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The Fourth National Bank of the City of New York offers to D epositors E very Facility W hich T h e ir Balances, Business and Responsibility W arrants T h irte e n th Y e a r = N um ber 6 D es M o in es, Io w a , June, 1 9 0 8 Hanover National Bank U. S. D E P O S IT O R Y Citizens National Bank OF T H E C I T Y OF N E W Y O R K . Nassau and Pine DES MOINES, IOWA JAS. T. WOODWARD, President JAS. M. DONALD, V ice P resident E. HAYW ARD PE R R Y , V ice Pres. WM. WOODWARD, V ice President ELM ER E. W H ITTA K ER , Cashier WM. I. L IG H T H IPE , A ss’t Cashier H E N R Y R. CARSE, A ss’t Cashier A LEX . D. CAMBELL, A ss’t C ashier CHAS. N. HAM PTON, A ss’t Cash. Bank o f C h ic a g o C a p ita l $ 1 , 5 0 0 , 0 0 0 S u r p lu s $ 3 0 0 , 0 0 0 Established 1851. Capitili Surplus . . . . J. G. ROUNDS, President S. A. M ERRILL, V ice-P resid en t GEO. E. PEA R SA L L, Cashier $3,000,000 9,000,000 S o lic its Your Capital . Surplus . B u s in e s s . $200,000 100,000 AC C OU NTS S O L IC IT E D . The Bankers National Bank T h e Bank of Personal Service O F C H IC A G O , IL L . Capital, Surplus and Profits $3,328,957.84 EDW ARD S. LACEY, P resid en t .JOHN C. CRAFT, V ice-President FR A N K P. JUDSON, C ashier CHAS. C. W ILLSON, A ss’t Cash R A LPH C. W ILSON, A ss’t Cashier Comparative Statement, Showing in Deposits. F e b r u a r y 14, 1899___ $ 8,165,540.26 F e b r u a r y 14, 1902__ 13,639,218.29 F e b r u a r y 14, 1905__ 16,311,723.35 F e b r u a r y 14, 1908__ 18,519,298.50 Increase The Merchants National Bank of Philadelphia F. W . A Y E R . P r e sid e n t New Business Desired and Unexcelled Facilities Offered https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis W M . A . L A W , V ic e - P r e s id e n t T H O M A S W * A N D R E W . C a sh ie r W . P . B A R R O W S . A sst, C a sh ie r Capital, Surplus and Profits, $1,850,000 THE 2 NORTHW ESTERN May, 1908 BANKER - ..... THE C E N T U R Y SAVINGS BANK DES M O IN E S , C A PIT A L,, The Commercial National Bank - - - IO W A $100,000.00 OFFICERS W. G. HARVISON, Pres. L». E. HARBACH, V ice-P res. H. M. W H IN ER Y , Cashier. D. A. BY ER S, A ss’t Cash. of CHICAGO Capital, Surplus and Undivided Profits, Deposits, $ 4 0 , 0 0 0 , 0 0 0 OFFICERS GEORGE E. ROBERTS . JOSEPH T . TALBERT . RALPH VAN VECHTEN, DAVID VERNON . . . NATHANIEL R. LOSCH . . President . . V ice -P res . 2 nd V ice-P res. 3 rd V ice-P rES. . . . C ashier GEORGE B. SMITH . . A ss 'T C ashier HARVEY C . VERNON . As6'T C ashier H. ERSKINE SMITH . . A ss 'T C ashier WM. T . BRUCKNER . . A ss’T C ashier EDGAR N. JOHNSON . . . A uditor This bank is pleased to place at the disposal of its customers the facilities ¿ained during* forty years of continuous service and growth F isk Ù DIRECTORS $ 7 ,0 0 0 ,0 0 0 R ob in son W . G. H arvison, Geo. M. Christian, J. W. Radebeck, I t. E. Harbach, P. C. Kenyon, J. B. U hl, J. B. Sullivan, H . H . Teachout, W. G. Burnside. A ccounts of Banks and B a n k ers S o licited . e rio r F acilities for C o llection s. In te re s t Paid on T im e Deposits. Sup Great Western Accident Association DES MOINES, BAN KERS - IOWA ASSETS January 1, 1902 $ 7 , 7 8 1 .9 1 Government January 1, 1903 $ 5 2 , 3 4 8 .7 3 Bonds January 1, 1904 $ 131,123.92 City oi New Yo rk Bonds January 1, 1905 $ 1 6 6 ,4 8 8 .3 2 Investment Securities January 1, 1906 $ 232,770.28 Januayy 1, 1907 NEW YORK CHICAGO $ 299, 898.09 BOSTON January 1, 1908 Members New York Stock Exchange $359,700.35 For literature or other inform ation, address CHICAGO OFFICE: C. FREDERICK CHILDS, Mgr, https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 135 Adams Street Telephone Cent. 6216 H. B. H A W L E Y , Great W estern Building. President, D es Moines, Iowa. June, 1908 THE NORTHW ESTERN BANKER 3 G roup One A t LeMars Your Aceount Will be handled in the most caretul and intelligent manner. Collection tacilities excellent. THE NATIONAL CITY BANK O F C H IC A G O O F F IC E R S D A V ID R. F O R G A N , Pres. L. H. GRIM M E, A sst. Cash. A L FR E D L. B A K E R , V ice-P res. F. A . C R A N D A L L , A sst. Cash. H. E. O T T E , C ashier W . D . D IC K E Y , A sst. Cash. R. U . L A N S IN G , M anager B ond D epartm ent The twelfth annual meeting of Group One of the Iowa Bankers’ Association was held in Le Mars and about fifty representatives of banking institutions in the north western part of the state were present. The bankers of LeMars acted as a committee to meet the visitors at the depot with automobiles. The visitors enjoyed automo bile rides around town prior to eleven o’clock when a business meeting was held. The bankers met at the Elks hall, which was placed at their disposal for the occasion. The principal speaker at the meeting was George E. Rob erts, formerly of Ft. Dodge, president of the Commercial National Bank of Chicago and former director of the mint. Mr. Roberts has long been prominent as one of the great financiers of the country and particularly in the West. He has been prominently identified with the agita tion following the launching in congress of the Aldrich currency bill and has been quoted as an authority on the subject in financial publications throughout the country. Mr. Roberts is advocate of the “ central bank” and spoke at length on the subject. Following Mr. Roberts’ talk, Arthur Reynolds, presi dent of the Des Moines National Bank, spoke at length on “ Credit Currency and American Bankers’'Association Currency Bill.” A" discussion followed, participated in by several. F. B. Parker, of Rock Rapids, and L. F. Parker, of Cherokee, president and secretary, by unanimous voice of the meeting, were re-elected in their offices, and the meeting was adjourned. The following resolutions were adopted: Resolved, That the members of Group A of the Iowa Bankers’ Association extend the bankers of LeMars our hearty appreciation of the cordial reception and enter tainment they have given us at this twelfth annual meet ing. Further, that the thanks of the group be given those who have so ably contributed to the success of the meet ing by their addresses and topics of vital interest to us. Further, be it resolved that LeMars Lodge No. 428, B. P. O. E. be known and declared of this group the best people on earth, and a vote of thanks be extended to them for having so generously opened to us and placed at our disposal their elegant and commodious parlors and club rooms for this occasion. That we further extend to Chairman F. B. Parker and Secretary L. F. Parker a vote of thanks for the efficient manner in_ which they have performed the duties of their offices during the past year. Resolved, also that inasmuch as the annnual meeting of the Iowa Bankers’ Association is to be held in our group this year, each member be urged to be present on that occasion at Sioux City, and thus show his enthusiasm and that the bankers of northwest Iowa are alive to all things that promote the interest of that, fraternity. Respectfully submitted, C. P. J o r d a n , W i l l H . E ddy, C. E. H a n c h e t t , Capital $ 1 ,5 0 0 ,0 0 0 Surplus $ 3 0 0 ,0 0 0 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Committee. First National of M oulton The First National of Moulton has recently completed a new and handsome bank building and are now located therein. The bank is one of the strongest in southern Iowa, having a capital of $35,000. Mr. E. L. Stickney is the cashier and his Work has done much to popularize the bank. THE 4 NORTHW ESTERN June, 1908 BANKER JA M E S B. FO R G A N President C H A R LE S N. G ILLETT Cashier The Safe to Trust T H E F IR S T N A T IO N A L B A N K O F C H IC A G O W e are selling more bank safes than all other dealers combined. Fifty per cent increase in business from last year. A large stock of safes carrried for immedi ate shipmeut. Western agents, Maganese Steel Safes, Mosler screw door safes, Mosler-Corliss safes. Stoddard Dayton and Ford automobiles. C A P IT A L A N D SU RPLUS, $15,000,000.00 J. J. D E R IG H T & CO. 18th & Farnam Sts., OM AHA, NEB Citizens Savings Bank D E C O R A H , IO W A W elcomes and appreciates the accounts of banks and bankers believing that its extensive clientele which has been grad ually developed by more than forty years of consistent, con siderate service is splendid en dorsement of the agreeable and satisfactory accomm odations rendered to its customers C a p ita l $50,000.00 DIVISION “F” (Banks and Bankers) Special A ttention Given to Collections. Send Us Y our D ecorah Items. A U G U S T BLUM, Vice-President H ERBERT W . BROU GH, Asst. Mgr. E. J. C U R T IN , President O G D E N C A S T E R T O N , V ice President B. J. M cK A Y , C ashier E. L. A M U N D S O N , A sst. C ashier E S TA B LIS H E D 1 8 5 6 Iowa Lithographing Co., https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis D es M oines, la. B ank and C o m m ercial S tatio n ery a S pecialty. No T rou ble to Quote Prices. T H E OLDEST BANK IN TH E U NITED STATES (C H A R T E R E D BY C O N T IN E N T A L CONGRESS, 1781) THE BANK OF NORTH AMERICA NATIONAL BANK PHILADELPHIA, PENNSYLVANIA C APITAL . . . . SU R PL U S . . . . UNDIVIDED PROFITS, O V ER DEPOSITS DEC. 3, O V E R $ 1,000 ,000.00 2 , 0 0 0 , 000.00 - 400,000 00 $1 1,000 ,000.00 President Cashier Assistant Cashier Assistant Cashier H. G. MICHENER - JOHN H. W A T T SAML. D. JO RDAN - WM. J. M U R PH Y SOLICITS T H E ACCOUNTS OF BANKS, FIRMS, INDIVIDUALS A ND CORPORATIONS The Northwestern Banker $2.00 Per Annum DBS M O IN ES, IOW A, JU N E , 1908 20 dts. Per Copy Guaranty of Bank Deposits B y G . A , Nelson, Assistant Cashier Iowa National Bank, Des Moines The question of guaranty of bank deposits is one which at this time is causing considerable discussion, especially among bankers and business men. One state has passed a depositors’ guaranty law, other states are contemplat ing it, a federal guaranty law is under discussion and the question is very likely to become one of the great issues between the two national parties. The word guaranty has a very pleasing meaning to most of us . It sounds well attached to most anything; great emphasis is placed upon the word by dealers of most all kinds, and especially by those dealing in ques tionable lines. The people in general like the word. It carries with it a sense of security. We would like most everything guaranteed. Life insurance policies for in stance, mining, oil well, blue sky and other hot air stocks. The farmer would like the sunshine and the rain guar anteed, a bumper crop each year guaranteed, the highest of prices guaranteed and all gold bricks guaranteed pure. The bill introduced and passed by the state legislature of Oklahoma, which is at this time the only guaranty bill in operation, is in substance as follows: “ House Bill No. i i , State of Oklahoma created State Banking Board consisting of Governor, Lieutenant Gov ernor, President of the Board of Agriculture, State Treasurer and Auditor which should levy against the capital stock of each state banking association an assess ment of one per cent of banks’ daily average deposits less the deposits of state funds which are properly secured by bonds, creating a depositors’ guaranty fund. At the beginning of each year each bank shall report to the hank commissioner amount of average daily deposits and if deposits are in excess of preceding year a deposit must be made to equal one per cent of excess. After first assessment is made the deposit required is only in case of increased deposits (no provision seems to be made for rebate in case of decrease in deposits). Should the guar-: https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis anty fund become depleted from any cause, a special assessment based upon average deposits is made. Banks organized subsequent to enactment of Act shall pay into guaranty fund three per cent of capital stock, which shall constitute a credit fund subject to an adjustment on basis of its deposits as provided for other banks at the end of one year, but the three per cent assessment shall not be required of new banks formed by reorganization or consolidation of banks that have previously complied with the terms of said Act. National banks may avail them selves of protection under state guaranty law by making application in writing to the State Banking Board and with the approval of bank commissioner and comptroller of the currency, provided that in event national banks should be required by federal enactment to pay assess ments to depositors guaranty law of Federal Govern ment may wish to withdraw from state guaranty, they shall have refunded 90 per cent of unused portion of all assessments levied upon them. Upon failure of any bank the bank commissioner shall take charge and all depos itors after making satisfactory proof of claim shall imme diately he paid in full, and when the cash available or that which can be made immediately available is insuf ficient to discharge its obligations then the banking board shall draw from the guaranty fund an additional amount, if required, to make up the deficiency; the state shall then have as a benefit for guaranty fund first lien upon all assets of a bank and liabilities against stockholders.” A hill has been introduced in the United States Senate by Mr. Gore, the blind senator from Oklahoma, creating a federal guaranty fund which is almost an exact copy of “ Oklahoma State Bill” except that instead of one per cent assessment of daily average deposits for one year it is one-fourth of one per cent of average daily deposits for the six months preceding first day of January until a nd of $10,000,000 shall have been created when such THE 6 NORTHW ESTERN YOUR ACCOUNT Surplus and Profits $ 4 0 0 ,0 0 0 A. GODDARD, . . NELSON N. LAMPERT, . - . President Vice-President HENRY R. K E N T ,............................Cashier CHARLES FERNALD, - - Asst. Cashier COLIN S. CAMPBELL, - - Asst. Cashier Clark and M onroe Streets CHICAGO assessments shall cease until guaranty fund shall fall below that sum. The Oklahoma law has just recently been enacted and has not really had a fair trial. The only law of similar character in the United States was passed in New York State in 1829, and was called the “ Safety Fund Law,” which proved to be an absolute failure. The Bank Commissioner of Oklahoma in a re- G . A . N ELSO N, Ass t Cashier Iowa N at'I Bank, Des Moines. cent address stated that the inauguration of the guaranty law, he thought, on account of the burden of expense attached to it that at least seventy-five of the smaller banks would be driven out of existence. Up to date eighteen have liquidated and retired to private loan busi ness, which is very profitable in that country. Suit has been commenced in state court of Oklahoma to enjoin the bank commissioner from levying the one per cent guar anty assessment. The principal objections to the Fowler https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis June, 1908 S O L IC IT S Capital $ 1, 0 0 0,0 00 L. BANKER W e p a rticu la rly appreciate the accounts o f B anks a n d have u n u su a l fa cilities f o r h a n d lin g such business. Currency Bill are the guaranty of deposits and the ex tension of national banks to trust company operations. The guaranty provision is to set aside five per cent of deposits and five per cent of circulation; a Wisconsin banker says that the bill should be called “ A bill to inflate the currency and to put five per cent of national bankdeposits entirely out of its owner’s control.” W. J. Bryan, the silver-tongued orator of the Platte, and the originator of wild ideas in general, has advocated guar anty of bank deposits, and from his past performances it would seem that we should fight shy of anything agi tated by Bryan on general principals. Bryan is a smart man and I believe a sincere one, but we should not forget the fact that he is also a great vote getter and it now appears that he is out after a few stray ones. Prominent bankers of Oklahoma are generally believ ers in the bill, but Oklahoma, as we all know, is below the “ Mason and Dixon line” and as their law is almost an exact copy of a law as prescribed by Bryan it is to be expected that they would favor anything advocated by the great Commoner. One banker says, while their deposits have not increased under this Act, he feels that deposits would have decreased were the law not in effect. Another says that their deposits have increased $300,000 in four months, and from no other apparent cause than the guaranty fund. From a depositor’s standpoint there is absolutely no objection to a bill of this kind, but from a banker’s stand point there are several. To place all banks on an abso lutely equal footing as to solvency takes the individualitv and personality out of the banking business; and to assess a good sound conservative bank administered by honest officials and directors to pay for the mistakes and crimes of incompetents and crooks does not appeal to the average banker, but it appears that the banks must do something to counteract legislation in the line of postal savings laws, which law might be passed and would be a detriment to the banking fraternity. The government proposes to go into the banking busi ness and by so doing add to the deficit which is now yearly increasing from other sources. It proposes to receive deposits from individuals in any amount up to $500, paying interest thereon at the rate of 4 per cent, claiming that it would bring millions of money into cir culation which is at this time hidden away. But would it not also draw from the banks deposits of people who would not only be looking for the security, but the 2 per cent interest which well-managed banks will not pay June, 1908 THE NORTHW ESTERN on demand deposits. They claim the banks would derive the benefit from the increasd deposits by the government, but the banks mostly favored would be the ones in the large money centers and threfore, the rural banks should be unanimous in using their influence to defeat a measure to place the banking business of this country into the hands of practical politicians. The only good an absolutely safe bank would derive from a guaranty fund would be protection from ruins created by false and groundless rumors, strikes or per sonal grievances, except what increase might come in deposits, and then we wonder “ is the game worth the price ?” Guaranty of deposits might tend to increase deposits, but don't you think that the money that is not at this time in the banks belongs to a class that has no confidence in either state or government, the class of people that want to fondle and count their gold and if they should deposit their money would not the first sign of trouble of a state or national character, such as strikes, or war, cause them to withdraw their funds and possibly just at the time a bank could least afford to lose it. Self preser vation is much stronger than state or national loyalty. We have seen the people lose faith in the nation, as dur ing the panic of ’93. Were the people satisfied with silver, government notes or national bank bills? No. They demanded and hoarded the gold. Would any sort of guaranty satisfy that class of people? If one bank is to be placed on equal footing with an other, what incentive can a bank offer to increase busi ness ? Personality is gone. Large capital and surplus cut no figure. One bank is just as good as another. What would be the natural result ? Decrease of capital, of course. Why should a bank strive to pay dividends on a million dollar capital when one quarter of that amount would suffice? No need to offer depositors security of large capital stock, business would increase just the same, and it would be unfair to stockholders to ask them to keep so much money invested in bank stock when they might just as well employ their money in other ventures and receive the same amount of profit on their stock in the bank. We have all probably listened to impassioned appeals by bankers for guaranty of bank deposits, and perhaps a great deal of it sincere, but at the same time we wonder, “ Are they really the conservative bankers, are they the ones that are conducting their bank along strictly legiti mate lines?” The bank that is honestly conducted will always get its share of the business. The people will soon learn the bank that pays good dividends, builds up a sur plus and is conducted properly, and it is right that such a bank should prosper, and not be placed upon an equal basis with the banker that invites disaster by seeking to build up deposits by agreeing to par the world, give away exchange and pay interest on certificates or bank depos its in excess of prudent rates, and worst of all, pay inter est on daily balances. You will all agree that this class of bankers is now in existence. The goal of some bank ers is to show a large deposit. They have a mania for that, cost cuts no figure. The same small surplus car ried from year to year without any perceptible increase does not concern them, but get the deposits, make a big show and their satisfaction is supreme. Now, don’t understand me to say that all bankers who favor a guaranty fund are of the above mentioned class, but I do say that the class of banks which increases its deposits to the detriment of its surplus account would most naturally seek the protection that would place it on equal footing with the honestly-conducted bank. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis BANKER 7 CONTINENTAL n a t io n a l ! BAN K i l l Capital, Surplus and Profits $ 7,000,090 Deposits $65,ooo,ooft o f iiiim ii CHICAGO O F FIC E R S GEO. M. REYNO LD S, Pres. ALEX R O B ER TSO N , V. Pres. W M . G. SC H R O ED E R , C ashier B. S. M A Y ER, Asst. C ashier HERM AN W A L D E C K , Asst. C ashier F. H. ELM O R E, Asst. C ashier W IL B E R H A T T E R Y , Asst. C ashier J. R. W A SH B U R N . Asst. C ashier B O A R D OF D IR E C T O R S JOHN C. BLACK . C h airm an of the Board J. OGDEN A R M O U R . ED W A R D HINES, Pros d ent, A rm our & Co. P resident, E dw ard Hines L um ber Co. A L B E R T J. EARL1NG, FRANK H IBB A R D , P res, Chicago, M i.waukee & Si. P. It. It. Hibbard,Spencer, B artlett & Co., Wholesale Hfirdw. H EN RY B O T SFO R D , F.E . W E Y E R H A EU SER , P acker. Lum berm an and P ine'I,and Owner,Sfc.Panl,M inn B. A. E C K H A R T , P resident, E ckhart & Swan M illing Co. W M . C. S E IP P , SAM’L M cR O B E R T S, 'tre a s u re r, A rm our & Co. ALEX- RO B ER TSO N , C apitalist. Vice-President. GEO . M. R E Y N O LD S, P resid en t. Accounts of Banks and Bankers Solicited. The Hamilton National Bank of Chicago Capital. $500,000 Surplus and Profits, $176,300 Officers: Officers: CHAS. B. PIKE, President HENRY MEYER, Cashier J. H. CAMERON, Vice-Pres. GEO. H. WILSON, Ass’ t Cash. DIRECTORS: F. A. Delano, President Wabash Railroad Company. Charles L. Bartlett, Mgr. Proctor & Gamble Distributing Co. T. A. Shaw of T. A. Shaw & Co. Louis E. Laflin, Manager Estate of Matthew Laflin. Charles B. Pike, President. J. H. Cameron, Vice-President. Henry M eytr, Cashier. C. J. Eldredge of Merrill & Eldredge, Com. Merchants. Frank Cuneo, of Garibaldi & Cuneo. Edmund A. Russell, Otis Elevator Co. W. C. Brown, Vice-Pres. New York Central Lines. We Study the Requirements of the Banks in the Northwest and Endeavor to Meet Them in Every Reasonable Way. THE 8 NORTHW ESTERN BANKER June, 1 90S THE LIVE STOCK EXCHANGE NATIONAL BANK 0/ C H I C A G O C A PIT A L $1,250,000 SURPLUS $250,000 ..... O F F I C E R S ..... S. R. F ly n n , P r e s id e n t G. F. G. A. R y t h e r , C a s h ie r E m e ry , A s s t. C a s h ie r .....D I R E C T O R S ....... T A Spoor Samuel Cozzens Arthur G. Leonard Gates A. Ryther Sioux C ity Plans for a T housand Bankers Announcement has been made of the committees which will have in charge the annual meeting of the Iowa State Bankers’ Association in Sioux City, June n th and 12th. Geo. S. Parker, president of the Live Stock National Bank, who is chairman of the committee on entertain ment, said the indications were that the meeting would be attended by no less than 1,000 bankers. The committees which are to have the meeting in charge are as follows : Committee on Arrangements—T. A. Black, chairman; Geo. P. Day, H. A. Gooch, Ackley Hubbard, J. A. Magoun, Jr., Geo. S. Parker, Geo. Sinclair. Committee on Printing, Badges and- Invitations—Geo. S. Parker, chairman ; Geo. P. Day, Geo. Sinclair. Committee on Hotel Accommodations— H. A. Gooch, chairman; Ackley Hubbard, J. A. Magoun, Jr. Reception Committee—John McHugh, chairman; W. W. Rice, James F. Toy, Geo. Weare, T. A. Black, L. S. P. Hanley, J. A. Magoun, J r .; Geo. S. Parker, Eugene Critchell, Ackley Hubbard, Geo. P. Day, W. P. Dickey, H. A. Gooch, L. H. Henry, C. E. Hoflund, C. N. Lukes, Geo. Sinclair, J. Fred Toy. Committee on Entertainment—Geo. S. Parker, chair man ; A. T. Bennett, T. A. Black, L. S. Critchell, Geo. P. Day, H. A. Gooch, Ackley Hubbard, C. N. Lukes, J. A. Magoun, Jr., John McHugh, Geo. Sinclair, J. Fred Toy. Mr. Parker said his subcommittee was busy arranging a plan of entertainment for the visitors. This will in clude a ride up the Sioux river in launches and elaborate programs at the boat clubs. The entire program will be announced in a few days. N ew Bank For Cedar Rapids Cedar Rapids is to have a new National bank in the near future. It will be called the Commercial National Bank, will have a capital of $100,000, will be located in the Bever block, the former home of the old Citizens’ National, and James L. Bever, Sr., the former president of the Citizens’, will be its president, says the Republican. For a long time there has been a movement along this line and the moving of the Cedar Rapids National away from First avenue, with the subsequent merger of the Citizens’ and the Merchants’ brought matters to a head. The Commercial National will have upwards of fifty stockholders including many of the most influential busi ness men of the city. Several of them are stockholders https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Janies H. Ashby J. Ogden Armour Edward Morris S. R. Flynn in the People’s Savings Bank who have long been desir ous of establishing an east side bank. Others are stock holders of the Commercial Savings Bank which is also located in the Bever block. The two banks, the Com mercial National and the Commercial Savings, will occupy the same banking rooms. One of the officials stated that the new bank was a sure go, the stock all having been subscribed and noth ing remains but to complete the preliminaries. The officers of the new bank have not been chosen, but it has been determined that James L. Bever, Sr., shall be the president. Mr. Bever is a veteran banker of Cedar Rap ids and the news that he is to be the head of the new bank will be very pleasing to his many friends. M eeting of G roup Nine at C hariton Group Nine of the Iowa Bankers’ Association, com prised of the counties of Adams, Adair, Clark, Decatur, Lucas, Ringgold, Taylor, Union and Wayne, of which F. D. Ball, of Crestón, is chairman, and Geo. N. Ayres, of Weldon, secretary, held its anual meeting at Chariton on May 7th. About sixty representative bankers from the various counties comprised in this group were pres ent, and a very enthusiastic and profitable meeting was held. The morning session beginning at 1 1 o’clock was very interesting, opening with an address of welcome by Hon. J. A. Pennick, of Crestón. The address was one of marked ability, lofty in thought and eloquent in ex pression. This was responded to by J. H. Gregory, presi dent of the Nevinville Savings Bank. After this the committees were appointed and then Chairman Ball gave his annual address. This was followed by general re ports on conditions in various sections of the counties comprising the group. These reports mostly were of an encouraging and in some instances an enthusiastic character. Adjournment was then had for dinner. The afternoon session was called to order by the president at 2 o’clock, and Frank H. Dewey, of Des Moines, read a very interesting and instructive paper on “ Surety Bonds.” This was followed by a paper on “ The Guarantee of Deposits” by Mr. G. A. Nelson, assistant cashier of the Iowa National Bank of Des Moines. This paper we are pleased to publish on another page of this issue of The Northwestern Banker. As a reading of the paper will reveal, Mr. Nelson is opposed to a guarantee of deposits, and for this reason, although not previously announced, Mr. L. T. Richmond, president of the First National Bank of Albia, was given an opportunity to make some remarks in favor of such a measure. Mr. Richmond was June, 1908 THE NORTHW ESTERN well fortified with facts and figures, and being a good speaker, he made it extremely interesting. An exper ience meeting was then indulged in, at which time each banker was expected to give an echo of the panic, all of which was most interesting. After the election of offic ers, the afternoon meeting adjourned. In the evening an informal social meeting was held at the hall and was very much enjoyed by all those present. The following were present from Chicago: G. F. Emery, of the Live Stock National Exchange Bank; Geo. M. Benedict, of the Drovers Deposit National Bank, and Colin S. Camp bell, of the Ft. Dearborn National Bank. Mr. R. S. Brittain, of the First National Bank of St. Joseph, M o.; Mr. Geo. R. Baker, of the National Bank of Commerce, St. Louis., and Mr. Martin Newcomer, of the Cedar Rapids National were in attendance. The Des Moines men present were H. T. Blackburn, Iowa National; J. H. Blair, Des Moines National; C. T. Cole, Valley Na tional ; G. A. Nelson, Iowa National; Emerson Depuy, of the Northwestern Banker. Officials elected for the com ing year are A. D. Simmons, of Osceola, chairman; E. O. Simmons, of Van Wert, secretary. N ew Bank For A ckley. The banking department under the control of State Auditor B. F. Carroll has issued a charter for the new Ackley Savings Bank at Ackley. The bank is capitalized at $10,000 and is located in the center of the richest farming district of northeastern Iowa. BANKER 9 The Farmers’ arid Mechanics’ National Bank Of Philadelphia, Pennsylvania 427 Chestnut Street CAPITAL. . . . . SURPLUS AND PROFITS, DEPOSITS, . . . 82,000,000.00 . . 1,275,000.00 14,637,939.00 Organized January 17, 1807 DIVIDENDS PAID, - . . 812,637,000.00 UNITED S T A T E S , S T A T E and C IT Y D EPO SITO R Y OFFICERS HOWARD W . L E W IS , President H ENRY B. BARTO W , Cashier JOHN M ASO N, Transfer Agjent O SC A R A , W E I S S , Assistant Cashier M eeting of G roup T w o at Algona, May 13 The annual meeting of Group 2 of the Iowa Bankers’ Association was held at Algona on May 13th. This group comprises the counties of Dickinson, Emmet, Kos suth, Clay, Palo Alta, Buena Vista, Pocahontas, Hum boldt, Wright, Calhoun, Webster and Hamilton. Mr. C. T. Chubb, of Algona, is chairman, and W. E. Kyler, of Luverne, secretary. The sessions were held at the Court House Hall. About eighty bankers from different sections of the state registered, and there were also a number present from Chicago, Des Moines and Minne apolis. The program for the forenoon consisted of a reception to the delegates by the four banks of Algona at their places of business, and at 10 o’clock the con vention assembled at the Court House Hall. The exer cises there consisted of an invocation by Rev. Father Halpin, an address of welcome by Hon. J. W. Wads worth, mayor of Algona, response by H. E.~ Passig, vicepresident of the First National Bank of Humboldt, and an address on bank advertising by Emerson De Puv, manager of The Northwestern Banker, Des Moines. The committee on nominations was appointed, after which the president read a suggested or proposed bill for the insurance of bank deposits, which brought forth a great deal of discussion, both pro and con, with the pros and cons very evenly divided. A notation was made to the effect that the group take some definite action regarding the subject of bank deposit insurance, which is now attracting a good deal of attention, and in order to get the matter in definite shape, Mr. B. F. Robinson, of Armstrong, offered the following resolution: “ Resolved, That we, as members of Group 2 of the Iowa Bankers’ Association, without attempting to outline any specific or definite plan, are heartily in favor of the principle of insurance on bank deposits by some just, and well-regulated system under direct supervision and control of the state and nation.” This was lost by a vote of 17 to 15. There is quite a strong sentiment among the bankers of Group 2 with https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Accounts of Banks and Bankers Solicited. Your Chicago Business will receive prom pt, careful and intelligent attention if entrusted to the State Bank ot Chicago CHICAGO E S T A B L IS H E D 1879 C a p ita l, O N E M I L L I O N D O L L A R S S u r p lu s (e a r n e d ) O N E M I L L I O N D O L L A R S A c tiv e and rese rv e accou n ts o f state banks and bankers esp ecia lly so licited H. A. Haugan, President John R. Lindgren, Cashier Frank I. Packard, Asst. Cashier Henry S. Henschen, Asst. Cash. Henry A. Haugan, Asst. Cash. Samuel E. Knecht, Sec. William C. Miller, Asst. Sec. Directors: DAVID N. BA RK ER , M anager Jones & L a u g h lin Steel Co. CALVIN DU R A ND , President Durand & K a sp er Co THEO. FR EEM A N , Grocer. H. A. HAUGAN, President. JOHN R. L IN D G R EN , Cashier. THOS. MURDOCH, President R eid, M urdoch & Co. WM. A. PETERSO N , Proprietor Peterson N ursery. GEO. E. RICKCORDS, Chicago T itle & T r u s t Company. MOSES J. W ENTW ORTH, C apitalist. THE IO NORTHW ESTERN BANKER June, 1908 There never was a real satisfactory way ol handling Transit Collections until the advent of the Elliott-Fisher ADDING TYPEWRITER. But now since the difficulty has been solved there is no excuse for any banker not being familiar with its possibilities. Hundreds of Elliott-Fisher machines are being used by banks of national prominence, and the reason for their popularity is that They save 5 0 per cent of the time, labor and expense of other methods. They turn out printed letters, in duplicate, automatically added and proved, with unerring accuracy. They furnish an absolute check on the Transit Department. List of prominent users and samples of forms mailed free on request. E L LIO T T -F IS H E R COM PANY, General Offices and Factory, HARRISBURG, PENNSYLVANIA. Sales offices throughout the world. that their deposits were safe. He said if such a law was not enacted before long there would be postal savings banks before the lapse of ten years, and that would be the hardest blow the banks could receive. H. M. Carpenter, of Monticello, president of the State Bankers’ Association, was called to the floor. He ex cused himself from discussing the question at issue, but talked for some time on the benefits of the association. The meeting then adjourned until after dinner. The afternoon session was devoted to a very excellent paper by Hon. H. T. Hansen, of Bode, Iowa, on recent bank legislations in Iowa. This was followed by a legal question box, conducted by Mr. E. A. Morling, of Erametsburg, Iowa. This phase of the program proved very interesting and provoked much discussion and called forth a large number of inquiries relative to legal mat ters, in which many of the bankers showed a great inter est. Mr. Morling proved a very able counsel, answering promptly and readily the most intricate questions almost as soon as they were propounded. Following this was a round table conducted by J. H. McCord, cashier of the Citizens National Bank of Spencer, Iowa, which also proved an interesting feature. This was devoted to gen eral topics pertaining to the banking business, and any one interested had an opportunity to express himself and many took advantage of the privilege. A report of the committee on nominations was then called for and Mr. H. E. Passig, vice-president of the First National Bank of Humboldt, was nominated for chairman for the ensu ing year and Mr. J. W. Campbell, of Ft. Dodge, secre tary. The report was unanimously adopted by the group and these gentlemen declared elected. An adjournment was then had for the purpose of accepting the invitation extended by the banks of Kossuth county to a very ele H . E. P A S S IG , Vice-Pres. First N at l Bank, Humboldt, Elected Chairman Group No. 2. gant dinner which was served by the ladies of the Meth odist Episcopal Church in the basement of the church. third rate fellow on an equal footing with the first rate Following this the delegates departed for their homes, all fellow. Besides, it would stimulate the establishment pronouncing the meeting of Group 2 a success in every particular. of banks until the business would be overdone. Mr. E. L. Mantor was called upon, he having had some The following “ out of the group” visitors were pres experience in Oklahoma where a guarantee law is in ent : John Fletcher, assistant cashier Drovers Deposit efifect. The substance of his talk was against the law. National Bank, Chicago ; H. C. Schultze, cashier Com Mr. McCord, of Spencer, then took the floor. He said mercial National Bank, Waterloo; C. E. Barr, assistant he favored the law, that it was in line with progress and cashier Des Moines National Bank; Kent Ferman, cash that the people wanted it. He said the people did not ier Cedar Rapids National B ank; Homer Miller, presi care whether it would put one banker on a level with the dent Iowa National Bank, Des Moines; H. M. Carpenter, other or not. What the people wanted was assurance Monticello, president Iowa State Bankers’ Association. reference to some legislation looking to a guarantee of bank deposits, either state or national, as the case may be. Mr. Homer Miller, president of the Iowa National of Des Moines, being present was asked for an expression of his views on this subject. Mr. Miller said he had always been opposed to such a law, and he could not feel any other way about it. He thought that individual merit ought to be rewarded. The banker who conducted his business well and deserved and enjoyed the confidence of the public was entitled to an advantage over the banker who did not, but a guarantee law would put the https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis June, 1908 THE THE 1 Baker-Vawlcr 1i NORTHW ESTERN ONE BANKER W R IT IN G li \ FOR With Either Pen, Pencil or Typewriter l F U L L P A R T IC U L A R S M A K E S THE [ W R IT E SYSTEM Discount R egister, Liability ( FOR Ledger and M aturity T ickler i LOANS , AN D D IS C O U N T S \ The M ost P rac tica l S ystem Ever Devised for the Equally A daptable to B anks of all Sizes. Baker-Vawter Company Purpose. I W / (Jones P erpetual Ledger C o.) C H IC A G O N EW Y O R K T rib u n e Big 3 5 0 B ro a d w ’y George E . Roberts Talks to the Bankers of Group Six at Des Moines The meeting of Group 6 of the Iowa Bankers’ Asso ciation was held at the Savery Hotel in Des Moines, on the evening of Tuesday, May 12th. The attendance was unusually large, there being over 200 present at the banquet served in the main dining hall at 6 o’clock. There was no set program, the meeting being largely of a social nature. Following the banquet proper, Mr. Geo. E. Roberts, president of the Commercial National Bank of Chicago, delivered his address on the central bank. Mr. Roberts advocates a bank of this character, modeled somewhat after the Imperial Bank of Germany and the Bank of France. It is impossible to reproduce this address in full in this issue of the Banker, and in as much as it has been circulated extensively, we simply make some extracts from it here for the benefit of our readers who may not have seen it in print. J. H. Blair, president Des Moines Bankers’ Club, presided, present ing Mr. Leach, the group chairman, who in turn pre sented Mr. Roberts. Explaining the central bank idea, Mr. Roberts said: Suppose w e organize a central bank— I call it that as the shorter term— by raising the capital among the individual banks on the basis of their capital. If we made the capital $100,000,000 and distributed it to the national banks alone, that would be about 11 per cent on their present capital, but if the state banks w ere allowed to come in, the percentage all around would be lowered. Provide that no bank should vote more than its quota of the stock, so there would be no objection in concentrating the holdings. Have the sharehold ers elect a board of directors by territorial districts, so that every section of the country would have representation on the board. It may be assumed that all political opinions will also be represented on the board, making it nonpartisan in character. By reason of the intim ate relations which the bank would bear to the treasury, and its great importance, the govern ment should be represented in the m anagem ent by the prin cipal officers of the treasury, and possibly by other directors of its choosing. The public directors should have a voice in determ ining the general policies of the bank, but they should not have to do with the making of loans. The details of man agem ent should be in the hands of officers selected by the directors, and they should be experienced bankers. I think the profits of the bank should be divided betw een the share holders and the treasury, upon a plan sim ilar to that of the Imperial Bank of Germany. The bank should certainly make returns upon its stock; but the prime purpose of the bank would not be to make profits, but to safeguard the banking industries and com m erce of the country. