The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
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ESTABLISffED 1876.
S. A. ROHERTSON,
President.
c ., PITAL,
SU"PLUS,
~
Number ·3 .
D es Moines, Iowa, March, 1897.
Volume II.
GEO,
A. DISSMORE,
Cashier .
s1 00,ooo.
3 0 ,000 ,
. - ~ICITIZENS
.____.
- -towA NATI 0 NAL
- 5
EDITORIAL,
THE BANKERANDTHEFARME~
BANK~
AN
..s,1•••----Des Moines, Iowa.
Accounts of Banks and Bankers solicited
on favo rable terms. School and Municipal Bonds negotiated . Collections
handled promptly. Designated reserve agent for National Banks.
DIRECTORS :
S. A. Robertson, Pres't,
Jas. Cunningham,
Geo. A . Dissmore, Cash'r, Geo. S. Redhead,
H. A . Elliott,
Frederick Field,
E. H. Hunter,
H. R. Heath.
J.M. Goodman.
M. T. V. Bowman,
Dr. W. H. Dickinson,
E. D. Samson.
Theo. C. Sherwood,
r
IMPORTANT
RULING,
NATIONAL
·BANK~. . . . . ~•
SUPREME
-
6
••
CO U RT
"' " .. , .... DES rtOINE5, IOWA .
- 7
-
Is IT NECESSARY TO PLACE PRIVATE
CAPITAL,
BANKS--UNDE-R STATE EXAMINATION AND CONTROL,
-
· SuRPLUS,
8
-
-
$200,000.00
100,000.00
- - -- - -
REC.ENT CHANGES IN IOWA BANKS, - IO
G ENERAL NEWS AND N OTES,
MINNESOTA NEWS AND N OTES,
IO
- II
J. G. ROUNDS, President.
A. LE DERER, Vice-President.
GEO. E. PE ARSALL, Cashier.
H. T . BLACKBURN. Ass't Cash.
IOWA NEWS AND NOTES,
ACCOUNTS SOLICITED.
---··-::::;;:::::::::~7
Surplus, -
Davenport Savirigs Bank.
$40,000.
DAVENPORT, IOWA .
... THE ...
Capital,
- - $ 250,000
Undivided Pro.its,
8 1,000
I Deposits,
- 1,963,605
People's
Savings
Business
Solicited.
Bank ...
O FFI CE RS:
ANTHO Y BURDICK, President.
LOUIS HALLER, Vice-President.
HE RY C. STRUCK, JR., Cashier.
OTTO L. LADE BERGER, Teller.
~ e s Moines, Iowa.
"'
. .. DIRECTORS ...
A Sheuerman . C. H. Martin. J . A . Garver.
0 . H. Perkins .
.Martin Tuttle .
c.
C. Loomis.
A. Dickey.
Martin Flynn.
"'
.. .. OFFICERS ....
Martin Flynn, Pres.
DIRE CTO RS:
w. R. Warfield.
Adam Dickey. v .-Pr es.
~
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A. Burdick, Louis Haller, A. Steffen, W. 0. Schmidt, ·F . H.
Hancock, J. F. Dow, H. Kohrs, W. H. Wilson,
H. U. Struck, Jr.
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https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
PER CENT INTEREST PAID ON DEPOSITS. MONEY LOANED
ON REAL ESTATE SECURITY IN THE STATE OF IOWA.
THE TRI-STATE BANKER.
2
March , I 897.
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... ASSETS .. .
commercial lines, loaning money in
moderate amounts to reputable business houses for mercantile uses only, the
Loans and Discounts ... ..... . .. . .. . ..... ....... $9,171,517.59
Bonds and Stocks . ......................... .. 1,138,628,48 /SD..
Due From Banks . .. ... . . . . . . . . . .. . . . . .. . .. . . . .
415,343.98
Cash . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . 3,598,552.47
w
@ •
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1
674,636.05
540,000.00 /SD..
L=~~~
I
..
I
I National Union Bank, I
! .
CAPITA!,, $1,200,000...
@
@
Mutual Life Building, 32 Nassau Street,
... NEW
YORK CITY...
DANIEL s. LAMONT.
RICHARD A. MCCURDY.
FREDERIC P. OLCOTT.
JOHN D. CRIMMINS.
FREDERIC CROMWELL.
G. G. HAVEN.
R. SOMERS HAYES.
HENRY H . ROGERS.
Jos. C. HENDRIX.
H. McK. TWOMBLY.
WILLIAM ·c. WHITNEY.
/SD..
'QSJ
1
Jos. C. HENDRIX ... . ... . ... . ...... . . . . .. .... .. ........ President.
G. G. HAVEN ... . ........ .. .... . ... ... ........... Vice-President.
·
.d
d
b'
E . O. LEECH .. ... .. ...... . . Secon d V1ce-Pres1
ent an Cas 1er.
I
CHICAGO.
-~ ·
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/SD..
L~~;: ;/w,:;: ~~=:c:~o~~~;c;;;:~.
JOHN A . LYNCH, of Thos.
Lynch & Sons, Capitalists.
FRANK 0 . LOWDEN, Attorneyat-Law.
H. S. DURAND, of the Home
Insurance Co .
J.B. GREENHUT, Peoria, Ill.
®;
~
JOHN A . LYNCH, PRESIDENT .
J. H. CAMEROt~,} A
C
A . M..,.RCTHSCHilD, V1cE-P1u:s1c:a:;n. - .-.~. ~ - KEN-,
ssT.
ASH ' Rs
w. T . FENTON, 2D Vice-PRESIDENT
& CASHIER .
R. M . McKINNEY, 2 D AssT. CAsHIER .J
t~
................ • ·...............
w• .....
New England
... The National Bank ...
Burglary Insurance
OFTHE
BOSTON, MASS.
oF
Cash Capital, $zoo,ooo.
s;,g~ j_
of
A . M . ROTHSCHICD. of A . M. ;
Rothschild & Co., Dry Goods.
E. B. STRONG, of the late firm
of Foss, Strong & Co.
~
ALEXANDER MACKAY, Presi- ~
dent Globe Stone Compan y.
W. T . FENTON.
~~-----
'(!SJ
... Company ...
l
.
CAPITAL, ONE MILLION DOLLARS
/SD..
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.
offers its services to the business public,
expecting to receive a fair share of patronage.
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_ j
PU
LIC
OF THE RE B •
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CapitalStock .. : .......~'.~~. .~'.~. .~ .~ · ....•... .
Surplus and Profits (Net). ... . ........ ...... . . . .
Circulation . . . . . . . . .. . . . . . .. . . . . . . . . . . . . . . . .
.
~
REPUBLIC
OF NEW YORK.
United Bank Building , Cor. Wall Street and Broadway.
WARNING
-TOBURGLARS
AND
THI EVES
THESE PREMISES
PROTECTED BY
N·E·B·I·C~·
Banks Insured
against loss by Burglary and Day
light Robbery at lowest rates ......
Goodwin, Hall
&
$1,500,000.
SURPLUS,
500,000.
CAPITAL,
OFFICERS:
OLIVER S CARTER, President.
EUGENE H. PULLEN , Vice-President.
CHARLES H. STOUT, Cashier . ..
W. B. T. KEYSER, Asst. Cashier.
Accounts of Banks and Bankers Received.
Henshaw,
CORRESPONDENCE SOLICITED .
• .. GENERAL AGENTS .•.
171
La Salle Street.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
....... Chicago, Ill.
Buy and sell United States Bonds and make transfers and
exchanges in Washington without additional charge.
THE TRI-STATE BANKER.
March, 1897.
3
YYYYYYYYYYY!W'
---- THE-----
FIRST ,:. NATIONAL
=
~
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$700,000.00
500,000.00
CAPITAL.
SURPLUS.
~
~,---------~
.~
Corner rtonroe and Dearborn Streets,
CHICAGO.
CAPITAL, $3 ,000_,o_oo_. _su
_ R_PLUS, $2,000,000.
H. negula:tr Banking Business T:transaeted. .
TRAVELERS' CREDITS issued available in any part of the
world. TRANSFERS OF MONEY MADE BY TELEGRAPH AND
CABLE and EXCHANGE DRAWN at customary usances, on the
principal cities of the United States, Europe, Japan, China and the
East Indies.
All kinds of FIRST-CLASS INVESTMENT SECURITIES dealt
in. Constantly on hand and for sale at current rates a full line of
GOVERNME T BONDS, Municipal and Local Bonds, Choice Railroad Bonds.
Collections carefully made and proceeds promptly accounted for
on moderate terms. Accounts of banks and bankers solicited.
BANK OFFICERS:
S. M. NICKERSON, President.
JAMES B. FORGAN, Vice-Pres't.
RICHARD J. STREET, Ca.shier.
HOLMES HOGE, Asst. Cash.
FRANK E. BROWN. 2d Asst. Cash.
The Best Bankers'
Publications.
~
~
Has over double the circulation of any other bankers' publication
in the United States.
Advertising Rates low considering the large circulation
guaranteed.
Rhodes' Journal of Banking and the Bankers ' Magazine have
been consolidated.
The Bankers' Directory. Issued in January and July- corrected to date. Price with marginal index, $4 a copy ;
both editions, $7. Plain, $3 a copy; $5 a year.
Practical Banking (Methods and Machinery of)~ By Claudius
B. Patten, for many years Cashier of the State National
Bank of Boston.
" The best Book on Banking in the English language."
Price, $5 a copy, or to Bank Clerks $3.50 a copy when
ordered in lots of ten copies and over.
The Bankers' R.eference Book. ·Ratings of National and
State Banks, Private Bankers, Loan, Trust and Investment
Companies, Collection Agents, Brokers, etc., for confidential use. Terms on application.
~
~
The National Bank ~
of North America.. ~
~
~
!
~
~
~
~
18 William Sti:-eet, NEW YORK.~
NOTICE. Orders for the Bradford Rhodes & Co.'s Bankers' Publications received at publisher's rates by THE TRI-STATE BANKER,
De M ines, Iowa.
~
IN NEW YORK
..•• 25 NASSAU STREET
~
:=============::::: ~
WARNER VAN _NORDEN .
. . . President
~
\i.
WILLIAM F. HA VEMEYER .
. Vice-President
~
~
AL VAH TROWBRIDGE
~
HEMAN DOWD
. . . . Cashier
~
Assistant Cashier
~
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NEW BANK LEDGER.
R.and's Patented ..... Individual Ledger
and Index Book/
•
Pronounced the Best Ledger
Ever Offered to Bankers ..... .
Combines the best features of the old style Ledgers and the Bo ton
(orDail_y Balance) Ledger. You do not have to carry forward unchanged balances every night in order to prove your work. You have
f\ach customer's account on separate page. and it can be looked over
for six months or a year at a glance, Bookkeepers can tell what a
customer's balance is without turning to his account. Officers can
look at the balances of all their depositors in a few moments. Preventative against fraudulent entries by bookkeepers. For sample
pages and prices, address
RAND LEDGER COMPANY,
E.G. RIES:ERER,
NORTH TONAWANDA,
NEW YORK .
PRES.
JAS. H. RAND , TREAS....
P. F. PETTIBONE & CO., INC.
... CHICAGO ...
>■
Bank Stationers
and Lithographers
BRADFORD RHODES & CO.,
Publishers.
~
ORGANIZED 1851........
The Bankers' Magazine - oldest bankers' publication in
America. Established 1846. Terms, $5.00 a year.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
=
9 ♦ Fef
I e& '
Fine Russet . . . .
Leather Pass ...
Books and Pocket
Check Books a ..
~pecialty ..
a
LARGE ASSORT
rn
T OF
BANK REGISTERS
_ ......... ~........-And other Forms kept in stock.
THE TRI-STA TE BANKER.
4
m
1
CENTRALLY LOCATED
March, 1897.
G . B . SHAW, PRESIDENT .
And Well Equipped For Handling Country Accounts.
JOY MORTON, VICE-PRESIDENT.
l
L. C. WACHSMUTH, 2D VICE - PREST.
j
...THE...
J. R, CHAPMAN, CASHIER .
w . L. MOYER, AsSISTAl'tT CASHIER.
0 . C, DECKER , 2D ASST. CASHIER ,
CAPITAL, $1,000,000 .
LSTATEMENT,l
THE AMERICAN TRUST
Cedar Rapids National Bank of Iowa
SAVINGS BANK ....
AND
NORTHWEST CORNER LA SALLE AND MADISON STREETS,
Transacts Strictly A ..
Commercial Business.
. .. CHICAGO ...
REPORT OF THE CONDITION BEFORE THE COMMENCE-
A. T. AVERILL, President.
G. F . V ANVECHTEN, Vice-Prest
RALPH V ANVECHTEN, Cashier.
MENT OF BUSINESS, NOVEMBER 28TH , 1896 . ••••••••
RESOURCES.
Capital,
Undivided Profits, $30,000.
$200,000 . . . . . . . . .
$3,181,027 35
37,148 25
225,930 . 00
LOANS. AND DISCOUNTS,
UNITED STATES BONDS, OTHER BONDS AND STOCKS,
CASH AND CASH ITEMS,
DUE ,ROM OTHER BANKS, -
$
589,564 37
1,558,514 84
2 , 148,079 01
$5,592, 182 , 61
LIABILITIES.
