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Number 7.
Des Moines, Iowa, July, 1897.
Volume IL
ESTABLISHF-D 1876.
S. A. ROUER'.rSON,
President.
C1'PITAL,
SURPLUS ,
GEO.
A. DJSSMORE,
Uashicr.
$100,000.
30,000,
_ _ _ I CITIZENS
IUH~!!!!!!; 11 J NATIONA L
low A NATI 0 NAL
BANK~
- s
EDITORIAL,
THE BANKER AND LEGISLAT~ON, NEW
RESOLUTIONS
6
BANK/~
•
., _. "'' ""'•IA.,. DES rIOINES, IOWA.
GOVERNING
- 13
F ORGERIES,
~,~·>lll2lilb•..----Des Moines, Iowa.
STUDY OF COMMERCIAL CREDITS,
Accounts of Banks and Bankers solicited
on favorable terms. School and Municipal Bonds negotiated. Collections
handled promptly. Designated reserve agent for National Banks.
DIRECTORS:
S. A. Robertson, Pres't,
Jas. Cunningham,
Geo. A. Dissmore, Oash'r, Geo. S. Redhead,
H. A. Elliott,
Frederick Field,
E. H. Hunter,
H. R. Heath,
.J. 'M. Goodman.
:M.. T. V. Bowman,
Dr. W. H. Dickinson,
E. D. Samson.
Theo. C. Sherwood,
.
~
REPORT OF MINNESOTA BANKS,
GENERAL NEWS AND NOTES,
MINNESOTA N EWS AND NOTES,
IOWA NEWS AND NOTES,
14
- IS
CAPITAL,
SURPLUS,
-
$200,000.00
-. 100,000.00
15
- 16
J. G. ROUNDS, President.
A. LEDERER, Vice-President.
GEO. E. PEARSALL, Cashier.
17
ACCOUNTS SOLICITED.
................................................................................ ..............7
~:: 1~t:1· :::::::: I Davenport Savings Banki
DAVENPORT, IOWA .
... THE ...
►
People's
Savings
Business
i
Solicited.
l
~ e s Moines, Iowa.
~
Bank ...
"'
Ii
... DIRECTORS . .
A Sheuerman.
0 . H. Perkins.
Martin Tuttle .
C.H . Martin.
C. c. Loomis .
A. Di~y.
J . A. Garver.
W. R. Warfield.
Martin Flynn.
. . . . OFFICERS....
Martin Flynn, Pres.
Adam Dickey. V. -Pres.
~
(
t
-.,. ,. ,.,. . .,i. .,. ,.C~~~~.~~~~:.~::~~:~n~:~~~~~=~~
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Capital, - - - $ 250,000
Undivided Profits,
81,000
Deposits, - - - 1,963,605
OFFICERS:
ANTHONY BURDICK, President.
LOUIS HALLER, Vice-President.
HENRY C. STRUCK, JR., Cashier.
O,.£TO L. LADENBERGER, Teller .
DIRECTORS:
A. Burrlick, Louis Haller, A. Steffen, W. 0. Schmidt, F. H.
Hancock, J. F. Dow, H. Kohrs, W. H. Wilson,
H. U. Struck, Jr .
5 PER CENT INTEREST PAID ON DEPOSITS.
MONEY LOANED
ON REAL ESTATE SECURITY IN THE STATE OF IOWA.
THE TRI-STATE BANKER.
2
®®®®®®®
...CAPITAL,
.
July, 1897.
... The National Bank ...
$1,200,000...
II National Union Bank,
REPUBLIC
OF THE
Mutual Life Building, 32 Nassau Street,
NEW YORK CITY •..
I
Statement l'tlay I4, I897.
... ASSETS .. .
United States bond s .......... . .... . ............... $ 600,000.00
Premium on same . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
40,424.66
Other bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
476,384.45
Time loans on collateral . . . . . . . . . . . . . . . . . . . . . . . . . . 3,3fi6,1B3 .04
/SJ)._ Bills discounted. ... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,388,478.40
'QS;/ Demand loa ns on collateral. .......... $1,837.440 64
,:S2:\ nue from banks. ....... . .. .. ... . . ... . .. 647,124.20
W Exchan ges for clearing h o use .. . .. . . . . . '164.93.1.91
@ g~pgs~~ -~ -i~~ .1:.~~~~~-~-~~~~-s. t~-~i~~~~~~ l, 7:J;gg&~8
I
Legal-tenders ...... ... ...... . .. . . ..... .
Silver, etc ..... :.. . ................ . ... . .
LIABILITIES .
Capital stock ....... .. .. . .. . ......... . . $1,200,000.00
Rurpl us . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . S00,000.00
Undiv. profits (less exp. and tax. pd.)
Sfi,874.20-1,885.874.20
Circulating notes ..... .. ..... . ..........
540,000.00
Du e depositors ; Individuals .......... 7,276,999.93
"
"
Banks ...... . ........ 3,722,682.99- 10,99!l,682 .92
I
00
I
740,720.00
134,897.P2-5,564, 136.57
$13,425.557.12
IWl,425.557.12
OF NEW YORK .
United Bank Bu il d i ng , Car. Wal l Street and Broadway.
$1,500,000.
SURPLUS,
500,000.
CAPITAL,
OFFICERS:
OLIVER S CARTER, President.
EUGENE H . PULLEN , Vice-President.
CHARLES H. STOUT, Cashier.
W . B. T. KEYSER, Asst. Cashier.
... Directors ...
SAM U EL D . BABCOCK.
AUGUSTUS D. JUILLIARD.
JOHN D . CRIMMINS.
DANIELS. LAMONT.
FREDERIC CROMWELL ,
RICHA R D A. MCCURDY .
G. G. HAVEN.
FREDERIC P . OLCOTT.
R. SOMERS HAYES.
HENRY H. ROGERS,
Jos.
HENDRIX ,
.
H. McK . TWOMBLY.
WILLIAM C. WHITNEY.
c.
b~sc~ii11!:::~~~
. . . -.............................. _· . . . . . . . . . . . . . . vice:~~::t~:~~:
E.
0 . LEECH . . . . . . . . . . . . . .. Second Vice-President and Cashier.
Accounts of Banks and Bankers Received.
CORRESPONDENCE SOLICITED .
Buy and sell United States Bonds and make transfers and
exchanges in Washington without additional charge.
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.
DES MOINES, IOWA,
WE carry in stock all kinds of CHECK PROTECTORS.
Prices from $6.oo. to $25.00. Have some bargains
in SECOND HAND MACHINES. Will exchange new for old.
Write to us before purchasing elsewhere.
ScttwAAB STAMP & SEAL Co.
MILWAUKEE, Wis.
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Federal Reserve Bank of St. Louis
THE TRI-STATE BANKER.
July, 1897.
3
The Best Bankers'
FIRST,:. NATIONAL
Publications.
,.,
- - - - - THE . .,.- -.....
,-·- - - - -
IBANK
---====
The Bankers' Magazine - oldest bankers' publication in
America. Established 1846. Terms, $5.00 a year.
Has over double the circulation of any other bankers' publ,cat,on
in the United States.
~
Corner Monroe and Dearborn Streets,
CHICAGO.
CAPITAL, $3,000,000.
a l?egulatt Banking
SURPLUS, $2,000,000.
Business Tttansaeted.
TRAVELERS' CREDITS issued available in any part of the
world. TRA SFERS OF MONEY MADE BY TELEGRAPH AND
CABLE anti EXCHANGE DRAWN at customary usances, on the
principal eities of the United States, Europe, Japan, China and the
East Ind,ies.
All kinds of FIRST-CLASS INVESTMENT SECURITIES dealt
in. Constantly on band and for sale at current rates a full line of
GOVERNMENT 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.
Advertising Rates low considering the large circulation
guaranteed.
Qfiir Rhodes' Journal of Banking and the Bankers' Magazine have
been consolidated.
The Bankers' Directory~ Issued in January and July- corrected to date. Price with marginal index, $4 a copy ;
both editions, $7. Plain, $3 a copy; $5 a year.
Practical Banking (Methods and Machinery of). By Claudius
B. Patten, for many years Cashier of the State National
Bank of Boston.
" The best Book on Banking in the English language."
Price, $5 a copy, or to Bank Clerks $3.50 a copy when
ordered in lots of ten copies and over.
The Bankers' 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.
BRADFORD RHODES & CO.,
Publishers.
BANK OFFICERS:
78 William Street, NEW YORK.____;
S. M. NICKERSON, President.
JAMES B. FORGAN, Vice-Pres·
GEO. D. BOULTON, ~d Vice-Pres. RICHARD J . STltEET, Ca.shier.
H OLMES HOGE, Asst. Oasb.
FRANK E. BROWN. 2d Asst. Cash.
NOTICE. Orders for the Bradford Rhodes & Co.'s Bankers' Publications received at vublisber's rates by THE TRI-STATE llANK.F.R,
Des Moines, Iowa.
·
iiii~i£iii~iiii!iiii£££££££!££~££~££££1m.
~~~~~~~~~~~~~~~
: You Get
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the Profits
Of Dealers, Agents, Jobbers
and Middlemen by buying direct from the manufacturer.
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Acme Cycle Co., Elkhart, Ind,
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No better wheel made than the
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Built in our own factory by
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anywhere for examination.
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Federal Reserve Bank of St. Louis
•
··· 0 hmer~- -~
Dust Proof ..... .
Filing Cabinets,
fYTTTmnnn~~~n~
For the preservation of Letters,
Documents; Checks, Signature
Cards, Blanks, Stationery, Bills,
etc., free from dust and ready
for instant reference, are the
f
BEST ~
•
IN
f
THE
!
1
f WORLD;
L...~.u~•~~.J
Every bank should have at least one suitable
cabinet. Write for Illustrated Catalogue and
Price List, and make a selection. Special
designs and estimates for
Bank and Store Fixtures.
~~
If you are erecting a new building, or
refitting your present rooms, write
The
M. Ohmer's Sons Co.,
Dayton, Ohio, U.S. A.
THE
4
~I-
TRI-STA TE BANKER.
I
CENTRALLY LOCATED
lll And Well Equipped For Handling Country Accounts. [
:
,,,THE,..
July , 1897.
G . B . SHAW, PRESIDENT .
J , R , CHAPMAN, CASHIER,
JOY MORTON , VICE • PRESID ENT,
W , L. MOYER ,
L . C. WACHSMUTH, 2D VICE • PREST ,
0 . C . DECKER,
AS SISTA NT CASHIER,
2D
ASST,
CASH IER ,
CAPITAL, $1,000 , 000 .
\
LSTATEMENT,l
THE AMERICAN TRUST
Cedar Rapids National Bank of Iowa
SAVINGS BANK ....
NORTHWEST CORNER LA SALLE AND MADISON STREETS ,
Transacts Strictly A ..
Commercial Business.
. .• CHICAGO ...
A. T. AVERILL, President.
G. F. V ANVECHTEN, Vice-Prest .
RALPR VANVECHTEN, Cashier.
STATEMENT OF CONDITION.
MAY 11 , 1897.
RESOURCES .
•
Capital, f200,ooo .....
Undivided Profits, $30,000.
Your Accounts and Collections Solicited.
General Commercial Business ..
Officers and Directors.
0. HAYWARD, President.
HENRY EGDERT, Vice-President.
D. BAWDEN, Cashier.
S.,F. SMITH.
A. F. CUTTER.
J . B. PHELPS.
M. J . EA0AL.
JORN W . BAI.LARD.
s. L. ELY.
W. II. SNIDER.
s.
PETTIBONE
(Incorporated.)
... CHICAGO ...
Bank Stationers
and Lithographers
$3,269,836 20
59,000 . 00
143,629 . 78
$
-
722,631.72
121,792 . 91
1,557,23848
2 ,401 ,663, 11
LIABILITIES .
CAPITAL STOCK PAID IN,
SURPLUS P'UND,
UNDIVIDED PROFITS,
DEPOSITS , INDIVIDUAL ,
D EP OSITS , BANKS,
DAVENPORT, IOWA.
P. F~
LOANS AND DISCOUNTS ,
UNITED STATES BONDS , •
OTHER BONDS AND STOCKS,
CASH ON HAND,
CHl!:CKS AND CASH ITEMS, DUE FROM OTHER BANKS,
$5,874 , 129 . 09
Davenport National Bank,
w.
AND
$1 ,00 0,000.00
80,000.00
22,660.78
-
$2,985,794.16
1,785,674.15
4 ,771, 468 . 31
$5,874 . 129 09
SPECIAL ATTENTION GIVEN TO ACCOUNTS
OF STATE AND PRIVATE BANKS . . . . . . .
Acts as Trustee and Transfer Agent for Rail1-oads and other 01rporalions. Accepts Trusts created by Will or otherwise. Issues Interest
Bearing Cet·tijicates of Deposit. Legal Depository for Executors and
Trustees. Tra nsacts a General Banking Business and Solicits Accounts
of Corporation s, Firms, and Individuals. . . . . . . . . . . .
WE SOLICIT CORRESPONDENCE
& Co.
.,
..... ..
