Full text of The Northwestern Banker : March 1910, Fifteenth Year, [Number 271]

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March, 1910.

THE

NORTHWESTERN

W. A. LANE ELECTED CASHIER.
At the annual meeting of the First National Bank
of Guthrie Center, Mr. W. A. Lane, heretofore assist
ant cashier, was elected cashier; Carl H. Lane, the for
mer cashier, was elevated to the vice-presidency. The
newly-elected cashier will be remembered by many all
over the state as journal clerk of the senate of the thir
ty-third general assembly. Mr. E. C. Lane, the presi
dent of this institution still continues in that capac
ity. The bank has just closed one of the most suc
cessful years in its history.
MAKING USE OF TH E STATEMENTS.
Some of the banks are beginning to use their state
ments to tell something about their business,' other
than the simple figures required by law. This is an
excellent idea. The same postage that carries Ithe
statement will also carry the “ story.” W e . append
herewith some remarks appearing in recentjjs$$|ments:
Drovers Deposit National, Chicago.— In soliciting your
patronage, the officers and directors of the Drovers
Deposit National Bank and the Drovers Trust and
Savings Bank are pleased to publish herewith the in
dividual and combined statements of both institutions,
showing aggregate resources of more than $11,000,000.
The National Bank has for more than twenty-five
years rendered quick and efficient service to its depos
itors and correspondents; is a designated depositary
of the United States government; acts as reserve agent
for national banks and solicits the accounts of individ
uals, merchants, corporations, banks and bankers.
The Drovers Trust and Savings Bank enjoys the con
fidence of more than 8,000 depositors; solicits the pav
ings accounts of individuals; pays interest on .savings
and time deposits; makes loans on real estate and col
lateral only; buys and sells foreign exchange and is
authorized to act as administrator, executor, guardian,
trustee, assignee or receiver. The Drovers Safe and
Deposit Company maintains and operates a specially
equipped steel safety deposit vault with more than
2,000 boxes for the same keeping of valuable papers,
etc. This department is equipped with every modern
convenience for-its patrons. The affiliated institutions
are prepared to intelligently render every proper form
of financial service.
Security National Bank, Minneapolis.— A bank’s pros
perity, which means its ability to pay good dividends
and at the same time build up a surplus, is attractive
to the public because it indicates conservative man
agement— to spend less than you earn is as good a
policy for a bank as for an individual. Our surplus at
this date is $1,250,000— with net undivided profits of
about $250,000 more— all earned.
Monroe National Bank, Chicago.— The accompanying
statement will, we are sure, convince our depositors
that this bank is growing, and that our move to pres
ent quarters was beneficial to all concerned. You will
feel at home in the Monroe National Bank of Chicago.
The same effective and satisfactory service is given to
all of our patrons, whether their business with us be
large o r small. Comparative statement of deposits
from recent reports to comptroller: June 23, 1909,
$1,077,634.58; September 1, 1909, $1,113,408.79; No
vember 16, 1909, $1,203,051.15; January 31, 1910,
$1,332,027.29.

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Federal Reserve Bank of St. Louis

BANKER

Your Account
Will be handled in the most
careful and intelligent manner.
Collection facilities excellent.

THE

NATIONAL (TTY BANK
OFCHICAGO

OFFICERS
DAVID R. FORGAN, Pres.
F. A. CRANDALL, Vice Pres.
ALFRED L. BAKER, Vice-Pres. L. H. GRIMME, Cashier
H. E. O T T E , Vice-Pres.
W. D. DICKEY, Asst. Cash.
A. W. M O RTO N, Asst. Cash.,
R. U. LANSING, Manager Bond Departm ent

C apital $ 1 ,5 0 0 ,0 0 0
Surplus $ 3 0 0 ,0 0 0

THE

NORTHWESTERN

BANKER

March, 1910.

W h a t They

Dubuque, Iowa

A re Saying

From their ads appearing in home papers w e clip the following arguments

Second

National

Bank

Reserve Agents for National Banks.
H

Dubuque

cold

Savings

Bank

Combined Statement
JAN. 31. 1910
Cash ...........................................................................
In v e s tm e n ts ..............................................................
D e p o s it s ......................................................................
Capital ............... ........................................................
Combined T o t a l.................................. $2,897,070
D IR E C T O R S
W. H. Day
Geo. W. Klesel
H. B. Glover
James M> Burch
J. K. Demina
Chas. H. Bradley
Frank Bell

as put forth by local banks in different parts of the state.

FIRST NATIONAL BANK, Manchester, Iowa. Do you spend
all you make? If you do you’ll never get ahead. Did you
ever have a bank account? That is the surest way to save.
You can start one with us with a dollar, and you will be
surprised how loud that dollar will cry for another to keep
it company, so that the two may work for you. The estab
lishment of a bank account is the first step toward acquiring
a habit of thrift.
CITIZENS SAVINGS BANK, West Liberty, Iowa. Money in
the bank grows fast. . Dollars pile up one on top of the other;
and the habit of saving, acquired so easily, is constantly
stimulated by the ever increasing effect' of interest. Start a
savings account today.
HERSHEY STATE BANK, Muscatine, Iowa. There is no
doubt about money in the bank, it is sure and positive. Maybe
slow, hut there is the satisfaction that it is sure. Positive in
every way, both that it will grow, and that it is safe. Money
deposited in savings department on or before the. 5th draws
interest from the first day of the month.
FIRST NATIONAL BANK, Audubon, Iowa. A checking ac
count is an indicator that helps you to keep your income
ahead of your expenditures. In addition to keeping your
money matters straight, a checking account is convenient, it
gives you safety for your funds and a receipt for every hill
paid.
DYSART SAVINGS BANK, Dysart, Iowa. It is a pleasure to
assist our patrons in every way possible—with reference to
business matters as well as financial transactions. A deposi
tor often finds that a recommendation or a letter of intro
duction from his bank is of greatest value. You may be in
a quandary over a contemplated business change, or a real
estate deal, or an insurance policy, or the selection of a com
petent lawyer or agent. We are always appreciative of your
confidence, and glad to confer and advise on any matter of
importance to you. Come in any time and have a talk with
us about opening a bank account. Let us explain to you how
much more it means to you than you think it does.

Sav
ing is largely a matter of habit. You can easily save $5.00
a month with the assistance of a savings account with this
bank. Nor will it call for any great amount of economy. Just
$1.25 set aside from your earnings each week. You will
scarcely miss this small amount. Yet this $5.00 hanked regu
larly each month will amount to $775.00 if allowed to accumu
late during ten years. The 4 per cent interest, compounded
each six months, which we add to your deposit, is a big
factor in producing this $775.00 for you. We invite you to
open an account and he one of the hundreds of savers who
deposit with this bank. One dollar is sufficient to start with.
T H E AMERICAN SAVINGS BANK, Maquoketa, Iowa.

We Sell Bank Safes
And Vaults that Defy the Yeggman
and Put the Burglar on the Bum
Parties with money to burn are cautioned not to use our
safes—they are fire-proof, and so lend the owner
peace and sweet sleep o’nights.
W R IT E

FOR

CATALOGUE

J. J. Deright £1 Co.,
1818 Famam St.,

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Federal Reserve Bank of St. Louis

Omaha, Neb.

The man who
spends all his money is a good deal like the horse working in
an old-fashioned treadmill. He .works hard but never gets
anywhere. Start a hank account today and watch it grow
with this bank.
STATE BANK OF W AVERLY, Waverly, Iowa.

Don’t burn your
your money! If you’re look for a quick “turn-over” of profit—
reserve your funds until sure you’re right. Make this bank
the depository for your business account. Every courtesy.
Our experience and advice at your disposal.

CHEROKEE STATE BANK, Cherokee, Iowa.

THE

STATE

BANK OF

ELLSW ORTH,

Ellsworth,

Iowa.

Open a bank account with the State Bank of Ellsworth and
you will find the account keeps itself with no expense. Your
checks are always evidence of date and amount of all dis
bursements and your deposit hook shows dates and amounts
of your receipts. Many of your friends and neighbors have
accounts with us. Why not you? Don’t wait for a big start—
any amount offered is cheerfully accepted. It’s a handy con
venience to the farmer as well as the business man.

March, 1910.

THE

NORTHWESTERN

T H E PEOPLES TRUST & SAVINGS BANK, Clinton, Iowa.

THe postal savings bank law, if enacted, will not affect the
depositors of the Peoples Trust & Savings Bank, because they
know they get 100 per cent more for their money with us.
They are bona fide residents of this section of the country and
citizens who have absolute confidence in the state and in the
United States and their institutions. The depositors of the
Peoples Trust & Savings P*ank believe in placing their money
at home and not hoarding it to send to foreign countries.
They believe in banking at a bank and not at a postoflice,
where rules and restrictions are more numerous than money.
By banking here they are not helping to increase the gov
ernment debt. The banks of the country show no deficit, but
a surplus. We have a surplus nearly equal to our capital.
PROVIDENT SAVINGS BANK, Estherville, Iowa. Don’t wait
until you are in want before you think about saving. The
time to begin is when you are earning money. Why not
start now?
CLARINDA

TRUST

& SAVINGS

BANK, Clarinda, Iowa.

When you spend your money for needless extravagances you
oniy enjoy the “pleasure for a season” and you must start
lile all over again, only with less courage than before. But if
you are putting all your surplus earnings into a savings ac
count with this bank you are making your money do double
duty supply a lasting pleasure and a competency for old age.
Start today and add a little each week and see how fast it
will grow. It will surprise you.
T H E BEAVER VALLEY STATE BANK, Parkersburg, Iowa.

We ask you to consider the matter of opening a personal ac
count for yourself, and pay by check. An amount sufficient
to cover the total of your checks will open an account. A
checking account with this bank will save you time and
trouble.
SECURITY BANK, Storm Lake, Iowa. For anyone who
wishes to be exact in financial affairs, the check account will
give accuracy and convenience at all times. This bank wel
comes your account and will aid you all it can, no matter how
small the account is at the start or how-slowly it accumulates.
TH E PEOPLES STATE BANK, West Liberty, Iowa. A check
account insures you from paying a bill the second time. Be
cause a check is the best kind of a receipt, containing a full
account of the obligation paid. Wlien the bank returns your
cancelled checks, file them for future reference in some con
venient place. In case the party whom you paid demands
another settlement, refer to your checks. His endorsement
upon the back of the check is sufficient evidence that you
paid the bill. Bills paid by check remain paid.

—

BANKER

-------- --------------------------------------- -N

First Mortgage
-r
Farm Loans

to 6 l- 2per

q w e offer gilt-edged First
Mortgages on Iowa, Minne
sota and North Dakota farms
netting the investor 5 to 6 1-2
per cent. Our loans are care
fully selected on conservative
valuations. Each farm per
sonally inspected before loan
is made. Can furnish loans
in amounts from $ 3 0 0 up
ward.
Interest and principle
collected and remitted to in
vestor without expense.
Correspondence and per
sonal call invited.

G. S GILBERTSON
Crocker Building

Des Moines,

v---- ---------------

Iowa

Bank Openings
in

A. C. M ILLER RECEIVING CONGRATULA
TIONS.
Mr. A. C. Miller, cashier of the Home Savings Bank,
has received information from Washington that the
board looked very favorably on his plan of having th'c
Des Moines river surveyed for the purpose of ascer
taining whether it may be made navigable or not. Mr.
Miller is in line for congratulations, as he was the
original agitator in favor of surveying the Des Moines
river. For some time past he has been strong in his
belief that the ri-ver might be made an artery for the
transmission of traffic and it would seem that his per
sistence was about to bear fruit. Mr. Miller has al
ways been considered as a good deal of a high-class
booster of Des Moines. It was his bank which
financed the river improvement scheme for the city,
advancing the necessary money to buy the condemned
property along the river bank and thereby make way
for the improvements, adding much to the beauty of
the banks of the Des Moines river. For a long time
the question of navigating the Des Moines river has
been looked upon by some people, who did not do a
great deal of thinking, as a joke, but, judging from the
progress which Mr. Miller and his committee have
made, the time has arrived when this can no longer be
treated in that manner.

* ■
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Federal Reserve Bank of St. Louis

C alifo rn ia
We will furnish information of
desirable bank openings in good
country towns in California to ex
perienced bank men with some cap
ital and good recommendations.

Address—

The Coast Banker
Mills Building
S a n F ra n cisco .

C a l.

THE

NORTHWESTERN

March, 1910.

BANKER

THE CORN EXCHANGE
N ATIO N AL BAN K
of CHICAGO

<Ihe FIRST
BANK of
Capital,
Surplus,

CAPITAL : :
$3,000,000
SURPLUS : : :
4,000,000
UNDIVIDED PROFITS 1,000,000
DEPOSITS : : : $60,000,000

DIRECTORS
Charles H. Wacker Martin A. Ryerson Chauncey J. Blair
Edward B. Butler
Charles H. Hulburd
Clarence Buckingham
Benjamin Carpenter
Isaac G. Lombard
Watson F. Blair
Edwin G. Foreman
Charies t . Hutchinson
Edward A . Shedd
Frederick W. Crosby
Ernest A. Hamill
LETTERS OF CREDIT.

{8,000,000
$8,000,000

Offers to its customers the
advantages afforded by an
official and clerical depart
ment organized for the es
pecial care of bank accounts.
The business of conservative
Banks and Bankers is cordi
ally invited with the assur
ance of a complete and sat
isfactory service.

OFFICERS
ERNEST A. HAMILL, President
CHARLES L. HUTCHINSON, Vice-Pres.
CHAUNCEY J. BLAIR, Vice-Pres.
D. A. MOULTON, Vice-Pres.
B. C. SAMMONS,Vice-Pres.
JOHN C. NEELY, Secretary
FRANK W. SMITH, Cashier
J. EDWARD MAASS, Ass’t Cashier
JAMES G. WAKEFIELD, Ass’t Cashier

FOREIGN EXCHANGE.

NATIONAL
CHICAGO

Division “F” (Banks and Bankers)

CABLE TRANSFERS

AUGUST BLUM
JOHN F. HAGEY

O ur facilities for handling the accounts of
N orthw estern Bankers áre unexcelled.

■ - Vice-President
- Assistant Manager

▼

LITHOGRAPHING

c«cl°
ESTABLISHED 1 8 5 6

Iowa Lithographing Co.s Des Moines, la

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Federal Reserve Bank of St. Louis

B ank and C o m m e rc ia l S ta tio n e ry a S p ecialty.
No Troubla to Quoto Prices.

THE OLDEST BANK IN THE UNITED STATES
(CHARTERED BY CONTINENTAL CONGRESS, 1781)

THE BANK OF NORTH AMERICA
NATIONAL BANK

PHILADELPHIA, PENNSYLVANIA
CAPITAL
SURPLUS
UNDIVIDED PROFITS, OVER
DEPOSITS NOV., 1909

$ 1,000,000.00

2,250,000.00
324,000.00
$15,000,000.00

President
Cashier Asst. Cashier
Assistant Cashier

H. G. MICHENER
SAML. D. JORDAN
W. J. MURPHY
. r . s. McKin l e y

SOLICITS THE ACCOUNTS OF BANKS, FIRMS, INDIVIDUALS AND CORPORATIONS

The Northwestern Banker
$2.00 Per

Annum

D E S M O IN E S , IO W A , M A R C H , 1910

20 efts.

Per Copy

Making Advertising P ay Profits
Suggestions for Bank Advertising in 1910

By Charless H. Ravell, Advertising Manager of the Merchants Loan and Trust Company, Chicago, Ills.
What I wish to avoid is a discussion on the “theory
of advertising.” There have been articles by the score
on this important subject. I do not want to take the
part of the preacher, but rather the brother at the ex
perience meeting, who rises to state his experience,
and am hoping that the reader may get “ dollars and
cents’ benefit” thereby. After four years of careful
observation and experience, handling the advertising
of four banks, each having different characteristics and
located in different places and confronting different
conditions, I arrive at this point: “ Quit keeping be
fore the public game” and advertise to get profitable
business and returns on the investment immediately.
How do you do it?
First: Discontinue your card advertisement and
substitute educational copy in your local papers, first
choice being the local paper with the home circula
tion. When I speak of educational copy, I do not.
mean the “ready-made clothing” style of advertise
ments peddled to the banks, which are mostly flat and
stale. They do not reflect the individuality of your
bank.
Use a different series of ads in the evening and
morning papers, there usually being a difference in the
quality of circulation. Fortify this newspaper adver
tising with circular letters and a booklet which tells
in detail all the whole family ought to know about
your bank. By circular letters, I mean the. high-grade
kind known as “fac-simile” letters, that can be obtained
from first-class firms in larger cities. You can buy a
quality that can hardly- be distinguished from the best
typewritten letter. The signature should be the gen
uine signature of an officer of the bank when letters go
to business firms, corporations and some individuals.

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Federal Reserve Bank of St. Louis

In a circular letter campaign where you intend to
reach ten or fifteen thousand prospective saving de
positors, it is practical to use the imitation signature.
Be particular to use an extra fine quality of signature
cut, and I want to emphasize this point, unless the sig
nature is printed just right, it is apt to be a dead give
away. It can be done. . The idea of the circular letter
is, that the recipient is getting a personal letter and it
is absolutely essential that such a letter should be
mailed under a two-cent stamp, having every appear
ance of the genuine article.
Do not send a letter to “ Dear Sir” or “ Madam,” but
have each letter begin with the name and address of the
party to whom it is to be sent, as Mr. Jones Smith,
Dear Sir, etc.; Mary Ann Smith, Dear Madam.
The objection to high-grade circular letters is cost
of postage. I am convinced that the right kind of il
lustrated postal cards can be used as follow up ad
vertising.
These cards can now be obtained where the press
work and color work is of the highest quality. This
so-called postal fad has attracted the skill and attention
of some of the best color artists of the country.
I do not take into consideration the immense amouni
of trash that has been offered for sale to banks as socalled advertising matter. #I have inspected postal
card series that would absolutely drive business away.
A warning: I have found' by comparison with other
advertisers that the bank is invited to pay for such
cards 50 per cent more than other lines of business pay
for the same quality and quantity of cards.
Educational postal cards can be used to build up the
small and unprofitable savings account; for instance,
select 2,000 of your smallest accounts, send you1* new

TH E

NORTHWESTERN

booklet, with an appropriate letter to the depositor,
follow up regularly with an educational postal card.
If the thought of savings gets out of the depositors
head, help to put it back again. It is a pleasant way to
suggest savings to him and he in turn will suggest it
to others, substituting the thought of saving, instead
of that of spending, which the retail merchant is
pounding in him every day. You will remember that
psychology teaches us that all thought precedes action.
These penny postals should be of a quality that will
cause persons receiving them to desire to have the en
tire set and willing to come to the bank and ask for
them. This quality can be obtained by the discrimin
ating buyer. There is splendid color work now on
the market, equal to the requirement of banks.
In large cities like Chicago, it is practical to trace
results by wards. Keep record of the new accounts

BANKER

March, 1910.

institution must have depositors, regardless of cost or
profit in order to have people going in or out of their
bank door, I have no doubt that such stimulated ac
counts have their value, but it is generally admitted
by many who have had experience, that the headache
goes with all forms of stimulants.
Speaking from a Chicago view-point, I believe I am
safe in saying that a savings account amounting to
less than $100, in any of the downtown banks of this
city during the year of 1909, was more of a liability
than an asset; 3 per cent interest plus expenses and
low loaning rates made the small savings account un
profitable.
The element of locality in advertising ought to be
given more consideration. I have in mind one section
of this city where the large industries are numerous;
where the pay rolls following November, 1907, drop
ped to a low point and haye but slowly increased since
then. People in this locality were spending more for
living than they earned. To get profitable results from
advertising in that territory was impossible. It was a
time when people valued their savings, but did not
increase them. Yet I know that there have been thou
sands of dollars spent in this locality in a general
broadcast advertising campaign by downtown banks.
Regarding the so-called novelty advertising, the bet
ter the novelty the less profit there is in it for the
bank. If it is so good that all your depositors want it,
you have to sink a lot of money in advertising for busi
ness that you already have. The problem of advertis
ing in a strictly agricultural community is not a diffi
cult one to solve, as advertising is a problem of hu
man nature; modified, locally, by the characteristics,
the people, nationality, general bank conditions, etc.
The expected competition of postal savings banks can
be nullified by proper advertising. The time to do it
is now.
If you have been dissatisfied with your previous ad
vertising campaign, try this for 1910:
“Quit scattering, and focus your efforts on the best
territory where the people have a surplus over and
above living expenses, making your various lines of
advertising co-operate and reinforce each other. Plan
out your entire campaign in advance, the same way
the architect plans the house he is to build. Keep this
in mind: Go after the PROFITABLE BUSINESS,
profitable business, profitable business.”

C. H. R A V E L L
A d v . Manager Merchants Loan & Trust Co., Chicago

opened or closed; in this way you can tell whether
they are gaining or losing in this or that section. If
losing you can apply a remedy. One also gets a good
line on the pulling powers of the various newspapers
if the locality where the papers circulate can first be
established. This also applies to circular and postal
work, which gives you the advantage of picking the
territory street by street and leaving out the undesir
able districts.
I have had it impressed upon me that there is noth
ing in stimulated savings accounts. By stimulated
savings accounts I mean those hatched through the
aid of the so-called tin banks. It is conceded that
they are fine things to get new savings accounts start
ed, but the big majority are a class that are not gen
erally profitable depositors for a bank. Where a new

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Federal Reserve Bank of St. Louis

GERMAN TRUST AND SAVINGS BANK OF
W H EATLAND.
The German Trust & Savings Bank of Wheatland,
Iowa, has succeeded the Bank of J. Guenther & Sons
and the capital stock has been increased to $50,000.
The new bank has taken over all the business per
taining to the old institution which was organized
in 1886 and which was one of the strong banks of the
West and of Clinton county. There has been a de
mand in that section for a great many years, for a
savings bank and the organization of the German
Trust & Savings is in response to that demand. A
large number of the stockholders of the new institu
tion are local men, well-known and representative in
every way in their community. This gives the bank
an especially strong backing.
“Work is a snap. It is the intermissions that do up
the nervous system.”

March, 1910.

THE

NORTHWESTERN

BANKER

T h e Farmer and His Business System
By G . E. Bartholomew, Vice-President First National Bank of Preston

An Address Before the Jackson County Farmers Institute
The failure of business men can, as a rule, be traced
,to three causes:
First— Dishonesty.
Second—111 health or misfortune.
Third— The lack of some system in his business.
The first two we are going to cut out as not apply
ing to this audience, and present the third proposition
insofar as it applies to the farmer in conducting his
business from day to day, and thereby getting* the best
results from his investment and labor.
The first objection that will be raised is that the
farmer has not sufficient business, to justify any par
ticular system in caring for the business, but let us
see. As a rule, the average man in business in a coun
try town has from five to ten thousand dollars invest
ed, and some as high as fifteen thousand dollars, doing
an average annual business of fifteen to twenty thou
sand dollars.
The average farmer owning 160 acres of land valued
at $75 per acre has invested in land $12,000, add to that,
personal property sufficient to carry on this amount of
farming, gives you $5,000 more, making a total invest
ment of $17,000, which is considerable more than a
great majority of the business investments in a country
town and I think that you will concede that a man in
business in town must have some system in conducting
his affairs in order to make that business successful. ^
The average annual business of the farmer will prob
ably amount to from five to ten thousand dollars, so
that with an investment of $17,000 and doing an an
nual business of nearly $10,000, it becomes absolutely
necessary that the farmer in order to get the greatest
profit with the least effort from his farm, must have
some system of accounting, and established methods
of management, whereby he can know at all times the
condition of his finances, which with a comparison of
results, will place him on an equal footing with the
business man with whom he is dealing constantly, and
he should be alive to the many possibilities of supply
and demand of which he is the very foundation.
The first proposition is for the farmer to establish
and maintain a high credit. If you will ask any farmer
who is known to be successful in carrying on a large
farm, he will tell you that it is absolutely necessary to
borrow money, and to do this with profit your credit
must be of the very best. If you would be wise, you
would select a bank in whose officers you have the ut
most confidence, go to- that bank and place before them
a true and correct statement of your resources and lia
bilities so that they may know when you borrow mon
ey that you have sufficient property, either real or per
sonal, to liquidate a debt when it becomes due. If you
desire to borrow, go to the bank and inform them of
your needs; the bank has your statement and knows
.whether or not your credit is good for the amount
needed, give them your note for two, three or six
months as you choose, and place the amount to your
credit on a checking account in the bank. If you buy
stock, grain, machinery or supplies of any kind, give
in payment your check on the bank, this makes you a

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Federal Reserve Bank of St. Louis

cash man no matter with whom you deal, and you are
soon placed on the list of cash payers by all business
men with whom you come in contact, and you in this
way get the very best prices obtainable, and very often
drop onto opportunities that you would not otherwise
obtain if you did not pay cash, and let me say right
here, that whatever you owe owe to your banker, and
only one banker, and unless you tell it yourself, no one

G . E. B A R T H O L O M E W ,
V ice Pres. First National Bank, Preston.
Group 8, I. B. A .

Chairman

will ever know that you are indebted in any way, as
your business with your banker is as confidential as
your business with your doctor or your lawyer. But,
you will say, “I can get money at a less rate of interest
from my neighbors,” and that may be true, but if you
borrow $50 from your neighbor, Smith, $50 from your
neighbor, Brown, and $50 from your neighbor, John
son, it will be necessary that you give notes running
not less than six months and generally a year; you are
perhaps making 1 per cent on your interest charge,
but do not forget that your neighbor, Brown, has gone
to neighbor Smith and asked him whether your note is
good and the same way with neighbor Johnson, and
the three have found out that you owe each of them,
and this creates a suspicion in the minds of these three
neighbors that you owe a great many other

THE

NORTHWESTERN

Capital

SOLICITS

$ 1, 000,000

YOUR
ACCOUNT

Surplus and Profits
$ 4 0 0 ,0 0 0
WM. A. TILDEN, . . . .
Presiden
NELSON N. LAMPERT,
Vice-President
J . FLETCHER FARRELL, - Vice-President
HENRY R. KENT, . . . .
Cashier
GEO. H. WILSON . . . .
Asst. Cashier
CHARLES FERNALD, - Asst. Cashier

Clark and Monroe Streets

CHICAGO

men various amounts, many times magnified,
and remember your neighbors, Smith, -Brown and
Johnson, are not at all backward about telling these
suspicions, and this has hurt your credit more in that
vicinity than ten times the amount borrowed of your
banker on a note which you can pay at any time you
get the money and stop interest on any amount which
you pay.
If you borrow what small sums you need from time
to time from Tom, Dick and Harry, simply because
you can get it cheap, you must not feel that your
banker is under obligations to you to furnish you mon
ey in times of panic or stress, when you are unable to
get it from anyone else. If you will be wise you would
be very plain and outspoken with your banker and not
try to conceal many little things that perhaps you
would not want him to know, but at the same time if he
did know he would not consider of much importance,
and the chances are be knows, anyway, as there is very
little going on among the finances of a country town
that the banker does not know about, and you would
feather your own nest if you would make a confidant of
him, and he be permitted to advise you and understand
that you are depending upon him to carry you through
when times are hard just as when they are good.
While you perhaps think you are paying a compara
tively high rate of interest, you are in the long run get
ting more than 100 cents in advice, accommodation
and good-will for every dollar paid.
Let me caution you in this one thing— do not give
your note promiscuously for things purchased from
your merchant. If you buy a piece of machinery, groc
eries, dry goods, shoes, or anything of that nature and
have not the money to pay for it, go to your banker
and borrow it and pay the merchant cash for
your purchase.
You lose the interest on the
money that you borrow at the bank, but, as
a rule, this is a very small amount and you will
make it up many times over in the prices you obtain
from the merchant. Do not deceive yourself by think
ing that you can buy as cheap and run a store bill
which you do not pay oftener than once in six months,
or many times, once a year, as you can by paying cash
at the time the goods are purchased. If you would
expect the merchant to give you a low price on goods
purchased, it is only fair to him that you pay the mon
ey for those goods, so that he may be permitted to ob

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

March, 1910.