Davenport National Bank,
CAPITAL STOCK PAID IN,
SURPLUS FUND,
UNDIVIDED PROFITS,
DIVIDENDS UNPAID,
DEPOSITS, INDIVIDUAL,
DEPOSITS, BANKS, -
· DAVENPORT, IOWA.
s 1,000,000.00
200,000 . 00
39,457.56
15 , 00
-
$2,940,556.42
1,412,153.63
4.3152,710.0'S
$5,592,182.61
Your Accounts and Collections Solicited.
SPECIAL ATTENTION GIVEN TO ACCOUNTS
OF STATE AND PRIVATE BANKS . . . . . . .
General Commercial Business ....
Acts as Trustee and Transfer Agent for Raifroads and other Ctwporatt'ons. Accepts Trusts created by Will or otherwise. Issues Int~rest
Bearing Ce,·tijicates of Deposit. Legal Depository for Executors and
Trustees. Transacts a General Banking Business and Solicits A ccou,its
of Corporations, Firms, and Individuals. . . . . . . . . . . .
Officers and Directors.
W. C. HAYWARD, President.
HENRY EGBERT, Vice-President.
s. D. BAWDEN, Cashier.
S. F. SMITH.
A. F. CUTTER.
J.B. PHELPS.
M. J. EAGAL.
W. H. SNIDER.
JOHN W. BAI,LARD.
S. L. ELY.
WE SOLICIT CORRESPONDENCE
THE UNITED STA TES
LIFE
AN INSURANCE COMPANY the business management and results of which appeal especially to
bankers and business men.
L. E, SPENCER, Manager for Iowa and Nebraska,
IT IS FIRST- CLASS.
X
X
X
DES MOINES, IOWA,
X
X
X
Bankers' Mutual Casualty Company
DES MOINES, IOWA.
DIRECTORS:
CHAS. R. HANNAN, Cashier Citizens State Bank, Council Bluffs, Ia.
J. Ill.. WOODWORTH, Cashier Com'l State Bank. Marshalltown, Ia.
J.M. DINWIDDIE, Cashier Cedar Rapids Sav. Bank. Cedar l{apids.
J. G. ROUNDS, President Citizens National Bank, Des Moines, Ia.
A. U. QUINT, President State Bank, Scranton, Ia.
S. O'DONNELL, Pres. Citizens National Bank, New Philadelphia, 0.
WM. A. GRAHAM, Cashier Citizens Bank, Sidney, Ohio.
F. M.. RUDD, Cashier L. Rudd & Son Bank, Bronson. Mich.
M. D. WAGNER. President Huron County Bank, Sand Beach, Mich.
. >==-
DIRECTORS:
G. R. MOORE, President State Bank, Jackson. Minn.
JOHN H. LEATHERS, Cashier Louisville Banking Co., Louisville, Ky.
C. F. SMITH, Cashier First National Bank, McGregor, Texas.
JAS. FERGUSON, V.-P. Northwestern Nat. Bank, West Superior, Wis.
A. E. SPALDING),, Cashier Ainsworth Savings Bank, Ainsworth , Ia.
E. B. BRANCH. vmaha, Neb.
EDWIN GOODALL, Des Moines. Iowa.
I!'. ELMORE, Cashier Bank of Winchester, Kansas.
J. D. GERLACH, Cashier First National Hank, Chester, Illinois .
INSUR.ES against burglary and robbery of bank. Absolute security at actual cost. The safe delivery of money and
securities shipped by registered mail. Better, safer, cheaper than by express. Organized and conducted by bankers. Confines its business to banks. Correspondence solicited.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Ube Urf==State 1Sanher.
VOLUME II.
A Banker
DES MOI
$2 . 00 P ER AN NUM.
TH E TRI-STATE BANKER,
PUBLISHED BY
THE TRl =STATE BANKER COMPANY
GEO. G. HUNTER, MANAG£R.
MAN H ATT AN B U ILD ING, DES MO I NES , I OWA .
A monthly bankers' Journal devoted to the intereats of bankers
in the Middle-West.
All communications and news items of local interest to trankers
in this territory are requested.
Articles designated by star are paid matter.
Subscription, $2.00 per annum; single copies, 20 cents.
Advertising rates on application.
Entered at Des Moines Postoffice as second class matter.
As WE go to press the Iowa legislature is working
on the revision of the revenue bill. A very decided
sentiment is manifested in favor of a heavier tax on
express and telegraph companies. The amount of tax
now collected is a paltry sum compared to the immense
capital stock of the companies and their earning power
in the state.
***
NUMBER 3.
Journal for the Middle- West.
WOULD it not be a jnst and equitable plan to assess
all bank stock directly to the owner? As the law now
stands the stock of p;rt of the banks is asses~ed tc the
individual owner and he is allowed an offset for any
indebtedness he may happen to have that has not already been deducted from other taxable property. The
other banks are assessed direct on the whole stock and
no offset is allowed.
MARCH, 1897.
SINGLE COPIES 20 CENTS.
among professional bank crooks that it is now the exception when a member of the association is molested,
and they have even been known to give up a contemplated job when the bank became a member of the
association.
**
*
VERILY, confidence is returning. One has only to
study the changing conditions to be convinced that the
long deferred better times will soon be here. There is
a greater demand for money in the large financial centers ; mills long idle are again running ; there is a reasonably steady rise in the price of farm products, and
the industrial world is more active. It will not take
long under such conditions for general business to feel
the stimulus. Then we shall see the dawning of another era of growth and prosperity. The settlement of
the tariff policy of the new administration will undoubtedly act as a powerful influence in the reorganization
of many of our industries. More mills will be reopened
and others worked to a greater capacity., besides new
manufacturing enterprises that are sure to be inaugurated.
***
During the last week in March or the first week in
April the Iowa legislature, in the process of the code
revision, will consider and pass a bill that will be of
very great importance to the bankers of the state.
The bill is entitled, "A Bill for an Act to Revise,
Amend and Codify the Statutes in Relation to Banks
and Banking Institutions.''
Both the Senate and House committees on banks have
THE First National Bank of Sioux City has been re- reported a bill which, with but few exceptions, are alike.
organized and is now ready for business. The plan of The first exception is that section 3, chapter 2 of the
reorganization of the bank was drafted by Assistant Senate file is wholly omitted from the House file. This
Comptroller of the Currency Coffin, and the work was section reads, '' No savings or state bank shall loan to
under his direction, the plan having been approved by any director, officer or employee thereof an amount of
Comptroller Eckels. The people of Sioux City gener- money exceeding at any time 10 per cent of the paid-up
ally and the stockholders and depositors in particular capital, or permit any such person to overdraw his acare to be congratulated that the bank is reopened, and count in any sum. Any violation of the provisions of
on so substantial a basis.
this section shall be considered an impairment of the
capital within the meaning of this chapter, and treated
No BANKER can afford to be without a membership accordingly." The House committee held that officers
in the American Bankers' Association. Simply as a and directors should be subject to the same restrictions
matter of protection from bank crooks it is worth to as any one else, as provided in section 4 of the same
every bank many times the cost. The protective feat- chapter, which reads :
ure of the association, through the untiring efforts of
'' The total liabilities to any savings or state bank of
Vice-President J. C. Hendrix, has been carefully worked any person, corporation, company or firm, for money
out, and in every instance of a member of the association borrowed, including in the liabilities of a company or
being victimized the case is immediately taken up and_ firm the liabilities of the several members thereof, shall
neither time nor money is spared in arresting and pun- at no time exceed 20 per cent of the actually paid-up
ishing the criminal. Indeed, so well is this known capital of such bank, but the discount of bona fide bills
***
***
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Federal Reserve Bank of St. Louis
THE TRI-STATE BANKER.
6
of exchange drawn against actually existing value and
the discount of commercial or business paper actually
owned by the person or persons, corporation, company
or firm negotiating the same shall not be considered
money so borrowed.''
The second important difference in the two bills is in
section 6 of chapter 2 (second). This section in the
Senate file reads, '' All savings and state banks shall
make a full, clear and accurate statement of the condition of the bank, verified by the oath of the president,
v1"e-president, cashier or . assistant cashier, and attested by the signatures of at least three of the directors, *
The corresponding section in the
House file reads, "All savings and state banks shall
make a full, clear ahd accurate statement of the condition of the bank, verified by the oath of the president
or vice-president and cashier or assistant cashier, and
attested by the signatures of at least two of the directors, * * * " The object of the difference in the
House bill is .that each statement shall be signed by
two of the active ofp.cers and two directors instead of
one active officer and three directors, as provided by
the Senate bill.
There are very few important changes in the proposed
new law from the law now in force. One provision in the
proposed law is that all state and savings bank directors
shall have at least five shares of stock. Another provision is that all state and savings banks in small towns
must have an amount of money on hand equal to 15
per cent of their deposits. In reserve cities an amount
equal to 20 per cent must be kept on hand. The savings banks are objecting to this per cent as applied to
them. They claim that on account of the sixty day
notice and other restrictions the per cent of deposits on
hand, as applied to ·t hem, should be 10 and 15.
When the respective bills are reported for the action
of House and Senate there will doubtless be many
amendments and some pruning. That there will be a
vigorous fight on some of the provisions now embodied
in the bill and others yet to be introduced there is little
reason to doubt. The April number of this journal
will contain a full account of the discussion and final
fate of this measure.
* * ''
***
The legislature has made few important changes in
the proposed new revenue law as printed in THE TRISTATE BANKER some time ago. The principal changes
have been made in section 19, chapter I. The section
as changed reads as follows :
SEC. 19. Private banks or bankers, or any persons
other than corporations hereinafter specified, a part of
whose business is the receiving of deposits subject to
check, on certificates, receipts, or otherwise, or the
selling of exchange, shall prepare and furnish to the
assessor a sworn statement, showing the assets, aside
from real estate and liabilities of such bank or banker
on January 1st of the current year, as follows:
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
1
March, 1897.
1. The amount of moneys, specifying separately the
amount of moneys on hand or in transit, the funds in
the hands of other banks, bankers, brokers, or other
persons or corporations, and the amount of checks or
other cash items not included in either of the preceding
items.
2.
The actual value of credits, consisting of bills
receivable owned by them, and other credits due or to
become due.
3. The amount of all deposits made with them by
others, and also the amount of bills payable.
4. The amount of bonds and-stocks of every kind
and shares of capital stock or joint stock of other corporations or companies held as an investment, or in
any way representing assets. and the specific kinds
and description thereof exempt from taxation.
5. All other property pertaining to said business,
including real estate which shall be specially listed and
valued by the usual description thereof.
The aggregate actual value of moneys and credits,
after deducting therefrom the amount of deposits and
of debts as provided in this act, and the aggregate
amount of bonds and stocks, after deducting the portion thereof exempt, or otherwise taxed in this state,
shall be assessed at the rate of 33 _¼ per cent of the
actual value, and also the other property pertaining to
the business, not including real estate , which shall be
listed and assessed as other real estate. The assessor
may also take into account any information as t9 the
condition of such institutions acqMired by the auditor
of state in the supervision of such banks, which shall
be furnished him on request for that purpose.
THE BANKER AND THE FARMER.
Henry Wallace, the level-headed editor of one of
Iowa's leading agricultural papers, has the following
to say in regard to the hard times relation of bankers
and farmers :
"There is much complaint among farmers that
bankers are unwilling to afford them the usual accom modations ; that they are not willing to extend the
same lines of C'redit that they did in flush times, and
the opinion prevails largely that it is not so much
inability as unwillingness, and that there is something
like a consr.iracy among capitalists to crush out the
farming interests. It is just as well to look this matter
squarely in the face, and we know of no other way to
do it than for each man to imagine himself a banker in
such times as these. The local Iowa bani does threequarters of its business on the money furnished by the
community immediately around it. If it is a national
bank the capital is furnished by the stockholders ; if a
. private bank it has behind it the capital of the owner.
There would be no object whatever in incurring the
e~pense of keeping a bank open and being subject to
the investigations of the bank examiners where the
banker cannot use the money of the public to the
March , 1897.
THE TRI-STATE BANKER.
7
extent of two-thirds or three-quarters of the entire seem to have the courage to say ' boob' to a goose, but
assests of the corporation. He could handle his own the timidity of the depositors of the bank, who draw
money by the renting of a small ·room and avoid all . out their money and put it in old stockings or hide it in
public supervision. The real banker, therefore, in any the oats bin, the flour barrel, or the meal sack, whenever
community is the farmers and business men who money becomes tight and close.
'' There are, of course, bankers who take advantage
deposit in the bank. Bankers in country towns tell us
that three-fourths of their deposits belong to the farmers of mep's necessities, and extort unreasonable rates of
of the con'lmunity. In large cities it is different, of interest Because they can get them ; but the average
course, but we are speaking now of the average country banker is very much like the average man, made out
of the same clay and subjected to the same influences,
bank.