,
Fine Russet ... .
Leather Pass .. .
Books and Pocket
Check Books a . .
Specialty.
au
LARGE ASSORTMENT OF
BANK REGISTERS
- .....,, ..1011,....-
And other Forms kept in stock.
Bankers' Mutual Casualty Company
DES MOINES, IOWA.
DIRECTORS:
DIRECTORS :
CHAS. R. HANNAN, Cashier Citizens State Bank, Council Bluffs, Ia.
J. U . WO0DWOR'rH, Ca.shier Com'l State Bank. Marshalltown, Ia.
J.M. DINWIDDIE, Cashie r Cedar Rapids Sav. Bank. Cedar l{apids.
J. G . ROUNDS, President Citizen s National Bank, Des Moines, Ia.
A. U. QUIN'r, President State Bank, Scranton, Ia.
S. O' Do:rnELL, Pres. Citizens National Bank, New Philadelphia, 0.
WM. A. GliARAM, 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.
~ 1·--------J
G. R. MOORE, President State Bank, Jackson. Minn .
JOHN H. LEATHERS, Cashier Louisville Banking Co., Louisville, Ky.
C. F. SMITH, Cashier First National Bank, McGregor, Texas.
JAS. FERGUSON, V.-P. Northwestern Nat . Bank, West Supe rior, Wis.
A. E. SPALDING;,. Cashier Ainsworth Savings Bank, Ainsworth, Ia .
E. B. URANCH. vmaha, N eb.
EDWIN GOODALL, Des Moines, Iowa.
11'. ELMORE, Ca.shier 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. Co -u
ynse its business to banks. Correspondence solicited.
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Federal Reserve Bank of St. Louis
~be ~rf==State l3anker.
VOLUME
II.
A Bankerg' Jom·nal fm· th e Mfdd/,e-West.
DES MOINES, IOWA, JULY, 1897.
$2 . CO PER ANNUM .
THE TRI-STATE BANKER,
PUBLISHED BY
THE TRl=STATE BAN KER COMPANY
GEO . G . HUNTER, MANAGll:A,
MANHATTAN BUILDING, DES MOINES, IOWA.
1\. mo ntbly banke rs ' Journal devoted to the intereats of bankers
in tile :Middle-W est.
All c ommunications and n e ws iter11s of local interest to bankers
in thi s tenitory are requested.
Subscription. $2.00 per a11num; single copies, 20 cents.
Adve rtis ing rates on application.
Enter ed at De s i\ loines Postofflce as second class matter.
PRESIDENT J. F. R. Foss an<l Secretary Prince, of
the Minnesota Bankers' Association, are sparing no
effort to interest the bankers in the forthcoming convention at Duluth.
***
THE state convention of the Minnesota Bankers'
Association will be held in Duluth, July 15th and 16th.
No better place could be selected for a mid-summer
convention. The fine entertainment provided by the
bankers and citizens, and interesting association program , should bring out a large attendance.
***
IN VIEW of the .unsatisfactory workings of the Minnesota state banking department, the Minneapolis
Clearing House Association have adopted a rule that
will very greatly facilitate the maintenance of sound
banking in that city. The rule is nothing less than a
system of examination by a clearing house committee,
or a representative of that body, of any bank belonging
to the association, irrespective of any examination
which may be made by Bank Commissioner Kenyon.
The weakness of this department, or the inability of
its chief to furnish reports that could be relied upon,
has made such action on the part of the clearing house
necessary for self-protection. The clearing house is
in a measure sponsor for each of its members, and consequently it has a right to know, as a body, the exact
condition of affairs. Permission has been obtained to
have the district national bank examiner make the examinations, thus insuring strict impartiality and a thorough personal examination into the banks' condition.
We congratulate the bankers of Minneapolis on the
stand they have taken to insure for the great business
interests of that city a careful and honest handling of
their funds and the promotion of sound banking.
***
THE state banking department of Minnesota presen ts a striking example of the pernicious influence of
modern politicians in the administration of public bus
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Federal Reserve Bank of St. Louis
NUMBBR
7.
SINGLE COPIES 20 CENTS.
iness. The department is practically a failure so far as
it was intended to guard carefully the banking interests
of the state and to see that the banks were conducted
in strict accordance with the laws. The failure to fulfill the intent of the law is witnessed by the recent
bank troubles in the state, with their accompanying
disclosures, and further acknowledged by the excuse
offered that the force available by the commissioner
was not sufficient to properly perform the duties of the
office. The custom of the department in calling for a
report of the condition of a bank and relying on the
penalty.of the law to insure a clear and correct report
without a personal examination for long periods of
time, was as absurd as to ask a criminal to keep account
of himself and at intervals report just how he was
succeeding. Dishonest men are the same in every
vocation, and though comparatively few in the banking
business, there are still enough who from choice or
weakness practice illegitimate banking, to make honest bankers, as well as the public, demand a strict surveillance. Even when from the reports sent in an
alarming condition of affairs was evident the commissioner failed to take proper action. The department
has not fulfilled the purpose for which it was created.
It ought to be brought up to the required proficiency
or abolished.
It has not done well what it has
attempted to do, but rather, in the opinion of the
writer, has had the appearance of being conducted on
a political level. Bank Commissioner Kenyon is not
wholly to blame for the inefficiency of his department.
It lies rather in the executive head of the state.
***
THE Iowa Bankers' Association made the initial
movement in the organization of a National Assembly
of delegates from the various bankers' associations of
the country. At the Ottumwa convention the follow ing resolution was adopted unanimously:
WHEREAS, The purpose of all associations of bankers is the
welfare, improvement and safety of the banking business in
general, and
WHEREAS, Such purpose can be best attained through systematic union of all bankers' associations; therefore be it
Resolved, That in the opinion of the Iowa Bankers' Association it is advisable that there shall be a national organization
composed of delegates from the bankers' associations of the
various states; and
Resolved, That the secretary of the Iowa Bankers' Associa_
tion be instructed to correspond with the proper officer of other
bankers' associations, inviting them to a preliminary meeting
to be held within the next six months at such time and place
as may be agreed upon ; and
Resolved, That the president shall appoint two delegates
from this association to attend such preliminary meeting, and
that their expenses shall be paid by the association.
THE TRI-STA TE BANKER.
6
Under this resolution President Hannan will appoint
two delegates to the proposed convention, and Secretary
Dinwiddie is to open up correspondence with the secretaries of other associations for the purpose of determining when and where the meeting shall be held. A
mistaken idea has arisen in the minds of some that this
organization is to be a rival of the American Bankers'
Association, but this is not the case. The older association, .which meets this year in Detroit, is made up
of a membership of banks all over the country; it has
a distinct object in promoting interchange of ideas, and
discussion of leading financial topics. While it has its
effect in molding public opinion, it is not a representative gathering of the banking interests of the whole
country, but the attendance at its annual meetings is
made up in a large majority of members who happen
to live in the vicinity. The organization as proposed
by the Iowa Bankers' Association contemplates a radiically different convention, in which each state ·association shall be represented by an equal number of
delegates without any general membership of banks.
In this convention the work of the various state
associations would be crystallized, and, by a union of
forces, national support would be given to measures
originating in those associations.
To the Iowa Bankers' Association belongs the credit
of first adopting this idea, and other associations have
already indicated their intention of joining in the
movement.
THE BANKER AND LEOISLATION.
The relations existing between the banker and the
people are extremely close, and because of the charac·
ter of our economic life, indispensable. Without these
relations the commercial, financial and social development which characterizes this age would be impossible.
These relations, so complicated, so far reaching in their
consequences, are, to my mind, expressions of economic
laws, and enter into still other relations as to social
affairs requiring special adjustments to existing laws,
and hence necessitating legislative action. All human
legislation has in it an element of compromise, and the
· resultant introduces a measure of conflict. That conflict finds expression in many ways, but very noticeably
in the antagonism so frequently observed between
special interests and bodies of law-makers. As our
wealth becomes greater, as it tends more and more to
aggregate itself for active work, this antagonism becomes more pronounced in legislation until our special
interests look upon the meeting of a legislature with
about the same equanimity that an individual hears of
the approach of the cholera or yellow fever. The out•
come of this antagonism must be disastrous, unless
there can be some rational understanding between the
parties. I do not expect to be able to outline a definite understanding, but if I may throw out some sug-
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
July, 1897.
gestions which may tend to thought upon the serious
question, I will feel that my effort has not been in vain.
The relation existing between the banker and legislation a century ago , or in England, or Germany, or
Italy to-day is, and in the nature of things must be,
different from what it is now and in our country. In
the countries named that relation is dependent, in a
large degree, upon the theory of the government under
which the people live, and it must in this country be
dependent upon our theory of government.
The relation is also dependent upon the social and
economic conditions of a people. The simpler those
conditions the more primitive the relations existing
between the special interest and the law-making body.
A special interest is the expression of complex and
_intricate social and economic conditions.
They are
correlative. You can no more have one without the
other than you can have the flower without the sunlight. To complain of the one is to question the legitimacy of the other. To subvert the special interest
you must wipe out the conditions which have made it
possible.
This is an age of corporations, of aggregated wealth,
of special interests, such as banking, railroading,
~illing, or dairying. These are all the products of
our present economic conditions. If these interests
have in them dangerous tendencies they are to be met
and overcome, not in legislating directly against those
interests, but in new-directing the conditions themselves ; not by attempting to change the institution
itself, but by guiding and controlling the elements
which enter into it.
The Chinese system of confining the feet of their
women from early youth so that in womanhood they
are proportionally very small may meet the requirements of Chinese resthetic taste, but the thousands of
years in which it has been practiced has not justified
the conclusion that the laws of growth, which would
turn out a symmetrical foot have in the least been
changed. In this case we have simply an ugly foot; in
matters of economics such character of interference
has only resulted in class dissatisfaction.
In other
countries that class strife has been pronounced, while
in our country it has been less apparent, or really so,
because our development h~s been more in accordance
with the laws of sense and of nature.
More than ever before agitation is characteristic of
our time. Old faiths, cherished ideas, sacred statements of truth, or supposed truth, are boldly called in
question. God, government, home, the family relation,
are all attacked as inimicable to the rights of man,
whatever those rights may be. Economic ideas which
have stood for years, and which have been endorsed by
the authority of men whom the world has honored as
sages, are now denounced as false and as the refuge of
those who seek to overthrow human rights. While
ideas which seem, when compared with those of the
past, as most revolutionary, are openly and boldly
THE TRI-STA TE BANKER.
June, 1897.
Acts as Reserve Agents for National, State or Savings Banks
THE
$300,000.00 ...•......
OF
DEs Mo1N ES, low A ....
. .. Correspondence Invited.
avowed, and those who oppose them are characterized
as the minions of the money power.
At times matters look gloomy, and those "vho have
vested interests, or who cling to historic ideas, imagine
that the future has for us nothing but a fearful lookingforward to times in which the fierce passions of men
will burst into flame and the present conditions go
down into blood and ruin. That conditions are changing, that new ideas are becoming prominent, that radical, theories are propounded, and dangerous tendencies
are coming upon the stage of action continually, cannot be successfully denied.
But if you will follow the literature of the last forty
years, or study the files of the daily papers during that
time, yon will find '. that there have been innumerable
prophets of evil, and that the final end of all things
has been announced with unerring certainty. The
crises have passed and we have struggled on. Other
crises will come and they will be met successfully, as
heretofore, if' only the business men and the common
folk remain true to their inborn ideals of truth and
. justice.
This constant agitation to a considerable degree finds
its expression, directly or indirectly. in the legislation
of our various states. Some of that legislation is
ephemeral, useless and positively harmful ; some of it
is provocative of retaliation upon the part of special
interests, and therefore dangerous in its teachings ;
while much of it is the expression of the changing
necessities of our people, a recognition of the constant
evolution of our complex social and economic life, and,
hence, positively wise and commendable.
Fault is found, upon the part of many, with the
amount of our legislation. This is useless. There is
no need of kicking against the pricks. This universe
is one of law. It is admitted that what is termed natural law is not the same as positive law ; but there is a
character of analogy between the rules, or the sequences
of events. At least there are constantly changing
relations both in nature and in social and economic life.
In nature those changes respond to ever present rules
or laws, but in man's life the co-ordination is slower,
and can be measurably aided by the intelligence of
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DES MOINES NATIONAL
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. .. . OFFICERS ....
G. M. RRYNOLDS, President, E . A . LYND, Vice- President, C. B. ATKIN S,
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11:1an, in that he finds the law and places it upon the
. ~tatute book. What is needed is not less law but less
so-called law ; a clear expression of the relation of new
facts to old facts, and not attempts to make facts by
legislative acts.
Among the conditions under which institutions are
to be considered is included the theory of government
accep.t ed by the people. If the practical development
of the institutions or interests harmonizes essentially
with the theory, their interaction will be necessarily
beneficial. While, upon the other hand, if a portion
of the interests develop within the lines of the theory,
and others and their concomitant ideas outside of the
theory, the result must inevitably be dangerous.
