Full text of The Northwestern Banker : June 1897, Volume II, Number 6

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Volume IL

Number 6.

Des Moines, Iowa, June, 1897.

ESTABLISHED 1876.
8. A. ROllERTSON,
President.
C~PITAL,
SURPLUS,

GEO. A. DISSMORE,
Oasbier.
$100 1 000.
30,000,

~~.;i;;:;-··•1· lCITIZENS
L- · NATIONAL
EDITORIAL,

·JowA NATI 0 NAL

GIVE THE COUNTRY BANKER A
CHANCE, -

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BANK _ •

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IowA BANKERS' AssocIATION-

BANK.

ADDRESS OF WELCOME,
PRESIDENT

-s.1>WiililWlitl■►
•-----Des Moines, Iowa.

ADDRESS,
-

CAPITAL,

SURPLUS,

REPORT OF TREASURER,
THE GROUP SYSTEM,
ADDRESS OF ISAAC Loos,
RESOLUTIONS,

DELEGATES IN ATTENDANCE,

CONVENTION NOTES,
NEW ARTICLES AND BY-LAWS,

·······~7

Cash Capital, $50,000. :►
Surplus, -

$200,000.00
- 100,000.00

THE BANQUET 1

~ ™ . .~ · · · · · · · · · .......................... ~~ .. • •••••...

DEMING'S

REPORT OF SECRETARY,

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, Cash'r, Geo. S. Redhead,
H. A. Elliott,
Frederick Field,
E . H. Hunter,
R.R. Heath.
J. M. Goodman.
M. T. V. Bowman,
Dr. W. H. Dickinson,
E. n. Samson.
Theo. C. Sherwood,

J. G. ROUNDS, President.
A. LEDERER, Vice-President.
GEO. E. PEARSALL, Cashier.

ACCOUNTS SOLICITED.

Davenpo:rt Savings Bank.

$40,000.

DAVENPORT, 19WA.

... THE ...

Capital, - - - $ 250,000
Undivided Pro.its,
81,000
Deposits, - - - 1,963,605

People's
Savings
Bank ...

Business

OFFICERS:

Solicited.

ANTHONY BURDICK, President.
LOUIS HALLER, Vice-President.
HENRY C. STRUCK, JR., Cashier.
OTTO L. LADENBERGER, Teller.

~ e s Moines, Iowa.

... DIRECTORS ...

A Sheuerman .
o. H. Perkins.
.Martin Tuttle .

C.H. Martin.
C. c. Loomis .
A. Di~Y-

DIRECTORS:

J. A. Garver.

w. R. Warfield.
Martin Flynn.

.. .. OFFICERS....

A. Burdick, Louis Haller, A. Steffen, W. 0. Schmidt, F. R.
Hancock, J. F. Dow, H. Kohrs, W. H. Wilson,
H. U. Struck, Jr .

Lu. ., ,r=..,. . . . .,"'rl,,. ,. . c.:;~~~:~1~:.~~:~~e~~::.:.1:~~:.~~.:~:~.~~~;J 5
Martin Flynn, Pres.

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

Adam Dickey, v .-Pres.

PER CENT INTEREST PAID ON DEPOSITS. MONEY LOANED
ON REAL ESTATE SECURITY IN THE STATE OF IOWA.

THE TRI-STA TE BANKER.

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June, 1897.

... The National Bank. ..

INa!!1?aH1~L~A!~a~u~e~,nk, I REPUBLlC
@

...CAPITAL,

$1,200,000...

OF THE

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Statement May I4, I897.

13,425.557.12

LIABILITIES .

Ca pital stock ...... _.. .. _...... _. .. .. .. $1,200,000.00

t~Jl:.\~ofits·
(1.ess ·e;.:v: a·~c1· tax·. ·pa.> 6gg;~~2:gL1,ss5,s74.20
Circulating notes . _... ___ .... . ... ... ... _
540,000.00
$13,425,557-12

..• Directors...

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Banks ..... ... ....... 3,722,682.99- 10,99!-l,682.!l2

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United

t " "
'QSJ

OF NEW YORK.

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United States bonds .. ·.·. :.~~.~ .~~~ ::·: .. ·.. ........ $ 600,000.00
Premium on same ..-. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
40,424.66
Other bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
476,384.45 /Sl).
Time loans on collateral ... _.. ......... . ... ... .... 3,356,la;:l .04 '<ISi
Bills discounted . ... ........ .. ... ......... .. ..... • 3,388,478.40
Demand loans on collateral ............ t ,8a7,440 64
Due from banks ... .. .. . .. ... ........... 547,124..20
Exchanges for clearing- house .. ___ .-· _ 564,mm.91
Deposit with United States treasurer
27.000.00
Gold .... _. .. ____ .. _... _. . .... . .......... 1,722,020-00
Legal-tenders ..... ... ... __ ..... .. _. .... 740,720-00
Silver, etc . ........ . . . _._ ...... _. ... . .. _. 134,897.92-5,564,136.57 /Sl).

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'<ISi Due d epositors; Individuals ......... _ 7,276,999-03

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YORK CITY...

SAMUEL D . BABCOCK.
JOHN D . CRIMMINS.
FREDERIC CROMWELL.
G. G. HAVEN.
R. SOMERS HAYESJos. C. HENDRIX.
WILLIAM

AUGUSTUS D. JUILLIARD.
DANIEL S. LAMONT.
RICHARD A_ MCCURDYFREDERIC P. OLCOTT.
HENRY H. ROGERSH. McK . TWOMBLY.
WHITNEY.

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$1,500,000.
SURPLUS,
500,000.

CAPITAL,

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OFFICERS:
OLIVER S CARTER, President.
EUGENE H. PULLEN, Vice-President.
CHARLES H. STOUT, Cashier.
W. B. T. KEYSER, Asst. Cashier.

Accounts·· of Banks and Bankers Received.

I
b~sc/\lI::~~~~-- _-_·_·.· _·.·.·.·.·.·.·.·.·:.·:.·::.-.·_-.·_-_-_. . _._._._.vi~~~~;::!~!:r
E. 0.

ank Building , Cor. Wall Street and Broadw'ay.

LEECH .... ....... . ... Second Vice-President and Cashier.

CORRESPONDENCE SOLICITED.

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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, Manage:r fo:r Iowa and Neb:ra~ka,
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.
So::nd fo r our Bankers' Catalogue.-----■

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

THE TRI-STATE BANKER.

June, h897.

The Best Bankers'
FIRST ,:. NATIONAL
Publications.
-----THE-----

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,cat1011

Corner rlonroe and Dearborn Streets,
CHICAGO.

CAPITAL, $3,000,000.

!
I

SURPLUS, $2,000,000.

R ~egulatt Banking Business Tttansaeted.

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(

TRAVELERS' CREDITS is ued available in any part of the
world. TRA SFER OF MO EY MADE BY TELEGRAPH AND
CABLE and EXCHAr GE DRAW at customary usances, on the
principal cities of the United States, Europe, Japan, China and the
Eat Indies.
All kinds of FIRST-CLASS I VESTME T SECURITIES dealt
in. Constantly on hand and for sale at e urrent rates a full line of
GOVER ME T BO DS, Municipal and Local Bonds, Choice Railroad Bonds.
Collection s carefully made and proceeds promptly accounted for
on moderate terms. Accounts of banks and bankers solicited.

I
I

JAMES B. FORGAN. Vice-Pres·
S. M. NIOKERSON, Presid ent.
GEO. D. BOULTO , id Vice-Pre . RICHARD J. STREET, Ca.shier.
FRANK E. BROWN. 2d Asst. Cash.
H OLMES IIOGE, Asst. Cash.

mmmmmmmmmm!mmmm1mmmmmmmmmmm1mm~mmmmmmmm~
~

®
You Get
the Profits :
:
Of Dealers, Agents, Jobbers
and Middlemen by buying direct from the manufacturer.

Publishers.

NOTICE. Orders for the Bradford Rhodes & Co.'s Bankers' Publications r eceived at pu bli her's rates by THE TRI- TATE BANKER,
Des Moines, Iowa.

Wake Up,01d Man-Wake Up!
Be a Book -keeper Be a

First-Class

®
00
YOU WILL NEVER fall

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1=~

===-

asleep over your work or

the
than ·
madewheelbetterNo -

Acme Bicycle

Built in our own factory by
skilled workmen, using the best
material and the most improved
machinery. We have no agents
Sold direct from factory to the
rider, fully warranted. Shipped
anywhere for examination.

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Ourlnte;;T~ii~g Offer

Acme Cycle Co., Elkhart, Ind.

be troubled over long- columns of figures, if yon will
purchase and m:tster the ·
contents of "Goodwin 's
Improved Book - keeping

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BRADFORD RHODES & CO.,
78 William Street, NEW YORK,_______....

BANK OFFICERS:
•

in the United States.
Advertising Rates l0w co nsidering the large circula tion
guaranteed.
Rhodes' Journal of Banking and the Bankers ' Magazine have
~
been consolidated.
The Bankers' Directory. Iss ued 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 ational
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.
ational and
The Bankers' Reference Book. Ratings of
State Banks, Private Bankers, Loan, Trust and Investment
Companies, Collection Agents, Brokers, etc., for confidential use. T erms on application.

and Business Manual" .....
This book is not a. lu xury,
but a nrcessity - partieularly to the progressive.
It leads directly to money-making and money-saving. You can
learn from it within three weeks ' home study bow to open, keep, a nd
close any set of double entry books, in the most modern. "u p-to-date"
manner; change from single to double entry; locate errors in trial
balt~nces; provepo tings; improve systems; auditaccounts; average
acco unts; compute interest; teach book-keeping; earn money a an
expert; sa ve one-third labor; make "balance sheet"; render comparative statements; keep books for or manage a Stock Company or
Manufacturing Concern and more - MUCH more! Priee (postpaid),
$3.00. MON EY REFUNDED "and no questions a ked," if you can not
learn ALL within three weeks , or if you do not con ider the book
worth ten times what you pay for it! Could y·o u a k for anything
fairer?

TRI-STATE BANKER PUB. CO.,
Western Agents.

DES MOINES, IOWA.

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

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~-----i:z::.- -----------------11 a1, _

CENTRALLY LOCATED
And Well Equipped For Handling Country Accounts

G . B . SHAW , PRESID ENT.

J . R : CHAPMAN , CAS >< I ER .

JOY MORTON , V rcE ·PRESID ENT.

L . C . WACHSMUTH , 2D V IC E- PRE S T .

0 . C. DECKER ,

L . MOYER ,

AS SIS TAN T
2o

ASS T .

CAsH,t R .
CASH ll .R .

$1,000,000 .
LSTATEMENT,l

CAPITAL,

••• THE •..

·THE AMERICAN TRUST

Cedar Rapids National·Bank of Iowa

AND SAVINGS BANK ....
NORTHWEST CORNER LA SALLE AND MAD ISON STREETS ,

Transacts Strictly A ..
Commercial Business.

. .. CHICAGO ...
STATEMENT OF CONDITION .

A . T. AVERILL, P resident.
G. F. V ANVECBTEN, Vice-Prest
RALPH V ANVECBTEN, Cashier.

MAY 11 , 1897 .

RESOURCES .

Capital, i200,ooo..... . . . .

U ndiv id ed Profi ts, $30,000 .

CA-P ,TAL STOCK PAID IN ,
SURPLUS rUND ,
UNDIVIDED PROrlTS ,
DEPOS IT S , I NDIVIDUAL ,
DEPOSITS , BANKS , -

General Commercial Business ..
Officers and Directors.
W. C.UHAYWARD, President.
HENRY EGBERT, Vice-President.
s. 0. BAWDEN, Cashier.
M. J EAGAL.
S.,F. SMITH ~
A. F. CUTTEH.
J.B. PHELPS,
s. L. ELY.
W. H. SNIDER.
JOHN W. BALLARD.

(Incorporated .)

... CHICAGO .. .

Bank Stationers
and Lithographers

........

$ 2,9 8 5, 7 9 4 .1 6
1 , 78 5, 6 7 4 . 1 5

4 ,77 1 , 4 68 . 3 1

SPECIAL ATTENTION GIVEN TO ACCOUNTS
'OF STATE AND PRIVATE BANKS . . . . . • .

Acts as Trustee and Tran°sfer Agent for Railroads and other C,irporations. Accepts Trusts created by T,,Vill or otherwise. Issues Interest
Bearing Ce,·tijicates of Deposit Legal Depository for Executors and
Trustees. Tra n sacts a General Banking Business and Solicits Accounts
of Corporations, Firm s, and Individuals. . . . . . . . . . . .
WE SOLICIT CORRESPONDENCE

•

... THE...
,

Ball Beatri·ng Densmotte,
New No. 4: Yost,
No. -i Caligttaph.

Fine Russet ....
Lea ther Pass ...
Books and Pocket • Every improvement or merit applied
Check Books a . . ~~~~e~~:~:t~~nbit ~~~e;q~:n~~a ~~,':,'~~,s
preme merits of these Typewriters.
Specia lty.
Sold and Rented.

us
LARGE ASSOH.TMENT 01!..,

BANK REGISTERS
_ ......... ~ ........- And other Forms kept in stock.

Finest line of Supplies and best
line of Impression Books in the
West, " I nvincible" Ribbons
and Carbon. Write for Catalogue
and prices,

United Typewriter &
Supplies Co. ,
Telephone 167,
206 Fifth St.

DES MO INES,
IOW A,

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

·►INSUR.ES against b urg lar y a nd robb ery of ba nk.

.
DIRECTORS :

-==::::: .

G. R. MOORE, President State Bank, Jackson. Minn.
JOHN H. LEATHERS, Cashier L ou isville Banking Co., Louisville, Ky.
C. F. SMITH, Cashier First National Bank, McGregor, Texas.
JAS. FERGUSON, V.-P. Northwestern Nat. Bank, West Superior, Wis.
A. E . SPALDING, Cashier Ainsworth Savings Bank, Ainsworth, Ia.
E. 8. BRANCH. Omaha, Neb.
'
EDWI N GOODALL, Des Moines, Iowa.
li'. ELMORE, Cashier Bank of Winchester, Kansas.
J. D. GERLACH, Cashier First National Hank, Chester, Illinois.
~ - -- -- - - - -~

A bsolute security at ac_tual cost. T he safe d elivery of m oney and
securities shipped by registered m ail. Better, safer, cheape r than by express. Orga ni zed a nd conducted by banker:;. Confinse its business to ba nks. Corresp ondence solicited.

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

$1 ,0 00 ,0 0 0. 0 0
80 ,0 00 . 00
2 2 ,660. 7 8

& Co. UP -TO
.,

2 .401, 66 3, 11

$5, 8 74. 1 29 09

Your Accounts and Collections Solicited.

PETTIBONE

722 , 631.7 2
1 21, 792 . 91
1 ,5 57, 2 3 848

LIABILI T IE S.

DAVENPORT, IOWA.

$
-

$ 5,87 4, 129. 0 9

Davenport National Bank,

$ 3, 269 , 83 6 20
59, 000 . 00
143, 6 29. 78

LOANS AND D I SCOUNTS ,
UNITED STATES BONDS , •
OTHER BONDS AND STOCKS ,
CASH ON HAND ,
CHE.CKS AND CASH ITEMS,
DUE rROM OTHER BAN K S ,

~be ~rf==State l3anker.
VOLUME II.

DES MOINES, IOWA, JUNE, 1897.

$2.CO P ER A NNUM.

THE TRI- STATE BANKER,
PUBLISHED BY

TH E TRl=STATE BANKER COMPANY
GEO. G. HUNTER, MANAGER.

M ANHATTAN B U I LD I N G, DES MO I NE S, IOWA .

A mon t hly b a nker s' Journa l devoted to th e interest s of bankers
in the Middle-W est.
All communication s a nd n ews items of local interest to banker s
in t his territory a r e r equ est ed .
Subscription , $2.00 p er a nnum; sin gle copies, 20 cents.
Adver t ising rates on application.
Enter ed at Des i\l oines P ostoffice a s second cl a ss m a tter .

ONE of the most prominent and successful bankers
in Iowa remarked to the editor at the Ottumwa convention, "As a matter of dollars and cents, I find it pays
me to attend the bankers' convention.''

***

THERE were s9me particularly good papers given at
the recent convention. We give a few of them in this
number, and the others will follow · in later numbers.
We particularly call attention to the article in this
number by Professor Loos, of the State University.
No banker can afford to miss reading it.

***

THE Mason City bankers have extended the association a cordial invitation to meet in their city next year.
Mason City is one of the growing towns of the state.
Her people are jealous of the good name of the city for
hospitality, and the bankers may be sure of a right
royal welcome and a grand good time next year.

***

EVERY Iowa banker will be interested in reading the
new constitution and by-laws as adopted at the Ottumwa
convention . . The group or district system of state organization has been adopted by the Iowa Bankers'
Association, and it now remains to be seen whether it
can be made as successful in this state as it is in New
York , Pennsylvania and other states where it has been
iu operation. The discussion of the merits of the system brought out many points in its favor and many
against it. Many bankers over the state doubted the
advisability of adopting it at this time, but now that it
has been adopted, we predict that those who opposed
the measure will be the first to lend their assistance in
giving the new system a fair trial. A very great responsibility and not a little work devolves upon the
district officers. If the group system shall be a success
in Iowa it will be largely due to the fact that the officers of each district take an active interest in working
up the interest and membership in their district. Let
us all do what we can to make the new order a success.

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

NUMBER 6.

A Banker s' Journal f or th e Middle- West.

SINGLE C OPIES 20 CE NT S.

Ev_ERY banker in Iowa will be interested in reading
the new constitution and by-laws of the state association
providing for the organization of the state into districts
and a meeting of the bankers of each district one or .
more times a year. Notice what district you are in
and identify yourself with the new organization at the
first opportunity.