"rt' follows that if by reason of bad crops or low the same passions and the same hopes and fears. It
prices the farmers are buying more than they sell, the should always be borne in mind that the profit in bankamount of money available for deposit must gradually ing comes from loaning money, and that the honest
decrease and the accommodations that can be furnished banker does not make money in hard times.. The real
the farmer must increase in the same proportion. This shylocks are the curbstone brokers, the note shavers
is so plain that the statement is sufficient proof. Every and money sharks who sometimes keep a bank in their
man knows that this must be so. In times when con- hats or in their coat pockets, or perhaps in a little office
fidence is shaken and the depositors are known to be up-stairs, who are subject to no law but the law of
losing money or liable to lose money, they scrutinize selfishness, and who, under the plea of poor security,
more carefully the standing of would-be borrowers, take cut-throat mortgages at the rate of from 2 to 5 per
and hence many men who in times of prosperity could cent a month. The farmers in any community have it
. borrow freely can not now borrow at all. Agaip, the in their power to make or break banks, and if they will
banker knows that he must ·be ready to meet these discuss this matter freely and look at it in the light of
deposits when they are called for. If the farmer goes existing facts, they can do very much to increase the
to the banker in his individual capacity and asks for opportunities of borrowing money by standing firmly
the payment of a bill, nothing will be thought of it if as broad-minded, liberal men, who do business, and
he says : ' Call around next week ; I .cannot pay you treat them with the utmost candor, and give them every
to-day'; but if he goes to the banker in his capacity accommodation that lies in their power. They can in
as a banker and meets with the same answer, there the same way render the man who is disposed to take
will very soon be trouble in that bank. There is not a advantage of them powerless to do so. A better undercountry bank in the state that could not be forced to standing between banks and farmers would add greatly
close its doors if the farmers would all ask for their to the profit of both. "
money the same day, or within two or three days, or
even within a week. Hence, in times of financial
AN IMPORTANT SUPREME COUR.T RULING.
unrest or trouble the banker walks the floor in fear lest
The supreme court of Iowa, on January 2 rst, rendered
some one should express a suspici~n that would lead
a
decision
which invalidates all acknowledgments taken
to a run on the bank, and in order to avoid this he
before
notaries
public_ who held stock in corporations
keeps perhaps twice the reserve to meet the wants of
the depositors that he otherwise would, and to this interested in the transaction, but on Friday both houses
extent his capacity to furnish money to borrowers is of the General Assembly passed a curative act which
was drafted by Hon. John C. Bills, of Davenport.
decreased.
'' Under normal conditions 25 per cent of the deposits Following is the act:
is the average reserve; in fact, more than is required; AN AcT to Legalize Acknowledgments in Instruments
but in these times many bankers are compelled for safety
in Writing Heretofore Taken by Notaries Public.
to keep 50 per cent of their deposits either in the vaults B e it enacted:
of the bank or in Chicago or New York, where they
SECTION 1. That the acknowledgments of all deeds,
can be ·drawn upon at any moment.
and mortgages, or other instruments in writing hereto"If the banker in any city or country town in the fore taken or certified, and which instruments have
state had absolute confidence that his depositors would been recorded in the recorder's office of any county
stand by him through thick and thin, and would increase of this state, including acknowledgments of instruments
their deposits as much as possible, instead of decreasing made by any private or other corporation, or, to which
them, they could not only furnish the usual accommo- sue~ corporation was a party or under which such
dations in proportion to their deposits , but they could corporation was a beneficiary, and which have been
borrow money from the larger cities in the east, and acknowledged before or certified by any notary public
make up, or more than make up, the decline of deposits who was at the time of such acknowledgment or certiby reason of lack of prosperity in the depositors. The fying a stockholder or officer in such corporation, be
timidity of local capital is not so much the timidity of and the same are ·hereby declared to be legal and valid
tlle bankers themselves, although some of them do not official acts of such notaries ·public, and to entitle such
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Federal Reserve Bank of St. Louis
THE - TRI-STATE BANKER.
8
mstruments to be recorded, anything in the laws of the
state of Iowa in regard to acknowledgments to the
contrary notwithstanding.
SEC. 2. This act shall not affect the rights of parties
in any action or suit now pending in any court of this
state.
In future, banks, building and loan associations, and
all other corporations, will do well to have acknowledgments of instruments in which they are interested taken
before notaries public who are not stockholders of such
corporations. -Ex .
March, 1897.
have been thirty-three failures of banks in Iowa involving over
seven millions of liabilities. In four years there hax.e been in
the United States 1,019 bank failures-706 corporate and 313
private. According to Bradstreet & Company, these are as
follows:
NUMBER SUSPENDING.
National Banks .......... . . .. ....
State Banks ....................
Savings Banks . .... .. ...........
Private Banks . ....... . ....... . .
Loan and Trus t Companies ......
1896
42
65
20
62
8
1895
21
57
18
37
2
Totals ........ . : ....... _. 197
135
Liabilities of failed banks are as follows :
1'894
24
36
3
1893
154
184
50
196
14
89
598
8
18
IS IT NECESSARY TO PLACE PRIVATE BANKS UNDER
STATE EXAMINATION AND CONTROL?
LIABILITIES.
1896
1895
1894
1893
. It appears that the ghost that haunts every legislature will · National.. ... . $27,544,250 $ 3,971,462 $4,315,900 $68,687,994
not down-the question of the examination of private banks.
State ......... 9,933,742
4,922,631
3,484,600 38,138,323
It certainly cannot be supposed that the legislature desires to Savings .... . . 8,457,000
II, 167,827
18,152,136
3,445,000
do an injustice to any class of Iowa business, and it may aid in
Private .... . .. 6,654,670
1,712,450
22,929,225
2,537,718
a better understanding of the question if the reasons of those
L. & T. Co's. 4,089,372
165,000 1,012,000 22,388,000
who favor, or have favored such . bills, are examined. I would
$56,679,370 $22,764,638 $r3,960,950 $170,295,678
like to know where there has been a demand for such bills
which has not originated or been fostered by corporate banks
From the above it appears that the liabilities of failed
and bankers. A rare representative may be found, perhaps,
corporate banks during four years were $229,866,513, and the
who comes from a county where some private banker has liabilities of private failures were $33,834,063. In other words,
unfortunately failed, who demands the passage of such a bill,
there were two and one-fourth times as many failures of
but an examination will disclose that the cry comes generally corporate or organized banks, and the average liability of
from our brothers -corporate bankers, or from a bank examiner organized banks was $325,448 each, and for private banks was
who wishes to enlarge the extent of his territory and his $108,096 ·each ; or, in other words, the liabilities of organized
income. These are sponsors for the biennial movement.
banks which have-failed have been as 3 to I compared with
First. They claim to demand it for the protection of the private banks.
•
depositors when such is not fhe true reason, as I shall attempt
Dun & Company give number of national banks in United
to show.
States as 3,614; state, 4,043; private, 3,607; or 7,657 corporate
My figures are furnished me by Dun & Company, and no
to 3,607 private, or 2. 12 to 1. Thus it will be seen that there are
better authority exists. The report of the comptroller of the in numbers about the same proportion of failures in each while
currency is not as extended because he states that out of 5,708 the average liability of the failures is 3 to I against the corporof state banks only 4,956 reported, and out of 3,607 private ate : or the numbers are 2. 12 to 1. Failure numbers are 2. 12
banks only 824 reported to him.
to 1. Liabilities are 3 to I each.
Of commercial failures in the United States, Dun reports as
I know my friend, the state auditor, gives in Iowa for 1896
follows, with liabilities as stated :
thirteen bank failures, seven corporate and six private, with corporate liabilities, $1,806,000, or $258;000 each, and private liabiliIN 1893, NO. 15,242.
ties of $694,000, or $n5,800 each. Dun & Company, in edition of
Banking.
Other Commer cial.
Ti:.adin g.
Manufacturing.
Review, page 2, January 9, 1897, give seventeen bank failures
$2rn,998,808
$130,062,333
$176,982,091
$39,735,515
for Iowa in 1896, and on inquiry give a worse proportion than
IN 1894, NO. 13,885.
above, but the auditor's figures show bad enough and hold the
$IO, 976,950
$94,652, I 3 I
same proportions for Iowa nearly that Bradstreet & Company
IN 1895, NO. 13,179.
give for the United States.
In the face of the foregoing figures what is left of the argu$20, 7 IO, 2 IO
$6,569,565
$92,706,442
$73,920,073
ment that examination is necessary for the protection of the
IN 1896, NO. 15,088.
depositors of private banks?
$98,463,851
$ro9,046,620
$18,586,363
$50,718,915
Another claim urged, but of which no proof is given is that
Now let us look at Iowa. Prior to 1894 Dun & Company private bankers do no·t show a payment of fair share of taxes.
did not keep separate statistics of banking failures apart from
This is simply assertion backed by no proof. It is merely a
commercial failures.
gratuitous insult to half the bankers of the state, coming oddly
IN 1894.
enough from corporate bankers with their claims to inexpert
Trading. No. Other Com'l. No. Banking.
No,
No. Man'f'ng.
assessors of exemptions of legal tenders, exemptions of United
2
2 $3,030,000
$88,800
222 $1,177,098
29 $891,412
States bonds, real estate, etc.
IN 1895.
The county treasurer's books of Buena Vista, Clay and Poca2
266 $1,561,555
$62,000 II $4,400,470 hontas counties show. that the largest amount of taxes paid by
36 $229,840
any in two of them are paid by private bankers. These are the
IN 1896.
only counties from which I have statistics and, I doubt not, are
360 $2,449,326 6 $245,700 17 $1,553,515
42 $512,700
a fair sample of the state.
Why, then, are our friends so anxious for our examination?
Already in 1897 there have been three corporate bank failBecause, first, they know that if a private banker is put to
ures involving over $1,000,000 in Iowa.
On January 1, 1897, there were in Iowa 158 National, 338 the trouble and expense of examinations ; if he is to have some
one else, in the person of an examiner at $1,500 to $2,000 a year,
State and 431 private banks, or nearly as many private as
dictating his business, that he will merely accept all the gain-·National and State put together. In thirty-seven months there
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Federal Reserve Bank of St. Louis
Acts as Reserve Agents for National, State or Savings Banks
THE
Capital,
$300,000.00 ......... .
DES MOINES NATIONAL
·BANK, OF DEs -Mo1 NES, lowA ..
... Correspondence Invited.
obli-1
if any- of organization, and w~ll relieve himself from the
gations of a private banker. Then he who has first started,
had choice of name, been organized and become known abroad •
under an organized business, will have an advantage over him
who has to abandon the reputation of years and the clientage, ';
and hustle under a new name for his old business. He will
then be compelled to have equal expenses - his loans will be
equally restricted-no longer will he be able to loan on first
mortgages on farm lands-as he, the national banker, is not.
Private bankers think they are as able to run their own business
successfully as some one who visits them four times a year and
smokes with them, and adds up the quantity of their assets
without regard to quality, and sees if the amount agrees with
the books, and fines them twenty or more dollars and departs.
The private bank is the safest bank. Such bankers put their
ALL at the mercy of an execution. They personally attend to
their business daily - because they have hazarded their all and
because it is their business. The business is not left to the
mercies of men whose interest is but little compared to whole
capital involved-overlooked by a perfunctory board. I am a
director in three national banks, a partner in two private, and a
director in one savings bank, and believe I have had a fair
chance to judge. Directors of necessity gloss over their work,
.because they leave the control generally ·to the more active
officers, while the private bankers attend to their own
busmess. The statistics given prove such banks the safest.
Then it is the better money making business. The expenses
of running it are less. It offers better chances for loans. The
national banking laws or state laws are not adapted to small
towns. The corporate bank makes its money on depositors'
money, more, and the private banker on his own with less
deposits and less liabilities. The national banker is the commercial hanker. The private banker is the personal banker,
who loans money, buys and sells land, loans on first mortgages,
as the national banker cannot, advances sums on corn and grain
in warehouse and crib and on cattle in the yard in larger sums
than can he or should he whose business is purely commercial.
He is the farmer's banker, who can and generally has to loan
from six to twelve months, and not alone for three or four.
The national banker incorporates because he thinks the name
will pay him better, will bring more outside collections and
business, and, owing to the ignorant belief that the government
in some way stands good for his deposits in the minds of very
many depositors, that he will get greater deposits. The private
banker knows intimately, as a rule, his customers, he exists
only in the smaller communities, is known to them, and his
resources are as well known to them as are theirs to him.
Show the private banker who does not give his personal attention to the business. The savings banker thinks of the possible
exemptions as to taxes under present law and the sixty days
notice that may be given before withdrawal of deposit, if worse
comes. Thus each has its reason for existence, each has its
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Federal Reserve Bank of St. Louis
.... OF FICE RS ....
G. M. REYNOLDS, Pr~sident, E . A. LYND, Vice-President, C. B. ATKINS,
Vice-President, ARTHUR REYNOLDS, Ca i;b ., C. M . SPENC ER, Asst. Cas h .
advantages, each its advocates and each its rights - and one of
our rights as private bankers is t'O have our friends attend to
their own business.