Our theory of government is fundamentally individualistic. It seeks to forward the interests of the
individual by giving him the widest possible scope for
all his energies consistent with the interests of every
other individual. All legislation, upon this theory ,ought
to conserve his economic powers and aid in emphasizing
his personality. The government is /zis agent, and not
he the agent of the government. The people as a unit is
not the government, for the government is but an
agency . When, however, the individual is considered
as the agent of the goverment, and his personality is
ignored, you have completely reversed the theory of
government ~which our nation has heretofore acted
upon, and you have entered upon one form or another
of pure socialism. I am not to discuss the legitimacy
of socialism, nor do I say it is not the best form of
government for a civilized people. I simply insist that
it is not the theory of government inaugurated by our
forefathers, and not the one that legislation, under our
various constitutions, ought to carry out. Hence, any
legislation which tends to forward the socialistic theory
of government must come in contact with institutions
and interests builded upon the other theory, the i~dividualistic. It goes without saying that the soul of
some of our modern legislation, especially that which is
the offspring of temporary popular excitement, is
socialistic. The banker, as a special interest, must
submit his rights to the controversial conditions as thus
outlined. Special interests in this country have all
s
THE TRI-STA TE BANKER.
been developed along the line of individualism, except
insofar as the corporate form may be socialistic, and
every attempt to mold those interests to new ideas and
in conformity to another theory invites contention and
popular discord.
The banking interest, as a special interest, is very
susceptible to legislative interference, for the reason
that it deals so intimately with that which, in the public mind, stands for wealth; and for the further reason
that the agitator, who succeeds in chauging laws, fails
to recognize the importance of two fundamental economic facts: First, that the banker is dealing with
his own property, and second, that he is dealing with
other people's property. An attack upon the banking
interest as to the first fact is an attack upon a general
principle applicable to all owners of property, and
hence an attack upon the principle of individual ownership of property; while an attack as to the second fact
not only curtails the power of the banker in his profit
makmg, but injures the rights of thousands, and is an
indirect attack upon property as such.
To understand, then, just where the province of legislation ends, in reference to banking, under our theory
of government, it is necessary to have a general idea
of the legal status of the banker. And also to insist
that the legislator should understand that status and
remain true to it at least until the theory of government
which he is sworn to uphold is constitutionally
changed.
What discriminates a· banker from any other person ?
Is it the fact that he usually dresses well, washes his
hands until they are immaculat~, meets in conventions,
sometimes wears patent leather shoes, goes to parties
with a dress suit on, spends long and often tiresome
and anxious hours behind a counter railed off from the
outside world, and loans a commodity called money to
those who are able to borrow? No ; for there . are
thousands of other persons in our country that do the
same thing, though from the complaints frequently
heard you might conclude that these peculiarities were
indubitable indications of inherent depravity, calling
for condign punishment.
Ricardo, I believe, states that the banker as an economic figure comes into existence when he begins to
loan the money which others have intrusted to his
keeping. While he is loaning his Qwn money he is
s~mply a capitalist. Ricardo's principle is the differentiating element.
However large the institution,
whatever its ramifications, whether it be a private bank
in some small town upon one of our far western prairies, or the Bank of England, that which makes it a
bank is the fact that the money of others, and not that
of the capital of the bank simply, is being loaned.
The most complicated and intricate of its activities
are but combinations of the interests and rights locked
up in this primary idea.
The legal status of the banker is but the expression
of the legal status of that primary idea in combination.
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Federal Reserve Bank of St. Louis
July, 1897.
What is that legal status ? Purely that of contract.
The banker borrows the money of another and agrees
to return it ; or, he receives it upon deposit for safe
keeping, and undertakes to return it upon certain time
conditions. Now suppose that he neglects or refuses
to do what he has undertaken, what ought to be the
consequences? Ought be to be decapitated or incarcerated for years, or his property confiscated? Such
suggestions have met with approval upon the stump.
Should the government undertake to run his business
for him? This idea is a prevalent one. But why?
Because he is dealing with money. Money is the
medium of exchange; the government ought to absolutely see that this medium of exchange is not locked
up by designing men; bankers are designing men,
therefore the government ought to practically run the
banks. This is pure socialism. It goes much farther,
too, in principle than its advocates think. They complain of the hoarding of money for the purpose, as they
insist, of making it more valuable, and insist that it
be loaned for a small interest, and upon what the
bankers conceive to be unsafe collateral. But if their
idea is correct it follows that the government must
insist by law that any person having money should
loan it immediately, or within a reasonable time, for if
they do not their socialistic banks will not have any
loaned to them by the people to put out. The owners
of money are not to be fooled. You must stick to the
present legal status of a bank, or be prepared to adopt
the socialistic ideas in toto.
In case a banker refuses to perform his contract the
legal thought is that he must submit to the payment
of damages. That is all tbere)s to it. No one is com-.
pelled to place his money with the banker. It is bis
voluntary act. He may loan it to the preacher or to
the socialistic reformer, if he pleases, and all that be
will have between himself and loss will be a contract.
This legal obligation is what the banker ought to be
subject to and, all that be should be subjec_t to upon our
theory of government. But it is said that the banker
may embezzle the money confined to his keeping.
That is possible. He has then broken his contract and
at the same time committed a crime for which there
are legal remedies. But why ought there to be other
and different laws for the punishment of bankers when
they do wrong? There is no reason for such required
discrimination upon the present theory of government.
The point made is that the banker as such ought not
to be under any other laws than other persons making
contracts ; that the extent and variety of bis business,
together with the fact that he deals with money, the
medium of exchange, is not sufficient of itself to
require peculiar and drastic laws hampering his activity
if not absolutely changing the responsibility of bis
business.
It is urged that corporations take advantage of their
peculiar legal status, and power of combination, to
harm the people. Concede it. It is not contended
July, 1897.
Capital,
THE TRI-STA TE BANKER.
Surplus and Profits
$100 , 000 . 00 . . . . . . • .
9
$15 , 200 . 00
The Iowa National Bank
DAVENPORT
CHAS. BEIDERBECKE , Presi dent.
CHAS. PASCHE, Cash i er.
A. p_ DOE, Vi ce- Presi dent.
that the corporation is the same as a banker ; nor do I
concede that the banker -in the corporat£on ought to be
dealt with as a different individual than in a private
bank and upon socialistic grounds. The corporation
itself is a different individual. It has rights peculiar to its origination, and they ought to be under
the regulation of the creator. Within the boundaries
of the constitution the government can do what it
pleases with its creation. But the regulation of a corporation ought to be along the lines of our governmental theory and not upon some other ; and matters
entirely personal though found working in the corporate form ought to be regulated upon the individualistic
idea and not confused with the rights and limitations
of a corporation.
These views are frequently repudiated by men of apparently good sense, and they insist because a corporation
is the creation of government, that, therefore, the government should enter into and regulate all the minutire
of its workings, control the means, the methods, the
results ; thus becoming paternal in the worse sense,
and absolutely socialistic.
Then, by a confusion of ideas, these reformers pass
over from the corporation to the individual bearing the
same name, and insist that the public interests demand
that the same character of legislation be applied to
them.
My contention is, not that legislation ought not to
deal with the new and complicated conditions brought
into existence by the methods of modern banking, but
that the conditions and the relations growing out of
them should be dealt with from the standpoint of the
individual as a member of society, not as a corporation. That the banker if he commits a crime should
be punished as a man and not as a banker, and that
his crime ought not to be charged up to the special
interest. That legislation ought to be an instrument
for regulating industry, not to initiate new and other
• forms of industry antagonistic to the individualistic
idea.
What, now, is legislation? Speaking popularly, it is
the laws passed by a body of men, chosen by the .people
in their governmental capacity, and which laws are the
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rules of actions for all persons to whom they apply.
But this popular idea is not the legal idea. For instance, the legislature might pass a law providing thaf
the banking institutions in the state should pay into
the public treasury each year 50 per cent of their income to sustain all the tramps which might be in the
state at the public hotels for one month. This would
be absurd, undoubtedly, but it is but an exaggerated
statement of a concealed principle which is behind much
desired legislation, and there are many who would
think such an act a law. Why would it not be a law?
Because it would be in contravention to the spirit of the
constitution. But that instrument is simply the outward expression of the theory of government under
which we live.
Hence, all such so-called laws are illegal, because they
oppose the theory of government. The true law is
that one which carries out the totality of interests of
the individual person within the lines of the adopted
theory, and it is the only one that will stand the legal
test.
And when an act, directly or indirectly, endeavors to
turn the chief efforts of the individual to the benefit of
others, whether persons or the state, by the very force
of the act it is unconstitutional.
The social idea is that a law should look to the greatest good of the greatest number. This idea ought to
be ever kept in mind, but the act which is to be a law
must be formulated upon the constitutional idea, regardless of this greatest good, expecting that that
result will follow. But if it does not, the errot eous
result is not a justification to our legislators to overlook
the theory' but if l}Ot satisfactory to the people they
should change their constitution. And just here we
find the practical difficulty in this vexed question of
the relation of special interests to legislation. The
legislator looks primarily to the attainment of general
good regardless of the constitutional theory upon which
he is supposed to act, trusting that his legislation will
effect some beneficial change before the law courts set
their seal of disapproval upon the law. Then, when
the disapproval comes, popular clamor declares that the
courts and special interests are in league against the
IO
THE TRI-STA TE BANKER.
people. It is not contended that the legislators as a
whole intentionally disregard the organic law, but that
their knowlerlge of its basic theory is very vague and
liable to be confused with new and taking theories,
which they conceive to be fitted to our mode of government, instead of knowing, as they ought to, that the
constitution is a theory of government, and one, too,
that must be obeyed by them.
In short, my contention is that special interests,
banking, for instance, is the outgrowth of complicated
economic and social conditions working under an accepted theory of government; that that theory of government, having been adopted by the people themselves,
is compulsory upon the legislator, and that all legislation is illegal which departs from the theory thus
adopted; that at the same time there has been developed in the ideas and thought of our people a different
theory of government, antagonistic to the constitutional
one, and which has frequently found its expression in
legislation ; that the special interests are founded upon
individualistic ideas of business , justified by the constitutional theory of government under which we live,
and that the legislation objected to antagonizes these
interests and thus brings about contention and strife.
The desirable thing, the practical thing, then, is to
get rid of this contention, or, rather, to reduce the friction between the two parties to its lowest terms. How
is this to be done? The fundamental basis of an agreement by which it may be done is a calm and patriotic
study of the rights of each. You as bankers should
endeavor to put your case before the legislator in a
clear and distinct manner.
At the same time you
ought to recognize the fact that you have not at all
times been just in your dealings with others, and especially that you have not allowed for prejudices which
are_incidental to the majority constituting your legislatures ; prejudices fed by the general ideas now so earnestly put forward , and which you too often dismiss
with indifference. Have you ever stopped to analyze,
for practical purposes , a legislature? It may not be
amiss to undertake that duty now. It is made up of
men with like passions as your own. Because of its
protean character its interests are more diverse than
yours, and hence there are more angles that are liable
to be hit by other interests. The large majority of its
members are not conversant with affairs of wide practical moment. They are elected by differing constituencies, and frequently upon issues filled with passion and
prejudice which tend to cloud every subject of importance upon which they may be called to act. These
various elements may be reduced to three genera-I types
or classes.
First, there is that class made up of well informed
men ; conservative, honest, and alive to the needs of a
people progressive in their character. They are acquainted with the constitutional theory of our country
and desire to act within its boundaries. There is a
second class, made up of a smaller number, bright,
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Federal Reserve Bank of St. Louis
July, 1897.
educated, thoroughly acquainted with business and
governmental theories, but politically, if not morally,
dishonest; men who are in the legislature for what
they can make out of it. Then there is the third and
larger class of honest and well meaning men ; but men
who are too frequently governed by their prejudices,
and who have an idea that special interests, and especially railroads, banks and insurance companies, have
but one object in existence, and that to ruin the people;
who think that those interests are in the lobbies by
their agents to purchase unjust legislation. These men
are ready to do rightly and justly even by these interests, if they can be brought to see those interests uninfluenced by their prejudices.
The second type is the one to be feared. They are
the legislative hold-ups. They are the ones who introduce legislation that requires money that it may die.
If the interests which they thus attack do not respond,
they raise the hue and cry against the burdens which
they allege those interests are forcing upon the people,
appeal to the prejudice of the third class, and, working
upon them, force through much of the objectionable
legislation with which we have to deal.
A recognition of the shortcomings of the special interests in reference to the legislators, as viewed by one
who has not been intimately identified with the special
interests, may suggest a trairr of thought which may be
conducive to improvement.