***
EVERY banker in a district will be particularly interested in the doings of the group belonging to his district. As THE TRI-STATE BANKER will give full
r~ports of each district meeting and what is being done,
it follows that every banker in the state will be interested in THE TRI-STATE BANKER. Not only will we
give the district news, but all the state financial news.
We heip you to keep i-n touch with the banking interests of your own state . . Subscribe now. Two dollars
a year, because it is worth it.

***

IT HAS been suggested to us that we give several
pages of our journal each month to a discussion by
bankers of the group system, how to make it most effective, and other subjects of special interest. We
gladly do so and trust our readers will feel free to use
our columns freely for any matter that will interest
western bankers. During the year we shall devote considerable space to the group system, giving complete
reports of each meeting, and in every way in our power
increasing the interest and promoting its success.
GIVE T HE COUNTRY BANKE R A CHANCE.

To THE EmToR AND READERS OF THE TRr-STATE
BANKER:
I attended ·the Ottumwa convention and was much
interested in the discussion of the group system. I
knew very little of its workings before, but from what
I learned at the convention , I am convinced that it is a
good thing for the Iowa Bankers' Association and the
bankers who are now not members.
There are now in the state of Iowa over one thousand
legitimate banks, of these, our secretary reported that
two hundred and four, or less than one-fifth were members, which, I believe, is the largest membership the
association has ever had. Now, it strikes me, that the
tail has been trying to wag the dog too long, and the
only way the Iowa Bankers' A ssociation can be a representa tive organization , standing for the banking interests of Iowa, is to number as members over half the
banks in the state.
The great question is then, "How can we increase
the membership? ' ' The only answer thus far brought

THE TRI-STA TE BANKER.

June, 1897.

IOWA BAN KERS' ASSOCIATI ON.
out is to adopt the group system. It was shown that
wherever the group system has been put in operation
ADDRESS OF WELCOME.
it has been successful, both in the good accomplished
and increasing the interest and membership among
Mr. Chairman and Members ef tlze Iowa Bankers'
those who have before taken no interest in the state Assodation,-On behalf of the citizens and of the assoassociation whatever.
And, indeed, the result can ciated banks of this city I bid you a very cordial welnot be otherwise. It may be taken as a self-evident come.
principle, that the mor~ you localize a matter, the more
It is a source of sincere gratification that you have
interested in · that matter will be the people of that done us the honor to select our city as. the place of
. smaller locality. My friend from Des Moines said the holding your eleventh annual meeting, and I beg to
danger of the group system lay in the probability that assure you that we fully appreciate the advantage from
it would lessen the interest in the annual state conven- a social, educational and financial point of view of
tion. Granting for the moment his point, though I meeting with such a representative body of business men. ·
believe the contrary to be true, is it not better to have
I but voice the sentiment of the great mass of our
a membership of five hundred and an annual conven- citizens when I say that we look upon the business of
tion of fifty rather than a membership of two hundred legitimate banking as second to none in importance,
with an attendance of one hundred.
and in its direct influence upon our growth and proThe success of the annual state convention is not . gress in material things.
nieasured so much by the number present as by the
Whatever prejudice may exist against this .occupation
number they represented. However, I am glad the in certain quarters, I am proud to say that the very
objections were brought out, because the merits were satisfactory manner in which the banking business has
the more clearly presented, and I know the objectors been conducted in our city, and the important and
had the good of _the association at heart, and know, too, indispensable service it has_ rendered in all that has
that none will work harder to make the group system gone to make up our material advancement for the
a success than these same gentlemen. We have been quarter of a century covered by my observation in this
trying, lo, these many years, to bring the banker to community, has won for it a warm place in our esteem,
the association, with indifferent success,-let us now and caused us to look upon it as the handmaid of social
try taking the association to the banker. There are progress .
. So far from entertaining feelings of prejudice or
very many bankers in the state, who can not, with
safety, leave their business for two or three days to resentment against the occupation of banking, the
attend a state association, but he can attend a district relations of these institutions to our business communmeeting where he can get to the place of meeting and . ity have been carried on in such legitimate ways, and
home again the same day. At a district meeting local upon such a high plane of commercial integrity, as to
affairs will be discussed in a more or lesF> informal way ; win for them the confidence and loyal support of the
each banker will probably know, personally, every mass of our people, both in country and city.
When we come to consider the amount of banking
other banker present. and feel as free to take part as he
would in a meeting at home. Then, too, the president business done in the past forty years in this city, withand secretary of the group will probably be personally out a single failure of any consequence, we may easily
acquainted with most of the bankers in that group see in this fact alone, the sufficient explanation of the
and they can accomplish a great deal more in getting hold which our banks have upon the public confidence,
these interested and to join the association than the and, in view, of this record, I am sure, gentlemen, that
you will indulge me in the expression of a little local
state officers have been able to do.
If the officers of the various groups will go to work pride. But it is a source of equal gratifi~ation to be
and make a systematic campaign, there is no reason able to add, J:hat what has been true of the history of ·
why the various groups should not have an aggregate banking in our own community will also apply, particmembership of five hundred before the close of the ularly for the past thirty years, to the entire state of
year; · and as joining any group makes him a member Iowa.
True, there have been some failures of a serious, and
of the state association, the latter organization will be
even of a corrupt character, but they have been so rare
in a flourishing condition.
Th~ group system will be especially helpful to the and exceptional, that they only serve, by way of concountry banker. By this term I mean all bankers in trast, to intensify our justifiable pride and satisfaction
towns of less than ten thousand population. I shall in pointing to the high and honorable record of the
be pleased to hear from other bankers who are inter- banking business in the state at large.
ested in this new system - as to ways and means of
We have so many things to be proud of, as citizens
of this great state, and not least among them are our
promoting its success.
COUNTRY BANKER.
[We shall be glad to publish all communications banks and bankers.
concerning the above or any other topic of special
It is with sincere pleasure, therefore, that we welcome to our midst the Iowa Bankers' Association as
interest to Iowa bankers.- EDITOR. J

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Federal Reserve Bank of St. Louis

THE TRI-STA TE BANKER.
Acts as Reserve Agents for National, State or Sayings Banks

THE

$300,000.00 •.••......

Details of Accounts Carefully Attended To.

DES MOINES NATIONALBANK,

Capital,

DEs Mo1NES, low A .... -

. .. Correspondence Invited.

. ... OFFICERS ... .
G. M. REYNOLDS, President, E. A. LYND, Vice-President, C. B. ATKINS,
Vice-President, ARTHUR RKYN0LDS, Ca!'-h., C. M. SPRNCER, Asst. Cash.

the representatives of this great industry, and we exThat this statement is no reflection upon the general
tend to you our hospitality and the freedom of our city. intelligence of the people is attested by the wide diverPleasant as we hope your brief stay among us may gence of opinion upon many questions pertaining to
prove to be, we appreciate that you have not assembled banking and the functions of money, among men of
for pleasure alone, but to confer together upon ques- learning, who have had time and opportunity to give
tions of common interest pertaining to the improve- them careful study and examination.
ment and conduct of your business.
On the other hand, it should be said to the great
In an age where the great watchword is '' progress,'' credit of the intelligence of the people at large that,
and where organization and concerted action among after the public mind had been saturated with false
those of kindred callings has become essential to .the ideas and vicious :financial theories preached from hill
best results, both from the aggressive and defensive and dale, in season and out of season, by the demastandpoints, it would be singular indeed if those en- gogue and political charlatan, and what is far more
gaged in the all important business of exchange, that dangerous, by the honest but misguided advocate, this
is, of banking, should stand aloof from each other, and same people in the two or three crucical tests upon
forego the benefits of organization for mutual improve- great monetary questions, occurring in the past twentyment and defense.
five years, have at last yielded to sound argument and
As this is only your eleventh annual meeting, you prolonged discussion, and cast their influence and sufwill pardon me if I add that possibly you pursued the frages against false ideas, and in favor of correct :finanpolicy of isolated and independent action longer than cial principles.
They are honest. and desire to be right, and these
was conducive to your best interests, so far, at least, as
the creation of sound public sentiment is concerned. few instances in our recent history of the power of
If you ~oncur in this view, may I not also urge upon agitation and discussion in moulding public opinion,
you the propriety of increased vigilance in future in and directing it into correct and healthful channels,
combatting unhealthy and heretical views touching are eloquent in suggestion as to your duty as, in a certain
finance, and in spreading sound ideas among the people. sense, the trustees and custodians of the monetary
In a system of government resting upon the con- interests of the people, to see to it that you exert all
sent of the governed, such as ours, public opinion is your power and influence in the formation of sound
all powerful, and no system or institution however and safe banking and :financial sentiment.
strong, can long resist its influence. If directed in
Remember that the demagogue and political mounteproper and healthy channels society has nothing to bank is ever active and never slumbers or sleeps. The
fear and everything Jo gain, but in the very nature and aim and purpose of his life is to acquire power and
constitution of things, we know that nothing is more official emoluments, and he is not scrupulous as to the
:fickle nor more easily led astray and, when it is, it be- means. With him, the end is the all-important thing;
comes an equally potential agency in the creation and the means to it are only incidental.
support of false systems and injurious policies.
If denouncing banks and bankers, and promulgating
There is probably no occupation in respect to which heresies about money and exchange promise the best
an active and intelligent public opinion is so indispen- results, these become his stock in trade.
sable as that of banking, because it deals directly with
Plausible falsehoods and theories, constantly reiterthe problems of money, credit and exchange, and these ated upon subjects as inherently complex and difficult
are problems which not only deeply interest and con- as many which pertain to banking, money, and
cern the masses of men, but in respect to which these exchange, unless promptly exposed and refuted by
same masses may be easily misguided by false and sound argument, gradually take root in the popular
.mind and crystallize into public sentiment.
sophistical arguments and th.eories.

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Federal Reserve Bank of St. Louis

THE TRI-STATE BANKER.

June, 1897.

That feature of the national ·bank.system, pertaining
A somewhat remarkable instance of this is part of
the recent political history of the coun ry, when to the issue of notes, cannot long be continued under
"Coin' s Financial School" was published and sold present conditions, for we cannot assume that the·
broadcast over the country, on trains, at news stands bonded indebtedness, which now secures the circulaand almost everywhere. It was allowed to go un- tion, will be _continued indefinitely.
Besides, the premium on the bonds, the ninety per
answered for many months, because to the banker,
financier, and student of money, it did not seem worthy , cent provision, the tax and reserve features, and the
of discussion. When the exposure finally came, it was consequent reduction of circulation in the years prethoroughly exploded, an_d shown to be utterly ceding 1893, together with the lack of elasticity in the
unworthy of credit, both as to its pretended statistics present system, to meet currency emergencies, have all
and its conclusions.
obtained to create a sentiment that a new system of curAlthough it took issue with the very A, B, C of rency issue, if not an entire new banking system, will
monetary stience, yet its fallacies were presented with have to be devised, and upon this great _and important
so much of apparent plausibility that they rapidly problem and its wise solution, your society may, and
seized upon the popular mind, particularly in the west, • doubtless will, exert a potential influence.
and in order to check and overcome its influences,
An now, gentlemen. in conclusion permit me to exsuch able stuq.ents of finance as Horace White and press -the hope that your meetings and deliberations
Professor Laughlin, as well as many leading editors, may prove as pleasant and .profitable to you as your
felt that it could no longer be ignored, and so published presence in our city is gratifying to us.
elaborate articles in which it was thoroughly dis• PRESIDENT J. K . DEMING'S ADDRESS.
credited and exposed. Says Prof. Laughlin :
"In my judgment the book would not have had so
The president, J. K. Deming, of Dubuque, cashier of
great an influence, if the public had had at hand the the Second National Bank, delivered his annual adfacts on the money question prepared for easy reference, dress.
with which to correct erroneous statements."
After a few preliminary remarks, Mr. Deming said:
The history and influence of this book furnish an
'' At the Marshalltown meeting an important resoluobject lesson of bow erroneous public opinion may be tion was adopted, pledging this association to the supformed, where the agencies in its creation are allowed port of the gold standard-a resolution which gave to
to operate without oppositian and prompt exposure.
this state the key note of that triumphant chorus of
- One of the results, if not the objects of your organ- 300,000 men, who marched to victory under the banization,. must be to assist in removing prejudice and ner of 'honest money,' l;l.nd established the fidelity of
creating in the public mind favorable impressions, and Iowa in the eyes of the business world. To give praccorrect ideas of the functions and benefits of banking tical expression to this resolution became the first duty
when conducted for legitimate ends and upon sound of your president, and, accordingly, a circular letter
principles.
was addressed to each member of the association, reYou are and should be moulders of true public minding them of their pledge and urging them to
opinion concerning a business which is as legitimate assist in promoting the cause of sound money. The
and as essential to the public welfare as selling mer- circular was followed .by a large amount of literature
chandise or tilling the soil, and who so capable of bearing upon the subject furnished by the political
creating and directing friendly and wholesome senti- organizations interested with us in · the defeat of the
ment as those whose occupation and life work is to deal 'free silver party.'
These pamphlets were sent to
with the problems of money and exchange.
you for distribution, and in many cases the work was
It is, of course, indispensable to the creation of carefully followed out, and no doubt contributed to some
favorable opinion, that the business should be con- extent in the success of the cause. While the victory
ducted upon correct and legitimate principles, but some- was complete and the enemy routed, it is not yet safe
thing more is necessary to protect you from unmerited lay down our arms. The same menace to American
criticism and undeserved prejudice, and a part of this honor will appear again in 1900 unless in the meantime
something more, will be found to consist in organiza- our present monetary system is revised, and in the work
tion such as you have formed, in meetings for confer- of educating statesmen and voters alike, the banker
ence and discussion such as has now brought you to- individually and in association may and should perform
gether, in efforts to improve the system and correct an important part.
abuses wherever found to exist, in taking pains to cor'' Early in the fall of 1896, letters began to come in
rect erroneous impressions, and, in a certain sense, by from various members, expressing great anxiety as to
taking the people in your confidence.
legislation to be enacted at the special session to be
Time forbids that I should speak of other matters in called in January, and urging this association to take
which your organization may, and doubtless will, help active steps to influence such bills as might affect banks.
to mould public opinion, and I will but allude to one,
"At a meeting of the executive council in Des
because of its great importance to you and to us all.
Moines, October 21, 1896, the matter was fully dis
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Federal Reserve Bank of St. Louis

June, 1897.

THE TRI-STATE BANKER.

CAPITAL, $2,000,000.

wuuwausoaeuu cc

OFFICERS.

••••••• u wwwc

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

CHICAGO, ILL.
-uu111U IOIIIIH• -

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

cussed, and the president a·n d secretary directed to
select a committee of three, to be known as the '' legislative committee," which was to have charge of the
legislative affairs of the -association for the year, and
their names were not to be revealed. As no secret work
was done by this committee, and that there may be no
suspicion of "star chamber,,. work, I will here state
openly, that the committee consisted of the president,
the secretary and Hon. Jacob Rich, of Dubuque.
Several meetings were held during the sessio~ of the
legislature, and the committee was kept informed
of all matters affecting banks. To arrive at a better ·
understanding as to the wishes of the association,
a circular letter was addressed to each member asking specific ideas and suggestions. Over 1 ,ooo of
these letters were sent and about fifty replies were
received, only two or three of which gave any aid in
enabling the committee to determine their course of
action. Some wished to· have the association promote
the bill to place private bankers under state supervision.
On the other hand, private bankers (members of the
association) asked us to work against the bill. The
true course seemed to be not to interfere in any matter
which did not affect all classes of banks alike.
'' Opinions regarding the proposed changes in the
revel) ue laws were as varied and conflicting as the
theories of the free silver orators and showed clearly
that in most cases the writers were unfamiliar with the
provisions of the code commissioners' report or the
construction of the bill. As the majority of the corporate banks were then paying taxes upon the highest
class of assessment, based upon published sworn statements, it did not seem that they could be sufferers, but
rather gainers by a method of taxation which proposed
to put all corporate and personal property in the same
category as bank properties. In short, the purpose of
the revenue bill seemed to be in the line of absolute
fairness to all, and aside from one or two obnoxious
features ( which were afterwards mitigated) the committee saw no cause for active opposition.
"And here let me express my firm conviction that
the policy of this association in the future should .be to
interfere as little as possible in legislative affairs. As

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Federal Reserve Bank of St. Louis

JOHN C. BLACK, President.
ISAAC N. PERRY, Vice-President.
IRA P. BOWEN, Ass't Cashier.
ALVA V. SHOEMAKER, Ass't Cashier.
BOARD OF DIRECTORS.

