also behind a tree
using his gun. In a second O'Brien and Hooker got
their artillery into action and for a short time there was
some rapid shooting. One of O'Brien's bullets took
effect in Wilson's body and inflicted a bad wound, and
one of the first shots aimed at O'Brien by Riley struck
the officer and made a dangerous wound, which. caused
his life to be despaired of for a long time. The men
made a successful break for liberty. Riley was afterward arrested in Pennsylvania, and sentenced to the
penitentiary for three years for a crime committed there.
0' Brien went to Philadelphia after his arrest, and had
a talk with him. The Pennsylvania officials refused
to give him up. His sentence expires next Thursday,
and all arrangements have been perfected to bring him
back here. As a precaution a warrant was taken
issued from the federal court, charging Riley with the
postoffice burglary. Wilson and Butler were subsequently arrested and convicted for the part they took
in the postoffice robbery, and are now serving terms in
the penitentiaries at Fort Madison and Anamosa.-Ex.

A Traer business man recently bad a costly experience. He bought two drafts, one for $850 the other
for $7 40. He placed them in the wrong letters. The
man to whom he owed the $740 got the $850 and then
proceeded to have a hilarious time. He was captured
at Salt Lake City after ·having spent about $150. The
expense of capture will be nearly that much more.
Knoxville is indeed very well provided with banks.
The ;Marion County National Bank, 0. P. Wright,
president and 0. L. Wright, cashier; the Knoxville
National Bank, E. H. Amos, president and J. B.
Elliott, cashier; the Citizens National Bank, S. L.
Collins, president and Lafe S. Collins, cashier, are well
established and carefully managed institutions that are
a credit to any city such as ours.- Knoxville Journal.
Acting Comptroller of the Currency Coffin has made
public an abstract of reports of the condition December
17, of the 160 national banks in the state of Iowa,
exclusive of Des Moines. The principal items are as
follows: Loans and discounts, $27,943,004; value of
stocks, securities, banking houses and other real estate,
$3,908,689; due from banks, ·$ 1,301,959; reserve on
hand and deposited with reserve agents, $6,040 ,631, of
which $1,638,436 was gold; total resources, $44,437,438. Liabilities : Capital stock, $r 2,120,000; surplus
fund and undivided profits, $4,132,622 ; due to banks,
$2,787,949; deposits, $21,524,751; borrowed money,
$655,520. The average reserve held was 27.60 per
cent.

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Federal Reserve Bank of St. Louis

16

THE TRI-STA TE BANKER.

The net state deficit is now $397 107 5. With the
revenues provided for 1897 and the usual and necessary
expenses the deficit on January 1, 1898, is estimated
will be $703,904.
J. A. Thomas, John Reilly, E. E. McCloud and John
Dolphin are the incorporators of a new bank that on
January I succeeded J. A. Thomas at Ryan. The capital was also increased.
Henry Elder, of Clarion, has patented a device
which will sort out money coins. Bankers can throw
a handful of all kinds of coins in and they will come
out neatly piled up, each denomination by itself. It
is a valuable coin distributor.
The city of Dubuque has sold $260,000 worth of 4
per cent twenty years refunding bonds at a nominal
premium; $120,000 went to ·wm. L. Brafley, of -Dubuqe, and $240,000 to Spitzer & Co., of New York.
The recent failure of the Harlan State Bank ties up
the Harlan school fund and $13,000 of county money.
The character of the Wylands is above reproach, and
the fact that they have turned over all available property to secure creditors, speaks well for them in this
emergency. L. C. Lewis has been appointed receiver.
The Harlan State Bank was closed December 10th
by State Bank Examiner Bennett. · It was reputed to
have $50,000 capital, but part of it was composed of
worthless paper, which the managers of the institution
were unable to replace with cash, and the actual capital
did not exceed $18,000. There is ·a reserve of $5,000
and the deposits amount to $80,000.-Ex .
The state of Iowa has out one-half a million dollars
which are stamped unpaid for lack of funds. These
will probably remain unpaid as it will take all the revenue now provided for to meet current expenses. The
condition of Iowa's treasury at the close of 1896 was :
Cash in office, ·$2,719.62; cash in banks, $207,156.72;
agricultural college bonds, $512,150.49. Total, $722,026.83.
Burglars attempted to rob the Bank of Coin, December 30th. They forced the front door of the bank
and then drilled a hole in the outer door of the vault
near the combination lock, and charged it with some
explosive. The explosion was terrific but not sufficient
to give them an entrance. The front door of the vault
was ruined. Two revolvers were stolen, but no money
secured.
William F. Fuller, of Hartford, Conn., has been
appointed receiver of the Iowa Mortgage Company in
ancillary proceedings in which Harry C. Ryan and
Julius Lischer, of Davenport, Iowa, were complainants.
The Iowa Mortgage Company ·w as organized under
the laws of Connecticut. Its offices are located at
Hartford, Conn., and Davenport, Iowa.
Its capital
stock is only $100,000. The company did very little
business in Iowa.

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Federal Reserve Bank of St. Louis

January 23, 1897.