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis We would have under such a plan private ownership widely distributed among practical bankers and first-class banking ability in the managem ent, combined w ith supervision by re sponsible public officials. The policies of such an institution, the w eekly statem ents of its condition, every change in the discount rate, would be watched and made the subject of G E O . E. R O B E R T S , W ho addressed the Bankers of Group 6 at Des Moines, M ay 12, on ‘'A Central Bank.” discrim inating comm ent in every capital of the world, as are the policies of the Bank of England. All of these conditions as to organization and publicity would compel conservative m anagem ent. The policies would necessarily be along the w ell defined lines pursued by sim ilar institutions elsewhere. 12 THE NORTHW ESTERN BANKER June, 1 90S Irving ¡Mattonai Exchange Bank West Broadway and Chambers Sts; Capital $ 2 ,0 0 0 ,0 0 0 NEW YORK CITY Surplus $ 1 ,0 0 0 ,0 0 0 R O L L IN P. G R A N T , Vice-President B E N JA M IN F. W E R N E R , Cashier D AVID H. G. P E N N Y , A ss’t Cash. H A R R Y E . W A R D , A ss’t Cashier L E W IS E . P IE R S O N , President JA M E S E . N IC H O ES, Vice-Pres C H A S. L . F A R R E L L , Vice-Pres Resources $ 2 6 ,0 0 0 ,0 0 0 COLLECTION OF BILLOT-LADING DRAFTS 01R SPECIALTY P0REIGN AND DOMESTIC EXCHANGE BOUGHT AND SOLD S trictly a C o m m ercial B ank This central institution should have large powers of note issue based upon a gold reserve and short tim e commercial paper. I think the central bank should do business only with its constituent members and the governm ent. It should not receive deposits from others, or pay in terest on deposits, or make loans except to or through its constituent members. It should devote powers to supporting and supplem enting the individual banks in their services to their local com m unities, with w hose needs and resources they are best acquainted. Bach local bank, although still independent in m anagem ent, would have back of it the resources of the central institution. In this country now it is alm ost discreditable to a bank to borrow or rediscount, and when done it is usually covered by som e subterfuge, but abroad it is a common and legitim ate practice for the individual banks to rediscount at the central bank. For my own part, I would be satisfied and pleased if, as a first step toward a reorganization of our monetary system , congress would authorize note issu es through the principal clearing houses of the country, based upon comm ercial as sets in the possession of the clearing associations. That would develop the central bank system through the branches, for the next step would naturally be to federate the clearing houses and give them a common m anagem ent. The system would not be com plete until the country banks were affiliated with it, but the whole schem e is a natural developm ent of the functions which the clearing house assum e in every large city in every period of financial trouble. A central bank may exert an im portant influence over the m ovem ent of gold, and protect the business in terests of a E. H. Gary F a m ily M a u s o le u m w h ic h w e h a v e n e a rly c o m p le te d on th e H o n . E . H . G ary (C h a irm a n o f th e U. S. S teel C o rp o ra tio n ) fa m ily lot. THE TOMB OR MAUSOLEUM H a s ev er been th e fa v o rite m e th o d o f b u ria l by th e w e a lth y . W itn e ss th o se o f E g y p t, In d ia , A ssy ria a n d G reece. St. M a tth e w tells us th a t a c e r ta in ric h m a n o f A rim a th e a la id th e b o d y o f J e su s in h is to m b a n d ro lled a g r e a t sto n e to th e d o o r th e re o f. A nd th u s it h a s been do w n th ro u g h th e c e n tu rie s. T o d a y th e y a re m a d e even m o re d u ra b le , in t h a t w e m a k e th e m o f g ra n ite , a n d th e ro o fs a re o f g r e a t s to n e s in s te a d o f tile a n d sm all p ieces. T h ey c o st fro m $3,000 u p w a rd s. W rite fo r free b o o k le t to CHAS. G. BLAK E & CO. th e old a n d re lia b le M au so leu m a n d M o n u m e n t m a k e rs, 796 W oman’s Tem ple, https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis La Salle and M onroe Sts., Chicago, 111. country in some degree from foreign influences. The foreign banks do this, and we saw our own large banks do it to some extent last fall, but of course a central bank does it more effectively. In conclusion, it ought to count for som ething that one by one all the other im portant countries of the world have come to the central bank, and that none has ever changed from it, and nowhere is there any disposition to change. Everywhere it is accepted as final. There isn ’t a country in Europe but w hat has delegated the issuance of its paper currency to a central bank, and made the bank the depository for its public funds. T hese services which I have told you a central bank can perform are not im agined or theoretical services; they are being constantly performed elsew here. The last country in Europe to adopt the central bank plan was Switzerland. The currency system to which I believe this country must ultim ately come is that of the central bank. It is the system to which every other important country in the world has already come. Instead of scattering the note issuing function among numerous sm all institutions, it centralizes it in one great, strong, semi-official institution, im m ediately under the supervision of the governm ent, and w hat perhaps is more important, under the scrutiny of the whole financial world. The objections to a central bank, w henever one has been proposed for this country, have alw ays been: F irst— That we have had two experim ents with such an in stitution; that it becam e involved in politics and probably would again. Second— That it would be m onopolistic in character, and probably fall into the hands of a few people who would use its great power to promote their own interests. Third— That we have developed a system of independent banking institutions, and that it would be injurious to them, and unfair to them to create a powerful competitor, which, w ith a system of branches, would dominate the banking busi ness. All of these objections I believe could be m et in the or ganization. The old banks of the United States were private corporations, with a considerable part of their stock held in Europe, and they did a general banking business in the princi pal cities of the country, entering into active com petition for deposits and in all lines, and they naturally excited jealousy and antagonism. The key to efficiency in every branch of industry, to the best service in every division of our modern co-operative society, is organization. Indeed, it may be said that we scarcely have a system of banks. W e have thousands of indi vidual banks, but not much of a system . The w eakness of the banking situation in time of strain is in the isolation of these independent units. In all the larger cities the banks them selves have rendered this w eakness in som e degree by m eans of the clearing house associations, and last fall even the country banks came together in county organizations and agreed upon a common policy. In my judgm ent this form of co-operation, developed volun tarily and su ccessfu lly in the clearing houses, suggests the natural evolution by which our banking system may be per fected. Let us have a central organization of all the banks June, 1908 THE NORTHW ESTERN which will do for each, under provisions of law, what the Chicago clearing house does for each of its members, and at the same tim e give the public the governm ent, and the busi ness interests of the country, the service that the state banks of Europe render. At the close of the address the report of the president and secretary was presented as follows: To the M em bers.of Group 6 of the Iowa B ankers’ A ssociation: The financial m anagem ent devolving upon the president and secretary, who are the only officers of this Group, is nothing. There are no Group dues nor Group membership fees. No money to take in and none to pay out, and prac tically nothing to do, except to hustle for new members of the state association and to arrange programs, m eeting places, etc., for Group m eetings. A considerable effort has been made, chiefly by correspondence, to induce those banks not already m em bers to join w ith us, and five new nam es have been added, during the year, and some others have indicated that they are coming in soon. It is to be noted, however, that the new members are located in the home counties of the officers signing this report, and have becom e in terested chiefly through direct personal contact and solicitation, rather than by correspondence. It is our opinion that there ought to be a com m ittee of one from each county in this Group, upon new members; and, by a w ell directed personal effort of this com m ittee, w e may add several nam es to our membership, before the state m eeting. There are, in Group 6, 227 banks; 163 are members of the state association, and 64 are going it alone. Every state bank in the Group is now a member of this association, and those outside are divided as follows: 22 savings banks, 38 private banks, 2 loan companies and 3 national banks. Several of the savings banks that have not com e in are merely annexes to national banks that are al ready members. The private bankers of this state have an association of their own, which may account for the large number of them that remain outside of our association. There are tw elve counties in Group 6, tO-wit: Boone, Dal las, Greene, Guthrie, Jasper, Marion, Marshall, Madison, Polk, Poweshiek, Story, and Warren. They have, approximately, capital and surplus of $11,936,300, divided by counties as follow s: Bone, $771,000; Dallas. $607,000; Greene, $456,000; Guthrie, $475,000; Jasper, $746,000; Marion, $640,000; Marshall, $673,00; Madison, $562,000: Polk, $5,000,600; Poweshiek, $743,500; Story, $912,200; W arren, $350,000. The deposits in these tw elve counties aggregate the com fortable sum of $64,135,000, divided as follows: Boone, $3,700,000; Dallas, $3,200,000; Greene, $2,450,000; Guthrie, $2,520,000; Jasper, $3,050,000; Marion, $2,400,000; Marshall, $4,545,000; Madison, $1,800,000; Polk, $32,785,000; Poweshiek, $2,950,000; Story, $3,075,000; Warren, $1,660,000. The deposits are about 5% to one of capital. The annual m eetings of this Group have becom e a feature which w e all look forward to with pleasant anticipation, and such they have been made by the kindly in terest and broad and generous hospitality of the Des Moines bankers and the Des Moines bankers’ club. W e w ish to acknowledge a lasting obligation to the officers of the Des Moines’ Bankers Club for many courtesies throughout the year, and to express our thanks to them, particularly for their active and effective as sistance in arranging for this m eeting. R espectfully submitted, S. M. LEACH, Pres. JNO. W. FOSTER, Secy. After the reading of the report the election of officers was held, and Mr. S. M. Leach, of Adel, who has been chairman of this group for a number of years, was re elected to that position, and Hon. John W. Foster, of Guthrie Center, was re-elected secretary. A Kansas banker wanted a railroad ticket arid had only a $2 bill. Price of ticket was $3. He pawned his $2 for $1.50, and on his way back to the station met a friend to whom he sold his pawn ticket for $1.50. That gave him $3,. with which he bought his ticket, and re turned home. Now, who loses that dollar? When you advertise don’t expect ten dollar gold pieces to come rolling in every time you expend a quar ter for printer’s ink. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis BANKER 13 She Cbase IRational Bank ©f tbe ©it\> of ißew ü?orft U N IT E D ST A T E S D EPO SITO R Y CLEARING HOUSE BUILDING Dec. 3, 1907 C A PITA L, $ 5 ,000,000.00 SU RPLUS A N D P R O F IT S , (e a rn e d ) - 4 .991 , 134.04 D E PO SITS -_______ 80 ,898,767.35 A. B. H E PB U R N , Pres. A. H. WIGGIN, V ice-P res. E. J. STALKER, Cashier. C. C. SLADE, A ss't Cashier. S. H. M ILLER, A ss't Cashier. E. A. L EE, A ss’t Cashier. W. E. PU R D Y , A ssistan t Cashier. © h ectors HEN R Y W. CANNON, Chn. JAM ES J. HILL. GEORGE E. BAKER. A. BARTON H E PB U R N . OLIVER H. PA Y N E. JOHN I. W A TER BU R Y . GRANT B. SCHLEY. ALBER T H. WIGGIN. GEORGE F. BA K ER , JR. THE 14 FRANCIS B. REEVES, President. NORTHW ESTERN BANKER RICHARD L, AUSTIN, Vice-President. June, 1908 JOSEPH WAYNE, JR THEO. E. WIEDERSHEIM, 2nd Vice-President. Cashier. THE G IR A R D NATIONAL BANK PHILADELPHIA, CAPITAL, $2,000,000. PA. SURPLUS and PROFITS, $3,648,244. DEPOSITS, $28,027,346 A C C O U N T S OF B A N K S A N D B A N K E R S S O L I C I T E D G roup T en Holds a Successful M eeting at O ttum w a The annual meeting' of Group io of the Iowa Bankers’ Association, comprising the counties of Wapello, Ap panoose, Davis, Monroe, Keokuk, Mahaska and Van Buren, was held in Ottumwa on May 14th. The attend ance was the largest of any meeting of the group in past the state presidency of the Iowa Bankers’ Association, which meets in Sioux City in June. Following the luncheon the business program was car ried out, but owing to the lateness of the hour many sub jects that were on the program for discussion were missed. Col. L. T. Richmond, cashier of the First Na tional Bank of Albia, presented his plan for state guar antee of bank deposits, which met with general approval. In brief his plan is as follows: The speaker advocates the forming of a state associa tion for the guarantee of bank deposits, to be comprised of every national, state, savings and private bank in Iowa. These banks have a total deposit of something over $300,000,000. Mr. Richmond plans to assess these banks 1 per cent of the total deposits, which would create a fund something over $3,000,000 to be deposited with the state treasurer as a guarantee fund. He figures that this fund could be invested in first class bonds under the super vision of the state authorities at a revenue of about 3 per cent, which would bring in about $90,000 annually. Statistics show that about $70,000 annually would have reimbursed the depositors in the failed banks in Iowa for the past forty-two years, so that under his plan the revenue from the investment of the guarantee fund would much more than cover all possible losses without en croaching on the fund itself. Mr. Richmond has prepared a very complete bill, which he has submitted to bankers over the state for their criticism, and expects to present the revised bill in accord ance with the wishes of prominent bankers at the state meeting of the Iowa Bankers’ Association to be held at Sioux City on June 10th and n th for approval. Tf it is endorsed by that association the bill will be presented to the next legislature under the title of “ The Bankers’ Bill.” The following resolutions were offered: J. T . B R O O K S , O F H E D R IC K Endorsed by the Bankers of Group 10 for Pres. I. B. A ., at the Meeting held at Ottumwa, M ay 14, 09. years, there being about eighty bankers present. The meeting opened with an excellent luncheon at the Ballingall hotel at 2 p. m. L. E. Stevens, of Ottumwa, was chosen chairman to succeed J. T. Brooks, of Hedrick, who was endorsed for https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis “ Whereas, Mr. J. T. Brooks, who has been chairman of this group since its organization, and for a number of years has been a member of the executive council of the state association, and has proved to be very active and energetic in the interest of the bankers of this state, and especially of this group; and “ Whereas, He has held the offices of treasurer and vice-president of the state association to the credit of the association and to himself, be it “ Resolved, That we do hereby recommend the election of Mr. J. T. Brooks as president of the Iowa Bankers’ June, 1908 THE NORTHW ESTERN BANKER 15 Capit$3SoooSoooPr0fit# ° rganized> developed and conducted on the principle of conservative banking along progressive lines, The National Bank of the Republic, transacting a legitimate commercial banking business in the city 9 9 9 9 of Chicago, 9 9 9 © believes it can meet the requirements of discriminating bankers. La Salle and Monroe Sts, CHICAGO JO H N A. L Y N C H , P resid en t W . T . F E N T O N , V ic e -P re sid e n t R . M . M c K IN N E Y , C ash ier O. H. S W A N , Asst. C ash ier T H O S . JA N S E N , Asst. C ashier JA M E S M . H U R S T , Asst. C ash ier W M . B. L A V IN IA , Asst. C ashier 111 M M Association at their meeting to be held in Sioux City this tant financial transactions which has occurred in Cedar year, and if elected we will assure the bankers of this Rapids in many years, and will give the “ Gem City” one state that he will be an able and efficient officer and a of the powerful financial institutions of the state and add credit to the association. very largely to the increasing prestige of that city as a “ Resolved, That the Vreeland bill now pending, while financial stronghold. Within another year the new Mer not perfect in all its provisions, we believe it to be the chants National expects to be housed iti a ten-story office best measure offered or now pending before congress for building, which is to be erected by the Cedar Rapids a more flexible currency. Savings Bank, and will give them not only the finest “ Resolved, That in behalf of the visiting members of quarters in Cedar Rapids, but in the state as well. James Group 10, we desire to express our appreciation to the E. Hamilton, who served the Merchants National so suc Ottumwa bankers for their hospitality and entertainment.” cessfully as its cashier, will be equally successful in his In view of the fact that Mr. Brooks has no opposition broader field as vice-president of the new consolidated for election as president of the state association at the bank. The Northwestern Banker extends to the new coming annual state meeting, he declined t,he re-election institution and all the individuals connected therewith as chairman of this group, and L. E. Stevens, cashier of hearty congratulations on this new relation, and trusts the Ottumwa National Bank, was elected unanimously. that the future may be filled with the abundant successes This gives Mr. Stevens a position on the executive council which this new organization so richly deserves. of the state association for the coming year. W. B. Lutz, cashier of the Albia State Bank, was elected secretarv. The appointment of the executive committee of five mem Group Four R oyally Entertained by the Bankers of D ubuque bers was left to the newly elected chairman and will be announced later. The annual convention of Group Four, of the Iowa The following well-known city bankers were present: Bankers’ Association, was held at Dubuque, May 6th, G. F. Emery, assistant cashier Live Stock Exchange Na with sixtv-eight out of the hundred delegates present, and tional Bank, Chicago ; George M. Benedict, cashier Drov was one of the most successful of the conventions which ers’ Deposit National Bank, Chicago; C. T. Cole, Jr., vice- this group has ever held. The meetings were in the ball president Valley National Bank, Des Moines; H. T. room of the Julien and much interest was aroused by the Blackburn, cashier Iowa National Bank, Des Moines; papers which have been read and discussed. Group Four, P. C. Yokum, assistant cashier Citizens National Bank, of the Iowa Bankers’ Association, is composed of the Cedar Rapids; Louis Visha, cashier Cedar Rapids Na following counties : Dubuque, Fayette, Winneshiek, Alla tional Bank. makee, Clayton, Chickasaw, Delaware and Howard. The officers of the group are : Chairman, M. V. Henderson, Jr., cashier First State Bank, Hawkeye ; secretary, D. B. M erchants National and Citizens National of Allen, cashier First State Bank, Arlington. Cedar Rapids Unite Mr. Henderson called the meeting to order shortly The Merchants National and the Citizens National after t o 130 and most of the sixty-eight delegates were in Bank of Cedar Rapids have consolidated and henceforth their seats when the roll was called. Others, who arrived will operate under the title of the Merchants National on the late morning trains, registered after the meeting Bank. The officers of the new consolidated bank will be had convened. Many of the delegates arrived Tuesday John T. Hamilton, president; P. C. Frick, vice-president; evening and spent the evening in greeting friends and Jas. E. Hamilton, vice-president; John S. Broeksmit, talking over matters of interest to the banking fraternity. cashier, and Edwin H. Furrow, assistant cashier. The After the roll call and registration had been completed, bank will have a capital of $200,000, surplus of $200,000 Chairman Henderson introduced C. H. Eighmey, presi and a very handsome undivided profit account. The dent of the First National Bank, of Dubuque, who in a directory board will comprise the following: E. D. few well-chosen words welcomed the bankers to the city, McCartney, D. E. Howell, P. C. Frick, W. L. Cherry, speaking of the great good which came from the joint William G. Dows, John T. Hamilton, James E. Hamil discussion of the many problems and questions of the ton, W. G. Haskell, E. E. Pinney, Geo. A. Mullin, T. A. deepest interest to the banking fraternity. He gave a Wilcox, T. C. Munger. This is one of the most impor hurried review of the present industrial conditions of this https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis i6 THE N O RTH W ESTERN BANKER June, 1908 C. The Banker who pays good money for his ‘Space* expecting satisfactory returns from his advertising, will use great care in the selection and preparation of his ‘Copy.* Are your results satisfactory. CE. “40 Bank Ads That Bring Business”—a new series, will be sent to any banker on request, for examination and approval. The series sells on its merits. If the Ads fail to meet your requirements, return at my expense. G. Eight hundred and fifty banks in the U. S. are now using my advertising for banks. This is an endorsement worthy of your consideration. Every bank purchasing my ads is satisfied, not only with the quality of the ads themselves, but with the results in their business. H. B. CRAD D ICK, country and how those conditions had brought out new banking problems. After the applause had subsided, Chairman Henderson responded to the address of welcome, telling of the pleas ure which the bankers felt in coming to Dubuque for their meeting, of the success which former gatherings of this character had been and predicting the convention would prove one of the most successful of any that have been held. The morning session was then given over to short dis cussions by representative bankers of the group. The first address under this head was delivered by B. F. Thomas, president of the State Bank of Lansing, who took as his subject, “ In View of the Situation Last Fall, Should Country Banks Keep a Larger Proportion of Their Reserves in Cash?” Mr. Thomas was given the closest possible attention, as the thoughts which he brought out were of deepest interest to the bankers. Mr. Thomas argued from the standpoint that the banks should not keep a larger proportion of their reserves in cash. Mr. Thomas talked but a short time and was given generous applause at the close of his address. The address on “ Advertising,” assigned to Cashier W. J. Tillson, of Cresco, was not given, as Mr. Tillson was not able to attend the meeting. The chairman next intro duced C. A. Larson, cashier of the First National Bank of New Hampton, who spoke on the subject, “ An Emer gency Currency for the Country Banker.” This subject was ably handled by the speaker and at its close brought out considerable discussion on the question of emergency . currency, most of the bankers present believing that the country should have such a curency as a part of its finan cial system. Mr. Larson believed that congress should give its attention to one thing, the passing of a law pro viding for emergency currency. Several of the bankers spoke on the general question of emergency currency. The address was given close attention and the speaker generously applauded when he had closed his remarks. The morning’s program was brought to a close by an address on “ The Time Lock Department,” which was de livered by E. J. Curtis, president of the Citizens’ Savings Bank, of Decorah. The address was short and to the point and showed that the speaker was thoroughly con versant with his subject. The meeting was called to order in the afternoon at 2 o’clock by Chairman Henderson. The following program was given, all of the addresses proving of great interest and help to the bankers present: “ Should Deposits Be Guaranteed?” J. M. Pollard, cashier Strawberry Point State Bank; short talk, M. F. Le Roy, president First https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Nevada, Iowa National Bank, Manchester; “ System in Country Banks,” C. R. Carpenter, president State Bank of Fayette; short talk, J. K. Deming, president Second National Bank, Dubuque; experience meeting. Officers were elected at the afternoon session as fol lows: Chairman, D. B. Allen, of Arlington; secretary, Geo. A. Gibbs, of Farley. A nother M erger The City National Bank and the First National Bank of Marshalltown were consolidated on May 4th, under the name of the First National Bank. The capital of the new institution is $200,000, with $100,000 surplus. The two banks carried deposits of over a million dollars and have been the leading financial institutions of that hust ling city. The bank will occupy the First National Bank building. Minneapolis Debaters W in O ver Chicago That a central bank of deposit, discount and issue, under the supervision of the federal government, would be for the best interests of the people of the United States was definitely decided at a joint debate between the Min neapolis and Chicago chapters of the American Institute of Banking, at Booth Hall, in the Northwestern Univer sity building at Evanston. The question was thoroughly thrashed out, with Min neapolis affirming and Chicago denying that any such bank is necessary at this time. The Minneapolis chapter, for the affirmative, was rep resented by L. E. Wakefield, Gray Warren and J. G. Mc Lean. The winning team will debate with Providence, R. I., at that city for the national championship in July. Savings Banks Close Saturday N ights Des Moines savings banks will not remain open for the transaction of business Saturday nights as was the custom prior to a meeting of the clearing house associa tion October 28th, last, when it was determined to dis continue the practice because of the fact that the institu tions are not permitted to pay out currency after regular banking hours. At the time Saturday night opening was discontinued it was with the understanding that the banks would re serve the alternative of resuming the practice should their business warrant it, but because of the fact that this neces sity has not as yet made itself manifest, there is now said to be no intention to open again. June, 1908 THE NORTHW ESTERN BANKER 17 Meeting of G roup 8 at D avenport pressed brick, with terra cotta toppings and trimmings. The meeting of Group 8, comprising the counties of The basement will be finished with a Derazzo pumiced Cedar, Clinton, Jackson, Jones, Muscatine and Scott, of granite floor The first floor will be finished entirely in mahogany which Mr. A. C. Smith, of Clinton, is chairman and Geo. E. Bartholomew, of Preston, secretary, met at the new and white marble, with tiled floor. The banking room, Kimball House in Davenport, May 27th. A very large, which has been modeled after some of the great eastern enthusiastic and representative body of bankers wa? banks, will occupy the entire Fourth street front and present. Out of a total membership of eighty-eight, there extend sixty feet back on Nebraska street, leaving room were eighty registrations, which is a pretty good indica for two store fronts on Nebraska street. tion of the interest shown by the members in Group af The upper five floors will contain over 100 office fairs. There was a large delegation also present from rooms. The corriders will all be wainscoted with whitq Cedar Rapids, Clinton, and a number from Des Moines marble and the floors all tiled. The ceilings on all six and Chicago. The program was carried out in the assem floors will be artistically beamed after the Misson pattern. bly room of the new Kimball House, and consisted of a question box on legal matters and an informal discussion W oodm en Case to be Tried at Sioux C ity of various topics of interest to the bankers, all'of which proved interesting and enjoyable. There were no set The Modern Woodmen of America suit, involving speeches. At the close of the program, which lasted until $100,000 of the lodge’s funds, brought in the name of the about five o’clock in the afternoon, the lineup of automo head banker, A. N. Bort, against E. IT. McCutcheon, a biles began in front of the hotel, and the visitors were the Holstein banker, and his bondsmen, must be tried on its recipients of what was to many of them no doubt, the .merits in the federal court in Sioux City, according to most delightful ride of their lives, this courtesy being the decision of the supreme court of the United States. tendered by the hankers of Davenport. The tour cov The Holstein bank, which had on deposit $200,000 of ered Davenport, Moline, Rock Island and the Arsenal. the order’s funds, failed some time ago. The Woodmen It was thoroughly enjoyed and extremely interesting began suit against the bank and the bondsmen. The case from every standpoint. The local committee on arrange was commenced in federal court here, but it was decided ments, consisting of Mr. McKee of the German Savings, that the order had no right to sue the bondsmen. Mr. Y aggy of the First National, Mr. Burmeister of the The order carried the suit to the circuit court of ap Iowa National, Mr. Hass of the Scott County Savings peals. There it was decided that the bondsmen should and Mr. Struck of the Davenport Savings, did everything stand trial in the federal court in Sioux City. The case in their power to make things pleasant for the visitors, was then carried to the United States Supreme Court. and proved themselves most delightful hosts. One of the This tribunal affirmed the decision of the court of ap interesting things in connection with the session of the peals, reversing the federal court’s stand. meeting in the afternoon was the introduction of a reso The suit will be tried on the facts here at the May lution by Mr. C. B. Mills, of Clinton, favoring the elec term of the federal court. tion of Mr. I. M. Sproull, vice-president of the Citizens Savings Bank of Washington and State Bank Examiner, for the office of treasurer of the Iowa Bankers’ Associa tion. This resolution was heartily seconded by Mr. Hass, of the Scott County Savings, and also by Mr. McKee, of the German Savings, these gentlemen giving their most cordial endorsement of Mr. Sproull's candidacy, and expressing the hope that he might be elected at the state convention at Sioux City in June. Taking it all in all, Si and S< this meeting of Group 8 was one of the most enthusiastic and successful which has been held in a long time, and every visitor went home with happy memories of Daven port and Davenport bankers lingering in his mind. Dubuque, Iowa Second Dubuque J. F. T o y to E rect a Fine Building at Sioux C ity The contract has been awarded for the construction of the Toy building to be erected at the corner of Fourth and Nebraska streets, Sioux City. The building has been contemplated for four years, ever since the fire of De cember, 1904. Th structure will cost approximately $100,000 and will be one of the finest and most thor oughly equipped bank and office buildings in the Wèst. The building, the lower floor of which will be occu pied by the Farmers’ Loan and Trust Company, will blot out the last traces of the great conflagration which gutted two blocks of Sioux City’s choicest business houses. The former building was one of the first to be destroyed by the flames and although it is the last to be erected, it will far outstrip in beauty and outlay of money, anything that has risen from the ruins. > The building will be six stories in height and will com pletely occupy the vacant place left by the old Brown building. The first two stories will be finished in Bed ford stone and the remaining four will be of contrasting https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Nation&l Bank Savings Bank Combined Statement FEB. 14, 1908 Resourcei Cash.*:. * •.................... . In vestm en ts. . . . . ... ......................... .. . . . T o ta l...................................... $ 6 4 1 ,372.47 1,993,1 7 4 .1 7 $ 2,634,546.64 Liabilities D e p o sits ........................... $ 1,799,803.58 C a p i t a l . . , . - ................................................................... 534,743.06 C irc u la tio n ........................................................................................ 