BANKER

We particularly appreciate
the accounts of Banks and
have unusual facilities for
handling such business.

tain an equally low price from the manufacturer by
paying cash and getting what discounts are possible.
A promiscuous giving of notes for machinery and
such things as that, injures your credit more than
many times the amount borrowed in one place. These
notes, as a rule, find their way to the bank and a good
many times are not held in strict confidence by the
person to whom they are given.
I could name several men who are conducting farms
composed of from three to five hundred acres, who
do not owe one cent except to their banker, and their
credit is placed at the very highest point in the vicin
ity in which they live, and they pay cash by checking
on the bank for everything they buy.
There is another advantage in paying for every
thing you purchase by your check on the bank, and
that is, it not only gives you a receipt for the payment
of the amount, but it makes a record for you which
might prove of great benefit in making comparisons in
subsequent years. By placing the proceeds of every
thing you sell to your credit in the bank, you obtain
a perfect record of your entire business transactions
on your bank book, and should errors arise or bills be
forgotten this is the best, quickest and surest method
of correcting the discrepancy. Records are the most
important part of any system, no matter what the busi
ness or how large or small. Go to your druggist and
purchase a small alphabetically indexed blank book'
which will cost you twenty-five cents, and there regis
ter under each day the many details of the business as.
it comes along from time to time, such as the price of
eggs on a certain day, or the yield of a certain piece of
oats in a certain year, or the date of the birth of a cer
tain colt, and the many other little things that might
be of benefit to you as a comparison in after years. It
will not take to exceed five minutes in any one even
ing; if you can not do it yourself, your wife, your son
or your daughter would be very glad to lend a hand
to the system, which is as much to their interest as
your own to keep perfect.
Have another book which you can purchase for an
other twenty-five cents, in which you charge your
neighbor, Smith, with a day’s work which you have
loaned him, or credit your neighbor, Brown, with a
day’s work which he has loaned you, or perhaps you
have sold to another neighbor some grain or other
product which he is unable to pay for at the time, and

March, 1910.

THE

NORTHWESTERN

over which there is many a dispute. When the debt
is paid, record it on the book, and you have your rec
ords complete.
Every farmer should take an inventory of his prop
erty both real and personal on a given day in each
year, it matters not what day it is, just so it is the
same day in each year— on that day make a list of
everything you have estimating the valuers near mar
ket price as possible, include in this all bills and notes
owing to you with any cash you may have on hand and
in the bank. Deduct from this all your debts and any'
notes you are owing and you have your net worth. If
you do this every year on the same day, it gives you a
correct record o f. whether you are making money or
not and how fast. An inventory is one of the most im
portant parts of any man’s business records and is the
connecting link between the years of business as they
come and go, and should be preserved as one of the
important features of your business life.
A little time spent each day or evening in recording
small transactions as they come along from day to
day in books, which need not be expensive or elabor
ate, not only shows to the man his standing with the
world, but makes it possible for him to ascertain at
any time just how he stands financially. If he is mak
ing money, he will know what portion of his work is
giving him* the most profit, and thereby be able to en
large that part of his labors which will increase his
profits from year to year. If he’s losing money he will
be aware of the fact before he is compelled to liquidate
his debts by a foreclosure upon what property he owns,
and he will be informed of his true financial situation
before any of his creditors. You know self-preserva
tion is the first law of nature, .and to be forewarned is
to be forearmed, and in being first informed he will be
able to carry on his business and cut out the po’rtion
that is losing him money, and in time tide him over
and bring him to success, or perhaps the absence of
some system of knowing the condition of his business,
would have been the means of bringing on failure and
final disaster. One of the secrets of the wonderful
success of some of the large corporations is the mi
nute system and the methods they use in making esti
mates of the probable loss or- gain of some particular
part of their business. You know it is a recorded fact
that Phillip D. Armour in the heighth of his career tes
tified bn the witness stand that all the profit he made
on a beef was the hide, yet, this small profit made Phil
lip D. Armour one of the leading men in the packing
business in which he was engaged, and a millionaire
several times over, and this was all brought about by
the inaugurating of a system by which Armour & Co.
are able to ascertain and know at all times the cost of
their goods, what they are required to charge in order
to make a profit and the financial condition of their
business.
Another important feature for the farmer is the sub
ject of a safe place to keep his valuable papers— if you
have not a good, substantial safe in your home go to
your banker and rent a safety deposit box in his vault,
and if he has no safety deposit boxes, go to the hard
ware store and purchase a small tin box, which will
cost you seventy-five cents, place your name on it and
ask the banker to place it in his vault for safe keeping,
which he will be glad to do. Place all of your papers,
such as deeds, insurance policies, abstracts, tax re
ceipts and everything of value in this box, then you

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Federal Reserve Bank of St. Louis

BANKER

The Continental National Bank
of Chicago
Capital, Surplus and Profits, $ 14 .0 0 0 ,0 0 0
O F F IC E R S

George M. Reynolds,
President
Edwin A. Potter,
Vice-President
Alex. Robertson,
Vice-President
James R. Chapman, Vice-President
Herman Waldeck, Vice-President
Wm. G. Schroeder,
Cashier
Charles S. Castle,
Acting Cashier
Frank H. Elmore,
Asst. Cashier
Wilber Hattery,
Asst. Cashier
John R, Washburn
Asst. Cashier
Wilson W. Lampert Asst. Cashier
Frank L. Shepard
Auditor

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B O A R D O F D IR E C T O R S

J. Ogden Armour
John C. Black
Henry Botsford
E, J. Buffington
Albert J. Earling
B. A. Eckhart
E. H. Gary
John F. Harris
William J. Henley
Frank Hibbard
Edward Hines
W. H. McDoel
Samuel McRoberts
Joy Morton
Alfred H. Mulliken
T. P. Phillips
E. A. Potter
George M. Reynolds
E. P. Ripley
Alex. Robertson
W. C. Selpp
Charles H. Thorne
F. E. Weyerhaeuser

Accounts of Banks and Bankers Solicited.
will know just where to look when you want some
paper which perhaps has been in your possession many
years and is of much value to you even if to no one
else. A great deal of annoyance and embarrassment
and many times loss has been caused by papers of one
kind or another becoming lost or destroyed for lack of
a proper place to keep such things.
Another proposition deals with the relation of the

The National Bank of the

REPUBLIC
of Chicago
continues to offer to banks and bankers the
advantage of its facilities, developed and
perfected by eighteen years o f close per
sonal relations with a constantly growing
list of correspondents throughout the world
OFFICERS
JO H N A . L Y N C H , President
R . M . M c K I N N E Y , Cashier
T H O S . JA N SE N , Asst. Cashier
I W M . B . L A V I N I A , Asst. Cashier

W . T . F E N T O N , Vice-President
O. H. S W A N , Asst. Cashier
JAM ES M . H U R S T , Asst. Cashier
W . H. H U R L E Y , Asst. Cashier

THE

NORTHWESTERN

BANKER

March, 1910.

THE LIVE STOCK EXCHANGE NATIONAL BANK
o f CHICAGO
Volume of Business for Year 1908 Exceeded

One Billion, T w o Hundred Million Dollars
wife to the finances of the household. If you will place
a sum of money in the bank to the credit of your wife
and deliver to her the bank book with a check book
and allow her to transact all of her business through
the bank in her own name, you will have solved a prob
lem which in many instances is not only complex, but
very disagreeable and many times causes a great many
heartaches and sorrow in the household. If it is your
plan that the lady of the house is to receive all of the
egg money or all of the chicken money or all of the
milk money, whatever this might be, allow her to take
the check, carry it to the bank herself and place it to
the credit of her own account, and if this is not suffi
cient, give the banker orders to transfer from your
own account to her account on the first day of each
month a sum sufficient to meet all of her expenses
whatever they might be. She will not squander the
money and you may feel confident that she will make
it go as far, if not farther, than you will yourself, and
at the same time she will have a fund which she can
call her own and not be obliged to ask for every cent
she spends. At the same time it will give her an in
sight into the transaction of business, and should mis
fortune come so that she will be called upon to trans
act the business of the farm alone, she will be acquaint
ed with business methods and be informed as to what
is expected of her in the transacting of ordinary busi
ness. Remember she has worked as hard as you have
to build up your good name and reputation and what
ever you have belongs to her as much as yourself and
you owe it to her that she be given a free hand in us
ing what, in her judgment, she needs without being
compelled to ask for every cent she receives and make
an accounting of just how it is spent. Do you realize
that this young lady whom you led to the altar only a
few short years ago, placed in your hands the most
sacred thing on earth ? She gave to you and your keep
ing her very existence and with it the joy or grief
which has come, to you and of which she has been a
part and is entitled not only to her share of the many
little pleasures that come and go, but should have free
access to the finances of the family without any ques
tions being asked.
The next problem with which we are confronted is
what to do with our boys and girls. James J. Hill says
that the solution of the economics of this country is
the keeping of the boy on the farm and how are you
going to do it? The first method is to give him to
understand he has an interest in the business. Make

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Federal Reserve Bank of St. Louis

an incentive for him to work no matter what he gets,
little or much. If he is young make his salary per
month or per year accordingly, but give him a salary.
How would you like to get out and work month after
month and get nothing for it except what you could
eat and wear. I am reminded of a story the' language
of which is not very beautiful, but the story applies so
well that I cannot help but use it, and I know you wili
overlook the language :
“A gentleman was passing along the road and found
a yôung man about fourteen years old hoeing potatoes
in a field beside the road. The gentleman stopped and
passing the time of day with the boy said, ‘My young
man, that is a pretty good job you are doing there,
how much do you get for doing that work?’ Thé boy
looked up and answered, ‘Nothing if I do and the devil
if I don’t.’ ”
If I should pass your farm and find your boy hoeing
potatoes and would ask him the same question, would
he have to answer me in the same way? Fathers, get
the confidence of your boys, give them a share in
your business no matter how small. You are respon
sible for'their coming into the world, now play fair,
give them an incentive to make men of themselves that
you will be proud of. No greater joy can come to a
father and mother after they have passed the age of
activity than to be able to point the finger of pride to
their boy whom the people revere and honor as a sue-1
cessful and upright man.
Mothers, you also have a duty to perform in this
great drama of life, it places on your shoulders the re
sponsibility of your girls. They too should have a
share in the business of the household and feel that
there is something farther ahead and higher up than
the first young man that comes along wanting to mar
ry them. Marriage is a noble thing and a sacred con
tract and the. ultimate result of natural events, but not
until she attains that age when she will make a good
wife and mother.
Mothers, make companions of your girls, then if they
get a letter from a young man they will not want to
go and hide it before you see it. I have a baby at
home, she is only eighteen years old, but you will find
letters lying all over our house addressed to her in the
handwriting of some young man, some of the letters a
week old and some a year old. She is not afraid to
have her mother read those letters, nor her father eith
er, and when she answers them takes the answer to
her mother to read. To have confidence in your girls

March, 1910.

THE

NORTHWESTERN

gives the girls confidence in you, and is the mother’s
reward for days of toil and nights of anxiety and worry.
Fathers and mothers, make your children co-partners
with you on the farm. If it is a part of your system
it will give them an incentive to make an effort to be
honorable men and women, and in this you will find
the pleasure and satisfaction of your declining years,
and place upon your rounded shoulders that golden
wreath of joy which brings repose, happiness and
•peace.
Before closing I want to give you an extract from
an address made by J. Adam Bede, ex-congressman
from Minnesota. The subject is, “The New Woman.’'
The poem was given while Mr. Bede was giving an
address at a convention in the western part of the
state. A little girl about three years old came down
the aisle and found her way onto the platform, and as
she reached the top of the steps Mr. Bede stopped,
lifted the little tot in his arms and gave this poem,—
“ She is only a little to t; three or four summers have
touched, her lips with wisdom and left the sunshine in
her clustering hair. Her spirits are as blithe and buoy
ant as a bird; her thoughts as light and airy as the sky
blown thistledown. She clings to your hand' in the
morning and is eager for your home-coming when the
shadows fall, being ofttimes found peeping through the
panel of the gate where her greeting is ingenious and
sincere. She is the new woman with the world before
her, and with her toys and her playhouse she is wait
ing for the future, and you press her to your bosom
while she waits. Yet a few years and other haunts
shall know her and other hearts be hers, and then, too,
other cares may come. But though the home nest has
long been deserted and many years have flown, she is
still to you the little burst of sunshine and unbroken
package of delight, while her baby words with beveled
edges catch the ear; and though you are a century old,
your heart is a hundred years young, and then you un
derstand Him who said, ‘Suffer little children to come
unto me, and forbid them not,’ for the best thing on>
earth is the little tot.”
G. A. RYTHER MADE VICE-PRESIDENT.
Mr. G. A. Ryther, who has served the Live Stock
Exchange National Bank of Chicago so satisfactorily
in the position of cashier, has had his service recog
nized by the bank in that they have added to his du
ties, that of vice-president. He was recently elevat
ed to that position. Mr. Ryther has done a great deal
of very successful work in promoting the interests of
the Live Stock Exchange National Bank and this pro
motion, therefore, is timely and thoroughly deserved.
IMPORTANT CONSOLIDATION.
It was decided at the last annual meeting to con
solidate the Germania Savings Bank and the Farm
ers & Drovers State Bank of Germania, . Kossuth
county, Iowa. This consolidation makes a very
strong financial institution for the residents of that
city and the surrounding country. The name of the
new bank will be the Farmers & Drovers State Bank.
E. G. Seymour was elected president, E. J. Murtagh,
vice-president, and G. L. Dalton, cashier. The new
concern will occupy the Savings Bank building which,
when it is repaired and remodeled will make a very
handsome home.

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

BANKER

The
Faimers’ and Mechanics’
National Bank
Of Philadelphia, Pennsylvania
427 Chestnut Street

CAPITAL,

■

SURPLUS AND PROFITS,
DEPOSITS,

| 2,000,000.00
-

1,369,000.00

15,200.000.00

Organized January 17, 1807
DIVIDENDS PAID,

512,917,000.00

UNITED S T A T E S , S T A T E arid C ITY D EPO SITO R Y

OFFI CERS
HOWARD W . LE W IS . President
HENRY B. BARTOW , Cashier
JOHN M ASON , Transfer Agent
O S C A R E . W E IS S , Assistant Cashier

Accounts of Banks and Bankers Solicited.

M A I T 6 A I I 1 I T I M 6 The at>Qve MAUSOLEUM is one o f our sim ple
l i l i l l j ij v I L U J i f l i j w ell constructed designs w hich can be erected a t a
com paratively lo w cost w ith six to e igh t crypts. H ow much less barD a rou s this m ethod is than b u ryin g in the ground. W rite for free book
let os “ M onum ents” to CHAS. C. BLAKE & CO., T he Old Reliable
M akers oi M ausoleum s and M onum ents. (Tel. 115 M ain) 7 9 6 Wom
an’s Temple, CHICAGO, ILL.

“There are two kinds of men who know how to
treat women right. The first doesn’t know anything
about them, and the second knows a whole lot.”

THE

NORTHWESTERN

BANKER

March, [910.

T l i e B -V B a n k L e d g e r
Individual Accounts
Savings Accounts
M u st be lo c a te d q u ick ly ,
k e p t a c c u ra te ly , p ro v e d d aily ,
c h ec k ed m o n th ly . T h ese f e a
tu r e s a re b e s t se c u re d b y th e
a d o p tio n of th e B a k e r-V a w te r
C om plete B a n k A c co u n tin g 1
S ystem , w h ic h is m u ch m o re
th a n a L oose L e a f L ed g e r, a l
th o u g h t h a t device is a n im
p o r t a n t f a c to r in its
success. W rite fo r
a ll p a r tic u la r s

M ade an d Sold E x c lu s iv e ly by

B A K K E R -V A W T E R CO M PAN Y
C hicago

N ew Y ork

In Perpetual Ledgers are handled
with economy of time. Users are not
annoyed with dead accounts at every
posting, figuring interest, “inking
in” interest, extending totals, and
taking trial balance.
Interest-declaring periods lose
their terrors.
No more excuses for
failure to balance.

Methods Employed by Henry O . W est, Forger
The record of bank forgeries in the United States
reveal no more clever criminal than Henry O. West,
alias H,_ N. Ordway and a dozen other names, who
secured $325 on a forged certified check from the
lowadSiational Bank of Davenport, Iowa, on May 27,
I9°9j^hd who was run down, extradited from Chi
cago
Davenport and sentenced to the penitentiary
at Ft'>Madison for a maximum sentence of fifteen
years aft:er a vigorous effort by the bank and some
good work done by the Pinkerton Detective Agency.
The Davenport bank was not the only one where
West succeeded in working his criminal operations,
however. The State Bank of Rock Island was caught
for the same amount on the same day, so was the
Moline Trust & Savings Bank of Moline. Later it
was learned that this same man had worked two
banks in St. Joseph, Mo., by the same methods. After
his arrest, it came to light that banks in Kalamazoo,
Battle Creek and Jackson, Mich., Kenosha, Wis., Co
lumbus, Ohio, and Akren, 111., had been the victim of
this same man’s clever forgeries.
His methods were so clever that they deserve an
account more in detail. To begin with the man was
about thirty-five years of age, well dressed, and a
smooth talker. He appeared in the Iowa National
Bank of Pavenport some time during April of 1909,
stated that he was a broker from Chicago, but ex
pected to spend some little time ,in Davenport, and
that he did not like to carry a large amount of mon
ey with him, and asked to open an account. His
story sounded genuine, and he was allowed to de
posit $175 in currency to his credit under the name of
II. N. Ordway. He secured a room in a prominent
part of the city, met several of the business men, and
appeared to be a well-to-do man of affairs. He paid
his bills with checks on the Iowa National Bank.
Then on a number of occasions after he had opened
the account, he presented bank drafts on Chicago
and New York for various amounts, each time with
a plausible story, that his partner had sent the same
to him as his part of his commission, and would ask
that they be collected for him and credited to his ac
count when paid. He stated that he could not expect
credit for the drafts, being a stranger, until the bank
was better acquainted with him. In this way he paved

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Federal Reserve Bank of St. Louis

the way and gained the confidence of the bank’s tell
ers, to have them accept a forged draft.
On May 27th he came into the bank with a certi
fied check for $650, drawn on the. Farmers & Mer
chants Bank of Dayton, Ohio, certified by C. S. Billman, the cashier. He told the same story as to where
he got it, and regretted the fact that his partner did
not, send him a bank draft instead of a certified
check. After the teller verified the official names on
the check he stated that he did not need all of this
money at once, but would like to deposit one-half of
his check and take the other half in currency. His
demeanor as well as the fact that the other deposits
had all proven good allayed any suspicion that might
have arisen in the minds of the bank officials and Mr.
West was given the $325 in currency and the remain
der was placed to his credit. That was the last seen
of Mr. West, and a few days later the Farmers &.
Merchants Bank of Dayton, Ohio, informed the Dav
enport bank that the certified check was a forgery.
A short time later it developed that a bank in Rock
Island and one in Moline, the two cities just across
the river from Davenport, had been swindled out of
the same amount in identically the same manner.
As soon as the Iowa National Bank ascertained
that Mr. West or Ordway as he had given his name,
was a forger the officers of the institution started out
to have him run down and never give up the chase
until their man was landed safely behind the bars.
One of the first things done was to communicate
through the American Bankers Association, with
the Pinkerton Agency and from that time on a secret
service man was constantly on the search for Mr.
Ordway or West as he afterwards turned out to be.
Curiously ^enough the man was finally arrested
through a queer incident. When he appeared at the
Davenport bank to make his deposits he always had
with him a beautiful Coach dog. The officials of the
bank had noticed this, and when they found out that
he was a forger this fact was communicated to the
detectives. It was by following down this clue that
the detectives finally located the man, and his dog in
Chicago on November 6, 1909, six months after the
crime had been committed.
West’s arrest in Chicago was the signal for a big

THE

March, 1910.

NORTHWESTERN

7 WALL
Capital,

$3,000,000

STEPH EN BAKER,
President Bank of the Manhattan Co., New York
S A M U E L G. B A Y N E ,
President Seaboard National Bank, New York
E D W IN M. B U L K L E Y ,
Spencer Trask & Co., Bankers, New York
JA M E S G. C A N N O N ,
Vice-President Fourth National Eank, New York
E D M U N D C. C O N V E R S E ,
President, New York
H E N R Y P . D A V IS O N ,
J. P. Morgan <fc Co-, Bankers, New York
W A L T E R E. F R E W ,
Vice-President Corn Exchange Bank, New York

STREET, N E W

YORK
Surplus and Profits, - $6,000,000

DIRECTORS
F R E D ’K T . H A S K E L L ,
V-Pres’t Illinois Trust & Savings Bank, Chicago
A. BA RTO N H E P B U R N ,
President Chase National Bank, New York
THOM AS W . L A M O N T,
Vice-President First National Bank, New York
EDGAR L. M ARSTO N ,
Buir & Co., Bankers, New York
G A T E S W . M cG A R R A H ,
Pre8’t Mechanics’ National Bank, New York
G E O R G E W . P E R K IN S ,
J. P. Morgan & Co., Bankers, New York
W IL L IA M H . P O R T E R ,
President Chemical National Bank, New York

legal battle in which he sought to evade being brought
back to Davenport, Iowa, for trial. He engaged
some of the best legal talent in that city, and stated
that he would not return. The county attorney at
Davenport hurried to Des Moines to secure requisi
tion papers only to rush to* Chicago and find that a
writ of habeas corpus had been sued out.
West’s bond had been placed at $10,000, but his at
torneys made repeated efforts to get it reduced and
this was denied. Time after time they secured post
ponements with the hope of wearing the Iowa officials
out, but the bank cheerfully put up the money and
told the officers to get him if it took a year. At last
a hearing on the writ was forced and was denied.
West had reached his last chance. He was brought
back to Davenport under the watchful care of two
officers and a Pinkerton man.
It might be stated, however, that before his return
was certain and after the news of his arrest had been
flashed oyer the country, that telegrams from all of
the cities mentioned above were received asking for
descriptions of the man and stating that they had
been swindled by a similar game. When these bank
ers secured W est’s photographs they all pronounced
him the same man that had worked the deal in Dav
enport, Iowa. All wanted a chance at him, but the
Chicago judge held that Davenport had the first right.
When West was landed in the jail at Davenport
he remained defiant for a time, but later tried to com
mit suicide in his cell by hacking an artery in his arm
with a torn piece of tin. He nearly succeeded. ^Once
out of Chicago, however, his friends deserted him, he.
had no money, the Chicago lawyer refused to repre
sent him, and he finally entered a plea of guilty to the
charge of forgery and was sentenced to the peniten
tiary under the indeterminate sentence law with a
maximum sentence of fifteen years, and given $1,000
fine in addition.
When West’s effects were searched^ a small note
book was found in his possession showing how much
he had secured from each of the dozens of banks he
had swindled, how much his share was and how much
his expense account was. That West had confeder

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Federal Reserve Bank of St. Louis

BANKER

B E N J . S T R O N G , J r .,
Vice-President, New York
E D W A R D F . S W IN N E Y .
President First National Bank, Kansas City
JO H N F . T H O M P S O N ,
New York
G IL B E R T G . T H O R N E ,
Vice-President National Park Bank, New York
EDW ARD TOW NSEND,
Pres’t Importers’^Traders’ Nat’lBank. NewYork
A L B E R T H . W IG G IN ,
Vice-President Chase National Bank, New York
SAM UEL W O O LV ER TO N ,
President Gallatin National Bank, New York

ates there is no doubt. With him in Chicago was ar
rested Joseph E. Hardebeck, who. was taken back to
St. Joseph, Mo., charged with being one of the men,
who passed the checks there. None of the others,
however, have been arrested.
REGARDING AUDITOR BLEAKLY’S CANDI
DACY.
State Auditor Bleakly has announced himself as
candidate to succeed -himself and in this very laud
able ambition he will be supported by thousands of
his friends throughout the state of Iowa. He has
given a very straightforward, able and satisfactory
administration and has been very popular among
banks and bankers throughout the state and there is
no question whatever about his re-election. He is a
man, in the highest sense of the word, one who com
mands the respect and admiration of all wlw know
him. The Ida Grove Pioneer in announcing his can
didacy recently, said:
“Mr. Bleakly has filled the office with eminent abil
ity and has so organized and conducted his adminis
tration that everything has gone along in perfect uni
son and harmony, and we have it from men who are
in a position to know whereof they speak that never
before has the work of the department been conducted
with such eminent satisfaction to all concerned.”
C. W. BRITTON, CASHIER.
The Security National Bank of Sioux City has an
nounced the election of Mr. C. W. Britton as cashier
to succeed Mr. C. M. Lukes, who resigned. Mr. D.
M. Brownlçe succeeds Mr. Britton as assistant cash
ier.
A young man with several years experience in a city bank,
thoroughly competent, except in the science of making
loans, desires connection with a live, well managed country
bank where he can learn that important branch of the bank %
ing business. Could invest under satisfactory conditions.
Address, A. B. C.
Care, Northwestern Banker.

TH E

NORTHWESTERN

BANKER

March, 1910.

Drovers Deposit National Bank
OF C H I C A G O

Capital and Surplus, $1,000,000
Has for twenty-five years rendered efficient and quick service
to its correspondents

R e s o u r c e s , Eight Million Dollars
OFFIERS
R. T. FORBES, P r e s id e n t
WM. A. TILDEN, V ic e -P r e s id e n t
JOHN FLETCHER, V ic e -P r e s id e n t
GEO. M. BENEDICT, C a sh ie r
J. C. MORRISON, A s s is ta n t C a sh ie r
H. C. GATES, A s s is ta n t C a sh ie r

TH E CAPTURE OF TH E “YEGGS.”
There was something of an epidemic of small bank
robberies in the fall near Des Moines, it will be re
membered, and at that time, all efforts to capture the
robbers were in vain. As is usually the case, however,
their ultimate capture was only a matter of time. The
sequel is told in the daily press as follows:
The mysteries of the dynamiting and looting of the
banks at Runnells, Alleman, Carlisle and Swan, which
occurred in rapid succession during the months of
September and November, 1909, are mysteries no long
er. Carrie D. Hammond, queen of the gang of bank
robbers who worked out of Des Moines at that time,
has been captured and has confessed the crimes, at
Freeport, 111.
The four bank robberies, which netted the dyna
miters about $6,000, brought Des Moines and the small
towns hereabout into a fever heat of excitement at the
time. So successfully and so quickly were the rob
beries made that every town within a radius of a hun
dred miles of Des Moines feared each night that its
bank might be looted next. Although hot upon the
trail of the gang, the local police and detective depart
ments were unable to capture it before the getaway
was accomplished the day following the robbing of
the Carlisle bank.
The confession of Carrie Hammond implicates five
men, John A. Borden, Donald McKinzie, Ike Wier,
Harry Bowen and a man named “Jimmie,” all of whom
lived in Des Moines at 1307 South Dunham avenue a
week last September. The woman lived there as the

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Federal Reserve Bank of St. Louis

DIRECTORS
EDWARD TILDEN
M. F. RITTENHOUSE
L. B. PATTERSON
WM. A. TILDEN
R. T. FORBES

wife of Borden until the suspicions, of the local detec
tives were aroused by the actions of the other men of
the gang, who hung about the place.
One of the gang, John Borden, was killed by police
officers when he and Olsen were caught in the act of
attempting to blow a safe at Norwood Park on Janu
ary 4th. Wier has been located at 8J4 Water street,
Minneapolis, Minn.
Carrie Hammond’s confession lays bare the method
employed by the yeggmen in and about Des Moines.
She came her with Borden first and they rented the
house on Dunham avenue as husband and wife. Bor
den is one of the two men who escaped from the Fort
Madison penitentiary with Harry Moran, otherwise
known as Tom Hatch, who was retaken at Minneap
olis and is now doing ten years at Stillwater peniten
tiary for attempting to kill the officer who arrested
him. The Minnesota authorities refused to give
Hatch back to Iowa to finish his term in Fort Madison
which is awaiting him when his time is up there.
Local detectives were getting close to the gang here
because of the fact that they used cabs freely. Super
intendent Hamery supposed the frequency with which
cabs went to that part of the city with the strangers
was a trick by the former red light district denizens and
set a trap to catch them just at the time they fled the
city between two days.
Chief of Detectives Stephen B. Wood, of Chicago,
informed Chief Johnston that Carrie Hammond
was under arrest and has confessed.
Johnston
has confirmed the story as it relates to Des Moines
and the scheme as it was played is now plain and the

March, 1910.