The more fatal objection to such a proposed bill is that exam- ·
ination does not protect. If it does, why do more corporate
banks fail than private? Examiners, as a rule, are as compeI
tent as can be obtained, but it is in no sense their fault. THE
EXAMINE R CAN FIND THE QUANTITY, BUT HE CANNOT KNOW
THE QUALITY OF THE ASSETS. It is no fault of his. The discovery of thousands of dollars' worth of forged paper in a
recently closed corporate bank at Sioux City is a fair example.
He can tell whether the· assets agree with the books - any
clerk can tell that - but what does he knew of the value?
Last winter our papers had articles in them, and the legislature
was furnished with them, advocating such a bill, by some very
competent bank examiners. Nor can we blame them·. An
increase of income is desired by every one- even a bank examiner. But that is no reason why half the bankers of Iowa
should be compelled by law to contribute to their support.
Statistics show less failures of private banks, and that examination does not prohibit or decrease failures . If you attach such
expenses, you will compel the great majority of private bankers
to organize, avoid their whole responsibility, and do most of
their money-earning in the back room as an individual. In 1896
merchants and traders in Iowa failed to amount of $2,449,326 ;
in 1894 to amount of 1,r, 177,098, and other commercial industries
to amount of over $4,000, 000. These all owed wholesalers and
jobbers in millions. Why not examine them ? And on money
and credits the private banker pays on dollars where they pay
on dimes. There is in our country an idea growing, fatal in its
tendency- that of controlling everything, dictating everything
by law! • It is this tendency which makes the average legislator
listen to interested special pleadings. He is given to understand that all that is needed to bring prosperity, to save the
soul and protect the body, is more law. I der>lore the tendency
or growing belief in governmental interference with what we
shall eat or what we shall drink, or wherewithal shall we be
clothed, or how shall we do our own business. If our friends
-and they are generally our friends-do not admire their
choice of methods 'of doing banking business, let them liquidate
and follow our examples. But until it is shown that there is a
demand from our depositors and not from our competitors ;
until it is shown that examinations are needed or will do good·
or lessen failures, I protest against the proposed inquisitorial
interference with private business and the forcing us to pay salaries for assistance we do not need nor ask for, and the public
does not demand.
F. H. HELSELL.
Sioux Rapids, Iowa.
0
THE TRr-STATE BANKER is printed by The Kenyon
Printing and Manufacturing Co., 502-8 Locust Street.
Comptroller Eckels has been notified of the election
of the following officers :
First National of Holstein- J. C. Edgar, president,
in place of F. S. Manson; J. S. Walker, vice-president,
in place of J. C. Edgar.
Knoxville National of Knoxville - J. H. Auld,
president, in place of E. H. Amos.
Citizens National of Winterset- L. C. Houck, vicepresident, in place of S. G. Ruby.
Charles City National of Charles City-Wm. Rawles,
assistant cashier.
First National of Lyons- J. H ." Peters, assistant
cashier.
First National of DeWitt- W. H. Talbot, president,
in place of N. A. Merrell'; J. N. Arthur, vice-president,
in place of W. H. _T albot.
First ~ational of What Cheer- W. T. Bonsall,
assistant cashier.
First National of Charter Oak- Martin Neal, vicepresident, in place of C. L. Van Patten.
First National of Nora Springs- J. G. Cutler, vicepresident, in place of J . G. Gaylord.
First National of Griswold-, P . G. Maple, cashier,
in place of R. L. Brown.
Clarinda National of Clarinda - - Jacob Butler, vicepresident, in place of H. L. Cokenower.
First National of Iowa Fal_ls - E. S. Ellsworth,
president, in place of J. H. Carleton; · J. H. Carleton,
vice-president, in place of E. S. Ellsworth.
First National of Spencer - Charles McAllister,
president, in place of Franklin Floete; A. F. Perine,
vice-president, in place of Andrew R. Smith ; M. P.
Walbe, cashier, in place of Ackley Hubbard.
Anamosa National of Anamosa - L. Schoenover,
president, in place of C. H. Lull; no assistant cashier
in place of J. Z. Lull.
First National of Hartley-}. M. Walter, president,·
in place of J. P. Gross.
First National.of Waukon- J.M. Barthell, president,
in place of W. J. Mitchell; F. H. Opfer, vice-president,
in place of J. M. Barthell.
GENERAL NEWS AND NOTES.
A bill has passed the house authorizing national
banks to take out circulation to the par value of the
bonds deposited.
The Banking House of Ft. Folda, at Schuyler, Nebraska, is one of the best managed institutions of that
state. Their statement is one of the best we have seen.
There is a rapidly growing sentiment in favor of
requiring surety bonds from all public officials, state,
county and municipal, from whom bonds of any kind
are customarily exacted.
Acting under instructions from the protective committee of the American Bankers' Association, the Pink
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Federal Reserve Bank of St. Louis
erton Detective Agency caused the arrest, on March 6,
1897, in New York City, of Alonzo J. Whiteman,
charged with swindling the Columbia Bank, of that
city, on a worthless check for $580.
Judge Bunn has issued an order requiring the Bank
of Minnesota to pay over to State Treasurer Koerner
the $104,000 that the state had on deposit in the , bank
when it closed. The order further directs the receivers of the said bank to pay $75,000 of this amount to
the state at once and the remainder as soon as it is
available.
The bill in the Kansas legislature to reduce and regulate charges of express companies fixes the following
schedule of rates for transportation within the state:
Under five pounds, ro cents; five to ten pounds, 15
cents; ten to thirty pounds, 20 cents; thirty to fifty
pounds, 25 cents; fifty to seventy-five pounds, 30 cents ;
seventy-five to one hundred pounds, 40 cents.
We have received the latest edition ( just out) of the
Bankers' Directory, published by Bradford Rhodes &
Co., New York City. There are many bank directories
now published, and the banker has little difficulty in
choosing a good one. The Rhodes Directory is easily
one of the b~st and at the same time the cheapest. • The
book is especially adapted for ready reference, and it is
of a size conveniently handled and yet containing all
the information necessary.
According to their statements, the cash reserves of
the New York banks, amount to the enormous total of
$197,000,000. The banks have been loaning liberally
of late, the outstanding loans being reported at nearly
$506,000,000. . The deposits are $578,000,000, which
is a higher figure than has been touched since October,
1894. This strong position of the banks is regarded ·
as a good foundation for a revival of business.-Ex.
M. P. Beebe, president of the Ipswich Bank of Ipswich, South Bakota, was one of the leading bankers in
the organization of the South Dakota: state Banking
Association, and has ever been-a leader)n the financial
interests of his state. He is a thoroughgoing business
man, and under his management the Bank of Ipswich
has achieved an enviable position among the ~ubstantial
banking institutions of the new west.
Mr. Beebe
makes a specialty of land mortgage bonds, and is considered authority on all questions of _loans and values
in South Dakota.
A peculiar case of fraud has just come to light at
Moorhead whereby several farmers were victimized.
Some time ago a fellow called on a number of farmers
in the town of Parke, representing that he was selling
valuable stallions, and stating that he was forming
a stock company for the purchase of one of his horses.
He presented a paper purporting to be an agreement
to become a member of said company, the farmer being
made to believe that if a sufficient number of signatures
could be obtained the horse could be purchased at a
THE
March, 1897.
TRI-STA TE BANKER.
CAPITAL, $2,000,000.
wouwaus o o u su us
oz cusou a sac
Continental National Bank,
Cor. Adams and La Salle Str~ets ,
CHICAGO, ILL.
-·••111111 16111111, ..-
A General Foreign Exchange Business Transacted.
Travelers'
Circular Letters of Credit issued, available in all parts of the World.
I I
OFF I CERS .
JOHN C. BLACK, President.
ISAAC N. PERRY, Vice-President.
IRA P. BOWEN, Ass't Cashier.
ALVA V. SHOEMAKER, Ass't Cashier.
BOARD OF DIRECTORS .
JOHN C. BLACK, President.
ROSWELL MILLER, Prest. Obi., Mil. & St. P a ul R. R.
ISAAC . PERRY, Vice-President.
HENRY BOTSFORD, Packer.
JAMES H. I>OLE, of J. H . Dole & Co., Commission.
H. C. DURAND, President Durand & Casper Co.,
Wholesale Grocers.
J. OGDEN ARMOUR, of Armour & Co.
WM. G. HIBBARD, of Hibbard, Spencer, Bartlett &
Co., Wholesale Hardware. _
GEORGE H . WHEELER, Prest. Chicago City R'y Co.
small cost to each member of the company. In most purpose· was to inaugurate· a banking system for the
cases no stock company was ever formed and later the .. convenience of American trade interests abroad. The
agreement turned up in a form of promissory notes, friends of the measure insisted that the benefits to be
the swindler having disposed of them to other parties. derived from the incorporation of an international bank
would be so great in promoting- the convenience of
Is there a young man in you~ bank, young in years American exporters that it would be well for congress
or young in banking- experience, who desires to learn to ignore the opposition that would be made among
as rapidly as possible the practical every day experience the populists of the West, who antagonize all extenand knowledge that goes furthest in making a success- sions of banking privileges.
ful banker? Point out to him this article and advise
that he investigate the merits of the book "Patten's
M INNESOT A NE WS AND NOTES .
Practical Banking.' ' This book is said by the most
prominent bankers of the country to be the best book on
The Continental National Bank of Chicago has been
practical every · day banking that can be put in the
approved as reserve agent for the First National Bank
hands of anyone learning or desiring to grow in the
of Winona.
banking business. Some of the larger banks have
T he Mechanics National Bank of New York City ,,
placed a ~copy in the hands of each clerk, as high asthirty copies being bought by one bank and very many has been approved as reserve agent for the National
banks that have put in from fifteen to twenty-five copies. German-American Bank of St. Paul.
The book is now running the seventh edition. It costs
John McRae, of Graceville, will open · a new bank
$5 because it is worth it. THE TRr-STATE BANKER is about-the middle of March, backed by ample capital.
western agent and will take your order at publishers' It will be called the Security Bank of Graceville.
prices.
Ex-Governor W. R. Merriam has retired from the
Among the measures passed by the house at the last presidency of the Mercliants National Bank of St. Paul.
session, and which failed to receive consideration by He has been succeeded by Kenneth Clark, and C. H.
the senate, was one providing for the incorporation of Bigelow takes the vice-presidency.
an international bank. There has been much opposiAt a meetfng of the board of directors of the Capitol
tion to this measure on the ground that it gave im- Bank of St. Paul, held March 9th, Walter F. Myers, of
portant privileges amounting practically to a monopoly that city, was elected cashier. Mr. Myers is a banker
for some of the welthiest men in the country, who are of many years' experience, and . has many friends
named as incorporators of the proposed bank. The throughout the state.
measure provides for the incorporation of an interJ. W. Arctander, receiver of the Columbia National
national bank with a capital of $500,000, and among
Bank
of Minneapolis, requested the appointment of a ,
the leading millionaires included in the list of incorpocommittee
of two leading depositors and one stockholder
rators are Andrew Carnegie, Phil Armour, and the
to
advise
with
him in settling up the affairs of the bank.
new secretary of the interior, Cornelius N. Bliss. The
The
first
dividend,
of perhaps 35 per cent, will probably
bill was bitterly attacked while under consideration
be
made
about
May
1st.
before the committee on banking and currency, by some
of the western members, but it was reported favorably
The receivers of the Bank of Minnesota have brought
by a large majority and passed the house with little suit against Leander Bosch to collect $3,400. In addiopposition. The bill was introduced early in the last tion to the complaint in the case an affidavit for garsession by Representative Hitt, of Illinois, chairman of nishment has been filed in the district court. Mr.
the committee on foreign relations, and the avowed Bosch was the paying teller of the Bank of Minnesota,
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
12
THE TRI-STA TE BANKER ..
and left the city the day after the bank was closed by
Bank Examiner Kenyon. The receivers discovered a
discrepancy of $ 3,000 in the accounts of the absent
teller.
The Union Bank has begun an action against the
Lehigh Coal and Coke Company to recover $500 on a
protested check. The check was drawn December 21st
on the Bank of Minnesota in favor of C. Cohenour,
who gave it to the Union Bank. The check was certified December 21st. December 22dpaymentwas refused .
After months of persistent effort Thomas Fleury, one
of the three men convicted of robbing the Merchants
National Bank of St. Paul of $5,000 about three years
ag-o, and now serving an eight-year sentence at Stillwater, has succeeded in getting bis government to
make a move in bis behalf. He succeeded in getting
the British consul-general to present his petition for
pardon.
William Bickel tendered his resignation as assignee
of the Minnesota Savings Bank, to the district court,
and Frederick N. Dickson and Timothy D. Sheehan
were appointed receivers by Judge Willis. Judge
Willis ordered that he file a report of the amounts
collected and disbursed and a full record of all his acts
as assignee. The account has been filed and Mr. Bickel
discharged; the assignees are both lawyers. The bond
for the receivers is fixed at $250,000.
March, 1897.
found its way into the bank, the remammg $23,000
being in notes given by the Hibbard-Field crowd in Mr.
Haugan' s speculative drals.