300,000.00 T o t a l....................................................................... $ 2,634,546.64 D IR EC T O R S W. II. D a y II. B. G lo ve r U. K. D e m l u g Frank Ge o. W. Kiesel J a m e s M . Bu rc h C h as . H. B r a d le y Bell THE i8 NORTHW ESTERN BANKER June, iq o S To Banks and Bankers Having More or Less Live Stock Business this Bank Offers Exceptional Advantages and Solicits Correspon dence as to Terms and Facilities. RESOURCES Seven Also acts as Reserve Million Dollars Agent for National Banks WM. A. TILDEN, President R. T. FORBES, Vice-President GEO. M. BENEDICT, Cashier JOHN FLETCHER, Assistant Cashier Department of Advertising Comment A Series of Monthly Studies in the Best and M oft Effective Methods of Bank Publicity By EMERSON D E PU Y Last month in this department, I talked on the subject of some special design for advertising purposes, to be used by the bank in question, and published a number of designs which are being used by large city banks throughout the country. This idea will apply just as well to the small country bank, who desires to place its name prominently before the community in which it is doing business, by the use of the columns of the local newspaper. It is always a good plan for a bank to have something distinctive in its advertisement as an eye catcher, because the eye works very much faster than the mind, and while an advertisement set in plain, ordi nary type, especially the kind of type used by other adver tisers in the same paper, might not attract attention, the fact remains that if a design is used carrying the name of the bank, that this will always catch the eye. At present the most attractive designs of this sort are what is known as the black and white effects, and we show two in this column. By having the name of the bank in cently made a test of the interest in bank advertising bv causing to be mailed from this office 500 letters, each containing an enclosure which it was necessary to return in case the recipient was interested in bank advertising. Ninety per cent of the returns included the enclosure referred to, which is good evidence that much interest exists among the bankers with reference to this impor tant department of their business. I heard of an excel lent window display made by a savings bank, which struck me as being particularly good. While the aver age merchant uses his windows most effectively for the purpose of advertising his business, it is very seldom that a bank makes any attempt at a window display. This bank had displayed in their windows a number of crisp, new one dollar bills; on the first one they had placed four cents, on the next eight, the next twelve, and so on up until the sixth bill was reached, on which was piled twenty-four pennies. Over all was a large placard bear ing the words: “ This bank pays four per cent on deposits, and when the money has been left with us six years, it has increased more than twenty-five per cent.” A little study on the part of any live banker with reference to the use of his windows, will suggest to him many ways for their effec tive use in exploiting his business. F IR S T S T A T E B A N K FIRST NATIONAL BANK white and the background in dead black, it brings the letters out very prominently and is bound to arrest atten tion every time. The engraving department of The Northwestern Banker can furnish these designs for any bank at a very small cost, and we will be pleased to hear from any of our readers who desire to install this effective service in their local advertising. More and more the question of bank advertising is attracting the attention of the best bankers throughout the country, and we re https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis W hat T h e y A re Doing. Mr. W. E. Kyler, cashier of the German Bank of Luverne, furnishes his customers checks with their name and business printed thereon. This strikes me as being a particularly good idea. The check has to be furnished by the bank anyway, and the printing of the name and business of the customer adds so little to the expense and yet pleases the customer so fully, that its value to the bank is all out of proportion to its cost. We commend Mr. Kyler’s plan most heartily to other bankers. It is these little acts of courtesy and attempts on the part of the bank to please its customers fully, that often June, 1908 THE NORTHW ESTERN BANKER 19 THE SEABOARD NATIONAL BANK of t he C ity of N ew Y ork C A P IT A L $1,000,000. SU R PL U S A N D PR O F IT S (earned) $1,651,000 A C C O U N T S S. G. BA Y N E, P resident S. G .N E L SO N , V ice Pres. W . K. CLEVERLEY, A ss’t C ashier L. J. D E V A U SN E Y , A ss’t Cashier. prove to be the most effective advertising for the local hank. Mr. A. E. Hindorff, cashier of the Jasper County Sav ings Bank of Newton, issues a statement showing the Jasper County Savings Bank in account with Johnnie Thriftyboy, which he' sends through the mail and also uses for copy in his local newspaper. The account is taken from the bank books and shows what a twelveyear-old boy is doing. Beginning with a deposit of $5.00, the statement shows the interest added from time to time and the additional deposits until the account has grown to $69.56. This is a most excellent object lesson in savings, and we have no doubt proves very effective as a local advertisement. Mr. Roy A. Downs, who is now cashier of the Bank of Cedaredge, Colo., and was formerly cashier of the Burwell State Bank of Burwell, Neb., is doing some effective advertising in his new field. We are in receipt of a circular used by the bank with which he is con nected, which sets forth its claims for public patronage strongly and in an excellent manner, and gives a number of excellent reasons why those to whom the circular is sent should do business with his bank. One paragraph reads as follows: “ It is the avowed intention of all the officers and stockholders of this bank to give the people the very best and most liberal treatment in all business transactions, consistent with sound banking, fully realiz ing that honest methods, honest management, confiden tial relations, and conservative dealings, are absolutely essential in building up a successful bank.” It goes without saying that the methods as set forth in this cir cular by Mr. Downs will win success for any bank. W hat T h ey Are Saying C L A R I O N S A V I N G S B A N K , C la r io n , Iowa. E ighty per cent of the population of the United States are depositors in sav ings banks, and to this thrifty, economical and provident class is due the prominence of our country today. People in every walk of life take advantage of the liberal term s allowed de positors in savings banks and as a result savings hank de posits are increasing daily. A savings bank account combines a profitable rate of interest with a safe and conservative in vestm ent which requires very little attention. If not familiar with our plan we will be pleased to explain it to you. P R O V I D E N T S A V I N G S B A N K , E s t h e r v ille , Iowa. There are few people who do not carry at lea st one form of insurance. It may be life insurance, fire insurance, or one other of the various forms of insurance. There is one form of insurance, however, which the majority of people neglect to take advan tage of. W e refer to Prosperity Insurance. This form of insurance will insure you against future want and financial hardship. One of our bank books, guaranteeing 5 per cent https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis SOLICITED C. C. T H O M P SO N , C ashier J. C. EM ORY, A ss t Cashier. O. M. JEFFERDS "Ass t Cashier semi-annual dividends, is the sa fest and m ost satisfactory form of policy. One dollar pays the first premium. C I T I Z E N S S A V I N G S B A N K , Casey, Iowa. Saving part of your income m eans freedom from burdensom e debt; getting on in the world; personal independence; power; the ability to help others; the increased respect of your neighbors; a more contented life; old age comforts and many other things that are w ell worth while. B A N K OF M A N S O N , Manson, Iowa. The books of this bank are open for inspection of its custom ers at all tim es. Its officers are alw ays ready to give all the information about its managem ent, that may be asked for by those interested. Our depositors are our creditors and have a right to know what we are investing their money in. T H E F A R M E R S S T A T E B A N K , A u d u b o n , Iowa. In looking for a bank at which to do your business it is w ell to consider what one can supply all your wants. W e offer every facility of a large city bank. In addition to the regular banking busi n ess we have a well equipped savings departm ent and a very convenient system of safety deposit boxes. W e also write drifts on all foreign countries. U L C H B R O T H E R S B A N K , Solon, Iowa. The one sure way to have money is to save it. The one sure way to save it is by depositing it in a responsible bank. You will then be exem pt from the annoyance of having it burn holes in your pockets, and aside from the fact that your money w ill be safe from theft, the habit of saving tends to the establishm ent of thrift, economy, discipline and a general understanding of business principles essential to your success. C I T I Z E N S S A V I N G S B A N K , Eld o ra , Iowa. $400,000,000—This is the amount of m oney deposited in the banks of Iowa. The deposits in the Iowa banks increased over $25,000,000 during the past year. Do you own a part of this increase? If not, why not? Somebody deposited the money you made. Deposit your money in this bank, pay your bills by check, the safest and m ost convenient way, and the way that will induce you to save and be a part owner of the increase. F I R S T N A T I O N A L B A N K , Spencer, Iowa. In judging a bank, always remember that it is capital and surplus fund that give security to you as a depositor, because that m oney is what stands betw een you and any possible loss. No bank in this territory has as large a margin of safety as the F irst National Bank of Spencer, which, with the watchful interest of a very capable and conservative directorate and the constant inspec tion of the comptroller of currency of the United States, has built up here the greatest financial institution of the county. F I R S T N A T I O N A L B A N K , O lin , Iowa. A man who w ants to be governor of Iowa puts the guaranteeing of deposits plank in his platform. W e believe in guaranteed bank deposits, but do not believe that either the federal or state governm ent should guarantee deposits and make the strong, honest, wellestablished banks pay the lo sses of weak, dishonest, upstart banks. W e guarantee your deposits in this bank by a capital of $25,000, a surplus of $5,000, and an additional stockholder liability of $25,000. This means that w e m ust lose $55,000 before our depositors lose a cent. Think it over. F I D E L I T Y S A V I N G S B A N K , M a r s h a llt o w n , Iowa. There is only one tim e to save your m oney—before it is spent. If you have a feelin g that you w ish to accumulate som ething for future needs, come to this hank today and start a bank ac count. One dollar will do for the first deposit. The rest is 20 THE NO RTH W ESTERN BANKER June, 1908 THE DENVER STOCK YARDS BANK Located in Live S to ck Exchange Building, D enver Union S tock Y ard s , D enver If not already a customer we invite you to become one OFFICERS I A. VANT, President C. K. BOETTCHER. Vice-President JOS. S. DAVIS, Ass’t Cashier Located at the Denver Union Stock Yards, we are enabled to give close attenton and quick action to business pertaining to shipm ents to the mark et. But onr location in no ways in terferes with business not of this na ture; our mail facilities enable us to give prompt attention to any business entrusted to us. DIRECTORS HENRY GEBHARD GEO. W. BALLANTINE I. A. VANT C. K. BOETTCHER A. H. VEEDER, Jr. W e re c e iv e a c c o u n ts o f in d iv id u a ls , firm s, c o rp o ra tio n s , b a n k s a n d b a n k e r s on fa v o r a b le te rm s a n d s h a ll b e p le a se d to m e e t o r c o rre s p o n d w ith th o se w h o c o n te m p la te m aking- c h a n g e s o r o p e n in g n ew a c c o u n ts . easy—deposit a part of your earnings regularly and you will be surprised at the results. C I T I Z E N S B A N K , A lto o n a , Iowa. If you have money to burn keep it in the house where it may be burned, lo st or stolen; but if you want to keep it safely, where it w ill alw ays be ready for you when needed, deposit it with us. A bank ac count w ill give you a better business standing in the com munity and a prestige that you may never have enjoyed before. If your name is not on our books, we will be pleased to set it there. T H E C I T I Z E N S S T A T E B A N K , Pa n o ra Iowa. Old Grouch Cashier. This gentlem an has never been em ployed by our bank. H ave had several applications, but alw ays turned them down. The day has gone by when a grouch can succeed in the banking business or any other kind of business. The public has a right to demand courteous treatm ent from the men w ith whom it does business, and w e propose that when people visit our bank they shall be accorded every possible courtesy. Our aim is to be courteous and our cashier lives up to it every day. He is just as sm iling when you come to borrow m oney as when you come to deposit it, because a bank m ust have both classes of custom ers—depositors and borrowers—in order to succeed. W e w ant our custom ers to understand that we take the deepest interest in their affairs, and w e are never too busy to consult with, advise or help them in any possible way, and this, too, regardless of w hether the im m ediate transaction carries with it any profit for us or not. Come in and make yourself at home. A lw ays glad to serve you. F A R M E R S S A V I N G S B A N K , E m m e t s b u r g , Iowa. Starting in business sim ply m eans in vestin g your m oney w ith the hope of making a good rate of interest on your investm ent. Still where there is a chance to make in business there is also a chance to lose. There is one way you can “start in business for yourself,” with an absolute guarantee of success, and no chance to lose. That is by depositing your money w ith us, where it w ill be earning you 5 per cent in terest compounded annually. In this way your m oney w ill be working for you, and it w ill not require any of your time. Think it over. F I R S T N A T I O N A L B A N K . Fonda, Iowa. Someone has said that “Any fool can make money, but it takes a w ise man to save it.” Like many other well-known sayings that one is not all true, because “any fool” cannot make maney. Those characteristics usually found in the man who is a successful m oney maker are not as a general rule present in the makeup of a fool. To the latter part of the above statem ent, however, w e cordially subscribe, for it takes not only wisdom to save money, but patience, determ ination and self sacrifice as well. No valuable thing com es easy. A fat bank account is a cheer ful thing to contem plate, but to secure it is no snap. No man can accumulate w ithout using the services of a good bank, and there is w here w e come in. W e help in the saving process, we make it easy and convenient to save and we encourage the habit by paying you for doing it. If you have not opened an account yet, begin next pay day. Get a start, if only with a five-dollar bill. You owe it to your fam ily and yourself to save som ething. F I R S T N A T I O N A L B A N K , E s t h e r v ille , Iowa . U ncle Sam helps to guard your funds if they are deposited with us. Twice each year we are given a thorough exam ination by https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Send Us Your Western Collections expert exam iners who work under the direction of the United States Government. W e are also exam ined by our board of directors every ninety days. This m akes six exam inations to which w e are subjected each year. Your interests w ill be well protected if you deposit w ith us. B A Y A R D S A V I N G S B A N K , Ba ya rd , Iowa. A bank account lends a man prestige, increases his influence, inspires con fidence, furnishes references, insures security, instils economy, infuses ambition, and tends generally to his independence. W e solicit your account. W A P E L L O S T A T E S A V I N G S B A N K , W a p e llo , Iowa. There will be a new opportunity tomorrow', but the man who accom plishes the m ost in this world is the man who takes as his own the opportunity presented today. Open a checking ac count with us, system atize your affairs, have a record of all your financial transactions. W hen you pay your bills by check you have a legal receipt. T H E C O M M E R C I A L S A V I N G S B A N K , L o h r v ill e , Iowa. Lim it your spending and save the balance. That is a better way to get a start financially than to lim it your saving and spend the balance. It is surprising how quickly you can create capital when you go about it in the proper way and with de termination, W ith capital—reserve funds— you are ready for business opportunities which will surely come to you. R e member it is not your saving alone that will make you inde pendent. Your m oney must be in a safe place and work for you. A savings account with this bank or a tim e certificate of deposit gives perfect safety for your funds, besides your money is working for you every day in the year. F A R M E R S & M E R C H A N T S S A V I N G S B A N K , H a r la n , Iowa. Dollars worth 200 cents are those you save in youth. Your future su ccess depends upon the habits formed in boyhood days. The youth who acquires habits of thrift early will amount to som ething. The savings bank is one of the best m eans offered to every boy and girl to have. N ot only does savings pay in itself, but w e make it pay better because of the in terest which your dollars earn here. L E A V IT T & JOHNSON N A T IO N A L B A N K , W a t e r lo o , Iowa. The world is yours if you grasp it—you cannot grasp it un less you have money. You w ill not have m oney unless you save it. Money carried loose in the pocket is so handy to get at that w e are spending from it in sm all amounts until it is gone. We want to help you to save and accumulate money. W e have a savings departm ent backed by the entire a ssets of the “old reliable” in which w e cordially invite you to open an account. Our officers w ill do their b est to make the small depositor feel at home. W e will loan either a pocket savings bank, a handsom e pocketbook savings bank or a beautiful nickel plated home savings bank. F A R L E Y S T A T E B A N K , F a rle y , Iowa. One best bank. W e refer, of course, to this one, and knowing the superior facili ties we have to offer, w e unhesitatingly make the statem ent that every man, woman and child in this comm unity who has anything to do with m oney should have an account with us. Certainly a m odest statem ent, you say, and we agree with you because we know of no legitim ate argument against it. Let us analyze a little and see w here w e are. No better set of officers and directors could be assem bled than are in charge of this bank’s affairs. All men of h igh est standing, all finan cially responsible, all men w hose word and bond possess June, 1908 THE NORTHW ESTERN 21 BANKER The V icto r S p h erical M an g anese S teel S c re w -D o o r B ank S afe. H I GH ES T A WAR D, GRAND P RI ZE, ST. LOUIS W O R L D ’S FAI R M ade of tough M an g an ese S tee l. J a c k -S c re w pow er utilized in closing door. No holes through the door for locking or bolting spindles. Safe locked and unlocked by the B a n k e r’s D ust Proof T riple Tim e Lock. T akes low est rate of B ank B u rg lary In s u ra n c e . NO IN S U R A N C E C O . HA S EVER PA ID O UT A S IN G L E D O LLA R L O S S ON T H IS SAFE. The Victor Safe & Lock G o ., Cincinnati, Ohio. W R IT E FOR C ATALOGUE I 0 4 M . equal value. N othing which could be offered you in any finan cial institution in America is lacking here, because dollar for dollar no bank anywhere is any safer than ours. We solicit business on m erit only, and can offer you value received every time. If you have not already done so w e ask you to estab lish relations with this bank at once and we are very sure that they will be long continued. J A S P E R C O U N T Y S A V I N G S B A N K , N e w to n , Iowa. A fixed policy. It is the fixed policy of this bank to keep the larger portion of its funds invested in good real estate mortgages. We have alw ays found such investm ents safe and satisfactory. W e invite your patronage. Our many years of successful banking experience may be of advantage to you. F I R S T N A T I O N A L B A N K , L e M a r s , Iowa. A hank draft is the safest w ay to send money in the m ails. A bank draft may be purchased at this bank for less than the cost of either a postoffice or express m oney order. It is not necessary to register the letter containing the draft. If it is lost in transit Ave issue a duplicate or refund your m oney as you prefer. Bank drafts are accepted any place in the United States or Canada, FI R S T N A T I O N A L B A N K , W e b s t e r C it y , Iowa . W ays to lose: Not keeping a banking account. Over-confidence in strangers. Thinking crooks don’t know when you have cash. Intending to start a bank account and not doing so. Fire in your house Avhere you have money hidden. Yielding to get-rich-quick schem ers. Offering cash in paym ent of bills. Undue care lessn ess with coin and currency. B oasting of money and dis playing it. Accommodating strangers w ith change. N ot de positing your m oney in bank. K eeping cash about your person. F A R M E R S S A V I N G S B A N K . V a n H o rn e , Iowa. In order to aid you in your selection, w e here give a few reasons why we think you should make this bank your choice: This bank has a capital of $25,000 paid up in full. Its stockholders own over 10,000 acres of Iowa soil, worth over $1,000,000. This bank never refused to pay to its depositors and patrons a single dollar demanded of it during the last stringency. All cash on hand in this bank is kept fully insured against burglary. All transactions betw een this bank and its patrons are strictly confidential. All patrons of this bank have free use of our fine safety deposit boxes. Our w riting and w aiting rooms are always at your disposal, provided with telephones, stationery and market reports. W hen it com es to choosing betw een an old and tried and strong institution, and those that are new and untried and weak, the choice should be easy. The strong est is the best, and the b est is none too good for you. N ebraska Secretary Sends a W arning Mr. W. B. Hughes, secretary of the Nebraska Bank ers’ Association, is sending a warning to bankers through out the country with reference to a forged check operator who has been doing business out through Nebraska. He describes him as a smooth-faced fellow of about 27 to 30, well dressed and a good talker. All checks which he is using are forged, as there is no such company as the one he represents. Bankers are warned against him. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis A W ashington L etter Mr. C. T. Hansen, who was for a number of years cashier of the Castana Savings Bank at Castana, Iowa, and was one of the first subscribers to The Northwestern Banker, has gone to Spokane, Wash., where he has be come identified with the Washington Land Company, which has a paid up capital of a half million. Mr. Han sen has gotten lonesome out in that western country with out The Northwestern Banker and writes us to put him on the list and send it to him again, because he finds the banking news in our columns always of great interest to him. The statement enclosed with his letter shows his company to be in a very prosperous condition. Iow a Insurance R eport The auditor of state has completed his figures on all of the companies doing business in Iowa and the complete report as issued by the insurance department has gone to the printers, which will be ready for distribution in a few weeks. Enough of these figures have been made public to establish the fact more forcibly than ever before that Iowa insurance companies are gaining a very cov eted place among the insurance companies of the United States. Though 1907 was an adverse year in a great many kinds of business, yet most of the insurance com panies made nice gains. This is especially true with the gains made by the Great Western Accident Association. This company, though only seven years old, made a gain in assets of nearly $60,000 and something over six millions of insurance in force which brings their total assets up to $359,700.35 and their total insurance in force to almost twenty-two million. This great gain of one single company is doubtless due to its capable manage ment and its equitable manner in detailing with its members. There is probably no accident insurance com pany doing business in this state that has established such a reputation for the satisfactory adjustment of all claims, which are made almost wholly through personal represen tatives. The association also made a very important step forward last year when they moved in their new build ing on Eighth street, known as the Great Western Acci dent Building, which gives them about three times the amount of working room they had in their old quarters. As the insurance companies of the state are growing, we shall naturally expect, judging from the past, that this accident association will become one of the giants in the insurance field. Y 4 THE 22 NORTHW ESTERN BANKER June, 1908 1 The C a p ita l, S 1 , 0 0 0 ,0 0 0 S u rp lu s, 5 0 0 ,0 0 0 National Bank of Commerce MINNEAPOLIS, MINN. E X T E N D S T O I T S P A T R O N S T H E B E S T S E R V IC E O FF IC E R S S. A. H arris, A. A. Crane, V ice-P res. W. P. E. K enaston, V ice-P res. W. S. H arris, Cashier. President S. M cLane, A ss’t Cashier S. S. Cook, A ss’t C ashier I. P. Cotton, A ss’t C ashier Should Deposits be Guaranteed By J. M . Pollard, Cashier Strawberry Point State Bank One of the important questions that at the present time is receiving public attention, is that of guaranty of bank deposits by national or state laws. And it is not improbable that it may be made a political issue in the ensuing campaign. Mr. W. J. Bryan advocates a plan of protecting bank deposits in the unlimited resources of the government. Another plan advocated by Mr. A. H. Revelle, of Chicago, for several years past, is that of protection of bank deposits by a large insurance fund, J. M . P O L L A R D Cashier Strawberry Point State Bank formed from a limited tax on bank deposits, and which seems to be the more feasible and popular plan. It is claimed that the average losses by national banks to de positors for the period of forty-three years past was only one-twentieth of 1 per cent. It is further claimed that a tax of one-ninth of 1 per cent on capital and surplus, per year, would have been sufficient to cover all losses on account of national bank failures. The state of Oklahoma last December passed a law https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis creating a depositors’ guaranty fund, by a levy against the capital stock, of an assessment of 1 per cent of the bank’s daily average deposits of all banks organized under the laws of that state ; and should that guarantee fund be depleted from any cause, to keep said fund to 1 per cent of the total deposits of all banks, subject to the provision of the law, a special assessment may be made by the state banking board on such banks. Provisions are also made that national banks within the state may voluntarily avail their depositors of the protection of this guarantee fund, under the same conditions as state banks. In event any bank which is subject to the provisions of this law, becomes insolvent, it is the duty of the state bank commissioner to take possession of the bank and cause the depositors to be paid from the immediate avail able funds of such bank, which if insufficient the balance shall be paid from the depositors’ guarantee fund and the state shall have a first lien for the benefit of the guaranty depositors fund, upon the assets of such bank and upon all liabilities against the stockholders, officers and direc tors of such bank. A similar bill was introduced in the legislature of Kan sas the past winter and required one vote of being enacted into law. All commercialism is based on confidence and espe cially is this true in banking and all monetary transac tions. It is a matter of deep concern to all legitimate bankers how to maintain the confidence of depositors in times of financial depression. Numerous expedients have been proposed to meet emergencies in times of panics, but the great question is, “ How can panics be abated?” It seems as if a feasible and economical plan of insurance of bank deposits could be adopted, that the bare and dis astrous effects of panics would be overcome. Insurance has become a primary element in business affairs and is constantly made use of by people in every station of life. We have fire, life, accident and burglar insurance. Why not insurance on bank deposits, in favor of the depositor ? In fact there are private companies extant today for that purpose. People who put their money into a bank should be made to feel certain that what they put in they can get out. The hazard of insurance on bank deposits can June, 1908 THE NO RTH W ESTERN be as readily computed as that of life or fire insurance. It is authoritatively claimed that an annual tax of onetenth of 1 per cent on the average annual deposits would he ample to meet all losses. The guaranty fund raised from such taxation should be under government super vision. The funds should pay only the net deposit, that is the difference between the bank deposits and the realiza tion upon its assets. With the average failure the deposit or loss would be small. Such a plan would pre vent losses, for with such insurance on deposits, there would he no run on banks, in case of panics, consequently there would be no panics. Again such a plan would promote sound banking. Banks are first to know of irregularities in neighboring banks. At present they are loth to make known such irregularities, but should they be compulsory contrib utors to a depositors’ guaranty fund each bank would feel that it was its duty to keep a watchful eye over his neighbor and to report to the proper authorities only, irregularities it might discern. Since the Walsh’s bank failure, the Associated Chicago banks have adopted a plan of inspection of their own in addition to the government inspection. It is an inspection that inspects, for it is in daily force and every bank is an inspector of its neigh bor. Sound banks are frequently ruined by runs. There is not a bank in the country that can stand a continuous run, of itself. At the present time we have national inspection of national banks and state inspection of state banks. Under present law’s each bank is inspected once a year by some public examiner and four or five verified reports have to be submitted by the banks and have'to be published in the local papers, in order that the interested public may be advised of the bank s condition. This is a recognition that banks are quasi public institutions. Now if the state or the nation can go to the extent of requiring inspec tion and published reports of banks, why cannot the depositors who are the interested public, receive the fur ther benefit of having the deposits insured by the banks? This principle is recognized further in the case of the issue of bank notes by national banks. The payments of such notes are guaranteed by the government and the government is protected in such guarantee by the deposit of government bonds to secure the bank note issue. The depositors are certainly as much entitled to protection in some way as the bank note holder is entitled to pro tection on the bank note he may hold. One of the main objections urged against this plan is that “ it will promote unsound banking,” and the spec ulative bank would have the advantage Over the legiti mate bank. The penalties for fraudulent banking would be m force the same as now, in fact they would doubt less be increased. As we have stated 'that legitimate bankers would be vigilant and more prone to relate irregularities they might discover. Banks would neces sarily stand more together. The strong banks would suppoit the weak banks. There is no probation of rogues in banking at the present time, a mean man will make a mean man wherever you place him, but he would be less tolerated in banking under a guaranty deposit law than now. There should be a provision whereby insurance could be withdrawn from the fraudulent bank, so far as future deposits are concerned and what would be the 1 esult to such banks by such withdrawals ? They would simply retire from business. As a further protection to legitimate banks, it might be feasible to have a maximum rate of interest fixed by law that banks are allowed to pay on deposits. We have usury law now, nearly in all https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis BANKER 23 Chartered 1872 No. 2886 The Valley National Bank DES MOINES, IOWA Points with pride to its record and asks for business from the Bankers of Iowa on the basis of C areful M anagem ent A m p le Capital Stron g D irectory Liberal T reatm en t O fficial S u p erv isio n o f A c co u n ts U nsurpassed Par F a cilities and R e se r v e A g e n ts for N a tio n a l B anks The Valley National Bank ------------ A n d ----------- The Valley Savings Bank U n d e r O n e M a n a g e m e n t, H a v e Combined Capital and Surplus . Combined Deposits . . . $ 500,000.00 3,000,000.00 OFFICERS R. A. C R A W FO R D , Prest; C . T. C O L E , Jr., Vice-Prest. D. S . C H A M B ER LA IN , Vice-Prest W. E. B A R R E T T , Caihier. GEO. G. H U N T E R , P resid en t F. M. R IC E , Supt. of A gents C. S. H U N T E R , Sec’y O. B. F R Y E , Ass’t Sec C . H . M A R T IN , T reasurer W .L . R E A D , G e n C o u n s e D ES MOINES Fire Insurance Company OF IOWA ANNUAL STATEMENT, JANUARY 1, 1908 [To Insurance Department, State of Iowa] A SSETS Real Estate owned by Company___$118,330.00 Cash on hand in Office and Banks.. 38,670.14 Mortgage Loans on Real Estate 221,811.90 Loans Secured by Pledge of Bonds 1,311.00 Cash in course of Transmission___ 30,162.23 Unmatured Bills Receivable ....... Stocks and Bonds Owned by Co..., Total ............................... . LIABILITIES Capital Stock .............................. Re-Insurance Reserve ................. . 444,164.60 Losses in Process of Adjustment .. 14,070.47 Net Surplus .................................. •• i 55,733-o6 Total ...................................... S u r p lu s a s to P o lic y h o ld e r s $255,733.06 THE 24 NORTHW ESTERN W INTER FIXTURES! BANK June, 1908 BANKER FIXTU RES A SPECIALTY! W INTER Q U ALITY. High Grade Construction Workmanship, Finish and Material Modern Designs “ Winter” Fixtures are Right! “ Winter” Prices are Right! “ Winter” will treat you right! Ask our Customers. H e r e a r e a f e w o f t h e b a n k s w e r e c e n t l y f i t t e d up: F i r s t N a tio n a l B an k , K e n t, W ash . ; B en to n N a tio n a l B an k , C ornb a llis , Ore. ; T r u s t & S a v in g s B an k , M arshfield, O re. ; B a n k of M alad, M alad, Id a h o ; B a n k of E lk h a r t, E lk h a r t, W is. ; B a n k of St. Cloud, St. Cloud, W is. ; E la n d S ta te B an k , E la n d , W is. Send us your floor plan and let us m ake you an estim ate M. W INTER LUM BER COMPANY, S H E B O Y G A N , W I S C ON S I N A W IN TE R Q U A LIT Y O UTFIT H igh-grade Fixture M akers. states, why not extend the same principal to bank depos its fixing a low rate. The opposition to a deposit guarantee law, would be largely from the larger banks, who will perhaps fear a loss of prestige and who will contribute the largest amounts to the fund. But in the application of such a law the fear of loss from prestige to a large bank with its great resources and commanding influence will prove a phantom, while the small tax will be as money cheerfully contributed if the fear of runs and the devas tating effects of panics can be prevented. Some of the great financiers of our country are in favor of bank deposits guarantee law. Among these we may name Lyman Gage, ex-secretary of the treasury; Congressman Chas. N. Fowler, chairman of the banking committee of the house of representatives. It is quite likely that the initiative will have to come from the states than to de pend on the slow and deliberate procrastinating procedure of congress. There are many states likely to follow in the footsteps of Oklahoma, and if several states join in enacting such a law the attention of the people will be attracted and congress will be compelled to enact a national law. This was the history of the pure food legislation, a measure so necessary to the welfare of the people. The question of guarantee of bank deposits is now a paramount one before the American people and has come to stay. Spring M eeting of E xecutive Council, A m erican Bankers Association Most of the members of the Executive Council of the American Bankers’ Association returned to New York Thursday for the spring meeting at Lakewood, New Jersey. It was the largest attended meeting in the his tory of the association, thirty-nine members being pres ent at all the sessions out of a total of forty-three. Lewis E. Pierson, of New York, chairman of the council, pre sided, and a large volume of business was transacted. The different sections and the committees of the asso ciation held their meetings the day previous, and their reports were acted upon by the council the two follow ing days. Secretary Frederick E. Farnsworth was di rected to send out in pamphlet form to the members of https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis E stablished 1665. the association the many reports, which will prove of material interest and value to them. Invitations from cities in different sections of the coun try for the convention this year were discussed, but Den ver was the unanimous choice of the council, so the con vention will be held in that city, probably the latter part of September. The Brown Palace Hotel will be head quarters. A committee was appointed to make all ar rangements for transportation, hotel accommodations, rates, etc., and Secretary Farnsworth will visit Denver within the next two or three weeks to confer with the local committees as to details. Mr. George M. Reynolds, vice-president, also extended an invitation from Chicago to hold the convention in that city in 1909. A legal department was created, and Thomas B. Paton elected general counsel, whose office will be at the head quarters of the association. He will at all times be at the service of the members, the committees and the sections of the association. The association will publish a monthly journal, devoted exclusively to the affairs of the association, and contain ing committee reports, etc. There will be no advertising whatever in the journal. A copy will be mailed to the members each month. A finance committee of nine was appointed, to whom will be submitted all the appropriations each year, and this committee will make up a budget and present same to the council for their action. Many new features were adopted in the interests of the membership. The Laurel-in-the-Pines tendered a banquet to the council and their guests, which was a m ost. enjoyable function, and much wit and wisdom was in evidence around the festive board. The members of the council pronounced the meetings to be the most successful ever held. The world’s production of copper in tons in the year 1907 was 716,435. Of this amount the United States produced considerably over one-half. It is a pleasant thought that everything comes to the hustler. Deposits, surplus, profits, dividends, etc. ( June, 1908 THE NO R T H W E S T E R N BANKER Capital and Surplus $510,000.00 Peoples Trust & Savimp Bank CLINTON, IOWA ' J. H. INGW ERSEN........President C. F. ALDEN .. .Vice President L. LAMB ............. Vice President A n up-to-date, conservative Commercial and Savings Bank catering particularly to ac counts of Banks and Bankers in its territory. C. B. M ILLS.........Vice President W. W. COOK ...................Cashier J. L. B0 HNS0 N ....A s s t. Cashier N ew Life Insurance Company for Iowa The Iowa Life Insurance Company was organized the first of the year, with home offices in Waterloo, Iowa. The new company starts under most favorable auspices, with a view of making it one of the leading companies of the West, and the basis on which the business is to be conducted will be along broad, but economical lines, and will be the means of keeping many thousands of dollars in Iowa for deposit, investment and disbursement, which will greatly assist in the further improvement and de velopment of our home institutions and the community in general. The company is backed by nearly all the leading cap italists in Waterloo, besides others in Des Moines, Waverly and Cedar Falls. It will confine its operations to Iowa during the present year, but has planned to enter some of the adjoining states the coming year. The company has a well organized agency force, and is writing new business at the rate of $100,000 per month. Its affairs are under the direct supervision of F. F. M cE L H IN N E Y President Iowa Life Insurance Company with flattering- prospects for the future, its affairs being in the hands of men with ample capital and broad exper ience in the business world and insurance field. The company begins business with a capital of $100,000 and a surplus of $25,000 all paid up. The capital of $100,000 has been invested in first-class securities, ap proved by the auditor of state, and deposited in his office to guarantee the payment of all policies issued by the company. The company will write non-participating business only, and will issue all forms of policies that are issued by other old line companies, and will insure men and women on an equal basis, from the ages of 16 to 60. The organization of the company has been effected https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis C. W . M U L L A N Vice President Iowa Life Insurance Company the following officers, directors and counsel: _Officers—F. F. McElhinney, president; C. W. Mullan, vice-president; F. A. Ferguson, secretary and general THE 2Ó N O RTH W ESTERN manager; J. W. Krapfel, treasurer; E. D. Clithero, super intendent agents ; F. W. Powers, M. D., Medical Director. Directors— C. W. Mullan, F. W. Powers, C. L. Kings- BANKER June, 1908 tance, not only throughout Iowa, but surrounding states as well. Mr. F. A. Ferguson, secretary and general manager, has been in the life insurance business for many years, and is thoroughly competent to manage the affairs of this company, while Mr. E. D. Clithero, superintendent of agents, is not excelled in his special line. It is very seldom that a life insurance company starts out under such favorable auspices as does the new Iowa Life, and we predict for it unbounded success. Banks Do N ot Forget When she made a small deposit in the Middlesex In stitute for Savings at Concord, Mass., before coming to Iowa over twenty years ago, Miss Mary A. Cutter, form erly of Marshalltown, did not think that she would forget entirely that the money was on deposit. But she did, and now E. Brown, treasurer of the institution, is seeking information concerning Miss Cutter, in order that he may pay her $522.21, the amount the fund has now grown to. When a telegram reached Marshalltown recently, inquir F. A . F E R G U S O N Secretary and General Manager Iowa Life Insurance Company