JOHN 0. BLACK, President.
ROSWELL MILLER, Prest. Ohi., Mil. & St. Paul R. R.
ISAAC N. PERRY, Vice-President.
HENRY BOTSFORD, Packer.·
JAMES H. DOLE, of J. H. Dole & Oo., Oommission.
H. 0. DURAND, President Durand & Casper Co.,
Wholesale Grocers.
••
J. OGDEN ARMOUR , of Armour & Co.
~
WM. G. HIBBARD, of Hibbard, Spencer, Bartlett &
Co., Wholesale Hardware.
GEORGE H. WHEELER, Prest. Chicago City R'y Co.

good citizens we should accept and abide by just laws
enacted for our goverance, and in no class of business
will unjust laws so quickly react upon the people as
they will when applied to banks. The people own the
greater part of the assets of the banks-they are beginning to realize this, and · they are less inclined to cut
their own throats by passing unreasonable and unfair
banking laws.
''There_is other work for this association to do, which
conforms strictly to the purposes laid down in our constitution, and which, if vigorously carried out, will
give the best answer to the question which has sprung
up of late, 'What good do we accomplish?' And the
first thing is to inaugurate some system of mutual protection against fraud. In a line with this, I would
suggest the adoption of a cipher code for use among
our menbers, by means of which information can be
quickly and safely given or obtained regarding the
transfer of funds, the validity of drafts, the movements
of criminals, etc. These books should remain the
property of the association and be loaned to members,
to be returned when whenever their membership ceases.
This plan might be elaborated by issuing a book containing facsimiles of signatures of bank officers, as a
further safeguard against forgery. The expense of
publishing these books might ultimately fall upon the
association, but for the time being could be met by a
deposit by the members receiving copies, sufficient to
cover the cost in each case. These are mere suggestions, but undoubtedly there are others equally or
more important, which may occur to you. The practical treatment of this subject is the appointment of a
standing protective committee, with full and executive
power, and this I respectfully recommend to your
consideration.
"In other associations of bankers, the plan of dividing the organization into groups has met with success.
A committee appointed for the purpose has investigated
the workings of this system with the view of incorporating it into this association, and will report this afternoon. As it contemplates a very radical change in our
methods of work, I trust you will give it your careful
and thoughtful attention.

THE TRI-STA TE BANKER.

"The time-worn subjects of exchange on country
checks and express orders have been allowed t~ rest
this year, it being evident, I think, to all of us that
the remedy for these evils lie with the banks themselves,
and not in any action of the association.
'' Among the resolutions which will be offered for
consideration at this meeting is one opposing a consolidation of the bankers' associations of the various states
into one national organization. To this resolution I
wish particularly to call your attention. The Ameri;can Bankers' Association, as you all know, is composed
of a membership of banks, and the responsibility of
attending to the affairs of the association rests solely
with a council elected from time to time by those members who happen to be represented at the anmiaC co1ivention. The attendance at these conventions is, and
must always be, under the present plan of representation, drawn chiefly from the section of the country
adjacent t<? the place of meeting, a_n d cannot fairly
represent the banking interests of the whole country.
Nor can it be expected that the personnel of these conventions will be othe·r than that of any chance gathering. The majority attend to listen to a few prominent
speakers, vote aye or· ho upon questions which they
have bad no time to carefully consider, and to participate in the social features. In distinction to this it is
proposed to hold a convention composed solely of delegates .from .state associations, men selected for their
ability, who will ~go prepared to represent their state
upon equal terms with representatives of other states,
men whose expenses will be paid to go and attend to
business, and who will feel the responsibility of their
office. It seems hardly necessary that there should be
two national organizations, and it is to be hoped that
the American Bankers' Association will be . recon~tructed on some plan similar to the one here suggested.
If, however, this is not done, the field must be occupied
by another. The fact that we are now permitted to
send :;i. delegate, a voiceless delegate, to the convention
of the American Banker;:;' Association does not meet
the .necessity.
' ' While this has been a year of more than ordinary
activity and disturbance in the world at large, the Iowa
Bankers' Association has kept peace with all men, has
made no new enemies and has maintained a position of
dignity in the face of many temptations and opportunities to become involved in dangerous entanglements.''
REPORT OF THE SECRETARY.

Our last convention, held at Marshalltown, proved
to be a most interesting and profitable meeting. It
gave evidence of new interest in and increased life of
the association. Whether that evidence was good or
not may be judged somewhat by the success of this
meeting. Whether we are to have the support of
our financial institutions to the extent the association is
entitled may be determined to a degree by our enthusiasm at this time. The secretary's report last year

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Federal Reserve Bank of St. Louis

and the general condition of our treasury as shown
from year to year satisfied those present on that occasion that should we at any time desire to undertake any
special work wherein anything more than the very ordinary expenses of the association might be incurred,
that our income from dues would be inadequate to provide for the outlay and that some provisions for such
work should be made. After thorough discussion,
participated in by many freely, as shown by proceedings, our dues were increased from $2 per year to $5, the
membership fee of $5 being in lieu of dues for first year.
No doubt this increase may, for the time being at least,
influence some to withdraw from the association
and thus in a measure temporarily decrease our membership so that when this year's proceedings are printed
the list of members, while it will have many new
names, may have lost some of its older names and the
membership shown last year may be somewhat reduced,
still we believe that with the increased dues the membership will be more stable and the dues from those
remaining will give increased revenues.
Perhaps the following will bear this out :
SIX YEARS RECEIPTS AND DISBURSEMENTS.

YEAR.

ON
HAND.

REC'V'D
FROM
ADV 1TS.

DUES
AND
MEM.

TOTAL.

PAID
OUT.

BALANCE

1892 $433 03 $156 00 $ 579 00 $1168 03 1,675 17 1,492 86
1893 492 86 175 50
479 oo 1147 36 664 05
483 31
482 00 II58 69 609 03
1894 483 31
93 38
449 63
1895 449 63 139 00
565 oo 1253 63 6o9 55
644 08
1896 644 08 150 00
731 00 1525 08 992 57
532 SI
1897 532 51 150 00 n76 50 1859 01 762 68
1096 33

U'p to this time the treasurer reports 204 banks in
good standing, of which nine are new members. His
report will show an expenditure of $762.68 for which
the secretary's vouchers are herewith. Your secretary
will make a special effort to get as many who are in
arrears to pay up as possible, as has been his custom
from year to year. A careful comparison with reports
from other state associations satisfies your secretary
that our's averages with others in many things, especially in membership and in effort it takes to get members, to retain them after getting them and to care for
them after getting them.
The correspondence of the office while not quite so,
has be.en nearly, as large as in any former year. In
legislative matters we have kept in touch with what
has been done at Des Moines so far as it seemed to interest us directly, and quite an active correspondence
has been kept up on that line.
In general, the association seems to be in good condition, yet a little more enthusiasm on the part of its
friends would result in much good and in increased
usefulness.
The executive council held one full meeting October
21, 1896, at Des Moines, at which time several com-

June, 1897.

THE TRI-STA TE BANKER.

Surplus and Profits

Capital, $wo,ooo.oo . . . . . . . .

$15,200.00

The IoWa National ·Bank
DAVENPORT
CHAS. BEIDERBECKE, President.
A. P. DOE, Vice-President.
CHAS. PASCHE, Cashier.

mittees were appointed and work for_ the year mapped
out. A cordial invitation was sent us at that meeting
by the bankers of Ottumwa to hold this convention in
this city, which wa~ promptly accepted, and we are
here to enjoy .and impro_ve ourselves. The pr~sident
and secretary were instructed to appoint a " legislative
committee,'' consisting of three members. A committee of three was appointed to prepare program and arrange for this .meeting. A. committee of two was also
appointed to investigate and report upon what is known
as the "group ~ystem," report t_o be made at this
meeting.
The legislative committee had one fuli meeting and
at least two of ~t_s members Ji_ave had frequent c.onferences and through your president and secretary has
kept up _a regular correspondence with banks and legislators. A tendency on the part of the legislators to
do what seemed equitable along the lines in which we
are specially interested has been noticeable, yet at all
times this committee has kept matters well in hand and
had there been necessity •for aggressive work at any
time would have been in position to render such service.
As the years go by it seems to be ever harder to secure _speakers for our conventions, therefore our program committee had to give attention to it~ duties.
This committee had much correspondence and had one
full meeting, April 24, to complete program, which it
here presents. To your president you owe much for
this, for he generously took upon himself largely the
correspondence necessary in its arrangement.
The committee appointed to report on the group
system has given th-= matter careful attention and will
make its own report at this meeting.
.
Concerning days of grace, I wish to say that at a
meeting of the executive council of 1895 a resolution
was adopted asking that a law be enacted abolishing
this relic of English custom, and Mr. G. M. Reynolds,
of Des Moines, was commissioned to present same to
the code coJ,nmissioner and urge favorable report on
same. This matter has not been lost sight of by your
secretary or others interested, and we have repeatedly
urged this point with 9ur la.w makers. However, we
have failed of success. Several reasons may be given

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Federal Reserve Bank of St. Louis

New Business Invited
for this, prominent among which may be the lack of
interest taken by our bankers in general. Had -they
united enthusiastically in demanding the abolition of
days of grace there can be but little question but we
would have been successful. Perhaps too much reliance was place on the passage of the negotiable instrument bill, which had it passed would have abolished
days of grace. This bill passed the house, but was
postponed in the senate because of the claim of some
that because of the rush of business they did not have
time to give the meai;;ure proper consideration, and thus
we are obliged to wait another year or two. Twentyone states have abolished days of grace and it would
seem
time that. Iowa would soon follow.
.
I know that you will pardon me for urging prompt
and early payment of dues. Let us take section 1,
article 6, to mean just what it says, "June 1st, each
year, in advance," treating this matter as we do all
other maturing obligations, paying . them promptly.
Your association would be benefited and its work more ,
easily carried on. Your secretary would appreciate it,
for his work would be materially lightened.
Expressing the desire that our officers for the ensuing year may have the hearty and enthusiastic support
and encouragement of every financial institution in the
state until it becomes, in fact, as it should be and is
entitled to be, the authorized representative of the banks
of Iowa, I beg
submit this as my report.

REPORT OF C. H. MARTIN, TRltASURER.

Gentlemen,-Your treasurer begs to report the business and condition of his office, as follows :
Receipts.
From T. D. Lockman, May 29, 1896 . . . . $ 532.51
From Secretary, for advertising . . ~ . . .
150.00
From last year's dues, 77 banks @ $2.00 .
154.00
From this year's dues, 204 banks @ $5.00 . 1,020.00
From this year' s dues, part payment . . . .
2.50
Disbursements.
Paid out, as per vouchers herewith . . . . $ 762.68
. $1,096.33
Balance on hand May 26, 1897 .
CHAS. H. MARTIN, Treasurer.

THE TRI-STATE BANKER.

June, 1897.

say something for or against, and to this end, a comTHE GROUP SYSTEM.
Your committee, to whom was assigned the inves- mittee was appointed to investigate and report on the
tigation of the group system, beg leave to submit the group system.
We have corresponded with members from different
following report :
First, the reason for its formation. We came to the states, and :find that of the replies received, 95 per
conclusion that other state associations had drifted into cent pronounce the system as the thing to fill a •'long
the same channel as we have been floating in and had felt want.'' The other 5 per cent admit that if worked
cast about for some means to increase t~e membership it will accomplish the good intended. What seems to
an<l. interest in the practical workings of their associa- have been needed in other associations is applicable
tions. Bankers, as a class, do not take to public to our own; the responsibility and management was
speaking, while, as a rule, they are good single- circumscribed. What is needed is that responsibility
handed speakers, especially when off their feet, but for effectiveness and good work of the association be
when they get on their feet, seem to loose their heads. divided, and tb accomplish that end, the group system
Whether it is on. account of the weight of their argu- was inaugurated.
The state is divided into districts, or groups, with
ments, or the weight of their feet, I cannot say, but
thei; business training makes them dealers in figures some point as the meeting place fo"r each group, which
other than those of rhetoric, and it is almost impossible is the most accessible for the largest number. Each
to get them to take an active part in the discussion of group is to be controlled by au executive committee of
papers read at state meetings. It was demonstrated at · :five. Each group can meet as many times a year as
our last annual meeting that with a little prodding, a deemed advisable, but at least twice. At these meetsubject that had been considered at home, would bring ings, matters of local interest may be discussed, such
members to their feet. It is intended in this form that as interest on daily balances, time and savings deeach member who has anything to advance, either for posits, exchange and collection rates, or any subject of
himself or for his neighbors will have the opportunity local interest, as each group is officered separately and
to do so. When you meet in a large body, there are a the success of each group depends upon the officers and
great many men who have ideas, and yet they will sit members. Then its officers ate a part of the state assoin their seats and say nothing, but you put these same ciation, and in place of meeting once a year, you meet
men among their friends and neighbors and they will two or more times and discuss your matters at home.

r~.,.....,....,.?....... •.

h?. ♦ . . . . .

•

: . . ,. . . . . . . . . . . . . . . . . . .

..,..,..,7 •r

....

CAPITAL .
SURPLUS.

h-..,.,,..,-..,1

Conducting its business along legitimate
commercial lines, loaning money in
moderate amounts to reputable business houses for mercantile _uses only, the

. $700,000.00
500,000.00

NATIONAL
ORGANIZED 1851 ........

BANK Ofc!!~G~_EPUBLJC

The National Bank
of North America..

OFFICERS AND DIRECTORS.

. . . President
WARNER VAN NORDEN .
Vice-President
WILLIAM F. HAVEMEYER.
ALVAH TROWBRIDGE
. . . . Cashier
HEMAN DOWD
Assistant cashier
,....__ _ _ _- - - : - - - - - - - - - - - - - - - -

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Federal Reserve Bank of St. Louis

CAPITAL, ONE MILLION DOLLARS
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. GREENHUT, Peoria, Ill.

....25 NASSAU STREET

L ....................... ♦♦-♦♦♦♦♦♦♦WAW

offers its services to the business public,
expecting to receive a fair share of patronage.

IN NEW YORK

.................. ,. ,................................. • ...........

...

............

•~
l

HENRY SIEGEL, of Siegel,
Cooper & Co.
A . M. ROTHSCHILD. of A. M.
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, V1cE-PR ESI DENT .
H . R KENT, AssT . CASH ' RS
W. T . FENTON, 2D V1c,-PRESIDENT & CASHIER .

~..J L ...............................~♦--~~-~:~·.:.N~

~:.~:.~~~~AS:l:J

THE TRI-STA TE BANKER.

June, 1897.

SURETY

BONDS

FURNISHED

Fidelity and Deposit Company of Maryland,
HOME OFFICE, BALTIMORE, MD.

~~:=~==~:~~®~
©
Des Moines, T. W. Phillips.
Cedar Rapids, J. S. Anderson & Son.

@
@

Sio.ux City, Peters & Perkins Company.
Burlington, Hutchinson & Wesner.
~
Dubuque, Coates & Robinson. ·
{fJ

r-:-~®®~~~~~

BECOMES SURETY on bonds of bank officials and employes, also on bonds
for contractors and employes of mercantile houses and all others occupying positio11s of trust. Accepted as SOLE SURETY on bonds given in
Judicial Proceedings in Iowa. These bonds executed on application for same.

Cash Resources, Over
HERMAN E. BOSLER, Treasurer.

Others, aside from local subjects, will be furnished
each group for discussion, the same to be taken up at
the annual meeting and discussed. By preparing and
discussing these subjects at home, you will be prepared to go to the annual meeting "loaded for bear."
Each group is presided over by a separate set of officers,
who, in turn, report to the state association. You will
at once see that in forming these groups, they will be
· made up of your neighbors in your own town, county,
and the adjoining counties, so that you have with you
the banks that are directly interested in whatever
action might be taken in your section of the state.
Much depends upon getting the group properly constructed. They should be grouped with reference to
common interests, and about a common center. This
is the fundamental principle to work to in forming
these groups. The group meetings thus bring together
those who have a certain common interest.
The first practical result is acquaintanceship of all the
bankers, and therefore, increase of confidence in all business transactions with_ each other, touching all matters.
Second, discussion of practical banking questions and
adopting such methods as are beneficial. We can promote the welfare and usefulness of our banks, secure
uniformity of action, protect ourselves from unjust
executions, reform abuses, and in many ways derive
substantial benefits from concerted action in an organized body. An organization of t_his kind can be a benefit to the community at large by encouraging sound
business methods amongst its members.
Your committee recommends _that a committee be
appointed to redistrict the state and report at this meeting. The meetings of the bankers in each group shall
be held at least twice a year, at such times as may be
fixed upon by the group itself, but with the general
idea of letting the state association answer as a third
meeting for all groups. Each group shall be controlled
by an executive committee of five. The executive committee shall meet after the two group meetings as also
immediately after the meeting of the state association.
The chairman of each executive committee, together
with the officers of the general association, constitute a
council of administration which directs the affairs of

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Federal Reserve Bank of St. Louis

$2,000,000.

EDWIN WARFIELD, President.

the whole association. Thus, the chairmen of the
various groups, -being thoroughly in touch with the
local needs and interest that have arisen at the recent
group meetings, in their own sections, will be prepared
to act for the best interests of the whole association.
In this way the affairs of the whole association will be
both localized and centralized.
Should this system be adopted, it will be the duty of
the president to appoint a committee on topics, to serve
for the ensuing year. This committee will select from
subjects which have been brought up in various ways,
a list of topics. These will be printed and sent to the
chairman of each group with the request to have them
presented for discussion at the next group meeting.
After the meetings, the group chairman shall furnish
to the state executive committee, a report of the proceedings and the consensus of opinion in their respective groups, upon the various topics discussed. The secretary of each group will report in detail the proceedings at every group meeting, and a copy thereof shall
be sent to the president of the association to keep him
in close touch with the workings of the entire state. ,
By this method, it will be seen, that all subjects of
more than local interest, arising at every group meeting, reach the president, the state executive committee
and the committee on topics, and from them go to other
groups for discussion.
The effectiveness of this form of organization must
be apparent to you. Instead of one bankers' association in the state of Iowa, meeting but once a year,
there are eight to twelve, according t<1 your sub-division. These will meet at least twice a year and all meet
once a year at a stated place for general discussion and
personal acquaintance. At this meeting, instead of
there being presented a mass of undigested subjects,
many of which, notwithstanding th.~ir importauce, are
necessarily postponed for a year to enable a committee
to investigate- in place of this, under this system,
the subjects presented are familiar to the entire association, which is in a position to discuss and take immediate action.
I cannot refrain from touching on a point which I
am sorry to admit exists in many banking towus within

THE TRI-STA TE BANKER.