And, first: It is almost a prescriptive custom for
special interests to send committees to the legislature
to represent their rights and head off injurious legislation. In my judgment the policy is a bad one. It
does more harm than the good it accomplishes. It is
a huge irritant. It is an avowed invitation to the legislative hold-ups to ply their business. You say it is
necessary or your interests will be ruined. That does
not necessarily follow if you will but perform your duty
as citizens. The legislature is your agent just as much
as that of any other person. Its members are sworn to
protect your interests, and you ought to assume that
they will do so. The member from your county is
your fellow-citizen ; he is bound to listen to your
claims for consideration, and in the majority of instances he would welcome your views upon public
questions. It is generally known that certain character
of legislation is threatened at all times. It is bad legislation. Your member would gladly know how all his
constituency feel upon the matter. How many of this
association, I wonder, before the meeting of our last
legislature called upon his member of the House or
Senate, and had an honest, square business talk as to
what legislation ought not to be passed? Why did
you not do so? Did you say, '' I will wait and expect
the association to send a committee for that purpose
and then pay my proportion '' ? If these members are
in financial trouble they come to you and without hesitation tell you all their difficulties, and act upon your
counsel. Has the fact that they have been elected to
THE TRI-STATE BANKER.
July, 1897.
SURETY
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FURNISHED
Fidelity and Deposit Company of Maryland,
HOME OFFICE, BALTIMORE, MD.
~~®~~:s~~~l!l
IOWA GENERAL AGENTS.
Des Moines, T. W. Phillips.
Cedar Rapids; J. S. Anderson & Son.
Sioux City, Peters & Perkins Company.
Burlington, Hutchinson & Wesner.
Dubuque, Coates & Robinson.
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ECO MES SURETY on bonds of bank officials and employes, also on bonds
for contractors and employes of mercantile houses and all others occupying positions of trust. Accepted as SOLE SURETY on bonds given in
Judicial Proceedings in Iowa. These bonds executed on application for same.
Cash Resources, Over
$2,000,000.
~
~:S~®~~:s~:s,
HER.MAN E. BOSLER., Treasurer.
EDWIN WAR.FIELD, President.
the legislature changed their business character? I made to array class against class. One of the great
make bold to say that they would have considered such parties protested vigorously against this method of cona consultation as an honor. But you say they would troversy. But what was the attitude of that party
have paid no attention to it. What makes you think itself upon the matter? It had a large number of inthat they will give heed to a committee when at Des fluential papers advocating its cause, and yet many of
Moines? Will they place more faith in such a com- those papers, in editorials, in squibs and in cartoons, were
mittee than in one of their own fellow-citizens? One , constantly playing upon the facial, or dress, or mental
too, who may have aided them in some difficult situation. peculiarities of a large and important class of our peoThe truth is that the prejudiced man, whom ple; a class, too, of the very best character of people,
you desire to overawe with a committee, concludes at but who, because of their avocation, are unable to enter
once that aggregated wealth has come with experts to into the full enjoyment of our intensely social life, and
overcome their honest opinions, and all his antagonism therefore are more liable than some other classes to be
is in arms against you. Or, if he is morally weak, he governed in certain directions by their prejudices.
falls into the error of assuming that you are there to This class of people furnish a large minority, if not an
/
purchase his influence. If you refuse to do it, that is actual majority, of the members of our legislatures, and
now an added insult, for he feels that he has stained they carry with them to those bodies a natural antiphis manhood. One of two things inevitably results ; athy to those whose organs have thus maligned them.
either you have to give way and directly or indirectly In the city of New York is a ''Journal of Civilization ''
purchase his influence, or he is passionately opposed to which stands for the wealth and culture of that city,
you. You have educated a reformer filled with hatred and its editorials were all in the direction of sustaining
and conscious of the fact that wealth will purchase in- conservative ideas, yet its cartoons were a disgrace to
fluence, and you cannot tell the truth and deny it. I the Choctaw Indians. Many classes are struggling
do not for a moment say that a committee of this asso- upwards from their narrow environments and obtaining
ciation would do such a thing. But these are the diffi- glimpses of the true theory of affairs; they feel the inculties which beset such committees; and it is a fact that spiration of the new ideas, but just in the flood of their
some interests have proceeded directly and boldly upon hopes and aspirations they are confronted by these carthe plan of purchasing influence, until all such com- toons, or unjust editorials, or scurrilous squibs, emanatmittees come under the ban. No, the whole policy is ing from those who are supposed to lead, and all the
wrong, dangerous, and ought to be condemned. The "old Adam" in them rises in rebellion. When they
personal method outlined, or the honest and fair letter obtain power they retaliate. It is easy to philosophize
to your member, or the request to be heard when the about the absurdity of such conduct, but that don ' t
legislation comes before the committee of the House or wipe out the fact that unjust legislation follows in its
wake. It is conceded that the sweeping inference
Senate, is the efficacious way.
S econd. A failure to recognize class distinctions and drawn against all persons engaged in special interests
to allow, in discussions, for their prejudices; or the exag- because of such methods is not just, but it can never be
gei:ation of those prejudices, and their peculiarities in overcome until by some means an honest and heart-felt
times of excitement results disastrously in legislation. protest can be had against the method.
Third. A frequent error made by special interests,
This is no doubt an indirect result, but one, nevertheless, which may be remedied, and ought to be. This and one the source of much trouble, is the avoiding of
error of judgment is too frequently manifested by the certain statutory requirements which are deemed to be
useless, instead of bearing the inconvenience, and, as
representatives of special interests.
Take as illustrative of this objection the last national it is not vital, showing an inclination to obey the law.
campaign. An effort, more or less successful, was This was called to my attention by a conversation
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Federal Reserve Bank of St. Louis
THE TRI-STA TE BANKER.
12
which I had with some bankers a few days ago. I
believe that the last legislature has passed a 'iaw requiring that before directors of banks can borrow its
funds they must make application to the board, and
then absent themselves while the board is acting upon
the application. This may be a useless requirement
and one easily evaded. A way was suggested at the
time. Waiving the possibility that any way which
would be an evasion would be a legal violation of the
law, the fact remains that the very first occasion where
a bank goes down, and this evasion is shown to have
existed, you have given another club to your opposers
with which to beat out your brains. There is but one
thing to do. Evade nothing ; obey the law implicitly ;
demonstrate its inapplicability to present circumstances,
and trust to the ultimate good sense of your fellow-men
to correct erroneous legislation.
Last.
Prejudice and passion exhibit themselves
· most effectively where the opposition is the least
strong. To i11ustrate: Suppose there is a custom or
law favorable to banking interests, but confined to a
small area of territory or of people. In case of agitation against those interests the tendency is to enact
legislation which will repeal or oppose that favorable
law or custom. The more far reaching the law or custom the less likely that the temerity of radical innovators to disturb it. It is far easier to overturn a state
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or local law than it is one, the same in effect, confined
to the nation. A radical or socialistic reformer is not
going to attack with the same intensity and effect a
law that has received the sanction of forty-five legislatures, as he will that of one, or where the law upon
the same subject is different in as many states. Sound
judgment would seem to dictate the policy, then, of
those interests which are likely to be attacked by ·foolish or inconsiden:1te legislation, to combine upon such
legislation :as :will consolidate their interests over the
largest territory possible. When it is shown, however,
as it has been very effectively by the American Bar
Association, that the law in reference to negotiable
paper, in reference to the relations of banks to each
other, is contradictory, unsatisfactory, and in many
particulars antiquated, and an effort is made to codify
it into a symmetrical whole, the bankers seem loath to
eridorse the action, but in this particular, where conservatism is dangerous, they cling to the old ways and
indirectly play into the hands of the detractors.
The codification of the law of negotiable instruments
in England has worked successfully ; wherever it bas
been adopted by our states it has met the demands of
our economic requirements in a gratifying manner.
One of its peculiarities is the defining of certain words
in the law. Many object to this. And yet it is just
what has been done in the past and must be done in
~
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The National Bank
of North America..
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Conducting its business along legitimate
commercial lines, loaning money in
moderate amounts to reputable business houses for mercantile uses only, the
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July, 1897.
l
NATIONAL
I BANK Ofc!!~G~_EPUBLIC I
offers its services to the business public,
expecting to receive a fair share of patronage.
CAPITAL, ONE MILLION DOLLARS
IN NEW YORK
OFFICERS AND DIRECTORS.
LOUIS F. SWIFT, of Swift & Co.,
Packers.
JOHN A. LYNCH, of Thos.
Lynch & Sons, Capitalists.
FRANK 0. LOWDEN, Attorneyat-Law.
H. S. DURAND, of the Home
Insurance Co .
J.B. GREE;NHUT, Peoria, Ill .
•••• 25 NASSAU STREET
I
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WARNER VAN NORDEN .
. . . President
WILLIAM F. HAVEMEYER .
. Vice-President
AL VAH TROWBRIDGE
HEMAN DOWD
·······
. . . . Cashier
Assistant cashier
,__ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _...,:
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of Siegel,
Rothschild & Co .. Dry Goods.
E. B. STRONG, of the late firm
of Foss, Strong & Co.
ALEXANDER MACKAY, President Globe Stone Company.
W. T. FENTON.
JOHN A. LYNCH PRESIDENT.
J. H . CAMERON,}
A. M. ROTHSCHILD, V 1cE-PRESIDENT .
H . R KENT , AssT. CASH ' PIS
T. FENTON, 2D V,co:-PRESIDIENT & CASHIER .
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Federal Reserve Bank of St. Louis
HENRY SIEGEL,
Cooper & Co.
A . M. ROTHSCHILD. of A. M .
~:.~:.~:~~~.~E~, ~~ 4 ~ 4S4~~-~ASHl:J
July, 1897.
THE TRI-STA TE BANKER.
the future. The only difference is that you have
allowed the courts to define the words, and by the
codification the legislature does it. The codification
itself, as recommended by the Bar Association, is built
upon the soundest and best law decisions of the courts
and tends to unite all the business interests of our nation
upon one uniform plan. It means that acceptance, and
bearer, and endorser, that the rights of the holder, the
contract of the ~ndorser, or of the guarantor is to have
the same significance in Maine as they do in California,
the same in Dakota as in Florida. It means that the
character of all banking contracts shall be the same in
each state; that the business knowledge of one place,
insofar as it is dependent upon the law, shall be the
same in every other place. It means that the struggling national idea which through an hundred years
has forced its way against opposition of interests, of
preconceived theories of government, of state pride
and loyalty, and up through the agonies of war, is to
be farther bulwarked by the uniformity oflaws, and the
solidarity of business interests. The bankers, desiring
to protect their interests against the speculative legistion of an agitated people, cannot afford to oppose such
legislation as contains a principle of inestimable security to their interests, and that must be a protection
against the onsets of passion and clamor.
Legislation is but the expression of public opinion ;
that opinion is the reflection of the average thought
and feeling of any given community ; mold that
thought and feeling with just arguments and upright
dealing and the legislation will conserve all deserving
interests.
EDWARD P. SEEDS.
13
ftffl
I
I
I THE BANKERS
I NATIONAL
'fhe attention of Iowa bankers is called to the following resolutions adopted at the last meeting of the Iowa
Bankers' Association :
The constitution of this association now provides
that all members shall report to the president any defalcation
or robbery coming to their notice,
Be £t Resolved, That in order to afford protection to our
members the sum of five hundred dollars ($500), or so much as
may be necessary, shall be used during the next year for the
purpose of prosecuting such defaulters and forgers, said sum to
be expended by a committee of three, consisting of the president, secretary, and treasurer of this association.
WHEREAS,
Every member of this association is requested to give
this resolution the widest circulation, and to at once
advise the president of this association of any defalcation, _robbery or fraud coming to their notice.
The Iowa Bankers Association is determined to be of
service to its members, and will continue the above
protective feature from year to year, making it more
and more effective as each year passes. The attention
of bankers not members is called to this feature, as it is
believed that it alone, with none of the other advantages of a membership, will amply repay the expense
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
l
BANKf
Report of the Condition at the Close of Business on
the 14th Day of May. 1897,
X
RESOURCES.
Loans and Discounts . . . . . . .
Overdrafts . . . . .
.
U. S. Bonds to secure Circulation .
U. S. Bonds on hand . . . . . . .
Premium on U. S. Bonds . . . . .
t Other Bonds (Chicago Drainage 5s)
. . . . .
Real Estate
Furniture and Fixtures . .
Cash and Sight Exchange .
Total . . . . .
~
. $3,004,902 52
1,288 12
50,000 00
250,000 00
31,625 00
I08,003 57 j
3,100 00 ~
19,138 31 l
2,761,553 29 ~
LIABILITIES.
E Surplus and Undivided Profits
~
.
.
.
.
.
. $6,229,610 81
t Capital Stock paid in . . . . .
NEW R.ESOLUTION5 GOVER.NINO FOR.OER.IES.
i
[STATEMENT.]
Circul~ting Notes
Deposits · . . . .
Dividends Unpaid
· ·
. $1,000,000 00
124,407 21
.
36,950 00
. 5,o67,853 6o
400 00
Total .
Deposits March 9, 1897
, $6,229,610 81
· $3,333,55 I 24
~~n1s111s111e111@111g;;,g111s111s111s111g1111=}JJ]§llEIIISIIISl:iSlll§llf§J
l...........t
.. ..
~········· ...............................~~.
OFFICERS,
a. S. LACEY,
President.
D. B . DEWEY, Vice-President.
GEORGE S. LORD, Second Vice-President.
JOHN C. CRAFT, Cashier.
J.C. McNAUGHTON. Asst. Cashier.
FRANK P. JUDSON, Asst. Cashier.