TRI-STATE PUBLISHING Co., Des Moines, Iowa,Inclosed find draft for $2 in payment of past year's
subscription. We are well pleased with the publication and can cheerfully recommend it to all bankers in
the tri-states constituting the territory as meeting
a point in the way of local banking news not supplied
by any other publication. A. E. SPALDING, cashier
Ainsworth Savings Bank.
Bradley's Bank now conduct their exchange business with the Central' National of New York City,
since their Chicago representative, the Atlas National, .
went out of business·. Mr. J. A. Bradley, the president of the bank, was here a few days ago looking
over the accounts of the bank at this place and found
everything in a most satisfactory condition. Bradley's
Bank of Eldon is one of the most substantial financial
institutions of the state.-Eldon Forum.
The statement of the assignee of the Commercial
Bank of Selma which closed its doors December 30th,
was filed in the chancery court January 13th. It makes
it appear that not only will the stock be wiped out,
but the depositors will lose a large part of their money.
The amount of cash and securities in the hands of the
assignees is valued at about $70,000, while the deposjts
are $110,000. Prior claims will reduce the depositors'
share to about fifty cents on the dollar.-~x .
At the regular monthly meeting of the directors of
the American Savaings Bank of Maquoketa, the old
officers were re-elected to serve during the year 1897.
The cashier was instructed to pay to the stockholders a
five per cent dividend on o-r before January 1st. This
will leave four or five per cent of the undivided profits
on hand, and when it is remembered that it is unusual
for new banks to pay any dividend during the first two
or three years of their existence, it will be seen that the
American Savings Bank has made a most excellent
showing during its first year of life and has demonstrated that it is an absolutely safe financial institution.
The Chicago Times-Herald say~ in regard to the coming Iowa legislature : ''The private banks come in for
a large share of the credit for escaping taxation, and }
two legislatures have tried to pass a law to compel them
to make reports and submit to examination, the same
as state and savings banks are required to do Butt e
bankers have shown a tre.m endous ower in the legislature, and have been able to defeat all attempts to pa~·s
a law regulating them in any way. The bank lobby
s een tne most influential that has ever shown itself
here. Another determined effort will be made this winter to pass a law for the examination of private banks,
for the purpose of uncovering the property that has been
escaping taxation as well as protecting their depositors.
But the main question will be the revenue law in general. Senator A. B. Funk, chairman of the Senate ways
and means committee, is determined to secure a reform
in the Iowa revenue law, and ·he proposes a moderate
plan. He says he knows that nothing extreme will get

THE TRI-STA TE BANKER.

January 23, 1897.

THE POLK COUNTY

17

.S AVINGS BANK,

DES MOINES , IOWA .
Cap ital

$100 , 0 0 0.

You r-

JOHN A. GARVER, President.

Bu si ness

C. W. PITCAIRN, Vice-President.

through and he wants to proceed conservatively. He
is in favor of assessing all property at 50 per cent of
its cash value and making the levies correspond with it.
He declares that if all the property now escaping taxation \\'.'ere uncovered and made to bear its share, the
taxes paid by the property now fairly taxed would be
reduced and the state would have the additional revenue
it needs. He is opposed to doing anything that would
raise the rate of taxation. The state tax ii only 2 Yz
mills, while the city, county and school taxes generally
amount to 50 or 60 mills and often 70.''
Edward Myers and William Williams, accused of
counterfeiting and passing counterfeit silver dollars at
Wilton and Durant, were given a hearing at Davenport, January 1 rth. They waived examination and
were held in $ c,ooo bonds each, for appearance before
the federal grand jury at Keokuk. The arrest was
brought about bf local officials of Wilton. The money
passed was a fairly good imitation of a silver dollar in
appearance, but is somewhat lighter than the genuine.
Is is believed that they made it themselves, from the
fact that babbit metal and block tin was purchased by
them from Wilton merchants.
The stockholders of the State Savings Bank of Des
Moines, recently determined to reduce the capital stock
from $100,000 to $50,000. The bank bas had $100,000 capital and $20,000 surplus. Some time ago its
commercial business was transferred to the Citizens
National Bank, and the two institutions now occupy
the same offices. But the State Savings bas not gone
out of business and does not intend so to do. It bas
been found since the change that a smaller capital was
ample for the business, and would be more profitable
for the stockholders. They therefore voted to reduce
the capital. The stockholders will be paid in cash.
Comptroller Eckels has approved .the selection of the
following Chicago banks as reserve agents for Iowa
national banks: Bankers National, for the Union National of Ames; Commercial National, for t_he Iowa
National of Davenport; American Exchange National,
for the Iowa National of Davenport; Commercial National, for the First National of Manning ; Bankers
National, for the First National of Nora Springs;
Bankers National, for the Farmers National of Osage ;
National Live Stock, for the Live Stock National of
Sioux City. American Exchange National, for the
First National of Storm Lake ; Metropolitan National,
for the First National of Waterloo ; also the Des
Moines National of Des Moines, for the First National
of Nevada.

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Federal Reserve Bank of St. Louis

Solici t ed .

E s tab li s he d

1882 .

A. J. ZWART, Cashier.

The Farmers Trust Company of Sioux City has
gone into the bands of Receiver ·G. H. Hollister. The
appointment was made on application of W. T. Honsinger, vice-president of the company. The liabilities
are $135,000; assets, $238,000. The assets consist
principally of notes secured by real estate mortgages.
Inability to realize on assets is given as the cause of
failure. The company intends to continue to do business and expects to pay it all. Tightness of the money
market made it impossible for the company to meet its
debentures. Receiver Hollister estimates assets of
$238,000 and liabilities $135,000.
State warrants are now selling at par. Till recently
they commanded a premium of one-fourth to one-half
of r per cent, but stories that were circulated about
tlie seriousness of the state's deficit and the probability
that it would be a long time before it would be wiped
out, caused the eastern people who have been taking
the warrants to slice off the premium. There are now
approximately $475,000 of warrants outstanding, and
about $200,000 of cash in the treasury, leaving a net
debt of $275,000. The cash on hand will not materially reduce the amount of warrants out, as it will
largely be used in meeting January bills.
A special from Independence states that all cases
against Field Bros. , "the Cedar Falls bankers, except
the one now in the supreme court, were dismissed at
request of the county attorney of Black Hawk county.
An affidavit is filed in each case showing that depositors have been paid. T he case referred to in the
supreme court was against William M. Field, who was
convicted at Independence. The case was appealed,
and is now pending in the supreme court. Fourteen
indictments were found against the Field brothers, all
on the charge of fraudulent banking; eight against
William M., and six against Charles J. Changes of
venue were taken in each case to the district court of
Buchanan county.-Ex .
The Moravia Tribune says: '' The Bank of Moravia
opened its doors for business Monday morning with an
authorized capital of $20,000 and individual responsibility of stockholders $200,000. George W. Sturdivant, the gentlemanly cashier, was born at Cincinnati,
and has always lived in Appanoose county, for the past
ten or fifteen years at Centerville. He is spoken of in
the highest praise by all who have known him since
boyhood, and needs no commendation at our hands.
He is a son-in-law of Governor Drake. The Bank
of Moravia opens out under the most favorable
auspices, and is doing a good business, which will