THE

NORTHWESTERN

plot revealed. The gang made' their rendezvous at
1307 Dunham avenue and worked out of Des Moines
from there, tapping country banks in quick succession.
From Freeport comes the information to Johnston
that the men of the gang did team work, sending one
first to “spot” the bank to be robbed and get the “lay/'
then two. others did the safe-cracking, while the fourth
stood guard and assisted in covering the “ getaway,”
standing ready in case of pursuit to draw the chase
away from those carrying the swag. All the money
was kept at the Dunham avenue house and all of it is
reported to have been in those two grips thrown into
the sleigh by two men who were driven away at early
dawn on the day of the last robbery, when the whole
party went direct to Chicago on the early Rock Island
train, before the local officers were informed that there
had been another robbery.
The next day Borden, Bowen and McKinzie, having
divided the swag equally with all the others, went to
Otto Olsen’s home, 3624 Dickins avenue, Chicago, and
from there worked out over the city, changing the
silver money and pennies into paper bills. Olsen
changed $250 in silver and $20 in pennies for currency
at the Northwestern Bank, Milwaukee and North
avenue ; $250 in silver and currency at Graham’s Sons'
Bank, Madison and Union streets.
The detectives have located Wier at 8j/2 Water
street,^Minneapolis, Minn., and “Jimmie” lives at Ash
land, Wis.
The police and detectives surrounded a building on
January 4th, where Olsen and John Borden were at
tempting to blow a safe at Norwood Park. Olsen was
captured and Borden was shot and killed by the
officers.
I
Much of the credit of running down the gang is
given to the Bankers’ Protective Association, a de
tective agency of note covering Iowa, Minnesota, W is
consin, South Dakota and Illinois.. This association
had operatives in Des Moines who have co-òperated
with Colonel Johnston, the Chicago'chief’and Minne
apolis chief.
There is a little doubt concerning the Alleman rob
bery because of the raw work done by the dynamiters,
showing lack of skill which is accounted for by the re
port that the man who usually did the dynamiting may
have been injured or that Carrie Hammond may be
mistaken about this particular bank. She tells an ap
parently straight story about the others. >
The gang is one of national importance in criminal
circles. Tom Hatch is the yeggman who attempted to
get out of Fort Madison penitentiary by saying he had
the secrets concerning the murder of the Peterson chil
dren in Des Moines and offering to trade his knowl
edge with the pardon board for a free pardon. His
proposition was turned down. He escaped by cutting
bars off the kitchen window.
The clue which led to thè capture of the woman and
the killing and identification of the others was the sim
ple fact that Borden, when arrested as a tramp in
Minneapolis with Tom Hatch, wore a suit of under
clothes marked “ Madden.” Chief Johnston put his
men on the trail of Madden and found he was a saloon
loafer, or rather was playing that role, about tough
East Side saloons during a week in November.
“Some men are anxious to improve their circum
stances, but unwilling to improve themselves.”

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Federal Reserve Bank of St. Louis

BANKER

Sbe

Chase IRational B ank
®f tbc Clt? of IRew JDorfi

UNITED STATES DEPOSITORY
C L E A R IN G H O U S E B U IL D IN G
J a n u a r y 3 1 , 1910

CAPITAL,
SURPLUS AND PROFITS, (earned)
DEPOSITS
.
.
.
.

. _ _____

$ 5,000,000.00
7,028,362.00
106,703,942

Officers

A. BARTON HEPBURN, Pres.
SAMUEL H.. MILLER, Vice-Pres.
CHARLES C.SLADE,Asst.Cash.
EDWIN A. LEE, Asst. Casti.

ALBERT H.WIGGIN.Vice-Pres.
HENRY M.OONKEY, Cash.
WM. E. PURDY, Asst. Cash.
A. C. ANDREWS, Asst. Cash.

SHrectors

HENRY W. CANNON, Chm.
JOHN I. W ATERBURY
JAMES J. HILL
GEORGE F. BAKER
GRANT B. SCHLEY *
ALBERT H. WIGGIN
A. BARTON HEPBURN
GEORGE F. BAKER, JR.
FRANCIS L. HINE

-----------------ES TA B LIS H E D 1 8 5 7 -----------------v

The
Merchants
.Loan and Trust
Company
Statement of (Condition at Commencement of Business, Febrnary 1, 1910

Resources

Doans and Discounts

$31,612,194.84
7,912,968.36
Bonds and Mortgages Due from Banks - $12,969,146.73
Cash and Checks for
Clearing House 8,896,523.47 21,865,670.20
$61,390/833.40
Liabilities

Capital Stock
Surp’ us Fund - • Undivided Profits
Reserved for Accrued Interest
and Taxes
Deposits
-

$ 3,000,000.00
5,000,000.00
502,000.49
170,972.41
52,717,860.50
$61,390,833.40

Directors
Enos M, Barton Edmund D. Hulbert
ClarenceA.Burley Chauncey Keep
Elbert H. Gary
Thies J. Lefens
t
Moses J.

Cyrus H. McCormick Edward L. Ryerson
Erskine M. Phelps
Orson Smith
John S. Runnels .
Lambert Tree
Wentworth

Officers
Orson Smith, President
Edmund J. Hurlbert Vice President
Frank G, Nelson. Vice President
Johu E. Blunt, Jr., Vice President
J. 0. Orchard. Cashier

P. C. Peterson, Assistant Cashier
C, E. Esles, Assistant Cashier
Leon L. Loehr, Secretary and Trust Officer
F W. Thompson, Mgr, Farm Loan Dept
II. G; P. Deans Mgr. Foreign Department

CHICAGO

THE

NORTHWESTERN

BANKER

March, 1910.

The Victor Spherical Manganese
Steel Screw-Door Bank Safe.
HIGHEST AWARD, GRAND PRIZE, ST.

LOUIS WORLD’S PAIR

Made of tough Manganese Steel.
Jack-Screw power utilized in closing door.
No holes through the door for locking or bolting spindles.
Safe locked and unlocked by the Banker’s Dust Proof Triple Time Lock.
Takes lowest rate of Bank Burglary Insurance.
NO INSURANCE CO. HAS EVER PAID OUT A SINGLE DOLLAR LOSS
ON THIS SAFE.

The Victor Safe & Lock G o ., Cincinnati, Ohio.
NEVER B U R G LA R IZE D

W RITE FOR CATALOGUE 1 0 4 M .

DES MOINES TRUST COMPANY.
'Mention was made in our last issue of the fact that
this institution had recently opened an office for the
transaction of a general trust business in the Manhat
tan building on Fifth street. This month we are glad
to introduce to the many readers of The Northwestern

new company executive ability of a very high charac
ter. Mr. RoyaljS judgment is considered most excel
lent by all who know him and that he will make an
admirable and satisfactory president of the Des Moines
Trust Company is conceded without saying.
Mr. John H. Blair, the vice-president, is so well

N E L S O N R O Y A L , Pres.

H . L. P R E S T O N , Secy.

Des Moines Trust Co.

Des Moines Trust C o .

Banker the men who will be prominently identified
with the affairs of the new institution.
Mr. Nelson Royal, the president, has been a resident
of Des Moines for many years. He was formerly con
nected with the Lewis Investment Company, later with
Royal & Royal, attorneys. He has had a very wide
experience in matters pertaining to the loan and trust
business and is bringing to the management of this

known to the readers of The Northwestern Banker
that any extended reference to him seems superfluous.
He was for twelve years secretary of the Iowa Loan
& Trust Company and for a number 'of years past he
has been vice-president of the Des Moines National
Bank.
Mr. H, L. Preston, the secretary, was a resident of
Des Moines some years ago and has come back again

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

March, 1910.

THE

NORTHWESTERN

BANKER

The Seaboard National Bank
qf the City qf New York

Capital $1,000,000
S. G. BAYNE, P resident

Surplus and Profits (earned) $1,805,000
S. G.NELSON, Vice Pré».

W . K. CLEVERLEY, Ass’t C ashier
L. N . DEVAUSNEY, A ss’t Cashier.

C. C. TH O M PSO N , C ashier
J. C. EMORY, Ass’t Cashier.

O. M. JEFFERDS, Ass’t C ashier

Accounts of Banks and Bankers from the Middle West Especially Solicited on most Favorable Terms

to cast his lot with the fortunes of the capital city.
He is also an attorney, and was formerly a partner of
Wm. H. Bailey, of this city, and some years ago was
vice-president of the First National Bank of Dunlap.
Mr. Preston is a man of much ability and the affairs
of the company in his hands will be handled with dis
cretion and rare judgment.
The directors of the concern are A. D. Struthers,
John H. Blair, F. C. Waterbury, W. S. Cook, H. L.

for, drawing 4 per cent interest. There is an opening
in Des Moines for a good, live, up-to-date trust com
pany and we feel sure that in the organization of the
Des Moines Trust Company such an institution has
been launched. We predict for them a very liberal
amount of success.
HOME SAVINGS BANK OF IOW A FALLS.
In the regular annual meeting of this prosperous
institution the following officers were elected : W. S.
Walker, president; H. L. Walker, vice-president; S. J.
Osgood, cashier. By this election Mr. Walker was
promoted from the office of cashier to that of presi
dent and Mr. Osgood from the position of assistant
cashier to that of cashier. Mr. L. E. Jones and Mr.
J. M. Rhinehart were elected to the directory board.
Every effort is being made on the part of the manage
ment of this institution to furnish its patrons with
first-class Service in every way and to extend to them
every accommodation consistent? with conservative
banking. The savings department pays 4 per cent
and the deposits are growing constantly.

Des Moines Trust Co.

GERMAN SAVINGS BANK OF ODEBOLT DO U
BLES ITS CAPITAL STOCK.
At the last annual meeting of the German Savings
Bank of Odebolt it was voted to increase the capital
stock from $25,000 to $50,000. No change was made
in the management. This step, taken by the officers
was deemed necessary in order to keep step with their
growing business and also for the purpose of afford
ing, at the same time, ample security to their cus
tomers. The total resources of the bank now stand
at $175,000. The German Savings Bank was incor
porated under the savings bank law in September,
1905. It is located in that section of the state where
farm lands are selling all the way from $100 per acre
up to $160. In short, that section of Iowa has pros
perity on every hand.

Preston and Nelson Royal. They are all well-known
Des Moines business men, and prominent throughout
the state. The business transacted will be that of
loaning money on city and farm property, buying and
selling stocks, municipal and drainage bonds. While
they will not do a regular banking business they will,
nevertheless, acfcept deposits, issuing certificates there

BJORENSON ELECTED ASSISTANT CASHIER.
V. D, Fleming has resigned his position as assist
ant cashier of the( First National Bank, Milford,
Iowa, and will leave within a short time for Leth
bridge, Canada, where he will be associated with Ten
ney Bros., who have large holdings in Canadian land.
P. O. Bjorenson, who has been 'with the institution
several years, has been elected to fill the vacancy.

J. H . B L A I R , Vice-Pres.

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Federal Reserve Bank of St. Louis

TH E

NORTHWESTERN

BANKER

March, 1910.

N ew Building for the Harris Trust and Savings
Bank, Chicago
Architects’ specifications for the projected Harris
Trust Building, the new home of the Harris Trust ana
Savings Bank, to be erected on the south side of Mon
roe street, between Clark and La Salle streets, are in

the hands of contractors for estimating' purposes. As
soomas these have been returned and passed upon by
the bank’s building committee, work of demolishing
the old structure which now occupies the building site
will be begun, and’ immediately thereafter the new
edifice will be started.
The building, which, together with the land on
which it will stand, will cost approximately $3,000,000,
will have a frontage of ninety feet, and will extend
south 190 feet to the alley between Monroe and Ad
ams streets. It will be twenty stories in height, rising260 feet above the sidewalk, and will rest on caisson
foundations, which will go down n o feet to bed-rock.
There will be a commodious basement, which will be
used by the bank as safety deposit vaults, and below
this basement will be two sub-basements, the lower of
which will contain the mechanical department of the
building, which will consist of all the latest known de
vices for the comfort and convenience of the tenants
of the building:.
The construction will be fireproof throughout, the
superstructure being of steel. The facade of the build
ing has been planned with a special view to the char
acteristics of an ideal combined banking and office
structure. The exterior finish of the first five floors
will be of pink granite, highly polished and handsomey decorated with statuary bronze, with mammoth
granite columns five feet eight inches thick at the
base, and rising to a height of more than forty feet.
Above the granite work .will rise the main shaft of red
Roman brick, capped by ornamental terra cotta har
monizing in color and finish with the granite.
The quarters of the Harris Trust and savings Bank
will be the ground floor space of, the building and a
commodious balcony immediately overlooking this
main floor. The entrance to the bank’s offices will be
through,the two west central doors,- which will give
directly-into a marble vestibule and a banking room of
grant proportions. The paneled ceiling of this room,
thirty-five feet above the floor, will be carried by a
double row of marble columns extending down the
center of the room. The public space of the banking
offices will be finished in Italian marble. A bank coun
ter and screen of marble and bronze will divide this
space from the officers’ .quarters and the counting
room. The balcony will afford facilities for the bank’s
clerical forces.

N ew Building of the Harris Trust & Savings Bank, Chicago

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Federal Reserve Bank of St. Louis

The entrance to the office portion of the building will
be through the two east central doors into the ele
vator hall where eight high-speed, modern elevators
will serve the twenty floors of the building. Marble
tile floors will be used in all the corridors. High marble
wainscoting, setting off the best of mahogany trim,
will make an interior finish of the finest appearance.
Ample light courts, faced with white enameled brick
on the east and west sides of the building, will give
abundant light for the numerous suites of offices.
Much of the space in the upper floors of the building
has already béen rented to prominent concerns for
office purposes.

TH E

March, 1910.

NORTHWESTERN

BANKER

V A L L E Y N A T IO N A L B A N K
D ES M O IN E S, IO W A
Capital and Surplus $400,000.00
Surplus Increased $40,000.00 Jan. 11,1910

OFFICERS AND DIRECTORS
R . A . C R A W F O R D , Prest.

D . S . C H A M B E R L A I N , V ice Prest.
C . T . C O L E , JR ., V ice Prest.
H . S . H O L L I N G S W O R T H , Asst. Cashier

Thos. F . Stevenson, Attorney
W . E . Tone, Treas. T one Bros. Wholesale Coffees, Teas
and Spices

W . C . Harbach, Sec. & Treas. L. H arbach &Sons Co.
E . W . Stanton, V ice P. Union N at. Bank, Ames, la.
H . M . Rollins, Prest. Des Moines Hosiery Mills

W . E . B A R R E T T , Cashier

C . W . Mennig, Prest. Mennig-Slater Co. Vinegars &
Pickle W orks
D , P . Reinking, Investments
Alfred Hammer, Prest. Alfred Hammer & Co., Druggists

We want every bankerin Iowa to consider this a personal invitation to carry his account with us—and avail himself of our facilsties.

MILLS. APPOINTED.
.Owing to the fact that Mr. C. E. Larson, one of the
trustees of the “Su'nblad Fund,” has removed from the
state of Iowa because of business reasons, President
Stevens, of the Iowa Bankers Association has appoint
ed Mr. C. B. Mills, of Clinton, in his place. The other
trustees of the fund are Ed. Wells, of Marathon, and
J. H. McCord, of Spencer.
AN ATTRACTIVE ADVERTISEM ENT.
The Merchants National Bank of Greene, Iowa,
made a very unique and attractive use of the new Lin
coln pennies in the form of a window display. A pile
of small safes formed the background, with a tray of
pennies placed in front. There was a constant de
mand for the new pennies at the bank window while
the display was on; this, of course, accomplished the
object aimed at by the bank, having people come into
the banking room. Anything that a financial institu
tion can do to induce people to pass through their
doors and come in contact with the officials, has a
very beneficial effect on business in general. This is
something which no bank should lose sight of.
SOME TESTS TH AT COUNT.
During the last two years twelve banks using the
Victor Screw Door Bank Safe were attacked by bur
glars. The names of the banks are:
Florence Deposit Bank, Florence, Ky.
Scandia State Bank, Scandia, Minn.
Bank of Buckner, Buckner, Mo.
Canby Bank & Trust Co., Canby, Ore.
Peoples Bank, Stamping Ground, Ky.
First State Bank, Ludden, N. D.
The Farmers Bank, Wilsonville, Ore.
Bank of Tebbets, Tebbets, Mo.
J. D. Bassett & Go., Bankers, Cunningham, Wash.
Liberty Center Deposit Bank, Liberty Center, Ind.
Citizens Bank, Avery, Okla.
Twin City State Bank, St. Paul, Minn.
In each and every case the safes preserved their
contents perfectly and the banks did not lose one cent
except in damages to their vaults and buildings by the
explosion. This is a record of which any safe com
pany has every reason to be proud, and as a result
of this burglar-resisting ability on the .part of the
Victor Safe the factory is taxed to its utmost capacity

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Federal Reserve Bank of St. Louis

in supplying the demand. Bankers are rapidly learn
ing that these safes afford the desired protection, re
duce the insurance, and as an advertising feature of
the safety of the bank are most valuable.
FIRST SAVINGS BANK OF SUTHERLAND.
We are very much pleased to present to the read
ers of the Northwestern Banker a half-tone il
lustration of the new bank building which has
recently been erected by the First Sayings Bank of
Sutherland. It is a building of which any banking
institution has every reason to be proud. The build
ing is built of dark face Boone brick and trimmed
with Bedford stone. The size is 75x80 feet, two

stories and a basement. The first floor comprises the
banking room, and two store rooms, each 25x80 feet.
The bank occupies the corner room and was fitted up
■ by the Fisher-Stevens Company, of Charles City,
Iowa. It contains the president’s and cashier’s of
fices, directors and customers’ rooms, bank and cus
tomers’ vaults which are lined with steel, and pro
tected by the electrical system of the American Bank
Protection Co., of Minneapolis. It is fitted up with
every possible convenience and is one of the hand
somest and most up-to-date banking rooms in that
section of the state. The First Savings Bank people
are to be congratulated upon the beauty of their new
home.

TH E

NORTHWESTERN

BANKER

March, 1910.

THE DENVER STOCK YARDS BANK
Located in Live Stock Exchange Building, Denver Union Stock Yards, Denver
OFFICERS
CHAS. FLETCHER, JR., President
C. K. BOETTCHER. Vice-President
JOS. S. DAVIS, Cashier
CHAS. I. DEARDEN, Ass’t Cashier

If not already a customer we
invite you to become one
Located at the Denver Union Stock
Yards, we are enabled to give close
attenton and quick action to business
pertaining to shipments to the mark
et. But our location in no way in
terferes with business not of this na
ture; our mail facilities enable us to
give prompt attention to any business
entrusted to us.

DIRECTORS
CHAS. FLETCHER, Jr.
HENRY GEBHARD
C. K. BOETTCHER
GEO. W. BALLANTINE
A. H. VEEDER, Jr
W e receive accounts o f individuals, firms,
corporations, b anks and bankers on favor
able term s and shall be pleased to meet or
correspond w ith those w ho contem plate
m aking changes or opening new accounts.

Send Us Your Western Collections

NEW VICE-PRESIDENT OF TH E FORT DEAR
BORN NATIONAL BANK OF CHICAGO.
We are very glad to introduce to the readers of the
N O RTH W ESTERN BAN K ER in this issue, Mr.
John Fletcher Farrell, who recently became vice-

him a very valuable man in his business, and this same
spirit will cause his value to increase in the future.
Mr. Farrell was with the Paris Savings Bank for six
years at the time his father,. W. M. Farrell was cash
ier. He was then elected to the position of assistant
treasurer of Missouri for four years, but resigned in
his third year to accept a position with the Third Na
tional Bank of St. Louis. During the six years he w<ts
with this institution he traveled extensively through
out the central West and the Northwest through what
was known as the Mississippi valley states, thus wid
ening his acquaintance among the banking fraternity
very largely. For one year he served as vice-president
in Missouri, of the American Bankers Association and
at the last meeting of this association, in Chicago, he
was . elected to the executive council, this being the
first time such an honor had ever .been conferred upon
an assistant cashier. Mr. Farrell is blessed with a wife
whom he regards very highly, and two children who
are the joy of his life. We congratulate both the Fort
Dearborn National and Mr. Farrell upon this business
alliance which they have recently formed and ieel con
fident that it will be a very satisfactory arrangement
all around.
FIRST NATIONAL BANK OF NEW TON.
In a recent letter from Mr. R. L. Arnold, he says:
“The demand for loans is unprecedented. From pres
ent indications, March business is going to be the
greatest ever.” This is the kind of reports we like to
get, as it indicates the condition of affairs in Iowa, the
greatest banking state in tlje union. At the close of
business January 31st the First National Bank had
total resources'over $741,452. Of this amount, the de
posits were $556,452. Rather a flattering showing for
a bank in a town of about 5,000.

J. F L E T C H E R F A R R E L L , Vice-Pres.
Fort Dearborn N at’ l. Bank, Chicago,

111

president of the Fort Dearborn National Bank of
Chicago. Mr. Farrell is still young, having been born
in Madison, Monroe county, Mo., 1878. The fact
that he comes from Missouri has always made him
insist that everybody who has anything to do with
him shall show him more business for whatever bank
he is connected with and this insistence has made

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Federal Reserve Bank of St. Louis

A CORRECTION.
In our last issue we stated in the department de
voted to Iowa News and Notes that the First National
Bank of Milford had deposits to the amount of $20,000.
The only difficulty with this statement was that the
printer dropped one cipher, as the amount of deposits
really is $200,000 and the last statement exceeded even
this amount. We wish to make this correction so that
our readers may understand the conditions exactly.
The First National has enjoyed a very prosperous year
and prospects were never better for the future than
they are now.

March, 1910.

THE

NORTHWESTERN

MEETING OF GROUP FOUR.
The annual meeting of Group Four of the Iowa
Bankers Association will be held at Oelwein on May
10th. The program has not yet been fully arranged,
but will be published in
the
Northwestern
Banker as soon as it is ready. Arrangements are
being made for a very large meeting. Mr. C. R. Caipqnter, cashier of the State Bank of Fayette, is chair
man of the Group; J. M. Pollard, cashier of the Straw
berry Point State Bank, is secretary. Group Four
comprises the counties of Howard, Winneshiek, Al
lamakee, Chickasaw, Fayette, Clayton, Delaware and
Dubuque.
NEW SHARON STATE BANK TO BUILD.
A very large number of new banking buildings have
been going up all over the state of Iowa. Nothing
gives a bank such standing and prestige in any com
munity as a handsomely erected building, equipped
to meet the needs of the business of the bank. The
New Sharon State Bank will be built in the most
modern style, of white enameled brick facing on both
sides, seventy feet long. A modern front will be
and everything done to make the banking room at
tractive down to the last item. Another feature that
will be especially appreciated by the patrons will be
the big double fireproof vault, built in the rear, with
safety deposit boxes. The New Sharon State Bank
has.had a very successful year and is looking forward
to very great things in the future.

BANKER

CHASE NATIONAL BANK OF NEW YORK
SHOW S FINE INCREASE.
The Chase National Bank of New York, at the
close of the year’s business, carried nearly $350,000
into the surplus account, increasing that item ' to
$7,028,363. The deposits at the same time stood near
ly $107,000,000. The bank has had an extremely suc
cessful year and makes but one change in its officiary
and that is the elevation of S. H. Miller from the cashiership to the vice-presidency. This is an honor and
a promotion very richly deserved.
APPRECIATION.
In a recent letter from Mr. H. W. Jensen, cashier of
the Danish-American Savings Bank of Ringsted, he
says : “ I have found a great many good things in the
Northwestern Banker from time to time and
feel that it would be a great loss to let our subscrip
tion run out. We are enclosing herewith our draft
for the necessary amount to renew for another year.”
In the same mail Mr. Geo. T. Swearingen, cashier of
the Peoples Bank of Madison Lake, Minn., says:
“ Extend our subscription to the Northwestern
Banker, the best bank journal that comes to our of
fice.”
“This world we’re livin’ in is mighty hard to beat;
you get a thorn with every rose, but ain’t the roses
sweet ?”

ESTABLISHED

1872

North!western National Bank
M inneapolis
CT. “H aving the largest number of ac
counts on our books from banks in
the Northw est, gives us exceptional
facilities for handling collections, and
an unexcelled par list.” : : : : :

Capital

S 3 ,0 0 0 ,0 0 0

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Federal Reserve Bank of St. Louis

Surplus

$ 2 ,0 0 0 ,0 0 0

THE

NORTHWESTERN

BANKER

March, 1910.

Statement of Condition

The Merchants
National
Bank
CEDAR RAPIDS, IOWA
January 31, 1 9 1 0
U N I T E D

S T A T E S

D E P O S I T A R Y

R e so u rce s

Loans and Discounts
Overdrafts
.
.
.
United States Bonds and other Bonds
Real Estate, Furniture and Fixtures
Cash on hand, due from Banks and
U. S. Treasurer

L ia b ilities
$ 2 ,6 57,216 ,44
1, 393,69
363,975 07
13,500.00
1,8 4 2 ,3 3 9 .4 1
$4,878,424.61

Capital Stock
Surplus
Undivided Profits, Net
Circulation
Deposits

$200,000.00
200.000. 00
24,104.32
197.0 0 0 . 00
4,257,320 .29
$4.878,424.61

A PROGRESSIVE COMMERCIAL BANK, CONDUCTED ALONG CONSERVATIVE and MODERN LINES

H ow a Bank W recker Works
The various methods pursued by men who. go wrong
in the banking business are always interesting, as
showing the absolute hopelessness of any scheme to
defraud, no matter how clever of working out, and
enabling the .-criminal to 'successfully cover up his
tracks. The history of every such case is the same in
the end, detection, arrest, imprisonment. One would
think this would cause* any man to hesitate before
making the fatal plunge. The methods pursued by
the cashier of the recently wrecked bank at Lakota,
S. D., is a case in point, and the story as told by the
Jamestown Capital is of interest. It follows:
“The story of the looting of the Peoples State Bank
at Lakota, N: D., the doors of which are now closed
and the president and cashier of which are charged
with forgery in the falsification of reports to the state
bank examiner, is one of the most interesting ever
written in North Dakota’s banking history. Reluctant
even now to give out details of how the institution was
robbed of over $90,000, the state officials are still en
gaged in examining the books of the bank and it will
be several days before it is known just what the condi
tions are, and what the depositors may expect to re
cover.
“It is to S. A. Floren, cashier of the defunct insti
tution, that the failure is charged. His personal career
has been an interesting one. Entering the institution
some thirteen years ago in a position which command
ed a salary of $75 a month, he rapidly rose to that of
cashier. When President F. H. Rahders became ill
some time ago, the bank’s afifairs were turned over to
Floren’s direction. Mr. Rahders, according to a state
ment made by him this morning, was not in the least
bit familiar with the bank’s business, having been un
able to act actively for some time. Floren came to
Lakota originally from Minneapolis and his wife is
now very seriously ill in a hospital in that city.
“The system by which Floren looted the bank is

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Federal Reserve Bank of St. Louis

somewhat out of the ordinary. It was in the bills re
ceivable department that the fraud seems to have been
perpetrated, and which the cashier was enabled to keep
up in such good condition as to set aside all suspicions
the state bank examiner might have had as to the real
condition.
“ Notes given the bank for various amounts would
be sent by Floren to one of its correspondent banks in
the east. Later, when the time for the payment of
the note arrived, Floren would receive the cash from
the maker of the note and with some excuse or other
would prevail upon the maker of the note to let it
remain with him. The money thus realized would not
be sent; to the correspondent bank, but the note would
still be allowed to remain there and in the reports to
the bank examiner it would be reported as among bills
receivable, when, as a matter of fact, it was already
paid. Should the maker of the note insist upon the
return of the paper to him, Floren secured it through
the placing of an ‘accommodation’ note of which he is
said to have secured quite a number.
“ In addition to the irregularities existing in the bills
receiving department there are also a great many other
irregularities upon the books and it will take some time
to straighten them put.
“The bank’s deposits amount to about $130,000, the
greatest portion of which was owned by farmers re
siding near Lakota. The bank’s assets, as near as can
be learned at present, are about $55,000. Deputy Bank
Examiner Fahey is now in charge of the bank while
Bank Examiner Knudson is in Bismarck conferring
with the attorney-general and banking board as to the
course of action advisable. Application will be made
for the appointment of a receiver.
“ President Rahders and Cashier Floren have both
turned over their property to the bank examiner. The
latter has not turned his entire holdings' over, but it
is understood that he will do so very soon. President

March, 1910.