June, 1897.

this state, and the remedy for the same, in my opini911, to a point where the banks in each group can be
is _in aq.optipg the group system. You who have at- brought together in times of panic and tide over the
tended our state meetings, must admit that you have periods of stringency by the issue of group certificates
derived ' a benefit by coming here and becoming ac- on approved collateral, in analogy to the methods of
quainted with other bankers, and each meeting makes the clearing houses in larger cities.''
We beg to submit herewith a new constitution and
the acquaintance stronger. The old ~rder ~f busine5s
and which exists in many places to-day, was that every by-laws which , with some changes, are taken from the
one stood competing with each other and each was New York form. We also submit by-laws governing
afraid to give up the secrets of his business to the other, the groups, which we recommend that this association
and his whole aim seems to be to go for his competitor adopt. Respectfully submitted,
T. J. FLETCHER, .
rather than for the other fellow. Farmers work toC. R. HANNAN.
gether-doctors, lawyers, druggists, coal and ice men,
grain men, merchants, and in fact all lines of business
Address by Isaac Loos, professor of political science,
except bankers outside of clearing house cities. In
clearing house cities bankers have all learned the bene- State University of Iowa:
fits of their association. What we need is a better and
THE BEGINNINGS OF BANKING.
closer understanding with each other. Let us conduct
Mr. Chairman and Gentlemen of the Convention,our business in such a way that we are willing that the
whole world should know the secret of it and notify On receiving the invitation to address you on this
them to investigate it. Our interests are mutual and occasion, my first impulse was to ad.d ress to you an
not antagonistic. Our interests are also mutual with appeal in behalf of greater attention on the part of our
the interests of the people in the community in which body politic to the education of our public men, of
we do business, and let us by our acts, by our precepts business men on the one hand and leaders of public
and by our coming in contact with them, make them opinion on the other. We have at present schools for ·
understand that fact as we are understanding that our the lawyer, for the physician, for the clergy, and for our
interests are advanced by mutual conduct and acquaint- teachers ; we have schools of general culture, we have
ance among ourselves.
the common school, and thanks to the public spirit of
The advantages of the system may well be shown out citizenship, we are beginning to have public
by quoting from a pamphlet issued by the New York libraries here and there in the towns and cities of Iowa.
But we have as yet no generally recognized schools for
Bankers' Association :
'' To summarize some of the practical penefits de- the training of ·our statesmen-I mean for the initial
rived from the group system : It keeps alive the training of our statesmen ; for I recognize clearly that
interest in the work of the association throughout the the schools as such can only lay general foundations,
entire year, and as each group has its own set of officers and that it takes the school of experience to develop
it keeps alive, · in the interests of the association, a and perfect in every line what the school of books has
more numerous body of men who are naturally ambi- begun. But be it remembered that the school of books
tious to make the bodies over which they preside as in its best estate is after all itself a school of experience
useful as possible. The opportunities of personal ac- -,-'i)f the garnered experience of others through the ages.
quaintance between members of the group are increased. The special schools of which I speak are coming in
for frequently the meetings of one group will be at- their time, yea, in part they have come. The last
tended by members of another. It results, as has fifteen or twenty years have witnessed an extraordinary
already been said, in more effective work at the annual awakening in the direction to which I point. We have
meeting of the association.. It brings the members of been following in this country in all our larger universieach group into closer union for common defense and ties the example of our great German universities in
protection. In one of the smaller groups all banks are the introduction of courses of study designed to instill
connected by t lephone, and if they desire to learn the in our chosen youth ; who ean secure the advantages of
standing and responsibility of any firm or corporation a higher e...ducation, and we are destined to play a part,
doing business· with any member of the group they as they always have since the foundation of the repub-have made arrangements to call up the secretary on the lic, a part out of all proportion to their numerical ratio
telephone, who will communicate with the other mem- to our population,- we are preparing, I say, to instill
bers and report the result of his investigation. This into the minds of our educated young manhood the
method of intercommunication has already proved principles of political science. We are beginning to
effective in frustrating attempts of parties to open sev- teach, and with the same care that we bestow upon
eral accounts with neighboring banks and obtain lines physics and chemistry, the science of economics, and
of credit from each on the understanding with each the science of politics - which is to say the science of
bank that .it was receiving all of their business. It is private as well as public housekeeping, and to-day no ·
also effective as a preventative of loss arising from local . large American university is without its staff of a dozen
forgeries. The group system is capable of enlargement or more teachers in political science and its allied sub
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Federal Reserve Bank of St. Louis

June, 1897.

THE TRI-STA TE BANKER.

ourses are now given in history, economics,
statistics, finance, administration, law, education, ethics
and sociology, all of which have their contribution to
make to him who would serve his own community well
or mould public opinion and guide the course of states.
Much as I would like to address a body of our public
[ STATEMENT.1
men such as make up this convention, on the cause to
which I have made allusion, and much as I believe in
its far-reaching importance, and in its close relation to ·
the ends and aims of this gathering of men whom I
take to be informed not only concerning questions
touching their self interest, but public spirited as well,
for what class of men can more keenly feel the imperative demands of high morality and uncompromising
integrity, and the mutual interdependence of parts in our
X Chicago, Illinois, X
body politic? I must nevertheless refrain and address
myself to a subject immediately germane to your
CAPITAL $1,000,000.
program.
.. .................................,,. . . . . . l
.
........................
It is a saying at least as old as Aristotle, but quite t.....
t'lll®IO@lll@lll@IIIEtlil@lll@lll@IO@IOEtllll=tlll@lll@lll~lllslll@Ol@lll@IIIEIIII~
modern in the vernacular o:(_our students of evolution,
that if we would understand a complicated and difficult
Report of the Condition at the Close of Business on
subject we must resolve it into its elements, we must
the 14th Day of May, 1897,
study it in its beginnings, we \ must observe its
X
origin. But it is with diffidence that I venture to
RESOURCES.
address you on the origin of banking. For we must
Loans .and Discounts . . . . . . .
. $3 ,004,902 52
.
.
.
Overdrafts . . .
r,288 12
regret with Robertson that in searching for what is
U. S. Bonds ·to secure Circulation . .
50,000 00
instructive in the history of the past times, we find
U. S. Bonds on hand . . . . . . . .
250,000 00
.... .
Premium on U. S. Bonds
31,625 00
''that the exploits of conquerors who have desolated the
t Other Bonds (Chicago Drainage 5s) .
108,003 57 1
earth, and the freaks of tyrants who have rendered
Real Estate
3,10000 ~
Furniture and Fixtures . .
nations unhappy, are recorded with minute and often
19,138 31 '
Cash and Sight Exchange .
2,761,553 29 l
disgusting accuracy, while the discovery of useful arts,
.
.
.
.
.
Total
81 '
$6,229,6IO
.
and the progress of the most beneficial branches of comLIABILITIES.
merce are passed over in silence, and suffered to sink l
t Capital Stock paid in . . . . .
. $1,000,000 00
in oblivion."*
~ Surplus and Undivided Profits .
124,407 21
· ·
36,950 00
.
I invite you to a consideration of the several stages t Circulating Notes
Deposits . . . . .
. 5,o67,853 6o
in the evolution of modern banking. It must be conDividends Unpaid
400 00
fessed that the subject is not an easy one, that it is
.
Total .
. $(?,229,610 81
beset with intricacies, and that the student who ·u nderDeposits March 9, 1897
· $3,333,55 1 24
takes to get really at the truth of things has much
uncertain ground to cover. Much of our information
now in the books is legendary. A good example of a
OFFICERS,
long accepted and oft repeated legend is found in the
It. S. LA,CEY, Pres ident.
•
D . B. DEWEY, Vice-President.
statement of our encyclopedias and the numerous artiGEORGES. LORD, Second Vice-President.
cles concerning the Bank of Venice, that it was organJOHN C. CRAFT, Cashiu.
J.C. McNAUGHTON, Asst. Cas hier.
ized on the basis of a public debt in A. D. u71. Prof.
FRANK P. JUDSON, Asst. Cashier.
Charles F. Dunbar, in an article in the Quarterly
Journal of Economics ( vol. 6, pp. 308 f.), shows from
The accounts of Banks, Corporations, Firms
the researches of two Italian students that the date
• and Individuals received upon the· most favor117 1 for the beginning of the Bank of Venice must be
able terms consistent with safe and conservative
regarded as not correct. By a mass of evidence he
banking.
Correspondence solicited with those contemshows that the beginning of public banking in Venice
plating a change or division of their Chicago ◄
falls into the latter part of the sixteenth century. The
accounts.
question of the origin of pri1.1ate banking remains an
obscure one. But there is no doubt that private banks
and private bankers were well developed and established before the era of public supervision and control
began.

THE BANKERS
NATIONAL
BANK.

*Q uoted in Gilbart, Principles of Banking, rev. ed ., p. 1.

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Federal Reserve Bank of St. Louis

THE TRI-STATE BANKER.

June, 1897.

I shall undertake to trace first the evolution of pri- instrument of exchange as a document or record of
vate banking. Secondly, the beginnings of legislative debt.
During the middle ages intercommunal trade was
enactments designed to check private abuses and concarried
forward on a cash basis. * Buyers and sellers
trol. the business of banking in the public interest.
Thirdly, to note the beginnings of public banking, the assembled in the same place, and the sellers brought
assumption on the part of the state of the monopoly of with them their wares to exchange against money . On
banking, and fourthly, the conduct of public and pri- the other hand, as we have already said, coins and coinvate banking side by side, with special notice of free age were in such condition as to require the utmost
banking and the limitations in this fourth stage upon . care to provide against loss and uncertainty. Coin
systems changed usually from city to city, and frequent
the privilege of note issue.
tampering with the weight and fineness of the money
I. The Money Changers.
pieces and the forced cir~ulation of domestic coins,
With a unanimity of opinion that seems conclusive made the occupation of the money changers not only
the first bankers were the money changers. In the important ·and even necessary, but remunerative as
ancient and medireval world foreign trade was intercom- well. Buyers with cash in ha:nd needed to change
munal rather than international. Trade was carried their coins against the money demanded by the seller, .
on between independent communities of which there or the seller would accept a coin only to exchange with
were hundreds or a thousand then where now there that of his own land, and this accommodation was
is one. So it was necessary for every city with any readily afforded by the dealers in all the varieties of
pretentions,-for every city with a market, may it have the varying mints.
But there were other difficulties which the ingenuity
been ever so narrow,-to have a place where the different coins from the several mints and countries could be of the merchants in the course of time overcame. Two
exchanged against each other. The Greeks, Romans, of these conspicuously were the inconvenience of
Jews, all the commercial nations of antiquity, had counting large sums of money and the still greater
these money changers. These money changers were inconvenience of transporting large sums of money
our first bankers. We have various names to describe over distances sufficiently great to be burdensome and
their business.
The Greeks called them among costly. The journey from the fair or market place to
other names by a term meaning table (teamgitai, the merchant's place of residence was not unaccomfrom teamga, meaning table) . In • like manrier the panied by dangers to the person of the merchant, and
Romans called them m ensarrii ( from m e_nsa, meaning still more was the danger if he carried on his person
table), just as we call them bankers from the bench or or in his train a considerable bag of moneys. It is one
counter, the table on which they piled their money. In of the occupations of the story teller who deals in
the later Roman period they were more commonly medireval life to paint for us graphic situations of
called by the Romans argentarii, that is, dealers in sil- assaults, of robberies and of escapes. If we consider
ver, just as in modern England they were for a long on one hand the cost and the dangers of this transportime known as goldsmiths - the goldsmiths standing tation, and on the other hand its inconveniences as the
for much more than what their name suggests. In the merchant offered his wares from place to place and
documents of the middle ages they are much referred journeyed from city to city for purchasing perchance a
to under the name of campsores, · and occasionally by return cargo, we might well foresee that some way
·terms which describe their character as joint stock com- would be devised to dispense with it all. The first
panies placing their money into a common pile or difficulty was overcome by the invention of book credits
and the remedy for the second was found . in the device
mount.*
For the definite ~nd undisputed beginnings of bank- of letters of exchange- bills of exchange we call them.
ing in the modern sense we must go to Italy of the
The business of money changing developed into a
earlier middle age. That somewhat similar practices great business, and the successful men in these pursuits
prevailed among the .commercial peoples of antiquity were able to establish branch offices in different parts
may be almost taken for granted. · They were, how- of the world, and when they could not do this they
ever, probably not acquainted, certainly not to the were able to arrange with friends engaged in the same
extent to which we are, with certain credit papers. occupation to recognize each other's calls, and so
We know that the Roman law recognized an elaborate avoid not only the cost of transportation for particular
body of principles as underlying credit transactions, merchants but to reduce this cost in their own interest.
though we are not sure of the extent to which. they No sooner was this device well established than it was
had organized their international, or, better, their inter- seen only that balances needed from time to time to be
communal, exchange. They were accustomed to keep transported, and these only at fixed periods, as we so
book accounts-the system of bookkeeping by double well understand at the present time - bankers underentry comes from them. They transferred debts by stand them well . . Th~ multitude can . not yet see that
written documents ; they had the conception of an money is not the only medium of exchange, that in the
*Crump, Manua l

Eng li sh Ban k in g, cb. 1.

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Federal Reserve Bank of St. Louis

*Cf . Kni es, De r Cr e dit, I., 164.

THE TRI-STATE BANKER.

PEOPLES TRUST&,,,,

OFFICERS.

X SAVINGS BANK

ARTEMUS LAMB, Pre~•t.
CHAS. F . ALDKN, v .-Pres.
J. H. INGWRRSKN , Cash.
G. E. LAMB, Asst. Cash .

CLINTON,

IOWA.

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

greatest transactions of modern business mon.e y is
merely a counter, a standard by· which we reckon
values - while the exchanges of commerce are conducted by a system of book credits, often without the
intervention of as much as a copper.
There are on record certain legends purporting to
say who first drew a letter of credit. It is entirely
possible that so simple a transaction, as this no doubt
was to the first parties to it, received little notice on the
part of the participants. Only these plain and very
simple assumptions underlie the transaction, that there
were at the beginning as now two parties in distant
places, known to each other, one of whom asked the
other in writing to grant a certain favor in the form of
an advance in money to a third party or bearer
present in the place of a second party, and known
to second party, or reasonably capable of being identified to the second party ; the second party being
in a position and having the will to do so, complies
with the request of the first party- and the letter
of credit is realized. But it is not yet an institution. It becomes a permanent part in the ordinary
intercourse of business life, an institution, only after
repeated and customary practices of this sort establish
themselves. It is entirely probable that the earliest
letters of credit - bills of exchange - were begotten
under circumstances of extraordinary emergency, for
in commerce and commercial exchange, no less than
in other human pursuits, necessity is the ever fertile
mother of invention. When men have come to write
about them and to talk about them they may be
assumed to have already become a part of the ordinary
intercourse of life among the chosen few whose purses,
or those of their friends, are of sufficient dimensions to
be recognized across seas or across portions of a continent. It takes a much longer step and requires additional time and the gradual development of a machinery for the transfer of credit before unknown parties
can be thus accommodated. When they are so accommodated it is through agencies which make that their
business. The first agencies of this sort were of
course the money changers, the . primitive or primary
bankers, as we already denominated them.

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Federal Reserve Bank of St. Louis

·1■1
CCOUNTS of Responsible
~
Banks1 merchants and
corporations solicited, X
Business conducted strictly along the
lines laid down by the Iowa Banking
Laws, X X X X X X

II. The Money Changer M erged into the Modern
Banker.
The beginning of the use of letters of credit dates
from the period of the crusades. During these centuries the centers of trade greatly multiplied, and
great fairs came into vogue, at the end of ,vhich it was
customary to set apart a week for the balancing of
accounts between the money changers. Such balances
were occasionally paid in exchange by letter~and present money was .exchanged against absent money ( prcesentem pecun-iam pro absenti p ecunia ) . It was customary to acknowledge '' value received. ' ' The penalty
for drawing a letter on another place where the drawer
had no deposit - no money - was immediate and
severe ; and it is a tribute to the merchant class that
so early was good faith warranted that the use of
these letters of credit became general. Let us retrace
now the step so far taken and anticipate those which
follow. First there was the money changer who conducted his business on a cash basis. To this was
joined the gradual development of orders drawn from
one place on branch houses or friendly correspondents
in other places. Briefly, we observe the money changer
is turning into a modern banker, as we _saw him gradually developing the bill of exchange or letter of
credit, and the transfer of book credits. The oldest
banking paper, therefore, thus is not the bank note
nor the check, but the draft or bill of exchange. The
next step, or another step, in the development of the
money changer into the banker is taken when he begins
to make short time loans ; the third when he received
deposits and lets these for short periods, giving deposit
receipts entitling holder to demand money on call ;
and the fourth or last when these deposit receipts are
themselves put into circulation , whence the use of the
check and the bank note.
We · have seen that the special demands* on the
money changer came with the periods of the great
market days and the great fairs. This gave them a
respite · which they learned to utilize. During the
interval short time loans at a good interest began to be
systematically undertaken with results that gradually
*Knies, Der Credit, II. , 218f .

THE TRI-STATE BANKER.