18

THE TRI-STATE BANKER.

January 23, 1897.

no doubt increase in volume weekly. The bank is that time to this Charlton has not been heard of. It
located in J. A. Winsler's store room temporarily until was also shown that Mr.' Stalker, a few weeks before,
spring, when a neat and exclusive brick bank building had deeded 320 acres of valuable land to his son. This
will be erected. The safe is one of the best manufac- led the people to believe ·that Mr. Stalker had known
tured, in fact it is a double one with combination time _of the precarious condition of the bank, and had deeded
lock, absolutely fire and burglar proof. The Bank of the land away to save it. The spring meeting of the
Moravia has all facilities for doing anything in that grand jury found an indictment against him for fraudline possessed by any bank in Iowa and should receive ulent banking. The case has juc,t been tried, the jury
a liberal patronage, as it is a necessity of which the brought in a verdict of not guilty.
town· has long stood in need."
The Bank of Sully, at Sully, Iowa, fifteen miles
Comptroller Eckels, on January 5th, gave out an southeast of Newton, on the Iowa Central, was entered
abstract of the reports of the condition on December 17 by three burgla s the night of December 29th. They
of the four national banks in Des Moines. It shows succeeded in making their way into the vault and
total resources ·of $4,059,677, the principal items being secured $27.50 in pennies and one $10 bill, but were
loans and discounts, $2,218,024 ; stocks, securities, frightened· away by Cashier Sherman before ·they had
banking houses, etc., $519,501 ; due from banks, effected an entrance into the safe, which contained
national and state, $131,213; reserve in banks and more than $30,000 ·in cash. Tools were taken from a
deposited with reserve agents, $726,523, of which neighboring blacksmith shop. The burglars had little
$r 16,930 was in gold.
Liabilities: Capital stock, difficulty in reaching the interior of the vault. They
$800,000; surplus fund and undivided profits, $292,- had attacked the safe ; the hinges were knocked off
255; due banks, national and state, $1,341, 325; due and they attempted to demolish it by means of liquid
depositors, $1,352,370; bills payable, $15,000. The explosive. Three explosions followed, but they were
average reserve held was 30.09 per cent.
not sufficient -to open the safe. The first aroused the
Mr. Geo. M. Coffin, deputy comptroller of the cur- cashier of the bank, L. H. Sherman, who lives near.
He rushed toward the bank, giving the alarm as he
rency, was re2ently for some days in Sioux City, aiding the officers and stockholders of the First National went. His approach was discovered and the burglars
Bank in the reorganization of that institution. Mr. fled, followed by five shots from his_ revolver. The
Coffin has had several years' experience in the depart- night was intensely dark ·a nd although a posse was
ment, and was recently promoted by Comptroller immediately formed the burglars could not be tracked:
Eckels, after having served several years as chief of The three robbers have since been captured, two at
the division of reports. Mr. Coffin is the author of Oskaloosa·and one at Grinnell. They are S. W. Powseveral works on banking, one entitled '' Silver and derson, Frank Hickman and Cy Miller. The bank is
Common Sense,' ' which- was so widely used in the to be congratulated on getting off with so light a loss.
recent campaign by the sound money party.
The Had not Cashier Sherman scared them away they
book contains valuable statistics on the developments would have secured a rich haul.
in the use of silver. The latest work from his pen is a
-revised edition of the '' Hand Book for Bank Officers,''
containing information of great value to bank directors,
officials and clerks ; also a condensed digest on '' The
National Bank Act" and the "Rights and Liabilities
· of Stockholders. ''
ft will be remembered by our readers that a little
over a year ago the Richland Bank of Richland, closed
its doors, and investigation showed that while the liabilities were over $60,000, the assets were nothing. The
bank was a private concern owned by A. C. Charlton
and Allen Stalker. Charlton had entire control and did
all the business. On Friday evening, before the bank
closed, Charlton went, ostensibly to Chicago, leaving
a little cash in the safe, and Mr. Stalker in charge.
Mr. Stalker carried on the business during Saturday,
and expected that his partner would return on Monday,
but he did not put in ·an appearance, and Tuesday the
bank was closed, as Stalker did not have the combination of the vault. The investigation showed that all
the resources of the bank were exhausted and that either
they had been lost in speculation or hid away. From

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Banker Deming, of Dubuque, president of the Iowa
Bankers' Association, has the following to say regarding
the recent bank troubles : '' The condition of the
country is growing better every day. There is plenty
of money to loan on good collateral. The banks that
are going up have been badly managed for years. I
can tell you right here that the trouble is not with the
condition of the country, but with the banks, and those
of them that are failing have been rotten for years.
They managed to hold together until after the election
in the hope that they would not have to go down, but
the reckless manner in which they had been managed
was too much of a load for them to carry and they had
to go to the wall. Money is a great deal easier now
than it was six months ago, and there is no danger
whatever of a panic. Nobody need fear a panic as a
result of the ·failure of rotten banks. It is a good thing
to have them out of the way. The majority of the
banks of this country are sound and have plenty of
money. The National Bank of Illinois was rotten for
years. You can trace the suspension of all the banks
that have failed this year to a violation of the banking

THE

January 23, 1897.