THE

NORTHWESTERN

... D IR E C T O R S ...
C. F. ALDEN
L A F A Y E T T E LAM B
G. E . LA M B
S . R. S H A M B A U G H
T . M. GOBBLE
D A N IE L L A N G A N
L. C. E A ST M A N
C . B . M IL L S
J . H . IN G W E R S E N

T h e o ffic e r s o f th is bajik
a re n e v e r to o b u sy to a n sw e r
q u e s t io n s or to
reply
to
letters. It is th e ir aim to m a k e
th e b a n k o f real s e r v ic e to its
fr ie n d s an d p a tro n s.

Rahders, when interviewed today would give no state
ment concerning the situation, stating that he was not
familiar enough with it to do so.
“ Floren for some time past has been living very reck
lessly. His expenses have been enormous, every
luxury in life being at his command. Recently he was
convicted in federal court at Fargo on a charge of
sending obscene matter through the United States
mails and he is now under a bond of $2,000 pending
the appeal to the circuit court of appeals. Judge
Amidon, when Floren was found guilty, gave him a
jail sentence and fine. It was this affair that resulted
in the closing of the bank.

BANKER

What We Do:
A c c e p t b an k a c c o u n ts a n d p ay
In te r e st on a v e r a g e b a la n c e s .
P ay 4 p e r c e n t I n te r e s to n S a v
in g s A c c o u n ts, c o m p o u n d e d
se m i-a n n u a lly . M ake c o lle c
tio n s a s e c o n o m ic a lly a s a n y
b an k in Iowa. A c c e p t a c c o u n ts
s u b j e c t to c h e q u e .

W e w e lc o m e an o p p o r tu n ity
to s e r v e y o u in a n y d e p a r t
m e n t o f th e b a n k in g b u s in e s s

Club on “Is There a Science Back of the Art of Ad
vertising?” and aroused a great deal of enthusiasm
among the 275 men present.
At the recent Advertising Affiliation Convention in
Buffalo, he was one of the speakers.
Between now and the early summer, Mr. Lewis has
a number of important speaking dates. On March 3d,
he will address- the Chicago Division of the National
Sales Managers’ Association on the subject of “ Cre
ative Salesmanship,” and will speak on the same sub
ject before the Des Moines Ad Men’s Club on March
7th. On May 13th, he is to address ' the Alabama
Bankers Association on the subject, “ Sanctification by
Secrecy,” which promises in its title, at least, to stir
things up a bit.
Because of ill health, Mr. Lewis has been obliged to
cancel a number of dates, but now that he is regaining
his former energy and vigor, business organizations in
various portions of the country are to be favored by
some of his stirring, forceful talks.

From the front page of the statement issued by the
National Bank of the Republic, Chicago: .
“Would that I could find a remedy for this con
sumption of the purse,” said; old Falstaff, ruefully.
“ Borrowing lingers, and lingers it out, but the disease
is incurable.” That was in the days when there were
no banks, and credit had to be eked out by appeal to
individuals, who drove sharp bargains and had no AMERICAN BANKERS ASSOCIATION, LOS AN
mercy, so that even kings were sometimes put to it
GELES, OCTOBER 3-7, 1910.
in their financial dealings.
The executive committee appointed by the bankers
Whereas now, with a banking system brought for of Los Angeles, Cal., to consider the dates for the next
ward to a state of high perfection, and when banks convention of the American Bankers Association to be
derive their prosperity from the prosperity of their held in that city, have selected the week of October
depositors, credit is an asset of every careful man. It 3d, the dates being October 3-7. These dates were
is through banks, liberally conducted as they are now, ' thought the most desirable for a convention on the
that an even flow is maintained in the arteries of trade.” western coast, as it comes at a season of the year when
traveling will be comfortable, and it will give those
who wish to attend the benefit of tourists’ rates! Al
MR. LEW IS’ SPEECHES.
The advertising manager of the Burroughs Adding though the convention is over eight months away, the
Machine Company, of Detroit, E. St. Elmo-Lewis, is Los Angeles bankers are fully organized with special
daily growing in reputation, as an after-dinner speak committees making plans for accommodations, enter
er and as a speaker before bodies of business men who tainment, etc.
Several of the State Bankers Associations have
want to hear practical subjects handled in a practical
practically completed arrangements for special trains
way.
His ability in this direction has been recognized by which will run through to the coast without change,
over 100 business organizations throughout the coun returning over various attractive routes. The execu
try. Within 'the last two months he was tendered a tive officers of the American Bankers Association have
dinner at Louisville, by the Louisville Ad Club, where confirmed the dates selected by the Los Angeles bank
he spoke on “Publicity as a Creative Force in Busi ers, and are now considering the matter of inviting
ness,” before 263 of the leading business men-of the those who will make the principal addresses at the con
vention, and in anticipation of future legislation af
city.
On January 6th, he addressed the Rochester Ad fecting banking and currency laws, speakers will be

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Federal Reserve Bank of St. Louis

2Ó

TH E

NORTHWESTERN

BANKER

March, 1910.

KNAUTH, NACHOD & KUHNE
NEW YORK

Bankers

LEIPZIG, GERMANY

Make arrangements with Banks and Bankers enabling them to issue, over their own signature
Cnecks on all Commercial points of Europe and the Orient.
:
:
:
:
:
:
•
Letters of Credit in Pounds Sterling, Marks, Francs and Dollars
Travelers Checks in convenient denominations, available everywhere.
Check forms and all stationery free of charge.

C O L L E C T I O N S ................................................ INVESTMENT SECURITIES
selected who can give the fullest .information on these
subjects.
. While a date has not been decided upon for the
spring meeting of the executive council, without ques
tion, the sessions will start on Monday, May 2d, and
at some resort adjacent to New York City. These mat
ters will be considered by the executive officers who
will meet in a few days.

THE FAILURE OF FISK & ROBINSON.
The news columns of the daily papers record the
failure of'Fisk S i Robinson, the well-known bond and
investment company, with offices in New York, Chi
cago &nd Boston. The announcement was received in
banking circles everywhere with the deepest regret. It
was known for some time among the banking circles
that a failure was imminent, but it was hoped that this
old and reliable House would find some means of
“weathering the gale,” but it wa’s not to be. In order to
protect the interests of all concerned they thought it
best to make an assignment. The position which they
have occupied for so many years in the financial world
and the reputation they have borne of being in the high
est possible degree honorable and strictly reliable adds
to the regret experienced in all circles. Regarding the
failure the “ Central Banker” recently published the
following article which we are very glad to reproduce
here, as it expressed in a very large degree the senti
ments of financial men in general throughout the coun
try who were acquainted wi-th the methods of doing
business which Fisk & Robinson have pursued for so
many years. The Central Banker says:
“In the news regarding the failure of a great bank
ing and bond house we read a line or two which helps
us to remember that honor is not dead as a portion
of business equipment. Speaking of the closing of his
doors, one of the partners said they probably could
hav gone on sometime longer, but they ‘did not con
sider such a course consistent with honor.’ Conse
quently placed themselves in the hands of receivers,
that all creditors should be treated alike, and that exact
justice should be done. There is something inspiring
in that, which helps us to forget that other failures
have occurred in which honor was neither mentioned
nor conserved. No house having such principles can
be considered to have ‘failed’ even if for a time it is
unable to meet its obligations, for as long as its aim
is to keep its reputation white, it will be found not far
from the path which ultimately leads to business
greatness and success.”

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Federal Reserve Bank of St. Louis

ATTORNEY-GENERAL BYERS SAYS BANKS
MAY BUY BONDS ANY TIME.
The opinion of the attorney-general regarding the
right of the bank to buy bonds any time it pleases, is
attracting much attention. He holds that state and
savings banks may purchase all the government bonds
they feel like buying just prior to the visit of the as
sessor, and if they make the purchase in good faith
the money so invested cannot be taxed by the local or
state authorities. Auditor Bleakley requested an opin
ion on this subject. His request indicated that he had
doubts' as to the good faith of some of the banks in
buying government bonds, regularly, just prior to the
visit of the assessor and to sell them within a short
time after the assessment had been levied.
Attorney-general Byers holds that i f ' these banks
have the right to purchase government bonds at one
season of the year, they can do it any time, even though
that time is just prior to the visit of the assessor. But
he makes the qualification that while the purchase of
the bonds is perfectly proper, if the banks wish to
escape taxation on the money invested in those bonds,
then the bonds must have been actually purchased and
the purchase must have been made in good faith as a
proper investment.
On the other hand, he holds that if the purchase
merely amounts to a system of juggling credits and
bookkeeping, no matter if the books do show bonds
purchased, the money thus purporting to be represent
ed in bonds is subject to state taxation.
This places the burden on the state auditor of deter
mining first, whether the bonds were actually pur
chased, or whether it is merely a case of .bookkeeping,
and, second, if purchased, whether the purchase was
made in good faith.
In his second opinion to the state auditor, Attorneygeneral Byers rules that “the authority of the state
auditor is not sufficiently comprehensive to permit him
to direct the place in which savings banks may deposit
their reserves.” Under this opinion the state auditor
has no authority to prevent savings banks from depos
iting their reserve with national banks.
The opinion is qualified with the statement that if
savings banks are about to deposit their reserve in an
institution which the auditor thinks unsafe, he may
direct that it be placed somewhere else.
In his third opinion to Auditor Bleakly, Attorneygeneral Buyers rules that trust and loan companies
may have an authorized capital stock in excess of their
paid up capital stock. He also rules that in cities of
10,000 or less they must have paid up capital stock of
$10,000, and in cities of 50,000 or less they must have a
paid up capital stock of $50,000.

March, 1910.

TH E

NORTHWESTERN

BANKER

The Commercial National Bank of
Cedar Rapids, Iow a.
We shall be pleased to meet or correspond with banks or bankers, who contemplate opening new
accounts with the view of receiving additional service and facilities from their depositories.
Reserve agents for National Banks.
Reserve agents for State Banks.

Handling Country Bank Accounts.
By J. M. Cobb, in System.
The handling of accounts of country banks and
bankers is a problem in itself for the city bank. Like
the keeping of individual accounts, the same attention
to details and the same care and accuracy in the routine
work is necessary. In fact the accounts must be up to
date, they must be kept in such a way as to admit of
rapid handling and they must be accurate.
The accounts of country banks must be separated
from those of individual depositors in the bookkeeping.
This is necessary, not only to aid in guiding the oper
ations of the bank, but to conveniently render the form
of financial reports required by law.
The system used in taking care of the country bank
accounts, as described in this article, is in operation in
one of the largest national banks in the country. This
bank has an extensive list of out-of-town correspond
ents and requires an adequate plan for handling the
work expeditiously, with the least clerical expense and
with no unnecessary duplication of the entries at any
time.
The debit slips, checks, and other memoranda rep
resenting the various debit and credit items are turned
over to the individual bookkeepers for entry in the
country bank journal. The debit items are first sep
arated from the credit items and then all of the items
of each kind arranged in exact alphabetical order with
respect to the name of the city or town in ^yhich the
country banks are located.
The form of journal used for these country bank ac
counts is shown in Form I. The names of the banks
are listed in the center of the page and the record is of
loose leaf form. The five columns on the left hand side
are used exclusively for the purpose of entering the
details of the various debit items which, of course,
largely exceed the number of credit items. This large
number of columns used for, this purpose has been
found particularly advantageous because it facilitates
the separation of the entries affecting each account,
from the entries in the account immediately preceding
and immediately after it. This is done by staggering
the entries in the different columns. For example-, the
detailed debit entries for one account will be posted

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Federal Reserve Bank of St. Louis

in the first column; those for the account following it
in the second column; and this alternate arrangement
repeated throughout all of the accounts affected.
The first column on the righ hand side is used for the
purpose of extending in it the total of the debit items
listed in detail in the columns on the left hand si4e of
the form. The next column on the right is used for
entry of the credit items. In the third column, which
is the one to the extreme right in the form, is entered
the net difference, debit and credit, in the day’s trans
actions, the debit differences being extended in red ink.
The Arrangement of the Journal Saves Time in Mak
ing Entries.
The names of the country banks and bankers carry
ing more or less permanent accounts in which there are
entries almost every day, are printed on this form.
Sufficient space is left between each name in which to
enter the names of the other country banks whose ac
counts are not so active. The arrangement of these
names is geographical with respect to the names of the
banks. That is, the names are entered in the journal in
the alphabetical order of the towns or cities in which
the country banks are located.
A ledger for these accounts in the shape of balance
sheets is used, as shown in Form II. These ledger
sheets are in bound form; the names of the banks are
listed in the extreme left hand column on each page
and following these are fourteen separate columns to
accommodate the balances for each day in one-half of
each month. Thus the book, when opened, will con
tain on the two opposite sheets the complete month’s
record of the balances from day to day. The repetition
of the list of names arranged alphabetically on the op
posite page of the form containing the balances for the
second half of the month, has been found advisable, in
order to prevent errors in tracing the account lines
across the double pages.
The journal and these balance sheets are divided into
alphabetical sections and a journal is operated for the
corresponding ledger carried for each section of the al
phabet. In this way the clerical work can be divided

THE

S A M U E L W . A L L E R T O N , Capitalist
FR A N K R. G R EEN
Formerly Secretary Chicago City Railway Company
C A L V IN P - K IN G
Formerly Cashier H avana N at. Bank, H avana, 111.
M A S O N B. S T A R R IN G
President Northwestern Elevated R . R . Company
N E W T O N C . K IN G
President Havana National Bank, H avana, 111.

NORTHWESTERN

I
IT

The Rookery, Chicago

G O V E R N M E N T BONDS
M U N IC IP A L B O N D S
R A IL R O A D B O N D S
C O R P O R A T IO N B O N D S

W. K. HOAGL AND, Manager

Vl
f

List on Application

paper offered; in others it is instructed to use its own
judgment in selecting the notes bought on the account
of the purchasing bank. The directions given usually
specify whether or not the paper is to be held for col
lection or forwarded to the bank on whose account u
is bought.
How the City Bank Keeps Tab on Commercial Paper
for Rural Concerns.
In any event a systematic record of these purchases
is a prerequisite to an exact statement of details at any
given time.
There are two features to a record of this sort— in
the first place, a list and full description of all the paper
purchased for any one bank must be immediately
available, including the date of the transaction and the
name of the broker through whom the paper was pur
chased. In the second place, to guide the city bank
from a credit point of view in making a selection of
paper offered to it and also in making loans, a record
must be at hand showing a list of all paper bought
from any one maker irrespective of the bank on whose
account the paper was bought.

I ,• I
I—
i s , . . ..
- *ti----- ir lH..•i"l iS TésSrâ lf Tt "—T rvferyte??g1..
. . . .
P T 1 .T 1 . B. :_
;t "II11...~
114-3^ c M
—« .F IR S T N A T IO N A L B A N K .

accounts as there are sections of the journal and bal
ance sheets. The total of these controlling accounts
of course equals at any time the total of this class of
deposits.
The entries made in the journal are proven against
the teller’s records after the total of the detailed debit
entries on the left hand side of the journal form have
been balanced against the total of these debits in the
first column on the right hand side.
The net total of the difference column on the ex
treme right hand side of the journal, showing the difrences in each day’s transactions, is also balanced
against the increase or decrease in the total .of the bal
ance sheet columns of the same day over or under the
balance shown for the day previous.
In addition to these deposit accounts with country
banks and bankers, this city bank buys for the account
of a great many of them, a considerable amount of
commercial paper to employ their idle funds. In some
instances it is commissioned to buy certain specific

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

March, 1910.

ALLERTON, GREEN & KING

up to any extent necessitated by the volume of busi
ness of this kind transacted, one bookkeeper keeping
' the accounts under each alphabetical section.
In place of posting to the usual individual ledger
form of debits and credits, and then the balance result
ing from each day’s transactions, in this form of ledger
sheet there is posted only the net balance remaining to
the credit of each bank at the end of each day’s busi
ness. To accomplish this the net difference, debit or
credit, of the day’s transactions shown by the extreme
right hand column of the journal is added to or deduct
ed from the previous day’s balance and the new balance
entered under the proper date.
Daily Record of Transactions is Kept in Convenient
Form.
This ledger or these balance sheets therefore show
only the daily balance. The details both in the way of
credit items and checks or other charges against the
account are at once shown by reference to the day’s en
tries journalized on the journal form in the manner
described.
On the general ledger are kept as many controlling

1 fMW£' ¡¡¡¡¡§£j
--..V

BANKER

The plan of procedure used and the method of re
cording these transactions is as follows:
The broker through whom the note has been pur
chased or else the maker of the note draws on the pur
chasing bank for the net amount, attaching the note
usually enclosed in an envelope to avoid mutilation.
This draft is taken up and charged to the account
of the corresponding bank. The paper is then either
sent to this bank by registered mail or else it is re
tained for collection by the city bank for the account
of the country bank, depending altogether upon the
character of instructions given in connection with the
purchase.
If retained for collection it passes through the same
process as the other collection items and an exact copy
of the note is usually sent to the correspondent bank.
As these transactions occur from day to day, they
are entered in chronological order in a small journal.
Here is recorded the name of the bank on whose ac
count the paper has been bought, the name of the

TH E

March, 1910.

F R A N C IS

NORTHWESTERN

R IC H A R D

B. R EEVES,

BANKER

JO SEPH

L , A U S T IN , V ic e - P r e s i d e n t .

T H E O . E . W I E D E R S H E I M , 2 n d V ic e - P r e s i d e n t .

P re s id e n t.

W A Y N E , JR

C a s h ie r .

The (1 I r a n i National Dann
m

i .

SM A

f i

liT A 4 1

T l

PHILADELPHIA. PA.

DEPOSITS, $ 4 0 ,4 5 0 ,0 0

SU R PL U S and PROFITS, $ 4 ,100,000.

CAPITAL, $ 2 ,0 0 0 ,0 0 0 .

ACCOUNTS OF BANKS AND BANKERS SOLICITED

maker and endorser and also that of the broker who ne
gotiated the transaction, if there is one. This record
also shows the face amount of the note, the net pro
ceeds and all other similar details in connection with
it.
Two small ledgers are kept somewhat in the nature
of memorandum ledgers, for the purpose of taking
care of the two separate features of the transaction
previously mentioned. In one all of the paper pur
chased is posted from the daily transactions journal to
accounts in the ledger headed with the name of each
bank for whom the paper has been purchased. This
gives a complete record of all the transactions of this
kind segregated under the name of each bank. This
ledger is properly indexed so that the account of any
one bank can be immediately referred to.
In the second ledger the notes are posted from the
journal to accounts headed with the-names of the
makers. This ledger therefore gives a complete record
under the names of the makers of all notes bought. It
is of course used entirely for credit purposes as pre
viously explained and is indexed under the makers
names.
The exact details of each note can be readily ob
tained by reference from either of these ledgers to the
journal entries made on the dates when each particular
piece of paper was bought.
No attempt is made in either of these ledgers to keep
any exact record of the payment of the notes pur
chased. On the contrary the accounts kept, both under
the names of the banks and the makers of the notes
are simply in the nature of chronologically arranged
lists of the individual items.
FINE BUSINESS.
A table showing the conditions of the three leading
banks of Minneapolis, as loans and discounts and de
posits, at call of the comptroller, for the figures on the
books at the close of business January 31st, follows.
The comparison is with the call of February 5, 1909:
LOANS AND DISCOUNTS.
Jan. 31, 1910.
Feb. 5, 1909.
First National .............. $15438,720.37
$14,139,506.15
Security N ational........ 13,565,204.84
12,030,310.69
Northwestern National. 20,965,394-I9
I8,924,997-79
DEPOSITS.
Feb. 5, 1909.
Jan. 31, 1910.
$17,799,589.61
First N ation al.............$20,584,005.38
16,684,050.51
Security N ational........ 8, 5° 3>772-°9
24,544,611.25
Northwestern National. 27,455,94I -24

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Federal Reserve Bank of St. Louis

O. H. LEONARD TO LEAVE IOWA.
Mr. O. H. Leonard, who, for a nutnber of years, has
been cashier of the Citizens Savings Bank of Cedar
Falls, has tendered his resignation and will remove
about April 1st to Tulsa, Okla. This information will
be received by Mr. Leonard’s many Iowa friends with

O . H. L E O N A R D

sincere regret. He has been a progressive, up-to-date
member of the state bankers association and this year
has been serving as chairman of Group 7. He thinks
that the opportunities are better in the bank at Tulsa,
where he is going, than those he now enjoys in Cedar
Falls, and this is the reason of his change of base.
Everyone who has known him in Iowa will bid him
good bye with sincere regret.

TH E

NORTHWESTERN

BANKER

March, 1910.

Postal Savings Banks
There are always a great many things which arise
in connection with the launching of anything hereto
fore new and untried that a lot of people never seem
to think about. One thing that some of the people who
have been shouting for the postal savings bank seem
to have lost sight of is : What disposition is to be
made of the funds which will be deposited by the peo
ple in the postoffices? The idea of depositing a lot of
money with the government and having it shipped out
of the community where it properly belongs, does not
appeal very strongly to the banker nor to the people
who have the' money deposited. The people in a giv
en section of Iowa realize that when, they deposit
money in the postoffice and it is shipped to some east
ern center it is not benefiting their own community
very largely. Hon. George E. Roberts, as early as
last summer sounded a note of warning along this line
that ought to be heeded. Mr. Roberts remarks show
the spot where the postal savings bank idea may break
down unless some provision is made to the contrary.
Among other good things, he said:
“I venture the opinion that, a majority of the people
who favor a postal savings bank never get so far as to
consider how the funds are to be employed. The idea
of having the government receive deposits at the postoffice furnishing convenient and absolutely safe deposi-

*taries, is attractive to them.. But that is only one-half
■ of the banking function.’ It is- just as important that
these deposits shall be returned to circulation in the
localities where they belong as it is that there shall
be safe and convenient depositaries, and this second
,half of the banking function, the government has no
facilities for performing. This is the fundamental
weakness of the scheme.”
As an indication of the position of the “secular”
press which advocates of the measure claim is wholly
in favor of the bill, the following from the Nevada Rep
resentative is of interest:
The postal savings bank bill is up for consideration
in the senate at Washington, and it has been subjected
to amendments by Senator Cummins and others de
signed to limit the opportunity of the administration
to move the postal deposits to the financial centers and
there to manipulate the same more or less according
to their own notions or interest. There is no chance
for question about it, that all amendments to this end
of that bill are good, but it is equally certain that if the
bill ever gets through in any shape the next thing will
be to work off as opportunity tnay offer the troubler
some amendments. The central idea about that scheme
is to have the postmasters gather up the loose funds
of the country, the government bearing the bulk of the

Bank Counter For Sale

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

i l l W e are showing you herewith a cut of our
bank counter which w e are desirous of selling for
the reason that it is not well adapted for the new
bank building which w e are now constructing. T h e
counter has only been in use about six years.

It is

made of hand-carved crotched mahogany, base
and receiving plates of green Verde Antique mar
ble.

T h e ornamental iron is oxidized copper

finish, the screen glass being frosted chip with
beveled edge.
T h e back of the counter is filled with drawers
and cupboard so as to get the full benefit of every
inch of space, Being made on the curve, it is adapt
able for almost any room where it is desirous of
using all the room in the lobby possible.

Two

wall check desks are a part of the fixtures.

The

working space behind the counter is divided into
three cages. T h e fixtures will be sold either with the
cage or without. T h e fixtures are in excellent con
dition and practically as good as new.
T h e length of the fixtures is thirty-five feet. T h ey
may be easily remodeled, however, for use in a
larger or smaller room. T h e fixtures cost approx
imately $ 2400.00 and will be sold at a very
reasonable price.

T h e fixtures were awarded first

premium at the Iowa State Fair, Des Moines.
1903.

Black Hawk National Bank
Waterloo, Iowa.

March, 1910.

TH E

NORTHWESTERN

BANKER

T H E DES M O IN ES NATIO I N AlL BAI NK
DES M O IN E S , IOWA

T h e p o l i c y o f this bank is to cultivate helpful business relations with its correspondents and to
render at all times the service which their needs demand and which our equipment insures. An
experience extending over a quarter of a century in catering to such needs has provided a broad under
standing of the requirements in this field. We cordially invite a share of your business.
.

January 31, 1 9 1 0

Resoures (o vet) $5,600,000*00
Arthur Reynolds, President

John H . Blair, Yice-Pres.

expense of the operation, and then to get such funds
where the high officials of the government can control
them. It is a great scheme of “high finance,” and while
we approve of the tenor of the amendments
we have very little faith in any amendments changing
effectively the character of the project. The meanest
thing about the proceeding is the attempt to push the
bill in the name of the pledges of the last republican
national platform. That platform, or at least that pai t
of the platform, was a part of the program of Mr.
Hitchcock, who got control of the convention with
southern delegates that did not in fact represent the
meager republican organizations in their respective
states, but had in effect been named by Mr. Hitch
cock himself in the guise of determining contests be
fore the national committee, and having in this way
gotten control, he proceeded not only to nominate
Taft, but also to inflict upon the party a scheme «that
he thought would be of immediate political advantage
in the election, or of further advantage later
on in the position that he expected to occupy in
the next administration. So far as the republicans
throughout the country are concerned, it was enough
to have ratified the nomination thus made without be
ing expécted now to carry out all the details with
which it was. accompanied. Republican senators and
congressmen are quite too gentle about speaking out
on that postal savings bank business.”
The Cedar Rapids Times also expresses some’ sense
in the following editorial on the postal savings bank
question:
“ Postal savings banks may be a good thing and
then they may be superfluities. They have^been suc
cessfully operated in other countries, but other coun
tries are not so well supplied with savings banks.. In
Iowa, for instance, there is hardly a cross road that is
not supplied with a little bank and these little banks
are apt to be much safer than some of the greater in
stitutions. The stocks in such banks are owned among
the people who patronize them, farmers and town men
alike. They are generally managed on an intelligent

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

C . A . Barr, Cashier

A . J . Zw art, A sst. Cashier

plan and the directors in such banks are apt to take a
personal interest in their affairs.
“Thus supplied with banks, banks within the reach
of every depositor, it is not likely that many people will
take their moneys to the postoffices. The postal banks
are to pay about 2 per cent to depositors, a rate which
is apt to be doubled in the regular banks. It is net
likely that even the small depositors will disregard the
interest rate. They will not take 2 per cent when the
bank across the street is ready tp pay them 3^2 or 4
per cent. Of course, there are some few who are afraid
to trust their moneys in the banks, but they must be
comparatively few nowadays and they are apt to be
fewer in the country districts where the banks have
the confidence of the people more than in the cities.
“The postal savings banks have been insisted upon
by President Taft and he considers they are necessary
to fulfill the pledges of the party which elected him.
But they will be largely superfluities, nevertheless. It
is one of the fads of the present day. They have cornC
to-stand for what some politicians call the rights of
the people, the plain people, but the plain people nowa
days are apt to have sense enough to trust banks and
sense enough to accept 3 or 4 per cent from a bank,
whose banker they know, in preference to 2 per cent
from the government.”
C A PITA L , $100,ooo

SURPLUS AN D PRO PITS, $124,515
Established 1870

Merchants National Bank
OF BURLINGTON, IOWA
J L- ED W AR D S. President
W. E. B L A K E , Vice-President
J a M ES MOIR, Vice-President
A L E X . MOIR, Vice-President
H. J. HUN GERFORD , Cashier

F. L- HOUKE- Assistant Cashier
C. L FULTO N A ssistan t Cashier

YOUR ACCOUNT INV ITED

THE

NORTHWESTERN

The Northwestern Banker

BANKER

March, 1910.