ley, J. D. Easton, F. F. McElhinney, W. R. Jameson, F. A. Ferguson, G. B. McWilliams, Geo. S. Mornin, A. N. Odenheimer, C. A. Wise. Counsel— Mullan & Pickett, Courtright & Arbuckle. It will be seen from the foregoing list that some of the strongest men financially in northern Iowa are connected E. D . C L IT H E R O Supt. Agents Iowa Life Insurance Company ing of Miss Cutter, the Boston banker was informed that he" had sought a distance of 1,500 miles for a woman that is, and has been for seven years past, a resident of Chochituate, Mass., a Boston suburb. Miss Cutter is well known in Marshalltown, and is a sister of the late Mrs. Waterman, wife of the late Moses Waterman, for many years associate editor of the Times-Republican. Bishop Goes to the National Bank of the Republic Dr. F. W . P O W E R S Medical Director Iowa Life Insurance Company with this new Iowa Life Insurance Company. Messrs. McElhinney, Jameson and Easton are all well-known and prominent bankers in Waterloo, and have a wide acquai 11 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Mr. W. S. Bishop, formerly assistant cashier of the First National Bank of Duluth, Minn., has become ^con nected with the National Bank of the Republic of Chicago in the capacity of chief clerk. Mr. Bishop will make an able official and we predict for him much suc cess in his new position. A hypocrite as described by Johnnie is a fellow who says he isn't what he is, but he ain’t. June, 1908 THE NORTHW ESTERN BANKER 27 A d v e rtisin g T h e B an k By H. B. CRADDICK NUM BER 2. Practical Talks, on a Practical Subject, by a Practical Man The best advertising is that which appeals to all the tages of a connection with the advertised bank. In other people it reaches, regardless of age, classes or education, words, create a demand for the bank’s services. Some and the first basic principle to this end should be sim of the most extensive advertising carried on today is for plicity in grammatical construction. The advertisement the purpose of creating a demand or making a market. which “ most any school-boy might write” would at least Not so many years ago our people subsisted reasonably be the one that the school-boy and all his family could wefl without prepared breakfast foods. The fact that read and fully understand. millions of people today begin the day on the new diet is The following advertisement apeared last fall at a time not due to any particular requirement of the appetite, but when all the banks and some of the people were hoard to some exceptionally strenuous advertising which has ing their money. It certainly contains all the elements of created a demand, and an appetite. dignity, and indicates literary ability on the part of the People there are, all over the country, who have man w riter: aged to get along without a bank account, largely from “ Modern banks exist by the mutual confidence and co ignorance of the real advantages and conveniences the operation of many depositors, some with large, some bank has to place at their disposal. It is up to the bank with small accounts, but when these are aggregated by to take the initiative, to instruct the public of its com the bank there is a sum that, when distributed according munity in banking methods and business routine. The to the inflexible economic laws, fill the arteries of trade sooner people come to understand that transactions be with rich warm life blood that quickens and enlivens it tween the bank and its patrons are in no way complex, and makes possible the existence and success of business just that much sooner will they come to see the advan activities that otherwise would perish; while without the tages of a bank connection. bank, this scattered money would not be gathered, aggre Someone, in years gone by, invented a stock phrase gated and distributed. Are you co-operating and con which has been worked to death—“ Accounts of individ tributing your share to this vital force?” uals, firms and corporations solicited.” It is quite prob It is not at all likely that any banker would deliver able some very dignified city bank acquired the rights, this oration in a personal appeal to a prospective cus but be that as it may, it has years since been purloined tomer. Neither would he embody such a lengthy sen by thousands of banks and retained as a prime favorite. tence in a personal letter to the people of his community. It covers the entire field of prospective business which Not because it does not recite a fact or state the truth, is perhaps the most that might be said in its behalf. It but simply because the ordinary business man talks to would be interesting to know just how many people have his customers, and writes his letters in plain, ordinary been influenced by that sentence during the past half language. century. Copy for a newspaper advertisement should be just as The smaller banks throughout the United States have carefully prepared as a personal letter. Let there be no made greater progress along advertising lines during the possible chance for misunderstanding on the part of the past three years, than the banks of the larger money reader. In fact, the newspaper advertisement is but an centers, with the possible exception of savings institu advanced step in correspondence, making it possible for tions. Bankers have experimented with all sorts of the advertiser to say to many what he would say in per methods, they have been observant of results, faults and son were it possible for him to do so. weak points of the plans adopted until a majority of I believe the bank, so far as practical, should make them now have some settled advertising policy. This its advertising educational and instructive. It is not has been due largely to the fact that with the smaller enough to say, “ Bank with us*,” or “ Your account -solic bank, no large outlay of money is required for an experi ited,” but better, give the reader to understand that the ment, and if experience is a dear teacher, yet it is the bank wants his business and make him see the advan surest and best in the end. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 28 THE NORTHW ESTERN The Northwestern Banker PU B LISH E D M O N T H L Y A T 402-404 C R O C K E R B U IL D IN G BY T he N orthw estern Banker Publishing C om pany D E S M O IN E S, IO W A a a r A c m c o i c r Li c n u » F o r $2.00 is all t h a t is re q u ire d to sec u re th e A O A b H IE K b O H E O K m o n th ly v is its o f th e N o rth w e s te rn B a n k e r fo r a n e n tire y e a r. E a c h issu e c o n ta in s fro m 56 to 64 p a g e s o f m ig h ty i n te r e s tin g m a tte r p e r ta in in g to b a n k s a n d b a n k in g in te re s ts in th e te r r ito r y c o v ered by th e m a g a z in e . T h e p ric e o f a s in g le co p y is tw e n ty c en ts. “ CHID r n R P F Í P n N n C M T ? » E v e ry b a n k in th e N o rth w e s t is in OUR C O R R EbPU N D EN To v i te d to a p la c e on th is list. Send u s ite m s o f lo c a l in te r e s t, te ll u s a b o u t y o u r b a n k a n d its g ro w th , p ro sp e cts, e tc ., a lso a n y o th e r fin a n c ia l n e w s o f in te re s t to b a n k e r s in y o u r s e c tio n . “ Q I C H T n R A F T S " W e a lw a y s c a r ry a la rg e “ R ese rv e ” o f g o o d w il o iu n 1 u n a r 10 a n d a d d itio n a l serv ice, a n d w ill p ro m p tly h o n o r d ra fts m a d e u p o n sa m e by a n y b a n k . T h is d e p a r tm e n t is fo r y o u r sp e c ia l b e n efit. Do n o t fa il to a v a il y o u rs e lf o f its p riv ileg e s. it a p i c a r i m p H O I I Q F ” O u r c o lu m n s a re a c le a r in g h o u se fo r a l L L L a m iN V j n u u o c o u r re a d e rs. E x p re s s y o u r v iew s o n a n y to p ic o f in te r e s t to th e b a n k in g f r a te r n ity a n d s u b m it sam e fo r p u b lic a tio n . Y ou do n o t h a v e to a g re e w ith u s, o r w ith a n y o n e else. W e le a rn th in g s b y a n in te rc h a n g e o f id e a s, a n d p e o p le w ith w h o m w e d is a g re e o fte n p ro v e v a lu a b le te a c h e rs . W e s h a ll be g la d to h e a r fro m y o u . “ N O P R O T E S T ” H as ev er b een offered to th e s ta te m e n t t h a t th e field rrlu c .o 1 c o v ered b y th e N o rth w e s te r n B a n k e r is th e m o n e y p ro d u c in g s e c tio n o f th e A m e ric a n c o n tin e n t, r ic h in h o g s, c a ttle , c o rn , etc., a n d d o tte d w ith th o u s a n d s o f p ro s p e ro u s b a n k s , a ll d o in g a g o o d b u sin ess. BANKER June, 1 90S people carried annually by the railroads, but a very small per cent are ever killed or injured, and of the millions of dollars cared for annually by the banks the smallest frac tion of one per cent is ever lost. When the magnitude of the banking business is considered the small loss in comparison is one of the wonders of modern business, and incidentally is a monument to the sterling character of the men who have our banking interests in charge. We doubt very much if the 2 per cent interest proposed by the government would prove satisfactory to depos itors, and as the government would have to loan this money to the banks in order to “ get out whole” at the regular 4 per cent rate, the banks pay anyway. The depositors would simply lose the 2 per cent and gain nothing. Every man has a right to put his money where he pleases, and we don’t care where he deposits it, so long as it is in some good bank. “ S U R P L U S A N D U N D IV ID E D P R O F IT S ” w h o se a d v e rtis e m e n ts a p p e a r re g u la rly in th e co lu m n s o f th is m a g a z in e . F u ll in f o r m a tio n as to ra te s a n d o u r s p e c ia l serv ice, w ill be p ro m p tly fu rn ish ed on a p p lic a tio n . Y o u r b u s in e s s so lic ite d a n d a p p re c ia te d . M c e r n M n r i a c c m a t t p R " T h is jo u r n a l is e n te re d a s sec o n d bEOUNU O LAbb M A I I EK class m a tte r a t th e Des M o in es p ostoffice. T h is is d o n e in o rd e r to c o n fo rm to th e p o s ta l la w s; e v e r y th in g p e r ta in in g to th e jo u r n a l, sav e th is e n tr y , b e in g s tric tly first-class. J U N E , 1908 F ourteen B illions in D eposits In Mr. Roberts’ speech before the members of Group Six, delivered at the banquet at the Savery in Des Moines on the evening of Tuesday, May 12th, he referred to the remarkable fact that there was on deposit in the banks of this country at the last report to the comptroller, over fourteen billion dollars, while three billion dollars represents all the money there is in the country; in other words, there were three billion dollars on deposit that is, and eleven billion dollars on deposit that isn’t, eleven billion dollars, of course, representing what is termed in banking or business parlance, confidence. We consider this the greatest exhibition of confidence since the days when Joseph established the corn exchange bank down in the land of Egypt, and it is because of the confidence reposed in the banks of this country by our people that what might have been a most disastrous panic was averted last fall, and while some inconvenience was caused, it nevertheless passed over without any very serious results. The American public, as a general rule, is level-headed and uses its common sense, and never in the history of the country was it exhibited more forcibly than in October and November when the financial dis turbance swept over this country. P o sta l S a v in g s B ank Whenever a little “ flurry” like that of a few months ago occurs, or a bank fails, then the Postal Savings Bank microbe gets busy again, its advocates claiming this sys tem would make all depositors perfectly safe. When ever there is a great railroad accident do people all decide to walk thereafter? Well, hardly. Of the millions of https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis T he C onvention The state convention of the Iowa Bankers’ Association will meet at Sioux City, June n th and 12th, and the city in the northwest part of the state is preparing to enter tain the hosts of bankers who will convene there at that time in the most hospitable manner possible. It is prob able that a great deal of the time of the convention this year will be given to the question of insurance of bank deposits, because it must be apparent to even a casual observer, as he goes around among the bankers and var ious group meetings and hears the expressions regarding such a measure discussed pro and con, that there is a very large sentiment in favor of it, especially among the coun try bankers. While the city banker does not look upon it with very much favor because he fears that it will destroy individuality in the banking business and induce men not particularly conservative or careful to enter the field, the country banker, on the other hand, does not seem to see that danger in it and feels that if such a law were passed, it would avert any possibility of future panics and create a large degree of confidence in the minds of the people and have a tendency to definitely postpone any action being taken tending to legislation with reference to the establishment of postal savings banks, which the activity of the postmaster-general just at present seems to render possible. It seems to be a live question and one that will not down, and we have no doubt that the coming conven tion will devote considerable time to its discussion. Whether any action will be taken with reference to it of course remains to be seen. The desire is now that the convention itself shall be made the greatest success pos sible, and inasmuch as Iowa has more banks than any other state in the Union, and the association more mem bers, there is no reason why the Sioux City convention shall not be the greatest in the history of the Iowa Bank ers’ Association. We would especially urge upon every member the duty of being present at the convention. The officers work steadily, faithfully and persistently to pro- June, 1908 THE NORTHW ESTERN mote state interests, and their efforts should at least be seconded by the presence of the members. Then, too, those without the fold ought to get on the inside; it is hard to understand how any reputable bank in the state can remain outside the ranks of the State Association when it is considered how many advantages there are in becoming a member. We would suggest to any of the readers of The Northwestern Banker who may not now be members the advisability of attending the state con vention and getting acquainted with fellow bankers throughout the state, and we think that once they find out what an extremely fine set of fellows comprise the membership of the State Association, they will want to join hands and boost the thing along. Every bank in the state should be a member. A R em a rka b le R ecord In his address before the. members of Group Nine held in Chariton on May 7th, Mr. L. T. Richmond, president of the First National Bank of Albia, in an address favor ing the insurance of bank deposits, made the remarkable statement that, including the disastrous bank failure at Chariton last fall, there had been lost through the failure of national banks only three million dollars for a period covering the past forty-two years. When it is considered that there is on deposit in the banks of Iowa now over $300,000,000, to say nothing about the deposits covered by the time specified, such a statement as this made by Mr. Richmond is apt to cause anyone who gives the least attention to our financial conditions, to sit up and take notice. It is doubtful if any other line of business on earth can make such a showing as that, and the amount is so small con sidering the period covered and the immense amount of money on deposit in banks throughout the country so great, that it has caused some of the opponents of the proposed guarantee of deposits legislation to inquire where the need for any such law comes in, in view of the fact https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis BANKER 29 that such an infinitesimal amount of money has been lost through national bank failures. It is a record surely to which the bankers of this country have every reason to point with the greatest possible degree of pride. When the large number of men engaged in the banking business m the United States is considered, when the weakness of human nature is taken into account, when the various temptations to which human nature is subject, are all analyzed and accounted for, the record is remarkable to say the least. T h e C onflict in D ates It would be a splendid idea if the various secretaries of the groups throughout the state could observe’ some concerted action with reference to fixing the dates for the group meetings so as to avoid conflict. This year the Algona and Le Mars meetings were both fixed on the same date, as were also the Council Bluffs and Osage meetings. In a case where a city bank desires to be rep resented, it is necessary when the dates conflict in this manner to send out several representatives and this is not always entirely desirable, as, naturally, the bank de sires to have the same representative at these various meetings. The only reason, we presume, for dates con flicting is because the secretaries have not conferred with one another, as there are days enough in the month of May, even if it were desired to have all the meetings in that month, so that no conflict whatever would be neces sary. It would also result in increasing the attendance locally. The Des Moines representatives and the Chicago representatives, also those from Minneapolis and St. Paul and other cities, could then plan their itinerary so as to include every group meeting in the state, and by inform ing their correspondents, who were members of the group, that they expected to be present at the meeting and would be glad to see them, in that way could help to bring up the attendance at all these meetings. Some suggestions have been made along the lines of a THE 30 T he Cedar N O RTH W ESTERN r a pid s June, 1908 BANKER Na t i o n a l bank O F C E D A R RAPIDS, IOWA OIRECT So liG its th e aG G ounts o f all goo d b a n k s an d b a n k e rs w ith in its te rr ito ry an d w ill p la ce a t th e ir d is p o sa l, fa c ilitie s q a in e d th ro u gh y e a r s o f e x p e rie n c e in h an d lin g th a t G lass o f b u sin e ss, w ith T E R M S A S L IB E R A L A S S A F E B A N K IN G M ET H O D S W A R R A N T U N IT E D S T A T E S D E P O S IT O R Y Reserve Agent f or circuit plan, holding all the meetings consecutively, put ting the entire eleven group meetings in eleven days con secutively. This would hardly be feasible, owing to the fact, as well known to all those who attend conventions, that three or four of them at a stretch is about all the average man can stand up under physically, but by plac ing them several days apart and having the entire series cover a couple of months, say April and May, they could be easily attended, and by working the suggestion out as referred to above with reference to the various representatives notifying their correspondents locally, their attendance could be increased and results would be more satisfactory all around. We hope to see some definite action taken with reference to this before another year. T he A d v a n ta g e s o f the G roup M eetin g s An attendant upon one or more of the group meetings which have been held throughout the state during the past month, could not fail to have been impressed with the great value of these meetings to the bankers compris ing the membership of the respective groups. It gives an opportunity for the rubbing of elbows and of getting together for the purpose of an interchange of ideas with reference to the banking business in general and partic ularly with regard to the business in which they are interested in their own special section of the state. Con ditions differ in different places and plans have to be evolved which will meet these varying conditions, and a, system which might be in vogue in one section might not be advisable in some other section, and therefore the plan of dividing the state into groups is an exceedingly wise one, and its wisdom has been proven over and over again and is being proven every time one of these meetings is held. It broadens a man’s vision to come in contact with other men doing the same kind of work he is; it also encourages him at times to discover that all the troubles do not concentrate in his bank or in his town, that the other fellow, who lives in an adjoining county or some other district, is also up against problems which have caused him sleepless nights, and the opportunity to meet https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Na t i o n a l Banks and clasp hands and discuss these problems is of the highest possible value. Therefore, we say, speed the group meetings; make them more interesting, do every thing that can be done to increase the attendance, do not put different meetings on the same date, make it possible and easy for a large attendance; get up programs which are of practical interest and which do not deal in theories, and we feel confident that the greatest possible good may come as a result of meetings of this character. E x p lo itin g th eir B a n ks The time was when such a thing as a bank employing a traveling representative was not thought of, just the same as there was a time when the bank doing any adver tising was not to be thought of, but conditions are chang ing very rapidly in this hustling, up-to-date age, and a careful observer at any of the group or state meetings will discover that most of the banks in the large cities who are at all alive to their own interests have their representatives in attendance. Not only that, but a great many of the banks employ regular traveling representa tives, this representative being usually an official of the bank. In many cases it is the assistant cashier and some times the vice-president, and these men make it a busi ness to visit the smaller banks throughout the various states, to come in contact with the officers of these banks in a friendly way and to incidentally present to them the advantages of the bank in whose interests they call, sug gesting that if the time should ever come when a change in the account might be desired, that they should be pleased to hear from them, and to offer them the advan tages and accommodations of their bank. Not all banks are doing this; the growing banks are, the banks which are continually adding new accounts are, and the banks which are thoroughly up-to-date and alive to their own interests are. Of course the bank which is dead in its shell does not do any of these modern things for the pur pose of securing business ; they stand on their dignity, and are allowed to remain standing while the other banks go forward to larger business, greater prosperity and handsomer dividends. June, 1908 THE NO RTHW ESTERN OFFICERS jB A. P. DOE, P resident J . D. BROCKMANN, V ice-P resident BANKER 3t Capital StOGk - $100,000.00 Surplus - - - 80,000.00 Undivided Profits ■ 9,153.01 Deposits - $1,430,015.09 J. E. BURMEISTER, V. P. and Cashier F. B. YETTER, A ssistant Cashier. We invite your business. T he Late Unpleasantness and Chicago Banks & Bankers B y H enry M eyer, Cashier Hamilton National Bank, Chicago The topic assigned to me is so broad in its scope and application that I may find it difficult to present those features which would be most interesting to you, yet I shall endeavor to show how the “ unpleasantness” affected myself as a “ Chicago Banker,” giving you a peek behind the scenes and touching on some intimate points with which you may not be familiar. If I had the modest sense possessed by my good friend, Mr. A. G. Smith, president of the City National Bank, Clinton, Iowa, I might say that my information on this subject would be well expressed by a book which he had recently published, the title of which is “ What I Know About Banking.” When Mr. Smith laid that on my desk in Chicago I felt quite flattered that he had thought me worthy of possessing a work of which he was the creator, and before glancing at it told him that I was aware that this could be the result of only a long established friend ship ; that upon his intimates alone he would bestow the honor of possessing a copy of this work to which he had given so much time and thought. Before I opened the •book I shook hands with Mr. Smith and told him that I would endeavor to be worthy of the gift. With much curiosity mingled with pride, I opened the book and hastily glancing through it was unable to find even one printed word. This, gentlemen, is the best expression of modesty that it has been my privilege to see. The incident as you will observe, does not apply to my case except by the law of opposites, but I stand here to tell you something of what I know about one of the most remark able periods ever known to the banking world in this country or any other. The contributing causes were cumulative and orig inated prior to March, 1907. To many they were and ever will remain mysterious ; leading financiers through out the country have given their views on this question and so far as I have been able to learn no two were agreed as to the underlying reasons for the extraordinary condi tion which confronted us in October. It has been var iously called a rich man’s panic, a banker’s panic, and https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis other terms have been applied it that will at once occur to you. Inasmuch as the ablest minds in the country have expressed themselves on the question of the causes which brought about the disaster of last fall and as these have been circulated throughout the United States and many of them laid upon the desks of every banker in the coun try, it is not for me to theorize on the conditions that H EN RY M EYER Cashier Hamilton National Bank, Chicago existed then or previously or how they should have been met nor does it seem within the scope of this paper to suggest reemdies which would prevent their recurrence. For some time prior to October 26, 1907, the Chicago banks became individually aware that their cash means were rapidly diminishing. It was a mystery to m any; they tried in vain to account for this unusual condition and it transpired afterwards that each thought his bank was the only one affected. When these gentlemen assem- THE 32 NORTH W ESTERN IOW A S T A T E NATIO NAL SIOUX O fficers: G E O . W E A R E , President H . A . J A N D T , V ice President id CITY, Capital, Surplus, Deposits, BANK IOWA % 200,000.00 100,570.33 2,465,140.00 O fficers: JO H N M cH U G H , V . President H. A . G O O C H , C ashier This bank has unexcelled facilities for the prompt and careful handling' of all business entrusted to it. bled at the clearing house meeting on the evening of October 26th, it was a genuine relief to find that all were suffering from the same complaint; that for days and weeks each had been quietly withdrawn by the public and placed in safety deposit vaults or other recep tacles until the actual cash in hand had diminished to the danger point. At the time the meeting was held it was fondly hoped and generally believed that balances in other cities would be easily obtainable in currency, yet it was deemed the course of wisdom to put up the bars and so far as possible, prevent our little stock from departing. How far we were mistaken in this supposition developed within the next few days, for we soon found that cur rency was not obtainable at any point in this country. The meeting just spoken of was attended by represen tatives from each of the twenty-three members of the Clearing House Association and after some discussion and the exchange of views and experiences a resolution was adopted which provided that commencing with Mon day morning, October 28th, and until further notice, all of the members of the association would be permitted to pay their balances in clearing house certificates. These certificates, as you all undoubtedly know, were issued against first-class collateral deposited with the clearing house committee and humanly speaking were an abso lutely safe obligation. For example: The certificates of country banks which had been sent to their Chicago correspondents for the purpose of borrowing money were readily accepted by the committee of six men who saw every piece of paper and every bond that was pledged for clearing house certifi cates. It is well to remember, however, that the bare certificate unsecured by collateral was not promptly accepted for the reason that the securities we were pledg ing were to be the basis of what was neither more nor less than pure asset currency. I think it is proper at this time to say that the gentlemen composing the committee already referred to occupied a position of importance so great, that it is worthy of more than passing notice. Their duties included in the broadest sense the conserving of the interests of the whole West. This is no wild state ment and you have but to remember that the solvency of Chicago banks and the preservation of their existence meant life to the industries of the western country, as well as to its banks. The situation was absolutely unique; never before in the history of this country were bankers called upon to meet such conditions as existed during the days following October 26th. Upon the committee fell https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis - June, 1908 BANKER & the burden of accepting or rejecting the securities offered by the Chicago banks and I violate no confidence in tell ing you that they exercised their discretionary powers without fear or favor. They stood there a bulwark be tween the oncoming financial storm and the banks and business men who surely would have been engulfed had not some similar protection been erected to arrest its devastating march. Too much credit cannot be given to the members of that committee who did their work so ably and fearlessly. At this point it may not seem amiss to indulge in some reflections on the relation of country bank and correspon dent. Questions arise in a time like that of which we are speaking that strain the bond between the city banker and its country correspondent and at such a time your ac count is scrutinized with the object of determining what value your balance has been to the city banker and what profit if any he has been able to make cut of it. He scrutinizes the balances you have maintained dur ing the time of plenty and his attitude towards yourself is sure to be influenced by what you have done for him in the months and years preceding. Can you not draw a lesson from this and see that it is the course of wisdom not to loan up to the last dollar and run your reserve down to a point where you have to employ a magnifiying glass to find it. Is it not better to make perhaps a little less money and do better by your city banker in the day of prosperity, remembering that he may be your best friend in the day of adversity. And now let us ring up the curtain on the incidents of that famous Monday morning, October 28th, which looked to me at the time as the beginning of a tragedy, although I am glad to say that at this distance it takes on more the qualities of a comedy. Every bank in Chi cago on that morning virtually suspended specie payment —leave out the word “ specie” if you wish— and we were all in the position where we must persuade the public that we were entirely solvent although unable to pay our debts. I have been in this business for over twenty-five years; I have spent the greater part of that time in Iowa banks and among the people in Iowa where every man shows consideration for his neighbor and all work together in a grand brotherhood of harmony. It was with some trepidation that I stood up to take my share in the fray. My heart was faint, but the smile which I acquired in Iowa during my long residence there did not entirely for sake me and through words and manner I endeavored to June, 1908 THE The Second Largest Savings Bank in the State of Iowa NORTHW ESTERN 33 Capital, Surplus & Profits $490,000 SCjOTTi epUNTY SAVINGS \ IBANK DAVENPORT assure the frightened public that it was for their good alone that we were refusing to pay cash on demand. All the resources of a reasonable ingenious set of officers were taxed to meet the various emergencies of the day. There were some encounters, some dissatisfied customers, but it with great pleasure that I have to record a gener ally satisfied clientele. We all could show at the end of the day some scars of battle, but on the whole we emerged from the conflict in good form and victorious. During the days immediately succeeding we had a repe tition of that just described, but it was not long until our customers were working harmoniously with us and taking the various substitutes for currency which we invented. It is well to remember that in all details the various Chicago banks were working in harmony. Each knew what the other was doing to help out a very difficult situation and in a comparatively short time the situation was well in hand. This whole matter illustrates and emphasizes the value and importance of organization. Our interests were identical; we stood shoulder to shoulder; it was a matter of self preservation, and more than that, it means the preservation of the financial situation of the West. No Chicago bank would be permitted to fail so long as it had assets to justify its saving. May not the members of Group Five profit by the example shown by the Chi cago banks and the banks of other large cities? Are there not questions and matters of an irritating nature that exist which could be disposed of if concerted action were taken? There is a way to arouse this spirit and once set in motion you would discover that your organiza tion acting through committees, and systematically hand ling the complaints of one kind and another which would be invited, could do much to improve in a general sense banking conditions and unify your several interests where they required it. The banker of today who thinks he is standing by himself .and that he exists without reference particularly to his neighbor banker is making a grave mistake. Lines of trade throughout the world find it advantageous to concentrate, to meet in conventions as you are doing today to present for consideration and action the various questions that affect their trade un favorably. It is well to remember that recommendations from groups of men like yourselves concerning public questions or matters incident to your own line of business have much weight when officially presented at the state conventions. A dignity attaches to any utterance from a body of men where questions have been thoroughly dis cussed and acted upon in a proper manner, that is by https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis BANKER Deposits Over $4,000,000 OFFICERS: I. H. SEARS, Pres. H. F. PETERSEN, V ice-P res. J . H. HASS, Cashier GUSTAV STUEBEN, Asst. Cashier resolution or motion which would show that it was a full expression of the sense of the meeting. Too much emphasis cannot be laid upon this question of unanimous action at group meetings on all matters worthy of your attention. G roup 5 Holds a V ery Successful M eeting at Council Bluffs. Group 5 of the Iowa Bankers’ Association held an enthusiastic and profitable session at Council Bluffs on May 20th. The meeting was the largest attended ever held by the group, no less than seventy representatives of the leading banking interests of southwestern Iowa being in attendance. As many of the bankers desired to leave for home on the early afternoon trains, the program was carried out at one continuous session, lasting from 10 a. m. to 1 130, at which time the meeting closed and the bankers adjourned to the dining room, where a daintily appointed luncheon was served, the same being tendered by the Council Bluffs Bankers complimentary to the visitors. The election of officers for the ensuing year and the adoption by unanimous vote of a resolution endorsing James Hunter, of Minden, for treasurer of the Iowa Bankers’ Association, the annual meeting of which is to be held in Sioux City, June n th and 12th, constituted the entire business transacted by the meeting. These officers were elected: Chairman, James Hunter, Minden; secretary, G. W. Cole, Woodbine; executive committee, Charles Wood, Logan ; E. E. Hart, August Beresheim, C. E. Price, Council B lu ffs; L. E. Potter, Harlan. In his address of welcome W. S. Baird, vice-president of the State Savings Bank, referred to the high tribute paid the bankers of the country during the financial stringency last fall, when, he declared, the people showed the strongest confidence in the thorough integrity of the men at the head of the banks. Mr. Baird declared that money was a measure of life energy and that the banks being in charge of money were “ the greatest preservers and conservators of human energy ever conceived by the mind of man.” George Walters, of Harlan, responded briefly to the address of welcome, expressing pleasure at the hearty welcome accorded the bankers by the citizens of Council Bluffs, in which city he said he was always perfectly at home and he was sure the other members of the asso ciation felt the same. THE 34 NORTHW ESTERN BANKER ¡June, 1908 D avenport Savings Bank D A V E N P O R T , IOWA Officers W IL L IA M O. SC H M ID T , President L O U IS H A L L E R , V ice P resid en t H E N R Y C. S T R U C K , C ashier O T T O L. L A D E N B E R G E R , T elle r Capital Undivided Profits Deposits :: A. Burdick Louis H aller A. Steffen :: W . O. Schm idt DIRECTORS T h eo . K arbbenhoeft “ The Late Unpleasantness and Chicago Banks and Bankers” was the subject of an address by Henry Meyer, cashier of the Harrison National Bank of Chicago. The late financial flurry was referred to by Mr. Meyer as “ one of the most remarkable affairs in the financial his tory of this country or any other.” He traced conditions prevailing immediately before the flurry and told of the plans adopted by the banks of Chicago for meeting the financial stringency. The speaker emphasized the im portance and value of organization in meeting conditions such as prevailed. Ackley Hubbard, vice-president of the First National Bank of Sioux City, spoke at some length on “ Fnancial Legislation Now Pending,” but did not express himself as in favor of any of the plans under consideration. He advised against hasty legislation and advocated a cur rency that would be safe and relatively non-fluctuating as the thing most to be desired. The program was brought to a close with a short talk by J. M. Kelley, of Macedonia, on the cause of panics, which he said was lack of confidence on the part of the people, who consequently withdrew their money from the banks. Mr. Kelley apposed asset currency on the grounds that such a system would merely aggravate existing diffi culties. The proposed governmental guaranty of bank deposits was the principal subject discussed informally at the meeting. Mr. Heinsheimer, who for many years has been a vigorous advocate of the proposed system, open ing the discussion by request. The discussion was most general and all of the speakers practically endorsed the plan as a good one, providing it could be carried out in a safe and practical manner. Mr. Heinsheimer emphasizes the argument that gov ernmental guaranty would inspire confidence in every depositor and would prevent panics that arise through lack of confidence. He declared his belief that private deposits were entitled to the same privilege as the de posits of public funds, which are guaranteed. Attention was called to the adoption of the plan in Oklahoma, but the speakers agreed that it had not been in operation there sufficiently long for judgment to be passed upon its probable success. One of the speakers advanced the opinion that if the guarantee was to be made, all banking institutions, including national, state and private,' should have their deposits guaranteed after thorough examination by the proper officials. It was also suggested that the guaranty plan would do much to forestall postal savings banks. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis $ 300,000.00 - 270,009.99 3,843,385.30 :: 4 P er C ent Interest Paid o n D e posits: M on ey L oaned o n R eal E state Secu rity in th e State o f Iow a. :: J. F. D o w H K ohrs W . H. W ilson H. C. Struck Those present w ere: James Hunter, Minden; L. F. Potter, H arlan; J. M. Kelly, Woodbine; Otto Ronna, Walnut; August Beresheim, Council Bluffs; Fred J. Bole, Hancock; E. Cotter, Neola; George Walters, Har lan; James Schaff, Underwood; W. M. Lamb, Glenwood; E. H. Mitchell, Shenandoah; M. T. McEvov, Mondamin; H. M. Silby, Modale; Frank DeKlotz, Kirkman ; G. H. Rink, Sheel; R. G. Pemiston, Defiance; Roy Maxfield, McClelland; C. L. Voss, Denison; Emerson DePuy, Des Moines; A. D. French, Glenwood; O. E. Shay, Glenwood; A. U. Jordan, Dunlap; F. L. Van Dyke, Marshall; Carl F. Kuehnie, Denison; C. E. Price, Council B lu ffs; A. F. Gruenwaldt, Manning; H. H. Harris, Northboro; R. S. McDonough, Hastings; E. J. Patterson, Dunlap; George W. Coe, Woodbine; D. L. Heinsheimer, Glenwood; R. M. Shipman, Emerson; L. W. Niles, Atlantic; Edwan Delahoyde, E x ir a ; Grant McPherrin, Clearfield; Charles F. Nitt, Mineola; N. Mayer, Chicago; C. A. Darr, Des Moines; Louis Visko, Cedar Rapids; H. L. Tinley, Council B lu ffs; F. Mere dith, Blanchard; J. D. Loudon, College Springs; M. B. Nelson, E x ira; F. M. Schneider, Shenandoah; C. N. Ward, L ogan ; Ira McCormick, T abor; Claude F. Ander son, Pacific Junction; R. E. McDonald, Pacific Junction; John F. Lake, Shenandoah; C. PI. Harris, Bartlett; C. L. Breckenridge, M anilla; J. T. Brooks, Hedrick; G. F. Mitchell, Coin; W. H. Johnson, L ogan ; H. M. Cormary, Woodbine; T. Rhone Wilson, Moorhead; C. D. L an g felder, Beattey; C. L. Hall, Tabor; C. L. Isbell, Logan; I. Allison, Omaha; T. G. Turner, Council B lu ffs; C. R. Hannan, Jr., Council Bluffs; Ackley Hubbard, Sioux City. The Council Bluffs Bankers did everything in their power to make visitors welcome, and proved themselves royal hosts. Messrs. Hart and Spindler, of the First National, Mr. Price, of the Commercial National',-and Mr. Beresheim, of the Council Bluffs Savings Bank, were constantly on the alert in the interests of their guests, and every visitor carried away with him most delightful memories of his visit to the meeting of Group Five. Joseph Chapman, Jr., in Demand. The demand is so great on Mr. Chapman’s time for American Bankers’ Association work that he has been compelled to cancel some convention dates where he was scheduled to speak. Mr. Chapman is a ready and inter esting speaker, always has something to say, and is in variably listened to with much interest. THE June, 1908 NORTHW ESTERN Program of the Iow a B ankers’ C onvention to be held at Sioux C ity, June 11-12 The following program has been prepared and will be presented at the state convention on the dates above mentioned. The secretary and the officials connected with him have given a good deal of thought and time to the preparation of this program, and T is filled with rich things for every banker in the state, and it is hoped that a very large number will be present to enjoy it. The general invitation as issued by Secretary Dinwiddle reads: “ Every financial institution in Iowa, whether a member or not, is invited to send a representative. The attendance of out of state bankers is desired, and officers of other bankers’ associations are especially invited to attend this meeting.” The reception committee at Sioux City is comprised of the following well-known bankers: John McHugh, Chairman; Ackley Hubbard, F. L. Eaton, L. S. Critchell, E. B. Spaulding, Chas. E. Hofland, C. L. Wright, F. A. Black, T. A. Thompson, Geo. Sinclair, J. Fred Toy, H. A. Gooch, W. P. Dickey, Geo. P. Day, J. H. Magoon, Jr., C. N. Lukes, L. H. Henry. Mr. H. A. Gooch is chairman of the hotel committee, and applications for reservations at the hotels should be addressed to him. The following is the program in detail: BANKER 35 General Discussion. Address, “ The Country Banker”— E. R. Gurney, Vice-President First National Bank, Fremont, Neb. Address, “ Work of the American Bankers’ Association” — L. E. Pierson, President Irving National Exchange Bank, New York City, N. Y . Election of Officers. Unfinished Business. Adjourn. Mr. H. B. H aw ley, Des Moines It is a pleasure to The N orthwestern Banker to present Mr. H aw ley to its readers in this issue, and the editor of the paper hoes this sim ply as a personal tribute to a man whom he has known for more than tw enty years. Mr. Hayley is president of the Great W estern A ccident A ssociation, a company which hr s been built up to its present im m ense proportions largely through his efforts and ability. He is a director of the German Savings Bank as w ell as a number of other banks outside of Des Moines, a prominent member of the B ankers’ Club in this city, a man of unimpeachable T hursday, June 11, 1908 P R O M P T L Y A T IO A. M . Invocation— Very Reverend Ralph P. Smith, Rector St. Thomas Episcopal Church, Sioux City. Address of Welcome— Hon. W. G. Sears, Mayor of Sioux City. President's Address and Response— H. M. Carpenter, Monticello. Treasurer’s Report— E. J. Curtin, Decorah. Secretary’s Report— J. M. Dinwiddle, Cedar Rapids. Reports— Protective Committee, Insurance, Sundblad, Time Lock Expert. Resolutions. Appointment of Committees. 1 :3 0 P. M . SH A R P. Reports from Groups. Legal Questions—Any Delegate. Answers— Hon. A. D. Bailie, Storm Lake, District Judge 14th Judicial District of Iowa. (This may be made immensely interesting. Pre pare your questions in advance, if possible.) Report and paper upon “ Selection of a Logical Receiver to Close up Insolvent Bank Business” — L. J. Yaggy, Manager Davenport Clearing House. . Discussion, “ Insuring Bank Deposits”— A. J. Frame, President Waukesha National Bank, Waukesha, Wis. D. L. Heinsheimer, President Mills County National Bank, Glenwood, Iowa. General Discussion. Friday, June 12, 1908 9 :3 0 a . m . Reports of Committees. Discussion of Resolutions. Paper, “ The Torrens System of Land Titles”- F. Y . Locke, President Security Trust Company, St. Paul, Minn. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis character morally and financially, and the su ccess which has come to him along business lin es and the reputation which he sustains among his business associates, has all been earned through years of the m ost upright, conscientious and honorable dealing. Mr. H aw ley’s standing in the city of Des Moines is evidenced by the position which he occupies, as noted above, and we are very glad to pay this tribute in this manner to a man w e have known so long and so favorably, and w hose success is due purely and sim ply to merit, and w hose fine qualities of manhood provide the foundation for that greatest of all a ssets which a man can possess, namely, character. In order to accommodate its constantly increasing busi ness, the Live Stock National Bank of South Omaha has recently taken out $50,000 in additional circulation. 36 THE NORTHW ESTERN BANKER June, 1908 P rosperity A bounds in Omaha Banks. Last call finds Omaha banks with a reserve in excess of 41 per cent and total resources of $56,000,000. In the last three months they have made a gain of $1,600,000 in deposits, $7,000,000 in loans and $1,400,000 in resources. Surely a magnificent showing and one which may well cause the heart of every banker in Omaha to swell with joy. The following table shows the deposits of the nine banks at call of May 14, 1908: Omaha .................... $10,884,022 f Tirs£ .................................................................,••• 11,174,659 u - 8 ......................................................................... 9,191,088 Merchants ............................................. 5,748,041 Nebraska ............................................................... 1,643,528 South O m a h a...................................................... 3,180,816 Union Stock Y ard s.............................................. 3,299,000 Packers .................................................................. 2,087,967 Live S to c k ............................................................. 417,852 T o t a l........................................ ............... $47,626,983 The combined condition is shown by the following: D eposits................................................ ................$4 7,627,262 Loans and Discounts ....................... ............... 29,668,228 Cash and Due from Banks............... ............... 19,916,197 Surplus and Undivided Profits........ ............... 2,718,872 Total Resources ................................. ............... 56,435,262 .t C Percentage of R e s e r v e ....................... Des Moines Visitors. Mr. John Fletcher, assistant cashier of the Drovers Deposit National Bank of Chicago, and Mr. Martin Newcomer, of the Cedar Rapids National Bank, were visitors in Des Moines on the 12th, in attendance upon the meeting of Group Six, and were callers at the offices of The Northwestern Banker. Both Mr. Fletcher and Mr. Newcomer make is a point to visit when possible most of Jhe group meetings throughout the state. They are genial gentlemen and both business getters for the banks which they represent. Mr. McLane in Des Moines. A. Burdick, P res. Joe R. L an e, V ice Pres. J ohn P . Van P a tte n , V ice P r Lew J. Y aggy, C ashier W ill J. H ousm an, Ass’t C ashier F I R S T N A T IO N A L B A N K OF D A V E N P O R T , IOW A. C a p it a l $ 2 0 0 , 0 0 0 . S u r p lu s a n d U n d iv id e d P r o f it s $ 1 7 0 , 0 0 0 Send 11s your D avenport business. T h e first N a tio n al B ank i t operation in the U n ited States. Mr. W. F. McLane, assistant cashier of the National Bank of Commerce, Minneapolis, was a caller at the office of the Northwestern Banker recently. Mr. McLane was formerly an Iowa man, and found pelasure in renew ing acquaintance with the bankers of the city and state. It is remarkable how many of the bankers in the large cities of the West came from Iowa, thus giving added strength to the familiar saying that in everything that is best, Iowa has the most, or words to that effect. T he State Bank of Chicago. Public Auditor :: Accountant C. A . M A ST REFERENCE: BANKS IN DAVENPORT « USYGnpOn) lOWéL Increase your “ par” points all you can, and then get busy with your premium points. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis The dividend rate of the state bank of Chicago has just been raised from 10 to 12 per cent, and quite nat urally all the stockholders are wearing “ the smile that won’t come off.” The stock now has a book value of $216 and deposits are crowding close to the $18,000,000 mark. This is a splendid showing and the Northwestern Banker congratulates the officers of this prosperous in stitution on the strides being made which have placed them in such an enviable position among Chicago banks. Don’t growl. play the game. Take the cards fate has dealt you and June, 1908 THE NORTHW ESTERN BANKER 37 A Just T ribute The Cedar Rapids Republican, in a recent editorial, pays the following tribute to Mr. J. E. Hamilton, the new vice-president of the consolidated Merchants Na tional B a n k : “ It must be conceded by all that James E. Hamilton “ made good” in connection with the Merchants Na tional Bank which has now been consolidated with the Citizens. It is only a few years ago that Mr. Hamilton, with little previous experience in banking, took hold of the Merchants. He doubled and trebled and quad rupled the deposits until they moved up into the region of many times a million point. The bank developed a great earning capacity because it did a large business. With the consolidated bank he becomes vice-president, and will be one of the active managers of its affairs. Mr. Hamilton is one of the young men who have made good and one is always glad to hear of such men and always glad to commend them.” G roup 3 at Osage Group 3 held a good meeting at Osage on May 20th. Attendance was large, and bankers all enthusiastic. All banks closed at noon and meetings were held at court house. Chairman Hanson called meeting to order, and after disposing of regular business, Mr. A r thur Reynolds, of the Des Moines National Bank, made an address on “ Currency Reform .” A general and in teresting discussion was indulged in regarding “ Guar anteed Deposits and “ Panics.” President Carpenter, of the State Association, was present and made an address. In the evening the annual banquet was tendered the visitors at the Cleveland hotel. On the whole the meet ing was one of much pleasure and profit. A C orrection Last month in referring to the splendid showing made by the City National Bank of Clinton, we made an error in the statement with reference to their deposits, making them nearly $400,000 less than they should have been. Their statement of February 14th shows deposits of $ i , 755,384 instead of $1,375,385 as stated in our columns. We regret that such an error should have occurred and are glad of this opportunity to correct it. The City National does not take any back steps on deposits. It simply keeps going ahead all the while and will no doubt reach the two million mark before many moons shall have waned. Change of Date, N orth D akota Bankers A ssociation The following notice has been mailed by the secretary: To Members North Dakota Bankers’ Association•*' It has been found necessary to change the date of the coming Annual Convention at Bismarck from July 16th and 17th to July 1st and 2d. This change is made on account of the meeting of the Imperial Council of Shriners at St. Paul which is from July 12th to 18th. The officers of the Association would like suggestions and topics for discussion from members in order that this meeting may be made interesting and useful. It is proposed to devote considerable time this year to discus sion of matters of practical benefit to the bankers of the state. Yours truly, W. C. M c F a d d e n , Secretary. Fargo, N. D., April 29, 1908. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis THE D E T R O IT COHN W RAPPER M illions are used an n u ally by Banks. T rust C om panies, R ailroads, Etc. lis t and descriptive circular free. We D E TR O IT C O IN W R A P P E R CO. 1 8 Jah n R S t. D etroit, Mich_ Chas. Hathaway & Company C O M M E R C IA L P A P E R Correspondence Inviled. 205 LA SALLE ST., CHICAGO 38 ______ THE N O R T H W E S T E RN B A N K E R________________ June, 1908 Satisfactory Statements of Surpassing Strength. As Per Call of May 14th, 1908 E D IT O R ’S N O T E —All a d v e rtis e rs u s in g d is p la y sp ace in th e N o rth w e ste rn B a n k e r a re e n title d to h a v e th e ir s ta te m e n ts p u b lis h e d in th is d e p a r tm e n t a s o fte n a s issu e d . T h is s erv ice is s ec u re d to th e m sim p ly by m a ilin g a co p y to th is office. W e p u b lis h b elo w a ll th e s ta te m e n ts re c eiv ed u p to th e tim e o f g o in g to p re ss. C O M M E R C IA L N A T I O N A L B A N K , CHICA GO . Re sources —Loans, $28,578,623.82; overdrafts, $541.95; real estate, $28,566.10; U. S. bonds at par, $1,675,000.00; other bonds, $4,138,282.79; bank building-, $1,441,100.00; cash and due from other banks and bankers, $14,359,527.34. Total, $50,221,642.00. L i a b i l i t i e s — Capital stock paid in, $3,000,000.00; surplus fund, $3,000,000.00; undivided profits, $1,344,676.15; national bank notes outstanding, $1,575,000.00; bond account, $75,000.00; d e posits, $41,226,965.85. Total, $50,221,642.00. D R O V E R S D E P O S IT N A T I O N A L B A N K , CHICA GO . Resourc es —Loans and discounts, $3,715,001.67; overdrafts, L i a b i l i t i e s — Capital, $2,000,000.00; surplus and net profits, $3,716,493.07; circulation, $1,531,797.50; deposits, $32,885,823.73. Total, $40,134,114.30. M ER C H AN TS N A T IO N A L BANK, P H IL A D E L P H IA . Resources —Investm ents, $10,076,553.96; due from banks, $1,567,743.93; exchanges for clearing house, $356,891.06; cash and reserve, $2,371,546.68. Total, $14,372,835.63. L i a b i l i t i e s — Capital, $1,000,000.00; surplus and undivided profits, $864,156.20; circulation, $419,000.00; deposits, $12,089,679.43. Total, $14,372,835.63. FARMERS AND M E C H A N IC S N A T IO N A L D E LP H IA . BANK, P H IL A $19,815.46; U nited States and other bonds, $726,400.00; prem iums on bonds, $20,800.00; cash and due from banks, $3,261,170.17. Total, $7,743,187.30. L i a b i l i t i e s — Capital stock paid in, $600,000.00; surplus and profits, $381,533.57; national bank notes outstanding, $345,550.00; reserved for taxes, $5,536.57; deposits, $6,410,567.16. Total, $7,743,187.30. Resources — Loans, $10,527,306.04; U nited States bonds, $2,014,983.39; due from banks, $2,002,574.82; cash and reserve, $4,445,931.27. Total, $18,990,795.52. L i a b i l i t i e s — Capital, $2,000,000.00; surplus and net profits, $1,323,689.43; circulation, $1,959,900.00; deposits, $13,707,206.09. Total, $18,990,795.52. L IV E S T O C K E X C H A N G E N A T I O N A L B A N K , CHICA GO . Re sources — Loans and discounts, $6,038,310.19; overdrafts, S C O T T C O U N T Y S A V IN G S B A N K , D A V E N P O R T , IO W A. Resources — Loans and discounts, $4,065,789.11; cash item s, $1,992.89; United States bonds, $100,000.00; other bonds, $202,300 00; cash and due from banks, $3,772,993.89. Total, $10,115.596.97. L i a b i l i t i e s — Capital stock, $1,250,000.00; surplus, $250,000.00; undivided profits, $103,000.72; circulation, $100,000.00; divi dends unpaid, $25.00; deposits, $8,412,571.25. Total, $10,115,596.97. C O N T I N E N T A L N A T I O N A L B A N K , C H IC A G O . Reso urces —Loans, bonds, securities, etc., $45,277,710.98; U. S. bonds to secure circulation, $3,625,000.00; other bonds to secure U. S. deposits, $528,592.00; premium on U. S. bonds, $204,687.50; overdrafts, $281.30; cash and due from banks and U. S. treasurer, $31,703,386.76. Total, $81,339,658.54. L i a b i l i t i e s — Capital stock, $4,000,000.00; surplus, $2,000,000.00; undivided profits, $1,472,644.48; circulation, $3,610,397.50; deposits, $70,256,616.56. Total, $81,339,658.54. F IR S T N A T IO N A L BANK, CH IC A GO . A s s e ts —Loans and discounts, $64,292,539.72; United States bonds (par value), $2,082,000.00; bonds to secure U. S. deposits other than U. S. bonds, $1,266,000.00; other bonds and secur ities (m arket valu e), $7,319,416.20; National Safe D eposit Co. stock (bank building), $1,250,100.00; cash resources, $41,795,970.99. Total, $117,966,026.91. L i a b i l i t i e s — Capital, surplus and profits, $15,795,051.47; dis count collected but not earned, $572,302.48; U nited States and other bonds, $1,144,000.00; circulating notes, $81,997.50; divi dends declared but unpaid, $3,149.00; reserved for taxes, $64,000.00; deposits, $100,305,526.46. Total, $117,966,026.91. B A N K E R S N A T I O N A L B A N K , CHICA GO . Reso urces —Loans and discounts, $13,124,973.53; U. S. bonds, $150,000.00; other bonds and securities, $1,794,432.21; real estate, $30,783.52; furniture and fixtures, $100.00; cash and sight exchange, $S,765,365.40. Total, $23,865,654.66. L i a b i l i t i e s — Capital stock paid in, $2,000,000.00; surplus and profits (n et), $1,362,607.73; circulating notes, $150,000.00; re served for taxes, $4,000.00; dividends unpaid, $885.50; special deposits (U. S. bonds), $100,000.00; deposits, $20,248,161.43. Total, $23,865,654.66. B A N K OF N O R T H A M E R I C A , P H I L A D E L P H I A . Re sources —Loans and discounts, $11,499,565.94; due from banks and bankers, $1,589,150.87; clearing house exchanges, $362,430.53; cash and reserve, $2,982,141.21. Total, $16,433,288.55. L i a b i l i t i e s ’—Capital, $1,000,000.00; surplus and undivided profits, $2,461,984.27; circulation, $792,200.00; deposits, $12,179,104.28. Total, $16,433,288.55. G IR A R D N A T IO N A L B A N K , P H IL A D E L P H IA . Resourc es —Loans and investm ents, $26,327,141.14; due from banks, $4,801,980 87; exchange for clearing house, $1,296,793.71; cash and reserve, $7,708,198.58. Total, $40,134,114.30. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis $47,883.48; due from banks and bankers, $408,534.92; over drafts, $603.74. Total, $4,522,802.25. L i a b i l i t i e s — Capital stock, $250,000.00; deposits, $4,021,053.12; dividends unpaid, $306.00; surplus and undivided profits, $251,443.13; total, $4,522,802.25. C E D A R R A P ID S N A T IO N A L B A N K . Re so urces —-Loans and discounts, $1,804,801.86; overdrafts, $359.16; United States bonds, at par, $125,000.00; other bonds, $398,462.87; real estate, $193,578.48; cash, due from banks and U. S. treasurer, $866,413.71. Total, $3,388,616.08. L i a b i l i t i e s —-Capital, $100,000; surplus and undivided profits, net, $160,413.86; reserved for taxes, unearned Dis. and Int. on C. D.’s, $18,000.00; circulating notes, $96,800.00; depos its, $3,013,402.22. Total, $3,388,616.08. N A T I O N A L B A N K OF C O M M E R C E , ST. L O U I S . Re so urces — Cash item s, $19,473,066.53; U nited States bonds at par, $9,849,500.00; bonds, stocks, etc., $4,897,002.98; loans and discounts, $43,488,854.89; banking house, $1,000,000.00. Total, $78,708,424.40. L i a b i l i t i e s — Capital, $100,000.00; surplus and undivided $S,612,269.35; circulation, $9,021,500.00; pension fund, $99,804; reserved for taxes, $75,000.00; bond accounts, $870,100.00; de posits, $50,029,751.05. Total, $78,708,424.40. DE S M O I N E S N A T I O N A L B A N K , DE S M O IN E S . Resources —Loans and discounts, $2,553,902.98; overdrafts, $2,398.42; bonds, securities, etc., $542,520.84; banking house, furniture and fixtures, $90,000.00; cash item s, $1,323,254.83. Total, $4,512,077.07. L i a b i l i t i e s — Capital stock, $300,000.00; surplus and profits, $109,890.30; national bank notes outstanding, $274,900.00; de posits, $3,827,286.77. Total, $4,512,077.07. C E N T U R Y S A V I N G S B A N K , DE S M O IN E S . Resources — Loans and discounts, $533,952.34; cash item s $129,502.13; overdrafts, $4,248.91; real and personal proper:,' owned by the bank, $7,072.80. Total, $674,776.18. L i a b i l i t i e s — Capital stock, $100,000.00; deposits, $550,696.98: due clearing house, $3,580.37; other profits on hand, $20,498.83. Total, $674,776.18. C I T I Z E N S N A T I O N A L B A N K , D E S M O IN E S . Reso urces — Loans and discounts, $1,466,421.49; overdrafts, $9,185.08; bonds, securities, etc., $318,054.91; furniture and fix tures, $6,000.00; other real esta te owned, $18,214.84; cash item s, $691,107.77. Total, $2,508,984.09. L i a b i l i t i e s — Capital stock, $200,000.00; surplus and profits, $128,149.05; national bank notes outstanding, $121,350.00; div idends unpaid, $78.00; deposits, $2,059,407.04. Total, $2,508,984.09. P E O P L E S S A V I N G S B A N K , DE S M O IN E S , I O W A . Re so urces —Loans and discounts, $1,492,086.86; real estate, June, 1908 THE NORTHW ESTERN $3,544.51; furniture and fixtures, $7,500.00; overdrafts, $1,529.53; cash on hand and in banks, $437,621.18. Total, $1,942,282.08. L i a b i l i t i e s — Capital stock, $100,000.00; surplus, $75,000.00; other profits, $30,006.94; deposits, $1,737,275.14. Total, $1,942,282.08. V A L L E Y N A T IO N A L B A N K A N D V A L L E Y S A V IN G S B A N K , D E S M O IN E S . Reso urces — Loans and discounts, $2,274,594.71; overdrafts, $2,568.66; municipal and other bonds, $310,566.59; real estate, furniture and fixtures, $19,674.42; United States bonds, $305,020.00; cash and exchange, $856,683.90. Total, $3,769,108.28. Liabilities— Capital stock, $350,000.00; surplus, $80,000.00; undivided profits, $49,785.69; circulation, $300,000.00; deposits, $2,989,322.59. Total, $3,769,108.28. I O W A N A T I O N A L B A N K , D E S M O IN E S . Re sources —Loans and discounts, $5,345,776.12; overdrafts, $21,477.93; stocks and bonds, $1,924.00; U. S. bonds and prem iums, $508,000.00; furniture and fixtures, $19,000.00; cash and due from banks and U. S. treasurer, $1,966,470.09. Total, $7,862,648.14. L i a b i l i t i e s — Capital stock, $1,000,000.00; surplus, $20,000.00; profits, $73,151.21; circulation, $218,400.00; deposits, $6,551,096.93. Total, $7,862,648.14. G E R M A N S A V I N G S B A N K , D A V E N P O R T , IO W A . Re sources —Loans, bonds, etc., $9,493,024.55; cash and due from banks, $942,659.85; in transit with agents, $15,400.00; overdrafts, $16,323.22; real estate, $16,682.03. Total, $10,484,089.65. L i a b i l i t i e s — Capital stock, $600,000.00; surplus, $300,000.00; undivided profits, $424,329.42; deposits, $9,159,760.23. Total, $10,484,089.65. IO W A N A T I O N A L B A N K , D A V E N P O R T , IO W A . Reso urces —Loans and discounts, $1,136,367.42; U. S. bonds to secure circulation, $50,000.00; other stocks and bonds, $62,664.15; cash on hand, due from banks and U. S. treasurer, $329,300.64. Total, $1,578,332.21. L i a b i l i t i e s — Capital stock, paid in, $100,000.00; surplus (earned), $80,000.00; undivided profits, $8,520.52; national BANKER bank notes, outstanding, $50,000.00; Total, $1,578,332.21. 39 deposits, $1,339,811.69. S E C U R IT Y N A T I O N A L B A N K , S IO U X C IT Y , IO W A . Resources — Loans and discounts, $1,701,950.80; bonds and stocks (cash secu rities), $276,713.42; Security Bank Building, $150,000.00; overdrafts, $629.36; U. S. bonds, $260,000.00; due from banks and U. S. treasurer, $596,934.86; U. S. bonds, $50,000.00; cash, $315,541.79. Total, $3,351,770.23. L i a b i l i t i e s — Capital stock, $250,000.00; surplus and profits, $183,758.97; circulation, $250,000.00; deposits, $2,668,011.26. Total, $3,351,770.23. IO W A S T A T E N A T IO N A L B A N K , S IO U X C IT Y , IO W A. Resources —Loans and discounts, $1,437,141.97; overdrafts, $2,094.57; United States and other bonds and securities, $584,266.71; banking house and real estate, $90,406.00; cash and sight exchange, $743,017.58. Total, $2,856,926.83. L i a b i l i t i e s — Capital, $200,000.00; surplus and profits, $108,265.34; circulation, $185,000.00; deposits, $2,363,661.49. Total, $2,856,926.83. L IV E S T O C K N A T I O N A L B A N K , S IO U X C IT Y , IO W A. Resources — Loans and discounts, $925,833.37; U. S. bonds to secure circulation, $100,000.00; premium on U. S. bonds, $2,000.00; redemption fund with U. S. treasurer, $5,000.00; furniture and fixtures, $4,000.00; cash and sight exchange, $382,997.91. Total, $1,419,831.28. L i a b i l i t i e s — Capital stock, $100,000.00; surplus and undivided profits, $83,791.49; circulation, $100,000.00; deposits, $1,136,039.79. Total, $1,419,831.28. P E O P L E S T R U S T & S A V IN G S B A N K , C L IN T O N , IO W A. Resources — Loans and bonds, $3,598,337.51; cash and due from banks, $587,403.16; overdrafts, $1,778.94. Total, $4,187,519.61. L i a b i l i t i e s — Capital, $300,000.00; surplus, $210,000.00; undi vided profits (since January 1, less exp en ses), $68,191.42; re served for taxes, $8,844.46; deposits, $3,600,483.73. Total, $4,187,519.61. SECOND N A T IO N A L A N D D U B U Q U E S A V IN G S B A N K . C o m b in e d S t a t e m e n t — Cash, $470,394.77; investm ents, The Fidelity ù Casualty Company 97 to 103 Cedar Street, NEW YORK CITY Assets .......................................... • ...................................................................$ 7,537»429.9i Capital and Surplus ....................................................................................... 2,013,400.24 Losses paid to January 1, 1908...................................................................... 26,629,131.90 This Company grants insurance as follows: Bonds of Suretyship for persons in positions of trust, Fidelity Bonds, Burglary, Plate Glass, Steam Boiler, FlyW heel, Employers, Public, Teams, W orkm en’s Collective, Elevator and General Liabil ity, Personal Accident, Health, Physicians Liabilty and Bonded Attorneys’ List. OFFICERS: George F. Seward, President Frank E. Law, 2nd Asst. Sec. George W. Allen, 3rd Asst. Sec. Robert J. Hillas, V. Pres. & Sec. Henry Crossley, Asst. Sec. D IR E C T O R S : W illia m P. D ix o n , D ix o n & H o lm e s A lfred M. H o y t, B an k e r Geo. E. Id e , P res. H o m e I.ife In s. Co. W m . G. Dow, C o u n selo r-at-law W illia m J M ath e so n , M e rc h a n t H e n ry E. P ie rr e p o n t, R e tire d J o h n E- R ik e r, o f J. L. a n d D. S. R ik e r W. E m le n R oosevelt, B a n k e r A le x a n d e r E- O rr, R e tire d M e rc h a n t G eorge F. S e w a rd , https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis A u re liu s B. H ull, R e tire d M e rc h a n t J o h n G. M cC ullough, E rie R a ilro a d Co. A nto n A. R aven, A tla n tic M u tu a l In s .Co. D u m o n t C la rk , P res. A m e ric a n E x c h a n g e N a tio n a l B ank P re s id e n t THE 40 NORTHW ESTERN BANKER B la c k Iowa Life Insurance Co. P. O. Box 416 ------- ------:— Waterloo, - - CAPITAL, PAID UP SURPLUS - Bank - $100,000 25,000 WATERLOO, O F F IC E R S D IR EC T O R S C. W . M u llan , W . R. am eson, F . W . P o w ers, C. L. K in g sley , G. B. M cW illiam s, J . D. Easiton, Geo. S. Morn-in, F . F . M cE lhiinney, A. N. O denheim er, C. A. W ise. C O U N SE L Offices: C o u rtrig h t & A rb u c k le Third Floor of Syndicate Building $2,081,656.05; deposits, $1,693,909.02; capital, $558,141.80; com bined total, $2,552,050.82. F IR S T N A T IO N A L B A N K , D U B U Q U E , IO W A. Reso urces —Loans and discounts, $1,122,390.16; U. S. gov ernment bonds, $200,000.00; banking house, $34,000.00; fur niture and fixtures, $5,000.00; due from other banks, $273,772.97; cash on hand and U. S. treasurer, $163,825.60. Total, $1,798,988.73. L i a b i l i t i e s — Capital stock, $200,000.00; surplus and undivided profits (n et), $109,277.69; circulation, $200,000.00; deposits, $1,289,711.04. Total, $1,798,988.73. H awk N atio n al Iowa F. F. M cE lh in n e y , P re s id e n t; C . W . M u llan , V ic e -P re s id e n t; F. A . F e rg u s o n , S e c y , a n d G e n . M gr.; E. D . C lith e ro , S u p e rin te n d e n t A g e n ts; F. W . P o w e rs , M. M ., M ed ical D ire c to r. M u llan & P ic k e tt June, 1 90S IOWA Capital and Surplus $ 200,000.00 CHlCr BLACK HAWK. United States Depository OFFICERS F. F. M cElhinney, Pres. Richard Holmes, Vice-Pres. F. W. Powers, Vice-Pres. Charles W. Knoop, Cashier L. D. Bedford, Asst. Cashier Lila Marcham, Teller Write us for our liberal terms for new accounts. We can handle your account at a PROFIT TO YOU. 3 per cent. Interest paid an Bank Balances. and other bonds, $1,406,000.00; premium, $45,600.00; stocks and securities, $693,993.45; real estate and fixtures, $183,000.00; due from banks, $1,372,409.12; cash, $6,614,246.80. Total, $26,789,601.81. L i a b i l i t i e s — Capital, $2,000,000.00; surplus, $1,000,000.00; un divided profits, $289,956.09; dividends unpaid, $507.00; circula tion, $897,000.00; bond account, $235,000.00; deposits, $22,367,138.72. Total, $26,789,601.81. SEABOARD N A T IO N A L BAN K, NEW YORK. Resources— Loans and discounts, $17,860,726.39; United other bonds, $30,000.00; banking house, furniture and fixtures, $30,000.00; cash and due from banks and U. S. treasurer, $274,117.28. Total, $959,297.79. L i a b i l i t i e s — Capital stock, $100,000.00; surplus and undi vided profits (n et), $55,014.41; circulation, $25,000.00; depos its, $779,283.38.. Total, $959,297.79. . „ States bonds (at par), $683,750.00; bonds to secure U. S. de posits, $353,744.81; stocks and bonds, $852,828.67; bonds loaned, $38,041.00;' due from banks, $1,473,013.13; cash, ex changes and due from U. S. treasurer, $11,715,224.25. Total, $32,977,328.25. L i a b i l i t i e s — Capital stock, $1,000,000.00; surplus and profits (earned), $1,638,399.11; circulation, $496,800.00; reserved for taxes, etc., $12,800.00; bonds borrowed, $164,000.00; deposits, $29,665,329.14. Total, $32,977,328.25. F IR S T N A T IO N A L B A N K , M IN N E A P O L IS . Reso urces — Loans and discounts, $11,898,892.74; railroad H A N O V E R N A T IO N A L B A N K , N E W Y O R K C ITY . Resources —Loans and discounts, $53,829,947.05; overdrafts, M E R C H A N T S N A T I O N A L B A N K , S IO U X C IT Y , IO W A. Reso urces —Loans and discounts, $625,180.51; U. S. and and other bonds, $917,000.00; United States, bonds, at par, $1,360,000.00; bank building, $300,000.00; cash on hand and due from banks, $5,342,137.92. Total, $19,818,030.66. L i a b i l i t i e s — Capital stock, $2,000,000.00; surplus and undi vided profits, $2,021,125.66; circulation, $1,376,350.00; deposits, $13,658,555.00; bond account, $762,000.00. Total, $19,818,030.66. T H E N A T I O N A L B A N K OF C O M M E R C E , M I N N E A P O L I S . Reso urces —Loans and discounts, $5,116,921.55; United States bonds, $600,000.00; U. S. bonds to secure U. S. deposits, $100,000.00; stocks and bonds, $111,000.00; bank and office building, $275,000.00; cash item s, $2,657,280.83. Total, $8,860,202.38. L i a b i l i t i e s — Capital stock, $1,000,000.00; surplus, $500,000.00, undivided profits, $72,564.37; reserved for unearned interest, $50,000.00; dividends unpaid, $451.00; circulation, $600,000.00; deposits, $6,637,187.01. Total, $8,860,202.38. S E C U R IT Y N A T IO N A L B A N K , M IN N E A P O L IS . Re sources— Loans and discounts, $9,445,990.07; overdrafts, $2,257.03; bonds, stocks and securities, $681,619.34; due from U. S. treasurer, $30,153.50; cash on hand and due from banks, $5,153,870.93. Total, $15,313,890.87. L i a b i l i t i e s — Capital paid in, $1,000,000.00; surplus and un divided profits, $1,171,825.87; reserved for unearned discount, $50,000.00; circulation, $345,400.00; deposits, $12,646,665.00; bond account, $100,000.00. Total, $15,313,890.87. M E R C H A N T S N A T I O N A L B A N K , ST. P A U L . Resources —Loans and discounts, $6,435,275.80; U. S. bonds at par, $800,000.00; bonds to secure U. S. deposits, $240,000.00; other stocks and bonds, $9,500.00; banking house, $190,000.00; cash and due from banks, $2,545,014.21. Total, $10,219,790.01. L i a b i l i t i e s — Capital stock, $1,000,000.00; surplus, $600,000.00; undivided profits, $93,642.47; circulation, $800,000.00;• deposits, $7,726,147.54. Total, $10,219,790.01. IR V IN G N A T IO N A L E X C H A N G E B A N K , N E W Y O R K . Reso urces —Loans and discounts, $16,474,352.44; U. S. bonds https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis $4,120.66; stocks, securities, bonds, etc., $9,175,555.81; bank ing bouse, $5,343,000.00; cash item s, $42,782,807.67. Total $111,135,431.19. L i a b i l i t i e s — Capital stock, $3,000,000.00; surplus fund, $8,500,000; undivided profits, $1,150,698.30- national bank notes outstanding, $1,289,980.00; dividends unpaid, $3,552.00; deposits, $94,788,700.89; bonds borrowed, $2,402,500.00. Total, $111,135,431.19. CHASE N A T IO N A L BANK, NEW YORK. Resources — U. S. bonds to secure circulation', $1,510,000.00; bonds to secure U. S. deposits, $2,857,685.61; bonds and stocks, $17,583,200.58; bills discounted, $13,006,544.14; tim e loans on collaterals, $20,461,582.85; cash item s, $55,186,452.37. Total, $110,605,465.55. L i a b i l i t i e s —Capital, surplus and profits, $10,019,484.12; cir culation, $1,510,000.00; deposits, $94^133,741.37; United States deposits,' $2,512,000.00; bond account, $2,430,240.06. Total, $110,605,465.55. F IR S T N A T IO N A L B A N K , O M A H A . Resources — Loans, $6,719,768.45; banking house, $125,000.00; U. S. bonds to secure circulation, $410,000.00; due from banks and U. S. treasurer, $2,417,864.85; U. S. bonds, $90,000.00; other bonds, $712,151.65; cash, $2,300,116.49. Total, $12,774,901.44. L i a b i l i t i e s — Capital, $500,000.00; surplus, $500,000.00; undi vided profits, $176,730.20; reserve for taxes, $13,511.80; circu lation, $410,000.00; deposits, $11,174,659.44. Total, $12,774,901.44. M E R C H A N TS N A T IO N A L BANK, OM AHA. Re so urces — Loans and discounts, $3,636,640.92; U. S. bonds for circulation, $250,000.00; banking house, $160,000.00; U. S. bonds, $230,000.00; other bonds, $93,140.00; due from banks, $1,516,959.98; cash at home, $938,650.88. Total, $6,825,391.78. L i a b i l i t i e s — Capital stock paid in, $500,000.00; surplus, $300,000.00; undivided profits, $27,486.60; national bank notes, $250,000.00; due depositors, $5,747,905.18. Total, $6,825,391.78. THE June, 1908 W e NORTHW ESTERN National Bank IN ST. LOUIS - D E P O S I T S , .................................................. 41 IO W A ‘ BA N KER S ASSOCIATION of COMMERCE CAPITAL, SURPLUS, PROFITS, BANKER $18,000,000 60.000,000 Two Per Cent Interest on Bankers’ Balances Three Per Cent Interest on Time Deposits U N IO N S TO C K Y A R D S N A T IO N A L B A N K , S O U T H O M A H A . Reso urces— Loans and discounts, $1,895,047.75; real estate, none; U. S. bonds to secure U. S. deposits, $90,000.00; U. s! bonds to secure circulation and premium, $165,000.00' re demption fund, $8,000.00; cash and sight exchange $1 704 262.97. Total, $3,862,310.72. L i a b i l i t i e s Capital stock, $200,000.00; surplus and undivided profits, $103,031.50; circulation, $160,000.00; deposits $3 299 279.22. Total, $3,862, 310.72. U N IT E D S T A TE S N A T IO N A L B A N K, O M AHA. Re sources— Loans, $6,324,795.25; U. S. bonds (par), $500 - 000.00; other bonds, $418,260.00; bank building, $200 000 00' cash and exchange, $3,283,245.20. Total, $10,726,300 45 L i a b i l i t i e s — Capital stock, $600,000.00; surplus and profits $535,211.67; circulation, $400,000.00; deposits, $9,191 088 78 Total, $10,726,300.45. O M A H A N A T IO N A L BAN K, OM AHA. Re sources— Loans and discounts, $6,417,392.22; overdrafts, $2,535.83; U. S. bonds for circulation, $725,000.00; stocks and bonds, $726,924.81; banking house and safety deposit vaults, $200,000.00; due from other banks, cash and bonds, $4 953 090.79. Total, $13,024,943.65. L i a b i l i t i e s — Capital, $1,000,000.00; surplus fund, $200,000.00' undivided profits, $240,921.59; circulation, $700,000.00' de posits, $10,884,022.06. Total, $13,024,943.65. PACKERS N A T IO N A L BANK, SOUTH OM AHA. Re sources — Loans and discounts, $1,588,240.73; U S bonds to secure circulation, $100,000.00; new bank building in proc ess of construction, $21,457.01; cash on hand and sight ex change, $791,326.44. Total, $2,501,024.18. L i a b i l i t i e s — Capital stock, $150,000.00; surplus, $100,000.00; undivided profits, $63,056.96; circulation, $100,000.00' deposits $2,087,967.22. Total, $2,501,024.18. CONVENTION AT SIOUX CITY, JUNE 11-12. OFFICERS FOR 1907-1908. PRESIDENT. H. M. Carpenter, Cashier M onticello State B a n k ... .M onticello VICE-PRESIDENT. J. H. Easton, President Iowa State B a n k ................... W aterloo TREASURER. E. J. Curtin, President Citizens Savings B an k ...........Decorah SECRETARY. J. M. Dinwiddie, Cashier Cedar Rapids Savings B a n k .,.. ............................. .......................................................... Cedar Rapids GROUP OFFICERS. Group 1— F. B. Parker, Chairman, A ssistan t Cashier Lyon County National Bank, Rock Rapids. L. F. Parker, Secretary, F irst N ational Bank, Cherokee. Group 2— C. T. Chubb, Chairman, A ssistan t Cashier Algona State Bank, Algona. Wm. E. Kyler, Secretary, Cashier German Bank, Luverne. Group 3—F. M. Hanson, Chairman, Cashier F irst National Bank, Garner. Karl J. Johnson, Secretary, Cashier Farmers Na tional Bank, Osage. Group 4— M. V. Henderson, Jr., Chairman, Cashier First State Bank, Hawkeye. D. B. Allen, Secretary, Cashier F irst State Bank, Arlington. Group 5—J. F. Lake, Chairman, Cashier Commercial Savings Bank, Shenandoah. Jas. Hunter, Secretary, Cashier German-American Bank, Minden. Group 6— S. M. Leach, Chairman, President Adel State Bank, Adel. John W. Foster, Secretary, President Citizens N a tional Bank, Guthrie Center. Group 7— P. A. Korab, Chairman, Cashier Iowa City State Bank, Iowa City. Chas. A. Blossom, Secretary, President Citizens National Bank, Belle Plaine. Group 8—A. C. Smith, Chairman, Cashier City National Bank, Clinton. George E. Bartholomew, Secretary, Vice-President F irst N ational Bank, Preston. Group 9—F. D. Ball, Chairman, Cashier Iowa State Savings Bank, Creston. Geo. N. Ayres, Secretary, Cashier W eldon Savings Bank, Weldon. Group 10—J. T. Brooks, Chairman, Cashier F irst National Bank, Hedrick. L. E. Stevens, Secretary, Cashier Ottumwa Na tional Bank, Ottumwa. Group 11—J. A. Dunlap, Chairman, Cashier Keokuk National Bank, Keokuk. Victor H. Shield, Secretary, Cashier F irst National Bank, New London. Honorary—John J. Large, Cashier F irst National Bank, Rock Valley. SOUTH O M AH A N A T IO N A L BANK. Re sources — Loans and discounts, $1,908,752.88; U S bonds to secure circulation, $250,000.00; bonds to secure U. S. de posit (par), $28,000.00; banking house, $10,000.00; bonds for investm ent, $39,640.00; cash and sight exchange, $1,823,402 85 Total, $4,059,795.73. L i a b i l i t i e s — Capital stock, $250,000.00; surplus, $250 000 00' undivided profits, $128,979.25; national bank notes outstand ing, $250,000.00; deposits, $3,180,816.48. Total, $4,059,795.73. Goddard at H ot Springs . President L. A. Goddard, of the Fort Dearborn Na tional, Chicago, addressed the Arkansas Bankers at their state convention at Hot Springs, which was held the 12th and 13th of May. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis COMING CONVENTIONS SOUTH DAKOTA BANKERS ASSOCIATION—Deadwood, July 8th and 9th. J. E. Platt, S ec’y, Clark. NORTH DAKOTA BANKERS ASSOCIATION— Bismarck, July 1st and 2d. W. C. McFadden, Sec’y. Fargo. IOWA BANKERS’ ASSOCIATION— Sioux City, June 11th to 12th. J. M. Dinwiddie, S ec’y, Cedar Rapids. MINNESOTA BANKERS ASSOCIATION— Duluth, July 23d and 24th. E. C. Brown, S ec’y, Minneapolis. COLORADO BANKERS ASSOCIATION— Colorado Springs, in July. A. A. Reed, S ec’y, Boulder. THE 42 NORTHW ESTERN BANKER June, 1908 IOWA NATIONAL BANK FLEMING BUILDING, DES MOINES, IOWA STATEMENT MAY 14, 1908 Unsurpassed Service Resources L o an s an d d is c o u n ts ........................................................ $5,345,776.12 21,477.93 1,924.00 Stocks an d b o n d s ................................................................ 508,000.00 U. S. bonds a n d p re m iu m s ............................................ 19,000.00 F u r n itu r e a n d f ix tu re s .................................................. C ash a n d due fro m b a n k s a n d U. S. tr e a s u r e r . . 1,966,470.09 $ 7,862,648.14 C a p ita l sto ck Liabilities ..................................................................... $ 1 , 0 0 0 ,0 00 .00 2 0 ,0 00 .00 73,151.21 218,400.00 6,551.096.93 Holding ourselves ready as we do, to meet every legitimate re quirement of our correspondents at all times, we solicit your busi ness confidently believing that we can give you a service unsur passed by any banking institution. tJW e have spared no pains in preparing our par list which we believe covers all points in the United States which can actually be reached at par. W rite us for a copy. $ 7,862,648.14 & HOMER A. MILLER, Pres. IOWA NEWS A new bank to be known as the Luana State Bank is being organized at Luana. The new institution expects to begin business about Septem ber 1st, and will be in charge of R. J. Stoehr as president, and J. W. M itchell, cashier. x * * A hoodoo seem s to pursue the State Savings Bank of Yetter. Three of its cashiers have died in three years, its president met with a serious accident, and it has been looted by burglars. Peo ple in that town are wondering what will happen to it next. * * x The follow ing changes have taken place in the F irst National Bank of P ie sc o tt. F. M. Widner, president, in place of J. C. Allen; B. Newcomb, vice-president, _ in place of Crist Johnson; W. G. Perkins, cashier, in place of W. A. Addison. * x * The F irst National Bank of Burlington has chosen the National City Bank of Chicago as a reserve agent. x * x The Commercial National Bank of Chi cago has been approyed as reserve agent for the F irst N ational Bank of Eldora. The Drovers D eposit N ational Bank of Chicago has been approved as a reserve agent for the F irst N ational Bank of E stherville. * * * The F irst N ational Bank of Chicago has been approved as a reserve agent for the Farmers National Bank of Kingsley. The F irst N ational Bank of W yoming has chosen as a reserve agent the Drov ers D eposit N ational Bank of Chicago. The V alley N ational Bank of Des i.ioines has been approved as reserve a sen t for the Farmers National Bank of Corning. * * * The First National Bank of Buchanan County, St. Joseph, Mo„ has been ap proved as a reserve agent for the First National Bank of Creston. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Officers SIMON CASADY, Vice Pres. AND 0 H. S. BUTLER, Vice Pres. NOTES H. T . BLACKBURN, Cashier. man Savings additional security. The Merchants National Bank of Cedar Rapids has been approved as a reserve agent for the F irst N ational Bank of Preston. * * * The Drovers D eposit National Bank has been approved as reserve agent for Mr. John Peterson, a popular banker cf the First N ational Bank of Gladbrook. Elk Horn is recoving from an operation Mr. F. C. R eeve, cashier of the Hop- performed recently. kinton State Bank, attended the recent * * * bankers’ convention at Dubuque. The officers of the new Farmers Sav $ $ ings Bank of Pekin are: C. A. Thomp The Bank of Dumont has been con son, president; G. W. Zepp, vice-presi verted into a state bank and will here dent, and W. F. McCreary, Cashier. The after be known as the State Bank of Du capital stock w ill be $11,000. mont. The officers in charge are E. C. * * * Slaid, president, and John Barlow, cash The N orthw estern National Bank of ier. x * * Sioux City has chosen the Merchants Mr. E. L. Stookey has resigned his po National Bank of Cedar Rapids as a re sition with the Iowa Trust & Savings serve agent. í H * Bank at Atlantic. x * x A contest is going on in the court at The State Savings Bank at Chariton Jewell for control of the F irst National has just installed the system of the Amer Bank of that city. The parties involved ican Bank Protection Company, of Minne are Gilbert Knudson, et al, vs. Mary S. apolis, and can now offer its patrons ab Hill, adm inistratrix of the Geo. Hill es solute protection against burglars. tate, H. C. Smith, and F irst National Robert J. Lowry, cashier of the Bank Bank of Jewell. The suit was brought to of Seymour, was drowned in a creek near compel the delivery to plaintiff of tw enty Seymour, May 3d. W hile out driving his shares of stock in the First National horses becam e frightened in a storm and Bank which it is alleged were sold to ran off the bridge, the buggy falling on plaintiff on contract and later sold and Lowry. He was drowned before he could delivered to H. C. Smith of the F irst be extricated. National Bank. The history of the case ❖ * ❖ involves one of the largest money deals The last statem ent of the Farmers of the season in Jewell. Savings Bank of W illiam sburg show s a ❖ ❖ ❖ wonderful increase in deposits, the same At a recent m eeting of the stockhold standing at $305,655. This item has more than doubled since Cashier C. J. Sim ers of the Iowa State Savings Bank of mons took charge of the bank, which Lyons, the follow ing officers were resneaks well for his m anagem ent and pop elected: C. H. Ingwersen, president; T. J. Hudson, vice-president; Gustav Gradularity. ert, cashier, and H. Toenningsen, a ssist * * ❖ Cashier F. W. Lindquist, of the First ant cashier. A 5 per cent dividend was National Bank of Gowrie, and Miss Jen declared and $2,500 added to the surplus nie R osene stole a march on their friends fund. * * x and were quietly married in Des Moines Mr. Thomas Bloxham has accepted a on May 5th. position w ith a bank in Brewster, Minn., X * * The German Savings Bank of Lake and left recently to take up his new Park recently installed a new Manganese duties. He had been connected with the steel safe, it is a fine piece of m echan First National Bank of Sheldon for some ism and assures the patrons of the Ger time. THE June, 1908 NORTHW ESTERN The Iowa Trust and Savings Bank of Des Moines has started a novel contest with Cashier Hauge in charge. An ordin ary fish bowl filled w ith pennies has been placed in the window and a large placard bears the question: “How many pennies does the fish globe contain?” Only de positors of the bank are eligible to the contest. * * * Group 1 of the Iowa B ankers’ Associa- ! tion enjoyed a very pleasant and profit able m eeting at LeMars, May 13th. Mr. Geo. E. Roberts, president of the Com m ercial National Bank of Chicago, gave an address on the “Central Bank of Is sue.” Most of the members of the Group were in attendance. O P RECEIVING'TELLER f\ V %'d=J 1 ? Í * / %i NK V- I / / l\ i r 17 / / WN ± * * * Mr. J. H. H ass, cashier of the Scott County Savings Bank of Davenport, at tended the m eeting of the American B ankers’ A ssociation in New Jersey last month. * * * 43 That tired face at the Window C A N you do good work when you are tired? Are you sure of its accuracy when your head is throbbing and the figures dance before your eyes? Is it good policy to employ t i r e d men—and how can you prevent that if your clerical force is compelled to do its work in a way that makes fatigue a certainty before the day is w ell begun. Banks in every part of the country are mak ing the B urroughs A dding an d Listing M achine * * * Mr. W. E. W issler, cashier of the Iowa Trust & Savings Bank of Atlantic, spent a few days in Joliet, 111., last month, where he assisted in the marriage of his friend, City Attorney Tom C. W hitmore, as best man. BANKER do the w ork previously “ done by h a n d ,” and find it saves them tim e and m oney a nd acts as a safeguard against annoying and dangerous erro rs. T he B urroughs is the only com plete device of its kind. I t adds, subtracts, m ultiplies and divides, lists and adds fractions, can be “ split” to separately a nd sim ultaneously take off “ Y esterday’s and T oday’s B alances,” and possesses m any other fe a tu re s w hich m ake its scope as broad as yo u r e n tire system and b rin g s it into use in every departm ent of your work. L et u s sen d you n ew w a y s of handling “Collection L ette rs”—ask for S ystem Form s 5 and 21. Y ou can do this w ithout cost and w ith no obligation to purchase. W rite u s for free tria l offer. T h e re a re over 65,000 B u rroughs in use today. Burroughs Adding Machine Company, Block 71 Detroit, Michigan, U. S. A. Mr. C. E. W alters, of Council Bluffs, has returned from trips through Kansas and Nebraska, w here he attended m eet ings of the state bankers associations. IN D E T R O I T —Life is W orth Living He reports good crop prospects in both states, and the bankers feeling good over don. Mr. Tyner has been assistan t cash B. A. W allace, who has been in charge the financial outlook. * * * ier of the Bank of Salem for a number since its organization as a state bank in 1902. The officers of the new Roland Savings of years. i * * Bank are N els E. Waugh, president; The Onawa State Bank has had its Jonas Christion, vice-president, and Claus It is reported that A. L. Freelove, of O. Donhowe, cashier. The capital stock Sioux Rapids, a former resident of Poca charter extended for tw enty years. * * * hontas, has accepted the presidency of will be $15,000. * * * Mr. J. O. Probert, cashier of the the Security Bank of Kennebec, South Forgeries to the amount of $90,000 have Dakota, and will soon move to that place. W adena Savings Bank, has returned from * * * a well earned vacation of ten days. Dur been unearthed in connection with the de funct Bank of Corwith, the work of J. H. Des Moines men have just started the ing his absence, the affairs of the bank Standring, defaulting and absconding new Gilcrest State Bank at Gilcrest, cashier. July 20th has been set as the Colo. Harry U. K easey, for years secre YOU C O N TEM PLA TE date of the hearing of the claim ants, who tary to the board of education and lately I F are largely bankers of northern Iowa, to superintendent of the Flem ing building, S E L L IN G Y O U R B A N K whom Standring sold forged paper, he has accepted the cashiership and has left often selling as high as six different for Gilcrest with his fam ily. The bank is Let us sell it for you. We have hundreds of incorporated for $20,000 and is the chief responsible and experienced bankers, and copies of the sam e note. # * * financial institution of the w estern town. our list is daily increasing, ready with the necessary capital, ready and anxious to buy. Group 3 of the Iowa Bankers A ssocia Mr. K easey is interested in the bank, tion held its annual m eeting at Osage on along with Attorney Howard J. Clark, J. All negotiations are conducted in a business-like and strictly confidential manner. May 20th. The principal address was K. and W. H. Gilcrest and a W interset Correspondence and personal interviews given by Arthur Reynolds, president of capitalist. * * * invited. Have you seen the Confidential the Des Moines National Bank on the Mr. John T. Etzel has been appointed Banker or felt the “ Live W ire” shock? subject of currency reform. The attend ance was very good, representatives from to succeed D. W. H um , who recently re C h a r le s E . W a lt e r s C o ., ninety-one banks, members of the Group, signed as president of the Cerro Gordo C O U N C IL BLU FFS, IO W A . Bank of Clear Lake. being present. * * * * * * The A ckley Savings Bank has incor The first annual statem ent of the Stockm ens Savings Bank of Long Grove porated with a capital of $10,000. John show s a remarkable growth since the or C. Lusch is president and S. Y. Eggert, ganization of the bank a year ago with cashier. * * * a capital of $30,000, the deposits now At a recent m eeting of the board of standing at $101,349.12. * * * directors of the Rockford State Bank, F. Claims involving over $250,000 have C. Johnson was elected president to suc been filed against the recently defunct ceed R. M. Potter, who has been obliged Bank of Corwith, making a total of near to locate in California on account of Mrs. ly 300 distinct claims. The claim s will P otter’s health; Burton Carrott was elect come up in the district court of Hancock ed vice-president in place of Mr. John county, Judge Smith having ordered two son. The capital stock was increased special sessions, one in June and one in from $25,000 to $30,000 and the surplus fund from $7,500 to $10,000, with undi A ugust, * * * vided profits account standing at $3,000. O. H. Tyner has been elected cashier This bank has experienced a substantial of the F irst National Bank of New Lon- growth under the m anagem ent of Cashier https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis W eil, Farrell & Co. E stablished 1894 B A N K E R S Specializing Commercial Paper 171 La Salle Street C H IC A G O 79 Milk Street B O ST O N Mutual Life Bldg. BUFFALO Offerings on Application THE 44 NORTHW ESTERN German Savings Bank D a venport, Io w a . Capital Surplus and Undivided Profits O ver Deposits - - BANKER June, 1908 Believing that our large Capital and Surplus oilers a strong reserve for $600,000 our depositors we invite the accounts 674,000 9,178,130 of Iowa Banks and Bankers. OFFICERS Liberal treatment and prompt service CHAS. N. VOSS. Pres. DAVID H. McKEE, Vice-Pres. AUG. A. BALLUFF, Second Vice-Pres JENS LORENZEN. Vice-Pres. ED. KAUFMANN, Cashier. F. C. KR0EGER, Ass't Cashier C om m ercial A c c o u n ts. F arm M o rtg a g e L o a n s. S a v in g s D eposits. The Union Savings Bank of U nion is were carefully looked after by Mr. G. E. Stebbins, assistan t cashier of the F irst erecting a new building. P resident A. P. Mason and Cashier W. H. Reynolds re National Bank of La Porte City. * * * cently paid a v isit to the new Citizens The German Savings Bank of New Savings Bank of Gilman for the purpose Liberty made a splendid show ing at the of inspecting the fixtures. They expect last call, their deposits standing at to furnish the Union Savings Bank with $140,103.84. On a capital stock of $10,000 the m ost modern fixtures throughout. * * * this is certainly doing pretty well. Geo. At the recent annual m eeting of the Lueders is cashier of this w ell managed Jackson State Savings Bank of Maquoinstitution. H » H * H * keta, all the old officers were re-eleetel. The Merchants National Bank of Cedar Tne stockholders .expressed them selves Rapids has been approved as reserve as w ell pleased with the fine showing agent for the F irst National Bank of made. * * * Seymour. * * * A new assistan t cashier recently ar The Farmers Savings Bank has been rived at the home of Banker Bode and incorporated at Pekin with a capital of wife, of Woden. # * * $11,000. C. A. Thompson is president and The follow ing bankers from A m es at W. F. McCreery, cashier. * * * tended the banquet of Group 6 at the A final dividend of 8 per cent was re Savery in D es M oines on May 12th: M. cently paid the depositors and creditors A. Manning, Parley Sheldon, Capt. Gree of the Dixon Savings Bank, making a ley, Capt. Knapp, F. B. Campbell, E. W. total of 50 per cent received since the Stanton and Truman Manning. * * * failure of the bank. ❖ H * * Mr. W. O. W right w ill be cashier of a Mr. Edgar John, cashier of the F irst new bank to be known as the Palo Sav National Bank of Nevada, attended the ings Bank at Palo. Capital, $15,000. * ** m eeting of Group 6 in Des M oines on May 12th. The Bank of Diagonal has been con * * * verted into the F irst National Bank of The F irst National Bank of Fort Dodge Diagonal. * ** is now settled in its handsom e new Mr. W. H. Trussell, of Moravia, has home. They held a public reception on their opening day and received many con sold his banking business to his partner, gratulations on the splendid bank and A ustin Jay. * ** office building they have erected. The The State Bank of W averly is erecting furnishings throughout the bank are new and up-to-date, and they are now equipped a fine new building. * ** to handle a large amount of business. * ❖ * Mr. Edw.Tilden, of Chicago, has Owasa is soon to have a new bank to bought from Jas. F. Toy a controllingbe known as the Farmers Savings Bank. in terest in the F irst N ational Bank of Farmers and business men of that vicin Sioux City, and will take p ossession in ity are interested in the venture, and July. * ** m ost of the capital stock of $10,000 has already been subscribed. The W yman Savings Bank of Wyman * * * has incorporated with a capital of $12,Mr. H. B. Craddick, cashier of the Peo 000. The directors are H. E. Davis, J. O. ples Savings Bank of Nevada, has re Metzger, A. E. Davis, S. O. Carson, and turned from a ten days’ trip through E. R. Davis. * ** W yoming, where he w ent to investigate an irrigated land proposition. The Bank of Linby has been organized C ollections with a capital stock of $10,000. L. A. Andrew, of Ottumwa, w ill be president and C. H. Linder, cashier. The Farmers N ational Bank of K ings ley, which has just been authorized, has com m enced work on a new building. Tneir capital stock is $25,000, and the officers in charge are Mason J. Foft, president, and R. B. Lyle, cashier. H » H * H * Mr. W illard John, of Nevada, has sev ered his banking connections in that city, and w ill locate in M uskogee, I. T., where he expects to go into the banking busi ness. * * * Mr. J. H. Lunemann, cashier of the First National Bank of LaPorte City, has tendered his resignation, to take place July 1st. He w ill be succeeded by Mr. C. B. Gingrich. * * * Cashier B. S. McCully, of the failed Princeton Savings Bank, w ill make a fight against the five indictm ents re turned against him. He pleaded not guilty when arraigned and furnished bonds of $2,000. * * * A rticles of incorporation have been filed for the W est Grove Savings Bank of W est Grove. The capital stock is $10,00 j and the officers are L. A. Andrew,« president; Milton R. Harris, vice-presi dent, and Carl Trout, cashier. H « H » H » A rticles of incorporation have been filed for the Alburnett Savings Bank of Alburnett. The capital stock w ill be $15,000, and the officers are E. M. Ban ning, president; Samuel Maier, vicepresident, and Homer Pitner, cashier. * * * Mr. W. O. Dunning has been elected as sistan t cashier of the Strawberry Point State Bank to succeed Mr. L. F. Carrier, who has resigned. 4» H * H * A new private bank has been organ ized at Bedford, com m encing business June 1st. Messrs. F. N. L ewis and Geo. H artley are the owners. ❖ ❖ ❖ It is reported that Cedar Rapids is to Iowa has more banks, and her Bankers Associations more members, than any state in the Union. The Northwestern Banker is the only journal that covers this rich and profitable field. Your bank should be represented in its columns. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis June, 1908 THE C A PIT A L , $ioo ,000 NORTHW ESTERN BANKER 45 SU RPLUS A N D P R O F IT S , $ 124,515 E x c lu s iv e lin e s o f E stablished 1870 Merchants National Bank O F B U R L IN G T O N , IO W A J L. ED W A R D S. P re s id e n t W. E- B L A K E , V ic e-P re sid en t J a M ES M OIR. V ic e-P re sid en t A L E X . M OIR, V ic e-P re sid en t H . J. H U N G E R FO R D , C ash ie r F. L. H O U K E . A s s is ta n t C ash ie r C. L FU L TO N A s s is ta n t C ashier Y O U R A C C O U N T IN V IT E D Grain, Milling, Lumber and Jobbing P ap er of M in n e a p o lis a n d S t. P a u l Especially su itab le for N o rth w este rn O fferings on application. B anks. EUGENE M. STEVENS & CO. C om m ercial P a p e r and In vestm en t Bonds N orthw estern N ational B ank B ldg. M IN N E A P O L IS S tate Savings B an k B ldg . ST. P A U L have a new national bank in the near creased to $100,000, which will pro future. It will be called the Commer Consolidation of the Citizens Savings vide for taking over the commercial cial Bank and have a capital stock of and National of Washington, Iowa business and will give the institution $ 100, 000 . * * * Mr. F. W. H aynes has been elected cashier of the Bank of Rudd. * * * The State Savings Bank of Monroe has amended its articles, making the capital stock $25,000. * * * The F irst N ational and the City N ation al Banks of Marshalltown have merged and will hereafter be known as the First National. It is understood that D. T. Denmead w ill he cashier, with Harry Gerhart and H. S. Lawrence as a ssist ants. # * * The Mason City Savings Bank is being formed at Mason City with a capital stock of $50,000. W. R. Flem ing will be president and L. M. N elson, cashier. * * * Mr. C. A. Nordhaus, cashier of the Yetter Bank, died recently at his home in that city. * * * Mr. A. A. Baluff has resigned as vicepresident of the German Savings Bank of Davenport. * * * The Drovers D eposit National Bank of Chicago has been approved as reserve agent for the Grundy County National Bank of Grundy Center. * * * The Commercial National Bank of Chi cago has been approved as reserve agent for the F irst National Bank of Traer. Commenting on the recent consoli dation of these two banks the Demo crat says: “ At a recent meeting of the direc tors of the Citizens Banks of this city action was taken looking toward con tinuing the business of both institu tions under one organization instead of two, as at present. The Citizens Savings Bank organ ized in 1892, with a capital of $25,000 was originally intended as an auxiliary to the national bank for the purpose of encouraging the saving habit, espe cially among the younger people and wage earners of the community, and for handling mortgage loans which are prohibited by law to national banks. The growth of the bank, how ever, since that time has so far ex ceeded the expectations of its founders that its operation merely as an ad junct of the parent institution has been for some time out of the question, the enlargement and remodeling of its quarters six years ago being neces sary on account of the increased vol ume of its business. It has also been necessary twice to increase its capital which, on completion of the proposed consolidation will be still further in ------------- T H E --------------- First National Bank financial strength and stability equaled by few banks in this part of the state. The Citizens Savings Bank, as en larged, will have deposits of threequarters of a million and total assets of almost one million dollars. The officers who are at present conducting the business will continue in charge, their official positions being, Chas. H. Keck, president; Frank Stewart, Carl M. Keck and I. M. Sproull, vice-presi dents; Frank R. Sage, cashier. These gentlemen desire to express to the pub lic their cordial appreciation of the generous patronage and continued confidence accorded the banks in the past and bespeak for the greater Citi zens Savings Bank a continuance of the same good will which they prom ise by all proper means to reciprocate. N e w Bank at Roland A new bank has just been organ ized in Roland, in which several Story City men are interested. It is to be known as the Roland Savings Bank, with a capital of $15,000, and will open its doors for business in about thirty days. H . C. B O STW IC K , P re s id e n t. H . C. M IL L E R , A s s 't C ash. E. A. CU DA H Y , V ic e-P re s. JO H N S. K IN G , A ss ’t C ash. TR U M A N BU CK, V ic e-P re s. JA S. B. O W EN , A ss’t C ash. J . C. F R E N C H , C ashier. 11' O F SIO U X C IT Y , IO W A The South Omaha National Bank Capital, $ 300, 000.00 Surplus and Profits, 91, 037.88 Deposits, $ 3, 010, 166.51 South Omaha, Nebraska Capital, $250,000 A cco u n ts of b a n k s receiv ed on lib e ra l te rm s . A la rg e lis t' of p a r p o in ts in Iow a, M in n eso ta, D a k o ta an d N e b ra sk a . C ollec tio n s c a re fu lly a n d p ro m p tly m ad e. JA M E S F . TOY, P re s id e n t. G EO R G E C. C A LL, V ice-P res. A C K L E Y H U B B A R D , V ice-P res. J . F R E D TOY, C ashier. I. C. B R U B A C H E R , A ss ’t C ash . F . W . KAMM AN, A ss’t C ash ier https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Surplus, $250,000 Profits, $100,000 Send us y o u r S tock Y a rd s a n d P a c k in g H o u se item s. W e m ake a s tu d y of th e efficient h a n d lin g of a c c o u n ts of b a n k s tra n s a c tin g b u sin ess a t th e S outh O m aha sto ck y a rd s. C o rresp o n d en ce in vited. il 46 THE NORTHW ESTERN BANKER Correspondence invit ed* with a view'to bus iness relations with the banks of Western Iowa Nebraska, C olorado, Wyoming, South Dakota and the Northwest : : NEBRASKA Capital and Surplus $1,000,000.00 Reserve Depository tor National Banks NEWS The Laurel State Bank of Laurel is now comfortably located in their fine new brick building, and have an interior fin ish second to none in the state. They are doing a prosperous business w ith a capi tal of $25,000, surplus and undivided prof its of $1.2,000 and deposits of $175,000. AND NOTES Lynde has been made assistan t cashier. The F irst National Bank of Decatur has chosen the F irst N ational Bank of Omaha as a reserve agent. * * * The follow ing changes have taken place in the National Bank of Pawnee City: * * * H. L. Brinkerhoff, president, in place of Group 1 of the Nebraska Bankers A sso W. B. Bull; Vernon Bascom, Cashier, in ciation will hold its annual m eeting at place of H. H. Bull. * * * Lincoln, W ednesday, June 17th. A splen did program is being arranged and a The Merchants N ational Bank of Oma ha has been approved as reserve agent large attendance is expected. * * * for the F irst National Bank of Campbell. « « » The W ymore State Bank is being re organized as the City National Bank of Mr. H.E. Boyd has been elected a ssist Wymore, and the capital stock increased ant cashier of the National Bank of Hum from $25,000 to $50,000. boldt. * * * * # * At a recent m eeting of the stockholders The F irst National Bank of Chicago of the Security State Bank of Broken has been approved as reserve agent for Bow, it w as voted to increase the capital the First National Bank of Harrison. * * # stock from $15,000 to $25,000. Mr. L. H. Jew ett was elected cashier to succeed Mr. Mr. Clyde R ynearson has been made R. D. Pickett, resigned. assistan t cashier of the Farmers N ation * * * al Bank of Madison. * * * Cashier Brandt, of the Bank of Glenville, attended the recent bankers’ m eet The Central Nebraska National Bank ing at H astings. of David City has chosen the Commer * * * cial National Bank of Chicago as reserve Group 4 of the Nebraska Bankers’ A s agent. * * * sociation m et at H astings, May 6th. Ad dresses were given by A. C. ShallenbergMr. J. R. Greenhalgh succeeds L. R. er, J. P. A. Black, Carson Hildreth, and Coufal as cashier of the F irst National Clement Chase. About 160 hankers were Bank of Trenton. * * * in attendance and the m eeting proved a success in every particular. The F irst National Bank of Chicago has * * * been approved as a reserve agent for The Continental National Bank of Chi the F irst National Bank of Oxford. * * * cago has been approved as reserve agent for the Alliance National Bank of A lli Mr. H. C. Batty succeeds Mr. D. E. ance. Coffey as assistan t cashier of the First * * * National Bank of Spencer. * * * Mr. F. McGiverin has been made vicepresident of the F irst National Bank 6f Mr. John C. Green, who has been as Crawford in place of T. M. Huntington. sistan t cashier of the Bank of Creighton, * * * has gone to South Dakota with a view to The F irst National Bank of Chicago has locating there. * * * been approved as reserve agent for the First National Bank of Aurora. The Elgin State Bank is preparing to * * * erect a handsom e new building. * * * Mr. F. A. Kindwall has been appointed cashier of the First National Bank of Omaha’s bank clearing increase over a W yandot to succeed E. A. Miller. Lloyd year ago for the week ending May 14th, https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis June, 1908 was larger than that of any city in the U nited States w hose w eekly clearings are over $10,000,000. * * * At a recent m eeting of the directors of the Bank of Brainerd, it was voted to increase the surplus account $1,000, mak ing the surplus of the bank now $11,000. This bank has now been running for twenty-three years under the same man agement. * ** Mr. P. H. Updike, of Omaha, has sold his in terest in the Clay County State Bank of Edgar, the greater part of it going to C. A. Voorhees, cashier of the bank. * ** The follow ing officers were elected at the annual m eeting of the stockholders of the Adams State Bank: L. B. Howey, president; J. W. McKibben, vice-presi dent, and F. B. Draper, cashier. The cap ital stock w as increased to $25,000. * * * Mr. John W eekes has purchased a con trolling in terest in the O’N eill National Bank of O’Neill. * * * Mr. A. F. Magdanz, Jr., is to be the new cashier of the Pierce State Bank of Pierce, taking up his duties June 1st. * * * Meisner’s Bank at Shelton has in creased its capital stock from $10,000 to $25,000. * * # The Citizens National Bank of St. Paul has had its charter extended for tw enty years. * * * The Bank of Ragan is now at hom e in its new building which the Ragan Jour nal says is the sw ellest bank building in that part of Nebraska. * * * R. G. Rohrke, cashier of the Security Bank of Meadow Grove, has sold his in terest in that bank to E. F. Ringer of that place, who will succeed Mr. Rohrke as cashier. # * * At the m eeting of Group 2 of the N e braska Bankers’ A ssociation held at Fre mont, over one hundred hankers were in attendance. The bankers of Frem ont took care of the m eeting in their thor oughly com plete way and the sessions June, 1908 THE NORTHW ESTERN BANKER 47 THE OMAHA NATIONAL BANK — OF OMAHA, NEBRASKA ----------------- STATEMENT, MAY 14, 1908 R ESO U R C ES. L o a n s a n d d i s c o u n t s ..................$ 6 ,4 1 7,392.22 O v e rd ra fts ...................... 2,535.83 U. S. bonds for c i r c u l a t i o n .. . 7 25,000.00 Stocks a n d bonds ....................... 726,924.81 B an k in g ho u se a n d s a fe ty d e 2 0 0 ,0 00 .00 p o sit v a u lts .............................. D u e fro m o th e r b a n k s, c ash an d b o n d s ........................ 4,9 5 3,090.79 L IA B IL IT IE S . C a p ita l ............................................... $ 1,000,000.00 S u rp lu s F u n d ................................ 2 0 0 ,000.00 240,921.59 U ndivided P ro fits ....................... C irc u la tio n ...................................... 700,000.00 D eposits ........................................... 1 0,884,022.06 $ 1 3,024,943.65 $1 3 ,0 2 4,943.65 J. H. MILLARD, President C. F. McGREW, V. President WM. WALLACE, V. President W. H. BUCHOLZ, Cashier WELL ORGANIZED COLLECTION DEPARTMENT. ITEMS ON OMAHA AND ALL NEBRASKA POINTS SOLICITED. w ere all full of interest. President Black of the state association and Senator Al drich of David City, were among the more prominent speakers at the m eeting, the banquet speech of Senator Aldrich being especially vigorous along the line of attack upon the methods of eastern bankers in their support of W all street methods of financing stock speculation. The follow ing officers of the Group were elected for the ensuing year: President, F. M. W eitzel, of the F irst National Bank of Albion; vice-president, Julius Beck man, Fremont; secretary-treasurer, Hen ry Wehner, of Cedar Bluffs. * ** * ** at Alexandria. The bank is being organ ized by O. W. Roush, Isaac Hoge, Fred Baruth, John B. W eaver, and John Elwards. The capital stock will be $25,000, of which amount $12,000 will be paid in at the com m encem ent of business. * * * The F irst State Bank of Scotia has made application to the state banking board for a charter. The capital stock of the bank will be $10,000. The officers w ill be as follow s: President, N. J. Paul; vice-president, J. S. McMillan; cashier, R. F. Eichman. * * * FRANK BOYD, Ass't Cashie per cent, w hile the three N ebraska cities in the list, Omaha, Lincoln and Fremont, ail showed a good increase over their record of a year ago. * * * Changes in the officials of the Pierce State bank are announced as follows: The present cashier becom es the presi dent and A. F. Magdanz, Jr., will be the new cashier. Mr. Magdanz, after gradu ating from the state university, has been an instructor in that institution, but now enters permanent work in the banking business in his home town. * * * The Upton State Bank of R ushville was chartered by the State Banking Board this week; capital stock, $15,000; presi dent, Lewis Oberwetter, vice-president, W. F. Strotheld; cashier, R. F. Kitterman. The Farmers & Merchants Bank of Alexandria, the new bank in that town, has opened for business. The bank is oc cupying temporary quarters pending the building of their new banking house, which will be of brick, and will be equip ped with a large fire-proof vault and the la test in a M anganese burglar-proof safe. # * * At the annual m eeting of the stock holders of the E llis State Bank held the past week, the old officers and directors were elected for the coming year and a 7 per cent dividend was paid. Bank clearings in one hundred cities in the United States for the first four months of this year show a decline of 27 per cent over the sam e period one year ago. The decline was the largest in the * * * middle states, the decline in New York Farmers & M echanics State Bank is City being nearly 34 per cent. The de the name of the new bank to be opened cline in the w estern states was only 14 The annual m eeting of Group Five of the Nebraska Bankers A ssociation was held at Kearney on May 20th. A very interesting program was rendered, P resi dent A. U. Dunn, of the Central National Bank of Kearney, presiding. Addresses were given by J. W. W elpton, of the E x change Bank of Ogalallah; E. F. Folda, The State Bank of Powell, the articles The State Bank of Alexandria has been of incorporation of which were approved reorganized and its capital increased last October, has been chartered by the board. The capital stock from $20,000 to $25,000. The new officers state banking President, G. W. of the bank are, C. I. Moore, president; is $10,000. Officers: Jasper Helvy; Geo. W. W ilson, vice-president, and F. A. Hansen; vice-president, cashier, F. E. Hemenover. Jacques, cashier. * * * U niversity place is to have a new bank and it will be called the Citizens Bank and will have a capital of $50,000. H. K. Frantz, formerly with the Farmers and M echanics Bank of Havelock; D. C. Ber ry, county treasurer; C. C. M esenet and A. W. W alls, will be interested in the new institution. U niversity Place is growing rapidly and this new bank will greatly add to the business advancem ent of that place and it has som e first-class men interested in its organization. * * * * * * The M E R C H A N T S N A T IO N A L BAN K 0/ O M A H A , 2775 L uther D rake, P resident F. P. H am ilton, C ashier A C C O U N T S S O L IC IT E D . https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Frank T . H am ilton, V ice Pres. B. H. M eile, A ssistan t Cashier U . S. D E P O S IT O R Y N E B R A S K A Capital - Surplus - Undivided Profits Deposits - - $500,000 $250,000 $ 47,732 $6,119,983 THE 48 NORTHW ESTERN FIR S T N A T IO N A L BANK OMAHA, NEB. Capital-Surplus-Undivided Profits $ 1, 000,000 T h e First Bank in Nebraska T he First National Bank in Nebraska T h e First Bank in Nebraska to Exceed $1 1,000,000 Deposits C. T . Kountze, Pres. F . H . Davis, V ice-Pres. L , L . Kountze, Cashier D E P O S IT S June, 1908 BANKER If it is BANK business, in or about the UNION S T O C K Y A R D S, South Omaha, Nebraska, pertaining to the live stock or meat trade, for quick action and proper treatment, send it direct to The Union Stock Yards National Bank. Established 1885 Nationalized 1891 Capital, $300,000.00 Surplus, 60,000.00 Depository of the U . S ., State of Nebraska, County of Douglas, City of Omaha K O U N T Z E B R O S . F O R E IG N C IR C U L A R L E T T E R O F C R E D IT Liberal in Policy, Conservative in Management. W e make a Specialty of accounts of Banks and Bankers. Exceptional Facilities for making Collections throughout the W est F . H . D A V IS , P re sid e n t E . F. F O L D A , V ice-P res. F . R . H E D R I C K , C ash ier N . F. R E C K A R D , A ss’t C ash. Kearney. A com plete day’s program was followed by a banquet, tendered by the local bankers, in the evening. J. W. W elpton was on the program to respond to the address of w elcom e, and S. H. * * * Burnham, of the F irst National Bank of The Citizens Bank of Stuart has in- Lincoln, was down for a paper on cur ! creased its capital stock and surplus to rency legislation. * * * $53,000. * * * The cashiers of the Lincoln banks have Messrs. Updike and Ball have retired been made a general com m ittee to perfect * * * from the M erchants and Farmers Bank arrangem ents for the m eeting of Group Owing to the substantial increase in of Friend, and E. I. Ferguson and C. E. One of the Nebraska Bankers’ A ssocia business at the Live StocK National Bank Bowlby have bought their interests. Mr. tion to be held in that city on W ednes of South Omaha, they have found it nec Bowlby will become vice-president of the day, June 17th. The division of the work essary to add two assistan t cashiers to ! institution. has been made as follows: their official force. They are Mr. H. C. $ $ Committee on Entertainm ent— H. S. Nicholson, for a number of years officially Freeman, B. C. Cox, M. I. Aitken. The Aurora N ational Bank has filed a connected with the Commercial Bank of Committee on Badges— M. I. Aitken. Lamoni, Iowa, and more recently witn plea in abatem ent in the suit of the Committee on Hall— L. J. Dunn. county against the bank in which inter the Union State Bank of Harvard, Neb., Committee on Banquet Program—I. J. and Mr. J. W. H astings, who has been est is asked on money deposited by two Dunn and F. J. Kinney. former county treasurer in that bank. with the Live Stock National since its Reception Committee—L. J. Dunn, H. organization and with other South Omaha The bank adm its that a former county S. Freeman, F. J. Kinney, B. C. Cox and treasurer deposited county funds and took banks for the past eighteen years. The M. I. Aitken. addition of such efficient assistan ts puts certificates of deposits, but claim s it was All prelim inaries for the m eeting will j a voluntary transaction. the Live Stock National in a position to be given thorough attention and the Lin ^ i take care of the requirem ents of its cus coln bankers will do their part toward At the annual m eeting of the stockhold making the group m eeting a success. tomers in a m ost satisfactory manner. ers of the State Bank of Adams, the cap # * * * * * ital stock of the bank was increased to The follow ing banks have been char A third bank is being organized at U ni $25,000, and the follow ing officers were versity Place. It will be known as the elected for the ensuing year: L. B. tered by the State Banking Board: City National Bank, and is being incor Howey, of Beatrice, president; J. W.. Mc- . Farmers & Merchants Bank, A lexan porated by T. M. W im berly and E. S, Kibben, vice-president; F. B. Draper, dria, capital stock, $12,000, paid in; presi Kirtland. cashier. The bank is one of the best dent, John Edwards; vice-president, Fred * * * banks in eastern Nebraska, and very pros Luane; cashier, O. W. Roush. * * * At the recent annual m eeting of the perous. * * * Rushville, Sheridan county, has some Meadow Grove State Bank, the old offic busi ers and directors were re-elected, and the Group Five of the Nebraska Bankers’ im portant changes in its banking usual regular dividend declared. A ssociation held its annual m eeting at ness. The Stockm an’s Bank of that place of the U nion Stock Yards National of South Omaha; S. H. Durham, of the F irst National Bank of Lincoln; C. F. McGrew, of the Omaha National Bank; E. R. Gur ney, of the F irst National Bank of Fre mont; A. C. Shallenberger, of the Bank of Alma, and W illiam B. H ughes, secre tary Nebraska Bankers’ A ssociation. After the business session a banquet was tendered the visitors by the bankers of Kearney. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis I The officers elected at the annual meet1ing of the directors of the Farmers State iBank of Big Springs were as follows: B. F. Clayton, president; H. I.Babcock, vice-president; C. E. W olfe, cashier. June, 1908 THE NORTHW ESTERN First National Bank BANKER Packers - - $200,000 ~ National Bank OF SOUTH OMAHA, NEB. DUBUQ UE, IO W A Capital, 49 Surplus and Profits, $94,831.36 D e p o sits, $1,584,405 C A P IT A L , $150,000 U N D . P R O F IT S, $52,830.00 SU R PL U S, $100,000 D E P O S IT S , $2,189,820.00 . O FFICERS: O FFICE R S C. H . E IG H M R Y P re s id e n t E. A. E N G E E R , V ic e-P re sid en t B. E. B EO C K EIN G ER , C ash ie r D IR E C T O R S C. H . E ig h m e y E . A. E n g le r Geo. A. B u rd en J. T. A dam s C. M. P easlee J a s . C .C olliet B. E. B lo c k lin g e r P e te r K ien e JOHN F. COAD, President. A. W. TRUM BLE, V ice-Pres. F. J. MORIARTY, Cashier. CHAS. A. DUNHAM . A ss ’t Cashier. J. F. COAD, JR ., A ss ’t Cashier. W e invite the L ive Stock B anking bu sin ess of Iow a and N ebraska Bankers. will becom e a national bank, with a capi tal of. $35,000. The Union Bank is a new state bank at that place which will be officered as follow s: Lewis Obwetter, president; R. F. Kitterman, cashier, and R. W. Strotheide, assistan t cashier. stockholders of the P latte County Bank, of P latte Center, the affairs of the bank were found to be in a very satisfactory condition. The question of changing the bank from a state to a national institu tion came up and was favorably consid * * * ered by the board, and it is probable that First State Bank, Scotia, capital stock, this change will be made in the near fu $10,000; president, N. J. Paul; vice-presi ture, at which tim e the capital stock will dent, G. S. McMillan; cashier, R. F. be increased to $25,000. Wichman. * * * A rticles of inforporation of the new bank to be opened at U niversity Place— the Citizens State Bank—have been filed at the office of the secretary of state. The paid in capital stock is $25,000; and the incorporators are H. K. Frantz, D. C. Berry, C. L. M esnet and A. W. W ells. - TELEPHONES - A u to m a tic 3276 Laurence A. Jones & Co. PU B L IC A C C O U N T A N T S A N D A U D IT O R S. Chamber of Commerce Bldg., C H IC A G O A u d its an d In v estig atio n s C o n d u c te d . S ystem s of A c c o u n ts a n d C osts In stalled . E S T A B L I S H E D 1891 L. A. JON ES, 1891 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Citizens National of St. Paul Neb. rounds out T w e n ty Years The Citizens’ National Bank of St. Meeting of Group Six, Nebraska Bankers Paul has just completed its first twenty years, and the Comptroller of Association The annual meeting of Group 6 of the Nebraska Bankers’ Association was held at Chadron on the 29th of May. In addition to the reports of * * * the year and routine business, ad Plans are being made to carry the N e braska contingent to the m eeting of the dresses were made by President Black national association at Denver next Sep of the state association and by C. F. tem ber by special train, and fifty rooms McGrew of the Omaha National have been reserved at the Brown Palace Bank. E. F. Folda had charge of the for the accomm odation of N ebraska bank question box and the evening session ers. * * * j closed with a banquet. Among the Mr.W ilfred Land has resigned his speakers at the banquet were P. L. position in the Farwell State Bank, and Hall, of the Central National of Lin moved to Kensaw, w here he has accepted coln ; E. C. Burnham, of N orfolk; R. a position in the bank. * * * S. Rising, of Ainsworth, and J. C. The first annual m eeting of the stock French, of South Omaha. One of the holders of the E llis State Bank was held entertaining features of this group recently. The bank has just closed a very successful year, and the stockhold meeting was an over Sunday excur sion to Hot Springs, South Dakota, ers are w ell pleased w ith the outlook. At the recent annual m eeting of the and the members of the group and M a in 4276 their guests were invited to take their wives with them, both to the Chadron meeting and on the Hot Springs ex cursion following. H A W L E Y , JONES & C O ., 1902 L A U R E N C E A. JONES & C O ., 1902 the Currency has extended its charter for twenty years more. In comment ing on this fact the St. Paul Repub licans says: “ The bank is in the hands of the same people who started it at this place twenty years ago, the McCormick family. Ed McCormick was the first president and held that position until his death in 1897. The family have always held control of the bank and during the twenty years of business it has built up a reputation that is a justifiable pride. Miss A. 'McCormick is the present cashier and has active charge of the business, ably assisted by W. A. C. Johnson, who can be found there at any time looking after the affairs of the institution. Mr. Johnson is the secretary of ‘Group Five’ of Nebraska bankers.” SECURITY A S IT S Cedar Rapids C A P IT A L A N D SU RPLU S D E P O S IT S - - $ 250,000.00 1,425,000.00 D oes no C om m ercial B a n k in g , b u t offers for Io w a business th e ser vices of a careful co m p eten t an d exclusive S avings B a n k , p a y in g interest on deposits at the rate of 4 ;er ^ Cent G. F. VAN V E C H T E N , P resident E. M. S C O T T , V ice Pres. I. W . BO W D1SH , Cashiei THE 50 NORTHW ESTERN June, 190S BANKER T H E S EC U R IT Y N A T IO N A L BANK MINNEAPOLIS C A P IT A L $ 1 ,0 0 0 ,0 0 0 .0 0 D E P O S IT S . . . SUR PLU S $ 1 ,0 0 0 ,0 0 0 .0 0 $ 1 3 ,9 3 5 ,3 1 5 .0 0 . F. A. Chamberlain, President E. F. Mearkle, Vice-President J. S. Pomeroy, Cashier Fred Spaiford, Assistant-Cashier George Lawtlier, Assistant Cashier Perry Harrison, Vice-President Stanley II. Bezoier, Ass’t Cashier W e Invite C o rrespo nd en ce W ith B anks Throughout the N o rth w est M IN N ESO TA NEW S Local people have bought the stock of the Citizens State Bank of Houston, be longing to H. G. Garvin, T. Wold and C. T. Olson. ❖ of this institution are F. B. Myers, presi dent, and P. M. Johnson, cashier. H » H * H * The F irst State Bank of Blackduck has been converted into the F irst National tains his interest and continues as the Bank w ith a capital of $25,000. * * * cashier. * * * The F irst State Bank of R othsay has The Bank of W arren has consolidated been chartered with a capital of $50,000. with the State Bank of Warren. W. J. Breen is president and N. K. P eter ❖ ❖ ❖ son, cashier. * * * The Corn Exchange N ational Bank of Chicago has been approved as reserve A bankrupt banker at R ochester has agent for the N ational Citizens Bank of turned carpenter and put on overalls. He Mankato. declares that he intends to earn money * * * enough to pay every depositor who has The State Bank of W inger has been lost by his m ism anagem ent, and his sold to L. C: Simons, of St. Paul. spirit is certainly to be admired. * * The Citizens State Bank of Sacred Heart has been chartered with a capital of $15,000. P. C. Brevig will be president and N els J. Brevig, cashier. * * * AND NOTES The National City Bank of Chicago has been approved as reserve agent for the National Bank of Commerce of Mankato. * ❖ ❖ * * * The Pipestone County Bank of Pipe The N orthwestern National Bank of stone has been converted into the Pipe Minneapolis has been approved as re stone State Bank. The officers in charge serve agent for the First National Bank are E. W. Davies, president, and T. E. of W aterville. ❖ ❖ ❖ Nash, cashier. * * * The Security Bank of North Redwood The Ihlen State Bank has been incor has been converted into the Security porated with a capital stock of $10,000. State Bank. The officers in charge are The incorporators are: R. H. O’Connell, H. A. Baldwin, president, and Frank E. W. Davis, R. G. Larson, and L. L. Dale. Horejsi, cashier. * * * The M erchants State Bank of Eliza The Bank of Mattawan has been con beth w ill erect a fine brick building this verted into the Citizens State Bank with season. a capital of $10,000. C. H. Draper is H * H * H » president, and M. H..Graham, cashier. ❖ H « ❖ Mr. F. P. L eisen has sold his interest ❖ H i ❖ in the First State Bank of St. Joseph to Martin Lose, M. K. K otschever, John The capital stock of the F irst State Schroeder, Fred Schroeder and Fred J. Bank of Aurora has been increased from Schroeder. Mr. John Laudermann re- $10,000 to $25,000. The officers in charge * * * President C. B. Kellar, and Vice-presi dent V. Gulbrandson, of the F irst N ation al Bank of Albert Lea, attended the open ing of the F irst National Bank of Fort Dodge, Iowa, and report a very pleasant reception. * * * The last of the clearing house certifi cates issued in St. Paul last fall have been gathered in, which is conclusive evidence that the panic is a thing of the past. * * * The officers of the new Security- State Bank of W aterville are C. W. Glotfelter, president, and F. G. Hinze, cashier. The capital stock will be $20,000. * * * Mr. F. A. Chamberlain, president of the security National Bank of Minneapolis, The FIRST NATIONAL BANK is MINNEAPOLIS, MINNESOTA & Established 1864. United States Depository. - $3,975.411.00 D E P O S I T S , ...................................... CAPITAL an2 SURPLUS, 13,476,151 00 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis - & ^ We would be pleased to receive a share of your business. Let us hear from you. THE June, 1908 NORTHW ESTERN BANKER 51 NORTHWESTERN NATIONAL BANK MINNEAPOLIS, MINN. Capital . . $ 1 ,0 0 0 ,0 0 0 Surplus and Profits . . $ 1 ,2 7 9 ,2 5 0 Deposits . . $ 1 2 ,5 0 0 ,0 0 0 A n average of over 8 per cent A nnual Dividends paid to Stockholders since Organization in 1872. Dividends Paid since Organization $2,450,000. If you o ntemplate making a change in your banking connexions or think of opening a new account we would be pleased to confer with you in person or by letter in New York City recently to investigate dar Rapids has been appointed reserve the manner in which express companies agent for the Austin National Bank of in this country are conducting banking Austin. * * * business. * * * The F irst National Bank of Deer River * * * Mr. J. A. Barton, cashier of the First has been organized w ith a capital stock The South Side State Bank of Minne State Bank of Two Harbors, has recov of $25,000. The officers are F. P. Shel apolis is the second in that city to go on ered from an operation performed at don, president; S. J. Moran, cashier, and Mattie E. Tellin, assistan t cashier. a 12 per cent dividend basis, although Rochester about a month ago. * * * * H = * the institution is only eight years old, The National Park Bank of New York The M erchants National Bank of and at the recent annual m eeting of the stockholders the surplus fund was in Crookston has added an electric adding City has been approved as reserve agent creased to $50,000. The officers of this m achine to its equipment, which will for the F irst National Bank of Deer enterprising institution are: F. E. Ken- greatly facilitate the business of the River. * * * aston, president; A. M. Woodward, vice- bank. # * * The F irst National Bank of M inneap president; A. A. McRae, cashier, and H. The Peoples State Bank of Monterey olis has been approved as reserve agent F. R osing and O. E. Olsen, assistan t was burglarized recently, the robbers se for the F irst National Bank of Deer cashiers. * * * curing $1,500 in cash. The amount was River. * * * Mr. E rnest C. Brown, assistan t cashier covered by burglar insurance. * * * The F irst N ational Bank of Minneap of the F irst N ational Bank of Minneap Owing to the consolidation of the two olis has been approved as reserve agent olis and secretary of the M innesota Bankers A ssociation, is visitin g relatives banks at International Falls, Homer Rich for the F irst National Bank of Glenwood. * m * in New York City. Mr. Brown has not ard has resigned his position as assistant The follow ing changes have taken place cashier in the F irst National Bank there yet fully recovered from the effects oi an operation performed some tim e ago, and accepted a position in the Bank of in the F irst National Bank of Foley: J. and his trip east w ill probably restore Commerce in M inneapolis. He has al E. Doheny, vice-president, in place of ready taken up the duties of his new posi Charles Keith; B. H. Mushel, assistant him to his usual health. * * * cashier, in place of M. M. Stroeter. tion. * * * * * * The City National Bank of Duluth is The F irst N ational Bank of Minneap The building of the National Citizens now settled in its new banking rooms in the Sellwood building, and is very com Bank of Mankato is nearly completed, olis has been approved as reserve agent fortably located indeed. The interior is and it is expected that the bank w ill be for the F irst National Bank of Preston. * * * finished in marble and the fixtures are located in its new home in a very short Mr. John Dahlgren succeeds Mr. I. R. all new and up-to-date, presenting a very time. * * * Severtson as cashier of the F irst State handsom e appearance. H * H * The First National Bank of Virginia Bank of Baudette. * * * Mr. Joseph Chapman, Jr., cashier of has chosen as reserve agent the Mer Mr. D. J. R oss has resigned as cashier the N orthw estern N ational Bank, w as a chants National Bank of St. Paul. * * * of the Farmers State Bank of Hardwick, member of the special com m ittee of the The Merchants National Bank of Ce and is succeeded by Mr. O. H. Gravatt, of American Bankers A ssociation which met has returned from an extended trip abroad. He visited the old banking houses in different European cities, and says the m ethods used are a great deal different than ours. Sw edish Am erican N ational Bank & MINNEAPOLIS & & C a p i t a l , ................................... % 500,000 Surplus, and Profits - 400,000 D e p o s it s ,................................... 3,300,000 OFFICERS; N . O. W e r n k r , President https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis C. S. H u b b u r t , Vice-President E . R. M a t t s o n , Cashier J . A . R a t t a , Vice-President A . V. O s t r o m , A ss’t Cashier Wrhe Us Regarding Your Northwestern Collections S* THE 52 NORTHW ESTERN BANKER June, 1908 _ THE M INNESOTA NATIONAL BANK 2L M IN NEA PO LIS Capital - Sur. & Profits - 5,000 Circulation - 50,000 Deposits Traer, Iowa. • - 800,000 Use the M in n e a p o lis M o n ey O rd e r Is s u e d only by us Ask fo r a B lock o f D ra fts w hich a ffo rd you th e convenience o f an Open Ac count w ith us. Q uick R e tu rn s . O u r Term s the Very B est. W rite us a t once. . O F F IC E R S A N D D IR E C T O R S $200,000 • A. D. CLARKE ........................................ Prest. F. L. WILLIAMS ........................... V. Prest. D. UTENDORFER .......................Cashier C I. W ELCH .............................. Asst. Cashier J. * * * The Citizens State Bank of Brainerd is planning to erect a handsome new buildMr. H. M. Serkland has sold his stock in the Citizens National Bank of St. Jam es and retired as cashier. He will be succeeded by Mr. J. A. Sundt. * * * John McCulloch . B outeii M. W. Savage w. w. Heffeiflnger p. d A. D. Clarke Jos. W. M olyneaux M. E. W illiam s F. L. W illiam s J. D. U tendorfer the largest financial institution in the |I The Security State Bank of Brainerd county. has incorporated with a capital of $25,000. Among those interested are J. H. Guerin, At the annual m eeting of the directors E. A. Storck, P. F. Hosch, H. C. Robert of the Clarissa State Bank, the follow ing son, and Geo. Storck. officers were elected for the ensuing year: Chas. Bedford, president; F. B. Nutting, vice-president; and L. D. Thayer, T e n Million on T ru ck Moves Through cashier. Streets of St. Paul * * * A rrangem ents are com plete for the joint convention of the F irst Group of the M innesota Bankers’ A ssociation and the Seventh Group of the W isconsin Bankers’ A ssociation, which will be held in La Crosse, beginning Tuesday morn * * * ing, June 9th. An interesting program The stockholders of the new Palo Sav has been arranged and a large attendance ings Bank held a m eeting recently at is expected. * * * which they elected the follow ing direc tors: J. W. McClintock, Chas. Ebens, At the recent annual m eeting of the Karl Rabe, F. Shirtleff, J. Lewis, A. A. stockholders of the Adrian State Bank, McManus John Beatty. the usual semi-annual dividend was de * * * clared and $1,000 added to the surplus Mr. Thomas Brandon, of the former fund. The capital stock is now $40,000 R ussell Bank, recently made the state and the surplus fund $3,000. * * # m ent that he proposed to pay all deposi tors at R ussell in full by July 15, 1908. A ssistan t Secretary Charles R. Frost, He desires to get the affairs of the bank of the M innesota B ankers’ A ssociation, settled as soon as possible, and is cer has issued a warning to bankers in the tainly to be commended for his desire to vicinity of W inona, warning them to be give the depositors a square deal. on the lookout for bad check operators * * * who are supposed to be operating in their Mr. John Scott, Jr., formerly president neighborhood. * * * of the N orthwestern National Bank of Sioux City, has returned from a trip Mr. D. S. Culver, cashier of the N ation through Colorado and W yoming, greatly al German American Bank of St. Paul, improved in health. He contem plates has returned from Lakewood, N. J., going into business at Spokane, W ash. where he attended the m eeting of the * * • executive council of the American Bank It is reported that Charles R. Hanna, ers’ A ssociation. He reports a very Jr., and T. G. Turner, former cashier of pleasant trip. # # * the F irst National Bank, are planning to start a new bank in Council Bluffs. At the la st m eeting of the Minneap * * * olis Chapter of the American Institute of The Luzerne Savings Bank has been Banking, the follow ing officers were elect organized at Luzerne with a capital of ed for the ensuing year: E. S. Jones, $12,000. The directors are A. F. Tate, National Bank of Commerce, president; H. A. Padche, Geo. Studt, Martin Studt J. G. Maclean, Security National Bank, and A ugust Wehrman. vice-president; H. C. Libby, N orthwestern * * * National Bank, secretary, and S. A. Gile, Mr. Wm. W. Maish succeeds Geo. C. First National Bank, treasurer. * * * Cooper as assistan t cashier of the Citi zens National Bank of Des Moines, com The N orthw estern National Bank of ing from the Iowa National Bank where Minneapolis has been approved as re he was paying teller. serve agent for the F irst N ational Bank * * * of Brainerd. * * * The Citizens State Bank of New Ulm in its recent statem ent show s total re The Continental N ational Bank of Chi sources of $889,609.61; deposits subject cago has been approved as reserve agent to check, $94,752.27, and tim e certificates, for the F irst National Bank of Grey $639,730.31. The Citizens State Bank is Eagle. The directors elected for the F irst Na tional Bank of Gilbert are as follow s: J. Smith, C. E. Bailey, D. W. Freeman, Jas. A. Robb, F. B. Myers, J. C. Poole and Dr. C. W. More. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis *-----------------------■ Ten million dollars in currency, silver and gold moved through the streets of St. Paul recently on a motor truck. All the money under the care of the First National Bank was removed from the old bank building, Fourth and Jackson streets, to the new quar ters, Fourth and Minnesota streets. Guarded by four plain clothes men and a corps of special police, the money was carried from the old bank by trusted employes and loaded onto the large motor truck of J. H. Allen & Co., wholesale grocers, which wended its way slowly up Fourth street to the new bank. The moving of the money was kept quiet and few who saw the large motor truck realized the value of the load it carried. The First State Bank of Nome, N. D., has been organized w ith a capital stock of $10,000. Among those interested are S. Brown, Theo. Torbenson, Albert John son, and Ole Paulson. FR E D W . D EAN H ighest Grade C O M M E R C IA L P A P E R M i n n e a p o lis, Minn. S e c u rity B an k B u ild in g C o r r e s p o n d e n c e In v it e d THE June, 1908 KENNETH CLARK, Pres. NORTHW ESTERN G. H. PRINCE, Vice-Pres. BANKER H. W. PARKER, Cashier 53 H. VAN VLECK, A ss’t. Cashier The Merchants National Bank of Saint Paul, Minnesota United States D epository Capital, - $1,000,000 Surplus, - $600,000 D IR E C T O R S C harles P. N oyes L ouis W. H ill V. M. W atkins W. B. P arsons Geo. H. Prince L. P. Ordway Crawford L ivingston J. M. H annaford P. B. K ellogg K enneth Clark Thom as A. Marlow C. H. Biglow J. H. Skinner E. N. Saunders D. R. N oyes Correspondence and Personal Interviews Invited DAKOTA NEWS AND NOTES Jam es Simpson, Jr., president; C. O. Halgrim s, vice-president, and T. O. Chantland, cashier. * Mr. G. W. Hart has bought a controll ing interest in the Raymond State Bank of Raymond, S. D., and been elected vicepresident of the institution. * * * The N orthw estern National Bank of Minneapolis has been approved as re serve agent for the F irst N ational Bank of Munich, N. D. * * -X- r. M. J. Carr has sold his in terest and retired from the F irst State Bank of Ray, N. D. * * * The F irst National Bank of Rugby, N. D., has chosen the Swedish-American Na tional Bank of M inneapolis as a reserve agent. * * * The capital stock of the Security State Bank of K ennebec, S. D., has been dou bled. A. L. F reelove has been elected president and F. B. Carter, form erly as sistant cashier, becom es cashier. -X- -X- -X- The W ells County State Bank of F es senden, N. D., is remodeling its building, and refurnishing its interior. W hen com pleted the bank w ill present a very hand som e appearance. * * * * * Mr. C. C. W alters has bought interests About twenty-five stockholders and corre in the Alaska (S. D.) State Bank and in spondents attended the m eeting and in the Swan Creek State Bank and will spected the new building, and were very merge them. pleasantly entertained during their visit * * by the officers of the bank. The F irst N ational Bank of Column, •X-Xtt S. D., has chosen the Merchants National The Bank of Herm osa has been incor Bank of Cedar Rapids, Iowa, as a reserve porated at Hermosa, S. D. Capital stock, agent. $ 10, 000. -X* -3C* * * The F irst State Bank of Garrison, N. The Stockgrowers Bank of Napoleon, D„ is planning to erect a fine new build N. D., is now located in its new quarters, ing this season. and is very comfortably situated indeed. -X* 4fr * -X-XA rticles of incorporation have been The State Bank of Cooperstown, N. D., filed for the Bank of M eckling, Meckling, has increased its capital stock from $25,- S. D. Capital stock, $5,000. 000 to $30,000. -X* * The N ational Park Bank of New York Mr. Martin L. Helgerson, of Bottineau has been approved as reserve agent for has been made cashier of the State Bank the F irst National Bank of Lead, S. D. of Antler, N. D. * * * * -X-XMr. E. W. Carlock has been made cash Schroeder & Raben, bankers of Corsi ier of the Merchants National Bank of ca, S. D., have dissolved partnership, Dickinson, N. D., in place of J. L. Hughes. W esterhuis Bros, buying the business. ■X* * -X* -XThe application to organize the Peoples The application of Jos. J. Sherman and National Bank of Hot Springs, S. D., with associates to form the F irst National a capital of $25,000 has been approved. Bank of McIntosh, S. D., has been ap Mr. J. F. Parks is among those interested proved. The capital stock will be $25,000. in this new enterprise. % -X-X* * * The M erchants National Bank of St. President L. A. Huntoon, of the First The F irst N ational Bank of W alhalla, Paul has been approved as reserve agent National Bank of Fargo, N. D., has re N. D., has been organized w ith a capital for the F irst National Bank of M aysville, turned from an extensive eastern trip. of $25,000. The officers are: C. W. An •X* * N. D. drews, president; W. F. W inter, vice* * * The Merchants National Bank of Cedar president, and J. G. W ebster, cashier. Mr. Jas. Sinclair has sold his interest Rapids, Iowa, has been approved as re * * -Xin the F irst N ational Bank of Binford, serve agent for the Union National Bank The F irst State Bank of Mylo, N. D„ N. D., and retired as cashier. It is un of Minot, N. D. has been organized with a capital of $10,* * derstood that he will go into the bank 000. J. D. Simpson, D. F. Simpson, C. J. ing business at Portal. The building of the F irst National Lord, K. L. Searles and others are in * * * Bank of Brookings, S. D., is nearing com terested. W. M. M athews, A. E. Klabunde and pletion and will soon be ready for occu * -X* others contem plate establishing a new pancy. The Meadow State Bank of Meadow, * * * bank at Hazelton, N. D., with W. P. S. D., opens for business May 1st with Thurston as cashier. For the w eek ending April 30th. the a capital stock of $5,000. W. E. Briggs, * * * Fargo bank clearings were $440,195.68, an president; G. E. Lemon, vice-president, The Bank of Tripp County is being increase of 65 per cent over the same, and F. A. Finch, cashier. they were $265,544.58. formed at Lamro, S. D., w ith a capital w eek in 1907, when ■X* * stock of $5,000. H. F. Slaughter, Anna C. W ANTED Slaughter and Chas. M. Young are named O. D. Branson & Co. have bought the A young man of 30 w ants to becom e as as the incorporators. W. S. Snyder interests in the Ethan State sociated with a good national or state * * * Bank of Ethan, S. D. bank as assistan t cashier, in good town. * * -XA t the recent annual m eeting of the Nine years’ experience as bookkeeper, stockholders of the W estern National At a recent m eeting of the stockhold teller and assistan t cashier. B est of ref Bank, of M itchell, S. D., the old officers ers of the Citizens State Bank of Sharon, erences. Address 429, care N orthwestern were re-elected for the ensuing year. N. D., the follow ing officers were elected: Banker. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 54 THE NORTHW ESTERN Peerless Iow a In an intensely interesting article “ The New American Farmer” in the last issue of “ The Review of Reviews,” the author pays the following tribute to our splendid state: “ To see the new farmer at his best, I went to Iowa. No other state has invested so much money—$60,000,000 —in labor-saving machinery; so that it may fairly claim to be the zenith of the farming world. “ Here are 20,000 women and 300,000 men who have made farming a profession. They are producing wealth at the rate of $500,000,000 a year, nearly $1,600 apiece. How? By throwing the burden of drudgery upon ma chines. “ Iowa is not so old; she will be sixty-two this year. She is not so large; little England is larger. Yet, with her hog money she could pay the salaries of all the monarchs of Europe, and with one year’s corn crop she could buy out the Harvester Trust, or build three New York subways. “ When the Indians sold Iowa to Uncle Sam they got about eight cents an acre. To give the price exactly, to a cent, it was $2,877,574.87. When this money was paid there were statesmen who protested that it was too much. Yet this amount was less than one-quarter of the value of the eggs in last year’s nests. Every three months the Iowa hen pays for Iowa. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis BANKER June, 1908 “ Through the courtesy of Mr. Harlan, of the Des Moines Historical Society, I obtained the addresses of nine old settlers, who went into Iowa -with ox-carts, be fore 1850, and who are still living. I found that every one of them had remained on the land and was prosper ous. The poorest owned $7,000, and the richest $96,000, and their average wealth was $36,000. “ I found one young county, born since the Civil War, in which 5,000 farmers now own property worth $75,000,000. They have 14,000 horses, 17,000 sheep, 60,000 cat tle and 90,000 hogs. In the furnishing of the homes in this county, so its auditor informs me, more than $25,000 has been spent on the one item of pianos. “ In a small, out-of-the-way town called Ames I came upon a farmers’ college—a veritable Harvard of the soil. Here, on a thousand acres which fed the wild deer and buffalo in the days of Andrew Jackson, is a college that equals Princeton and Vassar combined in the number of its pupils. Its farm-machinery building is the largest* of its kind, and it is a curious fact, showing how new the new farmer is, that the professors in charge of this de partment are obliged to teach without a text-book. “ The Iowans pay $500,000 a year to sustain this col lege. They pay it cheerfully. They pay it with a hur rah. Why? Because it is the biggest money-maker in the state. One little professor, named Holden— the small est of the whole 140— is revered by the Iowans as a King Midas of the cornfield. He has shown them how to grow ten bushels more per acre, by using a better quality of seed. “ First in corn, first in farm machinery, and first in the number of her banks! That is Iowa. There are a few of her villages that have no banks, but they are conscious of their disgrace. They feel naked and ashamed. In all, there are as many banks as postoffices, very nearly; and they are crammed with enough wealth to build three Panama Canals. “ The pride of Iowa is Des Moines, a city of farm-bred people. It is so young that some of its old men remember when wolf hunting was good where its one skyscraper stands today. It has no history and no souvenirs. A little while ago a lot of industrious people came here poor, and now they are prosperous and still busy— that is the story of Des Moines in a sentence. “ In the main hall of the five-domed capitol at Des Moines is a life-sized painting of a prairie wagon, hauled by oxen. In such a rude conveyance as this most of the early settlers rolled into Iowa, at a gait of two miles an hour. But there are no prairie wagons now, nor oxen. Ten thousand miles of railway crisscross the state, and make more profit in three months than all the railways of ancient India made last year. “ Instead of being tax-ridden serfs, these Iowans pay the total self-governing cost of their commonwealth by handing over the price of the summer’s hay. Instead of being the prey of money-lenders, they nave made Des Moines the Hartford of the West, in which forty-two insurance companies carry a risk of half a billion. And so, in each one of its details, the story of these “ corn kings” is staggering to a mere city-dweller, especially to anyone who has cold-storage ideas about farmers. “ Big men, too, as well as big corn, are grown in Iowa. Here is a sample group—half educators and half states men : John B. Grinnell, Henry Smith Williams, Albert Shaw, Newell Dwight Hillis, Carl Snyder, Emerson Hough, Hamlin Garland, Senators Allison and Dolliver, Leslie M. Shaw, John A. Kasson, Horace Boies, Gov. Albert B. Cummins, and our official farmer, James W il son. June, 1908 THE NORTHW ESTERN BANKER 55 A n y representative Bank desiring a place in this Directory may be accommodated upon payment of the regular rate for this service, which will be made known on application. Directory of Representative Iowa Banks TOWN NAME OF BANK PRESIDENT VICE PRES. CASHIER Ackley ......... EXCHANGE BANK .............. John Rath ........... W. A. Young............ A d e l.'............. ADEL STA TE BANK ........... S. M. Leach . . . . W. B. Kinnick......... Albert C ity .. .. SECURITY SAVINGS ........... Geo. R. Anderson E. E. Hughes........... C E. Larson Algona............ FIRST NATIONAL .............. A. A. Call ........... D. H. Hutchins......... Alton.,........... BANK OF N. W. IOWA G. W. Pitts ............ M. D. G ib b s............. Alvord............. ALVORD BANK .................... Chas. Shade ....... D. R. W hitaker....... Aplington....... FARMERS SAVINGS ............ A. Ontjes .......... C. Prim us.................. Arlington......... FIRST ST A TE ....................... T. Dunning ......... C. Deming................ D. B. Allen ............. Arthur............ ARTHUR SAVING ................ G. E. Clifford . .. . C. A. Ellis .............. Audubon......... FIRST NATIONAL ......... Chas. Van Gorder H. A. Arnold............ F. S. W a t t s ............. Aurelia............ FARMERS & M ERCHANTS... 0 . E. Yocum . . . . R. B. Y o cu m ........... P. D. Wine ............. Ayrshire........... FIRST NATIONAL ................ M. L. Brown . . . . John Sherlock......... j. M. Kelly ..... . . . Battle Creek... BATTLE CREEK A S IN G S .... J. L. Riesdel ... . H. M. Schmidt . . . . D. H. Hedrick ......... Battle Creek... MAPLE V A LLEY oAVINGS.. W. H. James . . . . J. E. Spotts ............ H. J. Snover ............ Baxter............ ST A T E SAVINGS .................. Fred Hager ....... H. A. Geise .............. Bennett........... BENNETT SAVINGS ............ A. Hinrichs . John Bannick........... E. P. W ingert........... Bloomfield....... TAYLOR-McGOWEN BAN K .. J. H. Taylor ___ S. S. Standley ....... S. F. McConnell ___ Boyden............. FARMERS SAVINGS ............ W. M. Smith . . . . John McCandless . . . . W. H. E d d y ............. Breda............. BREDA SAVINGS .................. T. H. Ricke . . G. Von Gian ........... F. Van Erdewyk . . . Bronson......... BRONSON SAVINGS ............ A. T. Bennett ... Ernest D aw e............ Brooklyn ....... FIRST NATIONAL ................ B. M. Talbott . . A. B. Talbott ......... N. H Wright Burt ............ FIRST NATIONAL ................ J. W. Wardsworth L. C. Smith ......... Calamus........... FARMERS SAVINGS ........... C. Knebler . . . . A. Wendel .............. C. A. B la k e ............. Cascade........... CASCADE ST A TE ................ H. L. Dehner . . . . M. B. Flanigan ....... A V. D e ivin ........... Casey............. ABRAM RUTT NAT’L ........... Abram Rutt . . . . Wm. Valentine ....... S. L. Rutt .. Cedar Falls___ NAT. SAV. & TRUST CO....... C. H. Rodenbach . Roger L e a v itt........... F. B. M ille r............ Cedar Falls___ CITIZENS SAVINGS ......... C. A. Wise ... W. N. Hostrop......... 0 . H. Leonard........... Churdan........... FARMERS & MERCHANTS.. M. M. Head . . Mahlon Head ........... M. B. Westervelt . .. Churdan........... FIRST NATIONAL ................ C. J. Martin ___ Joseph C arroll......... M. F. Coons ___ Clarence........... CLARENCE SAVINGS ......... D. Elijah ........... Fred H ech t.............. D. L. Diehl ............. Clarin da........... CLARINDA NATIONAL ....... Ed. F. Rose ....... H. E. Parslow.......... E. G. Day ............... Clearfield......... CLEARFIELD BANK ............ Grant McPherrin C. C. Carlton Clemons........... BANK OF CLEMONS ............ W. A. Pollock . . . T. E. Pollock . Coggon............ COGGON ST A TE BANK....... S. N. Goodhue ... A. J. W a r e .............. N. B. Richardson ... Collins............ BANK OF COLLINS................ John Thompson .. W. H. Thompson . . . . Conrad............. CONRAD ST A TE BAN K ......... Jno. Murrow, Jr. . P. T. E v a n s ............. E. L. G u ild .............. FIRST NATIONAL ................ Creston............ M. D. Smith .. .. S. W. Richardson C. L. Billiard Creston............ IOWA STA TE SAVIN GS....... D. Davenport . .. P. C. Winter ........... F. D. Ball ............... GERMAN SAVINGS .............. Davenport....... Chas. N. Voss . .. D. H. M cKee............ Ed Kaufman ........... Delmar............ PEOPLES SAVINGS .............. P. Shollenberger W. R. Barrick.......... F. P. Goodjohn....... Denison............ CRAWFORD COUNTY STA TE L. Cornwell . Geo. N a e v e .............. M. E. Jones ............. .......... W. A. McHenry . M. S. McHenry . ... Sears McHenry ....... Denison............ FIRST NATIONAL Des Moines.... MAKOUARDT s a v i n g s ..... G. D. Ellyson . .. D. F. Witter *........... J. H. Hogan.............. De W itt......... FIRST NATIONAL .............. W. H. Talbot . .. Wm. L e e ................... A. M. P ric e .............. Dows................ FARMERS EX. S T A T E ....... W. R. Jameson .. W. P. Mendell ....... G. H. Jameson ......... Dubuque........... FIRST NATIONAL .............. C. H. Eighmey . E. A. E n g le r........... B. F. Blocklinger___ Dunlap............ FIRST NATIONAL ................ T. F. Jordan ....... W. T. Preston.......... A. N. Jordan ..... ... Dunlap............ DUNLAP STA TE ............ L. K ello gg .......... G. P. Moorhead....... S. J. Patterson ....... Durant............ FARMERS & MER. STA TE. .. Theo. S in d t......... R. Tagge ................. W. H. Crecelius....... GERMAN ST A TE .................. Dyersville....... Jacob Kerper . . . . D. D. M y e rs............. D. A. Gehrig............ Dysart........... DYSART SAVINGS ............... H. P. Jensen___ E. F. S u i t ............... Henry M o h r............. CITIZENS S A V IN G S .............. Eldora............ J. F. Hardin . . . . N. R. Van Avery . .. L. W. H arris............ Emmetsburg... FARMERS SAVINGS ............. D. A. Johnson ... C. C. M ueller........... T. W. N e a ry ............ Essex.............. FARMERS S A V IN G S ............ R. A. Sanderson . H. A. Chandler ....... J. A. Ekeroth.......... Farley.............. STA TE BANK OF FA R LE Y .. W. J. Creglow ... Will B a k e r.............. Geo. A. G ibbs........... Chas. Beacham......... Farnhamville... BANK OF FARNHAMVILLE . H. W. Beacham . Fayette........... ST A TE BANK OF FA Y ET T E J. A. Claxton ... Q. C. Babcock.......... C. R. Carpenter......... FARMERS & MERCHANTS.. Rodney Hill . . . Floyd............ G. H. Jackson ........... Forest C ity .. FOREST CITY NATIO NAL... G. S. Gilbertson . W. 0 . Hanson......... C. A. Isa a cs.............. WINNESHIEK CO. BANK . .. Fort Atkinson.. C. J. W eiser___ E. W. D. Holway . .. F. J. Pouska ........... Fremont.......... ST A TE BANK OF FREMONT M. E. Votan . . . . D. K. Unsuker......... E. E. A u stin ............ Garner............. FARMERS NATIONAL . . . . C. K. M o e .......... G. E. Troeger ......... Isaac Sweigard......... Garwin............ GARWIN ST A TE ......... ........ G. H. Austin . . . . S. S. Dobson........... Edwin B e e ry ............ Glenwood......... MILLS CO. NATIONAL ....... D. L. Heinsheimer F. M. Buffington . . . . A. D. French............ Graettinger___ FIRST N A T IO N A L ................ M. L. Brown . . . L. C. Christensen___ C S. George ........... Grand Mound.. PEOPLES SAVINGS ............ Geo. Jordan ___ Wm. Voss ............... T. W. Reihman ....... H. C. G r a ff.............. Granville......... EXCHANGE B A N K ................. N. H. Graff . . . . Greeley............ BANK OF G R E E L E Y ............ Thos. C o le ........... Thos. Cole ................ FIRST NATIONAL ............... A. P. Littleton ... W. W. Burrell.......... C. D. M y e rs.............. Greenfield FIRST STA TE ....................... F. L. Stober ............ 0 . C. Perrin . . . . M. J. P e rrin ............ Greene ........... MERCHANTS NATIONAL .. S. A. Cravath . . . . E. W. C la r k ........... Geo. H. Hamlin......... Grinnell Guthrie Center. FIRST NATIONAL ............... E. C. Lane ....... F. M. Hopkins ......... C. H. Lane ............... Hampton......... CITIZENS NATIONAL ......... T. J. B. Robinson N. W. B eebe........... W. L. Robinson ___ HARLAN B A N K ..................... Geo. Walters . . . . M. V. W alters.......... G Walters ............ Harlan T. N. Franklin ....... F. F. W under......... Harlan............. SHELBY CO. ST A TE ........... L. F. Potter .. Harris HARRIS SAVINGS ................ H H. Buck ... B. B. Van Steenburg. A. E. Buck .............. Hartley............ FIRST NATIONAL ................ E. F. Broders ... Oliver E v a n s ........... W. T. D a v is ............. Hartley........... GERMAN S A V IN G S .............. J. T. C o n n ......... Wm. T. V o s s ............ G. E. K n aack ........... Hartley ......... HARTLEY STATE ................ Frank P a tch ....... D, A, Patch . . . . . . . . F. R. Patch ............ https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis CAP. DEP. $ 50,000 $380,000 30,000 107,682 330,000 20.000 15.000 25.000 15.000 50.000 100,000 25,000 40,000 25,000 30.000 20.000 54,xoo 15,000 10.000 50.000 25.000 16.000 50.000 25,000 160,000 100,000 10.000 25.000 25.000 50.000 40.000 10.000 25.000 35.000 40.000 50.000 50.000 600,000 25,000 100.000 100.000 50,000 50.000 45.000 200,000 50.000 25.000 30.000 40.000 25.000 25,000 25,000 35.000 35.000 20.000 50.000 125.000 130.000 586,433 100.000 260.000 i 95,76 x 230.000 243,204 80.000 247,700 90.000 310,000 70.000 600,999 230.000 606.000 550.000 85,000 225,631 350.000 165.000 300.000 95,ooo 227,296 490,456 450.000 9,160,000 145.000 600.000 500.000 500.000 350.000 1,300,000 150.000 393.000 175.000 483.000 250.000 90.000 134,700 42.000 120.000 125,010 314.000 110.000 345,000 40,000 25.000 30.000 65.000 25.000 30.000 165,030 215,000 225,000 100,000 33n ooc; 10.000 25 000 50.000 100 000 40,000 100,000 70,000 220.000 350.000 600.000 300.000 437,270 7 20,0 DJ * o OOO 100.000 0 000 50,000 20,000 5O.OOO 550000 45,ooo 180,000 178,000 240,000 56 THE NORTHW ESTERN BANKER June, 1908 Directory of Representative Iowa Banks (C ontinued) TOWN NAME OF BANK PRESIDENT VICE PRES. CASHIER Hearick............ HEDRICK S T A T E .................. J. B. Mowrey ... B. D. Mowrey . . . F. H. Tinsley . . Hillsboro......... FARMERS & TRAD. SAV. James Kennedy . Wm. A. T a d e ___ H. D. T a d e .......... Holstein........... HOLSTEIN SAVINGS . . . . J. W. Reed . . . . J. C. Kuchel . . . . C. J. Wohlenberg . Hopxinton....... FARMERS ST A TE ........... H. M. Johnson . S. P. Thorpe....... A. W. McDonald . Hopkmton....... HOPKINTON S T A T E .. .. F. B. Doolittle . F . E. Williamson F. C. R eeve....... Hudson............. FIRST N A T IO N A L .......... Thomas Loonan F . R. Hollis . . . . C. W. Bedford ... Iowa Falls HOME SAVINGS ............. J. M. Rinehart . H. L. Walker W. S. Walker .. Kalona............ FARMERS SAVINGS . . . . C. M. Keck . . . . L. E. Edmondson . F. E. Skola . . . . Kellerton......... RINGGOLD CO. SAVINGS W. H. Merritt . W. A. Hopkins ... G. W. Blair . . . . Kellerton ....... KELLERTON S T A T E ....... j. A. Woollums . T. C. Gorsuch ... W. G. McCleary . Keokuk..........., ST A TE CENTRAL SAVING S. Wm. Logan . . . . Geo. E. R i x ......... C. J. Bode .......... Kesley.............. BANK OF K E S L E Y ......... H. N. Reints . . . . Klemme........... STA TE S A V I N G S ............ W. R. Bloom . . . . D. D. R o s s ......... P. M. Griesemer .. Knoxville......... MARION CO. NATIONAL O. P. Wright . . . . Chas. P e rr y ......... 0 . L. Wright . . . . Lake City....... CITIZENS B A N K ............ E. W. Townsend . S. A. Townsend R. F. Townsend . Lake M ills.... FIRST N A T IO N A L .......... P. M. Joice . . . . J. C. Williams . A. W. Winden . .. Le C la ire....... LE CLAIRE S A V .............. C . S. Simpson ... W. A. Shirk . .. J. E. Park ......... Lehigh............. LEHIGH V A LLEY SAV. .. J. L. Hamilton .. P. F. Nugent .. N. H. Tyson ___ Letts................ CITIZENS SAVINGS . . . . Wm. Lieberknecht Thos. Newell .. E. R. McCormick Lineville........... FIRST N A T IO N A L .......... Geo. Rockhold . . . C. W. Elson . .. D. T. Sollenbarger Livermore . .. STATE BANK OF L ........... C Korslund . . . . G S. Ringland E. J. Hines ......... Lowden............ LOWDEN S A V IN G S ......... Chas. Heiner___ H. D. Kenmann H. H. Peterson . .. Lu Verne....... GERMAN B A N K .............. Rodney Hill . . . . W. E. Kyler . . . . Lyons............. IOWA ST A TE SAVINGS C. H. Ingwersen .. T. J. Hudson .. Gustv Gradert . . . ivracksburg.... MACKSBURG NATIONAL J. M. Wilson . . . J. H. Mack . . . W. W. Walker ... McCausland. .., McCAUSLAND SAVINGS . L Litscher . . . . F. J. Lessin . .. F. E. Ringey ___ Madrid............. MADRID ST A TE .............. Oscar Oakleaf.... Peter Cassel ... F. H. Graves . . . Manchester.... DELAW ARE CO. BANK. . . W. C. Cawley ... R. W. Tirrill .., Chas. J. Seeds . . . Manson......... BANK OF M A N SO N ......... M. W. Fitz ....... M. E. Griswold B. E. Sebern ___ Mapletcn......... FIRST NAT. BANK ....... E. L. Crow ... J. R. Welch C. C. Jacobsen . . . Marcus............ BANK OF M A R C U S......... Louis Gund W. L. Gund......... Marion............. FARMERS & MER. STA TE. G. W. Toms ___ E J. E sg a te ........ Marshalltown.. FIRST NATIONAL . . . . D. T. Denmead .. J. I. Dennead . C. C. St. Clair . .. Mason City. . . . FIRST NATIONAL ___ J. L. Carney . C H. McNider W. G. C. Bagley . Matlock......... BANK OF MATLOCK .. M. Brink ......... C. W. B rin k ......... Mechanicsville. MECHANICSVILLE SAV H. P. Stoffel . . . W. C. Page .. E. Webbies ......... Mediapolis....... CITIZENS ST A TE ....... C. H. McKee .. Joseph Barton M. U. Bridwell .. Milford............ FIRST NATIONAL ....... P, Rasmussen ... C. Torstenson C. F. Mauss ___ Milford............ MILFORD SAVINGS ... M. S. Dewey . . . . J. E. Knudson H. S. Abbott ... Missouri Valley FIRST NATIONAL . . . . G. A. Kellogg . .. J. E. Blenkiron J S. McGavren . . Mitchell........... MITCHELL SAVINGS .. A. C. P rim e___ Henry Indra .. C. A. R andall___ Modale............ STATE SAVINGS . . . . John Young . . . . W. J. Burke .. H. M. Silsby . . . . Montezuma___ MONTEZUMA SAVINGS H. F. Morton J. W. Carr . . . . • A. C. McGill . . . . Montour........... FIRST NATIONAL . . . . H. J .Stiger .. R. E. Austin, Jr. J. S. Hall . . . . Monticello....... LOVELL ST A TE .......... G. L. Lo ve ll___ R. C. Stirton . .. Monticello....... MONTICELLO ST A TE . S. S. Farwell . . . . Wm. Stuhler . H. M. Carpenter .. Moulton........... MOULTON ST A TE SAVINGS M. S. Edwards .. R. B. Carson .. J. B. Sneed ___ Mt. A y r........... IOWA STA TE B A N K ......... J. W. Harvey ... Thos. Teale ... Bert Teale . . . . Mt. A y r......... MT. AYR B A N K .............. G. S. Allyn . . . . J. H. Allyn . . . . Nashua............. A. G. CASE & CO....... . J. A. Case ___ W. F. Getsch___ Nemaha........... NEMAHA S T A T E ................ E. N. Bailey . .. D. W. Graff ... C. H. Townsend .. Nevada............ FARMERS BANK ................ J. G. Dutton ___ J. A. M ills ......... Nevada ........... FIRST NATIONAL ............... f . A. Fitzpatrick W. P. Zwilling Edgar John ....... Newell............ BANK OF N E W E L L ........... T. T. Norton . . . H. A. Harvey . . . Newell............. MILLER & CHANEY BANK D. C. Miller . . . . G. W. Chaney New Hampton ST A TE BANK ..................... John Foley . . . . W. L. T u rn e r___ E. N. Olmsted . New Sharon... NEW SHARON S T A T E ......... J. G. Hammond C C. Branson___ H. M. Whitacre Newton............ CITIZENS S T A T E ............... F. L. Maytag ... Tee Horn ___ L. E. Brown . . . . North English.. NORTH ENGLISH SAV. . . . J. W. E r w in ___ W. F. Hill . . . . E. D. Baird . . . . Norwalk........... NORWALK B A N K ............... Simon Casady .. J. N. Casady Olin.................. CITIZENS S A V IN G S ........... W. H. Crain .. G. Blayney H. W. Flenniken Osage.............. HOME TRUST & SA V ......... J. W. A n n is___ K. J. Johnsen .. L. W. Knoulton .. Osceola............. IOWA ST A TE B A N K ......... J E. Shepard . .. W. B. Tallman Chas. Isra e l......... SIMMONS & CO......... . . . . . Osceola......... Oskalocsa....... MAHASKA CO. S T A T E ....... W. R. Lacey . . . . H. S. Hawrd . . . . R. M. Boyer ....... Ossian.............. CITIZENS BANK ............... R. W. Anderson . A. T. Gunderson . M. J. K le in ......... Ottumwa......... OTTUMWA NATIONAL . . . J. B. Mowrey .., T. T. Hackworth L. E. Stevens . . . . OTTUMWA SA V ..................... F. Von Schrader . Frank Mclntire . Ottumwa B. P. Brown Oxford Junction EXCHANGE B A N K .............. L. Zeller ........... L. F. Zeller . . . . Panora............. CITIZENS STA TE S. C. Culbertson E. E. Kellogg .. H. M. Culbertson . Perry.............. CITIZENS S T A T E ............... S. S. Dilenbeck . S. M. Thornley . B. C. Dilenbeck .. Perry.............. PEOPLES SAVINGS ............ J. P. O’Malley .. Wm. Wolf .. .. Jno. Carmody___ Pomeroy........... POMEROY ST A TE ............. J. H. Lowrey . . . . M. F. Mullan ... Tno. F. Gutz ....... Prairie City. .. STATE B A N K ......................... T E. Johns......... John Ryan........ H. M. Wilson. . . . Reasnor........... REASNOR SAVINGS . . H. B. Allfree . . . . L. A. Andrew .. W. A. Williamson Red Oak......... FARMERS NATIONAL . . . . L. D. Goodrich . T. F. Brown .. T. B. Stair ......... Red Oak........... FIRST N A T IO N A L .............. F M. Byrkit ___ A. C Hinchman F. J. Brodby . . . . Renwick........... STATE BANK ..................... R. R. Smith . . . . S. I. Gillespie . L. M. Smith ___ Rock Rapids... LYON CO. NATIONAL ....... 0 . P. Miller . . . . M„ A. C o x ............ Rockwell City. FIRST NATIONAL . . . . . . . E. A. Richards ., J. H. Bradt F. P. Huff . . . .. Lamcni............ STA TE SAV. B A N K .............. Wm. Jewitt....... Mrs. Anna A. Dancerj W. A. Hopkins. . Wm. Anderson. . [Michael K elly............[Chas. H. Hartung Van Horne. ... FARMERS SAV. B A N K ....... https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis CAP. 25.000 10.000 60,000 25,000 40,000 25,000 35,ooo 10,000 10,000 25,000 100,000 27,500 15,000 60.000 75.000 50,000 10.000 20.000 40,000 25.000 50.000 25,000 25,000 75,000 25,000 10.000 25.000 100,000 50,000 40.000 50.000 60,000 2 00,000 150,000 25,000 50,000 35,ooo 15,000 60,000 10.000 15.000 30,000 25,000 100,000 100,000 30,000 25,000 50.000 25.000 25.000 50,000 75,000 20,000 50,000 25,000 60,000 26.000 25.000 20,000 50.000 50.000 100,000 100,000 10,000 100,000 115,000 50.000 25.000 50,000 25.000 25,000 25,000 10,000 60,000 100,000 50,000 75,000 50,000 30,000I 25,000 DEP. 115.000 650,000 60,000 250,000 100,000 100,000 184,000 80,500 1x4,776 1.64 U545 115,000 500,00c 35o,ooo r50,000 165,000 60,000 165,000 90,000 280,000 80,892 90,000 565,000 225,000 100,000 300.000 1,200,000 2,300,000 75,000 320,000 400,000 155,ooo 80,000 340.000 55,000 300.000 164.000 818,000 1,460,000 125,000 200,000 250,000 325,000 400,000 228,000 240,000 180,000 280,000 203,500 90,000 100,000 450.000 750,000 240,000 900,000 900,000 300,000 115,000 140,000 210,370 60,000 200,000 540 000 135.000 325.000 200,000 360,000 225,000 June, 1908 THE NORTHW ESTERN T he C urrency Phantom In the weekly financial review sent out by J. S. Bache & Co., bankers of New York, they have this to say re garding our currency legislation: “ The spectacle of the progress of the currency subject in congress, from the beginning of the session up to the present time, is enough to make gods and men stare and wonder. It would be ridiculous if it were not so serious. No chase of a dragon fly by a lot of very young children through the marshes was ever more flighty, purposeless or conducted with such childish fatuity. It started with the ponderous Aldrich bill, with its solemn provision for loading up the wheezy old steam engine which we call a currency system with chunks of stone instead of fuel, to make it go by adding more bond secured notes to the mass of notes already overloaded with bonds. First it was railroad bonds which were to be used, but when it came to designating which, the selecting committee be came entangled in an inextricable mesh of conflicting difficulties. To add to their perplexities, the wail of the politicians west and south went up, complaining that the East would get all the benefits. With a sigh of relief the sponsors struck out every railroad bond, and adopted municipal bonds instead. Then the experts got at them, and proved that while this was called an emergency cur rency, it would not “emerge” under pressure of need, because it would take seventy-five old dollars to get out every twenty-five new dollars; that an ordinary demand might be called an emergency, and if there was a profit in it, the currency would come out and stay out, loading us up with further extension of our paper notes, threatening BANKER 57 danger in the future. So persistent was this pounding by every banker of sense and knowledge, and every expert who appeared before the committee, that the leaders gave up in despair, and the bill was voted down in the House Committee. It seemed for a brief period as though we should be saved by no legislation, which is far better than bungling legislation. All this time the Fowler Bill, based on the true principles of currency and easily amended where too sweeping', stood like a rock and example of what ought to be done. Fowler, of New Jersey, and Hill, of Connecticut, the two men who have a deep knowl edge and thorough grasp of the subject, have all the time been educating the others and instilling wisdom. So far has this gone that a dim comprehension of the real basis of currency reform has begun to dawn upon other members, and blindly grasping at the outer fringe of the garment, the Vreeland Bill was dragged forth with its provisions of clearing house supervision and commercial paper as a basis. In as far as abstract good features lumped together without provision for their proper oper ation, are good—this is good. But the bill utterly fails of redemption arrangement and forcasts the halcyon days of Utopia when a man can give a note, get the money on it, and never pay it. This bill has been temporarily quashed, but the republican conference rises supreme from any vanquishment like this, appoints a committee to draw a bill comprising ‘recognition of commercial paper, through clearing house associations, as a safe and logical asset for emergency currency;’ and adjourns to await the report of the committee. D i r e c t o r y o f R e p r e s e n t a t i v e I o w a B a n k s ( c o n t in u e d ) . TOW N N A M E OF BAN K Rockwell......... ROCKWELL B A N K ............... Rolfe................ ST A TE SAVINGS ...... ...... Schaller........... SCHALLER S A V IN G S ........... Schaller........... ST A TE BANK ....................... »Sheffield........... SHEFFIELD B A N K ............... Sheldon........... SHELDON NATIONAL ......... Shenandoah___ COMMERIAL NATIONAL .. Shenadoah . . . FIRST NATIONAL ................ Sigourney......... FIRST NATIONAL ............... Silver City. . . . SILVER CITY S T A T E ........... Spirit Lake___ FIRST NATIONAL ............... Spirit Lake . .. SPIRIT LA K E NAT’L ........... Stacy ville....... STA CYV ILLE BANK ........... State Center.. BANK OF ST A TE CENTER. St. Charles.... J. F. JOHNSTON'S BANK. . . . Steamboat Rock FARMERS EXCHANGE ....... Storm Lake... CITIZENS BANK ............. Strawberry Pt.. STRAW BERRY PT. S T A T E .. Stuart.............. EXCHANGE BANK ................ Stuart.............. FIRST N A T IO N A L ....... ........ Swea City . . . . FIRST NATIONAL ................ Tabor ............. ST A TE BANK ....................... Tama.............. COMMERCIAL SAVINGS . . . . Tingley ......... TINGLEY ST A TE SA V .......... Toledo............. TOLEDO SAVINGS ............... Turin................ TURIN BANK ...................... Van Wert....... BANK OF VAN W ERT ....... Victor.............. FARMERS S A V IN G S ............. Vinton............ PEOPLES SAVINGS ............ Wall Lake.. . . GERMAN BANK .................... Ware................ BANK OF W ARE ................ Waucoma......... BANK OF WAUCOMA ......... Waukee........... BANK OF W AUKEE ........... Waverly........... ST A TE BANK OF W AVERLY West Branch.. CITIZENS S A V IN G S ............. West Branch.. W EST BRANCH STA TE . . . . West Liberty.. IOWA S T A T E ........................ Wilton Junction UNION SAVINGS ................. Woodward....... WOODWARD S T A T E ............ Zearing............ STA TE SAVINGS ................. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis PRESIDENT G. H. Felthous . W. D. McEwen .. F. S. Needham .. W. J. Howard . . . . L. B. Carhart . . . Jas. F. T o y ___ H. I. Foskett . . . . T. H. Read ......... H. G. Brown . . . . C. G. Greenwood . J. W. Cravens . . . Marcus Snyder . . . R. C. Lubiens . . . W. N. Gilbert . . . J. F. Johnston .. D. W. Turner . .. Fred Schaller . . . . Chas. Roberts . . . . J. E. Savage . . . . J. W. Foster ___ Gardner Cowles . C A. Barnes . . . . G. H. Austin ___ H . R . Boyd ....... W. C. Walters___ W. T. Day . . . . W. F. Blair . . . . H. C. Phelps . . . . John Young ......... A. H e r r ig .......... J. H. A lle n ......... W. H. Stone . . . . S. M. Leach ___ Geo. P. Ellis . .. 0 . C. Pennock . . . . Tno. Pearson___ I. A. Nichols___ A. R. Leith . . . . S. 0 . Conger . . . . A. H. Grimm ___ V IC E P R E S . C A S H IE R F. C. Siegfried .. James Bruce . . . C. W. Brimhall ....... A J Martin C. A. Ed so n ......... . H. L .Carhart .. W. H. M y e rs ........... P. W. H a ll....... A. W. M urphy......... J. F. Lake . . . . Elbert A. Read Thos. K e lly .............. J. R. Mackey . . . E. F. Landon ............ W. B. Oaks . . . . 0 . S. Jones ............. C. E. N a r e y ___ A. W. Osborne......... L. Sperbeck . . . . Avery B ru sh ............ Kennedy Scott . P. W. C o e ............... 0 . F. Ecklund .. W. A. Barnes ......... H. A. Mueller . H. H. Turner .. Geo. J. Schaller T. Dunning.............. J. M. Pollard .. J. R. Smull, J r .......... Geo. B. Irick .. A. C. Curtis ........... J. F. Blackman E. J. Murtagh ......... A. T. Wherry . W. W. Mickelwait . C. L. Hall ....... F. W. Brokhausen . . . D. E. Goodell .. J. J. Baxter ........... A. R . H a s s .......... I. E. T y l e r ............... E. C. Halsey . . C. T. Hansen............ J. H. Peters ___ Lester Gould ........... E. 0 . Stearns . .. Levi Lewis .............. H. L. Mussetter John Lorenz .............. A. B. Allen C. M. Herrig . .. R . G. Cundy . .. Leo C. Stone___ Chas. R. Brenton . . . . S. F. Foft . . . . G. A. Grossman....... Louis Case ___ L. J. L ee ch .............. P. V. N. Myers . J. L. Crozer............. J. F. Adair ___ C. M. Nichols ........... Irwin Aikins . .. D. G. A g n e w ........... W. D. Harris ... Joseph Storm .......... H. S. T a y lo r ___ J. S. H o rst.............. J. S. Smith . . . . CA P. D EP. 25.000 75.000 25.000 40.000 15.000 50.000 50.000 130,000 75.000 50.000 50,000 50,000 10.000 30.000 50,000 20,000 95.000 160.000 125.000 155.000 90.000 275.000 300.000 700.000 200.000 140.000 230.000 287,642 50,000 25.000 25.000 25.000 25.000 50.000 20.000 50.000 400,000 200.000 200.000 85,000 133)000 10.000 25.000 50.000 25.000 25.000 10,000 90.000 475)000 335,ooo 50,000 20,000 5o,ooo 40.000 40.000 35)000 25,000 110,000 108,240 85.000 80.000 65.000 140.000 550.000 05.000 175,000 282,282 425,ooo 75,000 THE NAUMAN CO. 420-428 Cedar St W A T E R L O O , IO W A Manufacturers of BANK FIXTURES Catalogues Free P L A N S A N D E S T IM A T E S F U R N IS H E D Directory of Representative Nebraska Banks TOWN NAME OF BANK Bloomfield ___ Brainard ....... Bridgeport ___ Brock ............ Cotesfield....... Craig .............. Creighton ___ Elgin .............. Havelock ....... Lawrence ....... Malmo............ North Bend .. Ogallala ......... Riverton ......... Springfield___ Sterling ......... Ulysses ........... Wausa ........... Plainview......... PRESIDENT FARMERS & MER. S T A T E .. W. H. H arm ....... BANK OF BRAINARD........... J. T. McKnight .. BRIDGEPORT BAN K ............ J W. Wehn ....... BANK OF BROCK .............. . R. C. Miller ....... FIRST ST A TE BANK ......... C. C. Hansen ___ FARMERS ST A TE .............. J. C. Martin ....... SECURITY BANK ................ H. A. Cheney . . . . ELGIN STA TE ....................... Geo. N. Seymour FARMERS & MECHANICS.. Fred Whittemore FIRST NATIONAL ................ H. Gilsdorf ......... FARMERS & MERCHANTS.. Peter Reimers ... NAT’L BANK OF N. B . . . . . . . Alex. Thom ....... EXCHANGE BANK .............. H. Welpton ....... RIVERTON ST A TE .............. J. B. McGrew ... J. D. SPEARMAN & CO....... S. E. Spearman .. FARMERS & MERCHANTS.. D. M. Boatsman .. FARMERS & MERCHANTS.. Geo. L. Sm ith.... FARMERS STA TE .............. Phil Mitchell ___ BANK OF PLA IN V IEW ........... W. L. Mote......... VICE PRES. CASHIER H. J. Miller ............ P. A. Tulleys ......... Henry Schulz ......... A. K. Smith ............ Mark Spanogle ....... John Yont ....... ....... E. C. Yont .............. Thos. Blanchard . . . . L. C. Madsen ......... E. D. Martin ........... E. J. Martin James G. Kruse ___ G. W. Klockenteger. . M. S. Huffman ....... Wm. H. Campbell .. J. A. Aspegren ....... V. F. Hofmann ....... J. 0 . Riley ............ Ja y M. Riley ........... G. E. Bredenberg .. H. H. Ostenberg . . . . T. J. Kastle ............ Thos. H. Fowler ___ J . W. Welpton ......... R. V. McGrew ......... N. R. Morrow ......... C. K. Spearman ___ C. F. Calhoun ......... Wm. Freeburn ....... John Boatsman . . . . W. R. Brown ........... Floyd Seybolt ......... E. W. Hurst ........... T. A. Anthony......... M. Sorenson............ CAP. 50,000 30.000 10.000 10,000 10,000 12.000 25.000 25.000 15.000 25,000 12,500 25.000 15.000 10.000 15.000 60,000 15.000 50.000 20.000 DEP. 225,000 207,500 80,000 90,000 35,ooo 101,663 225,000 300,000 *35,000 85,000 180,000 260.000 150.000 60,000 145.000 100,000 100.000 225.000 160.000 Directory of Representative Minnesota Banks TOW N NAM E OF BANK Brainard ....... Browns Valley Crookston . . . . Duluth ........... Ellendale......... Ellsworth ....... Hector ........... Hutchinson ... Jeffers............ Mora .............. Olivia ............ Pelican Rapids. Swanville . . . . FIRST NATIONAL .............. BROWN’S V A LLEY ST A T E .. FIRST NATIONAL .............. AMERICAN EXCHANGE . . . . SECURITY STATE BANK . .. GERMAN ST A TE .................. FARMERS & MER. S T A T E .. CITIZENS BANK .................. STA TE BANK OF J .............. STA TE BANK .................. PEOPLES FIRST NAT. BANK FIRST NAT’L BANK ............ FIRST STA TE ....................... P R E S ID E N T G. D. La Bar . . . . Peter Nelson . . . . J. W. Wheeler ... H. M. Peyton . . . . GEO. E. Sloan . .. E. A. Brown ....... A. E. Schroeder .. Wm. E. Harrington F. E. Duroe ....... C E. Williams . . C. A. Heins ......... 0 . M. Carr......... Wm. Siems ......... V IC E P R E S . C A S H IE R G. W. Holland ......... F. A. Farrar A. I. Engebretson .. Wm. Anglin ........... C. F. Mix C. A. Congdon ......... W. G. Hegardt ....... L. Peavey.................. W. E. Galloway....... P Hickman ............ W B Strom ........... S. W. Anderson ___ H. H. A m es.............. P. P. Pendergast . . . . E. M. Duroe ............ C. R Duroe Andrew Larson . . . . . F. W. Waterman . . . ... W. H. H eins............ E G Heins C. D. Haugen.......... M. T. Weikle........... B. M. Sietms ............ Olga S ie m s.............. C A P. D EP. 50.000 800,000 30.000 269,079 75,000 820,000 500 000 6,000,000 10.000 85.000 1121,878 15.000 20.000 120.000 40.000 470.000 25.000 90.000 i5,oor 85.000 20.000 160.000 25.000 150.000 10,000 35,ooo Directory of Representative South Dakota Banks TOWN Belle Fourche Belle Fourche. Bradley ....... • Bradley............ Crocker ......... Custer City . .. Hill City ....... Madison ......... Midland........... Rapid City ... Scotland^*........ Seneca.............. Sum m it........... https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis NAME OF BANK ARDMORE STA TE .............. BUTTE CO. BANK ................ FIRST NAT’L BANK ............ ST A TE BANK OF B .............. PEOPLES STA TE BANK . . . . CROCKER STA TE ................ CUSTER CO. BAN K .............. HILL CITY BAN K .................. LAKE CO. B A N K ................... BANK OF MIDLAND ............ PENNINGTON CO. BANK. . . BON HOMME CO. B A N K ....... STATE BAN K ......................... SUMMIT BANK .................... PRESIDENT VICE PRES. CASHIER John Clay ......... Thcs. H. Gay. . . . Jno. Scanlan . . . . H. I. Olston......... S. A. Schneider .. S. H. Mills ......... C. E. McEachron. Tohn Wadden . .. C L. Millett......... S. H. Mills ......... H. A. Kaeppler . A Dixon................ 0 . P. Brustuen .. F. L. Hall ................ J. I. Craig .............. Wm. Fried ............ E. J. Scanlan ........... H. J. Setbacken....... S. 0 . Pillsbury......... D W. Webster ....... P. Burns .................. John W. Wadden . .. J. C. Russell............ Corbin Morse ........... R. P Loomis ........... E. J. Dixon................ Paul Hanson ........... 0 K Eastman W. B. Penfold ......... D. R. Evans Frank Dudley........... E. A. Schullian......... L. 0 . Pillsbury ....... T. W. Delicate ....... D W. Webster G. E. Cochrane ....... M. C. Sherwood....... G. F. Schneider ....... W S. Brant ............ Jno. A. Dixon ......... C. H. Lien .............. CAP. 5,000 25,000 25.000 10.000 10,000 5,000 25,000 25.000 15.000 50.000 15.000 5.000 10.000 DEP. 36,778 500,000 300,000 70,000 40,000 15,000 140.000 100.000 310.000 104.000 889,6125 80,000 115,000 THE June, 1908 NORTHW ESTERN BANKER 59 REPRESENTATIVE IOWA BANKS These Banks have special facilities for handling collections and any other business entrusted to them BATTLE CREEK—Battle Creek Sav. Bk. C a p ita l, $25,000. U n d iv id ed P ro fits, $24,644.66. D ep o sits, $211,467.61. A lex M cH ugh, P re s ., J . L. R ied esel, V -P ris. D .H .H e d ric k , C ash., J .F .C h ris tia n s e n , Jr.A .C . BAXTER—State Savings Bank. C a p ita l, $30,000. S u rp lu s, $2,400. U n d iv id ed P ro fits, $2,200. D ep o sits, $230,000. F re d H a g e r, P re s ., H . A. G eise, V -P re s ., C has. B u rd ic k , C ash ., J. E. H o lm es, A ss’t C. BOONE—Boone National Bank. C a p ita l, $100,000. S u rp lu s, $25,000. U n d iv id ed P ro fits $ 10,000 D e p o sits $6 5 0 ,0 0 0 E. E. H u g h es, P re s ., Jo h n C ooper, V -P re s., T. L. A sh fo rd , C ash ., A. M. B u rn sid e, A. C. GREENE—First State Bank. C a p ita l, $50,000. S u rp lu s, $84,616. U n d iv id ed P ro fits, $9,315. D eposits, $285,000. O. C. P e rr in , P re s ., M. J . P e r r in , V iceP re s ., T. L. S to b e r, C ash ie r. HAMBURG—Farmers National Bank. C a p ita l, $50,000. S u rp lu s, $5,500. U ndivided P ro fits, $11,000. D eposits, $425,000. A. H y d in g e r, P re s ., G. M. B eai, V ic e -P re s., B. D. B u tte rfie ld , C ash., B. G. F r a n k lin , A. C. INDEPENDENCE—Com. State Bank. C a p ita l, $100,000. S u rp lu s, $20,000. U n d i vided P ro fits, $29,845. D eposits. $343,818. O. M. G illett, P re s ., A. G. S hellito, V. P ., C. E. P u rd y , C ash ier. MONTICELLO — The Monticello State Bk. C a p ita l, $100,000. S u rp lu s a n d P ro fits, $150,000. D eposits', $1,348,000. S. S. F a rw e ll, P re s ., W m . S tu h le r, V -P re s ., H . M. C a rp e n te r, C., H . S. R ic h a rd so n , A.. C. MARSHALLTOWN-Marshalltown State Bk. C a p ita l, $100,000. S u rp lu s a n d P ro fits, $50,000. D eposits, $750,000. A. F . B alch , P re s ., G. A. T u r n e r , V ~P rcs., P . S. B alch , C ash., C. C. T rin e , A ss’t C a m . OSKALOOSA—Oskaloosa National Bank. C a p ita l, $100,000. S u rp lu s, $50,000. D epos its. $700,000. W . H . K a lb a c h , P re s ., H . L. S p e n c er, V iceP res., C. E. L a flan d , C ash. B ELLE PLAINE—First Nat’l Bank. C a p ita l, $60,000. S u rp lu s, $40,000. U n d iv id ed P ro fits $ 10,000 D e p o sits $340,00 > S. S. Sw eet, P re s ., F . E . Z a lisk y , V lc e -P fe s ., R. A h re n s, C ash ., W. A . M all, A ss’t C ash CHEROKEE—First National Bank. C a p ita l, *o0,000. S u rp lu s, $35,000. U ndivi d P ro fits, $7,000. D ep o sits, $700,000. N. T. B u rro u g h s , P ., W. A. S a n fo rd , V .-P ., R. H . S c rib n e r, C ash ., C. S u lliv a n , A ss’t C. INDEPENDENCE—First National Bank. C ap ital, $100,000. S u rp lu s, $80.000. U n d iv id ed P ro fits, $30,000. D eposits, $785,000. W . G. D onnon, P re s ., R. M. C am pbell, V .P ., R. B. R ain es, C ash., W . G. S tevenson, A .C ash. KLEMME—State Savings Bank. C a p ita l, $15,000. S u rp lu s, $4,000. U ndivided P ro fits, $2,500. D eposits, $110,000. W .R . B loom , P ., D. D. R oss, W m . K a tte r, V. P .’s., P . M. G rie sem e r, C., F. J . W ench, A. DECORAH—Winneshiek Co. State Bank. C a p ita l, $100,000. vid ed P ro fits, $25,000. C. J . W eiser, P re s ., P ., R. A lg y e r ,, C ash ier, S u rp lu s, $25,000. U n d i D ep o sits, $960,000. E . W . D. H olw ay, V. A. A n k in so n , T e lle r. ELDORA—hirst National Bank. C ap ital, $50,000. S u rp lu s a n d P ro fits, $40,000. J . H . B ales, P res., W . J. M undy, V iceP ra s ., W . E. R ath b o n e, C ash., A. W . C rossan , A. C ash ie r. U. S. D e p o sita ry . FOREST CITY—Forest City Nat’l Bank. c a p i ta l a n a b u rp iu s , 5.00,uuu. G. S. G ilb e rtso n , P re s ., W . O. H a n so n , V .P ., C. H . K elley , V ic e -P re s ., C. A. Is a a c s , C ash ie r, M. J . Jo h n so n , A ss’t C a s h ie r. P. F . D a lto n , P re s ., G. L. W e rn li, V -P re s ., E . A. D a lto n , C a sh ie r, J . A. H offm ann, A. C. C h p ita l, $100,000. S u rp lu s, $20,000. U ndivided P ro fits, $8,000. D eposits, $1,085,000. SHENANDOAH—Shenandoah Nat’l Bank. C a p ita l, $ 100,000 S u rp lu s, $60,000. D epos its, $375,000. G eorge B o g art, P re s ., E. II. M itc h ell, V -P ., R. M. G w ynn, C ash., F . M. S c h n e id e r, A. C. SIOUX CITY—Live Stock National Bank. L o cated a t Sioux C ity Stock Y ards. C a p ita l, $100,000. S u rp lu s, $75,000. Geo. S. P a r k e r , P re s ., F . L. E a to n , V ic e-P ., M elvin E. B a u e r, C ash ., .W. P . D ickey, A. C. VICTOR—Fanners Savings Bank. C a p ita l, $25,000. S u rp lu s, $15,000. U ndivided P ro fits, $3,500. D eposits, $400,000. H . C. P h e lp s, P re s ., L ev i L ew is, V ic e-P re s., H . L. M u sse tte r, C., F lo re n c e M u sse tte r, A. C. MASON CITY—First National Bank. C a p ita l, $^oO,000. S u rp lu s, $150,000. D eposits, $1,800,000. C. H . M cN ider, P r e s ., W . G. C. B ag ley , C. A. P a rk e r, A ss’t C ash ie rs. MILFORD—First National Bank. c a p i ta l, ?3o,0U0. S u rp lu s, $7,000. u n a iv ia e a P ro fits, $5,000. D eposits, $125,000. P . R asm u sse n , P re s ., C. F o rste n s o n , V. P ., C. F . M auss, C ash., V. D. F le m m in g , A. C ash. W ESLEY —Security Bank. C a p ita l, $30,000. S u rp lu s, $7,900. U ndivided P ro fits, $1,346. D eposits, $159,825. R odney H ill, P re s ., Geo. B. H a ll, C ash ie r, L o u is B. R asm u sse n , A ss’t C ash ie r. GRINNELL—Lyman & Lyman A tto rn e y s a t Law . RELIABLE REAL ESTATE DEALERS OF IOWA ALBIA—Ramsay Realty Co. 1In c o rp o ra te d 1896.) (C a s tn e r a n d C an n in g .) O nly co m p lete s e t o f A b stra c t Books in th e co u n ty . F a rm L oans. In v e s tm e n ts. B onds. In s u ra n c e . W rite u s fo r a n y th in g in o u r lin e. FOREST CITY—O. A. Olson A g e n e ra l re a l e s ta te b u s in e s s tra n s a c te d . Some choice b a rg a in s in W in n eb ag o and H a n co c k C ounty, Iow a, lan d s. GRINNELL—A. J. Breeden BOONE— W. H. Nelson R eal E s ta te an d In s u ra n c e . 723 S to ry S tre e t. CRESTON—Burkheimer Land Co. S p ecialty , Io w a F a rm L a n d s. A lso C ity P ro p e rty . H a v e som e Special B a rg a in s in C olorado L a n d s, a t fro m $8.00 to $ 10.00 p e r a cre, ju s t a h e a d of S u re Irrig a tio n . W rite Us. COUNCIL BLU FFS—H. W Binder & Co. A g e n e ra l R e a l E s ta te b u sin ess tra n s a c te d . DENISON—G. W. Nicholson T ra n s a c ts a g e n e ra l R eal E s ta te b u sin ess. R eal E s ta te an d E x ch an g e. DUBUQUE—Jas. A. Hayes N o rth a n d S o u th D a k o ta a n d N eb. la n d s a n d Stocks, B onds an d R e a l E s ta te B o u g h t an d sold. S e c u rity B u ild in g ESTH ERVILLE—C. D. Osgood W r ite m e fo r ch o ice b a rg a in s in ric h E m m e t Co. la n d . I h a v e som e la n d t h a t w ill d o u b le in p ric e sh o rtly . W . E. T u rn e r, U tic a , 111., an d W . H . H odge, C arro ll, la ., T ra v e llin g A gts. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis R ea l E s ta te A gent. Cor. F o u r th Ave. an d M ain St. HEDRICK—C. L. Dean & Bro. Io w a F a rm s fo r s a le o r ex ch an g e. W e n av e a la rg e lis t of fa rm s in M ah a sk a, W apello, Jeffe rso n an d K eokuk c o u n tie s. Send fo r list. HUMBOLDT—Stanbra & Brown R ea l E s ta te an d E x ch an g e. “ W e m ove th e d i r t . ” T ry Us! R e fe re n c e s: (H u m b o ld t S ta te B an k (P eo p le ’s S ta te B an k ( F ir s t N a tio n a l B an k LOGAN— Almor Stern F a rm L o an s, R ea l E s ta te A b stra c ts of T itle F ir s t M ortgage F a rm L o a n s fo r sale. H a rris o n C ounty. MALVERN, IA.— Cadwell & Salyers A g e n e ra l R ea l E s ta te B ro k e r’s Office. L o a n s placed a n d fo r sale. R eferen ces, F i r s t N a tio n a l, M alv e rn N a tio n a l an d B an k of M alvern. MASON CITY—P. C. Church, B. A. Gale. L a w y e r— C ollections— R ea l E s ta te . S p ecial a tte n tio n to p ro p e rty in th is city an d C erro G ordo C ounty ow ned by n o n re sid e n ts. RED OAK— 0 . E. Schoonover Ten e x cu rsio n s p e r y e a r to W e s te rn C an ada. $20.00 ro u n d trip . T a m e g ra s s la n d s, p ro d u c in g 40 b u s h e ls . W h e a t o u r sp e c ia lty a lso Io w a , N e b ra sk a , D a k o ta a n d C o lo ra d o la n d MISSOURI V A LLEY —Martin & Stout W e h a v e a larg o lis t of choice Iow a F a rm s fo r sale, som e g e n eu in e b a rg a in s. W rite us fo r o u r la rg e list. SAC CITY—Geo. A. Taylor Sac C ounty, R ea l E s ta te D e ale r Iow a, F a rm s , A creages R esidence P ro p e rty a nd SIOUX RAPIDS—A. L. Freelove L a n d in B u en a V ista , O lay an d D ic kinson C ounties. SPENCER — L. Becket & Son, Land Agents. Do you w a n t to p u t y o u r m oney w here i t is a b so lu tely safe? If so In v e st in C lay C ounty, Iow a, la n d . W rite fo r lis t. STORM LAK E—I. N. Hill Land Co. R eal E s ta te — good lis t of F a rm s in th is v ic in ity . 3 2 ,000 a c re s in E a s te rn M o n tan a @ $ 8 to $15 p e r acre. L ocal a g e n ts w a n t ed. R eferen c e : C itiz en s’ B ank. WOODBINE— Love & Grimes Iow a farmis an d tiv e a p p ra ise m e n ts . fa rm lo a n s. C o n se rv a Iowa Life Insurance Company Home Office, Syndicate Bldg. WATERLOO, IOWA Capital paid up, - $100,000.00 Surplus, - - - 25,000.00 The average man in buying life insurance, desires the largest amount of insurance protection for the least cost, on an absolutely reliable basis. N O N -P A R T IC IP A T IN G insurance furnishes this kind of protection. A ll policies issued by the Iowa Rife Insurance Company are on the non-participating basis. EVERYTHING GUARANTEED ESTIMATES ELIMINATED A LOW PREMIUM RATE YOU KEEP YOUR DIVIDENDS IN YOUR POCKET Managers and Agents wanted in every district and county in Iowa. Agencies and collections will be handled through local banks where satisfactory arrangements can be made. Write for further information and literature. OFFICERS: F. F. McELHINNEY, President, C. W. MULLAN, Vice-President, Pres. Black Hawk National Bank Formerly Attorney-General F. A. FERGUSON, Secy and Gen. Mgr. E. D. CLITHERO, Supt. of Agents J. W. KRAPFEL, Treasurer F. W. POWERS, M. D., Medical Director, Formerly President Iowa State Board ol Health DIRE TORS: C. W. MULLAN, Formerly Attorney-General F. A. FERGUSON, Sec y and Gen. Mgr. F. W. POWERS, Formerly Pres. State Board ol Health C. L. KINGSLEY, Proprietor Irving Hotel G. B. McWILLIAMS, Pres. Waterloo Skirt & Garment Co. GEO. S. MORNIN, Pres. Security Sav. Bank, Cedar Falls A. N. ODENHEIMER, Loans & Investments, Des Moines, la J. D. EASTON, Pres. Iowa State Bank F. F. McELHINNEY, Pres, Black Hawk Nat’l Bank W. R. JAMESON, https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis C. A. WISE, Pres. Citizens Savings Bank, Cedar Falls, la, •es. Citizens Sav. Bank
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