TRI-STA TE BANKER.

DOES A GENERAL BANKING BUSINESS ......... .

Capital,

$300,000;

I

Surplus,

$300,000;

Profits,

9

$60,000 .

Farmers Loan and Trust Company
SIOUX CITY, IOWA.
J AS . F. Tov,
LOT THOMAS, Vice-President.
McCALL, Treasurer.
L. GREENWOOD , Asst. Treas.

J. T.

President.
G. N . SWEETSER, Secretary.
Eow'n DELAND, A,st Sec'y.
T. A. BLACK, Cashier.

law or of the principles of sound banking." Mr.
Deming is one of the ablest as well as one of the most
conservative bankers in the west and he always knows
what he is talking about when it comes to a discussion
of the banking business. The institution of which he
is the cashier is one of the leading banks in the northwest and its officers are men of the highest financial
standing.
Reserve agents for national banks have been approved
by Comptroller Eckels as follows : Bankers National
Bank of Chicago for the First National Bank of Council Bluffs; First National Bank of Chicago for the
First National Bank of Council Bluffs; First National
Bank of Chicago for the Knoxville National Bank of
Knoxville ; Merchants National Bank of New York
for the First National Bank of Nevada. ·

SOLICITS YOUR ACCOUNTS AND COLLECTIONS.

Judge A. Neland bas been appointed receiver of the
failed Washington Bank at Minneapolis.
Several St. Paul banks have notified State Treasurer
Koerner that they will cease paying interest on state
deposits.
The Swedish-American National Bank of Minneapolis employ the First National Bank of Chicago as
their correspondent.
The comptroller of the currency has appointed J. B.
Atwater, of Minneapolis, receiver of the Columbia
National Bank of Minneapolis.
The directors of the State Bank of Paynesville, at
their annual meeting, declared a dividend of eight per
cent and re-elected the old officers.
The Bank of Canton, at Canton, and the Citizens
Bank of Lanesboro, both owned and operated by Field,
Kelsey & Co., have suspended business.

W. W. Brimm, assistant cashier of the New Sharon
State Bank, who accidentally shot his left index finger
The Minnesota Senate committee on banks and
off December 17th, died January 1st, of a complication
of blood poison and tetanus (lockjaw).
A second banking are: Messers. Viets, chairman ; Little, Maramputation of a part of the hand was performed Mon- .shall , Mansfield, Hanna, Strom and Dobie.
day, but the patient became speedily worse. He was
The First National Bank of Mankato has S.
thirty-one years of age.
Mr. Brimm has been con- Lamm president in place of J. A. Willard, and R. D.
nected with the bank for six years. He was a 'very Hubbard vice-president in place of S. Lamm.
popular young business man.
Richard Mul:!roe and John Fragamann, alias Jack
The Cedar Rapids National Bank is one of the Parker, were indicted by the federal jury for making
cleanest and best banks in the state.
and passing counterfeit money, arraigned, pleaded
The German State Bank of Dyersville has a capital of guilty and were sentenced to prison by Judge Lochren,
January 12th.
$25,000 and deposits of $133,000. A good showing.
rIINNESOTA NEWS AND NOTES.

The West Side Bank of St. Paul has closed.

/

It is said the Bank of Minnesota of St. Paul will soon
resume.
Peter M. Kerst is the assignee of the Germania Bank
St. Paul.

✓

The Bankers Exchange Bank of Minneapolis bas
resumed.
J. F. Fitzpatrick has been appointed receiver for the
Bank of ortb St. Paul-recently failed.


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Federal Reserve Bank of St. Louis

A plan is on foot to reorganize the insolvent Washington Bank of Minneapolis without the usual process
of law.
All that is needed is the cooperation of the
depositors, who apparently have nothing to lose and
much to gain by the plan. The proposition is that all
depositors shall subscribe for stock to the amount of
one-third or one-fourth of their claims, having the
balance of their deposits guaranteed. Those taking
one-third the amount of their deposits in stock shall
have the balance paid them in installments within
thirty months; those taking one-fourth, within three
years. The bank will then immediately resume for
business.

20

THE TRI-STA TE B A NKER.

W. J. Hahn, as receiver of the State Bank of Minneapolis says the creditors will probably get 10 or 15
cents on the dollar. The city and state are among the
losers.
Miss Agnes Vaughan, of North Branch, and C. L.
Dobner, of Thief River Falls, were united in marriage
January 5th. The groom is president of the First
State Bank of Thief River Falls.
Mr. Coffin, assistant comptroller of the currency, happened ~o be in Minneapolis when the Columbia National
Bank failed. He took charge of the bank for several
days before bis return to Washington .
Robert A. Smith , who was largely interested in the
Bank of Minnesota, which recently suspended , has
been nominated by President Cleveland to be postmaster of St. Paul. The Senate confirmed the nomination.

January 23, 1897.

Clarks to collect for it the sum of $10,000. It is said
that the Clarks sent a draft on the Merchants National
Bank for that amount, less commission, but soon after
notified the Merchants National Bank not to pay the
draft. The suit is to recover the amount of the draft,
$9,989.27 .
. At the annual meeting of the stockholders of the
Citizens National Bank of Fergus Falls it was
decided to go into voluntary liquidation.
There
are three national banks in the city and there is
need of but two, so the Citizens decided to retire from
business. It was started in 1883 by Gen. James Covington and C. C. Warfield, and had a capital of $75 ,000.
It has unquestionably been preparing to liquidate, as it
has been refusing deposits and bas the money on hand
to pay all depositors.