West, a member of the gang of forgers who operated
m this and adjoining states last spring. We are in
The Northwestern Banker Publishing Company debted do Mr. J. E. Burmeister, vice-president of the
DES MOINES, IOW A
Iowa National Bank of Davenport, for this very com
plete
report and wish to express our appreciation of
EMERSON DE PUY
Manager
it in this manner. Our thought is that if every banker
“A CASHIER’S CHECK” For $2-00 is a11 th a t is required to secure the
throughout the Northwest, in the territory covered by
__
„ , .
. ,
monthly visits of the Northwestern Banker for an
*“ t?re Tear- Each l.ssue contains from 56 to 64 pages of mighty interesting matter pertaining
to banks and banking interests in the territory covered by the magazine.
this journal, would send to our office a full and com
“OUR CORRESPONDENTS” Every bankin the Northwest is invited to a plete report every time they are victimized, and the
. H.
. _
, f
..
.
place on this list. Send us items of local
interest, tell us about your bank and its growth, prospects, etc., also any other financial news
manner in which it is done, to be published in our col
of interest to bankers in your section. W e are always glad to hear from our friends.
“SIGHT DRAFTS” 'Y* ?lways c?ny 1 lar?e “ Reserve” of good w ill and
umns so that all bankers might have the benefit, a very
k i,
«u .
additional service, and will promptly honor drafts made upon
same by any bank. This department is for your special benefit. It may be made of very
valuable service would thus be rendered. The method
great benefit to your bank. Do not fail to avail yourself of its privileges.
“A CLEARING HOUSE” 0ur, columns are a clearing house for all our usually pursued by banks that are swindled is to charge
.... . . . . . . .
,
.
.
readers. Express your views on any topic of in
terest to the banking fraternity and submit samé for publication. You do not have to agree
it to the expense account and say nothing about it,
with us, or with anycae else. W e learn things by an interchange o f ideas, and people with
whom we disagree often prove valuable teachers. W e shall be glad to hear from you.
and this is not the right way of doing it. While it is
“NO PROTEST” *fas ever been offered to the statement that the field covered by
true that the banker sometimes feels a sense of chagrin
.
.
.
.
the Northwestern Banker is the money producing section of the
American continent, rich in hogs, cattle, corn, etc., and dotted w ith thousands of prosperóos
at being swindled, this ought not to be allowed to be
banks, all doing a good business, and the majority of them are readers of “ The Northwestern.”
“SURPLUS AND UNDIVIDED PROFITS” Increase very rapidly
the dominating feature in the matter. He ought to be
whose advertisements appear regularly in the columns of this m a g a z in e ^ F u U in fo rm atio n '«
willing
to put that aside for the benefit of his fellow
,and, our special service, w ill be promptly furnished on application. Your business
solicited and appreciated. T he Banker” has been fourteen years in.its present fieid.
bankers, and furnish a complete description of the
“SECOND CLASS M ATTER” This journal is entered as second class
• . a ,
,
m atter a t the Des Moines postofiice. This
transaction and the methods pursued by the swindlers.
en try rb é in g ^ s tric lfy fc fc k sl!
^
everything pertaining t0 the
this
We feel that Mr. Burmeister has placed the bankers
throughout the state under obligations to him by fur
M ARCH, 1910
nishing this complete report of the swindle for our
columns. Certainly no banker after reading the plan
Regarding the Des Moines Bank Examiner pursued would allow himself to be caught in the same
Some time ago, it will be remembered, the Des way. •
Moines Clearing House Association members were de
bating the question of employing a special bank exam Annual Convention of the Iowa Bankers
Association
iner to look after the members of the association espe
The
twenty-fourth
annual convention of the Iowa
cially, owing to the fact that the large growth of the
Bankers
Association
will
be held in Des Moines early
banking business in Des Moines seemed, in the judg
in
June.
The
meeting
of
the
executive council will be
ment of a number of the bankers of this city, to render
such a move necessary. It was with considerable sur held in this city probably the first week in March and
prise, therefore, that the announcement, at the close of they will decide definitely the date upon which the
the recent meeting of the clearing house association, •convention is to be held and assisted by members of
was made, that taking a vote on this highly important the clearing house, will .arrange the program. Des
topic, it had lost out. It seems that this is to be much Moines expects to do herself proud in entertaining the
regretted, owing to the fact that,, such a motion, if convention. It is a number of years, now, since the
carried through by all of the bankers and members of capital city has had the privilege of extending the
the clearing house association, would have given a very “glad hand” to the bankers throughout the state and
large additional prestige to the banking interests of she will welcome the opportunity with a very large
Des Moines, especially as there is now a demand for amount of pleasure and will do everything that can be
more thorough bank examinations than is possible un done to the end that every visiting banker may have
der the present plan, which many bankers feel is not the time of his life. It is the plan of the officers and
members of the executive council to put on one of the
adequate or satisfactory.
finest
programs in the history of the association. The
It is the general belief among a majority of the Des
local
bankers
are determined that no former entertain
Moines bankers that when the matter comes up again,
ment
ever
offered
will be allowed to eclipse that which
as is probable in the near future, it will go through
they
will
provide
for
this occasion. Owing to the fact
without question.
that Des Moines is centrally located and easy of ac
cess from all parts of the state, it is expected that the
For the Protection of A ll
attendance will break all records. The members of the
In another part of this issue of The Northwestern association now number 1,400 and it is hoped that at
Banker we are glad to publish in detail a report of the least 1,350 of them will be here for the convention, and
arrest, conviction, and imprisonment of Harry O. this, in addition to four or five hundred visitors will
PUBLISHED MONTHLY A T 606-607 CROCKER BUILDING BY

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Federal Reserve Bank of St. Louis

March, 1910.

THE

NORTHWESTERN

swell the grand total to a figure which has not hereto
fore been approached on any former annual occasion.
The president of the state association, Mr. L. E. Stev
ens, has recently moved to Des Moines to take up his
duties as president of the Century Savings Bank and
will therefore be in close touch with the Des Moines
bankers and will give his aid in every possible way in
any efforts they may make to the end that this shall
be the greatest convention in the history of the Iowa
Bankers Association. With the completion of the new
Coliseum we now have an audience room large enough
to hold any crowd that it is possible to get together
and if the other buildings, opera houses and audito:
riums are not large enough for the association the Col
iseum may be used. The place of meeting, however,
will be determined when *the executive council con
venes in March.

L. E. Stevens Becomes President of the
Century Savings Bank.

BANKER

Stevens was held by his former associates at the
Ottumwa National Bank, the following resolutions
passed by the directory board bear eloquent testimony:
“Whereas, L. E. Stevens has for the last seventeen
years been connected with this bank and for the last
ten years has been its cashier, and has enjoyed the full
confidence of this bank, and
“Whereas, He has tendered his resignation for the
purpose of taking the position of president of a savings
bank in Des Moines; therefore,
.“ Resolved, That we cheerfully recommend him as a
very capable banker, always devoted to the best inter
ests of his bank, and while we regret to lose his valu
able services we congratulate the Century Savings
Bank, to which he goes, on securing a man whom we
believe will give them eminent satisfaction as their
president.”

A Timely Suggestion.
Mr. Charles H. Ravell, advertising manager of the
Merchants Loan and Trust Company of Chicago, has
contributed to this issue of The Northwestern Bank
er an article entitled, “ Making Advertising Pay Prof
its,” and it is full of excellent things. There is one
suggestion which Mr. Ravell makes which cannot fail
to attract the attention of every one of our readers.
He says:
“The expected competition of postal savings banks
can be nullified by proper advertising. The time to do
it is now.” This is a suggestion that is worth every
thing a live, up-to-date banker wants to make it worth
in his own business. Any banker who knows how to
write intelligently on the postal savings bank question
can fill his space in the local paper with material which
will completely forestall any argument in favor of pos
tal savings banks, so that if this law were ever enacted
it would have very little effect so far as his bank was
concerned.
The truth of the matter is that the whole thing is
in the hands of the banker, anyway. All of the postal
savings bank laws that could be passed, would not
make $1 worth of difference to the bank which has tak
en time and pains enough to educate its constituency
regarding what the postal savings bank can not, and
the-local bank can do, for its depositors. We hope that
the readers of the Northwestern Banker will profit by
Mr. Ravell’s suggestion and use it for all it is
worth.

One of the most important moves in the financial
circles of Des Moines which we have had the pleasure
of recording for some, time, is that of the coming to
Des Moines of Mr. L. E. Stevens, former cashier of
the Ottumwa National Bank, to take up the duties as
president of the Century Savings Bank. Mr. Stevens,
who is very much of a “ live wire,” has done most ex
cellent work at the Ottumwa National Bank. He is
an up-to-date, progressive banker, and, as stated in
the last issue of our journal, is now acting as president
of the Iowa Bankers Association, and this connection,
of course, gives him a very wide acquaintance through
out the state. Mr. Stevens has had his eyes on Des
Moines for some time, watching her steady advance
with great interest, and has had a desire to become a
part of the capital city’s business activities. Looking
over the field, it seemed to him that the Century Sav
ings Bank presented as fine an opportunity as could
be secured, and with this thought in mind he set about
getting control of the stock and was elected to the
presidency. The new officers are L. E. Stevens, presi
dent; L. E. Harbach, vice-president, D. A. Byers,
cashier, and V. B. Vorse, assistant cashier. Mr. Stev
ens comes to Des Moines for the purpose of giving his
undivided attention to the management of the bank’s
W. E. Kyler, cashier of the German Bank of Lu
affairs. He took up his residence in the city about two
Verne, was a recent visitor in Des Moines and made
weeks ago.
a brief call at the office of The Northwestern Banker.
He began his banking career when about fifteen Mr. Kyler has been doing some advertising in the in
years of age, as a messenger boy in Ottumwa, and has terests of his bank, which he informs us has been pro
worked.his way up through all the various positions ductive of very satisfactory results in the shape of
connected with a bank, and now becomes president of largely increased deposits and that of course is what
one of the strong, up-to-date savings banks of the capi the banker is looking for. We hope to be able to in
duce him to write the story of his success along this
tal city. Under his management we predict that a line and furnish also some samples of the advertising.
doubling of the deposits will not be among the very If we succeed in prevailing upon him we shall be glad
to publish the matter in some future issue of this
remote possibilities.
As an indication of the high regard in which Mr. journal.

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Federal Reserve Bank of St. Louis

TH E

NORTHWESTERN

BANKER

March, 1910.

420-428 Cedar St

W ATERLOO, IOW A
Manufacturers of

BANK FIXTURES
Catalogues Free

PLANS AND E S T IM A T E S FU R N IS H E D
The Fixtures shown in this illustration Installed for
Davenport Savings Bank

“Human Vultures. ’'

----

The following item taken from a Des Moines daily
paper opens up a question which is now attracting at
tention’ in many cities:
Breaking down under the oppression of
Des Moines “short loan” men into whose
snare he had been inveigled, James Bratton, a
negro ex-slave, became a raving maniac at his
home, .702 Southeast Fifteenth street, last
night, where he was taken in custody by dep
uty sheriffs. He was suffering from the delu
sion that burglars were attempting to rob him.
• He was found guarding receipts from short .
loan men amounting to $586 for payments he
had made on a $100 mortgage given on a
horse.
There seems to be no law that will reach these
human “sharks” that such the life blood of their fellowmen and therefore the remedy lies in making their
work impossible by providing a method whereby small
loans may be made to that class of people who natu
rally cannot borrow from a bank.
Minneapolis bankers, and those of other cities as
well, have given considerable thought to this problem
and a satisfactory solution is hoped for. As soon as
something practical is arrived at in one city it will no
doubt spread rapidly, because the evil exists in every
city of any size.
The idea as to a solution of the problem as held by
some bankers is the establishment of an institution
separate from the banks, stock to be owned by the
banks or individuals, as preferred. Loans could be
made at a reasonable rate of interest, and the institu
tion properly managed would pay a profit to its pro
moters, to say nothing about the distress it would re
lieve among a class of people who are certainly en
titled to some consideration at the hands of their fellowmen.
There is a sense in which it would help to solve the
charity problem in many cities, by aiding worthy
people to help themselves:
“Hold all men dishonest until they have proven

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Federal Reserve Bank of St. Louis

^themselves honest” is not a fair estimate of human
nature.
Success comes to most men with opportunity, and
a little financial help is generally needed in order to
improve the opportunity.
Students of the “ Life of Lord Shaftsbury” will re
member that in looking into the conditions of life
which had to be met by the flower girls of London, he
found that they got along nicely during the flow'd'
season, but came to want in winter, and added that
much to the charity burdens of the great city. He de
cided to help them tide over that part of the year when
there were no flowers to sell, and do it on a purely
business basis in order that the seeming help might
not tend to “pauperize” as it so often does.
Selecting a hundred of them he agreed to loan each
one a hundred dollars to fit up a coffee stand by which
they might make a living in the winter. For this loan
he took their note at regular rates of interest, and he
recites with much pleasure that not in a single in
stance was there a “default” in payment.
For men who desire to combine philanthropy in a
moderate sense with business, the solution of the “loan
shark” problem presents some features worthy of care
ful study.
HOGAN W ILL PROBABLY BE RE-ELECTED.
Friends of A. O. Hauge, of the Iowa Trust & Sav
ings Bank, are urging him to be a candidate for school
treasurer in opposition to John H. Hogan, cashier of
the German Savings Bank, who is serving his first
term. Mr. Hauge has not as yet shown much enthu
siasm for entering the race and friends claim that Mr.
Hogan will have no opposition for re-election. He
recently placed the school funds in local banks at 2
per cent, the same as the city and county funds are
drawing.
NEW STATE BANK BY BOONE FARMERS.
Among the new incorporations filed in the office of
secretary of state was that of the. Farmers State Bank
of Ogden, with capital of $25,000.

March, 1910.

THE

F . M c E L H IN N E Y , Pres.

NORTHWESTERN

D R . F . W . P O W E R S , V ice-Pres.

BANKER

C H A S . W . K N O O P , Cashier

F . A . F R E N C H , A ss’t Cashier

“The Bank of Stability and Progress”

Black Hawk National Bank
Capital and Surplus

Savings
Department

Commercial
Department

$200,000.00

Waterloo

: Iowa

O wing to unexcelled avenues for loaning upon approved collaterals with very conservative margins but upon a profitable basis, w e are enabled to
offer an unusually attractive proposition to Banks anywhere to act as their correspondent.
Let us submit our terms and particulars— N O W .

We Want Items on Waterloo and Vicinity.
DAVID H. McKEE SUCCUMBS.
The announcement of the approaching marriage of
D. H. McKee, vice-president of the German Savings
Bank, of Davenport, comes as a pleasant surprise to
the many friends of this popular bachelor banker

that he will be wedded to Miss Alice.Johnson, daugh
ter of Emmons Johnson, the well-known banker of
Waterloo. Miss Johnson is an artist of much ability,
having graduated from the Art Institute at Chicago.
It is the same old story over again, “.The Waterloo
W ay Wins.” It has remained for one of Waterloo’s
charming daughters to succeed where the daughters
of other cities failed. The Northwestern Banker ex
tends congratulations to the happy couple.
VALLEY NATIONAL OF DES MOINES IN
CREASES SURPLUS.
On January i ll 1910, the Valley National Bank in
creased its surplus account $40,000. The officers of the
bank have been receiving congratulations all along the
line since the announcement.
The year 1909 proved a very prosperous one for
the Valley National and the affairs of the bank were
never in better shape than they are now.

D . H . M c K E E , Vice-President
German Savings Bank, Davenport

WATERLOO BANK CLEARINGS HIGH.
For the first week in February the bank clearings in
Waterloo exceeded the million dollar mark. This ex
cellent showing so early in the year is a.very encourag
ing one and indicates that 1910 means to leave the
past year with its grandrecord far in the rear. A
comparison with the totalbankclearings for the corre
sponding week of 1909 shows an increase for this year
of $403,035.54, which tells the story better than words.
The daily clearings for the week ending Saturday,
February 5th, were as follows :
M onday........................................................... $151,834.92
Tuesday ......................................................... 204,026.64
Wednesday .........
210,179.91
Thursday ............................
188,788.17
Friday ............................................................... 178,482.96
Saturday ....................
179,05545
Total clearings......... ........................ $1,112,368.05

throughout -the state. The date is March 19th, at
Orange Park, Fla. For many years mothers with mar
riageable daughters, and marriageable daughters with
mothers, have cast longing eyes in David’s direction,
but in vain. Finally the conclusion was reached that
he had made up his mind to remain a bachelor to the
end of his days. Now with this point finally settled in
the minds of his many friends the announcement comes

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Federal Reserve Bank of St. Louis

For Sale
A Complete set of Attractive Bank Fixtures, includ
ing Counters, Desks, etc. Address

JOHN McHUGH,
Sioux City, Iowa

THE

NORTHWESTERN

March, 1910.

BANKER

BANKERS ACCIDENT COMPANY
DES MOINES,
OFFICERS A N D

IOWA

DIRECTORS

F. L. MINER, President
C. H. M ARTIN, Vice-President
Pres. Peoples Savings Bank

G. G. HU NTER,

E, C. BUDLONG, 2dVice- Pres.

J. A. KIZER, Secv

Agency Manager

N . T . GUERNSEY, General Counsel

Pres. Des Moines Fire Ins. Co.

D. W. SMOUSE. M edical D irector

E A. SLININGER, Treas.
Asst. Cashier Peoples Savings Bank

E. C. FISHER, A u ditor

ALL FORMS OF ACCIDENT AND HEALTH INSURANCE W RITTEN
Profitable Agency Arrangements Made With Bank Officers or Employees

FIRST NATIONAL OF DAVENPO RT ADOPTS
NEW SYSTEM.
In a recent issue the Times gives the following de
scription of the numerical system recently adopted in
the transit department of the First National:
“The First National Bank has adopted the numerical
system in its transit department. By this system its
depositors, whether name, firm or corporation, will be
known by a number.
“The average number of letters in a name is nine, in
firms and insurance companies, twenty-one, and in
manufacturing concerns, 29. With the numerical sys
tem 999 accounts can be handled, ninety-nine of which
'will require but two figures, and 900.three figures to
positively identify any one of them and with the aver
age name of nine letters, firms with twenty-one and
corporations with twenty-fiine, an average of nineteen
letters, it will be seen that in handling 1,500 debits in
stead of designating the depositors by writing 28,500
letters, it will be accomplished by forming 4,500 figures
or a saving in writing of the effort necessary to form
24,500 letters.
“With increasing business, time becomes more and
more valuable, therefore accuracy and speed are most
essential to the proper handling of transit items.
“The management of the First National Bank real
izes the convenience and advantage to its patrons of
this system and, as is their custom are first to adopt
these business conveniences and methods, as well as
being the first national bank in operation in the United
States.
TO HONOR ARTHUR REYNOLDS.
Prof. Edw. F. Gay, Dean of the Business Adminis
tration Department of Harvard, has extended an invi
tation to President Arthur Reynolds, of the Des
Moines National Bank, to deliver an address before
the class some time in the early spring. It has been
suggested to Mr. Reynolds that Dean Gay as well as
the class would like to hear the subject of “The Prac
ticability of National Banks Being Permitted by the
Government to Segregate Savings Deposits and Loan
These Funds on Bonds, Mortgages and Other Ap
proved Securities.” For some time Mr. Reynolds has
agitated this matter and has given a good deal of
thought and attention to the making of it practicable

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Federal Reserve Bank of St. Louis

in connection with the work of national banks, thus
very largely widening their field of usefulness, and
making them much more helpful in the community
where they are located. Hig sound ideas on this have
attracted a good deal of attention throughout the coun
try and it is no small honor to be invited by Harvard
College to make an address on the subject.
THREE DES MOINES BANKS ENLARGE
TH EIR QUARTERS.
Three of the prosperous financial institutions of
Des Moines are planning enlargements of their re
spective banking rooms. The Peoples Savings Bank,
only a short time ago made a number of changes in
their rooms in order that they might secure consid
erable more space, but the steady growth of the bank
has_ already overtaken the enlargement made at that
time and they will now have to add some more floor
space to their rooms in the Flynn building on the cor
ner of Seventh and Locust streets. The Centur}'
Savings Bank is planning a re-construction of their
rooms and it is also their intention as soon as the
lease on the “ Subway” which occupies the basement
room beneath the bank expires to lower the floor to
the sidewalk, making the bank much more easy of
access. The Mechanics Savings Bank finds it neces
sary to double its floor space by enlarging their rooms
in the Manhattan building, and this will be done early
this year. All these institutions are in a highly pros
perous condition and the additions are made necessary
by constantly increasing business.
DES M OINES CLEARINGS SHOW OVER
$4,000,000 INCREASE IN JANUARY.
Des Moines bank clearings for the month of January
show a big increase over those for the first month of
1909, the total of this year being over four million
dollars greater than for January last year. The total
for the month was $16,298,505.79, while that of Janu
ary last year was only $11,947,143.75, the figures foi
this year exceeding those of last year by $4,351,362.04.
“ Absolutely avoid every technical term. There are
people, more brilliant and more ignorant than you. All
must be pleased.”

March, 1910.

THE

NORTHWESTERN

BANKER

THE DUBUQUE NATIO NAL BANK
DUBUQUE, IOWA
Condensed Statem ent, Comptroller’s Call at the Close of Business, January 31, 1910
RESO URCES
Loans and D iscounts
O verdrafts
U. S. Bonds and Prem iums
Other Bonds and S ecurities
Real E state
F urn iture and Fixtu res
Cash and E xchan ge
Due from B anks and U. S. Treasurer
. .

$663,042.76
841.79
25,900.00
42,260.00
. .
5.549-00
. .
. .
i . 816.00
. .
169.354.84
. . 224,554.18
$1,136,318.57

L IA B IL IT IE S
C apital Stock
Surplus and Undivided Profits
Dividend Unpaid
Circulation
Individual Deposits
T im e Certificates of Deposit
C ashier’s Checks
Due to Banks and Bankers . .

W h e n Service is P a ra m o u n t, A s k fo r O u r T e r m s.

. .
. .

$100,000.00
24,126.40
15-00
25,000.00
227,468.21
306,423.07
4,857.42
448,418.47
$1,136,318.57

Superior F acilities fo r B a n k s and B ankers.

N ovem ber 16, 1909, Deposits of Banks and Bankers, $273,539.21
Jannary 31, 1910,
Deposits of Banks and Bankers, 448,418.47

CHICAGO NEWS
Bonds as an Investment for Surplus Bank Funds.
Several of the large bond houses in Chicago report
that the banks of Iowa and Nebraska are buying large
amounts of municipal and corporation bonds for in
vestment. A few years ago the average return on
these securities averaged only about 3^2 per cent to
4y 2 per cent, but at the present time there are several
high-class issues which can be purchased to yield 5
per cent to 6 per cent. As an example of this change
in conditions, the well-known firm of Allerton, Greene
& King. The Rookery, Chicago, are offering a first
mortgage 5 per cent gold bond of the Jacksonville Gas
Co., Jacksonville, Fla., at a price of 97^ and interest,
which*, besides being absolutely secured as to princi
pal and interest, will net the investor a good rate of
interest. This is only one of several attractive bonds
which this firm is offering and it might be well for
banks with idle funds to send for a complete list.
* * *
Timber Bonds.
Thomas A. Rockwell & Co., with headquarters in
the Corn Exchange Bank Building, Chicago, are offer
ing the unsold portion of $400,000 timber bonds on a
6 per cent basis. Chicago and vicinity is an excellent
market for this class of security which is gaining in
popularity every year as people become more familiay
with them. The Chicago bond houses' familiar with
the timber branch of the bond business estimate that
upward of $10,000,000 of these securities are handled
annually in Chicago alone.
The firm of Rockwell & Company specialize in tim
ber, irrigation and public utility bonds, confining their
offerings to first mortgage bonds onv irrigated farms,
timber lands owned by going concerns, and gas and
electric properties showing safe margins of earnings
over the fixed charges and located in prosperous and
growing communities.
The firm has recently published a pamphlet on
bonds, explaining why they are issued, their desirabil

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Federal Reserve Bank of St. Louis

ity as investments, etc., which may be secured gratis
by writing for it.
* * *
The Thomas J. Bolger Company, bankers and deal
ers in high-grade municipal and corporation bonds, re
port having had excellent success, in the handling of
the first mortgage 6 per cent bonds of the Sioux Falls
Light & Power Company, of Sioux Falls, S. D. The
total issue of $650,000 which they handled in connec
tion with the.American Trust & Savings Bank have
practically all been placed with banks and investors,
and the security is the newly developed water power,
located in Sioux Falls, which takes advantage of the
sixty-foot fall and rapids of the Big Sioux river. The
new hydro electric plant was installed about a year
ago under the direction of H. M. Byllesby & Company*
engineers, of this city. The plant is a model one, and
gives Sioux Falls one of the best water power equip
ments in the middle West.
The bonds were issued under a plan which has be
come popular recently, making the issue payable serial
ly, thus reducing indebtedness and taking care of de
preciation of the property. The security has been at
tractive to investors for this reason, and also because
of the fact that water power is recognized as one of
the stable assets which is growing in value each year.
The development of this power has been felt mate
rially by banks and business interests of Sioux Falls,
and should show in development a rapid growth of
other interests and an increase in manufacturing and
other lines of business. Already a number of indus
tries have been attracted there by the available pow
er which is being offered at rates much below the cost
of developing by steam power. The state penitentiary
located at Sioux Falls has recently installed an elec
tric power system, using power from this company.
Other enterprises of the city have also been connect
ed up.
The Thomas J. Bolger Company do a substantial
business in municipal bonds of all parts of the coun
try, and are also large dealers in drainage bonds for
reclamation of rich lowlands. They report their busi
ness during the last year has increased 100 per cent
over last, and express a belief that the coming year
will show a continued gain in their business, and look
for a continued demand of high-grade conservative
bonds. They state that investors are discriminating
more and more, and choosing securities which have

THE

¿8

NORTHWESTERN

BANKER

March, 1910.

A Safe 6 per cent Investment
We own and offer a first mortgage 6 % Gold Bond secured by a closed first mortgage on a semi-public improvement
which is intrinsically worth twice the amount of the mortgage.
The present demand for the entire product of the Company insures earnings, when the plant is completed, of more
than four times the interest on the bond issne.
The bonds are issued in serial form and a sinking fund is to be maintained which will pay off the entire issue at
maturity.
The growing demand for the Company’s production, perpetual charter, rights and privileges, makes this an unusually
attractive issue. Ask for descriptive circular, address

CAMERON & COMPANY
JOHN H. CAMERON, President
9 1 7 First National Bank Building, Chicago.

back of them resources of recognized apd permanent were made by Pres. David R. Forgan, of the National
character. .
City, to Pres. Charles B. Pike, of the Hamilton Na
The Thomas J. Bolger Company have purchased and tional. The Hamilton bank directors met and sanc
are offering for sale $15,000 5 per cent refunding bonds tioned the liquidation.
of the city of Breckenridge, Minn. This city is the
“ By the terms agreed on, the National City pays to
county seat of Wilkin county, and is located in an ex the Hamilton National the difference between its as
sets. and liabilities plus a certain premium, the amount
cellent agricultural district.
of which was not disclosed.
* * *
“The resources of the Hamilton bank total $8,463,Current Quotations on Municipal Bonds Furnished by
118, and its deposits are $7,635,948. It has a capital
Reynolds j Watson & Co., Chicago.
stock of $500,000 and surplus and undivided profits of
To net
$145,104.
about
“According to President Forgan the stock of his
Waterloo, Iowa, 4} 4 s ........................................ 4 } i %
bank
will not be increased to pay for the assets of the
Wood county, Wis., 4s................. .......... .........
4%
other
bank. The immediate cash requirements for the
Sanitary District, Chicago, 111., 4 s .................
4%
deal,
he
said, would be met out of undivided profits.
Lawrence county, S. D., 5s................................ 4.40%
“
Distribution
of the purchase price will be made
Seattle, Wash., 4P2S............................................
4.20%
pro
rata
to
the
stockholders
of the Hamilton bank and
Toledo, Ohio, 4s....... . . . . . . ................................ 3*85%
Cook county, 111., 4s................................................ 3.90% their interest in the assets of the institution will cease.
Houston, Texas, 4^2s ......... .............................. 4.25% They will receive no stock in the National City Bank
as consideration.
Superior, Wis., 4j4 s ....................................... ..
4.25%
“ President Forgan said:
New York City, N. Y., 3s & 3j^s..................... 4.00%
“ ‘The Flamilton National will go into liquidation
St. Clair C ol 111., Drainage........................ . . .
4% & %
within the next three days. That means it will go out
Des Moines, Iowa, 4s........................................ 3-9°%
of business. All its assets will be purchased by the
Alexander Co., 111., Drainage............................. 5.00%
National City Bank, which likewise assumes all its
State of Oklahoma, Ref., 4s............................... 4.00%
liabilities, paying a certain premium to the stockhold
Oklahoma City, Okla., 5s................................ '4.30%
ers of the latter bank.
Greene county, N. C., 5s - . . . . . . . ..................... 4.40%
“ ‘The cash requirements for the deal will be met
Jasper county, Iowa, 4s...................................... 3-9°% out of undivided profits and there will be no increase
Tacoma, Wash., 4J/2S...................................
4-I5%
in our capital stock— simply an increase in the volume
Spokane, Wash., 4j^s............... . . . . . ............. 4-J5% of our business. The stockholders of the Flamilton
bank will receive their pay out of the proceeds of the
NATIONAL CITY BANK OF CHICAGO AB
liquidation.
SORBS TH E HAMILTON.
“ ‘The deal originated with the National City. We
Regarding the deal consummated by Pres. David simply made them an offer which they accepted. The
Hamilton National was on a perfectly sound financial
R. Forgan, involving something over $8,500,000, all
basis and was paying dividends.’
accomplished in about three days, the Chicago Exam
“The deal is the fourth important bank consoli
iner says :
•
dation in Chicago within comparatively few months.
“The National City Bank of Chicago has absorbed Other mergers were the practical consolidation of the
ihe 'Hamilton National. By the terms of a contract Continental National Bank and the American Trust
closed yesterday the business and assets of the latter & Savings Bank, the consolidation of the Commercial
institution will be taken over at once by the National National and Bankers National Banks, and the ab
City, and the Hamilton National will go out of busi sorption of the Royal Trust Company by the Central
ness. The combined deposits of the two institutions Trust.
“The National City will continue to occupy the
aggregate $22,344,334.
“The deal was first broached and consummated same quarters in the Woman’s Temple.
“The National City Bank was founded by its presiwithin three days’ time.- Overtures for the absorption

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Federal Reserve Bank of St. Louis

March, 1910.