The accounts of Banks, Corporations, Firms
► and Individua ls received upon the most favor-
able terms consistent with safe and conservative
banking.
Correspondence solicited with those contem plating a change or division of their Chicago
li~~A
THE TRI-STA TE BANKER.
July, 1897.
business condition requires retrenchment and dose
sailing, it is the part of a wise banker to r-efuse accommodations intended for branching out and enlarging
the business. By so doing he may preserve the business of his customer and save the bank a loss.
The study of commercial credit is an important factor
STUDY OF COMMERCIAL CREDITS.
in the business world. Companies and firms which
Mr. President, Ladies and Gentlemen,-The general sell goods on time examine carefully and critically into
impression prevails among those not familiar with the the condition of those to whom they sell. They find
inner workings of a bank, that banking is an easy bus- it essential for conducting a safe business. If this be
iness, that substantially all the managing officers have true of other lines of business, how important and adto do is to spend a few hours a day pleasantly engaged visable then it is that a bank should know the exact
in handling money, in making or collecting loans, that standing of its customers. Does it not appear to every
in common parlance their lives are rosy-hued, free from banker that it is almost a necessity? Confidence and
any special worry or care. You who are familiar with faith are important factors in banking ; when supported
the business know how far from the truth is such a by a solid statement of condition is not the probability
conception. To conduct a bank successfully requires of loss reduced to a minimum?
special adaptability, close application, unremitting atEvery statement of condition given to the bank
tention to its affairs in :all its details.
should be carefully studied and analyzed ; considThe strength of a bank rests with its loans, discounts eration should be taken of cost price of goods, or
and other secureties ; it is not all times an easy task to material, market price, whether old or new stock,
keep empl9yed the bank funds, property to be loaned, whether slow or quick assets, whether business is prosto insure safety and repayment when desired; condi- perous or not, reliance to be placed on veracity of
tions of safety necessitate constant study and attention maker of statement, amount of money borrowed and
on the part of the managing officers. There is no fixed to whom owed ; not overlooking the fact that assets
and specific rule for guidance, unless we may say that may shrink while liabilities are certain and may init is imperative that the utmost care and prudence be crease; judge the statement on its merits aside from
exercised.
Even when this is done mistakes will any consideration of friendship. Commercial paper
occur. We are but human, and to make an occasional purchased outside should be just as closely scrutinized
mistake is a human failing. If they are not serious as loans made to local customers. A void the glamour
the wise banker will profit by his mistakes or those of surrounding great names and great companies. If
others which come to his notice; they will strengthen financially strong they will court investigation. If they
and assist his judgment.
refuse this they are not worthy of accommodation.
Seldom if ever has a bank been seriously impaired by
The loaning of money for any considerable amount
reason of its small loans ; in the large lines of credit is a business transaction and should always be so
lies the danger. Watch, then, carefully, large lines of treated. The interest or discount is the bank's profit
accommodations. True, small loans need attention as in the transaction, and is but a small percentage ; the
well as large, but the latter, when under consideration, loss of the principal, if loss there be, is loss to the
should be very carefully weighed and judged from bank's capital. When loaning for any amount to
every standpoint. If, after reasonable consideration, friends, treat them as rigidly as if they were simply
questions arise as to the advisability of a loan, do not acquaintances. If their financial condition does not
make it. It is better to be on the safe side than to warrant it they are not entitled to the accommodation,
suffer loss. If large loans are to be renewed give them and in asking it they impose on your good nature.
the same careful scrutiny as when first made. The
" Our friends" have been the downfall of many a
financial standing of individuals and firms vary so banking institution. If your friend is not entitled to
much that a loan safe to-day might be unsafe to make the accommodation and loan is made, you are betrayfour or eight months hence.
ing the confidence reposed in you by your depositors;
A bank should, as far as possible, be in close touch they have placed funds with you with the expectation
with its customers. Mutual confidence will be of that you will carefully look after their interests by
mutual benefit and should be encouraged. To know making safe loans. If you loan money on the score
the exact financial condition of the borrower is the of friendship, loan it out of your own rather than the
best possible way to determine amount of credit to bank's funds.
which he is entitled, taking into consideration habits,
The purpose for which money borrowed is to be used
character and disposition to be made of money bor- is important. A legitimate business requirement calls
rowed ; it cannot fail to be of use to the bank ; it may for more consideration than a speculative deal, no matbenefit the borrower. Many individuals and firms ter what its character. A prudent bank will be careful
would to-day be doing a successful business if unwise in loaning money for '' deals.'' The element of chance
accommodations had not been given by banks. If and uncertainty enters too largely into them. They
of the -cost of memhersh-ip. Remit $5 t-0 Chas. H.
Martin, Des Moines, and become a member, and tbus
help the association become more and more effective in
its work.
J. M. DINWIDDIE, Secretary.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
THE TRI-STATE BANKER.
July, 1897.
THE POLK
15
COUNTY SAVINGS BANK,
DES MOINES, IOWA.
Capital
$100,000.
Your
JOHN A. GARVER, President.
Business
Estab li shed
C. W. PITCAIRN, Vice-President.
may appear alluring and sure, but so many ,banks have
been drained by just as sure and certain "deals " that
a good principle to adopt for loans of this character
would be "to-morrow."
If collateral security is required do not be satisfied
with collateral security of doubtful worth ; give it the
same careful scrutiny that you do a statement of condition, and determine its value before making loan. If
the borrower is of doubtful responsibility and collateral
of doubtful worth, you may be justified in making
loan of small amount ; not so for large amounts ; when
trouble comes doubtful collateral will be found of little
worth. If borrower is financially responsible, and
collateral security is called for why should bank accept
or be satisfied with poor collateral? Does it add any
special safety to the loan ? Ask for the best the
borrower can give and do not be satisfied with anything
unless it is good.
Rigorous examination of its own assets on the part
of the bank is as necessary as careful investigation and
study of credit to be extended to its customers. A
careful inventory should be taken at frequent intervals ;
if anything develops bad or doubtful, look at it in the
face, determine its value and treat it accordingly, if
you fondle and and nurse it trusting that time will
make it all right, you are deceiving yourself; a bank
cannot afford this. If bad items are promptly disposed
of as they come up, provision can be made for them ;
an accumulation will be found difficult to dispose of.
Successful banking does not depend on doing the
largest business in the community, nor does it depend
on loaning all available funds ; it does depend, however,
on making safe loans. A bank confining itself to
reasonably conservative business, will steadily grow in
public confidence and get its share of legitimate business ; the principle of safety for depositors and stock holders is a good one to follow; reasonable conservatism and safe banking go hand in hand; good judgment on part of managing officers, constant study of
human nature, and courteous and fair treatment to all
customers at all times on their part, are essential requirements.
In earlier days the banker was not held in high estimation; as civilization advanced, his plane grew
higher, until to-day no business stands higher in public
estimation. That some have proven recreant to the
trust reposed in them , is no essential reflection upon the
others; his usefulness is unquestioned; the timely
assistance, wise advice, and many acts of kindness to
those deserving and in need of it, attest and prove his
worth.
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Federal Reserve Bank of St. Louis
Solicited .
1002.
A. J. ZWART, Cashier.
Let us hope the day of careless banking has passed,
and in its place may we see the dawn of a better era,
where careful, prudent banking will prevail; where
constant watchfulness and unremitting attention will
bring safety alike to the depositor and stockholder.
L. C. BLANDING.
REPORT OF MINNE SOT A BANKS.
Superintendent of Banks Kenyon has completed a
statement of the condition of the 143 state and 71
national banks of the state at the close of business May
r 4th . The statement is as follows :
RESOURCES .
I
STATE JJANKS.
I
NAT. DANKS.
TO'.tAL.
Loans a nd discounts $16,449,269.51 $31,137,565.53 $47,586,835 o4
217,528.6o
Overdrafts .........
122,986.32
94,542.28
U.S. bonds on hand
12,412.50 2,462,504.68 2,474,917.18
O ther stcks and bds
457,782.35 2,152,211.75 2, 6o9, 9q4. IO
Due from other bks 3,976,529.28 12,033,589.71 16,010, I 18.99
Banking house, furn.
and fixtures .... ..
969,856.32 1,722,137.21 2,691,993.53
Other rea l estate ...
721 ,029.68
504,356.63 1,225,386.31
25,610.59
Expenses paid. ...
25,610.59 . ............
3,372.28
Taxes paid
3,372.28 ·············
168,188.01
Chcks and csh items
257,f587.71
89,399.70
8o5,671.63
646,320.35
Ex. fo r clear. house
159,351.28
Cash on hand ...... 2,137,934.80 5,883 ,059.80 8,020, 994.6o
253,96r.71
Other resources . ...
136,622.88
117,338.83
Total resources .. $25,262,157.49 $56,921,8r4. 78 $82,183,972.27
LIABILITIES.
Capital stock paid in 6,161,200.00 13,090,000.00 19,25r,200.oo
Surplus fund . . ... . .
960,262.33 2,360,500.00 3,320,762.33
Other und. profits ..
612,840.66 1,77o,331.3 2 2,383,1 71.98
5,206.00
Dividends unpaid ..
7,903.99
2,697.99
Due to depositors .. 16,064,499.95 30,3I7,328.37 46,381,828.32
Due to other banks. 1,299,635.70 7,493,590.7° 8,793,226.40
22,653 .50
Notes and bills redis
7,753.50
14,900.00
28o,ooo.oo
407,942.00
nil ls payable . . .....
127,942.00
62,968.75
18,178.86
Other liabilities ....
44,789.89
Circulation .... .... ........ . . . . I,552,315 .00 1,552,315.00
-----
Total liabilities .. .$25, 262,157.49 $56,92r,814.78 f,82, 183,972.27
Number of state banks, 143; national banks, 71.
Total banks, 2 r 4.
OENERAL NE WS AND NOTES.
A N OUTING IN THE RocKIEs. - Take the best line
to Colorado; special trains through over the Great
Rock Island Route. This route gives special inducements for Colorado tourist travel. Handsome embellished descriptive'. pamphlet, giving full particulars as
to rates, etc., sent free on application. John Sebastian, G. P.A., Chicago.
The question whether the statutes relating to
to national banks, prohibiting them from purchasing or subscribing to the stock of another corporation, was passed upon by the supreme court May 24th,
16
THE TRI-STATE BANKER.
in the case of the California National Bank, .plaintiff
in error, vs. Nat Kennedy. The court holds that a
national bank has no right to deal in stocks, although
it may accept them as securities.
Take the Great Rock Island Route to the Northwest. The opening of the Ogden Gateway enables
the Rock Island to resume sale of tickets to the Northwest via Denver, Colorado Springs and Pueblo, and
the scenic route to Salt Lake and Ogden, thence over
the Oregon Short Line to Idaho, Oregon and Northwest Pacific coast points. Quick service. Low rates.
Address for particulars, John Sebastian, G. P. A., Chicago.
The wealthiest nation of the world is the United
States. The census of 1890 shows the true valuation,
or fair selling price, of the real and personal property
of the country to be $65,037,091,197.
It is an
increase of over 49 per !cent on the valuation of the
previous decade, and is about six times the value of the
money of the entire world. The mind cannot grasp
the meaning of such figures without graphic illustration. This amount in gold dollars would load 123,570
parts, each carrying a ton. If 2 1 000 gold dollars were
piled one on the other they would form a stack three
feet high. Make similar piles close together till a wall
of gold one mile long, and worth $230,400,000 is
formed. Increase this wall to twenty-eight and a quarter miles and the amount would represent our national
wealth. Placed side by side the coins would form a
carpet of gold covering five square miles.-William
George Jordan in July Ladi'es' Home Journal.
July, 1897.
Cards are out announcing the wedding on J tine 30
of Miss Clara Whittemore, of Glenwood, and Frank
C. Thornton, cashier of the Bank of Benson.
The Bankers Life Association of St. Paul is in a
very prosperous condition. The increase in assets in
1896 was the largest since 1891. ., The Bankers Life is
a strong company and is worthy of the confidence of
all.
Judge Lewis ordered a verdict in favor of Congressman F. C. Stevens, on trial under an indictp-ient for an
alleged overdraft in his accounts with the Minnesota
Savings Bank, of which he was president. The prosecution had failed to make out a case.
The Merchants National Bank of St. Cloud, Timothy Foley, president, in place of C. M. Hertig ; C. M.
Hertig, vice-president, in place of A. Barto; 0. H.
Havill, second vice-president; John M. Swartz, cashier, in place of 0. H. Havill ; A. H. Reinhard and
Henry Thien, assistant cashiers.
E. W. Davies, president of the Pipestone County.
Bank, Pipestone, has been appointed by Judge Brown
as receiver for Lewis & Gooskratz, of Fulda. Some
time ago Lewis & Gooskratz made an assignment to
J. A. Smith and upon application of some of the creditors the court removed the assignee and appointed
Mr. Davies, of Pipestone, as receiver.
The comptroller of the currency has demanded an
assessment of $78 per share on all stock of the Marine
National Bank of Duluth, now in course of liquidation.