June, 1897.

assumed large proportions as a discount business. In behalf of establishing a public bank. Norwithstandsuch advances a quickly turnable mortgage was usually ing a train of disasters nearly two centuries and a half
required from the borrower. The development of their long, the services rendered ~y the banks were held
business led them to provide themselves with huge iron indispensable to preserve the trade of t~e city. A
chests and other devices for the safe keeping of their series of acts show plainly that these services were
• stores, and this attracted a body of custom -in ' the form rendered by means of deposit accounts.
of deposits for safe keeping; in the meantime-"'t-hese .
How early the bankers of Venice discovered that they
deposits were loaned at interest, and the capital of · the could make use of money not actually .deposited is not
operator was augmented. The fourth step came w·b en known, but ! 'the ipea must have occurred to them soon
these deposits began to be transferred on the book of after the transfer 13£ deposits became common.'' The
the bank, or provisionally placed in circulation by a keeping of deposit accounls -led to the discovery that
transfer of a certificate of deposit. The latter took it was possible to increase the amounts--t-1"..ansferred in
place whenever these money changers, or goldsmiths, the books beyond the ~mounts -of coin actually in band as they came to be called in England, gave their own because so soon as men ceased to call for coin and
notes instead of moneys deposited. When these steps accepted credit transfers · in lieu thereof, it must have
had been taken the banking functions were complete. dawned upon the bankers that they needed a cash
These latter functions were conspicuously developed by treasury of coin only to the extent to which their
the Bank of Amsterdam in the third stage of banking , creditors would still be disposed to call for coin instead
hich we may here speak by anticipation. That of credit. This apprehended, the theory of a reserve
private bankers performed all these functions before becomes plain. Then, as now, it was difficult, in fact
public notice of the customs of merchants was taken impossible, to determine the exact amount of coin
seems to be well authenticated. The time came, as we money that might be thus called for, and the wish to
have abundant evidence for believing from the recorded make the most of their dealing in credits kept them
history of Venice, when it seemed expedient to fore~ always sufficiently near the danger line, and not
. private bankers by express enactments to treat their infrequently tempted them so far beyond it as to make
clients with fairness and honor. We may call this the a safe return impossible. Whenever their cash was
second stage, during which attempts were made to low, it began to be inconvenient for certain bankers to
exercise control and check private abuses.
be at their places of business. Accordingly, it was
decreed by the Venetian senate (1445 ) that bankers
I II. Legislative '?upervision and Control.
must be present daily for a certain number of hours or
The history of banking in Venice may here be fol- incur fine ( penalty)' for their irregularity. The law
lowed in illustration _of this stage. As early as 1270, aimed to regulate private bankers by prescribing rules
it was deemed necessary to require the money changers in accordance with which credits might be written off
-" to give security to the government as the condition or deposits allowed ; and we notice among other profor carrying on their business. * * * It is not visions of an act of 1526 "that credit in bank shall not ·
shown that they were then receiving deposits."* Clear be written off to any one for any amount in his
evidence of this practice is first conveyed in an act of absence ; but credit shall be ·written with both parties
September 24, 13-18, in which provision is made for the present.'' Evidently the check system in its modern
better protection of depositors. Somewhere between form had not yet developed.
Lawmakers found it worth while to command the
1270 and 1318 the money changers of Venice were
becoming bankers. Soon the number. of bancus scriptte payment of deposits 011 demand, as we see by an item
or bancherius scrzptte ( the ban~ - or banker who keeps from act of 1526: "Bankers · * * * must pay, to
written accounts of transfera,ble deposits ) becomes con- thos~ who wish, in cash at once and in hand their
siderable, and acts for theif regulation frequent. We money in good and heavy gold, or good moneys at the
know, by name, a num,ber of the private banks which market rates, or rates current at our office.'' In deflourished between ,1349 and 1594. Most of them went fault of this a fine of twenty-five ducats was imposed.
through phases of failure, reorganization and resumpThose who opened banks did so to make gains. _
tion, once or oftener. " Ferrara, a close student of Loans were an indispensable condition in this project;
this subject, knows of only-one which, after an ~xist- and these were made to. the state and to individuals,
ence of a hundred years, closed its affairs by payment but principally to the state. Loans to individuals were
in full.'' - This was the bank of the House .Sora:nzo. by one · a~t, act of 1467, limited to ten ducats. The
We know of twenty banks in this period, by name, but prohibition of interest impeded the making loans to
-Tomaso Contarini, in a speech in the Venetian senate individuals,~and probably hindered the growth of legitin 1584, speaks of one hundred and three, of whi_ch imate banki~g. Loans to the state were common and
ninety-six. came to a bad end and only seven succeeded. apparently unrestricted.
But this did not prevent Contarini from arguipg in
The tendency to an excessive use of credit is on every
·hand apparent in the .early history of banking in Ven* Dunba r , Qu a r. Jour. E con. , vr :, aos. P a ragraphs followin g on
ice. Attempts were made to restrict the use of deposit
Bank of Venice a r e mainly b ased on sam e artic le. ·

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Federal Reserve Bank of St. Louis

THE TRI-STA TE BANKER.

June, 1897.
Capital ,

Surplu·s,

$ 300,000.

Deposit s,

$ 3 00,000 .

$1,500,000 .

Farmers Loan & Trust Company,
SIOUX CITY, IOWA.

!His BANK has no borrowed money ; no .notes

re-discounted and has 70 per cent of demand
deposits in cash. @-- @).- <®--- <®-- C®---

"1.otte than 500 Patt Points.
credits to such amounts as had actually been paid in.
This was impossible. And men spoke admiringly, if
not enviously, of the banker '' who can satisfy his own
desires for ·fine furniture and jewels by merely writing
two lines in his books ''; who can '' accommodate his
friends
merely by
a brief entry
of credit ''; who '' can buy estates or endow a child
without any actual disbursement.''
The effect of over-issue, to which bankers were
tempted, was of course ultimately embarrassment in
meeting the demands of depositors, and the resorts to
expedients for avoiding payment. Embarrassments of
this kind, as well as actual fraud, account for the long
series of acts against abuses in banking.
IV. The InauJ[uration of Public Banking.
The earliest example of a public bank is probably
found in the Bank of. Venice. The Venetian senate
became satisfied of the necessity of a radical change of
system. An act passed in December, 1584, for the establishment of a public bank was repealed in April, ? s85.
This bank was to have been known as the Banco della
Piazza di Rialto. In April, 1587, a public bank was
reconstituted.
In the interval Venice, much to the
injury of her business, was without a bank, public or
private. The bank founded in 1587 was sometimes
called the Banco di Rialto and sometimes Banco della
Piazza. '' The acts of 1584 and 1587 differed in some
important particulars, but they agreed in their main
purpose of giving to a public institution the deposit
business so long retained by the private banks.'' The
act of · 1587 sufficiently represents the .revolution in
Venetian banking which took place in 1587. "The
Bank of the Rialto was not a bank in the modern sense,
as the private banks superseded by it had been. The
republic
* declined to undertake the investment of the funds in trusted to it, sought no profit from
the use of its credit, and, in short, merely undertook
to keep the money of the depositors in safety, and to
pay it out or transfer it to others at the will 0£ the
owners.''
The organization of the Bank of Amsterdam and
England · ow follow as of course. A no less instructive example is the system of John Law. Nothing can

* * *

* *

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Federal Reserve Bank of St. Louis

* * *

.......... A Genetral Banking Business Ttransaeted.
~

LICIT your business and are always
pleased to extend reasonable accommodations
to our customers. e-- @-- ~ @-- @.-

better illustrate the frequent doctrinaire attitude of the
legislator towards questions of public policy than the
manner in which the Dutch states general took hold of
the problem - in curing the confusion in the currency
which prevailed in Amsterdam in the seventeenth century. Coins of full weight tended to disappear, except
when a premium in the light coin of early day use
brought them ·out. The confusion extended to foreign
exchange as well as to domestic trade. The legislators
attacked the deposit bankers and dealers in specie and
exchange. "By a statute of July 15, 1608, the business of deposit holding was absolutely prohibited, and
the receiving or paying out of money for another
person, or its transfer by writing or by word of mouth,
directly or indirectly, was forbidden under a penalty of
25 per cent, one-half to be levied upon the banker and
the other upon the customer.'' The dealing in bills of
exchange and the culling of heavy coins for profit was
likewise prohibited. This measure in point of severity
ranks with our Iowa constitution }_i)rovision of 1846,
prohib~ting the establishment of banking in our state.
Upon the- demand of the merchants the measure was
moderated a few weeks later, and within a year another
measure, which had been under consideration for several
years, was substituted for it. An ordinance creating the
Ainsterdamsche Wisselbank, or Exchange Bank, since
known as the Bank of Amsterdam, was passed on the
31st of January, 1609. A deposit system was now
carried forward under public control and the transferable deposits or credits soon came to be known as bank
money and outranked in their acceptability the_uncertain pieces of metal then in circulation. The new
bank provided a ·secure system of deposits and a fixed
standard of payments, and entered upon a long and
honorable career.
The Bank of England, established in 1694, but
reorganized in 1697, is . perhaps the best type of a
modetn state bank c.onsidered as an immediate financial agent and assistant to the government. By its
revised charter of 1697 it was given a monopoly of note
circulation, and in consideration of this privilege it
made large advances to the govemmen t by selling
its shares in exchange for government stocks. The

THE TRI-STATE BANKER.

_notes issued were made payable to bearer on demand.
V. Free BankinJr and R estriction upon Note Issue.
Though its form has since been changed, in its original
A new lesson was taught by Scotland that an honest,
outline it became the model, a hundred years later, on conservative and thrifty people can be trusted to orwhich Alexander Hamilton organized the first United ganize and maintain a system of banking without
States bank, and it has since been copied in ·more or limitations or restricHons save only those which their
less complete form by all countries having established own prudence and business foresight impose. But the
state or national banks.
Scotch system of the last century and the earlier half
I have so far said little of the speculative element in of the present is not a system which operates itself. It
banking, except by implication when speaking of the cannot be introduced into a new country with a heteroabuses which lead to public supervision and control. geneous population and imbued with a zeal for sudden
I desire before closing to call attention to this danger and speculative gains. It would not be suitable for
by recalling the career of John Law in Paris. It is our own conditions ; particularly would it be unsuitable
with the name of Law that we associate the greatest in those parts of our country which are without bankspeculative mania on record. We know tbe system of ing facilities. New England and certain of the middle
Law better by its collapse than by the sound principle and north central states could · perhaps be more nearly
which entered into the initial organization of his bank, entrusted with a syst~m of freedom. But in our own
and we are apt to confuse two things which ought to experience we have so well learned the lesson of danger
be kept distinct, a confusion which to this day leads au from non-legislative control and restriction during the
occasional bank official to a choice between the peni- era of wildcat and red horse banking, that we are distentiary and the pond. The confusion to which I posed to clistrust the· absence of strict legislative control
allude is the failure to keep separate and distinct legiti- and administrative supervision.
mate commercial banking and dealing in futures, or
We have now concluded our review of the beginnings
gambling in stock market. Extravagant as the bank- of banking. I think we. may view the origin and develing schemes of John Law were, they received their fatal opment of banking in these four successive stages : .
First, the money changers.
blow from a haste to grow rich in the mania that set
Second, the merging of the money changers into
in to secure on the one hand stocks in his bank and on
the other hand shares in a company which he organ- · bankers, as these develop systematic communication
ized on the model of the Dutch and English East with each other through letters of credit, or bills- of
India companies for the development of the West exchange ; and as they develop gradually, the use of
Indies, of N~w Orleans, of the Mississippi. That Law book credits, the practice of short time loans, and the
was right in his expectation of great things from the custom of buying time papers for cash.
Mississippi valley time has well proven, but Law made
Third, the period during wl)ich the legislatures of
no allowance for time, and thousands became victims to certain cities and territorial states undertake to correct
a mania to buy on an advancing market. One marvels abuses in the practices of the money changers or goldthat the multitude can ever be so blind as to forget all smiths who have turned bankers.
fear of a possible limit to dividends on even a wise
Fourth, the period of public banks, the creation of
investment. But it is a thing which society bas yet banking corporations to act as fiscal agents of the state
to learn that an honest investment can pay only a and with monopoly of note issue under state sanction.
limited dividend. Directly the speculative mania bas
Fifth, the period of free and speculative banking,
nothing to do with banking, yet indirectly it has at which develops with advancement of deposit and distimes everything to do with it ; and at all times a count, within whfoh the older and newer usages merge
speculative judgment is requisite · for safe and yet into a well established and definitely recognized bu~profitable banking. John Law undertook to introduce ness, such as it is to- day.
order a?d life into the decrepit and decaying fiscal and
currency system of the France of the second decade of
the eighteenth century. He underto9k to replace the
coin circulation of France by a paper circulation, to
refund the French national debt, and to collect the
taxes at a great saving to the government. rhe
management and operation of other European banks,
notably of the Bank of Amsterdam and that of England,
had given Law ground for some of his hopes, but not
support for them in their extravagant form. He seems
to have been ambitious to bring all the specie of the
country into the vaults of his bank and to substitute
therefor a paper currency. But so far . the history of
banking has proven such radical effort hopeless. And
they will continue to be hopeless.

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Federal Reserve Bank of St. Louis

THE TRI-STATE BANKER.

THE POLK COUNTY

SAVINGS BANK,

DES MOINES, IOWA.
Capital

$100,000.

Your

JOHN A. GARVER, President.

Business

C. W. PITCAIRN, Vice-President.

Almost every vagary that one meets in this year of
Our Lord, 1897, fresh from the brain of some newly
discovered original thinker, can be met with many
times over, in the literature of proposals now in existence. One of the most persistent pr.oposals, is the
scheme in one form or another, to put into circulation
notes based on a land guarantee, instead of a specie in
reserve ; and tloble dukes have been found to risk their
all in experiment, only to find their dreams dreams,
and the late proposals from a western state to have the
government advance two per cent loans to all farmers
on call , has its antetyp in the proposal of Pierre Jos-:
eph Proudhon, the noted founder of ~ren_c h ~narchism, .
who demanded that the French government organize a
national bank to advance two per cent loans on call,_to
whomsoever may come.
We can well afford to study a~d to encourage all the
people to study, the history of banks and banking, that
we may not go on forever repeating the mistakes, and:
learning over again, by failure, the lessons th;it well
might have been learned once and for all time.
RESOLUTIONS.

Gentlemen,- Your committee herewith submit without recommendation the resolutions attached for your
consideration.
w. w. LYONS,
ToM D. LOCKMAN,
C. H. McNErnER,
Committee.
Resolvei, That in accordance with the rules of the
American Bankers' Association we now proceed to
elect five delegates to represent the Iowa State Bankers'
Association at the next convention of the American
Bankers' Association in Detroit, Michigan, in August,
1897. ( Adopted. )
WHEREAS, The purpose of all associations of bankers
is the welfare, improvement and safety of the banking
business in general, and
WHEREAS, Such pur os~s can be best attained
through systematic union _o f all bankers associations ;
therefore be it
R esolved, 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
R esolved, That the secretary of the Iowa Bankers'
Association be instructed to correspond with the proper
officers of other bankers' associations, inviting them to
ioin in a. national association and to send two delegates
to a preliminary meeting to be held within the next six

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Federal Reserve Bank of St. Louis

Sollclted.

Establlshed

1882.

A. J. ZWART, Cashier.

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. (Adopted ) .
WHEREAS, For the purpose of general, statistical,
and comparative information, it is desirable that published reports of national and of state banks should indicate their respective conditions upon the same date ;
and
WHEREAS, It rests with the auditor of this state to
deter!Jline _~hen and how often the banks under his
control shall publish statements; therefore be it·
Resolved, That it is the sense of this association that
the date of the four published statements of the state
banks of Iowa should be uniform with dates of four of
the statements of the national banks published upon
call of the comptroller of the currency; and
R esolved, That a copy of these resolutions be sent to
the auditor _o f state, and that he be requested to confer
by correspondence with the comptroller of the currency
with the view to carrying out the suggestions indicated
herein. (Adopted.)
WHEREAS, By reason of the restrictions of section
5137 of the national bank act, national banks are unable

to loan money upon real estate security; and
WHEREAS, Such restrictions apply not only to the
deposited funds of the national banks, but also to the
funds representing the invested capital of said banks;
therefore be it
Resolved, That it is the sense of this association that
national banks should be permitted to loan upon real
estate security to th~ extent of their surplus fund; and
R esolved, 'rhat the secretary be instructed to prepare
and circulate a petition to congress reciting these resolutions, and praying that the section of the national
bank act referred to herein be amended so as to permit
national banks to loan upon real estate to the extent of
their surplus fund ; and
R esolved, That the secretary be instructed to correspond with bankers' associations in other states urging
them to circulate similar petitions. ( Tabled. )
The Iowa Bankers' Association having learned that
Calvin Manning, of Ottumwa, one of its members, is
spoken of very highly as one of the two commissioners
from the United States to the Paris exposition of 1900,
- take great pleasure in recommending and endorsing
Mr. Manning for that position. . ( Adopted unan-·
imously. )

THE TRI-STA TE BANKER.

R esolved, That we tender the thanks of this association to the people of Ottumwa for their hospitality, for
the kindly :welcome that we have received and the
elegant banquet served; to the speakers for able and
instructive papers ~ to the press of the city for the f~ll
reports of our 1neetings. ( Adopted, rising vote.)
WHEREAS, The constitution of this association now
provides that all members shall report to the president
any defalcation or robbery coming to their notice ; be it
R esolved, That in or·d er to afford protection to our
members the sum of five hundred dollars ($500.00) , or
so much as may be necessary shall be us,e d 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. (Adopted. )

R esolved, That the secretary's salary be three hundred dollars per year, and that he be all_owed the
services of a ste;~ographer. when needed. ( Adopted. )
R esolved, That the ·expenses ·of the presiding officer,
secretary and treasurer in attending this convention be
paid by the association. ( Tabled. )
THE BANQUE'£.