THE

NORTHWESTERN

BANKER

T h e Com m ercial N ation al B an k
o f W A T E R L O O , IO W A

C ap ital and S u rp lu s $ 2 5 0 , 0 0 0 . 0 0
OFFICERS
W. W. Müler,
E L. Johnson,

President
Vice-President

Cashier
Asst. Cashier

H. C. Schultz,
E. W. MiUer,

DIRECTORS
W. W. Miller
Warren Brown

E. L. Johnson
J. S. Tuthill

F. C. P latt
C. W. Illingworth

Geo. E. Lichty
H. C. Schultz

H. M. Reed
J. W. Krapfel

Our facilities for handling the accounts of banks in Iowa are Unexcelled

dent, David R. Forgan, three years ago this month.
Mr. Forgan, prior to the formation of the institution,
was the vice-president of the First National.
“The present directors of the National City consti
tute the chief underwriters of the enterprise Forgan
inaugurated. Deposits rose rapidly, until at the last
statement of January 31, they had risen to $14,708,386.
The loans are $9,567,873, while the resources stand at
$6,113,912. The bank has a capital stock of $1,500,000
with a surplus fund of $300,000 and undivided profits
of $217,476. The new deal now gives them deposits
of over $21,000,000.
HENRY MEYER GOES TO NATIONAL CITY
BANK.
It will be a source of much gratification to the many
friends of Henry Meyer to learn that in the absorption
of the Hamilton National by the National City of
Chicago he becomes a member of the official staff of
the latter institution.
Mr. Meyer has many friends in Iowa, who are al
ways pleased when good things come to him.
FIRST NATIO NAL & UN IO N SAVINGS, SIG
OURNEY, IOWA.
The combined statement on January 31 showed to
tal resources of over $750,000, which must have caused
Pres. Brown and Cashier J. R. Mackey to smile, to
say nothing about the joy such a comfortable-looking
statement brings to the hearts of the stockholders.
A GEORGE W ASHINGTON “AD.”
Below we publish the material contained in an ad
carried in one of the Waterloo papers, by the Black
Hawk National Bank, on February 21st:
George Washington Like Chief Black Hawk Used a
Hatchet.
“ Each lived for the good of his people^
“We honor the anniversary of Washington’s birth,
his life and integrity by closing tomorrow.
“ We emulate his integrity.
“ Like both of them, we live for the good of our
people and have long since joined them in burying
our hatchet, for we aid every legitimate industry or
enterprise and destroy none.

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Federal Reserve Bank of St. Louis

A. J. Edwards

YOUR ACCOUNT IS SOLICITED

“Join us with your buried hatchet and with an ac
count, for greater Waterloo.”
We might remark (incidentally) that the “buried
hatchet” is the thing that has made Waterloo one of
the livest cities in Iowa. It will accomplish wonders
for any city. Waterloo has no patent on buried hatch
ets, any town may use them.
FARMERS SAVINGS BANK OF W H ITE, S. D.
The above named institution is sending out to its
customers and friends a very beautiful calendar, tied
with an imitation corn husk. This makes a very at
tractive advertisement for. this corn-growing section of
the country. The statement which the bank sends
with the calendar shows that during the year 1909 the
gross business was $4,152,174, which is certainly a very
fine showing for a bank the size of this one.
FORTY YEARS OLD.
The City National Bank of Clinton, Iowa; has just
passed its fortieth birthday, the bank having opened
for business February 1, 1870. The statement made as
per the last call was one of the best in the history of
the bank, showing deposits of more than $2,000,000.
Mr. A. G. Smith is the president, G. M. Curtis, vicepresident, and A. C. Smith, cashier.
MEETING OF GROUP ELEV EN AT BURLING
TON.
The bankers of the state used Washington’s birth
day this year as far as possible for their group meet
ings and the fact that this is a holiday for the banks
accounts for the large attendance at the various group
meetings held throughout the state. Nearly 175 gath
ered at Burlington on the 22d of February and enjoyed
a very happy day. The convention was called to order
by J. A. Dunlap,, of Keokuk, who has been chairman
of the group for the past year. An address on the
power dam which is being built in the Mississippi riv
er not far from Burlington, was interesting. Mr. J. S.
Pollard, of Strawberry Point, gave an eloquent address
on Washington and Lincoln. The local bankers served
a very enjoyable banquet in the ballroom of the B. B.
A. House.
The election of officers for the ensuing year resulted
in the selection of E. L. McClurkin, of Morning Sun,
as chairman, and E. R. Lacey, of Columbus Junction,

THE

4 0

NORTHWESTERN

BANKER

March, 1910.

T HE G E R M A N S A V I N G S B A N K
of Davenport, Iowa
G W ith adequate equipm ent and exceptional
facilities for handling business in every depart
m ent of Banking, T h e German Savings Bank
is in a position to give its patrons the best ser
vice. G If you contemplate m aking a change
in your banking connections, or think of open
ing a new account, w e would be pleased to
confer with you in person or by letter.

Capital Stock

Commercial Accounts

$600,000.00

Surplus

450.000.00

Undivided Profits

305,000.00

Savings Deposits
OFFICERS...

CHAS. N. VOSS. Pres.

H. 0 . SEIFFERT.Vice.Pres.

DAVID H. McKEE, Vice-Pres.

as secretary. The executive committee members are
R. F. Wilson, of Fairfield; H. S. Young, of Winfield;
Joseph Shephard, of West Point, and H. H. Wood, of
Keokuk. A vote of thanks was extended to the several
speakers and the bankers of Burlington who had en
tertained the group so lavishly.

ED. KAUFMANN. Cashier.

F. C. KROEGER, Ass't Cashier

gant banquet was spread which was served in a charm
ing manner by the ladies of the church. Then fol
lowed a feast of reason and a flow of soul which was
much enjoyed.
Mr. Arthur White, of Vinton, acted as toastmaster
and the responses were as follows: “ What the Bank
er is, or Should be to the Community,” by President
Seerley, of the Iowa State Normal School, at Cedar
Falls.
“Mixed Pickles,” by Pres. Franklyn E. Brooks, of
Leander Clark College at Toledo.
“ Shots at Random,” by Rev. E. F. Simms, of Vinton.
Mr. White proved to be an ideal toastmaster and the
responses were apt and witty.
President Seerley
talked good, sound sense and President Brooks and
Rev. Simms mixed a lot of wholesome nonsense with
things that made you think. Altogether a happy hour
was spent.
At the conclusion of the banquet the bankers retired
to the Masofiic Hall, where they enjoyed a smoker for
an hour or two. The evening trains left the little city
of Vinton as quiet as the morning trains had found it.
Everyone pronounced it a successful and delightful
meeting. The resolutions which were highly impor
tant, were as follows:

MEETING OF GROUP SEVEN AT VINTON.
Group Seven of the Iowa Bankers’ Association which
includes the counties of Bremer, Grundy, Black Flawk,
Buchanan, Tama, Benton, ■ Linn, Iowa and Johnson,
met at Vinton upon the invitation of the bankers of
that city for their annual convention, February 22d.
There are 165 banks in this group of which 150 are
members of the Iowa Bankers Association, and it was
evident from the registry list that every member was
present. At any rate, 150 bankers were there. Under
the management of Mr. O. H. Leonard, of Cedar Falls,
chairman of the group, and Mr. W. A. Dexter, of To
ledo, secretary, working in harmony with the banks of
Vinton, a very fine program ’was prepared.
The program was opened at ten o’clock in the beau
tiful Masonic Hall with a prayer by Rev. W. F. Spry,
pastor of the Methodist Church, of Vinton,.followed
by some delightful vocal selections by the ladies’ quar
tet. Hon. N. J. Tobin, of Vinton, made a very appro
That we extend to the local bankers and to
priate and happy address of welcome, to which chair the“Resolved:
committee in charge of the program and our entertain
man Leonard responded. The report of the secretary ment our hearty thanks for the cordiality of their welcome
was then called for and Mr. Dexter laughingly re and the very hospitable manner in which we have been en
marked that he had prepared a voluminous report cov tertained.
“Be It Resolved, That it is a sense of this body that the
ering eight or ten reams of paper, but had decided at bucket
shop business is a menace to all people and to the.
the last moment, out of respect for the feelings of thd peace, welfare and financial prosperity of Iowa, and that the
members of the group, not to read it. He said that he laws of this state as set forth in section 4967-8 should be vig
had spent the year in doing nothing and therefore orously enforced and we urge upon prosecutors and’ peace
charged with the enforcement of the laws of this
could make the report very brief. However, in thisJ officers
state, that active measures he taken at once to rid the state
particular he was too modest, as he has been a most of these concerns. And, Be It Further Resolved, That a copy
successful officer and has given entire satisfaction.
of this resolution be mailed to the president of the associa
Following the appointment of committees by the tion with a request that the matter be referred to the execu
tive council at once.
chairman, the convention listened to an address by
“Resolved, That the. Iowa Bankers Association be memor
Judge C. D. Robbins, of Cedar Rapids on “ Banks and ialized to the end that active and efficient means be em
the Law,” which contained many choice things which ployed to amend the banking laws of the state as to compel
all persons who use the name “bank” to designate their busi
were valuable and profitable to the bankers. After an ness,
to organize either as a state or national bank.
informal question box conducted by W. R. Jamison, of
“Resolved, That the present bankrupt law has outlived its
Waterloo, which brought forth a good deal of profit usefulness and should be repealed.
“Annually we are reminded that one or more of our worthy
able discussion, the joyful news was brought that the
members have passed away—that we will see their faces,
ladies of the Presbyterian Church were ready to serve feel
the cordial' grasp of their hands and hear their voices
a delightful roast chicken dinner. This was received no more.
with applause and the convention immediately ad
“At the annual meeting of the Iowa Bankers Association
journed to the Presbyterian Church, where an ele in 1909, it elected J. D. Easton, president, and December 30,

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Federal Reserve Bank of St. Louis

March, 1910.

THE

NORTHWESTERN

BANKER

* 41

Davenport Savings Bank
D A V E N PO R T , IOWA
Officers
JO H N F. DOW , President
LOUIS HALLER, Vice President
HENRY C. STRUCK, Cashier
O T T O L. LADENBERGER. Teller

::
A. Burdick

Louis H aller

A. Steffen

T heo. K rabbenhoeft

D IR E C T O R S
J. F. D ow

1909, he departed this life, to the great loss, deep sorrow and
profound regret of the members of this association and espe
cially of those immediately connected with him in an official
capacity in the work of the association; those intimately con
nected with him socially or in a business capacity—each and
all mourn the death of Mr. Easton, who by his truthfulness,
fidelity to his friends, his absolute integrity in everything he
undertook, and his high standards, strong character, and de
lightful, courteous manner, and endeared himself not only to
the members of this association, but his friends, neighbors
and business associates.
“The world is the better for his having lived in it, for he
contributed his full share to its glory. Therefore, in manifes
tation of our respect for our departed president,
“Be It Resolved, By Group No. 7 of the Iowa Bankers Asso
ciation,
“First. That the death of Mr. James D. Easton has
brought to this association deep sorrow and profound regret
“Second. That our association has lost one of its most
useful and honorable members, and each of us a devoted,
loyal and ever-faithful friend.
“Third. That the work of the association and its inter
ests in which he took so much pride and pleasure has borne
good fruit and will continue to do so, and that the associa
tion has profited by his useful efforts.
“Fourth. That the excellence of his character, his uni
form courtesy, his fidelity to his friends, and his strict integ
rity, are an example to the members of the banking profes
sion well worthy of emulation.
“Fifth. That the several institutions with which he was
connected at the time of his death have suffered great loss
and will miss his wise counsel and useful advocacy.
“Sixth. That our deepest and most heartfelt sympathy is
hereby tendered to his family in their great sorrow, and we
recommend that these resolutions be spread upon our records
and a copy of the same be sent to the family of the deceased.”

Officers elected are: W. A. Dexter, of Toledo, as
chairman; G. D. McElroy, of Vinton, as secretary, for
the ensuing year. As the cities of Waterloo and Cedar
Rapids were both included in this group and as the
bankers are all live, and up-to-date in both of these
cities, they sent a very large delegation to the conven
tion, every bank being represented by one or more offi
cers.
M EETING OF GROUP TEN AT OTTUMWA.
The meeting of group ten of the Iowa Bankers As
sociation was held at Ottumwa on February 22d, and
was one of the largest and most enthusiastic meetings
in its history. The registry list contained the names
of most of the bankers who are members of the group
and' there are about 100 of them all told. Adding to
this the large number of visitors who always attend
these meetings brought the actual number up to fully
150. The officers of the group are: Mr. J. B. Hackey,
of Sigourney, chairman; W. B. Lutz, of Albia, secre

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Federal Reserve Bank of St. Louis

$ 300,000.00
- 320,000.00
3,945,000.00

Capital
Undivided Profits
Deposits

Per Cent Interest Paid on D e
posits:

Money Loaned on Real

Estate Security in the State of Iowa.

H. K ohrs

W! H. W ilson

H. C, S truck

Jno. W . Cilchrist

tary. The bankers like to go to Ottumwa because
they are always assured of a most excellent time and
every possible courtesy is extended to them and the
entertainment which is always provided by the O t
tumwa bankers, is of the very best. At noon the vis
itors were the guests of the local bankers at a lun
cheon at the Ballingall Hotel. At 1 :30 they went to
the headquarters of the Ottumwa Commercial Club
where the business session of the group was held.
Addresses were made by T. D. Foster and Jos. Dain.
At 6:30 the Wapello Club entertained the visitors at
a bountiful supper, and the evening was spent in danc
ing.
Some very strong resolutions were offered on the
part of the resolution committee and adopted. They
are as follows :
“Whereas, there is now pending in the United Slates sen
ate a bill providing for the establishment of a postal savings
bank system.
“And, whereas, we believe that such system would be det
rimental to the best interests of the people. That it would
result in centralizing the money of the country, or locking
up such savings deposits in the national treasury—using the
same as a national loan, thereby depriving the people of the
locality where such deposits originate of the use of such
funds.
“That such system would cause the withdrawal of large
sums of money now in the national, state and savings banks
of the country, thus reducing their loanable funds, and make
it necessary for them to charge a higher interest rate and in
many cases render it impossible for the banks to furnish the
necessary funds for the transaction of the business of the
community.
“We further believe that the money brought into any com
munity in exchange for the commodities thereof should, as

Peoples Savings Bank
DES MOINES, IOWA
Established 1890
CAPITAL (Paid in) - $50,000.00
CAPITAL (Earned) - - 50.000.00 $100,000.00
100,000.00
SURPLUS (Earned) - - - - DEPOSITS (Over) - - - - i ,900,000.00
C. H. M A R T I N ..................... President
T. F. FLYNN - - - - - Vice President
F. P. F L Y N N .............................. Cashier
E. A. SLININGER - - - Asst. Cashier
GEO. V. HARRITT - - - Asst. Cashier

Accounts of Banks and Bankers Solicited

TH E

NORTHWESTERN

BANKER

March, 1910

Capital, Surplus & Profits

$ 500,000

Paid
on
Savings
Deposits
Write for particulars

nearly as possible, be kept in such locality for the use ot the
people, and that the establishment of any banking system
postal savings, or other that would place any part of such
funds under the contrate of the national government or other
agencies that would- render the removal of such funds to re
mote places possibly would be highly detrimental to the
people.
' “That, with one or more banks subject to national or state
inspection, now located in every town or village throughout
the entire country that the people do not need a postal sav
ings bank.
“That the national, state and savings banks of the United
States are, with very rare exceptions, conducted by the most
honorable, honest and conservative people, and are sound,
safe institutions, and the plea for a postal savings bank to
furnish a safe depository casts a reflection upon our present
banking system and the people engaged in the banking busi
ness that is wholly unwarranted and unjustified.
“For the above and many other reasons, we believe that
the postal savings bank proposition should be defeated.
“Therefore, be it resolved, by Group Ten of the Iowa
Bankers Association, that we respectfully request our sena
tors, Hon. A. B. Cummins and Hon. J. P. Dolliver, to oppose
said bill now pending in the senate. That we request Hon.
N. E. Kendall, a member of the house, from this, the sixth
congressional district, to oppose such measure in the house.
“Be it further resolved that the secretary of this group
be directed to send a copy of this preamble and resolution to
Senators Cummins and Dolliver and to Hon. N. E. Kendall
and also to each member of congress from this state.”

M INNESOTA ASSOCIATION W ILL M EET IN
• ANNUAL CONVENTION IN ST. PAUL
JUNE 22-23.
The annual convention of the Minnesota Bankers
Association will be held in St. Paul June 22d and 23d.
The date was fixed by the executive committee, which
met at the Minnesota club.
The question of entering into an agreement with a
safe company for the placing of improved safes in the
banks of thç state, which, it is. claimed, will do away
with the present expensive burglar alarm system, was
taken up, but no definite action was taken.
The committee on agriculture, appointed last Junè
to niake a thorough and exhaustive investigation of the
farm conditions in Minnesota, made an exhaustive re
port, which will be published for general distribution.
After an informal dinner, the St. Paul members of
the council were hosts at a box party at the Orpheum.
The following were present : W. I. Prince, Duluth ;
L. A. Huntoon, Moorhead; L. Whitmore, Wabasha;
Charles R. Frost, Frank E. Holton, George F. Orde,
Minneapolis ; George C. Power, George H. Prince, St.

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Federal Reserve Bank of St. Louis

Deposits Over

$ 4, 300,000
OFFICERS:
I. H. SEARS,
Pres.
H. F. PETERSEN, - Vioe-Pres.
J. H. HASS, Vice-Pres.& Cashier
GUSTAV STUEBEN, Asst. Cashier

Paul; R. W. Akin, Anoka; W. A. Shaw, Clearwater;
T. E. Nash, Pipestone; S. H. Lockin, Red Wing; D. C.
Armstrong, Albert Lea; A. G. Wedge, Jr., Bemidji;
M. J. Dowling, Olivia, and F. M. Beach, Lyle.
DEPO SITS AS SHOW N ON CALL OF JANUARY
3L 1910.
The following banks had deposits as per amounts
opposite their names at time of last call:
First National Bank, Ely, Minn............... $ 284,670.29
First National Bank, New Sharon, Iowa. . 177,962.53
Schuyler National Bank, Schuyler, Neb..
172,678.36
First National Bank, Thompson, Io w a ...
194,266.06
Neligh National Bank, Neligh, Neb.......... 265,900.99
Live Stock Nat. Bank, So. Omaha, N e b .. 628,954.12
Ottumwa National Bank, Ottumwa, Iowa 931,168.10
Wapello Co. Savings Bank, Ottumwa, la .
339,451-58
First National Bank, Centerville, Io w a ... 616,775.94
Western National Bank, Mitchell, S. D . . . 505,907.87
First National Bank, Mason City, Io w a .. 1,867,132.11
First National Bank, Hastings, Neb........ 1,653,989.80
National State Bank, Mt. Pleasant, Iowa. 472,579.65
Farmers National Bank, Red Oak, Iowa. . 233,012.60
First National Bank, Audubon, Iowa........ 659,540.61
The Fulton Bank, Fulton, 111.....................
490,303.43
First National Bank, Milford, Iowa.......... 200,570.84
The First National Bank, Brainerd, Minn. 986,244.68
First'National Bank, New Hampton, Iowa 462,821.34
Le Mars Savings Bank, Le Mars, Io w a ...
162,132.55
Hancock National Bank, Hancock, Minn. 202,415.83
Farmers & Merchants- Bk., Argyle, Minn. 267,233.86
First National Bank, Le Mars, Iowa........ 1,302,410.18
First National and Eld-ora Savings Banks. 507,173.00
First National Bank of Story City^, Iowa. . 266,806.58
First National Bank, Lake Mills, Io w a ... 310,599.04
First National Bank, Charter Oak, Iowa. . 213,133.76
First National Bank, Sheldon, Iowa.........
567,292.48
First National Bank, Waterloo, Iowa. .. . 1,350,443.60
First National Bank, Finley, N. D .............
1 57>777- 3&
First National Bank, Fargo, N. D ........... 2,782,397.17
First National Bank, Fort Dodge, Iowa. . 2,127,980.58
Winneshiek Co. State Bank, Decorah, la. 1,072,674.46
Oskaloosa National Bank, Oskaloosa, la..
529,679.90
Union Savings Bank, Oskaloosa, Iowa. .. 692,511.19
“The meek shall inherit the earth— but not this
earth.”

March, 1910,

THE

NORTHWESTERN

BANKER

CEDAR RAPIDS BANKER DEAD.
A. T. Averill, president of the Cedar Rapids National
Bank and Cedar Rapids Gas Company, the wealthiest
man in eastern Iowa, died February 14th after a linger
ing illness, aged 67 years.
Mr. Averill secured a start as a traveling represen
tative of the McCormick Harvester Company. He
came to Cedar Rapids in 1869 and engaged in the im
plement business, gradually branching out as his
wealth increased.
A very sad sequel to the death of Mr. Averill was the

grew to young manhood there, attending se*hool at
Geneseo with John T. Hamilton, with whom he after
ward engaged in business. He was twenty-one years
of age when he came to Cedar Rapids in March, 1865.
Flis first work was that of assistant to the man who
was the local agent of the McCormick Harvester &
Reaper Company. Later he became agent for the M c
Cormicks and by 1869 had become superintendent of
agents for the firm, having charge of the Iowa busi
ness.
“ While working for the McCormick firm Mr. Averill

death of his wife, which followed within twenty-four
hours. Worn out with the constant care of her hus
band during his illness, she collapsed suddenly ^nd
died without knowing that he had preceded her over
the dark river.
The following brief sketch of his life is of much in
terest:
“Arthur T. Averill was born in Highgate Springs,
Franklin county, Vt., on September 14, 1843. He came
with his parents to Lee county, 111., in 1852 and moved
to Whiteside county, the same state, in 1854. He

induced John T. Hamilton, his schoolmate in Illinois,
to come to Cedar Rapids as his associate in business,
and in 1869 the firm of Averill & Hamilton was formed,
to deal in agricultural implements, seeds, coal and kin
dred lines. This partnership continued for five years,
after which time, for two years, it was known as Aver
ill & Amidon. Then Mr. Amidon disposed of his in
terests and Mr. Averill conducted the business alone*'
for two years.
“ In 1875 Mr. Averill purchased a controlling inter
est in the Cedar Rapids Gas Light Company and be-

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Federal Reserve Bank of St. Louis

TH E

NORTHWESTERN

BANKER

OFFICERS

March, 1910.

Capital Stock - $150,000.00
Surplus - - ■ 150,000.00
Undivided Profits - 2,536.41

A. P. DOE, President
J. D. BROCKMANN,
Vice-President

Deposits

J. E. BURMEISTER,
V. P. and Cashier
F. B. YETTER,
Assistant Cashier.

$1,800,000.00

We invite your business.

came its president, a position he retained to the time
of his death. Mr. Averill took a personal pride and
interest in the gas plant and though he had many op
portunities to dispose of it refused all offers.
“ He felt keenly the trouble engendered over the rate
cases and took the matter to heart in a personal man
ner that was largely responsible, without question, for
the physical breakdown that came some months ago.
“Mr. Averill was also president of the Cedar Rapids,
National Bank, having been chosen to that position on
the formation of the bank twenty years ago. In that
position he took a leading part in the financial world
of Cedar Rapids and was in truth, one of the city’s
wealthiest citizens. In addition to his various busi
ness and real estate investments in Cedar Rapids, Mr.
Averill was or had been interested in projects in Mis
sissippi, Louisiana, Florida and Kentucky, and was
also proprietor of the Vincennes Hotel, one of the
leading family hotels of Chicago. He had been singu
larly fortunate in his ventures and he invested much
of the money made away from home, in his home
town. As an example, the Montrose Hotel would in
all probability have never been built, had,it not been,
for Mr. Averill and the money which he put into the
project. The Welch-Cook Building, now nearing com
pletion, is also a monument to his faith in his home
city.
“ Mr. Averill was married on October 22, 1867, to
Miss Allie R. Doolittle, of this city. Three children

were born to them. Of these Mr. Glenn M. Averill and
Miss Jessie Averill are now living. A son, Arthur,
died in infancy.”
BANKS RESPOND TO AUDITOR’S CALL.
■ Tcm of the fourteen savings and state banks of Des
Moines have filed reports in response to a call from
State Auditor Bleakly. The total deposits shown are
$12,569,927.46. These banks also had in cash itemsi
$2,728,354.28, which includes cash on hand and cash
due from other banks.
The reports of ten banks are as follows :
Deposits.
Cash.
Central S ta te ........... ..........$2,712,681.01 $1,133^61.35
336,057.10
Des Moines Savings ---- 1 2,638,204.52
People’s ..................... ........ 1,942,892.11
439,037-89
Valley Savings ....... ........ 1,079,014.94
81,949.48
222,915.04
Home S a vin g s......... ......... 1,063,157.98
German Savings . .. . ........ 1,004,656.85
i 55,697-64
148,185.78
Mechanics Savings . . ........ 609,496.20
84,725.19
Commercial .............. . . . . .
600,019.87
Century ................... . . . . .
508,652.51
148,942.81
77,100.00
Iowa Loan & T ru st.. ........ 436,880.44
Total ............. . . . . . .$12,569,927.46 $2,728,354.28
“Worry kills more people than work, because more
people tackle it.”

SECURITY S E C U R I T Y
National Bank

SAVINGS

BANK

CEDAR RAPIDS IOW A

SIOUX CITY, IOWA
Capital,

Surplus and Profits,

$250,000.00
-

185,000.00

W . M A N L E Y , President C . L. W R IG H T , Vice-Pres. T . A. B L A C K , Vice-Pres
C . N. LU KES, Cashier
C . W . B R IT T O N , Ass’ t Cashier

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Federal Reserve Bank of St. Louis

Capital and Surplus, Quarter M illion Dollars
Deposits
$1,825,000.00

E. M. S C O T T , President
J. R. AM IDON, Vice-President

C. D. VAN VE C H TEN , Vice-President
FRA N K F ILIP, Cashier

THE

March, 1910.