He has figured up the available assets and figured that
the assessment will pay up creditors, instead of making
the creditors wait for the slow collection of doubtful
MINNESOTA NEWS AND NOTES.
· assets. Therefore the stockholders will have to pay
The grand jury has indicted four officials of the and do the waiting. The par value of the shares is
$100.
failed Washington State Bank of Minneapolis.
Permission has been granted to the people of South
John Hutton is now vice-president of the First
St.
Paul by Bank Examiner Kenyon to start a bank,
National Bank of Windom, and T. A. Perkins assistto
be
known as the Stock Yards Bank, capital stock,
ant cashier.
$25 000. About half the stock has been taken by the
The First National Bank of East Grand Forks, C.
South St. Paul busine·s s men and the balance by St.
Madson, president in place of E. R. Jacobi ; G. R.
Paul capitalists and bankers. It is expected the bank
Jacobi, vice-president; no assistant cashier in place of
will open July I in the room in the Exchange Building
G. R. Jacobi.
occupied ,by the Union Stock Yards Bank. John J.
Chas. B. Sechau, receiving teller of the German- Flanagan will be cashier, and the first board of directors
American:N ational Bank, who pleaded guilty to stealing will be R. C. Jefferson, Joseph Lockey, James H.
$13,500 from ithe bank, was sentenced to eight years Weed, •Mark D. Flower, Louis Heberle, William J.
in the state prison.
Edgar and J. J . Flanagan.
The officers of the new Stock Yards Bank at South
Judge Kelley has appointed Timothy R. Palmer and
St. Paul are : President, R. C. Jefferson ; vice-presi- John D. O'Brien receivers of the Allemannia Bank, to
dent, M. D. Flower. The new bank has $25,000 succeed Maurice Auerbach, resigned . . The order recapital. It began business July 1.
quires them to furnish a joint and several bond in the
1
Judge Russell has made an order in the receivership of
the Scandia Bank of Minneapolis in which he decrees
that the claim of the receiver for $14 1 324 be reduced
by $10,000, so that the claim is but $4,324.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
sum of $240,000. The significant conditions attached
to the appointment are that no attorney's fees will be
allowed for legal services incidental to the receivership
and the compensation of the receivers shall in no case
July, 1897.
THE TRI-STA TE BANKER.
PEOPLES TRUST&,,,,
X SAVINGS BANK
CLINTON,
IOWA.
OFFICERS.
Pre:.'t.
v.-Pres.
J . H. INGWHRSKN, Cash .
G. E. LAMB, Asst. Cash.
ARTEMUS LAMB,
CH AS.
ALDKN,
DI RECTORS.
Chas. F . Alden.
S. W. Gardiner.
• T. M. Gobble,
A. M. Ingwersen.
A. Lamb,
C. Lamb.
L. Lamb,
Daniel Langan.
P. S. Towle.
exceed $2, ooo to each receiver for each year of neces sary service.
Judge Webber has refused the application 9f the
Northern Trust Company of Minneapolis to be released
from any liability in connection with the insolvent
Citizens Bank of Redwood Falls, of which the Trust
Company was assignee. The application was opposed
by the state. When the Trust Company failed it had
$3,000 belonging to the insolvent bank above expenses
and fees. The state was a preferred creditor of the
bank for about $4,000. In case the Trust Company
has any assets the state claims the right to the first
chance at them to the extent of $3,000. The Trust
Company was allowed $500 above expenses for it~ work
in running the affairs of the bank. Carman N. Smith,
its attorney, wanted $r ,ooo for his pay, but Judge
Webber cut this down to $550. Judge Bower, the local
attorney, is to be paid out of the funds in the hands of
the present assignee.
IOWA NEW 5 AND NOTE S .
Forged-check sharps are again working Sioux City.
The Benton County Bank has placed a large new
safe in their banking rooms.
September 12 has been set as a day for meetings of
the various groups for organization.
The alleged Eldon bank robber recently convicted
at Ottumwa has been granted a new trial.
The banks report business as good with demand for
short time loans increasing.-Tzpton Advertiser.
'' Goodwin's Improved Bookkeeping and Business
Manual," $3 postpaid. Tri-State Banker Pub. Co.
Messrs. Deuce & Gridley will open their new bank
at Maxwell as soon as a new brick block is completed.
Abraham Slimmer, the Waverly banker, donated
$25,000 to the home for aged women in Cedar Rapids,
providing the people of that city would donate a like
sum. The requirement bas been met and the home
will receive an endowment of $50,000.
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Federal Reserve Bank of St. Louis
F.
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
The Radcliffe Savings Bank of Radcliffe has been
dissolved by resolution of the stock holders-June 1,
1897.
A. F. Balch, the Marshalltown banker, is said to be
the champion fisherman of this year's visitors at Lake
Okoboji.
The Farmers & Mechanics Savings Bank of Davenport, has declared a 2 Yz per cent dividend, payable
July 1, 1897.
The Citizens Bank of Griswold, Iowa, have put in
their furniture. They are now ready for business in
their new quarters.
The Armstrong Journal says they have been told
that another bank is to be started at Swea City by
Algona and Bancroft parties.
Farley has disposed of $50,000 of bonds, the money
to be used in the construction of a water works plant.
The purchaser was the bank at Dyersville.
The Cedar Rapids National Bank has the reputation
of being one of the cleanest banks of the state. Iowa
can boast of no better banker than Ralph Van Vechten.
Richard Lenox, who successfully cashed raised checks
at several Sioux City banks in 1894, was recently
arrested at Milwaukee, but requisition papers were
refused.
The CitizeU:s State Bank of Corydon recently suffered
a $ r, 500 fire. The Farmers & Merchants Bank lost
$800 by the same fire. Brick buildings will be erected
in place of those burned.
Capt. T. A. Rossing and H. A. Sorlien, of the
State Bank of Bode, accompanied by their wives,
departed June 14th for an extended tour of Europe,
especially the '' land of the midnight sun.''
The receiver of the Bank of Atlantic has made his
first report, showing a total of $66,582.05 received from
real estate sales and collateral paper, and disbursements of about $60,000 on preferred claims, etc. The
probabilities are that the claims of the creditors of the
Whitney and the Bank of Atlantic will be paid iu full.
18
THE TRI-STATE BANKER.
July, 1897.
The First National Bank of Chicago has contracted
to take the entire issue of Cedar Rapids paving certifi-
a home in that city, where he has been living for two
years past. - Dubuque H erald.
cates.
J. M. Dinwiddie, secretary of the Iowa Bankers'
Association, has gone to Colorado for a month's
outing.
Receiver Ira F . Hendricks of the First National
Bank of Griswold, Iowa, has brought suit in the federal court against a number of stockholders of the
bank to enforce the collection of the assessment made
against them by Comptroller Eckels. The assessment
. amounts to $ 100 per share.
The five delegates appointed by President Hannan,
of the State Association, to attend the National Convention of Bankers at Detroit are: Hon. S. F. Smith,
of Davenport; Hon. Calvin Manniug, of Ottumwa; J.
H. Ingwersen, of Clinton ; W. W. Lyons, of Des
Moines, and o. P. Miller, of Rock Rapids.
The two delegates to meet delegate.<; from other states
to form a new national association have not yet been
appomted.
C. A. Parker, assistant cashier of the First National
Bank of Mason City, was married recently to Miss
Atmeta Greer.
Keokuk is to have a new bank, to which the capital
of the Union Loan & Investment Company of that city
will be transferred.
B. M. Huntly, cashier of the Bank of Ogden, has
been elected treasurer of Boone county in place of Mr.
Moore, who resigned.
Iowa City has refunded $40,000 worth of bonds at 4 _½'
per cent, the First National Bank of Chicago taking
them and paying $10° premium. Iowa City seems to
be in good shape.
Charles H. Martin, the popular cashier of the Peoples Savings Bank, Des Moines, departed the 2d inst.
for a month's vacation on the Pacific slope. Part of
his time will be spent on the Pacific ocean.
Sheriff J. B. Lewis has levied upon the Spencer
Electric Light Company's plant, and will sell the same
at sheriff's sale to satisfy a judgment of $u,ooo in
favor of the First National Bank of Spencer.
The Thor Savings Bank in Marshall county begins
a new brick building at once. It will be the first brick
business building in the town. The owners will use
the old brick vault, as it was built only two years ago.
County Auditor H. s. Richardson, of Anamosa, has
resigned his office to accept the cashiership of the
Monticello State Bank. He assumed his new duties
July 1st. He was a good county official and will make
a good banker.
A trustee for the stockholders of the defunct Commercial Savings Bank of Leeds, a Sioux City suburb,
yesterday purchased the institution at receiver's sale.
They intend paying all claims in full and think they
will have a balance to divide among themselves.
The receiver of the failed Sioux City Savings Bank
has been instructed by the court to accept the proposition made by the officers and directors of that institution that they pay over $28,000 in lieu of their liability
on stock, and their release from charges of negligence.
It is reported that through the failure of the Bank of
Minnesota of St. Paul, which went under a few months
ago, M. C. Woodruff, who formerly lived .here, lost
$3,800. It is said Mr. Woodruff was about to purchase
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Federal Reserve Bank of St. Louis
On motion of the prosecution the indictments for
fraudulent banking against President Oldfield, of the
bankrupt Commercial Savings Bank of Sioux City,
were ismissed. He was not in active charge of the
institution and the court held he could not be criminally
responsible for its alleged mismanagement.
J. o. Fleming, cashier of the Hamilton County
State Bank, has made his formal announcement of his
candidacy for the state legislature from that county.
He is one of the representative and progressive business
men o_f Webster City. He will probably receive the
nomination, which is equivalent to an election.
Reports from ninety-five national banks in Nebraska,
exclusive of Omaha and Lincoln, show total resources of
$18,882,735; the loans and discounts aggregating
$10,972,863, and the reserve, $2,892,666, of which
$485,236 was gold. The deposits amounted to $8,777,794, and the average reserve held was 32.60 per cent.
June 14 the comptroller of the currency returned to
Receiver Jonathan W.Brown,of the•Sioux City National
Bank, checks in the sum of over $100,000 with which
to pay 20 per cent of the deposits of the bank. It will
be remembered that some time ago the comptroller dedared a 20 per cent dividend and the receiver made out
the checks and forwarded them to Washington to be
signed by the comptroller of the currency. Receiver
Brown says the stockholders are paying their assessments very generally.
The Havill Deposit Ledger
Arranged with the Ledger Index Balance Sheets.
(P ATENTED NOV . 26, 1895.)
OM BINES the best points of the old-style Deposit Ledger,
with its compact grouping of debits and credits and daily
balances of accounts, rendering the examinati0n of an
~
account in all it-, details easy and satisfactory, with the
advantages of the Boston System, in its grouping together the
accounts in alphabetical order and the arrangements of the
balances so that a ilaily trial balance can be taken easily. For
circular, address
0. H. HA VILL, St. Cloud, rlinn.
July, 1897.
THE TRI-STA TE BANKER.
A new electric light company has just been incorporated at Cedar Falls, with Roger Levitt, cashier of the
First ational Bank, as president, and other leading
capitalists as incorporators. The new company has
purchased from Mr. Wilder the old plant, and will at
once equip the same with all modern improvements in
electric lighting. The price paid for the old plant was
$4,500.
"Big Dick" Lennox was arrested at Atlantic, N.
1.
He is wanted in Sioux City, Iowa, for
raising two :drafts, one from $16 to $1,600, on the
Security Bank of that city, and one from $1s·to $1,800
on the Corn Exchange Bank of the same city. Both
drafts were purchased at Huron, S. D., in the name of
E. K. Hamilton. The forgeries were very cleverly
executed.
J., July
Rev. A. A. Mason , of Gilman, arrived recently from
Scotland, where he went three weeks ago to accompany
Cashier G. F. Stansberry of the Bank of Gilman, who
preceded him to the land ot the thistle, for the purpose
of bringing Henry Jentzen, the young German who
formerly lived in Grinnell, and who went insane while
on a visit to Scotland a little over a year ago, home to
this country.
The directors of the Benton County Bank of Blairstown, are always on the lookout for improvements in
matters that are for the security and convenience of
their customers. The latest addition to their already
very perfect arrangements are the moving of their burglar proof chest out of the vault and placing it in a fireproof jacket in the banking room, and putting in a set
of safety boxes.
The comptroller has been notified of changes in the
officials of the Iowa national banks as follows : Fort
Dodge ational, Fort Dodge, S. J. Robertson, vice-president in place of A. E. Haskell ; Grundy County National,
Grundy Center, E. M. Sargent, vice-president, in place
of J. S King, deceased. The comptroller approved the
National City Bank, New York, as reserve agent of
the City National of Cedar Rapids.
The Des Moines R egister says: '' Henry Nietert,
representing Linn county in the House, is one of the
broadest members of the body. Mr. Nietert, as chairman of the banking committee of the House, has been
called upon to formulate and press to passage some of
the most difficult legislation of the extra session. In
conducting the work of this important committee Mr.