The banquet tendered tl~e visiting bankers by the
Ottumwa bankers was an tmqualified success in every
respect. The banquet was served by the ladies of the
Presbyterian church.
The arrangement of the tables was unique, all radiating from a central table, at which sat the toastmaster and those who were down on the program for
responses to toasts. The tables were ornamented with
flowers and the finest cut glass and silverware from the
best homes in Ottumwa. At 9 o'clock the large company present was seated and the service of the banquet
?ccupied about two· hours. Then follow!=d the feast of
reason and the flow of soul under the clir~ction of Hon.
Calvin Manning, toastmaster.
Rev. F. E. Brush, of the Fir!;,t _Methodist, church,
responded in a most graceful manner to the sentiment,
''The Stranger Within Our Gates. '. ' He stated that he
himself was a comparative stranger, having had a residence of but a few months in Ottumwa. How~ver, it
had been sufficiently long to endear him to the people
and cause him to realize that a more hospitable and
open-hearted class of people were not to be met within
the state of Iowa. He knew that the visiting bankers
were enjoying themselves because, under the circumstances, they couldn' t help doing so and he was confident that they ~ould carry away with theJ?l a warm
appreciation and friendship for Ottumwa citizens.
THE STATE OF IOWA.

The response to this sentiment was : most appropriately left to the honored executive of the state,
Governor Francis M. Drake. Governor Drake stated
that he came to Iowa when it was Wisconsin territory,

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Federal Reserve Bank of St. Louis

June, 1897.

though his brother, who was two years older than himself, claimed that it was then Michigan territory,
afterwards becoming Wisconsin territory. His first
recollection of Iowa was seeing _old Chie( Blackhawk
and the members of his tribe about Ft. Madison. - Dr.
Brush had referred to the money power. The speaker
was a firm believer in the adage "that knowledge is
power,' ' and in this respect Iowa is powerful. The
toastmaster aptly remarked that ' ' in all that is good
. Iowa ' bas . the best. ' ' This is tru~ with reference to
Iowa ' s great agricultural, manufacturing, mercantile
and other vast interests. We are proud of Iowa, and
the speaker found a special reason for thankfulness in
the fact that he had been a resident of the state ever
since the state was born.
THE TOUGH CUSTOMER.
Hon. S. F. Smith, mayor of Davenport, responded
in a happy and facetious manner to the toast, ''The
Tough Customer." Mayor Smith is unquestionably a
politician. He paid a compiiment to the ladies, to
Ottumwa, to the newspapers- indeed his talk was full
of compliments and the thing that he said the least
about was the tough customer. With native modesty
we assume that this was because of the fact that Mayor
Smith had found none of that species in Davenport.
The Mayor is a happy speaker and we do not wonder
that he was elected on the republican ticket in a city
that has for years been overwhelmingly democratic.
A GLIMPSE INTO THE FUTURE.
Major Samuel Mahon, of Ottumwa, delivered one of
his usual happy speeches in response to this sentiment.
He said that he presumed the gentlemen present would
not ask him to quote from Scripture. While a perusal
of the Bible would give him reasonable hopes as to the
ultimate future of the wholesale grocer, he would have
to confess that there was very little encouragement
when it came to quoting Scripture as to the banker and
money-lender. However, he thought there had been
an improvement since the days the Scriptures were
~educed to writings. The Major spoke at some length
as to the value of organization in various lines of business and the benefits to be derived from such meetings
as were now being held in Ottumwa. These meetings ,
are significant of the future. They are a benefit to
all participating and will result in much good to the
public, the proper service of ~hich is the basis of all
lasting and real success. The Major prophesied for
the future a higher and broader plane in busines~ affairs
than mere selfish aggrandizement. To the bankers he
said : " With wisdom, conservatism, honesty and the
fear of God, you will be largely instrumental in giving
to this great nation a true and proper socialism.''
THE RAILROADS AND BANKS.

Toastmaster Manning, in a few appropriate'remarks,
introduced General Manager W. C. Brown, of the
Burlington system. He said in part :
•

June,

1897.

THE TRI-STA TE BANKER.

'' In a recent conversation with the president of one
of our western colleges, I was reminded that in discussing the development of transportation facilities in this
state, Iowa's first railroad was seldom mentioned . .
'' Iowa's first railroad was a branch of some importance of a system of railroad which was , famous in its
day. It was a peculiar railroad. · It riever had a
charter, and had no well-defined right of way. · It had
no code of signals, but in the creation God had set in
the northern heav{tns a star which guided the conductor and his helpless, lowly passengers through the
darkness of the night across the trackless prairies to
the land of freedom. It was a railroad 'not made with
hands, whose builder and maker was God.'
Its
southern terminus was enshrouded in the clouds and
darkness of human slavery, but its northern terminus
was luminous with the glorious sunlight of liberty. It
was in Iowa that the poor, downtrodden traveler on the
'undereround' railway breathed in his first inspiration
of the air of freedom, and the chains of bondage which
had fettered a race for generations were struck from the
limbs of the bondsmen when they set foot on Iowa
soil. Well might it then have been said of Iowa, as
it has been of England" 'Slave cannot breathe in Iowa
If their lungs receive our air ;
That moment they are free,
They touch our country and
Their shackles fall.'
'' Less than ' three score years and ten ' has passed
since the Hon. Chas. Carroll laid the first rail of the
first railroad in the United States. Charles Carroll
was the last surviving signer of the Declaration of
Independence. Fifty years .had elapsed since the promulgation of that sublime declaration of principles, and
the venerable patriot may have realized in some measure .the tremendous importance, the far-reaching beneficent influence of the !drama in which he had taken so
prominent a part half a century before ; but certain it is
that neither Charles Carroll or any person in that vast
assemblage who witnessed the laying of that first bar
of railroad iron, realized that he was performing for
the commercial and industrial world a service similar
in importance and significance to the service he rendered to th~ cause of humanity and free government
when he, with fifty-four other patriots and heroes,
affixed their names to the grandest declaration ever
conceived by the mind or penned by the hand of mati.
The first settled in our fathers and their children forever the title to the precious heritage we now enjoy.
The second made possible the marvelous development of
the century now drawing to its close, and added a
thousand fold to the value of an American birthright.
'' The story of the development of the railroad during the sixty-eight years since the laying of the first
bar of railroad iron is a history of the mighty progress
of the nation. From this small beginning-from nothing-the railroads of this country have grown .to

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Federal Reserve Bank of St. Louis

185,000 miles, handling annually 700,000,000 tons of
freight and 500,000,000 passengers, employing a little
less than 1,000,000 tnen to whom is paid annualy more
than $725,000,000 : in salaries, and a larger sum to
labor employed indirectly in the production and manufacture of supplies aud equipmEnt.
" Nearly 70 per· cent of the gross earnings of the
railroads of the country is returned tp circulation
almost: at once through the medium of labor employed
and taxes paid. · ~
'' The railroad and the bank have many features in
common. Both are possible only through the concentratio1l under oue management ·of the money of hundreds and thousands of individuals. Both, if properly
understood, perform an important and beneficent function for the community, the . state and tbe nation.
Both are, and have been from their inception, . misunderstood and little appreciated. The responsibility for
the effect of almo~t every calamity from a deluge to a
drouth, has been )aid at the door of the one or the
other, and hard times, from whatever cause, have
always made the railroad and the b~nk the target for
the professional politician and the demagogue.
'' The state of Iowa has had some rather pronounced
ideas upon the subject of railway ·regulation, and has
taken a leading position in the enactment of restrictive
legislation, some of which has been very bad and most
of it of questi~nable benefit to the state. But while
the people of Iowa are jealous of what they conceive to
~e their ri_ghts, they are disposed to deal fairly and to
respect the rights of others, and her disposition of the
railroad question by the submission of all controversies
to_a commission elected for that purpose seems as fair a
settlement of a troublesome question as could be reasonablr hoped for. There should be no conflict between
the railroads of Iowa and any other interest in the state.
The railroads are the st~adfast friends of the state and are
working ·constantly for her improvement and advancement. More than 30,000 citizens of Iowa are connected
with her railroads as employes, having dependent upon
them more than 100,000 others, who look to the railroad for support. These citizens share with all other
citizens in their love and loyalty to this grand old
Hawkeye state.
They . love her history and her

The Havill Deposit Ledger
Arranged with t he Ledger l nde·x Balanc~ Sheets.
(PATENTE _D "'.'OV . 26, _1895)

O~BI~ES the best poin!s of the 0)9 -style Dep?sit Ledg~r,
·
with its compact groupmg of debits and credits and daily
balances of accounts, rendering the examination of an
~.
account in all its details easy and satisfactory, with the
advantages of the Boston System, in its grouping together the
accounts in alphabetical order and the arrangements of the
balances so that a rlaily trial balance can be taken easily. For
circular, address

O. H. HAVILL, St. Cloud , rtin n.

THE TRI-STA TE BANKER.
traditions. They rejoice in and feel that they have in
some small measure contributed to the prosperity of
the present, and cherish with all other citizens the
fondest hopes for her future.. Many of us knew Iowa
when banks and railroads were an exceedingly scarce
commodity. Without these two instrumentalities much
of the wonderful development we have seen would have
been impossiple. To take from the present those
things which have been made possible by the railroads
and the banks, would be to turn back the hands upon
the dial of progres~ fully one-third of a century. We
have the right, as citizens of Iowa gathered together on
this occasion, to congratulate ourselves upon what we
have seen, upon the progress and development in which
we have been permitted to bear an humble part, and
remembering these things, we .can, · with reverent,
gratified hearts, echo the words of the poet: "Great
God, we thank Thee,' ' etc.
AMUSING EXPERIENCES OF A CASHIER.

This was a sentiment responded to in a happy manner by Mr. Ackley Hubbard, of Spencer, Iowa. Mr.
Hubbard is one of those quaint good fellows whose
stories have an added relish because of the way they
are told. Even the ladies- at whose expense he related some funny experiences -- enjoyed his response
exceedingly. Mr. Hubbard is winning quite a reputation as an after-dinner speaker.
PIONEER BANKING IN IOWA.

This was the closing toast of the evening and was
responded to by Ottumwa's pioneer banker, Mr. W. B.
Bonnifield. Whenever Mr. Bonnifield writes or talks
he gives expression to some things of interest and
value, and this occasion was no exception to the rule.
We regret that space will not permit us to give the
toasts in full. The occasion was one of great enjoyment to all present, and the visiting bankers were
deeply grateful to the bankers and citizens of Ottumwa,
whose courtesy and good fellowshsp gave them so delightful an evening.
DELEGATES IN ATTENDANCE.

J. F. Latimer, Pres. Bank of Hampton, Hampton.
T. E. B. Hudson, Pres. Farmers & Mchts., Hampton.
L. P. Holden, Pres. Franklin County, Hampton.
A. R. Carter, Pres. Citizens, Hampton .
S. Y. Eggert, Cash. Bank of Ackley, Ackley.
Peter A. Dey, First National, Iowa City.
John Rath, owner John Rath Exchange, Ackley.
Rodney Hill, Cash. Citizens, Britt.
Wm. K. Ferguson, Cash. First National, Algona.
A. E. Jackson, Cash. Farmers & Merchants, Tama.
S. F. Smith, Drctr. Davenport National, Davenport.
Wm. L. Shepard, Drctr. Marquardt Sav., Des Moines.
E. W. Hazard, Cash. State Bank of Hull, Hull.
H. H. Turner, Cash. Farmers Ex., Steamboat Rock.
Ackley Hubbard, Cash. Citizens State, Spencer.
R. H. Moore, Cash. Brooks & Moore, Traer.

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Federal Reserve Bank of St. Louis

June, 1897.

Eug. L. Guild, Cash. Bank of Conrad, Conrad.
W. R. Jameson, Asst. Cash. Farmers Ex. State, Dows.
0. H. Witmer, Cash. Far. & Mcht. State, Newton.
A. J. Zwart, Cash. Polk County Savings, Des Moines.
W. W. Lyons, Pres. Bankers Iowa State, Des Moines.
J. H. Bales, Pres. City State, Eldora.
G. W. Curtis, Cash. Bank of Redfield, Redfield.
R. W. Birdsall, Cash. State, Dows.
J. H. Drake, Pres. First National, Albia.
C. R. Wooden, Cash. J. R. Wooden-Bank, Centerville.
Arthur Reynolds, Cash. Des Moines Nat., Des Moines.
Geo. Glick, V.-Pres. First National, Marshalltown.
B. J. Thompson, Cash. Winnebago County State, Forest City.
Geo. M. Barnett, Cash. Centerville Nat., Centerville.
J. D. Whisenand, Cash. Central State, Des Moines.
Abraham Dixon, Pres. State Savings, Coon Rapids. ,
W. E. Crum, Pres. Bedford Bank, Bedford.
M. M. Head, Cash. Greene County State, Jefferson.
Miss Bertha Embree, Asst. Cash. Citizens State, Grand
Junction.
H. N. Silliman, Cash. State Bank of Cedar Falls.
R. A. Crawford, Cash. Valley National, Des Moines.
B. F. Robinson, Cash. Armstrong Bank, Armstrong.
A. N. Spalding, Cash. Ainsworth Savings, Ainsworth.
E. C. Abbey, Cash. Farmers Savings, Garner.
L. B. Clark, Pres. State Bank of Belmond, Belmond.
D. T. Denmead, Pres. City National, Marshalltown:
John R. Wallace, Cash. State Bank of Bloomfield.
H. J. Howe, Cash. Fidelity Savings, Marshalltown.
D. D. Prilaux, Drctr. American Savings, Maquoketa.
Walter Doe, Drctr. American Savings, Maquoketa.
A. C. Miller, Cash. Home Saving_s, Des Moines.
C. P. Walker, Cash. Farmers, Paton.
Miss Nellie Johnson, Cash. Commercial, Rippey.
A. F. Balch, Marshalltown State, Marshalltown.
C. R. N. Miller, Cash. First National, Mason City.
C. H. Martin, Cash. Peoples Savings, Des Moines.
Simon Casady, Cash. Des Moines Savings, Des Moines.
Geo. E '. Wi~ter, Cash. Commercial State, Mason City.
F. H. Helsell, Pres. Bank of Sioux Rapids.
J. M. Woodworth, Cash. Coml. State, Marshalltown.
E. H. Rich, Cash. First National, Ft. Dodge.
Geo. E. Pearsall, Cash. Citizens National, Des Moines.
0. E. Dutton, Cash. First National, Manning.
Jas. T. Whiting, Cash. National State, Mt. Pleasant.
J. L. Edwards, Cash. Merchants National, Burlington.
H.F. Collier, Cash. Helmer & Gartner, Mechanicsville.
A. H. Gale, Cash. City National, Mason City.
Chas. J. Weiser, Pres. Winneshiek Co. Bank, Decorah.
A. M. Henderson, Cash. Marengo Savings, M:arengo.
C. C. Haas, Cash. Farmers Savings, :M arengo.
Wm. Buxton, Jr., Cash. Warren Co. Bank, Indianola.
Geo. F. Orde, Cash. Northern Trust Co. Chicago, Ill.
J. H. Ingwersen, Cash. Peoples Trust & Savings,
Clinton.
R. Van Vechten, Cash. Cedar Rapids National._
H. M. Carpenter, Cash. Monticello State, Monticello.

THE TRI-STA TE BANKER.

June, 1897.

C. B. Mills, V.-Pres. Security, Sioux Rapids.
A. J. ·witson, Pres. Marathon Savings, Marathon.
M. C. Struble, Cash. Security Savings, Wellman.
Arthur Tower, Asst. Cash. Amer. Ex. Nat., Chicago.
F. P. Judson, Asst. Cash. Bankers National, Chicago.
C. '.N. Hagler, Prop. Bank of Lime Spri~gs.
0. P. Miller, Lyon County Bank, Rock Rapids.
J. I. Sweeney, Cash. Mitchell Couijty Bank, Osage.
Fred Heinz, Pres. Far. & Meche. Savings, Davenport.
S. T. Goltry, Cash. First National, Marathon.
Geo. A. Dissmore. Cash. Iowa National, Des Moines.
C. E. Blackert, Cash. Commercial Savings, Milford.
J. H. McCord, Asst. Cash. Lake View State.
Frank Patch, Hartley State, Hartley.
Chas. R. Hannan, Cash. Citizens s;ate, Council Bluffs.
C. J. Lenander, Asst. Cash. Farmers & Traders Savings, Bancroft.
Geo. G. Hunter, TRI-STATE BANKER, Des Moines.
H. E. Paul, Cash. Corinth State, Corinth.
James A. Patton, Cash. First National, Council Bluffs.
A. L . Rockhold, Cash. Bank of Lineville!.
W. L. Moyer, Asst. Cash. Am. Tr. & Sav., Chicago.
Frank P. Hayes, Sec. Missouri Bankers Association,
Schuyler County Bank, Lancaster, Mo.
_
Chas. L. Merrill, Asst. Cash. National Bank of Commerce, St. Louis.
•
A. A. Crane, Asst. Cash. National Bank of Commerce,
Minneapolis.
W. E. Statler, Sec. Bankers Acct. Co., Des Moines.
E. M. Scott, Cash. Security Savings, Cedar Rapids.
Jno. W. Cravens, Cash . . First National, Spirit Lake.
W. H. Freeman, Pres. Citizens. State, Oakland.
J. M. Dinwiddie, Cash. Cedar Rapids Savings .