E. W . Decker, assistant cashier of the Metropolitan
Bank , Minneapolis, was recently elected cashier, to
The trouble about the Scandia Bank receivership at
take the place of E. R. Gaylord , who has resigned to
Minneapolis bas been settled in such a manner that
eng age in other business. Mr. Decker was also elected
Receiver John F. Byers has handed in his resignation,
a director of the bank.
The position of assistant
and that Luth Jaeger has been appointed by the court
cashier will not be filled for the present. Mr. Decker
to fill the vacancy. The new appointment is satisfacbas been with the Metropolitan Bank for about a year
tory to all.
and a half. For over eight years he was connected
Clark Shea, of Little Falls, _forged the name of C. B. with the North western National Bank. The officers of
Buckman to about twenty checks on the German-· the Metropolitan Bank now are : J. T . Wyman , presiAmerican Bank of that city; and had them cashed at dent; Judge J. I. Best, vice-president; E. W. Decker,
saloons and other business houses between the ba nk' s c_a shier.
closing hour Saturday and the opening hour Monday
morning-. He left the city but was captured.
Mr. Joseph T. Talbert recently appoint~d national
bank examiner in the Minneapolis district , has been
transferred to the district qf Chicago, vice John C.
McKeon, appointed permanent receiver of the National
Bank of Illinois. It is to be hoped that this district
gets an examiner equal to Mr. Talbert. He could not
be better.
At Fergus Falls the populist board of supervisors
talked of a better bond from the Citizens National Bank,
· where $17,500 of the county's money was deposited.
This was done simply for effect, as the deposit was
amply secured. ·cashier Warfield demanded that they _
withdraw the money, which they were obliged to do,
thereby losing two per cent interest.
At a meeting of the depositors in the Northern Trust
Company of Minneapolis, which failed recenqy, held
last night, it developed that the concern will pay a very
small dividend, if any , unless it is received from the
stockholders, many of whom reside in the east, principally Philadelphia. It also developed that many of
the stockholders have paid but 50 per cent on their
stock.
Frank A. Seymour and W. H. Lightner, as receivers
of the Bank of Minnesota, have brought suit against
W. A. Clark & Bro., banker~ of Butte, Montana. It
is alleged that the Bank of Minnesota em.Ployed the

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

G . B . SHAW , PRESIDENT .

J . R , CHAPMAN , CASHIER .

JOY MORTON, VICE·PRESIDl!:NT.

W . L. MOYER,

L. C. WACHSMUTH , 2D VICE:-PREST.

0. C . DECKER ,

ASSISTANT CASHIER.
2D

ASST.

CASHIER

CAPITAL, $1,000,000 .
. LSTATEMENT, l

THE AMERICAN TRUST
AND

SAVINGS BANK ....

NORTHWEST CORNER LA SALLE AND MADISON STREETS,

... CHICAGO ...
REPORT OF THE CONDITION BEFORE THE COMMENCE·
MENT OF BUSINESS, NOVEMBER 28TH ,

1896 . . . . . . . .

RESOURCES.
$3 , 181,027 35
37,14625
225,930 . 00

LOANS AND DISCOUNTS ,
UNITED STATES BONDS, OTHER BONDS AND STOCKS,
CASH AND CASH ITEMS,
DUE FROM OTHER BANKS ,
-

$

589,564 37
1 , 558,514 64

2.148,079 01
$5,592,182 . 61

LIABILITIES.
CAPITAL STOCK PAID IN,
SURPLUS FUND,
UND I VIDED PROFITS,
DIVIDENDS UNPAID,
DEPOSITS, INDIVIDUAL,
D t: POSITS, BANKS,
-

$1,000,000 . 00
200,000 . 00
39 , 457.56
15 . 00
-

$2 , 940,556 . 42
1,412,153 . 63

4 . 352 , 710 . 05
$5,592,182 . 61

SPECIAL ATTENTION dlVEN TO ACCOUNTS
OF STATE AND PRIVATE BANKS . . . . . . .

Acts as Trustee an d Tra nsfer A gent f or R aifroads an d oth er Ctwporations. Accepts T r usts created by f,Vill or other wise. Issues I nterest
B eat·ing Ce1·tificates of D eposit . Leg al Depository f or Execu tors and
Trustees. Tra nsacts a General B an king Business a nd S olicits Accou n ts
of Corpora tions, Firm s, and I ndividuals. . . . . . . . . . . .
WE SOLICIT CORRESPONDENCE

THE TRI-STA TE BANKER.

January 23, 1897.