The affairs of the Superior .National Bank are now
such that Receiver Gilbert G. Thorne can be discharged,
and an application to that effect was made March I 7th
at Madison in the United States circuit court. Under
permission from Judge Bunn the remaining assets of
the bank have been sold, and it is announced that they
were taken at a figure which will permit depositors to·
be paid in full , and discharge the receiver without any
liability hanging 'over the stockholders. The bank has
previously paid depositors a 20 per cent dividend,
leaving $80,344 due depositors outside of the city's
claims, which were compromised at 50 per cent, and
the sale of assets will cover this amount. The assets
are sold to Dr. James H. Parker, president of the
United States National Bank of New York, a stockholder in the Superior institut~on. The depositors and
stoc~ holders of this bank have reason to be very greatful to Receiver Thorne for so successful a settlement.
Judge Belden has signed an order authorizing a payment of a I 5 per cent dividend to the creditors of the
Irish-American Bank of Minneapolis. Orders were
also filed allowing Brooks & Hendrix $4, I 20. 60 as
attorneys for the assignee in the action against the
American Savings & Loan Association. A report
shows receipts of $77,464.46, and expenditures of $56 ,625.87, including the dividend. The assignee has
$21 ,428.59 in hand , of which $8,449.63 is tied up in
the failure of the Northern T:rust Company. Of the
$30,000 loaned the Penny Press Company, 2 per cent
of $15,000 will be realized on the bonds, and about 50
per cent of the other $15,000, which is secured by Peter
Sutherland' s Lake Harriet property.
The comptroller of the currency ha5 been notified of
the following changes in Minnesota banks : The Merchants National Bank of St. Paul- Geo. C. Power,
cashier in place of Frank A. Seymour. The First National Bank of Winona- Chas. Horton, vice-president
in place of R. D. Cone. The Lyon County National
Bank of Marshall- M. Sullivan, president in place of
C. B. Tyler; D. D. Forbes, vice-president in place of
James Lawrence. The First National Bank of Appleton -T. 0. Brustuen, vice-president in place of C. F.
Ireland. The Merchants National Bank of St. PaulKenneth Clark, president in place of W. R. Merriam;
C. H. Bigelow, vice-president in place of Kenneth
Clark; Geo. H. Prince, assistant cashier in place of
Geo. C. Power. The First National Bank of St. Paul
-E. H. Bailey, vice-president in place of C. D. Gilfilla1:; W . A. Miller, cashier in place of E. H. Bailey;
no assistant cashier in place of W. A. Miller. First
National Bank of Mankato-L, A. Linder, cashier in
place of Geo. H. Clark; no assistant cashier in place of
L. A. Linder.
$127 ,000 of the missing Minneapolis city funds have
been located. This sun:i was loaned by Treasurer
Haugan to his bondsmen and personal friends. Expert
accountant Minocks also showed $217,000 in the Washington Bank, but two certl.ficates of deposit for $15,000
each swell this amount to $247,000.
There was
$10,000 deposite~l in the Washington bank on the 28th
of December, and on the following day, the 29th, the
day the bank closed ·its doors, $10,000 more was
deposited, whether in cash or by check is not known,
but presumably by check. Under Judge Belden's
decision, recently , the $10,000 deposited on the day
the bank failed will have to be refunded. Of the $25,000
said to have been deposited in the Bankers Exchange
Bank, it is said that but $2,000 in actual money ever
The final accounts of William Bickel as assignee of
the Minnesota Savings Bank shows that in the month
and a half in which Mr. Bickel was in charge of the
affairs of the bank he collected $516.89 and expended•
$636. 15, as well as accumulated an indebtedness yet to
be paid of $248. 70.
The greater part of the liability consists of money
due depositors. The total amount due depositors is
$236,070.23, of which $185,480.86 is in savings deposits. Of the liabilities $10,000 is city money, deposited
by City Treasurer Horst.
The assets as given in the statement make interesting
reading, and are not as good, on their face, as the depositors' committee estimated when it examined the
affairs of the bank. For instance, the bills receivable
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Mirch, 1897.
THE TRI-STATE BANKER.
PEOPLES TRUST t,,,,
X SAVINGS ·BANK
OFFICERS.
ARTEMUS LAMB, Pres't.
CHAS. F. ALDHN, V.-Pres.
J. H. INGWHRSKN , Cash.
G. E. LAMB, Asst. Cash .
CLINTON,
IOWA.
DIRECTORS.
Chas. F. Alden.
S. W. Gardiner.
T. M. Gobble,
A. M. Ingwersen.
A. Lamb,
C. Lamb.
L. Lamb,
Daniel Langan.
P. S. Towle.
are given at $ 166,434.26. This is the face valu~ of
the paper. It is said that a percentage of the paper is
unsecured and therefore its value depends solely on the
solvency of the makers of the notes.
The reorganization committee of the depositors submitted to the depositors a plan which the stockholders
agreed to adopt. This provides that depositors shall
receive 60 per cent in five equal yearly amounts and
conditional certificates for the other 40 per cent, the
interest to be 2 per cent.
IOWA NEWS AND NOTES.
Scott county farmers have deposit:::. in the banks aggregating $3,000,000.
The thirteen banks of Hardin county pay one-twentieth of the total taxes collected.
Lewis Kellehan, the Sherburne, Minnesota, murderer
and robber, is on trial at Fairmont, Minnesota.
The defunct First National Bank of Decorah has
been reorganized and will open for business May 1st.
Mr. Eckels, comptroller of the currency, has appointed
Ira F. Hendricks receiver of the First National Bank of
Griswold, Iowa.
Arrangements for the reopening of the First National
Bank of Sioux City have been concluded and business
will be resumed within a few days.
A new bank will soon be started at Griswold, under
the management of Hugh M. Reinig and James H.
Alexander. Both of these men are well known.
W. P. Manley concluded that he would resign from
the receivership of the Iowa Savings Bank, Sioux City,
and at the same time file his report of the affairs of the
institution.-Ex .
At a recent depositors' meeting arrangements were
concluded for the resumption of the First National
Bank of° Sioux City, which failed last fall. The depositors take 20 per cent of their claims in stock and the
capital is raised from $100,000 to $200,060. The doors
will be reopened within ten days.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
13
CCOUNTS of Responsible
Banks, merchants and
corporations solicited, X
Business conducted strictly along the
lines laid down by the Iowa Banking
Laws, X X X X X X
Plans and specifications are now being made for a
new bank building to be erected by the Tama County
State Bank at Tama. The building is to cost $3,500
and will be a model of elegance and convenience. It
will be finished in oil rubbed oak and heated with hot
water.
Frank Hickman and Cy Muller, the men who attempted to rob and wreck the Sully Bank some time
since, and who were later captured and made confession
in the Poweshiek county jail, were found guilty by the
jury. Judge Dewey sentenced them to the penitentiary
for nine years.
Detectives have been looking for several weeks
for a young man, Asa Galloway, who is charged with
raising a check on the Citizens National Bank of Des
Moines. The original amount of the check was $3.
Galloway raised it to $33 and drew that amount. He
has been arrested in Knoxville.
Papers have been filed in a suit brought by the First
National Bank of Marshalltown against the Marshall-·
town State Bank, to recover $235 on account of a forged
check. The check purported to be drawn by J. R.
Bradbury of that city, in favor of Smith & Houser. It
was endorsed by F. M. Smith and cashed by the Union
Bank, and later sent to Marshalltown for collection.
A new phase of one of the receivership cases at Sioux
City has appeared. It is pointed out that a receiver for
a savings bank can be appointed only upon a suggestion
of the state auditor, and the receiver in question was
appointed on request of a creditor of the bank. As
two other savings bank receivers were appointed in the
same manner, the case is regarded of great importance.
A 100 per cent assessment has been ordered by the
district court at Sioux City, against the shareholders in
the defunct Sioux City Savings Bank, and instructions
given the receiver to sue such of them as refuse or neglect
to turn over the amount. The bank will hardly pay
out even after the assessment is made, and many of the
depositors who think the muddled conditions of its
affairs is due to the directors' carelessness, claim the
latter shoul<l make up the deficiency.
TRI-STA TE BANKER.
There is a prospect of a new national bank being
organized at Decorah.
The National Bank of Corning is closing up its affairs
and will go out of business.
The Commercial Savings Bank at Leeds has been
placed in the hands of a receiver.
At Hartley J. W. Walker has succeeded Mr. Gross
as president of the First National Bank.
The sum of $235,740 has been deposited in a Boston
bank for the purchase of Dubuque city bonds.
Joseph Ulch, the Solon banker, comtemplates the
erection of an elegant new banking house this spring.
The Scott County Savings Bank of Davenport bas
decided to pay a semi-annual dividend of 5 per cent
April 1st.
The Eldon Bank, recently robbed, has just received
a new eight-ton safe to take the place of that destroyeq
by the burglars.
Ralph Van Vecten, the Cedar Rapids banker, accompanied by his wife, has gone to the Mar<li Gras Carnival at New Orleans.
The comptroller has approved the Continental National Bank of Chicago, as reserve agent for the First
National Bank of Waterloo.
The comptroller has approved the National Bank of
Commerce, St. Louis, Missouri, as reserve agent for the
Iowa National Bank of Davenport.
The Citizens Bank at Ireton, Sioux county, recently
went out of business because the field was crowded.
Its liabilities are $13,000 and assets $27,000.
Charles Weiser, the Decorah banker, accompanied
by his wife and mother, have gone to Los Angeles,
Cal., where they will spend the balance of the winter.
The First National Bank of Brooklyn, Iowa, is doing
a fine business. Brooklyn is an enterprising little city
and her banks are above the average for cities of that
size.
The rapid growth in volume of business transacted
by the American Savings Bank of Maquoketa has made
the employment of an assistant for Cashier Hubbell
necessary.
The depositors of the Sioux National Bank at Sioux
City have appointed a committee to ask permission of
the receiver to examine the books and affairs of the
failed bank.
The Lake View State Bank of Lake View now has a
surplus of $5,000, which has been accumulated in the
last four years, besides paying semi-annual dividends
aggregating 35 per cent.
At Sioux City E. D. Wigton has been appointed receiver of the Iowa Savings Bank to succeed W. P.
Manley , who recently resigned.
Receiver Wigton
qualified with a bond of $ 150,coo.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
March, 1897.
The Clearing House Association at Des Moines has
adopted a resolution by which the interest rate on all
deposits remaining in banks over six months is to be
reduced from 4 to 3 per cent.
Hon. J. W . Miles, of Miles, contemplates removing to
Manchester in the near future. Mr. Miles is now
largely interested in the banking business at Manchester, besides having other investments there ...
Frank Hanson was recently elected cashier of the
State Savings Bank of Klemme. He was formerly
assistant cashier of the Iowa Valley State Bank at Belmond. Mr. Hanson is an able and reliable young man.
The citizens of Toronto and vicinity have long been
in need of a bank. Checks received for stock must be
cashed at other places, and as a consequence much trade
is lost to the merchants that they would otherwise receive.
The First National Bank of Lyons, of which D. J.
Batchelder is preside_n t, make a fine showing in their
last statement. With a capital of $roo;ooo they have
$20,000 surplus, $6,000 undivided profits, and .$ 487,000
deposits.
One of the best statements that has come to our
attention is that of the First National Bank of Maquoketa. This bank has a capital of $50,000, surplus of
$15,000, undivided profits of $r6,ooo, and deposits of
$170,000.
L. C. Long, of Nobles county, former populist candidate for congress, last week made a loan for $2,500 at
the now defunct State Bank of Slayton. After this he
will probably kick the government and the banks harder
than ever. -Ex .
Frank Novak, the Walford banker, who is supposed
to have looted the bank and then burned it, has not
been apprehended. It is now claimed that he perished
in the flames, and suit will be brought to recover a large
amount of life insurance.
The First Savings Bank of Sutherland was authorized to begin business Monday morning by State Auditor McCarthy. The paid up capital is $25,000. The
officers are: S. J. Jordan, president; A. P. Sieh, vicepresident; T. B. Bark, cashier.
The Havill Deposit Ledger
Arranged with the Ledger Index Balance Sheets.
( PATENTED NOV . 26, 1995.)
(9';-~
OM BINES the best points of the old-style D eposit Ledger
with its compact grouping of debits and credits and daily
b.-d ances of accounts, rendering the examination of an
~
accuunt in all its details easy and satisfactory, with the
advantages of the Boston System, in its grouping together the
accounts in alphabetical order and the arrangements of the
balances so that a rlaily trial balance can be taken easily. For
circular, address
O. H. HA VILL, St. Cloud, flinn.
THE TRI -STA TE BANKER.
March, 1897.
Capital,
_Surplus and Profits,
$100,000.00 . . . . . • • •
15
$15,200.00
The Iowa National Bank·
DAVENPORT
CHAS . BE I DERBECKE , ·Pres i den t.
A. P. DOE, Vi c e- P re s id e nt.
CHAS. PASCHE, Cash i e r.
The First National Bank of Marshalltown has put in
an elaborate electric burglar alarm system. 1'he ease
by which the most expensive and best safes are now
burglarized by the use of electricity has created a demand for additional protection.