F. M. Wilson, Cash. Bank of Templeton, Templeton.
Geo. P. Day, Cash. Merchants National, Sioux City.
W.Y. Barnet, West. Rep. American Banker, New1York.
H. M. Bostwick, Cash. First National, Woodbine.
W. M. Paul, Cash. Paul's Bank of Thurman.
H. C. Taylor, Dct. Taylor-McGowan Bank, Bloomfield.
Amos Steckel, Pres. Exchange, Bloomfield.
Edward P. Seeds, Drctr. Delaware County State, Manchester.
J. T. Brooks, Cash. Bank of Hedrick.
Isaac A. Loos, Prof. Political Science State Univ. Iowa.
F. B. Shafer, Cash. Frankel State, Oskaloosa.
Fred. H. Smith, Bookkeeper Washington National.
0. H. Leonard, Cash. Poweshiek Co. Bauk, Brooklyn.
N. H. Wright, Asst. Cash. First National, Brooklyn.
F. W . Wesner, Jackson County Bank, Maquoketa.
J. A. Bradley, Cash. First National, Centerville.
G. S. Gilbertsall, Pres. and Cash. Buffalo Center State
and Forest City_National, Buffalo Center and For. est City.
J. K. Deming, Cash. Second National, Dubuque.
L. W. McLennan, Cash. Citizens, Afton.
F. M. Drake, Pres. Centerville National.
A. D. Simmons, Simmons & Co., Osceola.
W. T. Day, Cash. Castana Savings.
Henry C. Kohl, Cash. Walcott Savings.
Chas. E. Walters, State Bank Examiner, Des Moines.
W. E. Keeler, Asst. Cash. First National, Mt. Pleasant.
Lee P. Ketcham,Cash. Putnam Co. Bank, Mendota,Mo.
H. 0. Penick, Asst. Cash. Chariton Bank.
Edw. A.Temple, Pres. Bankers Life Assn., Des Moines.
R. T. Forbes, Bankers Fidelity & Surety Company,
Cedar Rapids.

•

We Make a Specialty of_ _ __

Capital

$50,000.00 .

Bank Printing and
Lithographing.........

THE

lowA PRINTING CoMPANY
DES MOI NES, IOWA.

We recommend for Bankers' use The National Safety Paper. This paper
· has been in the market for twenty-five years and is the only sure protection against
fraudulent alterations.

Don 't send your work out of the state until you have fi rst given us an
opportunity to s ubmit samples and prices.

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THE TRI-STATE BANKER.
J. B. Mowrey, Pres. Ottumwa National.
C. E. Bonder, Cash. Ottumwa National.
L. E. Stevens, Asst. Cash. Ottumwa National.
W. B. Bonnifield, Pres. First National, Ottumwa
W . B. Bonnifield, Jr., Asst. Cash. First Nat., Ottumwa.
M. B. Hutchison, Cash. First National, Ottumwa.
Calvin Manning,, Cash. Iowa National, Ottumwa.
F. Von Schrader, Pres. Ottumwa Savings.
Otto Von Schrader, Asst. Cash. Ottumwa Savings.
R. P. Brown, Cash. Ottumwa Savings.
Cary Inskeep, Cash. City Savings.
And twenty others not registered.
CONVENTION NOTES.

Talk about no interest. Part of the time there were
half a dozen men on their feet at once striving for recognition by the chairman.
Let every man do his part in making the group system a success. We have an opportunity to double the
membership this year. Shall we do it?
There was aI great difference of opinion in regard
to
.
adopting the group system. However, now that it has
been adopted, all will go to work with a will to make it
successful.
Geo. F. Orde has just been promoted to the cashiership of the Northern Trust Company of Chicago. Mr.
Orde attended the convention, as usual , and renewed
acquaintance with the Iowa bankers.
Charles H. Martin, the association treasurer, was
continued another year. The money of the association
could not be in better hands. His report showed a
balance in the treasury of over $r ,ooo.
The position· of presiding officer of the convention is
not an easy place to fill by any means. He must be
well versed in parliamentary law, and he must also
have a measure of Czar Reed's ability to expedite
action.
It was remarked by bankers who have attended the
state conventions for years that there was more life in
the Ottumwa convention, more di~cussion and, altogether, it was the best convention ever held by Iowa
bankers.

June, 1897.

every way calculated to build up the association and
promote its success.
J. M. Dinwiddie, the efficient secretary of the association, was continued in the position he has filled so
well. ~Jr. Dinwiddie has grown up with the association, and probably no man has the association more at
heart than has he.
Mr. Deming made a most excellent president. His
address at the convention was typical of the man strong, conservative and dignified. It reviewed the
history of the past year and was full of suggestions for
the future usefulness of the association.
Mr. A. A. Crane, assistant cashier of the National
Bank of Commerce, Minneapolis, attended the convention and renewed acquaintance with his Iowa friends.
The bank could have no better representative, for Mr.
Crane makes friends wherever he goes.
W. L. Moyer , of the American Trust & Savings
Bank, Chicago, attended the convention. Mr . Moyer
is becoming "'1ell known in Iowa, where he numbers
his friends by the score. The American Trust & Savings is building up a large business with Iowa banks.
Chas. L. Merrill, assistant · cashier of t~e National
Bank ~f Commerce, was present at the convention
shaking hands with the Iowa bankers he had met at
the St . Louis . convention.
The ·National Bank of
Commerce, St. Louis, is one of the largest and best
banks in the south. St. Louis bankers are looking
after Iowa business.
IOWA'S SUMMER RESORT.

Spirit Lake is the largest and most important of a
group of inland seas ituated in the northwestern part of
Iowa, the highest point in the state. It is about r ,300
feet above sea level, six miles long and nearly as wide,
with every foot of beach lined with trees. Its waters
are clear as crystal.
The Hotel Orleans is the most prominent feature of
this popular resort, and is entitled to the excellent
reputation which the Messrs. Abell have made for it.
Beautifully situated on a neck of land, its front verandas
overlooking the waters of Spirit Lake while from
E. P . Judson, assistant cashier of the Bankers Naits
back
verandas a fine view is had of East Okoboji.
tional Bank, Chicago, attended the convention and was
The
Orleans
is a $r25,ooo plan.t with 225 rooms for
initiated into the good graces of Iowa bankers. Mr.
guests,
each
one an outside room. Broad verandas
Judson will come again, and his bank can well afford
extend
entirely
around the building on every floor .
to send him .
The building and grounds are lighted by electricity.
Mr. Forbes, the manager of the new Iowa Surety The hotel opens for fishing parties May 15th, and for
Company which has recently been organized by the regular summer guests, June 25th. The rates are
leading bankers of Iowa, attended the convention. so reasonable that one may enjoy a summer outing at
Mr. Forbes is a genial fellow, and we predict success small expense compared with eastern resorts, and yet
for his company.
receive every attention, comfort and luxury. The rates
Chas. R. Hannan will make an aggressive president, are from $10.50 to $17.50 per week, transients $3.00
and -with the hearty co-operation of the other bankers, per day. Children occupying rooms with parents half
will do much for the association. We differ with him · rates. For full particulars address, Manager Hotel
in some of his views, but we shall work with him in Orleans, Orleans P. 0., Dickinson county, Iowa. *

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Federal Reserve Bank of St. Louis

THE TRI-STATE BANKER. -

June, 1897.

NEW ARTICLES AND BYaLA WS.

CONSTITUTJON.

DECLARATION.
In order to promote the general welfare and usefuL
nese of banks and banking institutions, and to secure
uniformity of action , together with the practical benefits to be derived from personal acquaintance, and from
the discussion of subjects of importance to the banking
and commercial interests of the state of Iowa; and
especially in order to secure the proper consideration
of questions regarding the financial and commercial
usages, customs and laws which affect the banking
interests of the entire state , and for protection against
loss by crime, we have to submit the following constitution and by-laws for the ' ' Iowa Bankers' Association. ' '
ARTICLE I.
SECTION 1. This association shall be called the
''Iowa Bankers' Association. ' '
SEC. 2. Any national or state bank, trust company,
savings bank, or banker, may become· a member of
this association upon the payment of such annual dues
as shall be provided by the by-laws, and may send one
delegate to the annual meeting of the association; and
any member may be expelled from the association upon
a vote of two -thirds of those present at any regular
meeting.
SEC. 3. Delegates shall be an officer or director of
the institution they represent, or a member of a banking firm, or an individual doing business as a banker.
SEC. 4. Delegates shall vote in person ; n~ voting
by proxy shall be allowed.
SEC. 5. All votes shall be viva voce, unless otherwise ordered; any delegate may demand a division of
the house.
ARTICLE II.
S ECTION 1. The officers of this association shall
consist of a president, vice-president, secretary, and
treasurer, who shall be elected annually. The officers
shall be ex-o/.ficio members of the executive committee
of their respective groups.
SEC. 2. No president or vice-president shall succeed
himself in office.
SEC. 3. For the better realization of the aims of this
association, the members shall be divided into nine
groups as nearly as possible accor<ling to geographical
divisions.
SEC. 4. The administration or the association shall
be vested in a council to be known as the council of
administration, composed of the chairman of each
group, who, when unable to serve, shall appoint a
substitute. The president, vice-president, secretary
and treasurer of the association shall be ex-o/.ficio
members of the council of administration. The president shall remain ex-o/.ficio member of the council
of administration for one year after his successor is

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Federal Reserve Bank of St. Louis

elected, and shall . be known as honorary member of
the council of administration.
SEC. 5. Any five members of the council of administration shall constitute a quorum, and the vote of
each ti1ember shall be counted one vote for each member in his group.
SEC. 6. 'l'he council of administration shall have
control of the business during the recess of the association, and a majority of them shall have power to call
a special meeting whenev·er they deem it necessary.
They shall submit at each annual meeting a report of
ther official acts and recommend to the association such
action as th~y may deem proper.
SEC. 7. The expenses of the council of administration of the association, in carying out the business to
done by them, shall be provided for by the annual
dues of the members of the association; provided, however, that the council of administration shall have no
authority to incur or contract on behalf of this association, any liability whatever beyond the annual dues
hereby authorized, and only that for the purpose
designated.
ARTICLE I I I.
SECTION 1. It shall be the duty of the president to
preside at the meetings of the association, and he shall
be chairman of the council of administration.
· SEC. 2. It shall be the duty of ·the vice-president to
preside at meetings of the association. and council of
administration in the absence of the president.
SEC. 3. The secretary shall make and have charge
of the records of this association, and shall attend to
such correspondence as may be necessary.
SF.c. 4. The treasurer shall have the custody of the
money and property of the association, and shall collect
the annual dues and pay the liabilities of the association upon vouchers approved by the chairman of the
council of administration.
ARTICLE IV.
SECTION r. This constitution may be altered at any
regular meeting of the association, by a vote of twothirds of those present. Printed notice of proposed
changes shall be mailed to each member at least fifteen
days previous to ann?al meeting.
ASSOCIATION BY-LAWS.

SECTION r. The membership fees of this association
shall be five dollars for banks having a capital of
$200,000 or less; ten dollars for banks of $200,000 to
$500 , 000, until otherwise ordered.
After the first
year' s membership there shall be collected from each
member -five dollars as annual dues, and no member
can withdraw without filing notice of such intention
with the secretary, after first paying all dues in arrears,
if any.
SEC. 2. The annual dues of the association shall be
considered due on the first day of June of each year in
advance.

THE TRI-STATE BANKER.

SEC. 3. It shall be the duty of each member of this
association to notify the chairman of the council of administration of any fraud or crime practiced on any
bank or banking firm that may come within his knowledge, that may .b e of general interest, and the chairman
shall immediately notify each member of the association.
SEC. 4. The annual meeting shall be held at such
times and places as shall be determined by the association, which niay be changed by the council of administration for good reasons, but the association may delegate to the council of administration the selection of a
place of meeting.
SEC. 5. Any member desiring to withdraw from the
association must give notice in writing to the chairman
of the executive committee of the group of which he is
a member at least three months in advance.
SEC. 6. The association shall be composed of nine
groups, consisting of members of the association, geographically divided as follows:
Group I.-Consisting of the counties of Fremont,
Carroll, Page, Crawford, Montgomery, Mills, Cass,
Shelby, Harrison, Pottawattamie and Audubon.
Group 2.-Con,sisting of the counties of Lyon, Osceola, Sioux, O'B.r ien, Plymouth, Woodbury, Monona,
· Ida, Sac and Cherokee.
Group 3.-Consisting of the counties of Dickinson,
Emmet, Palo Alto, Clay, Buena Vista, Pocahontas,
Calhoun, Webster, Greene, Humboldt and Kossuth.
Group 4.-Consisting of the counties of Adams,
Taylor, Union, Ringgold, Decatur, Clarke, Wayne,
Lticas, Warren, Marion, Madison, Adair,
uthrie,
Boone, Dallas, Polk, Jasper, Marshall and Story.
Group 5 .-Consisting of the counties of Winnebago,
Worth, Mitchell, Hancock, Cerro Gordo, Floyd,
Wright, Franklin, Butler, Hamilton, Hardin, Grundy.
Group 6.- Consisting of the counties of Howard,
Winneshi'ek, Allamakee, Fayette, Clayton, Black
Hawk, Bremer, Dubuque, Buchanan and Delaware.
Group 7.- Consisting of the counties of Tama, Benton, Linn, Jones, Jackson, Powesheik, -Iowa, Johnson,
Scott. Clinton, Cedar and Muscatine.
Group 8.-Consisting of the counfies of Ma1nrska,
Keokuk, Monroe, Wapello, Jefferson, Appanoose,
Davis and Van Buren.
Group 9.- Consisting of the counties of Washington, Louisa, Henry, Des Moines and Lee.
::rvt;embers from one group may be transferred into
another upon application of the executive committee of
the group to which they belong and the approval of
the executive committee of the group to which they
desire to be transferred.
SEC. 7. Each group shall hold at least two meetings each year, and may hold four, or more, at such
times and places as each group may determine; provided, however, that one of such meetings, to be called
the annual meeting, shall be held not later than December 1st. Unless otherwise arranged, the meeting shall
be held as follows :

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Federal Reserve Bank of St. Louis

June, 1897.

Annual meeting shall be hela. at same place and
immediately following the annual convention of the
association. Other meetings at such times and places
as may be determined upon by each group after this
year.
Each group shall elect, at its annual meeting a chairman, an executive committee consisting of five members, and a secretary.
SEC. 8. The council of administration shall meet at
least twice a year, or oftener, subject to the call of the
chair. One of such meetings to be held after the
annual meetings of the groups, and not later than January 1st, and one may be held just previous to calling
the convention to order.
~EC. 9. These by-laws may be amended or altered
at any regular meeting of this association, by a vote of
two -thirds of the members present.
ORDER OF BUSINESS.

Address of welcome.
2.
Address of the president.
3 .. Report of the secretary.
4. Report of the treasurer.
5. Report of the council of administration.
6. Reports of special and other committees.
7. Unfinished business.
8. .New business.
9. Election of officers on last day of meeting.
Adjournment.
IO.
I.

GROUP BY-LAWS.
OFFICERS.

The officers of this gro1;1p shall be a chairman,
secretary and treasurer.
2.
The offices of secretary and treasurer. may be
held by one representative if the members of this group
at a regular meeting so direct.
1.

EXECUTIVE COMMITTEE,

3. The administration of the group shall be vested
in an executive committee of five.
ELECTION.

4. The officers and executive committee shall be
elected at the annual meeting each year and shall hold
their respective offices until their successors qualify.
5. The officers of this group shall be ex-officio
members of the executive committee.
STANDING COMMITTEES.

6. There shall be five standing committees of three.
The chairman of each standing committee shall be a
member of the executive committee.
7. The standing committees shall be as follows :
1. Arbitration.
2.
Uniform action.
3. Reception and program.
4. Protection against fraud.
5. Press and publication.

THE TRI-STATE BANKER.

June, 1897.