Nietert has exercised rare legislative genius and
remarkable good judgment. Mr. Nietert is president
of the bank at Walker.' '
The federal court scourged both sides in deciding the
famous Lyon county bond case. The commissioners
made issues in 1879 and 1895 for $100,000 and $120,000
respectively. It repudiated the first because the bonds
were improperly signed, the second because $220,000
was more than its constitutional limit of indebtedness.
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Federal Reserve Bank of St. Louis
19
The court says the first was void, as claimed. '' By
the same token" the county was free of debts in 1895,
and the $120,000 stands. Both parties will appeal.
One of the pioneers of Boone and Des Moines passed
away June 28th in the death of John A. McFarland,
aged 78 years. In 1849 he came to Iowa, settling in
Des Moines, where he engaged in the mercantile business. Soon after this he went to the old town of
Boonesboro, where he opened a store and soon after
opened the first bank in that city. He continued in
the banking business for eight years.
County Treasurer Moore'. 0f Boone, is a defaulter for
about $ro,ooo. Moore was serving the last year of his
second term. He was elected by the republicans. His
former home was Madrid, where he was interested in a
banking institution prior to and at the time of bis election. His brother, J. C. Moore, was deputy treasurer,
and W. H . Elliott assistant. The father and relatives
of the latter, along with about twenty-five others, are
on Moore's bond for $100,000.
A copy of the resolution passed at the last Iowa
bankers' convention, asking the auditor of state if he
could not make his four calls for statements from the
state and savings banks on dates agreeing with four of
the dates on which the comptroller calls for statements
from the national banks, has been sent to the auditor
by the secretary of the association, and the auditor replies that be has just written the comptroller of the
currency to see what arrangements can be made with
him for carrying out the suggestion contained in the
resolution.
A short time ago Receiver Wigton, of the defunct
Iowa Savings Bank of Sioux City, obtained · an order
from the court to make an assessment of 100 per cent
on the stockholders of the bank, which is the limit
provided by the laws of the state of Iowa. The stockholders are given sixty days to pay up 100 per cent on
every share of stock they may be so unfortunate as to
hold in that institution. It looks very much now as
if this order of the court is going to cause a great deal
of litigation, as most of the stockholders have engaged
attorneys and will fight the case in the courts.
The bank of J. B. Reeve, lately deceased, Vinton,
has passed into the hands of gentlemen amply able,
financially, to conduct it in a manner satisfactory to
the business interests of that town and vicinity. The
executors of the estate sold the bank to C. C. Griffin,
Frank G. Ray, Cato Sells, S. N. Goodhue, D. D.
Johnson and W. S. Goodhue, who will operate it.
The company has been formed with the following
officers : President, C. C. Griffin ; vice-president,
Frank G. Ray; cashier, D. D. Johnson, and a board
of directors of all the gentlemen named above. The
name of the bank will be the Bank of Garrison. It
opened for business June 22d, with Cashier Johnson at
the helm.
THE TRI-STATE BANKER.
20
James Webster, a farmer living near Eldora, several
years ago came into possession of $1,000 pension
money. Having no faith in banks. he buried the
treasure, and has since added quite frequently to the
original sum. Being eccentric, he refused to make
known the location of the hidden coin. Webster's
mind is now affected, and almost all hope of ever realizing anything on the savings of years is vanished.
Thus another victim who nourished the hallucination
that banks were unreliable and fruitless, finds himself
and fami ly in old age powerless to throw off the demon
that poverty threatens.-Ex.
Comptroller Eckels, on June 3d, gave out an abstract
of the reports of the condition May 14th of the four
national banks in Des Moines. The principal items
are as follows: Loans and discounts, $2,356,942; due
from banks, national and state, $214,072; reserve on
hand and deposited with reserve agents, $1,057,931;
of which $108,622 was in gold; total resources, $4,577,614; liabilities, capital stock, $800,000; surplus fund
and undivided profits, $278,621; due to banks, national
and state, f,r, 731,576; deposits, $1,501,093.
The
average reserve held was 37 .01 per cent.
WASHINGTON, June 16.-Comptroller Eckels yestergave out an abstract of reports of the condition, May 14,
of the 159 national banks in the state of Iowa, exclusive of Des Moines. The principal resources are as follows: Loans and discounts, $27,934 ,937; due from
banks, national and state, $2,015,875; reserve on hand
and deposited with reserve agents, $8,689,330, of which
$1,500,177 was gold; total resorces, $47,894,205.
Liabilities: Capital stock, $12,185,000; surplus funds
July, 1897.
and undivided profits, $4,093,835 ; due to banks,
national and state, $4,562,481; deposits, $23,378,607.
The average reserve held was 34. 70 per cent.
The assignees in the matter of the assignment of A.
A. Ball & Co., bankers of West Liberty, have filed
their report in the district court. The document shows
the total collections to be $80,119 .03, and cash paid out
$33,659.84, leaving a balancE: on hand June 16th of
$46,459.14. The total of claims filed within ninety
days, including claim of Todd, Mason & Co., and
some small claims not allowed, amount to about $196,000. The assignees ask an order of the court authorizing the payment of a dividend of 25 per cent.
Expenses and taxes amount to $6,379.25. The bal ance on hand Monday, June 21st, was $51,000.
Harry Eifert arrived at Anamosa penitentiary a few
days ago unattended, booked for a term of two and a
half years. Eifert was a banker in Bremer county who
failed in 1894. He was arrested for defrauding his
creditors, and when convicted was sentenced to the
penitentiary for thirty months. He appealed the case
and while awaiting the decision of the supreme court,
lived under bond in Chicago. Recently the supreme
court affirmed the decision of the lower court. When
Eifert was notified that he would have to serve the
term in prison, he telegraphed that he woul.d go to the
prison alone and give himself up to Warden Madden.
The sheriff and Mrs. Eifert' s counsel met him at the
depot. When the time came to go the prisoner boarded
the train by himself and came to Anamosa, where he
gave himself in charge of Warden Madden ready to
don the stripes.
We Make a Specialty of_ _ _
Capital
$50 ~000.00 .
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THE
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DES MOI NES, IOWA.
We recommend for Bankers' use The National Safety Pa per. This paper
has been in the market for twenty-five years and is the only sure protection against
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Don't send your work out of the state until you have first g iven us an
opportunity to submit samples and prices.
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Federal Reserve Bank of St. Louis
THE TRI-STATE BANKER.
July, 1897.
2I
The Methods and Machinei-y of Practical BankingBy C. B. PATIEN, for many years cashier of the State National Bank of Boston,
THE SEVENTH EDITION OF THIS REMARKABLE BOOK IS NOW ON SALE.
The most promin ent bankers of tho country say this is the best book published on practical every-day banking, and that it ought to
be in tho hands of every one learning or desiring to become more proficient in the banking business . Many of th e larger banks have given
each of their cl erks a copy, as high as thirty copies ha.ving been bought by one bank and many others purchasing from fifteen to twenty-five
copies. It is not a. book of theories of what the banking business ought to be, but what It is under present conditions. The following synopsis of the contents will give an ide a of its value:
CHAPTER I.-THE BANK CLERK AND HIS PROFESSION. Introductory .. The education of bank officers .. Always b e prompt .. Faithfulness in work .. Good nature indispensable .. Raise the standard
high.
CHAPTER Il.-THE PAYING-TELLER AND His CASH. Form of paying-tell er's book . . How to receipt for payment of cheok .. Paying
pa.rt of a check .. Small cei·tification .. ·· Good when properly indorsed," with form .. Count your mon ey .. Checks presented after
drawer is dea.d .. Money found outside the counter and what to do
with it .. Inside and outside the grating .. Tellers as detectives ..
About ra.ised checks .. If the teller is short .. Th e teller and his
specie .. Valuable points about tho abrasion of coin .. United States
treasury notes, N atioual bank notes and silver certifica.tes .. l\1 utila.ted aud counterfeit paper money and what to do with it ..
Branding worthless bank notes.
CHAPTER IJI.-THE RECEIYlNG-TELLERAND DEPOSI'.l.'ORS. li'orm of
his book .. Entries in , writing up, balancing, proving a.nd delivery
of 11ass-book .. Form of London bank pass-book.
CHAPTER IV.-THE BOOKKEEPER'S DESK. How be should keep his
books, with practical forms . . Condition of the bank and how
shown . . How to handle canceled checks, with simple form . . How
to make out reports and returns to Comptrol1e1·, with forms ..
The Skeleton Ledger, with form correctly ruled and printed.
OHAPTER V. - THE COLLECTION DEPAUTMENT AND l\1ESSENGER.
Forms of note covers . . The collection record .. Diffe1·ent forms of
notifyin~ parties .. A cashier's notice in 1821. . Duti es of the messenger .. Why a drawee would not pay- a dra.ft .. What to do with
perishabl e property .. Where there is doubt about drawee's place
of business . . What·· in exchange" and "with exchange" mean ..
Interest upon gra.ce .. Where draft bas bill of lading a.ttached . .
Should money be paid back .. How early in the day is a note due
.. Notes payable at bank .. Paying notes and drafts by cbeck .. Responsibility for collections .. " '!'ramp" collections .. Old and new
systems of collection.
CHAPTER VI.-THE BANK'S NOT.ARY AND PROTESTING. Responsibility of bank for work of nota1·y .. Protesting .. Where draft is
sent by express .. Lost and mislaid paper .. Protest or joint note ..
Where no residence or place of business .. Accustomed to being
protested.
OHAPTER VIL-THE DISCOUN'.r CLERK AND THE LOAN. Discount
1·ecords with forms .. Responsibility of discount cleric . l\1aturities
.. Memorandums and tickets with forms .. How to take mLre of the
notes .. Reckoning interest illustrated by various modes . . A mark
of ownership .. Calculating time .. Disco unt time .. Rates to depositors .. Demand collateral notes, with form .. The rate for l oa.ns . .
Buying paper .. The broker's responsibility .. Business and accommodation paper contrasted .. "M:anufactured" p aper .. Many name
paper .. Long and short paper .. Infiuence of crops and trade .. A
safeguard .. Discounting when bank's reserve is not up .. National
banks and real estate lo,1ns.
OHAPTER VIII. THE BANK'S COLLATERALS. How to file them,
with forms .. Responsibility for collaterals illustrated . . Collateral
vs. personal security .. Specimen of ancient form of bank collateral
note.
OHAPTER IX.-BONDS AND COUPONS. Registered bonds . . Destroyed
United States bonds .. How a young man collected the money for
the ashes of burned bonds .. Stopping payment of bonds and coupons .. How to ha.ndle coupons, with form .. A very bad practice.
CHAPTER X.-THE CASHIER AND Hrs DUTIES. Responsibility generally defined . . Rolation between president and cashier . . His special
duties .. His signature .. The bank's correspondence .. The cashier's
record, with form . . His daily memorandum, with form . . The cashier's ae;enda and scrap book .. About paying dividends, with many
valuable hints.
CHAPTER XL-THE STOCK-ITS OWNERSHIP AND TRANSFER. Form
of stock certificate and record book .. How to transfer stock . . An
experience in a probate court .. Non-residents' estates .. How a
treasurer tried to transfer shares .. How to transfer stock to dead
persons . . How to treat lost certificates .. Form of bond . . When
shareholders change their names, with actual illustrations.
OHAPTER XII.-THE BANK'S CmCULATION. Form ot circulation
record .. Stolen notes . . Rules for the r edemption of mutilaied
bank bills . . Redeeming fragments of bills . . Where bank bills are
lost . . Over-issue of bank notes .. The redemption bureau and its
workings.
OHAPTER XIII.-THE MAIL AND THE TELEGRAPH. The importance
of using bot,h judiciously .. Form of letter record .. Registering
letters .. Correspondence by telegraph .. How to use the wires
rightly .. Certifying by wire .. How to wire money, with actual
illustration .. Cipher telegrams.
CHAPTER XIV.-ExCHA.NGE AND LETTER OF CREDIT. The practical
0~0~~~-~l,~
?;
:ir:i~1ih
:xl~tlire~f-~~~1~~
J[:3~\~~~tfJ~~il~~
not necessary .. The author's interesting experience.
CHAPTER XV.-A CHAPTER ON CHECKS, What a check is and is not
.. How checks should be drawn .. Checks to order of one or two
persons .. Safeguards against fraud .. Errors iu check-drawing.
how treated .. Advice of checks drawn .. Issuing duplicate checks
.. li"'orm of guaranty .. What certificates of deposit are .. Stam pod
endorsements .. Endorsements by treasurers illustrated by good
and bad fo1·ms .. Guaranteeing endorsements .. Qualified endorsements .. Stopping payment of checks . . How to cancel checks.
OHAPTER XVJ.-NOTES AND DRAFTS. Explanation of all important
features .. How to write them correctly .. Drafts and acceptances,
with form.
CHAPTER XVII.- THE PRESIDENT AND DIRECTORS. Their duties
:~1~t~i~It~ \s~~i~1Jl~!i,/~~e!~n<f~eaa~~rt~~~1diiif ~!~t~~h!~ s~~:~:
tion of directors .. Types of bank presidents .. Endorsement by
presidout.