Owing to a mistake in setting the time lock to the
vault, t~e cashier of the Mystic Bank was unable to
open up at the usual hour. He borrowed all the cash
held by the merchants in town to transact business
until the mechanism released its tight grip on the doors.
Charles E. Walters, of Des Moines, the expert examiner of building and loan societies for the state, has also
been selected as one of the state bank examiners. Mr.
Walters is an exper,t accountant, and in addition has
had years of practical experience in banking. No better appointment could have been made.
The following notice has been printed: ''The National
Bank of Corning, located at Corning, in the state of
Iowa, is closing up its affairs. All note-holders and
other creditors of said association, are therefore hereby
notified to present the notes and other claims against
the association for payment. W. F. Hefling, president.''
We have received the March 9th statement of the
First National Bank of Mason City. It is one of the
very best that we have seen. They have $50,000 capital stoc·k , $15,000 surplus, ~$41,000 undivided profits
and deposits of $373,000. Mason City has in the First
National one of the best and most wisely managed
banks in the state of Iowa.
B. F . Boomer, the ex-banker of Waukon, who has a
five-year term in the penitentiary for fraudulent banking
staring him in the face, was recently married to Miss
Mauch, of Waukon, and is now enjoying a honeymoon
in the east. Boomer doubtless feels like the old Roman
who said, "Eat, drink and be merry, for to-morrow
you die.'' -Howard County Times.
. A syndicate of Iowa ban·kers and railroad officials,
composed of Richard Valentine, A. W. Dawson, Col.
T. S. Roberts and G. A. Emory, of Mason City , Iowa,
and_ Col. L. M. Martin, of Marshalltown, Iowa, have
purchased the Thayer tract of 2,000 acres, adjoining
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
New Business Invited
the tow1J of Deer Park, Texas, on the Galveston, La
Porte & Houston Railroad, between Houston and
Porte. They propose to colonize the land at once with
Iowp. farmers.
March 16th Comptroller Eckels issued the following:
The First National Bank of Sioux City, which suspended payment November 19, 1896_, and was placed
temporarily in the hands of a receiver January 7, 1897,
having complied with all the conditions imposed by the
comptroller precedent to resumption, and its capital
stock being now unimpaired, has been permitted to
reopen its doors for business.
The branch of the United States secret service located
in Des Moines has effected another important capture.
This time it is the arrest of a gang of counterfeiters
who had their plant at Centerville, and who were turning- out what might be called a pretty fair counterfeit
dollar. The gang consists of Sam Stille, " Biff" Benson and Ed Searcy. They were all arrested and have
been indicted by the federal court.
La
A banker in an adjoining state remarked to us that
he regarded Iowa as being one of the best banking states
in the union. He said there was no other state in his
knowledge in which banking facilities were furnished
in such abundance, almost every little town being supplied with at least one bank, while the banking system
was so well devised that he knew of no other state in
which so few failures of banks in proportion to the
number in ·operation have been reported. This speaks
well for our Hawkeye state.-Ex .
The Valley Junction bank has refused_to longer cash
the Rock Island Railroad pay checks without recompense. Mr. Herman Raaz, president of the bank, says
that cashing the checks of the company requires the
disbursement of over $20,000 in currency each month.
This meant several days' labor, beside the risks attendant upon having so large an amount of currency in
the bank. He asked the Rock Island to make some
concessions to him in return for this extra labor, but
could not succeed in inaking any arrangements. He
insisted, therefore, that he would not longer continue the
arrangement.
.THE TRI-STATE BANKER.
16
SURETY
BONDS
March, 1897 .
FURNISHED
Fidelity and Deposit Company of Maryland,
HO M E OFFICE , BALTIMORE , MD .
~~~:s~~:s~~~~~
.
. I~W ~ ~EN~R~ ~G~N;S..
.
Des Moines, T. W. Phillips.
.
Cedar Rapids, J. S. Anderson & Son.
Sioux City, Peters & Perkins Company.
Burlington, Hutchinson & Wesner.
Dubuque, Coates & Robinson.
-~
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@
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'rt)
©
~:s~:s~~~~~~~~n
S
ECOM ES SURETY on bonds of bank officials and employes, also on bonds
for contractors and employes of mercantile houses and all others occupying positions of trust. Accepted as SOLE SURETY on bonds given in
Judicial Proceedings in Io~a. These bonds executed on application for same.
Cash Resources, Over
HE R.MAN E. BOSLE R. , Treasurer.
Abraham Slimmer, the Waverly banker and philanthropist, who, a few months agp, offered $50,000 to
Finley Hospital, D~buque, provided that the citizens
of that city would raise a like sum, paid over. his
$50,oooTuesday. The Dubuque subscriptions amount
to $52,239.36, of which sum $51,172 has been paid.
Energetic efforts are being made by Cedar Rapids citizens to raise th~ amount necessary to secure a similar
gift for their city.
Burglars entered the State Bank of Dexter at an
early hour Friday morning with tools stolen from the
Rock Island section house and a blacksmith shop.
They broke ·through the wall of the vault, two feet in
thickness, and then, by the use of dynamite, attempted
to open the safe. They succeeded in shattering the
outer part of the safe door and ruining the safe, but
were probably compelled by approaching daylight to .
abandon the job at that point.
The Iowa State Bank at West Liberty, organized a
month ago, with J. S. Taylor, president; C. M. Nichols,
vice-president ; I. A. Nichols, cashier, and C. E. Hall,
assistant cashier, opened its doors for business February
8th. The day's business more than met the most
sanguine expectations. The bank's authorized capital
is $50,000 and its management is conservative, and the
institution fully established in public confidence. It
occupies the building formerly held by the banking
firm of A. A. Ball & Co.
Rufus E. Graves, to whom the federal supreme court
granted a new trial February r 5th, wrecked the Commercial National Bank at Dubuque, of which he was
president, by making heavy loans to the enterprises of
his brother, J. K. Graves. . When the bank was tottering to its fall he sold his stock at a premium to a
confiding friend, General C. H. Booth, and retired to
Arizona. He was tried at the December term, 1892,
and sentenced by Judge Woolson to five years in the
penitentiary. Pending the appeal he has been living
somewhere in the far west.
A large amount of counterfeit coin is in circulation
around Eldora just now, and some of the dollars and
halves are very well executed. Not long ago a stocking
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
$2,000 , 0 0 0 .
EDWIN W AR.FIE LD , Pres ident.
full of spurious dollars, halves a)Jd quarters was found by
Agent Stuart, of the C., I. & D. R. R., at Eldora J unction, and a complete outfit of dies and apparatus was
found in the possession of some Italians some time ago
at Gifford. The secret service department has been
notified. Banks and merchants there are much bothered with the spurious coin.
A note was recently paid at Atlantic that was signed
by 113 citizens of that city. Three years ago the capacity of the electric light plant was found to be insuf-.
ficient to supply the increasing demand, and as the city
was then bonded nearly to the limit allowed by law, 113
citizens of Atlantic signed a note to the Citizens State
Bank, Council Bluffs, dated July ro, 1894, for $9,000,
due in three years, at 7 per cent interest. Six thousand
dollars of the note was paid.off within the past twelve
months, besides the interest.
President McKinley, prosperity and the Citizens State
Bank of Spencer, all began business March 4th. About
the first two we have nothing to say. The Citizens
State Bank of Spencer begins business under the most
favorable auspices . The officers and directors are all
men of successful experience in the banking business,
indeed some of them have a state-wide reputation as
successful bankers. The cash capital of the bank is
$25,000. The officers are: Franklin Floete, pi:esident;
Andrew R. Smith, vice-president; Ackley Hubbard,
cashier; W. L. Bender, assistant cashier.
The most important event in the history of Sioux
City is the reopening of the First National Bank, with
twice its original capital, a good character, the good
will which attaches to all first national banks in cities,
and a directorate conservative and prominent. In fact,
this is the most important event in Sioux City's history
of recent date, really more important than the closing
of the bank. That was somewhat of an accident and
the result of conditions which the bank did not create
and could not control- general conditions involvi11:g
and affecting the whole community. But the reopening
.of the bank is a work, considering all the conditions of
Sioux City, reflecting the highest credit upon the finan- •
cial reputation of the Stone family .-Sioux City Tribune.
THE TRI-STATE BANKER.
March, 1897.
THE POLK COUNTY
17
SAVINGS BANK,
DES MOINES, IOWA.
Capital
$100,000.
Your
JOHN A. GARVER, President.
Business
C. W. PITCAIRN, Vice-President.
The grand jury in the United States district court,
in session at Council Bluffs, adjourned March I 1th.
An indictment was returned against Charles T. Cole,
formerly cashier of the National Bank of Corning. He
is charged with falsifying bis statements to the comptroller of the treasury regarding the condition of the
bank. It is charged that Cole's statements showed for
a number of years that the balances in the First National
Bank of Chicago and the Chemical of New York to the
credit of his bank in Corning were about $6,000 more
than they were, and that the certifiq1tes qf deposit account with other banks was from $6,000 to $12,000 less
than it actually was.-E.x .
The reopening of the German Savings Bank of Des
Moines depends now wholly upon a few of the depositors. The general sentiment among its depositors has
been for reorganization, and a large majority have done
everything in their power to attain this end. But it
seems there are a small number who are withholqing
their consent, presumably in hopes of securing some
special inducement. If the r eorganization plan fails
the settlement of the bank's affairs will necessarily take
two or three years, during which there will be a constant drain on the assets for receivership fees, expensive
litigation, running expenses, etc., and in the end depositors cannot hope for more than 50 to 70 cents on
the dollar. Although detrimental to his own interests,
Receiver Blackburn, in the interest of depositors, is
doing everything possible to secure reorganization, for
in no other way will it be possible to pay depositors
dollar for dollar.
Judge Conrad has decided the case of the-estate of
Dr. Magoun of Grinnell vs. the Bankers Iowa State
Bank of Des Moines. In this case the estate sued to
recover for its benefit and uses twenty-five shares of the
bank stock. This stock was purchased by M. B. Raymond, son-in-law of Dr. Magoun, for the benefit of his
father·, but the bank claims he failed to reveal his
trusteeship, and the stock was issued on the books in
his name. Raymond borrowed a c_o nsiderable sum of
money from the bank, and the stock was held as
security for the loan. The contention of the estate
was that the bank had no right to hold the stock and
should be compelled to deliver it. Judge Conrad
decided that so far as seven shares of stock are concerned, the fact that they were purchased for the benefit
of the estate was well known to the bank, and it was
ordered that they be turned over to it. As to the balance of it, he held that it is the property of the bank,
and that its title to it comes through an offset of the
debt of Raymond.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Solicited .
Established
1882.
A. J. ZWART, Cashier.
By a decision of the United States supreme court · a
cloud has been removed from the head of E. R. Graves,
who was formerly cashier of the Commercial National
Bank of D·u buque, Iowa. The directors of the institution became involved in a squabble and the institution was landed in the hands of a receiver. Examination
of the books showed there was an overdraft of $26 ,000
and the responsibility was shouldered onto the cashier.
The suit eventually went to the highest court in the
land. In the meantime Graves tried to find employment in the northwest. Enemies followed him and
drove him from position after position, and then he
went to Colorado Springs and was hired by a bank,
but discharged on receipt of anonymous circulars. His
foes seemed to camp on his trail, _and in desperation he
went to Tombstone, Arizona, to seek a refuge and was
successful, for there he appeared to throw off pursuit.
He will now return to his former home with a record
free from tarnish, but aged by years of persecution.
A prominent Iowa banker writes .us regarding the
proposed new revenue bill, as follows: "I beg to say
that in our opinion the effect can only be detrimental
to the banks. The burdens imposed upon corporations
are so onerous that it will have a tendency to drive a
great many out of the state and prevent others from
coming here. The result can only be increased taxation for those corporations that c~nnot very well move
away. It seems to me that it should be the policy of
our legislatures to encourage people to locate within the
state, instead of continually passing laws that act as a
barrier against the investment of outside capital. It is
an admitted fact that a great deal of property escapes taxation under the old law, but I do not think that matters
are going to be helped any if the proposed bill becomes
a law. I am generally against radical changes in laws
of this character, and especially where the people have
become accustomed to them and have arranged their
business accordingly.''
Hon. Geo. W. Lovell, the Monticello banker and
capitalist, died March 10th at 8:50 P : M . He sustained
a stroke of paralysis about two months ago and another
March 8th. He was born in Vermont in 1818. In
1835 he removed with his father's family to Kalamazoo
county, Michigan , where he followed the occupation of
farming with great success. He served two terms in
the Michigan house of representatives. In 1854 he
removed to Jones county, settling near Monticello on
a one-thousand acre farm, which he owned until his
death. He filled an unexpired term and a full term in
the Iowa senate---:--1872-1877. At the time of his death
THE TRI-STA TE BANKER.
r8
he owned a controlling interest in Lovell's Bank, M_onticello , one-third of the stock of the Mo1itice1Io State
Bank , a controlling interest in the Strawberry Point
Bank, of which he was president, and also owned stock
in the Waverly State Bank and the Natfonal Bank of
the Republic, Chicago, and was a large real estate
holder in Iowa and Michigan. His wealth is estimated
at half a million dollars. He was a bachelor. He was
a well informed and public spirited man. The remains
were taken to Michigan for interment.-Ex .