The Methods and Machinery of Practical BankingBy C. B. PATTEN, for many years cashier of the State National Bank of Boston,

THE SEVENTH EDITION OF THIS REMARKABLE BOOK IS NOW ON SALE.
The most prominent bankers of the country say this is the best book publish ed on practical every-day banking, and that it ought to
be in the hauds of every one learning or desiring to b ecome more proficient in the banking business. Many of the large r banks have given
each of their cl erks a copy, as high as thirty copies J.mving b een bought by one hank and many others purchasin g 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 idea of its value:
CHAPTER !.-THE BANK OLERK .AND Bis PROFESSION. Introductory .. The education of bank officers .. Always be prompt .. Faithfulness in work .. Good nature indispensable .. Raise the standard
high.
CHAPTER 11.-TBE PAYING-TELLER .AND HIS CASH. Form of payiug-te11er's book . . Bow to receipt for payment of check .. Paying
part of a check . . Small certification . . ··Good wbon prope rly indorsed," with form .. Couut your mon ey .. Checks presen ted after
drawer is d ead .. Money found outside the counter aud what to do
with it .. Insido and outside the grating .. Tellers as detectives ..
About raised checks .. If the toller is short .. The teller and his
specie .. Valuable points about the abrasion of coin .. Unit ed States
treasury notes, National bank notes and silver certificates . . Mutilated aud counterfeit paper money and what to do with it ..
Branding worthless bank notes.
CHAPTER lll.-THE RECEIVING-TELLER .AND DEPOSITORS. Irorm of
his book . . Entries in, writing up, balancing, proving and delivery
of pass-book .. Form of London bank pass-book.
OHAPTER IV.-THE BOOKKEEPER'S DESK. How he should keep his
books, with practical forms .. Condition of the bank and how
shown .. How to handle canceled checks, with s imple form . . B ow
to make out 1·eports and returns to Comptroller, with forms ..
The Skeleton Ledger, with form correctly ruled and printed.
OHAPTER V. - THE COLLECTION DEPARTMENT .AND l\lESSENGER.
Forms of note covers .. The collection record . . Different forms of
notifying parties . . A cashier's notice in 1821 . . Duties of the messenger .. Why a drawee would not pay a draft .. What to do with
p erishable p1·operty .. Where there· i s doubt about drawee's place
of business .. What·· in exchange" and •• with exchange" mean ..
Interest upon grace .. Wh ere draft has blll of lading attached ..
Should monoy be paid back .. How e arly in the day is a note due
.. Notes payable at bank .. Paying notes and drafts by check .. R esponsibility for collections .. •· 'Framp" collections .. Old and new
systems of collection.
CHAPTER Vl.- THE BANK'S NOTARY .AND PROTESTING. Responsibility of bank for work of notary . . Protesting . . Where draft is
sent by express .. Lost and mislaid paper .. Protest o r joint note ..
Where no residence or place of business .. Accustomed to b eing
protested.
OBAPTER VIL-THE DrscOUN'.r CLERK .AND THE LO.AN. Discount
records with forms . . Responsibility of discount clerk .. Maturities
.. Memorandums and tickets with forms . . How to tako care of the
notes .. Reckoning interest illustrated by various modes .. A mark
of ownership .. Calculating time .. Discount time . . Rates to depositors .. Demand collatera l notes, with form .. The rate for l oans . .
Buying paper .. The broker's responsibility .. Business·and accommodation paper contrasted .. "Manufactured" p aper .. l\:Iauy name
paper . . Loo rr and short paper . . Infl. u ence of crops and trade .. A
safeguard ..Discounting when bank's reserve is not up . . National
banks and real estate loans.
CHAPTER VIII. THE BANK'S OOLJ,ATERALS. How to file them,
with forms .. R esponsibility for collaterals illustrated . . Collateral
vs. personal security .. Specimen of ancient form of bank collate ral
note.
CHAPTER 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 cou pons .. How to handle coupons, with form .. A very bad practice.
CHAPTER X.-THE CASHIER AND His DUTIES. Responsibility generally defined .. Relation bot ween president and cashier .. His special
duties .. His s ignature .. The bank's correspondence .. The cashier's
record. with form. His daily memorandum, with form .. The cashi er's ag1:mda and scrap boolc..About paying dividends, with many
valuable hints.
OHAPTER 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 triod to transfer shares . . Bow to tr:.msfe1· stock to dead
persons . . Bow to treat lost certificates . . Form of bond .. When
shareholders change their names, with actual illustrations. ,
CHAPTER XII.-TBE BANK'S 0:::RCULATION. Form ot circulation
r ecord .. Stolen notes . . Rules for the redemption of mutilated
bank bills .Redeeming fragments of bills . . Where bank bills are
lost .. Over-issue of bank notes .. The redemption bureau and its
workings.
CHAPTER XIII.-THE MAIL .AND THE TELEGRAPH. The importance
of using bot.h judiciously .. Form of l etter record .. Registering
lette rs .. Correspondence by telegraph .. How to use tlie wires
rightly .. Certifying by wire .. How to wire money, with actual
illustration .. Cipher telegrams.

CHAPTER XIV.-ExcHANGE .AND LETTER OF CREDIT. The practical
workings of exchange ex J)l ained . . Letter of credit and circular
note, with form . . Bow a letter of credit is used .. Identification
not n ecessary .. 'l'he author's interesting experience.
CHAPTER XV.-A CHAPTER ON CHECKS. What a check is and is not
.. Bow checks should be drawn .. Checks to order of one or two
p ersons . . Safegu:uds against fraud .. Errors iu check-drawing.
how treated .. Advice of checks drawn .. Issuing duplicate checks
.. Form of g u aranty .. What certificcttes of deposit are .. Stamped
endorsements .. Endorsements by treasurers illustrated by good
and bad forms .. Guar anteeing endorsements .. Qualified endorsements .. Stopping payment of checks .. How to cancel checks.
CHAPTER XVI.-NOTES AND DRAFTS. Explanation of o.ll important
features . . How to write them correctly .. Drafts a nd acceptances,
with form.
·
CH APTER XVII.-THE PRESIDENT .AND DIRECTORS. Their duties
0

~~l~tii~it~ntt~i~~~:i·s~1e!~ !~:a1~r~·~i11dl1itP~:~r{~~~~~ s~~:~i:.
tion of directors .. Types of b ank presidents .. Endorsement by
president.
CHAPTER XVIII.-Smrn WORDS ON MANAGEMENT. Moods of business men . . Dealings with strangers .. The bank doctor . . Propor·
division of labor .. Banking conveniences of to-day . . Koop up wit.h
the times .. Overworking bank officers .. Salaries of bank officers . .
The question of bank clerks and marriage . . About vacations ..
Banking hours .. Curious p etition of Boston bank clerks .. Lun ch
in the bank . . Bank attorneys .. Whe n the hank examiner comes ..
Bank defalcations .. Sunday bank work .. Not a model bank, illustrated.
CHAPTER XIX.---ON PERSON.AL MATTERS. The relation of the different departments .. Bank officers should be uniformly courteous
.. How leisure time should be employed .. Abo11t h andwriting . .
Signatures .. P en paralysis . . Oeath of an officer . . Where bank officers should reside . . Bank clerks' investments .. The bank's secrets
. .Studies of b ank clerks.
CHAPTER XX.-BusrNESS .AND PLEASURE. Rusty clerks .. Habits of .
study .. Bankers' institutes .. The vacation and how to spend it.
CHAPTER XXI.-- BONDS OF SuRETYSHIP. Moral value of a bond ..
Fid elity 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 pa.per .. Bank locks
and vaults . . Keeping old books and papers.
CHAPTER. XXIII.-TH111 OLE.ARING-HOUSE SYSTEM. Full description of its workings .. Loans between banks .. Return of dishonored
checks .. A p ersonal 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 deductiQns.
CHAPTER XXV.-TRUST COMPANIES. What they are and their
practical workings.
CHAPTER XXVL-THE SUFFOLK BANK SYSTEM.--Graphic account
of its workings, with pictures of some of the officers .. Personal
r eminiscences.
CHAPTER XXVII. - -EVERYD.A.Y QUESTIONS AND OTHER MATTERS.The chal'ity q u estion .. Small accounts. Special depo3its .. Disclosing depositor's accounts . . Forged endorsements .Ink responsibility .. Legal and illegal h oldings .. What is a legal s ignature ..
Signing b y mark . .'Valuabl e signatures .. Proper use of banking
t erms . The reserve question .. Women in banking .. .Methods of
identification .. Breastmg a panic. Ultra vires. Banks and clergymen .. The amusement q uestlon .. Canadian banking.
SUPPLEMENTAL CHAPTERS.
CHAPTER XXVlII. - INSIDE WORKINGS OF .A. BANK. How to make
examinations and know thoy 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.
OBAPTER XXIX. - LAWFUL MONEY RESERVE OF NATIONAL BANKS.
Complete tables and examples showing how reserve is computed
. . Funds available for reserve unde r the law now in force ..
Form of report submitted to the Comptrolle r of the Currency f ac-simile.
CHAPTE R XXX.-A OHAPTER ON SIGNATURES. How some bank
officers write the ir na.mes (with ft£C-slmiles) .. 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 mar be read with _profit by any banker
in the land, no matter whether he has bad years of experience or ls simply a Junior clerk. Many times experience
is an expensive teacher. The writer of this book has evidently worked his way patiently, and with his eyes open,
through every department of a bank."

For Sale at Publisher's Price, $5.00.

ADDRESS,

THE TRI-STATE BANKER,

WESTERN . AGENTS ,

DES MOINES, IOWA~

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

THE TRI-STA TE BANKER.

APPOINTMENT OF STANDING COMMITTEES.

8. Within ten days after the annual meeting each
year the chairman of the group shall appoint the standing committees, subject to the approval of the executive committee.
DUTIES OF OFFICERS.

9. It shall be the duty of the chairman to preside
at all meetings of the group and he shall be the representative of the group at council meetings whenever
possible for him to serve. If unable to serve he shall
appoint a substitute.
IO.
The secretary shall keep and have charge of
the records of the group and attend to such corresponde_n ce as shall be necessary.
1 r.
The treasurer shall have the custody of the
money and property of the group, and pay the liabilities upon vouchers approved by the chairman of the
executive committee.
VACANCY.

In case of vacancy in any office or committee in
the group, the executive committee may fill the vacancy
for the unexpired time.
12.

June, 1897.

about 10,000 members and over $20,000 of cash on
hand, and has never failed to meet its claims promptly.
It is saving annually to its membership over $110,000
on what the same insurance would cost in stock companies.
This fact comes largely from the persistency of its
membership, which is kept up through the aid of its
members and without cost to the c9mpany, the same as
the Bankers' membership note plan is doing for the
Bankers Accident Company. When the Bankers Accident membership notes are paid out and the company
begins to pay dividends to the persistent membership
this will be clearly demonstrated, and make the
Bankers even more popular than it is to-day.
*

-To Colorado and
-California
TAKE THE C.R. I. & P. RV.

GREAT

RULES.

13. The rules of the assembly of the state of Iowa
shall be the rules of this group so far as applicable.
BY-LAWS MAY BE AMENDED.

14. These by-laws may be amended or altered at
.any regular meeting of the group by a vote of two~
thirds of the members present.
ORDER OF BUSINESS.

Address of the chairman.
Report of the executive committee.
Report of standing committees.
Unfinished business.
New business.
Adjournment.

Certificates
Issued.

It is the BEST LINE for
COLORADO TOURISTS or for
an outing in the Rockies.

REMEMBER THIS IS THE

SCENIC ROUTE

TO CALIFO.R NIA.
Handsome embellished pamphlet giving fnll particulars as to
rates, etc., sent free on application. Address
JoHN SEBASTIAN, G. P. A., Chicago.

Total
Assets.

Bankers Accident Insurance Co . . . 6,755 $43,498.60
Bankers Life Association ( from July
1, 1879, to December 31, 1882. . 1,114
43,484.48
Iowa State Traveling Mens Assn. . 616
88. 12
During the fourth year the Bankers Accident has
settled four death losses and one hand loss, besides
paying 264 indemnity claims promptly, and all with
the greatest satisfaction to the members.
During the fourth year of the Iowa State Traveling
Mens Association it paid only ten claims, not one of
which exceeded $150. This company is now nearly
seventeen years old and is known to be one of the best
accident companies in the United States, having now

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Federal Reserve Bank of St. Louis

ROUTE .

Ch:ristian Endeavore:rs

The Bankers Accident Insurance Company of Des
Moines has just passed its fourth birthday, and a few
figures are herewith given to show what a healthy .infant it is as compared with other companies at that age.
The comparison is made with two companies that are
generally considered among the most prosperous and
successful of their kind in the United St_ates.
At close or first year.

Rock Island

Sun.
The first of American Newspapers,
CHARLES A. DANA, EDITOR.
The American Constitution, the American Idea, the
American Spirit. These first, last, and all the time, forever.

Daily, by mail, - $6 a year.
Daily and Sunday; by mail, - $8 a year.

Th-e Sunday Sun
is the greatest Sunday Newspaper in the world.

Price 5c. a copy.

By mail, $2 a year.

Address THE SUN, New York.

•

THE TRI-STA TE B ANKER.

June, 1897.

ARE You INTERESTED ~
IN LIFE INSURANCE.... •

,,------

... ~~··
-." '

-----------♦

The Leading Hotel in Iowa.

~TN::ERSALLY
CONCEDED
TO
BE
A NECESSITY

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

Rates $2.50 to $4.50 per day.

.... W. L. BR.OWN, Manager.

Of Philadelphi a, was organized in 1847 and is unexcelled by any company. Its policy contracts embrace all the liberal features, such a
Uasb, Loan, and Paid-up Val ues, or Extended Insurance, in case of
lapse, for full fac e of policy, all plainly guaranteed in the policy.
Collections made through your local bank. Life insurance policies
bought. A fow reliable agents wanted in good territory . For further
information addre s....
•

C. H. & H. E. RUMSEY, Gen'l Agents,
and 503 Equitable Bldg.,
DES MOINES, IOWA ......... .

50:1

W . H . RYAN ,
SPECIAL AGENT .

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.
CHAS. STARKER, Vice-Pres.

JOHN J. FLEMING, Cashier.
. J. W. B t-tOOKS, Ass't Cashier.

DIRECTORS :

0. E. Perkins,
J. C. Peasley .
Obas. W. Ra nd .

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

CLINTON NOURSE ,...--♦~
Architect of
City Bank,
Boone.
Union National,
Ames.
Citizens National,
Knoxville.
F irst National,
Nevada.
Stilson's Ba n k,
Corwith.
Citizens State,
Eagle Grove.
Hamilton County,
Webster City.
First National.
Ft. Dodge, Ia.
Cl tizens State,
Goldfield, Ia.
CORRESPONDENCE
, , • INVITED

A DDR E S S,

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., CH ICAGO

CAPITAL CITY STATE BANK
DES MOINES, IOWA.

Capital and Surplus Additional Liability of Stockholders
OFFICERS.
A. HOLL AND .............. .
........... . ....... President
M. P. TURNER .. .. .... .... .
............... Vice-President
J . A. McKINNEY .. . .... . . .. .
...................... Cashier
M. M. PATTEN ............ .
. .. .. . . ... . . Assistant Cashier

$115,000
$100,000

DIRECTORS .
Jas. Callanan,
J. S. Patten,
J. D. McGarrau gb,
M. P. Turner,
A. Holl and,
J. A. T. H ull,
Leander Bolton,
Henr{v~f~i ~r~d.

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

THE TRI-STATE BANKER.

JHE

The A. H. Andrews Co.,

NORTHWESTERN NATIONAL BANK,

300

Wabash Ave.,

Chicago.

CAPITAL, $1,250,000.

Designers and ...
Manufacturers of

SURPLUS AND PROFITS, $500,000.

Pine Bank Fixtures
.. .and ...

MINNEAPOLIS, MINN.
GEORGE A. PILLSBURY, Prest.
JA!IIES w. RAY!IIOND, Vice-Prest.

GILBEHT G. THORNE, Ca.shier.
WILLIAM COLLINS, Asst.Cash

C ONDEN S E D S TAT E M E NT OF THE NORTHW EST ERN NA T IONAL BANK , O F MINNE A POLIS , MINN ., AT C LO SE OF
BUSI N ESS, MA Y 14 , 189 7 . COMPTROLL E R ' S C ALL .... . . . .

ASSETS.
$1,834,336.;!7
U. S. Ronds .... ... ....... . .... .... . ................... . ....... .
50,000.00
Other Bonds a.ad Stocks . .. ...... ..... . ............. ... .. .
lfi3,69fi.21
2,250.00
g~dee)aP.~l~~ -~-~~~ ::: :: :: :: . :: : : ::: : : :: : : . . : : : : : : . : : :: : : :: : : :: :
None
Loans a.ad Discounts .. . ..... .. . .. . .. .... . ...... .... .
3.004,677.119
$.'i,044,000.27

Ca pital Paid ll_P . •. . . • . . • . • • • • . . . • • • • •• . . . . • . . . . • . . . . • • . • . . • . . . ~1,250.000.00
~nrplus and Undivided Profits, (net)........ . ... .. .........
•M,535.15
Circulation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
11,950.00
Oeµo s itsDue Hanks... ..
. . . . . . . . . . . . . . . . ..... ........ . $1.072,063.29
Demand Deposits ........................... . . ..... 2,256,441.83 $3,328,475.12
$5,044,ooo.:n

Two per cent paid t o cor r espondent banks on
balances averaging over $1,000.00 . . . . . .

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

J. J. TowN, President.
C.H. DILWORTH, Vice-Pres't.
R. A. ORA WFORD, Cashier.
W. E. BARRETT, Ass't Cashier.

CAPITAL AND SURPLUS .

If you are erecting
a new hu ildi11g or
n.- fitting you r prese nt banking room

Write Us

lash on hand .... . ............................... $ 1174.095 68
Du e fr-om other Banks . . .. ... .. ......... ... .. .. . 1,160,240.69

LIABILITIES.

Office Furniture ......

. $300 ,000.00.

a nd 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 because we
make the BEST desks, we
can not beat them all In
LOW PR I CES. TRY US.

,/f;.

7"'\

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.
R ES O URC E S .

Loa.us and Discounts . ............. . .......... . .... $756,t20
Overdrafts ....... . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . .
327
U.S. Bonds, 4 per cents............................. 50.006
Other Houds . ... .... .... . ... . . ...... ....... ....... 200,591
Furniture and Fixtui·es........... .... . . . .. . .. . . .
Oue from Reserve Agents . .... ............. . ... .. . 586,280
Due from other Banks . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1.855
Oash on ba.nd . . . . . . . . . .... ... ... . .. ... ... .... .. .. 10•,as2
Redemption Fund .. . .. .... . . . . . . . . . . . . . . . . . . . . .
2.250
Total ...... .

40
77
00
76- $1,007,139 93
5.000 00
49
79
98
00774,769 26
$1,786,909 19

LIAB I LITI E S .

Capital :itock.......... . ... ... .......... . . . . . . . . . . .
$400,000
Surplus l◄' und .................... ............ .... . $ 67,000 00
Undivided Profits .. .. . . . .............. . . . . . . . . . . . . . 15,315 75- 82,315
Oirculation ..... ....... . . . . . . . . . . . . . . . . . . . . . . . . . . . .
46,000
Deposits ([ndlv1dua.ls) . .. . . ...... ... . ... . ..... ..... t\39,612 47
Depos its (Banks) ........... . ...................... 619,980,97-1,259,593
Total .. .... ........ .. . ........ ......... .

00
75
00
44

$1,786.909 19

OFFICERS .

GEO. B. Bunce, President.

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. and Cashier.
HERM ESCHEN, Asst. Ua.sbier.
DIRE C TO RS

GEO. B. BURCH,

WM. L. BRADLEY.
W. H. DAY,
H. B. GLOVE~,
J. l{. DEMlNG.
F. A. RUMPF.
GEO. W. KIESEL.

Full text of The Northwestern Banker : June 1897, Volume II, Number 6

FRASER