NORTHWESTERN

Prominent Bankers of Iowa
Men who are making an impress upon the banking
interests of the Hawkeye State
We are very much pleased to introduce to the read
ers of The . Northwestern Banker Mr. E. Webbies,
who has recently been elected cashier of the Anamosa
National Bank and v-ice-president of the Schoonover
Trust Company. Mr. Webbies was formerly for a
number of years cashier of the Mechanicsville Savings
Bank. The increase in the business of both the Ana
mosa National Bank and the Schoonover Trust Com-

BANKER

choice. He will become a director and stockholder as
well as officer in both of the institutions over which he
is to preside. The bank and trust company are both
to be congratulated upon having obtained the service
of so capable and energetic a banker as Mr. Webbies.
We predict under his skilful management that these
two institutions will go forward to still greater things.
The Anamosa National is doing a very fine business.
The deposits now are well beyond the $600,000 line
and those of the Schoonover Trust Company around
$150,000. Mr. Geo. L. Schoonover is president of both
of these institutions.
C. J. BODE MADE DIRECTOR.
Mr. C. J. Bode, who for seventeen years has been
connected with the State Central Bank, one of Keo
kuk’s leading financial institutions, was elected to the
directory board at the last annual meeting. He has
been cashier of the institution for a great many years.
Mr. Bode started in the bank at the bottom of the lad
der and has steadily worked his way up until the top
has been reached.
Cashier Fred Durbin, of the Malvern National Bank,
is proudly exhibiting a splendid specimen of elk’s head
and horns which he has mounted in the front part of
the bank over the mantel. It has twelve pronged horns
and is a beautiful specimen. It was sent him by G. S.
Eacrett, of Laurel, Mont., and is from an elk Mr.
Eacrett killed last year.

Iowa Life Insurance Co.
Offices:

Third Floor of Syndicate Building

Waterloo,

CAPITAL, PAID UP
SURPLUS
-

Iowa

- $100.000
25,000

OFFICERS
F. F. McElhinney, President; C. W . Mullan, .Vice-President; F.
A. Ferguson, Secy, and Gen. Mgr.; E. D. Clithero, Superintendent
Agents; F. W. Powers, M. D., Medical Director.

E. W E B B LE S
Cashier Anamosa National Bank

pany during the past year or two has made the officers
of these two institutions feel impelled to look about
for a first-class, capable banker whose services it might
be possible to secure to assist in the management of
these two growing institutions.
The choice finally fell upon Mr. Webbies and he has
taken up his duties at Anamosa. It was very necessary
that the right man should be secured for these posi
tions and it was only after a thorough examination of
Mr. Webbies’ record that he was chosen. He has had
fifteen years or more of active banking experience.
He made a very brilliant record at Mechanicsville in
building up a large bank there. He scured a deposit
line which has now reached the $400,000 mark. He
has a large acquaintance in the section of the state in
which Mechanicsville is located and this is one of the
factors which helped to settle the question of his

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Federal Reserve Bank of St. Louis

DIRECTORS
C. W. Mullan, W. R. Jameson, P. W. Powers, 0. L. Kingsley,
G. B. McWilliams, J. D. Easton, Geo. S. Moroiin, F. F. McEl
hinney, A. N. Odenhetoner, C. A. Wise.
COUNSEL
Mullan & Pickett
Oourtright & Arbuckle

THE

City National Bank
OF CLINTON, IOWA
Capital, Surplus and P r o fits ................. $200,000.00
Deposits ............................................... $2,150,000.00
OFFIERS:
A. C. Smith, President
C. M Curtis, Vics-Presldent
A. C. Smith, Cashier

Accounts of Banks and Bankers received on most
favorable terms. Correspondence Invited.

THE

NORTHWESTERN

BANKER

March, 1910.

A s Revealed by the Statements of Jan. 3 1 , 1 9 1 0
di*play space in the N orthwestern B a n k er are entitled to have th eir statem ents publ ‘ s" f d here as often as issued. The service is secured b y m ailin g a copy to th is office. We publish below all the stateto J^ile tim e o f g'?in 8' to press. The sh ow in g m ade reveals the fa ct that the b anks are all holding
up well on deposits w hile m any are fa r ahead o f the figures as per th eir la st statem ents.
S

THE HANOVER NATIONAL BANK OF NEW YORK.
Resources— Loans and discounts, $51,027,837.81; overdrafts,

$6,426.54; U. S. bonds to secure circulation, $1,200,000.00; U. S.
bonds to secure U. S. deposits, $150,000.00; TJ. S. bonds on
hand, $32,360.00; bonds, securities, etc., $10,230,590.49; bank
ing house, $5,343,000.00; due from other national banks,
$1,963,261.13; due from state banks and bankers, $3,351,152.27;
checks and other cash items, $214,613.83; exchanges for clear
ing house, $35,605,532.45; notes of other national banks,
$75,930.00; nickels and pennies, $740.58; specie, $10,953,765.50;
legal tender notes, $6,616,995.00; redemption fund with U. S.
treasurer, $60,000.00; due from U. S. treasurer (other than 5
per cent fund), $199,000.00. Total, $127,031,205.60.
Liabilities— Capital stock paid in, $3,000,000.00; surplus
fund, $1 1 ,000 ,000 .0 0 ; undivided profits, less expenses and taxes
paid, $417,068.23; national bank notes outstanding, $1,200,000.00; dividends unpaid, $2,394.00; individual deposits sub
ject to check, demand certificates of deposit, certified checks
and cashier’s checks outstanding, $50,964, 274.76; due to other
national banks, due to state banks and bankers, due to trust
companies and savings banks, $59,992,468.61; United States
deposits, $150,000.00; bonds borrowed, • $305,000.00. Total,
$127,031,205.60.
FOURTH NATIONAL BANK OF THE CITY OF NEW YORK.
Resources—Discounts and time loans, $16,411,141.18; U. S.

bonds to secure circulation, $600,000.00; bonds to secure U. S.
deposits, $1,000.00; other securities, $460,152.00; premiums,
$22,515.06; banking house, $2,500,000.00; specie, $2,998,520.00;
legal tenders, $2 ,20 0 ,000 .0 0 ; nickels and pennies, $272.30; due

», 11 ■ l i l i I l 1 li li

S$ï®ÊêÊ§ÊÊmÊÈ

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.... ..2.0 O .. .............

N K A D 5

MfMIMIIgJ

from U. S. treasurer, $153,000.00; 5 per cent fund, $30,000.00;
due from banks, $2,371,954.43; exchanges, $10,572,939.31; de
mand loans, $5,738,461.56. Total, $44,059,955.84.
Liabilities—Capital stock, $3,000,000.00; surplus, $3,000,000.00; profits, net, $493,057.89; circulation, $595,600.00; due
depositors, $36,971,297.95. Total, $44,059,955.84.
T H E CHASE NATIONAL BANK OF NEW YORK.
Resources—U. S. bonds to secure circulation, $2,187,000.00;

U. S. bonds to secure U. S. deposits, $1,000.00; bonds and
stocks, $13,668,946.66; bills discounted, $13,714,128.96; time
loans on collaterals, $17,891,631.07; demand loans on collat
erals, $26,077,549.09; due from banks, $5,563,493.59; exchanges
for clearing house, $13,516,114.29; premium on U. S. bonds,
$69,032.50; 5 per cent fund, $109,300.00; legal tender notes,
$4,236,531.00; treasury silver certificates, $6,839,233.00; gold,
$17,059,345.00. Total, $120,933,305.16.
Liabilities— Capital stock, $5,000,000.00; surplus, $5 ,000 ,000.00; profits, net, $2,028,362.55; circulation, $2,186,000.00;
deposits, $106,702,942.61; U. S. deposits, $1,000.00; reserved
for taxes, $15,000.00. Total, $120,933,305.16.
THE SEABOARD NATIONAL BANK OF NEW YORK.
Resources—Doans and discounts, $16,536,820.67; U. S.

bonds, $628,793.44; stocks and bonds, $1,778,734.14; due from
banks, $1,276,170.57; cash, exchanges and due from U. S.
treasurer, $14,102,563.65. Total, $34,323,082.47.
Liabilities—Capital stock, $1,000,000.00; surplus and prof
its, earned, $1,837,991.14; circulation, $403,200.00; reserved for
taxes, $3,500.00; dividends unpaid, $70.00; deposits, $31,078,321.33. Total, $34,323,082.47.

This Book w ill assist
you to
Build Your Business
Increase Old Accounts

isj—

Secure N ew Depssits

■ —

Make N ew Friends

HJB.CraddicK
C om m ercial W est - Minneapolis

$¡1

1 1

^ . *. • • •

' - i

Enlarge Your Prestige
Educate Your Customers

FOR IN S T A N C E ------------------On January 24, a bank in New York state ask^d for a copy of “200 Bank Ads that Brine
Business* on approval, adding a P. S. as follows:
‘W e already have a large amount of material on hand, so
unless your ads. are exceptionally good, we will return them.”

N ote: — “2 0 0 ' ’ m ailed Janurry 26, 1910.
D ra ft in p a ym en t received F ebruary 11, ’10.
This is only one of many similar instances. The ”200” sells strictly on its merits and value to the banker

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

Sent on 5 days approval.

R em it o r return. Price $5.

Address: H. B. CRADDICK, Commercial West, Minneapolis

March, 1910,

THE

NORTHWESTERN

W. L M O N T G O M E R Y , V i c e P r e s
H. G. W E ARE, V i c e P r e s .
F. A . M c C O R M A C K , V i c e Pr es .

BANKER

H. A. G O O C H , C a s h i e r
O. D. P E T T I T , A s s ’t C a s h .
FRITZ FRI TZS AN , A s s ’t Cash.

JOHN McHUGH, President

F IR S T N A T IO N A L B A N K
S IO U X C IT Y , IO W A

Combined Resources Over $6,500,000
We offer unexcelled facilities for the prompt and careful handling of all business
entrusted to us
THE FIRST NATIONAL BANK OF CHICAGO.
Resources—Loans and discounts, $70,480,912.21; United

States bonds, (par value) $3,232,000.00; other bonds and securi
ties, market value, $6,932,488.81; National Safe Deposit Com
pany stock (bank building), $1,262,000.00; due from banks
(eastern exchange), $22,745,163.69; checks for clearing house,
$3,559,308.95; cash on hand, $19,635,505.00; due from U. S.
treasurer, $911,100.00. Total, $128,758,478.66.
Liabilities—Capital stock paid in, $8,000,000.00; surplus
fund, $8,000,000.00; other undivided profits, $441,395.08; dis
count collected but not earned, $511,370.59; special deposit of
U. S. bonds, $718,000.00; circulating notes received, $2,981,997.50; dividends declared but unpaid, $1,330.00; reserved for
taxes, $227,333.07; deposits, $107,877,*052.42. Total, $128,758,478.66.
T H E CORN EXCHANGE NATIONAL BANK OF CHICAGO.
Resources—Time and demand loans, $40,885,116.60; over

drafts, $1,401.73; U. S. bonds, $1,675,000.00; other bonds,
$2,237,095.00; new bank building, $2,000,000.00; cash on hand,
$11,708,096.37; checks for clearing house, $2,744,992.82; due
from banks, $8,703,970.89; due from U. S. treasurer, $116,750.00. Total, $70,072,423.41.
Liabilities—Capital, $3,000,000.00; surplus, $4,000,000.00;
undivided profits, $1,143,947.52; circulation, $960,600.00; divi
dends unpaid, $213.00; deposits, $60,967,662.89. Total,
$70,072,423.41.
DROVERS DEPOSIT NATIONAL BANK OF CHICAGO.
Resources—Loans and discounts, $4,879,177.50; overdrafts,

$4,199.17; U. S. and other bonds, $751,072.00; premiums on
bonds, $15,500.00; cash and due from banks, $3,022,193.42.
Total, $8,672,142.09.
Liabilities—Capital stock paid in, $600,000.00; surplus and
profits, $400,438.49; national bank notes outstanding, $438,350.00; reserved for taxes, $6,777.32; deposits, $7,226,576.28.
Total, $8,672,142.09.
COMMERCIAL NATIONAL BANK OF CHICAGO.
Resources—Time and demand loans, $47,251,830.24; over

drafts, $1,828.75; real estate, $44,694.36; U. S. bonds at par,
$3,765,000.00; other bonds, $4,866,228.98; stock Commercial
National Safe Deposit Company (bank building), $1,597,500.00;
due from U. S. treasurer, $572,250.00; exchanges for clearing
house, $1,882,640.81; due from banks, $9,269,235.10; cash, $12,726,902.98. Total, $81,978,106.22.
Liabilities—-Capital stock paid in, $7,000,000.00; surplus
fund, $2,200,000.00; undivided profits, $1,318,160.53; circulating

A. Mast,

Public Accountant and Auditor
B ank s a n d C o rp o r a tio n s A u d ite d

banks S ed Î v Énport

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

Davenport, Iowa.

notes, $3,515,000.00; deposits, $67,944,945.69.
106.22. '

Total, $81,978,

THE CONTINENTAL NATIONAL BANK OF CHICAGO.
Resources—Loans and discounts, $62,804,068.33; bonds, se

curities, etc., $5,286,191.58; U. S. bonds to secure circulation,
$4,625,000.00; premium on U. S. bonds, $123,468.75; overdrafts,
$11,780.57; due from banks and U. S. treasurer, $12,962,066.23;
cash, $23,435,455.13. Total, $109,248,030.59.
Liabilities—Capital stock paid in, $9,000,000.00; surplus
fund, $4,500,000.00; undivided profits, $473,132.43; circulation,
$4,610,300.00; deposits, $90,664,598.16. Total, $109,248,030.59.
FORT DEARBORN NATIONAL BANK OF CHICAGO.
Resources—Loans and discounts, $8,492,733.26; overdrafts,

$2,245.14; U. S. bonds, par value, $1,000,000.00; other bonds
and securities, $675,600.00; real estate, $1,000.00; due from
U. S. treasurer, $50,000.00; cash and sight exchange, $5,353,834.41. Total, $15,575,412.81.
Liabilities—Capital stock paid in, $1,000,000.00; surplus and
undivided profits, $368,394.17; circulation, $994,597.50; divi
dends unpaid, $134.50; deposits, $13,212,286.64. Total, $15,575,412.81.
THE HAMILTON NATIONAL BANK OF CHICAGO.
Resources—Loans and discounts, $4,479,458.07; overdrafts,

$7,157.81; U. S. bonds, $300,000.00; other bonds, $766,245.49;
premium on U. S. bonds, $6,000.00; due from U. S. treasurer,
$21,050.00; cash and due from banks, $2,883,206.72. Total,
$8,463,118.09.
Liabilities—Capital stock, $500,000.00; surplus and undi
vided profits, $145,104.83; reserved for taxes, etc., $6,917.00;
dividends unpaid, $152.50; circulation, $174,995.00; deposits,
$7,635,948.76. Total, $8,463,118.09.
LIVE STOCK EXCHANGE NATIONAL BANK OF CHICAGO.
Resources—Loans and discounts, $7,589,173.91; overdrafts,
$4,541.15; U. S. bonds, $100,000.00; other bonds, $294,850.00;
cash and due from banks, $3,049,485.35. Total, $11,038,050.41.
Liabilities—Capital stock, $1,250,000.00; surplus, $400,000.00; undivided profits, $74,664.98; reserved for taxes, $10,000.00; circulation, $98,500.00; dividends unpaid, $1,070.00; de
posits, $9,203,815.43. Total, $11,038,050.41.
NATIONAL BANK OF THE REPUBLIC OF CHICAGO.
Resources—Loans, $17,340,652.57; U. S. bonds, $1,763,-

023.27; real estate, $26,37-6.80; cash and exchange, $10,949,714.85. Total, $30,079,767.49.
Liabilities—Capital stock paid in, $2,000,000.00; surplus and
A. Burdick, Pres.
Joe R. Lane, Vice Pres.
John P. Van Patten, Vice Pres
Lew J. Yaggy, Cashier
W ill J. Housman, Ass't Cashier

FIR S T N A TIO N A L B A N K
OF DAVENPORT, IOWA.
C a p ita l $ 2 0 0 , 0 0 0 .

S u r p lu s a n d U n d iv id e d P r o f it s $ 1 7 0 , 0 0 0

Send us your Davenport business.
The first National Bank in operation in the United States.

THE

NORTHWESTERN

BANKER

March, 1910.

profits, net, $1,173,261.92; reserved for taxes, $35,000.00; cur
rency in circulation, $1,723,000.00; bond account, $642,000.00,
deposits, $24,506,505.57. Total, $30,079,767.49.
THE GIRARD NATIONAL BANK OF PHILADELPHIA.
Resources—Loans and investments, $27,809,583.18; due

from banks, $5,090,226.96; exchange for clearing bouse, $1,539,140.65; cash and reserve, $7,007,-501.74. Total, $41,446,452.53.
Liabilities—Capital, $2,000,000.00; surplus and net profits,
$4,146,261.45; circulation, $1,075,600.00; deposits, $34,224,591.08.
Total, $41,446,452.53.
BANK OF NORTH AMERICA OF PHILADELPHIA.
Resources—Loans and discounts, $12,600,701.31; due from

banks and bankers, $1,989,418.88; clearing house exchanges,
$1,852,869.85; cash and reserve, $4,107,438.82. Total, $20,550,428.86.
Liabilities—Capital, $1,000,000.00; surplus and undivided
profits, $2,527,908.82; circulation, $496,600.00; deposits, $16,525,920.04. Total, $20,550,428.86.
THE

FARMERS &

MECHANICS NATIONAL
PHILADELPHIA.

BANK OF

Resources—Loans and investments, $10,304,190.14; U. S.
bonds, $2,050,610.78; due from banks, $1,563,139.83; cash ahd
reserve, $4,105,648.71. Total, $18,023,589.46.
Liabilities—Capital, $2,000,000.00; surplus.and net profits,
$1,378,463.77; circulation, $1,948,000.00; deposits, $12,697,125.69.
Total, $18,023,589.46.
V ALLEY NATIONAL BANK OF DES MOINES.
Resources— Time loans, $759,085.81; overdrafts, $6,977.44;

real estate, furniture and fixtures, $17,000.00; cash, $184,932.83; due from correspondents, $432,267.34; due from IX. S.
treasurer, $15,000.00; U. S. bonds, $389,620.00; investment
bonds, $176,475.70; deinand loans, $587,219.83. Total, $2,568,578.95.
Liabilities-—Capital stock, $300,000.00; surplus, $100,000.00;
profits, $568.11; circulating 'potes, $297,000.00; deposits,
$1,871,010.84. Total, $2,568,575.95.
IOWA NATIONAL BANK OF DAVENPORT.
Resources—Loans and discounts, $1,715,181.04; U. S. bonds

to secure circulation, $50,000.00; other stocks .and bonds,
$209,944.17; cash on hand, due from banks and U. S. treasurer,
$387,799.98. Total, $2,362,925.19.
Liabilities—Capital stock paid in, $150,000.00; surplus,
$150,000.00; undivided profits, $14,012.01; national bank notes
outstanding, $49,000.00; deposits, $1,999,913.18. Total, $2,362,925.19.
T H E GERMAN SAVINGS BANK DAVENPORT.
Resources—Mortgage loans, ,$5,950,400.15; collateral and

other loans, $3,670,359.00 bonds, $480,980.50; cash and due
from banks, $1,444,558.03; in transit with agents; $245,100.00;
overdrafts, $24,761.52; real estate, bank building site, $70,000.00; other real estate, $10,700.65. Total $11,896,859.85.
Liabilities—Capital stock. $600,000.00; surplus, $450,000.00; undivided profits, $294,750.69; savings deposits $8,306,611.28; demand deposits, $2,245,497.88. Total $11,896,859.85.
PEOPLES TRUST & SAVINGS BANK, CLINTON, IOWA.
Statement of February 16, 1910.
Resources—Loans, $2,805,673.97; bonds, $505,171.66; cash

and due from banks, $1,011,408.96; overdrafts, $1,110.05; real
estate, building, etc.—charged off. Total, $4,323,364.64.
Liabilities—Capital, $300,000; surplus, $250,000; undivided
profits, $20,013.71; reserved for taxes, $6,004.54; deposits,
$3,747,346.39. Total, $4,323,364.64.
THE MERCHANTS NATIONAL BANK OF CEDAR RAPIDS.
Resources—Loans and discounts, $2,657,216.44; overdrafts,

$1,393.69; U. S. and other bonds, $363,975.07; real estate, fur
niture and fixtures, $13,500.00; cash on hand, due from banks
and U. S. treasurer, $1,842,339.41. Total, $4,878,424.61.
Liabilities—Capital stock, $200,000.00; surplus, $200,000.00;
undivided profits, net, $24,104.32; circulation, $197,000.00; de
posits, $4,257,320.29. Total, $4,878,424.61.
T H E NATIONAL BANK OF COMMERCE IN ST. LOUIS.
Resources—Currency and coin, $12,479,392.43; checks and

cash items, $1,117,810.76; exchange, $11,563,578.38; U. S. bonds
at par, $9,171,500.00; bonds, stocks, etc., $5,284,811.41; bank
building, $1,500,000.00; loans and discounts, $50,181,790.11.
Total, $91,298,883.09.
Liabilities—Capital, $10,000,000.00; surplus and profits,
$8,364,619.64; circulation, $8,976,997.50; pension fund, $100,-

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

The Cashier Says :—
“I’m glad that’s over.
Funny what ideas som e
people get, isn’t it? Now there
was that school teacher came
in here with a protest against
the faithful old Burroughs.
Said that adding machines
were a curse of civilization,
and we were even now facing
the ‘appalling fact’ that the
children w ere losing their
mental faculties, and we would
soon be a race which had
forgotten how to «add.
I mentioned the fact that
we’d had street cars in this
town for twenty years, and
most of us could still walk
about a little, but she said
that had nothing to do with
the case, and she’d take her
account to a bank where they
had some regard for the in
tellectual welfare of posterity.
She’ll have hard work, I guess,
for there aren’t many banks left w ho
don’t know the value of the Bur
roughs, and most of ’em think the
saving of time and work and anxiety
is worth more than a trifling danger
to posterity’s pow er of recognizing
the result of tw o and two w hen it
sees it.
If you represent one of the few
banks which are not yet in line drop
a card to the Burroughs people to
day. -Y ou ’ll be astonished at the
many figure-handling helps which
one of their m achines brings to you.
H ere’s their address—’’

Burroughs Adding Machine Co.
71

B urroughs
Block, Detroit,
Michigan,
U. S. A.

E u ro p e a n
A d d re s s:
b5 H ig h H o lb o rn , L o n d o n ,
W . C . E n g la n d
9 2 7 -A

SAFE DEPOSIT VAULTS FOR SALE
Two extra heavy safe deposit vaults. One medium size
and one large with two entrances. If taken at once will be
sold cheap. Address
Max Schubert, 757 Washington Ave., No. Minneapolis, Minn.

March, 1910.

THE

NORTHWESTERN

000.00; reserved for taxes, $25,000.00; deposits, $63,832,265.95.
Total, $91,298,883.09.
IOWA NATIONAL BANK OF DES MOINES.
Resources—Loans and discounts, $4,981,272.26; overdrafts,

$17,860.16; U. S. and other bonds, $748,050.63; furniture and
fixtures, $16,000.00; cash and due from hanks, $2,325,644.41.
Total, $8,088,827.46.
Liabilities—Capital stock, $1,000,000.00; surplus, $200,000.00; profits, $55,918.28; circulation, $619,095.00; dividends
unpaid, $255.00; deposits, $6,213,559.18. Total, $8,088,827.46.
DES MOINES NATIONAL BANK OF DES MOINES.
Resources—Loans, $3,287,820.28; overdrafts, $5,222.69; U.

S. bonds, $335,000.00; other bonds, $103,780.00; premiums,
$5,450.00; stocks and securities, $5,052.88; safe deposit vaults,
$25,000.06; hanking house, $150,000.-00; cash and due from
hanks and U. S. treasurer, $1,695,709.78. Total, $5,613,035.63.
Liabilities—Capital stock, $500,000.00; surplus, $60,000.00;
undivided profits, $7,766.29; circulation, $272,000.00; deposits,
$4,773,269.34. Total, $5,613,035.63.
CEDAR RAPIDS NATIONAL BANK OF CEDAR RAPIDS.
Resources—Loans and discounts, $1,857,211.32; overdrafts,

$6,598.36; U. S. bonds at par, $160,000.00; other bonds, $546,874.29; real estate, $160,000.00; cash, due from banks and U.
S. treasurer, $1,248,875.52. Total, $3,979,559.49.
Liabilities—Capital, $100,000.00; surplus and undivided
profits, net, $176,143.03; reserved for taxes, unearned dis. and
int. on C. D.’s, $20,000.60; circulating notes, $98,200.00; depos
its, $3,585,216.46. Total, $3,979,559.49.
FIRST NATIONAL BANK OF SIOUX CITY.
Resources—Loans and discounts, $3,146,165.34; U. S. and

other bonds and securities, $746,980.46; banking house and
other real estate, $131,859.60; cash and sight exchange,
$1,729,252.79. Total, $5,754,258.19.
Liabilities—Capital, $300,000.00; surplus and profits, $6 8 ,517.99; circulation, $3 6 0 ,000.60; deposits, $5,085,740.20. Total,
$5,754,258.19.
T H E LIVE STOCK NATIONAL BANK OF SIOUX CITY.
Resources—Loans and discounts, $1,368,129.86; U. S. bonds

to secure circulation, $100,000.00; premiums on U.
$2,000.00; redemption fund with U. S. treasurer,
furniture and fixtures, $4,000.00; cash and sight
$628,047.55. Total, $2,107,177.41.
Liabilities—Capital stock, $100,000.00; surplus
vided profits, $77,844.64; circulation, $100,000.00;
$1,829,332.77. Total, $2,107,177.41.

S. bonds,
$5,000.00;
exchange,
and undi
deposits*

THE MERCHANTS NATIONAL BANK OF SIOUX CITY.
Resources—Loans and discounts, $752,985.89; U. S. and

other bonds, $30,000.00; banking house, furniture and fixtures,
$30,000.00; cash and due from hanks and U. S. treasurer,
$247,122.18. Total, $1,060,108.07.
Liabilities—Capital stock, $100,000.00; surplus and undi
vided profits, net, $64,673.11; circulation, $25,000.00; deposits,
$870,434.96. Total, $1,060,108.07.
SECOND NATIONAL AND DUBUQUE SAVINGS BANKS.
Combined Statement —Cash, $988,160.69; investments,

$1,908,909.91; deposits, $2,044,316.40; capital, $555,654.20; com
bined total, $2,897,070.60.
MERCHANTS NATIONAL BANK OF BURLINGTON, IOWA.
Resources—Time loans and discounts, $447,724.91; demand

loans, $399,167.48; U. S. bonds at par, $110,000.00; other
bonds and securities, $361,200.00; overdrafts, $8,215.27; bank
ing house and real estate, $49,862.00; due from hanks and U.
S. treasurer, $232,849.94; cash on hand, $128,723.31. Total,
$1,737,742.91.
Liabilities—Capital stock, $100,000.00; surplus fund, $100,000.00; undivided profits, $35,370.75; circulation, $99,400.00;
dividends unpaid, $16.00; deposits, $1,402,956.16. Total,
$1,737,742.91.
FIRST NATIONAL BANK OF DUBUQUE.
Resources—Loans and discounts, $1,169,856.30; U. S. bonds,

$200,000.00; banking house, $34,000.00; furniture and fixtures,
$5,000.00; due from other banks, $502,111.91; cash on hand
and TJ. S. treasurer, $186,581.46. Total, $2,097,549.67.
Liabilities—Capital stock, $200,000.00; -surplus and undi
vided profits, net, $122,226.45; circulation, $200,000.00; de
posits, $1,575,323.22. Total, $2,097,549.67.

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Federal Reserve Bank of St. Louis

BANKER

Exclusive lines of

Grain, Milling, Lumber
and Jobbing Paper of
M inneapolis and St. Paul
Especially suitable for Northwestern Banks
Offerings on application.