During the absence of the cashier of one of the Grinnell banks an ordinary farmer-looking man presented a
check for an amount between three and four hundred dollars, bearing the signature of J. Newcomer, a well-to-do
farmer near this city. The check was written on one
of the ordinary printed checks and made payable to J.
Paul or bearer. Mr. Paul, in whose favor the check
was drawn, is a near neighbor of Mr. Newcomer, and
the signature has a very close resemblance to that of
Mr. Newcomer. This check was paid without any
heyitation. The next afternoon the cashier, in looking
over the paid checks for the last two days, noticed the
one signed by J. Newcomer, and was at once convinced
that it was a forgery, and notified Mr. Newcomer. The
forgery and the successful cashing of the check was evidently done by an adept in the business, as the forged
signature of Mr. Newcomer was calculated to deceive
any one but an expert or those familiar with the signatures of the patrons of the bank.
March, 1897.
on each side, and great interest was taken in t_h e case.
Effective pleas were made for the defendant, S. F.
Prouty of Des Moines making a very strong plea for
his client, saying that Mr. Jordan was innocent of any
intent to defraud, and was simply guilty of a technical
violation of the law. Judge Phillips was retained to
assist in the prosecution, and spoke at length upon the
manner in which the books showed that the bank had
been insolvent from the time it commenced business in
1892; that Mr. Jordan only had $r 19.24 to his credit
upon commencing business; but said that Mr. Jordan
had ·not been guilty of misappropriating funds, but that
the bank, never having been solvent, and being compelled to discount securities to raise cash, owing to the
stringency of the times, the defendant was gradually
forced to the wall.
- It was made clear during the trial that Mr. Jordan
was innocent of any intention to defraud , and as a consequence he was given only a light sentence.
• for fraudulent bankW. N. Jordan, of Baxter, indicted
ing, through his attorneys entered a plea of guilty to
two of the indictments, and the court sentenced him to
six months in jail. Eminent counsel had been retained
The South Ottumwa Bank and H. P. Colt made an
assignment March 6th to W. S. Coen. The South
Ottumwa Bank is a small private institution that was
started a few years ago for the convenience of the South
Side merchants and citizens. It did only a small volume of business. The assets are $23,000 and liabilities
$17 ,ooo. Nearly all the liabilities are deposits of South
Side people. 'T hese deposits will be tied up for a time.
It is said by the proprietors that the assets will pay out
depositors in full. The failure was caused by the Burch
Bros. failure. Burch Bros . .have operated a coal mine
in South Ottumwa for some time. The business depression p:gt them in straitened circumstances, and
with commendable loyalty Mr. Colt, of the bank, stood
We Make a Specialty of_..-.+_·
Capital
$50,000.00.
Bank Printing and
Lithographing........ .
THE IOWA PRINTING ·coMPANY
DES MOINES, IOWA.
We recommend for Bankers' use The National Safety Paper. This paper
has been in the market for twenty-five years and is the only sure protection against
fraudulent a.Iterations.
Don't send your work out of the state until you have first given us an
opportunity to submit samples and prices.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
March, 1897.
Capital,
$300 , 000.
THE TRI-STA TE BANKER.
Surplus,
19
Deposits,
$300,000.
$1,500,000.
Farmers Loan & Trust Company,
SJOUX CITY, IOWA.
!His BANK bas no borrowed money ; no notes
l
re-discounted and has 70 per cent of demand
deposits in cash. @-- @--- <@.- <@.- ®--
fYlotte than 500 Patt Points.
by the institution in order to continue the employment
to the South Siders given by the operation of the mine.
This involved him a little too much. Burch Bros. assigned to Mr. Colt. The bank was unable to get the
money which bad been loaned out of the assets, immediately, which rendered it necessary for Mr. Colt to
make an assignment of his own property and business
and tliat of the bank. None of the other banks in the
city are in any way, or will be in any way, affected by
the failure. The bank · for the present is closed. Assig·nee W. S. Coen said the failure was due to the
shrinkages of values. The deposits are small, and the
assignee did not think the failure would affect any of
the other business institutions on the South Side. The
assignee is reported to have said that the assets of that
institution will, if not consumed in litigation, pay out
· between 50 and 75 cents on the dollar.
.......... a Genettal Banking Business Tttansaeted.
~ L I C I T your business and are always
pleased to extend reasonable accommodations
to our customers. '®- ®- @.-- @-- ®-B. Bruff, alone, and allow him to turn the real estate
into money as fast as possible, at the same time agreeing not to carry any litigation into court unless a settlement was found impossible. Among the liabilities
were preferred claims amounting to over $11 ,ooo, and
by order of the court, J. B. Bruff, receiver, has announced that he will pay their claims in foll, with
interest at 6 per cent from October 1, 1896. All parties
intere's ted feel elated over the fact that thousands of
dollars that usually go to pay court and lawyers' fees
have been avoided by the mutual agreement of the
depositors and so early and satisfactory settlements are
being made. The present indications are that not only
enough of money will be realized to pay all obligations
but enough ·also to reopen the bank.
Federal officials are looking for Theodore H. Brown,
STATEMENT
president of the First National Bank of Griswold. He
was heard of a few days ago in Mexico. The bank is
in very bad shape, and the case bids fair to be worse
OF THE
than the Cass County Bank. It bas been anticipated
CITY OF NEW YORK,
for some time, and the deposits have run down from
$ 135 ,000 a year ago to about $40,000, so the local busiAt the close of business, March 9, 1897.
ness men will not be heavy losers, except as some of
them are stockholders. Mrs. Brown was cashier of the
CONDENSED FROM REPORT TO COMPTROLLER.
bank, and she is here yet, but is not supposed to have
Loans and Discounts .. . ...... . .... . . ... . ..... .... . . .. .. .. .. .. $ 8,078,851.35
had anything to do with the failure. The depositors Overdrafts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3,903.30
will probably be protected, as the assets and the liabil- United States Bonds.... . .. .. . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . .
64,000.00
ity of stockholders will cover this. Some very sensa- Other Stocks and Bonds . . . ... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 264,420.81
1,669.00
tional developments are expected when the facts are all Real Estate. .. . . : . . . . . . . . . .. . . . .. . . . .. . . . . . . . . . . . . . . . . . . .
25,273.61
known. Mr. Brown has not lived extravagantly, and Expenses and Taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Gold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,550,060.00
the only conjectured cause is board of trade speculation,
Legal Tenders. . . . .. .. .. . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . 2,076,587.00
as the bank did . a fine business up to a year ago. Clearing House Exchanges... . . . . . . . . . . .. . . . . . . . . . . . . . . . . 507,764.20
Ex-Governor Larrabee bad $5,000 of stock, and $6,000 Due from Ban ks. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1,312,658.44
more was held in McGregor, where Mr. Brown was
$Ia,884,128.71
well known. He was formerly in the employ of Mr. - Capital. .. .. . .. .
.. . . .. .. . ... $ 1,000,000.00
Larrabee.
Surplus and Profits . ....... .. . .... . .. . .... . ... ._... . . . . . . . . . . . . .
270,071.76
Circulation
.....
..
:
..
.
.
.
.
.
.
..
..
...
...
.
..
..
....
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
45,877.50
October 1, 1896, the Bank of Atlantic suspended
Accepted Che ks .. . .. . . .. . .. . . ... . .. . . . . . . .. .... . .. ..... ........
J73,!J20.78
business, and as the asset~, in realty and notes, were
Deposits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. .. ... ... . . .. . .. . . . . . 12,394,258.67
found to be much greater than the liabilites, by the
$13,884,128.71
committee of depositors, who were allowed to examine
the books, all depositors agreed to let the receiver, J.
The Third National Bank,
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
20
THE TRI-STATE BANKER.
March, 1897.
THE BANKERS' MUTUAL CASUALTY COMPANY,
DES MOINES, IOWA.
The first suggestion to organize this company which
was placed before the public bore the date of February
28, 1895. The matter received considerable attention,
but those who were at that time interested in the project felt disposed to move somewhat cautiously. No
active effort was made until last October. The fiq,t active
measure taken in behalf of the company was in December last, its organization being effected on the 4th day
of March last, under the articles of incorporation,
commonly known as the charter, which had been filed
on the 23d of January. "The matters of the company
were adjusted to enable it to issue policies in the currency department in January, but it was not in a position to issue policies in the burglary department until
the 8th of April.
The company, as is well known, was organized in
Iowa in· preference to some other states, because of the
fact that its insurance laws were so well adapted to the
plan proposed. The fact is that the only difference in
this state between a mutual insurance company and a
stock insurance company is that the profits belong
to the policy-holders rather than to the stockholders.
Either of these companies may be opera~ed upon a
level premium, as this company has seen fit to do, and
the profits of its business treated as they see fit to fix
by their by-laws, resulting in surplus account or dividend; and another feature of this is that when the
premium has been paid the insllred,, or policy-holder,
has discharged all his liability by the payment of this
premium, and there is no contingent liability on his
part then to the company.
The a~tides of incorporation and by-laws of this
company are so framed as to emphasize this feature of
its business and place it beyond dispute.
The business of the company is conducted in two
departments. In the shipping department the company issues its policy protecting funds and securities in
course of _shipment by registered mail. This method
of moving currency is receiving attention from all p_arts
of the country, and the business is growing rapidly.
It is becoming one of the important features in the
problem of moving currency safely and quickly. As
compared with the cost of moving currency by express,
it works a saving on local business in Iowa of a little
over 20 per cent. In some states, where the express
rate is higher (local express rate in Iowa is 50 cents
per $1 ,ooo) , the saving is more than 50 per cent on the
cost of the express service ; in some cases 75 per cent
is saved. One policy-holder writes : ' ' 'rhe express
rate between our place ( western Nebraska) and Omaha
is $1. 25 per $1 ,ooo shipped, while total cost by regis-
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
tered mail under your policy is never more than 45
cents, a saving of 80 .cents on each $1 ,ooo we ship."
The future of this department means great things for
the banking fraternity.
Local business can undoubtedly be transacted at ten
cents per thousand and all long haul distances at twenty
cents per thousand, as compared with the present charge
on short haul business at twenty cents or twenty-five
cents per thousand, and that increase on long haul business up to seventy-five cents per thousand.
This will indicate to the banking fraternity that it is
to their interest to patronize the company, therefore
reap the benefit of the present reduction of the cost of
moving currency and also enable the company to procure desired reduction in rates in the future . For all
can readily see that if the company procures a line of
business sufficient in volume it can accomplish this end.
In the burglary ·d epartment . the company issues a
policy which indemnifies the bank for loss or damage
by burglary and robbery. This important part of the
business of the company is operated on a level premium as determined by the fixed rates which have been
established by the executive committee. The rates are
about 40 per cent less than the rates demanded by
other companies before this competition was placed in
the field. Investigation shows that the rates formerly
demanded were exorbitant. The policy of this company is also drawn with a view to furnish full indemnity, protecting the premises owned by the bank, as
well as the vault, safe and contents. The insurance
against robbery in the day time is not limited to a percentage. The company does not require the presence of
more than one clerk in the bank during business hours.
It will be the policy of the company, as provided in
its by-laws, to maintain and create such a surplus as
w111 make itself amply secure and its condition strong.
The surplus, of course, belongs to the policy - holders,
but is a fund maintained and kept intact to meet the
contingency of unfortunately large losses and their
frequent occurence, if such should be the case. It is
the surplus account which makes mutual companies
strong and reliable. The company is young and in
a new field. It will be the policy of the company, however, to extend the best service possible to the banking
fraternity in this direction. On J?ecember 1st the company closes the charter membership and from that date
the membership rule will apply. The membership will
be ~barged on the first policy only, there being no
membership charge on renewals. The membership fee
amounts to only $1.00 per $1 ,ooo of insurance taken ;
minimum fee, $5.00. The charter list will exceed 550.
-
,.
BOARD OF DIRECTORS OF THE BANKERS' MUTUAL CASUAL TY COMPANY, DES MOINES, IOWA.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
THE TRI-STATE BANKER.
22
Fred A. Bennett, state bank examiner, says in the
Marshalltown Times-Republican : '' The people have
a :very little conception of the duties of a state bank
examiner who feels the responsibility' that he carries and
endeavors to do his full duty. If all an examiner had
to do was to visit each bank once a year and look over
its books and securities it would be a very small job.
But if he really knows the condition _of the banks in
his territory as he can know, if-he tries, it means that
he must do a great deal of work. The greater part of
my work is done after I leave the bank. I take a list
of the securities held by the bank, especially of the
principal notes, and investigate their value on my own
account by extensive correspondence and inquiry.