21

~~~~~~~~~~~~~~

~
~

NEW DEPOSIT LEDGER.
Shortest!

Quickest!!

Simplest!!!

Best!!!!

Havill's System, Patented November 26, 1895 ......... .
Combination of the best features of all other Systems.
Some of the actual users of t his System write as follows:
CHIPPE WA COUNTY BANK, Montevideo, Minn. , says: ''Saves
m u ch of the bookkeepers' worl<; g ives enti re satisfaction."
F IRST NATIONAL BANK, Lari111ore, N. D .. say s: " We are
more t h a n pleased with it. We con s id er th e system
vastly supe rior to any oth er ever see n. "
.
COMlliERClAL BANK, Greentown, Ind ., say s : "Exceed s our
expectations."

CONRAD ATIONAL BANK, Kalispell. Mont. , says:
m u ch pl eased with the system,"

·' We are

MERCEIANTS NATIONAL BANK, St. Cloud, Minn .. sa ys: "A
vast improvement, over any system we have heretofore seen."
MERCHANTS NATIONAL BANK,Wade na, Minn., says : "Cardi-'nal points-acc uracy, economy, s im plicity, rapidity."
BANK OF ROYALTON. Royalton, Minn., says:
time and work."

"Saves lots of

H. B. BATES, N ation a l Bank Exam in e r , s ays: " It is the
best system of keeping Individual Deposits th at I
meet with,"

CITlZE.-. s STATE BANK. Montevideo, Minn ., say s: "Com bines economy and convenience ; we are well pleased."

STATE BANK OF MORTON COUNTY. Mand a n N . D. , says:
'•Af t e r us in g has proven worthy of r eco mmend ationwe would not return to t h e Boston System."

FIRST NATIONAL BANK, Creston, I owa, says: ·'Have found
it very satisfacto ry. We consid er it a wise inve tment for u s."

Governor Clough has pardoned Phil Scheig, who
was sentenced to Stillwater for his share in robbing a
Miimeapolis bank. Scheig was an employe of the
bank an 1 was saitl to be in league with the Floyd
brothers, being the tool through whom they managed
to rob the bank of many thousands of dollars. The
Floyd brothers were pardoned some time ago. Governor Clough was a stockholder in the bank at th~
time of the robbery.
A gang of counterfeiters was arrested January 3d
between St. Paul and Minneapolis by Detective Welsh,
of the United States secret service, and Detectives Hoy
and Morris, of Minneapolis. The men are Albert M.
Blair, William H. Blair and Charles Reed. They had
been making and passing counterfeit money in Wisconsin , Illinois, Minnesota, Iowa and other states. The
officers have been following them since June, 1894.
Comptroller Eckels on January 12th issued an
abstract of the statement showing the condition of the
Minneapolis national banks at the close of business
December 17th last. A very favorable showing is made.
Loans and discounts are f,u,217,563; due from other
national banks not reserve agents, $917,705; from
reserve agents, $r, 186,823 ; exchanges for clearing
house, $60,849 ; gold coin on hand, $149,000; surplus
funds, $461 ,ooo; undivided profits, $489,288 ; individual depo<;its, $7,253 , 277 ; average reserve held,
3r.96 per cent.

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

We desire to call the attention of our readers to the
December 17th tatement of the Northwestern National
Bank of Minneapolis. This bank shows a most excellent condition of affairs. Its statement is~ model of
what bank-statements ought to be. There is no stronger
or better managed 'bank in the north west. It bas an
exceptionally strong directory. It is composed of the
following named gentlemen: W. S . Benton, L. R.
Brooks, T. B. Casey, S. A. Culbertson, Wm. H. Dunwoody; T. B. Janney, Anthony Kelly, M. B. Koon,
Frank H. Peavey , Chas. A. Pillsbury, Geo. A. Pillsbury, president; Jas. W. Raymond , vice-presid_e nt;
Gilbert G. Thorne, cashier ; Geo W. Van Dusen, d.
C. Wyman.
Frank A. Seymour, cashier of the Merchants
National Bank of St. Paul for fourteen years, has
resigned. This action is due to the fact that Mr. Seymour's time will be engrossed hereafter with his duties
as receiver of the Bank of Minnesota and of the Wood
Haryester Works. Upon Mr. Seymour, as a practical
banker, will naturally devolve the arduous details of
the receivership. The business of the Bank of Minnesota was so large that Mr. Seymour will find himself
unable to devote sufficient time to his important duties
as cashier of the Merchants National.
Almost two
years ago he was made one of the three receivers for
the Wood Harvester Works. Mr. Seymour was elected
cashier of the Merchants National December 6, 1882.

THE TRI-STA TE BANKER.

22

~ff9l
I
[
l
I THE

WUTEM ENT.]

I
~

BANK.

j

· X Chicago. Illinois, X

t

He succeeded William R . Merriam, afterwards elected .
governor of the state, and who has long been president
of the bank. Mr. Seymour has divided twenty-five
years of valuable service between two banks only.
March 18, 187 r, when a young, boy, he entered the
employ of the First National Bank of Stillwater, and
he had for several years been cashier of that institution
when he terminated a service of eleven years by accept. ing the post proffered by the Merchants National ; of
St. Paul.-Ex .

BANKERS
NATIONAL ;

~

t

· CAPI T AL

I

~~~!

$ 1,0 00, 000.

.; .... ...... . ~~~ ·. . .

•~YT'+'YTT•~

!. •

..,,,.....l

-~1l[§IIISIIISIIISIIISIIISlll~lllg111s111s111s111s~§lllm~

l

Report of the Condition at the Close of Business
on
the 17th Day of December, 18 96,
X
j
RESOURCES.

Loans and Discounts . . . . . . .
Overdrafts .
.
.
.
U. S. Bonds to secure Circulation . .
Premium on U. S. Bonds
Other Bonds (Chicago Drainage 5s) .
Real Estate
. . . . . . . . .
~ Furniture and Fixtures
. . . . . .
t Cash and Sight Exchange . . . . . .

• $2,306. 992
1,878
50,000
4,250
103,930
3,100
19,138
2,463,374

January 23, 1897.