CHAPTER XVIII.-SmIE WORDS ON MANAGEMENT. Moods of business men .. Dealings with strangers . . The bank doctor .. Proper·
division of labor .. Banking conve niences of to-day . . Keep up with
the times .. Overworking bank officers . . Salaries of b~1nk officers . .
The question of bank clerks and marriage .. About vacations ..
Banking hours .. Curious petition of Boston bank clerks .. Lunch
in the bank .. Bank attorneys .. When the ba.nk examiner comes ..
Bank defalcations .. Sunday bank work .. Not a model bank, illustrated.
CHAPTER XIX.-ON PBRSONAL MATTERS. The relation of the different departments .. Bank officers should be uniformly courteous
.. How leisure time should be employed .. About handwriting ..
Signatures .. Pen paralysis .. Oeath of an officer . . Where bank officers should reside .. Bank clerks' investments . . The bank's secrets
. .Studies of bank clerks.
CHAPTER XX.-BuSINESS AND PLEASURE. Rusty clerks .. Habits of
study .. Bankers' institutes . . The vacation and how to spend it.
OHAPTER XXL-BONDS OF SURETYSHIP. Moral value of a bond . .
Fidelity companies and their inquiries . . Taking the oath .. Officers' bonds with extended National banks .. Renewal not necessary.
CHAPTER XXII. - COMMONPLACE CARES. Location of banking
rooms . . Internal arrangement .. Care of waste paper . . Bank locks
and vaults .. Keeping old books a.nd papers.
CHAPTER XXIII.-THB CLEARING-HOUSE SYSTEM. Full description of its workings .. Loans between banks .. Return of dishonored
checks .. A personal experience .. How returns are made, with
form.
CHAPTER XXIV.-OUR ENGLISH COUSINS. How banking is done in
England .. Open and crossed checks described .How a bank is
started in London .. Banking profits . . Some practical deductions.
CHAPTER XXV.-TRUST COMPANIES. What they are and their
practical workings.
CHAPTER XXVI.-THE SUFFOLK BANK SYSTEM.--Gra.phic account
of its workings, with pictures of some of the officers . . Personal
reminiscences.
CHAPTER XXVII.--EVERYDAY QUESTIONS AND OTHER MATTERS.The charity question .. Small accounts. Special deposits .. Disclosing depositor's accounts . . Forged endorsements .Ink responsibility . . Legal and illega l holdings .. What is a legal signature ..
Signing by mark .. Valuable signatures .. Proper use of banking
terms .The reserve question .. Women in banking .. M:ethods of
identifica.tion . . Breastmg a panic. Ultra vires . Banks and clergymen . . The amusement question .. Oanadian banking.
SUPPLEMENTAL CHAPTERS.
CHAPTER XXVlll.-lNSIDE WORKINGS OF A BANK. How to make
examinations and know they are correct .. A quick method of discovering crooked book-keeping .. Tellers' differences and how to
remedy them .. Journal entries and charge tickets .. Best method
of opening ledgers, with ruled and printed form, showing how to
do it .. Stopped checks and how to handle them, etc.
CHAPTER XXIX.-LAWFUL MONEY RESERVE OF NATIONAL BANKS.
Complete tables and examples showing how reserve is computed
.. Funds available for reserve under the law now in force ..
Form of report submitted to the Oomptroller ot the Currency 1
fac-simile.
CHAPTER XXX.-A CHAPTER ON SIGNATURES. How some bank
officers write their names (with tac-similes) . . Blind signatures and
plain writing contrasted .. Forgery prevented.
This book gives a great deal of practical information which no man can learn through everyday experience, except at a
great loss of time , and, in many cases, a loss of money as well. Bank officers of many years' experience commend it as
well as those just learning the banking business. J. W. Woodworth, cashier of the Commercial' State Bank, Marshalltown, says:
"Patten's Practical Banking is a most excellent work, and one that ma:y be read with _profit by any banker
tn the land, no matter whether be has had years of experience or is simply a Junior clerk. Mtmy times experience
ts an expensive teacher. The writer of this book has evidently worked bis way patiently, and with his eyes open,
through every department of a bank."
For Sale at Publisher's Price, $5.00.
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Federal Reserve Bank of St. Louis
ADDRESS, THE TRI-STATE BANKER , W ESTERN AGENTS,
D£S MOINES, IOWA~
THE TRI-STATE BANKER.
22
B. A. Plummer, the fusion candidate for lieutenant
governor, is president of the First National Bank of
Forest City. He is a self-made man. An orphan at
13 he ever afterward was dependent on his own
resources. He enlisted in '64 at the age of 16 and
served until the close of the war. At its close he
engaged in the mercantile business "in Forest City and
in 1876 he opened the first bank in Winnebago county.
In 1880 this bank was made the First National. After
the war Mr. Plummer took a course at Upper Iowa
University, from which institution he secured a diploma
in 1870. He has been treasurer of his county for two
terms and has held numerous other minor offices. He
is a broad-minded, public-spirited man, whose money
and influence are freely given toward public enterprise.
Three Opinions:
"The CHIC:JiGO RECORD is a model
newspaper in every sense of the word."
-Harrisburg (Pa.) Call.
"!I'here is no paper published in :Jimerica that so nearly approaches the true
journalistic ideal as Tile CHIC:JiGO
.RECORD."-From "Newspaperdom"
(New York).
"I llave come to the firm conclusion,
after a lon/J test and after a wide
comparison with the journals of
manv cities and countries, tllat File
CIIIC:JiGO RECORD comes as near
being tlze ideal daily journal as we
are for some time likely lo find on
these mortal slzores.''-Prof. J. !I'.
H at_fleld in 71Jze Evanston ( Ill.) I ndez.
Sold by newsdealers everywhere and subscriptions received by all postmasters. Address
THE CHICAGO RECOR._D, 18/ Madison St.
July, 1897.
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DETROIT, MICH.
THE TRI-STA TE BANKER.
July, 1897.
?
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CAPITAL $300,000.00.
Des Moines Savings Bank
· Des Moines, Iowa.
P . M . CASADY,
SIMON CASADY,
PRESIDENT.
CASHIER .
LELAND WINDSOR,
ASS ' T CASHIER.
NATIONAL
State Bank of Burlington
(Oldest Established Bank in Iowa.)
SURPLUS AND PROFITS :
CAPITAL , $150,000 .
$160,000.
OFFICERS:
J. T. REMEY, President.
UHAS. STARKER, Vice-Pres
JOHN J. FLEMING, Cashier.
J. W. BROOKS, Ass't Cashier.
DIRECTORS:
C. E . Perkins,
J.C. Peasley.
Chas. W. Rand.
J. T. Remey .
Chas. Starker.
J . W . Brooks,
CLINTON NouRSE r..-.....~
Architect of
City Bank,
Boone.
Union National,
Ames.
Oitizens National,
K noxville.
First National,
Nevada.
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Ham ii ton County,
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Fi rst, National.
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0oldfi eld, Ia.
CORRESPONDENCE
. , . INVITED
ADDR1'.SS,
DES MOINES , IOWA.
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Federal Reserve Bank of St. Louis
FAST LINE
BETWEEN
CHICAGO
DUBUQUE
ST.PAUL
MINNEAPOLIS
WATERLOO
CEDAR FALLS
MARSHALL TOWN
DES MOINES
ST.JOSEPH
KANSAS CITY
F. H, LORD,
G. P. & T . A . , CHICAGO
CAPITAL CITY STATE BANK
DES MOINES, IOWA.
Capital and Surplus Additional Liability of Stockholders
$115,000
f,100,000
OFFICERS .
DIRECTORS.
A. HOLLAND .............. .
. .................. President
M. P. TURNER . .. ... . . .... .
............... Vice-President
J. A. McKINNEY ........... .
.................... . . Cashier
M. l\1. PATTEN ........... ..
. ..... . ... .. Assistant Uashier.
Jas. Callanan,
J. S. Patten,
J. D. McOarrau~h.
M. P. Turner,
A. Holland ,
J. A. T. Hull,
Leander Holton,
Henr\V
~\~~i~ud.
Under direct supervision and Jurisdiction
of the Auditor of the State of Iowa ••••
Interest Allowed on Special Deposits.
We Respectfully Solicit Your Patronage.
THE TRI-STA TE BANKER.
JHE
H. Andrews Co.,
The A.
NORTHWESTERN NATIONAL BANK,
300
July, 1897.
Wabash Ave.,
Chicago.
Designers and ...
Manufacturers of
CAPITAL, $1,250,000.
Pine Bank Fixtures
SURPLUS AND PROFITS, $500,000._
... and ...
MINNEAPOLIS, MINN.
GEORGE A. PII,LSBUllY, Prest.
JAMES w. 8.AYMOND, Vice-Prest.
GILBERT G. TllORNE, Cashier.
WILLIAM COL LINS, Asst.Cash
CONDENSED STATEMENT OF THE NORTHWESTERN NA TIONAL BANK , OF MINNEAPOLIS, MINN ., AT CLOSE OF
BUSINESS , MAY 14, 1897. COMPTROLLER'S CALL •••• . ••• .
ASSETS.
$1,834,336.a7
50,000.00
153.696.21
2,250.00
None
3.00.J,677.61)
$."i,044-,000.27
LIABILITIES.
Capital Paid 11p .................. .... ... ..... .... ..... . . . . . . . . $ 1,2f>O.0OO.OO
Surplus and Undivided Profits, (net) ... .......... ..........
454-,535.15
Circulation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
11,!)50. 00
De posit sDu e Hanks.....
. . . . . .. . . . . . . .. . .............. $1.072,063.29
Demand Ve posits .. .. .. .... .... . ...... . ........... 2,256,441.83 $3,328,475.12
$5,04-4,960.~7
Two per cent paid to correspondent banks on
balances averaging over $1,000.00. . . . . .
VALLEY
NATIONAL
BANK • • • • •
*
\
.
OF DES MOINES.
J . J. TowN, President.
C. II. DILWORTH, Vice-Pres't.
R. A. CRAWFORD, Cashi er.
W. E. BARRETT, Ass't Cash ier.
CAPITAL AND SURPLUS .
If you are erecting
a new buildiug or
refitting your present banking room
Write Us
Cash on hand ..................................... $ int.095.68
Due fr om other Banks .......... . ........... .. .. J,160,240.6\:1
U. S. Bonds ..... .......... ........ . . ........ .... .............. .
Other Bonds and Stocks .. . ........... ..... .............. .
Redemption Fund .............. ... ...... . ................... .
Ov e rdl'afts. ... . . . . . . . . .. .. . . . . .. . . . .. . . . . . ...... . ... ...... .
Loans and Discountf; .............................. .. .. ...... .
Office Purniture ..... .
. $300,000.. 00.
and we will be ...
pleased to have one
of our expert specialists call on you.
We have furnished,
with complete equipments, more than three thousand of the
best banks in the United States. ...List sent on application.
It's all Fol-de-rol •t,.
to think that becauee we
"', , make the BEST desks, we
jj
can not beat them all In
7LOW PRICES. TRY
us.
.
We use only
honest materials and ...
construction.
Report of the Condition of the
SECOND NATIONAL BANK
OF DUBUQUE, .IOWA,
At the Close of Business, Friday, May 14, 1897 •
RESOURCES .
Loans and Discounts .............................. $756,t20
Ovel'drafts. .......... . .... . . . . . . . . . . . . .. . . . .. . ... . . .
327
U. S. Bonds, 4 per cents. ....... ... . .. . .... ... ....... 50.001
Otbcr Bonds ............ . ........................... 200,591
Fur11iture and Fixtures......... .... ... .. .. . ... . .
Due from 1-h·servB Agents ...... ... . .... .... ... .... 586,280
Due froo1 other Banks ..................... ~.. .... 8 1.855
Uash on hand . . . . . . . . . ........................... 104,382
Red em ption Fund. . ... ... . . . . . . . . . . . . . . . . . . . . ..
2.250
40
77
00
76-$1,007,130 93
5,000 00
40
79
98
00774,761) 26
$1,786,!Xll) 19
Total ...... .
LIABILITIES.
Oapital Stock..... . . ................... . . . . . . . . . . . .
1¥400.000
Surplus Fund ..................................... $ 67,000 00
Undivided Profits................................... 15,315 75- 82,315
Ci r cu lation . ............ ... ... . ... . . . .. . . . . . . . . . . .
4.5,000
Deposits ([ndivlduals) .. .... . ...... . ............... t\30,612 47
Depos its (Banks) .......... . ................... . ... 619,980.97-1,2511,50:J
Total. ... . ....... .... .. ... . . . . . . . . . . . . . .
00
75
00
44
$1,786.900 19
OFFICERS.
Accounts of Banks, Firms and Individuals
solicited, and will receive careful
attention.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
J.·K. DEMING, Vice-Pres. a nd Cashier.
GEO. B. BURCH, President.
HERM ESCHEN, Asst. Cashier .
DIRECTORS .
GEO. B. BURCH,
WM, L. BR.ADLEY,
W. H. DAY,
H. B. GLOVER,.
J. IC DEMING,
F. A. RUMPF,
GEO, W. KIESEL,
@FedFRASER