I use the telegraph freely if necessary, and while I do
not often spend more than one day in a bank-, it takes
a great deal more time than that to carry on the correspondence. I have several printed forms and frequently
write to banks and request them to send me a statement
of their condition.
ow, for instance, here is one which
I called for the other day, which ·did not look exactly
right, so the day after it came I received a telegram
from the cashier, saying: 'Collected $r, 100 ·since the
statement sent in.' By diligence and watchfulness the
examiner can keep very close tab on the banks which
he is supposed to examine. And if he fails to perform
this extra work, the expense of which must come out of
his own- pocket,
will not be able to tell . very much
about the condition of the banks. He might just as
well write to them to send .h im his fee and never go
.near.''
News ha·s been received from Edinburgh, Scotland,
that'Henry Jensen, .of Grinnell, Iowa, is now confined
in an insane asylum in Edinburgh. Jensen was raised
in Grinnell, and only two or three years ago came into
possession of property worth $60,000 or 70,000, by the
death of his m·o ther. He owns r, 200 acres of improved
land near Gladbrook, and a year or so ago arrangements
were made by him and G. F. Stansberry, of Gilman,
to go into the banking business at Gladbrook. The
bank was to be opened a year ago. The lot was purchased
and preparations made to put up a 5,000 building.
However, much to Mr. Stansberry' s surprise, he received
a few :11011ths before the enterprise was to be started, an
Edinburgh, Scotland, newspaper, with Henry Jensen's
name in his own hand-writing", written across the corner
· of it. This was the first news of his to-be partner being
away from Grinnell. · Shortly after Messrs'. Hains &
Lyman, la~yersofGrinnell, received a letter from Jensen
regard to business matters. · It is said that they were in
equally surprised to know that their. client was so far
away. Then came the .news that Henry had tried to
drown himself and was insane. Mr. Lyman was about
to go over to Scotland when the news was received that
he was better. Now, within a short time, it is learned
that he has become violently insane, and has to be confined and closely watched to prevent him from killing
himself.
he
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
March, 1897.
ft9Tl
! • [
!
I THE BANKERS
TATEME 'T.]
NATIONAL
BANK.
t
X Chicago. Illinois. X
c·
......
!
~
CAPITAL $1,000,000.
· ·· . .... . . . . . .,. . . . . . . . . . . ,. . .YTTTl
~~
tOOlllslllJ3111J3111J3111J3111l=!lll§il]§lllsllll=tlllslllJ31:ll=Jlll@lll@IIIJ3111J3111Ellll3
[ .
: Report of the Condition at the Close of Business on
the 9th Day o~ March, 1897,
I
~
RESOURCES.
t Loans and Discounts . . . . . . .
t Overdrafts
. . . .
t U. S. Bonds to secure Circulation .
Premium on U. S. Bonds
.
Other Bonds (Chicago Drainage 5s) .
Real Estate
Furniture and Fixtures
Cash and Sight Exchange .
Total.
2,706.348
1,042
50,000
4,250
103,630
3,100
' 19,138
2,958,585
. $5,846,096 57
LIABILITIES.
Capital Stock paid in . . . . .
Surplus and Undivided Profits .
Circulating Notes .· .
Deposits . . . . . . .
Dividends Unpaid . .
I
l
Total
97
84
00
00
65
00
31
80
. .
$1,000,000
uo,975
.
38,050
4,6<)6,6o8
.
462
f
oo
77 j
oo , ,
3°
50
I
. $5,846,096 57 l
. 3,076,720 52
!
~ Deposits March 9, ~897
[~~:~~~:n1a111s111~111a111s~1~a111~~~1~~~1:~~1~~~1~~111@111a111@~1~~
OFFICERS1
E. S. LACEY, President.
D. B. DEWEY, Vice-President.
GEORGES. LORD, Second Vice-President.
JOHN C. CRAFT, Cashier.
J.C. McNAUG HTON, Asst. Cashier.
FRANK P. J UDSON, Second Asst. Cashier.
The accounts of Banks, Corporations, Firms,
and Individuals received upon the most favorable terms consistent with safe and conservative
banking.
Correspondence solicited w ith those contem- j
plating a change or di visio n of their Chicago •
~
accounts.
j
j
l
~
,
~
j
1&~1
~~ ♦♦
~~·········
~
TH E TRI-STA TE BANKER.
March, r 897.
23
ARE You INTERESTED ~
IN LIFE INSURANCE....
r . . .~•··
~
~.,,.."
________,..
The Leading Hotel in lowa. - - 1
~TN::ERSALLY
C ONCEDED
TO BE
A NECESS I TY
The Penn Mutual
Life Insurance Co.
DES MOIN E S , IOWA .
Rates $2.50 to $4.50 per day.
.... W. L. BR.OWN, Manager.
Of Philadelphia, was organized in 1847 and is unexcelled by any company. I ts policy contracts mbrace all the liberal f ature , uch as
Uasb, Loan, and Paid-up Val ues, or Extended Insurance, in case of
lapse. for fu ll fac e of policy. all p lain ly guarant ed in the policy.
Uollections made through your local bank. Life insurance policies
bough t. A few reliable agents wanted in good territory . For ful'thel'
information addr s ....
C. H. & H. E. RUMSEY, Gen'l Agents,
502 and 503 Equitable Bldg.,
W . H . RYAN ,
DES MOINES, IOWA ......... .
SPEC I AL A G EN T.
CAPITAL $300,000.00.
Des Moines Savings Bank
Des Moines, Iowa.
SIMON CASADY,
P. M. CASADY ,
'
CASHIER.
PRESIDENT .
LELAND WINDSOR,
ASS ' T CASHIER.
NATIONAL
State Bank of Bntrlington
( Oldest Established Bank in Iowa.) .
•
CAPITAL , $150 , 000.
~
SURPLUS AND PROFITS :
~
$160 , 000.
OFFICERS :
J. T. REMEY, Pre ident.
UHA . TARKER Vice-Pre .
JOH
J.
J. FLEMING, ashier.
w. BROOKS, A s't a bier.
DIRECTORS :
J .C. Peasley .
C. E. Perk1n .
has. W. Rand .
Chas. Starker.
J. T. Remey.
J. W. Brooks,
CLINTON .NOURSE r......--·~
Architect of
City Bank.
Boon e.
Union ational,
Ames.
ational.
Citizen
Knoxville.
First ational,
evada.
' tilson's Bank,
Corwith.
Citizens State,
Eag le Grove.
Hamilton County,
Webster City.
First ational.
Ft. Dodge, J a.
Citizens tate,
Goldfield, Ja.
CORRESPONDENCE
. . . I NV I TED
ADDRESS,
D~S MOINES , IOWA,
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
FAST LINE ·
BETWEEN
CHICAGO
DUBUQUE
ST.PAUL
MINNEAPOLIS
WATERLOO
CEDAR FJ\.LLS
MARSHALL TOWN
D E S MOINES
ST.JOSEPH
KANSAS CITY
F. H. LORD,
G. P . & T. A., C HICAGO
CAPITAL CITY STATE BANK
DES MOINES , IOWA .
Capital and Surplus
Additional Liability of Stockholders
OFFICERS.
A. HOLLA D ...... .. . .. ... .
................... Pre ident
M. P. TUR ER ....... : .... .
..... . . ........ Vice-President
EY . . .. ....... .
J. A. McKI
. ..................... Cashier
1. 1. PATTE .... . ....... .
. ...... ..... A sistant Ca bier
$115,000
100,000
DIRECTORS .
Jas. Callanan,
J. . Patten,
J. D. McGarraugb,
A. Holland,
1. P. Turner,
J . A. T. Hull,
Leander Bolton,
Benr{v
~f~ie:~d.
Under direct supervision and jurisdiction
of the Auditor of the State of Iowa ••••
Interest Allowed on Special Deposits.
We R.espectfully Solicit Your Patronage.
THE TRI-STA TE BANKER.
March,
1 897.
r
JBE
H.
The A.
NORTHWESTERN NATIONAL BANK,
300
Andrews Co.,
Wabash Ave.,
Chicago.
CAPITAL, $1,250,000.
Designers and ...
Manufacturers of
SURPLUS AND PROFITS, $500,000.
Fine Bank Fixtures
'
MINNEAPOLIS, MINN.
GEORGE A. PILLSBURY, Prest.
JAMES w. RAYMOND, Vice-Prest.
GILBERT G. THORNE, Cashier.
WILLIAM COLLINS, Asst.Cash.
CONDENSED STAT E MENT OF' THE NORTHWESTERN NA TIONAL BANK , OF MINNEAPO LIS, MINN ., AT CLOSE OF
BUSINESS , DECEMBER 17, 1896 . COMPTROLLER'S CALL.
ASSETS.
I
... and...
Office Furniture..... .
If you are erecting
a new building or
refitting your present banking room
Write Us
Cash on band . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $798,ti70.93
Due from other Banks . . . . . . . . . . . . . . . . . . . . . . . . . . 615,•03.22
1,414,074.15
50,000.00
69,695.00
2,250.00
30,000.00
3,291.511.23
U. S. Bonds .. ...... .... .. . ... .. ... . .......... .. .. . . ........... .
Other Bonds and Stocks .. . . . .. . .... . .. .. .. . ..... ... . . . . . .
Redemption Fund . .. .................... . .. .... . . . ...... .. .. .
Real Estate. . . .......... ....... .......... . .. . .... . .. .. .... . .
Loans and Discounts ... .. .. ... . .. . .. .. . .. . ........ ... . . ..... .
$4,857,530.38
LIABILITIES.
Capital Paid l!P - ............................ · · · · · -· · - · · · · · · · · · 1,250,000.00
f 3,403.82
Surplus and Undivided Profits, (net) .... .... .. .......... .. .
13,900.00
Circulation . ....... ·..................... ... ...... .. ... . . .. .. . .
Depos itsDue Hanks ..... . . . . . . . . . .. . . . . . . .... . ...... .. .$1,133.781.78
Demand Deposits .. . . . .. .... .... .... ...... . . . .. . . . 1,976,444.78 $~. 110,2:!6.56
$4,8.."i7,530.a8
Two per cent paid to correspondent banks on
balances averaging over $1,000.00. . . . . .
VALLEY
NATIONAL
BANK • • • • •
OF DES MOINES.
and we will_ be ..
pleased to have one
of our expert specialists call on you.
We have furnished,
with complete equipments, more than three thousand of the
best banks in the United States. . .. List sent on application.
It's all Fol-de-rol {) b
to think that because we
make the BEST deeke, we
can not beat them all In
LOW PRICES. TRY US.
/j
\
'\,
We use only
honest materials and ...
construction.
Report of the Condition of the
SECOND NATIONAL BANK
OF DUBUQUE, IOWA,
At the Close of Business, Tuesday, March 9, 1897.
OFFICERS.
GEO. B . BURCH, President.
J. K. DEMI O, Vice-Pres. and Cashier.
HERM ESCHEN, Asst. Cashier .
DIRECTORS.
GEO. B. BURCH,
WM. L . BRADLEY,
W. H. DAY,
H.B. GLOVE&,
J , J{. DEMING,
F. A. RUMPF,
GEO . \V. KIE EL.
RESOURCES.
J. J. TowN, President.
0. H. DILWORTH, Vice-Pre 't.
R. A. ORAWFORD, Cashier.
W. E. BARRETT, Ass't Cashier.
Loans and Discounts . ............................. $800,403 02
Overdrafts.. ... . .. ... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
l 94 15- 800,897 17
50,001 00
U.S. Bonds, 4 per cents ............. .. . .. .. ... . . . . . .
191,17a 30
Other Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . ...... . .... .
5,000 00
Furniture and Fixtures..... ..... . .... . ... . .. .. . .
Due from Reserve Agents . .. . . ........ . .. . . . .... .. 448,523 71
Due from other Banks . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,628 50
Cash on band . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 102,633 96
569,036 17
Redemption Fund.. . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2,250 00Total . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . .
$1,616,lOG 64
LIABILITIES.
CAPITAL AND SURPLUS .
. $300,000.00.
Capital Stock..... . ..................... . . . . . . . . . . .
Surplus Fund . ...... . . .. ......... . ......... .. . . .. . $ 67,000
Undivided Profits .... . .. ... ..... . .. ... . ... .. . ....... 15,725
Circulation .... ... . ..... ... . . . . . . . . . . . . . . . . . . . . . . . .
Deposits (Individuals) .. ...... .. .... ... . . .. .. . . .... tlll, 741
Depos its (Banks) .............................. .... 476,639
Total ................................. . .
Accounts of Banks, Firms and Individuals
solicited, and will receive careful
attention.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
~00,000 00
00
32-
82,726 32
45,000 00
63
69-1,088,381 32
$1,616,106 64
State of Iowa, County of Dubuque, ss:
We, Geo. B. Burch, President, and J. K, Deming, Cash ier , of the above na.med bank, do
solemnly swear that the above statement is true to the beat of our knowledg-e and belief.
GEO B. BURCH, President.
J. K. DEMING Cashier.
Subscribed and sworn to before me this 17th day of December, 1896.
[SBAL]
HERM ESCHEN, Notary Public.
'll"e have examined the foree-oing statement and find the same to be correct.
H . B. GLOVER, W. H. DAY, WM , L , BRADLEY, GEO. W, KIESEL, F. A. RUMPF,
Directors.