I I

95
00
00
65
00
31
95

The comptroller of the currency has directed Bank
Examiner Brush to take charge of the National Bank
of Commerce of Duluth pending the appointment of a
receiver. The officers of the bank are very sanguine
that depositors will be paid in full at an early date. it
is learned that including amounts due from the treasurer
of the United States and amounts that will be realized
from the sale of United States bonds, the bank has now
on hand about $20,000 of cash assets. As the deposits
amount to only about $50,000, it is expected that there
will be a good dividend declared soon. The bills
receivable of the bank, according to the last statement,
amount to about $290,000. With such large assets in
proportion to the deposits it is generally accepted that
depositors are certain to be paid in full. '

The receivers of the Bank of Minnesota on January
14th filed with the court their statement of assets and liabilities. They are stated as the amounts which were cart
ried
upon the books of the bank when the state superin(
Total . . . . .
. $4,952,664 97
tendent toak possession of the bank December 22. The
LIABILITIES.
~
Capital Stock paid in
. .
$1,000,000 oo j receivers have personally checked over the bills receivSurplus and Undivided Profits .
133,405 06 j vable, etc., and believe the staten;,ient to be correct.
Reserved for Taxes
.
5,000 oo l
The nominal assets amount to $3,170,726.42 and the
Circulating Notes
.
41,150 oo
Deposits
: 3,773,079 01
liabilities to creditors $2,325,522.35. There is due to
Dividends Unpaid
.
30 oo
the bank from certain of its officers $313,046, and from
Total
. $4,95_2,664 97 ~ certain of its officers and directors, upon their endorsement and guaranties, $420,915.55, and from other conl~IIISIIIS:l:~:':~:':~:':~:':~IIISlll~:':~:':~~~~l:::':~~i~~:':~~~ cerns, in which certain of the <1flicers and directors
. were largely interested, the sum of $52,000. In these
OFFICERS:
sums are included about $66,ooo by the item of
E . S. LACEY, President.
'' overdrafts'' upon the indebtedness above mentioned.
D. B. DEWEY, Vice-President.
GEORGES. LORD, Second Vice-President.
The
rece1vers have been paid $35,580, and for $29,500
JOHN C. CRAFT, Cashier.
the
receivers
hold securities. The receivers are of the
J.C. McNAUGHTON, Asst. Cashier.
FRANK P. JUDSON, Second Asst. Cashier.
opinion that but little can be realized on the suspense, judgment and sundry stocks and bonds accounts,
The accounts of Banks, Corporations, Firms,
amounting · to $126,000.
The deposits made on
and Individuals received upon the most favorDecember 22, 1896 1 are not included in the statement.
able terms consistent with safe and conservative
There is a shortage of $3,000 in the collection account,
banking.
being charges of that amount made by Leander Bosch,
Correspondence solicited with those contemformerly paying teller, for mutilated currency, supplating a change or division of their Chicago
posed to have been sent to Washington for redemption,
• accounts.
but which, upon investigation, is found to have never
been shipped. Including cash on hand when receivers
took possession, they now have on hand $165,213.78.
This amount includes about $2 r ,ooo in cash realized
from the deposits of December 22.

i

I

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~irii l

(![r}l{f!lf!f//f~lf!fJ/$~


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

J anu ar y 23, 1897.

TH E

TRI-S TA TE BANKER.

You

ARE

IN

23

LIFE

The Leading Hotel in Iowa.

The Penn Mutual
Life Insurance Co.
DES MOINES , IOWA .

Rates $2.50 to $4.50 per day_.

.... W. L. BROWN, Manager.

Of Philadel ph i a, was organized in 1847 and is unexcelled by any company. I ts policy contracts embrace Hll the liberal features, such as
Uash, Loan, and Paid - up Val ues, or Extended Insurance, in case of
lapse, for fu ll fac e of policy, all p lain ly g-uaranteed in the po licy .
Uollections made throu gh your local bank. Life insurance polic ies
bought. A few reliable agents wanted in good territory. For further
information address ....

C. H . & H. E. RUMSEY, Gen'l Agents,
502 and 503 Equitable Bldg.,

W. H. RYAN ,

DES MOINES, IOWA ......... .

SPECIAL AGENT .

Iowa Printing Co.

CAPITAL $300_, 000.00.

Capital,

Des Moines Savings Bank

Lithographers,

Des Moines, Iowa.
'
SIMON

P. M. CASADY,

Blank Book Makers,
CASADY ,

PRESIDENT .

Printers, Etc.

CASHIER

LELAND WINDSOR,

$50,000.

ASS ' T CASHIER .

Des Moines, Iowa.

NATIONAL

State Bank of Burlington
(Oldest Established Bank in Iowa.)

•

CAPITAL, $150 , 000.

We

Make· ..... .
A Specialty

of Bank and Insurance Stationery .

SURPLUS AND PROFITS :

$160,000.

An Opportunity .. ~

OFFICERS:

JOHN J. FLEl\lING, Cashier.
J. w. BROO-KS, Ass't Cashier.

J. T. REMEY, President.
CHAS. STARKER, Vice-Pres.

DIRECTORS:

J. T. Remey.
Chas. Starker .
J. W. Brooks,

C. E. Perkins.
J. 0. Peasley.
Obas. W. Rand.

The . . .

Merchants
• •• •

J

T . W. BARHYDT. President.
JOHN PATTERSON, Vice-President.
W. E. BLAKE, 2d Vice-President.
H . C. GARRETT, Cashier.
H . J. H UNGERFORD, Assistant
Cashier.

National Bank ••••

DIRECTORS.
T . W. B arhydt.
J ohn Patterson.
W. E. Bl ake.
R. F. H osford.
H . A . Brown.

of

Burlington,
. .. Iowa.

A GENERAL BANKING BUSINESS TRANSACTED.


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

To Submit Samples and Prices will
be Appreciated .. . . . . . . . . . . .

CAPITAL CITY STATE BANK
DES MOINES, IOWA.

Capital and Surplus
Additional Liability of Stockholders

$115,000
$100,000

OFFICERS.

DIRECTORS .

A. HO LLAN D ............. ..
. . . . .. . . . . . . . . .. . . . P r esident
M. P. T URNER ........... ..
............ . . . Vice-President
J. A. McKI NEY ........... .
. . .. . .. .. ... . ......... Cashier
M. M. PATT EN ........ . .. ..
.... . ....... Assistant Cashier

Jas. Callanan,
J. S. Patten .
J. D. McGarraugh,
M. P. Turner,
A. Holland ,
J. A . T. Hull.
L eander Bolton,
Henr\V

~t~i~rad.

Under direct supervision and jurisdiction
of the Auditor of the State of Iowa ••••
Interest Allowed on Special Deposits.
We R.espectfully Solicit Your Patronage.

THE TRI-STA TE BANKER.

JHE

January 23, 1897.

·T he A. H. Andrews Co.,

NORTHWESTERN NATIONAL BANK,

300

Wabash Ave.,

Chicago.

CAPITAL, $1,250,000.

Designers and ...
Manufacturers of

SURPLUS AND PROFITS, $500,000.

Fine Bank Fixtures
. .. and ...

MINNEAPOLIS, MINN.
GEORGE A. PILLSBUHY, Prest.
JAMES w. !:{.AYMOND, Vice-Prest.

Office Furniture......

GILBERT G. THORNE, Cashie r.
WlLLIAM COLLINS, Asst.Cash.

If you are erecting
a new building or
refitting your p·resent banking room

CONDENSED STATEMENT OF THE NOl'ITHWESTERN NA TIONAL BANK , OF' MINNEAPOLIS , M INN., AT CLOSE OF'
BUSINESS, DECEMBER 17, 1896 . COMPTROLLER ' S CALL .

ASSETS.
Uash on hand . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Due from other Banks .. . . . . . .. .. . . . . . . . . . . . .. ..

Write Us

798,ti70.93
615,403.22

U. S. Bonds ............... ... ..... . .. . ......... . .............. .
Other Bonds and Stocks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. .
Redemption Fund ....................... . ................... .
H.eal Estate... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ........... .
Loans and Discounts .......... . .. .. ......................... .

$1,414,074.15
60,000.00
69,695.00
2.2fi0.00
;J0,000.00
3,291.511.23
4,857,530.38

LIABILITIES.
Capital Paid t1_p .... . ............. .. . ... ... ... .. .. .. -.• · -- · · · • · ~ 1,250,000.00
Surplus and Undivided Profits, (net) ........ . .... . ....... ..
4'83,403.82
Circulation ................................................. .
13,900.00
DepositsDue Hanks.....
. . . . . . . . . . . .. . . . .............. 1,133,781.78
Demand LJeposits ............... ...... ..... . .. .. .. 1,976,444.78 $~. 110,2~6.56

and we will be ..
pleased to have one
of our expert specialists call on you.
We have furnished,
with complete equipments, more than three thousand of the
best banks in the United States. ...List sent on application.
We use only

It's all Fol-de-rol ~

to think that because we
make th& BEST desks, we
can not beat them all In
LOW PRICES, TRY US.

~.S..'l7,53o.as

Two per cent paid to correspondent banks on
balances averaging over $1,000 .00.

VALLEY m
NATIONAL
BANK • • • • •
OF DES MOINES.

·-.

honest ma-

A_ terials and ...
;1'""\

construction.

.

Report of the Condition of the

SECOND NATIONAL BANK
OF DUBUQUE, IOWA,
At the Close of Business, Thursday, December 17, 1896.
OFFICERS.

GEO. B. BURCH, President.
J. K.
HERM ESCHEN, Asst. Cashier .

DEMlNG,

Cashier.

DIRECTORS .

GEO. B. BURCH,
WM. L. BRADLEY,
w. H. DAY, H.B. GLOVER,
J. IL DEMING,
F. A. RUMPF,
GEO. w. KIESL.
RESOURCES.

J. J.

TOWN, President.
0. H. DILWORTH, Vice-Pre 't.
R. A. CRAWFORD, Cashier.

W. E.

BARRETT, Ass't Cashier.

Loans and Discounts ........ ...... .. ........ ...... $847,468
Overdrafts ...... . ... . . .. . . .. .. . .. . .. .. .. .. .. . . .. .. . .
224
U.S. Bonds, 4 per cents.............................
Other Bonds .. ............. . ... . .... ............... 193,460
Furniture and Fixtures........... .. ........... ..
Due from Reserve Agents ...... ......... .. ... ..... 224,940
Due from other Banks . . . . . . . . . . . . . . . . . . . . . . . . . . . . 47,287
Cash on band . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . 96,469
Redemption Fund ......... . .. .. . . . . .. . . . .. . .. ..
2.250

24
%9- 847,692
50,001
04
5,000
01
27
4t
00- 370,936

Total ................................ .

53
00
00

70

$1,467,089 27

LIABILITIES.

CAPITAL AND SURPLUS

. $300,000."00.

Oapital Stock .................................... ..
Surp_lll:s Fund ..................................... $ 65,000
Undivided Profits.... ..... ....... .. ... . ............. 28,144
Circulation . .. .... . ...... ......... . ............... .
Deposits (Individuals) ... . ... ...................... 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

34-

93,144' 34

45,000 00 1

5::1
40-

928,944 93

$1,467,089 27

State of Iowa, County of Dubuque, ss:
We, Geo. B. Burch, President, and J. K. Deming, Cashier. of the above named bank, do
solemnly swenr that th~ above statement is true to the best of our knowledge and belief
GEO B. BURCH, President.
J. K. DEMING Cashier.
Subscribed and sworn to before me this 17th day of December, 1896.
[Sl!AL)
HERM ESCHEN, Notary Public.
We have examined the foregoing statement aml find the same to be correct .
H.B. GLOVER, W. H. DAY, WM. L. BRADLEY, GEO . W, .KIE:,EL, F. A. kU~lPF.
·

Dir

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