EUG ENE M . S T E V E N S & CO.
Commercial Paper and Investment Bonds
Northwestern National Bank BldgM INNEAPO LIS

State Savings Bank Bldg.
ST. PAUL

C O N D ITIO N OF T H E

First National Bank
of Dubuque, Iowa
A T C L O S E O F B U S IN E S S J A N U A R Y

CAPITAL
SURPLUS AND PROFITS

31, 1910

$200,000.00
122,226.45

C. H. EIGHMEY, President.
E. A. ENGLER, Vice-President.
B. F. BLOCKLINGER, Cashier
A. A. KOESTER, Assistant Cashier

Typewriter
EGonomy
Good Work is Cheap
At Any Price

UNDERWOOD
STANDARD

TYPEWRITER
shows the way to the best work at the lowest operating cost.
Visible writing, combined with the perfect action of the machine
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THE

NORTHWESTERN

BANKER

March, 1910.

.National ExchangeTknk
A Strictly Commercial Bank

We invite the accounts of banks and bankers on the basis of ability and willingness to give the most careful and
thorough service.
Our ability to give exceptional service is proved by the constantly increasing number of our correspondents.
Our willingness to render the fullest service is evidenced by the thorough organization and equipment provided
to meet the requirements of this department of business.

RESOURCES OVER THIRTY MILLIONS
WEST BROADWAY AND CHAMBERS STREET, NEW YORK

T H E CITY NATIONAL BANK OF CLINTON, IOWA.
Resources—Time and demand loans, $1,656,182.28; U. S.

SOUTH OMAHA NATIONAL BANK OF SOUTH OMAHA.
Resources—Loans and discounts, $2,083,787.84; TJ. S. bonds

bonds, $178,500.00; real estate and fixtures, $31,968.10; cash
on hand, $143,767.9,0; due from banks and TJ. S. treasurer,
$496,355.18. Total, $2,506,773.46.
Liabilities—Capital, $150,000.00; surplus and profits, $77,668.26; circulation, $150,000.00; deposits, $2,129,105,201 Total,
$2,506,773.46.

to secure circulation, $250,000.00; bonds to secure TJ. S. de
posit, $1 ,000 .0 0 ; banking house, $1 0 ,000 .0 0 ; bonds bought for
investment, $19,341.6$; cash and sight exchange, $1,785,174.02.
Total, $4,149,303.52.
Liabilities—Capital stock, $250,000.00; surplus, $250,000.00,
undivided profits, $165,254.08; circulation, $250,000.00; de
posits, $3,233,753.44; dividends unpaid, $296.00. Total, $4,149,303.52.

THE OMAHA NATIONAL BANK.
Resources—Loans and discounts, $7,259,033.61; overdrafts,

$2,412.80; U. S. bonds for circulation, $780,937.50; stocks and
bonds, $663,963.88; banking house and safety deposit vaults,
$175,000.00; U. S. bonds for deposits, $416,237.50; due from
approved reserve agents, $1,322,129.83; due from other banks,
$2,101,902.44; cash on hand, -$1,344,826.66; due from U. S.
treasurer, $37,500.00. Total, $14,103,944.22.
Liabilities—Capital, $1,000,000.00; surplus fund, $200,000.00;
undivided profits, $320,924.50; circulation,’ $750,000.00; de
posits, $11,833,019.72. Total, $14,103,944.22.
FIRST NATIONAL BANK OF OMAHA.
Resources—Loans, $7,505,292,30; banking house,

125,000.00; U. S. bonds to secure circulation, $200,000.00; due from
banks and TJ. S. treasurer, $2,612,413.29; U. S. bonds, $150,
000.00; other bonds, $613,951.98; cash, $1,595,761.33. Total,
$12,802,418.90.
Liabilities—Capital stock, $500,000.00; surplus, $500,000.00;
undivided profits, $233,236.25; reserved for taxes, $20,000.00;
circulation, $200,000.00; deposits, $11,349,182.65. Total, $12,802,418.90.
UNITED STATES NATIONAL BANK OF OMAHA.
Resources—Loans, $7,305,470.08; U. S. bonds, par, $600,-

000.00; other bonds, $732,400.00; bank building, $200,000.00;
cash and exchange, $3,710,155.45. Total, $12,548,025.53.
Liabilities— Capital stock, $600,000.00; surplus and profits,
$652,633.37; reserved for taxes, $9,743.57; circulation, $450,000.00; deposits, $10,835,648.59. Total, $12,548,025.53.
T H E MERCHANTS NATIONAL BANK OF OMAHA.
Resources—Loans and discounts, $4,446,906;99; U. S. bonds

for circulation, $380,000.00; banking house, $160,000.00; TJ. S.
bonds, $150,000.00; other bonds, $133,742.78; due from banks,
$1,360,218.58; cash at home, $812,988.37. Total, $7,443,856.72.
Liabilities—Capital stock, paid in, $500,000.00; surplus,
$400,000.00; undivided profits, $55,222.61; national bank notes,
$380,000.00; due depositors, $6,108,034.11. Total, $7,443,856.72.

FRED

DEAN

Highest Grade

C om m ercial Paper
Correspondence
Invited

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Federal Reserve Bank of St. Louis

Scuritv Bank Bldg.,
MINNEAPOLIS, MINN

THE UNION STOCK YARDS NATIONAL BANK OF
SOUTH OMAHA.
Resources—Loans and discounts, $2,398,502.53; TJ. S. bonds

for circulation, $120,000.00; other TJ. S. bonds, $10,000*00;
cash and exchange, $1,619,294.79. Total, $4,147,797.32.
Liabilities—Capital stock, $300,000.00; surplus, $60,000.00;
undivided profits, $67,403.56; circulation, $118,900.00; deposits,
$3,601,493.76. Total, $4,147,797.32.
THE SECURITY NATIONAL BANK OF MINNEAPOLIS.
Resources—Loans and discounts, $13,565,204.84; overdrafts,

$1,806.79; bonds, stocks and securities, $322,878.71; TJ. S.
bonds to secure circulation, $450,000.00; cash on hand and due
from banks, $7,195,643.72. Total, $21,535,534.06.
Liabilities—Capital stock, $1,000,000.00; surplus and undi
vided profits, $1,488,666.97; reserved for unearned discount,
$100,000.00; circulation, $443,095.00; deposits, $18,503,772.09.
Total, $21,535,534.06.
FIRST NATIONAL BANK OF MINNEAPOLIS.
Resources—Loans and discounts, $15,438,720.37; railroad

and other bonds, $1,304,320.00; TJ. S. bonds at par, $1,250,000.00; bank building, $300,000.00; cash on hand and due
from banks, $7,982,303.29. Total, $26,275,343.66.
Liabilities—Capital stock, $2,000,000.00; surplus and undi
vided profits, $2,201,995.33; circulation, $1,058,592.50; deposits,
$20,584,005.38; reserved for unearned discount, $110,750.45;
bond account, $320,000.00. Total, $26,275,343.66.
NORTHWESTERN NATIONAL BANK OF MINNEAPOLIS.
Resources—Loans and discounts, $20,965,394.19; TJ. S. and

other bonds, $2,612,615.75; banking house, $575,000.00; over
drafts, $1,056.33; cash and due from banks, $10,014,787,70.
Total, $34,168,853.97.
Liabilities—Capital, $3,000,000.00; surplus, $2,000,000.00;
undivided profits, $147,912.73; circulation, $1,400,000.00; bond
account, $165,000.00; deposits, $27,455,941.24. Total, $34,168,853.97.
Capital $100,000

Surplus $50,000

Merchants National Bank
Sioux City, Iow a

Accounts of Banks and B ankas Solicited
E. W . RICE, P resid en t
OEO. P. DAY, C ashier

O F F IC E R S
?
E. B. SPAULDING, V ice-President
G. N . SW A N , Asst. Cashier

March, 1910.

THE

IO W A

NORTHWESTERN

BANKER

N A TIO N A L

Fl e m in g

b u il d in g , d e s

BANK

m o in e s , io w a

STATEMENT JAN. 31, 1910
RESOURCES.

Loans and Discounts.................................... $4 ,9 8 1 ,2 7 2 .2 6
Over Drafts...................................................
1 7 ,8 6 0 .16
U . S . and other Bonds...........................................
748,050.63
1 6 ,000.00
Furniture and Fixtures.................................
Cash and Due from Banks.......................... 2 .3 2 5 ,6 4 4 .4 1
$8 ,0 8 8 ,8 27.4 6

Largest National Bank
in Iowa. Makes a speci
alty of farm loans for its
correspondents. Write
for rates.

LIABILITIES.

Capital Stock........................................
$1 ,0 0 0 ,0 0 0 0 0
20 0 ,00 0.0 0
Surplus ............
Profits ......................
55,9i8-29
6 1 9 ,0 9 5 .0 0
Circulation ...................................................
Dividends Unpaid .....................
2 5 5 .0 0
Deposits....... .................................................. 6,2I3,559-i 8
$8,088,827.46

0
HOMER A. MILLER, Pres.

H. S. BUTLER, Vice Pres.

IOWA NEWS AND NOTES
A new bank has been organized at Lament with a
capital stock of $15,000.
Mr. C. L. Murrow has accepted a position as book
keeper for the Wayne County Bank of Corydon.
The new board of directors of the Lake Park State
Bank elected O. S. Jones president and C. E. Narey
vice-president.
The stockholders of the Yorktown Savings Bank
held their annual meeting recently and increased their
capital stock from $10,000 to $25,000.
J. W. Myer, assistant cashier of the Ossian State
Bank, has gone to New Albin, where he will act as
cashier, temporarily, of the Farmers State Bank, which
has just been organized.
On February 2d the Dawson Savings Bank was
organized to do business at Dawson, Dallas county,
with $15,000 capital. Mr. W. H. McCammon, of Perry,
is the president of the new bank.
The Anamosa National Bank announces the ad
vancement of Park Chamberlain to the position of vicepresident and E. Webbies, of Mechanicsville, as
cashier.
The annual meeting of the stockholders of the First
National Bank of Klemme was held recently, at which
all the old officers and directors were re-elected. The
report submitted showed a very prosperous business
the past year.
Mr. G; D. Ellyson, president of the Commercial
Savings Bank of Des Moines, has purchased from the
Pease Hay Commission Company the building recently
occupied by that company. The consideration is not
known.
The Germania Savings Bank and the Drovers Bank
of Germania have consolidated under the name of the

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Federal Reserve Bank of St. Louis

Officers

H. T. BLACKBURN, Cashier.

Farmers & Drovers State Bank. Mr. E. J. Murtagh
is vice-president and Guy Dalton is cashier.
C. C. Cathcart, son of L. P. Cathcart, a well-known
banker of Sheffield, was married to Miss Madeline
Lawler, of New York City, N. Y.
The First State Bank of Arlington has filed amended
articles of incorporation increasing its capital stock
from $25,000 to $40,000.
Jas. W. Palovic, of Merrill, has accepted a position
with the First National Bank of Sibley as examiner of
abstracts and deeds.
E.
A. Brittain, former cashier of the Farmers Na
tional Bank of Hamburg, has gone to St. Joseph, where
he has a position as cashier of a bank there.
Edward C. Cook, aged 54, one of the best-known
bankers of eastern Iowa, died at the Belle View Hos
pital at Muscatine.
The annual meeting and election of the First Na
tional Bank of Traer was held recently. All the for
mer directors were re-elected, they being R. H. Moore,
E. E. Taylor, Frannie Wood, D. A. Porterfield, Rufus
Morrison and John Steffen. R. H. Moore was elected
president, W. J. Ladd cashier, E. Rodskier assistant
cashier, and Délia Pickering teller. The past year
was found to be one of the most prosperqus in the
bank’s history.
The Hazel Green Bank of Quasqueton elected new
officers as follows: President, James Harvey; vicepresident, K. Andrews; cashier, Martin Berg; assistant
cashier, Ernest Stad,el, and directors, Ernest Stadel,
M. J. Berg, Chas; Shelliam, James Harvey, C. M. An
drews, John Cox and Richard Bryant.

Wanted to Buy Bank Stocké
I will buy Good Country Bank Stock for investment.Send statement with offerings. Address “Cashier,”
Care Northwestern Banker.

TH E

NORTHWESTERN

IOWA NEWS AND NOTES
Mr. W. H. Lowman, cashier of the Bussey Savings
Bank, has sold his fine farm in Jefferson township and
will move to Bussey.
Mr. J. H. Martin, president of the Tripoli State
Bank, sustained a very painful injury to his ankle not
long ago. He is now under the doctors’ care who, al
though they have pronounced it a serious fracture,
promise a speedy recovery.
The First National Bank of Corwith is a thing of the
past, the Farmers Savings Bank having absorbed all
its interests. This leaves Corwith with one banking
institution. The Farmers Savings Bank has increased
its capital stock from $25,000 to $40,000 and is'now
one of the solid institutions of the county.
John Kane, of Muscatine, who was arrested at Iowa
City, charged with securing $475 from the Farmers &
Merchants Savings Bank of Lone Tree under false
pretenses, by means of alleged bogus checks, gave
bond to appear at a hearing to be held sometime this
month.
Friends of A. O. Hauge are urging him to be a can
didate for school treasurer in opposition to John H.
Hogan, cashier of the German Savings Bank, who is
serving his first term.

U N IT E D

STA TE S

BANKER

March, 1910

Mr. Homer Miller has returned from Los Angeles,
Cal., where he has been making a flying visit with his
family rat the Stratford, where they are located for the
winter.
Cecil Chenoweth, who has been working in the
Wiota Savings Bank for the past two years, has re
signed his position in that bank and accepted a similar
position with the Iowa Loan & Savings Bank of this
city, and is now on duty,
Chas. W. Case, son of Farron Case, died at Emery,
S. D. Mr. Case was formerly with the Valley National
Bank and for a number of years was a prominent news
paper man both in Des Moines and Omaha. His re
mains will be buried at Lansing, Iowa.
Nicholas Neu has accepted a position as one of the
directors of the Carroll Trust & Savings Bank of Carroll. Mr. Neu is one of the substantial men of the
community and his connection with the bank cannot be
for other than the best.
The new Farmers Savings Bank of Shelby, accord
ing to its recent report to the state officials is in a
sound and substantial condition and gaining in busi
ness to the satisfaction of all of the stockholders.
Mr. R. A. Shreves, cashier of the Orient Savings
Bank, has handed in his resignation to take effect the
first of March. Mr. Shreves and family will go to
Idaho Falls to locate if a better opening does not show
up before that time. Mr. Shreves was .the founder of
the Orient Savings Bank.

D E P O S IT A R Y

THE

Cedar Rapids National Bank
OF CEDAR RAPIDS, IOWA
Statement of Condition, Close of Business, Jan. 31, 1910

Comptroller’s Call
Loans and Discounts............................................. $1,857,211.32 Capital .....................................................................$
6,598.36 Surplus and Undivided Profits, net.................
176,143.03
Overdrafts ..........................................
United States Bonds,"at par.................................. 160,000,000 Circulating Notes
98,200.00
Other Bonds ..........................................................
546,874.29 Reserved for Taxes, Unearned Discount and
Real Estate ............................................................
160,000.00 Interest on C. D.’s .......................................
20,000.00
Cash, Due from Banks and U. S. Treasurer........ 1,248,875.52 Deposits .................................. • • • • ...................... 3,585,216.46
$3,979,559.49

$3,979,559.49

OFFICERS:
RALPH VAN VECHTEN, Vice-Pres.
KENT C. FERMAIT, Cashier

MARTIN NEWCOMER, Asst. Cashier.
A. R. SMOUSE, Auditor

LOUIS VISHA, Asst. Cashier

DIRECTORS:
RALPH VAN VECHTEN

Vice Pres. Commercial Nat’ l Bank, Chicago.

GEO. B. DOUGLAS

Douglas & Co., Starch Manufacturers.

ED. H. SMITH

Secretary Farmers Insurance Co.

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

J. M. RISTINE

Physician and Surgeon.

J. H. INGWERSEN

Pres. Peoples Trust & Savings Bank, Clinton.

RESERVE AGENTS FOR NATIONAL BANKS
W e invite new business

March, 1910,

THE

NORTHWESTERN

Mr. C. L. Abbot sold his interests in the Moorefield
Bank to J. G. and H. B. Sawyer and they at once took
charge. The deal also includes Mr. Abbot’s residence
and the bank building.
The directors of the Wild Rose State Bank held a
meeting recently for the purpose of electing the officers
for the ensuing year. The meeting was a most har
monious one, and the old officers were re-elected, and
are as follows: Frank M. Clark, president; T. H. Pat
terson, vice-president; J. V. Berens, cashier.
The Silver City State Bank has a new assistant
cashier in the person of James'Pullman, of Sidney.
Mr. Pullman has been employed in the general office
of the Woodman of the World Lodge at Omaha, and
is very well qualified to fill the new position he has
taken.
The First National Bank of Lake Arthur, of which
W. S. Streater is cashier, has been combined with
three other banks in the immediate vicinity of Lake
Arthur. Mr. Streater, however, retains his manage
ment of the Lake Arthur institution.
John B. Mousel, who has recently been elected vicepresident of the First National Bank of Bancroft, has
been mayor of Bancroft continuously for the past
eight years and is a man whom all Bancroft delights
to honor on account of his sterling qualities and his
genial disposition.
Frank D. Pqet, cashier of the State National Bank,
has just purchased the Trainer farm, about two miles
east of Iowa Falls. It is stated that it is Mr. Peet’s
intention to make a model stock farm of the place,
being ideally located for such a farm. It contains
ninety-one acres and is already well improved. Its
close proximity to town with superior educational fa
cilities and easy access to market makes the place a
very desirable one for a home.
The annual meeting of the Eddyville Savings Bank
was held in the banking room and the following officers
were elected for the ensuing year: President, II. G.
True; vice-president, A. Stuber; cashier, D. W. Ward.
Directors: L. A. Andrew, Walter Bell, of Ottumwa,
E. L. Bay, Wm. Hankins, A. Stuber, D. W. Ward and
Ii. G. True.
At an enthusiastic meeting of farmers residing in the
vicinity of Conroy, the Conroy Savings Bank was or
ganized and well-known citizens elected officers for
the first year. They are as follows: E. H. Stafierson,
president; J. H. Burgy, vice-president; H. E. Oldaker,
cashier; J. W. Newkirk, Andrew Jacobs, Fred Pundt,
Herman F. Maas, Dick Schwartifig and G. II. Plagmbann, directors.
T H E MERCHANTS NATIONAL BANK OF ST. PAUL.
Resources—Loans and discounts, $7,267,097.00; U. S. bonds

at par, $1,000,000.00; bonds, $217,100.00; banking house, $190,000.00; cash and due from banks, $3,041,868.52. Total,
$11,716,065.52.
Liabilities—Capital stock, $1,000,000.00; surplus, $750,000.00; undivided profits, $37,765.83; circulation, $990,800.00,
deposits, $8,937,499.69. Total, $11,716,065.52.

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Federal Reserve Bank of St. Louis

BANKER

The First National Bank of Graettinger has made a
net gain in resources during the past year of a trifle
over $30,000 which means a gain of 23 per cent. This
speaks well for the management of this institution.
At the annual meeting of the German State Bank of
Dyersville the following officers were elected: Jacob
Kerper, president; D. D. Myers, vice-president; D. A.
Gehring, cashier.
The directors of the First National Bank of Inde
pendence held their annual meeting recently. All of
the old officers and clerical force were renamed, as
follows: President, R. B. Raines; vice-presidents,
Fred Lake and R. M. Campbell; cashier, W. G. Steven
son; teller, J. M. Gemmell; assistant teller and book
keeper, L. N. Bissell; bookkeeper, J. N. Smith; draft
clerk, George II. Jones; collection clerk, Arthur Bur
nell.
At a meeting of the stockholders of the First Na
tional Bank, at Moulton, James Bradley, of Center
ville, was elected president, Geo. R. Holbert, vic£president, and E. L. Stickney, cashier. The directors
are: Jas. Bradley, D. C. Bradley, August Post, J. S.
Gregory, G. R. Holbert, and E. L. Stickney.
A wedding of more than ordinary interest was cele
brated at Marshalltown when Miss Emma Woodbury,
daughter of the late J. P. Woodbury, president of the
First National Bank, was married to Mr. Leonard T.
Carney, of Hedges, Mont., son of. Ex-Senator and Mrs.
J. L. Carney, of Marshalltown. Mr. and Mrs. Carney
left for Minneapolis after the wedding and will visit
there for a short time before going to Montana.

Bank Supplies
A large stock of everything carried including,
Coin Wrappers at 75c per 1M
Currency Straps at 50c per 1M
Duplicate Protest outfits at $2.50 each
Duplicate Clearance Books at 85c each
Duplicate Reconciling Books at 80c each
Duplicate Tax Receipt Books at $1.00 each
Duplicate Receipt Bookv at 70c
other articles too numerous to mention.
Did you see our f,ad” on page 65 of last
months Northwestern Banker? Look it up
and see if you can not use a Sales Clerk out
fit- We are having a big sale on them.

Bankers Cabinet & Supply Co.
616 Grand Avenue

Des Moines,

Iowa

THE

NORTHWESTERN

BANKER

March, Ì910.

In All That is Good Iowa Affords the Best

LIFE INSURANCE anZ GOOD BANKING
Among the bankers who are policy holders;— George E. Roberts, Leslie M. Shaw, Ralph
Van Vechten and TWO HUNDRED and FORTY OTHER BANKERS in IOWA
Homer A. Miller, President of the Iowa National Bank, Des Moines, Iowa, was insured for
$2,000 for twenty years, paid in premiums total $1192, had the option of a cash settlement of
$1596, giving 20 years insurance and $404 profit.

This Company Makes Results—Not Estimates
FRANK D. JACKSON, President

SIDNEY A. FOSTER, Secretary

Royal Union Mutual Life Insurance Company, - - Des Moines, Iowa.
Correspondence Solicited

Agents Wanted

IOWA NEWS AND NOTES
At the annual meeting of the Mills County National
Bank a change took place by which H. A. French, as
sistant cashier, becomes cashier, succeeding his father,
Mr. A. D. French, retired. Mr. A. D. French has been
the cashier for sixteen years. He was at one time
previous, county treasurer, and before that connected
with the Burlington road as agent at Hastings, Iowa.
The Merchants National Bank of Grinnell has pur
chased the J. W. Manly block and it is the purpose
•of the bank to remodel this building and ultimately oc
cupy the entire block. The action of the Merchants
National was wisely taken in view of that constant
growth of Grinnell. It has secured a fine location and
an excellent building in anticipation of the approaching
time when the present quarters will be outgrown.
The stockholders of the Union National Bank of
Ames re-elected the old board of directors and the
officers the board elected are: President, W. M. Gree
ley, vice-president, E. W. Stanton, cashier, Henry
Wilson, assistant cashier, C. L. Siverly. The board
and stockholders found the condition of the bank ex
cellent, as it always is. .
A fire of mysterious origin entirely demolished the
beautiful home of E. E. Hughes, vice-president of the

THE POCKET DIRECTORY
OF IOWA BANKS FOR
1910
Is now ready. Revised and corrected up to time of
going to press.

Bound in Cloth Red Leather - -

$1.00
$1.50

Sent anywhere for examination and approval
Address

THE NORTHWESTERN BANKER

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Federal Reserve Bank of St. Louis

Publishers
DES MOINES, IOWA

First National Bank of Boone, entailing the loss of
many thousands of dollars, entirely covered by insur
ance. The fire was discovered by Miss Hughes, re
turning after a social affair, who spread the alarm.
Two firemen were nearly overcome by smoke and gas.
E. A. Richards, president of the Calhoun County
Bank, and one of the most prominent financiers in that
part of Iowa, dropped dead February 7th, from the
effects of a stroke of apoplexy. He had been slightly
ill before this, but nothing serious was thought of his
condition until death came without warning.
Sumner J. Osgood, a former student at Iowa College,
Grinnell, and a graduate of the .State University of
Iowa, has been honored by election as cashier of the
Home Savings Bank of Iowa Falls. Mr. Osgood has
been a close student of commercial law, banking and
financial subjects and has thus carefully fitted himself
for the position which he has just chosen.
The annual meeting of the Lamont Savings Bank
was held recently and the following directors were
elected for the ensuing year. A. A. Smith, John El
liott, Wm. Elliott, E. I-I. Hoyt, Thos. Kelsh, James
Carr, John Kash, Henry Sharff and Henry Allenstein.
Mr. Bettendorf has been elected to the directory
board of the German Savings Bank of Davenport. He
is widely recognized as the leading inventor of hy
draulic machinery of the world and is at the head of the
mammoth steel car works that have given his name to
Davenport’s thriving suburb, the town of Bettendorf,
Iowa.
H. E. Teachout, vice-president of the Home Savings
Bank for the past nineteen years, will have an office
in the future in the liome Savings Bank. He will then
confine his attentions largely to the duties connected
with his recent purchase, the Hohberger Block, but
will take active part in the affairs of the bank.
The Red Oak Trust and Savings Bank has closed
the most successful year of business in its history,
paying an annual dividend and carrying over a hand
some balance to its undivided profit account. Active
preparations are now being made to handle its usual
farm loan business which comes with every March
1st by reason of the annual movement of real estate.
The savings bank is permitted by the laws of the state
to invest its funds in real estate security, which ac
counts for the high degree of efficiency with which it
serves its farm loan customers.

March, 1910.

THE

NORTHWESTERN

KENNETH CEARK, Pres.
G. H. PRINCE, Vice-Pres.

BANKER

H. W. PARKER, Cashier

55
H. VAN VLECK, Ass’t. Cashier
G. W. EKSTRAND, Ass.. Cash.

The Merchants National Bank
of Saint Paul, Minnesota
United States Depository

Capitai, - $1,000,000
Charles P. Noyes
Louis W. Hill
V. M. Watkins

W. B. Parsons
Geo. H. Prince
L. P. Ordway

DIRECTORS
Crawford Livingston
J. M. Hannaford
F. B. Kellogg
Ambrose Guiterman

Kenneth Clark
Thomas A. Marlow
0. H. Biglow

Surplus, - $675,000
J. _H. Skinner
E. N. Saunders
D. R. Noyes

Correspondence and Personal Interviews Invited

IOWA NEWS AND NOTES
The stockholders of the Boone .County Bank held
their annual meeting and re-elected the officers for the
coming year: President, A. J. Barkley; vice-president,
J. H. Riekenberg; cashier, Archie Patterson; assistant
cashier, P. H. Kneeland. The past year’s business
has been very satisfactory. Mr. Barkley has been
president of the bank for the past twenty years and an
officer in the institution since its organization twentysix years ago.
The funeral of George A. Johnston, held Friday in
the M. E. Church at Sheffield, was one of the largest
ever held there. The Knights of Pythias, Woodmen
and the Odd Fellow lodges, of which he was a mem
ber, attended in a body. Mr. Johnston was cashier of
the Johnston Bros. Bank and was a genial and social
man much esteemed by all, and regret at his untimely
death is general^
Mr. P. M. Joice, the well-known banker of Lake
Mills, has sold his holdings in his home banks and sev
eral neighboring banks to C. E. Paulson, a wealthy
banker of Albert Lea, and associates. • E. P. Morstenson will be vice-president and resident manager. Mr.
Joice will move to St. Paul and continue the land busi
ness which he and his son-in-law have operated for
years. No other changes in the bank officials are con
templated.
One of the boldest robberies that was ever perpe
trated in the vicinity of Burlington was that in which
a lone highwayman dressed as a tramp secured a small
sum of money from the West Burlington Savings
Bank. The fellow entered the bank and presenting a
revolver at the head of Cashier Johnson ordered him to
turn over all the money in sight. Johnson complied,
shoving a bunch of bills across the counter to the rob
ber, who backed out of the door with his revolver lev
eled and then disappeared. It turned out that the
bunch contained six $10 bills. It was merely chance
that it did not contain several hundred.
The following is the result of the annual election of
officers of three of the Marshalltown banks held recent
l y : Security Savings Bank— President, W. H. W oods;
vice-president, William Welden; cashier, Clarence H.
Burlingame; directors, William Welden, J. H. Carle-

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Federal Reserve Bank of St. Louis

ton, E. O. Ellsworth, W. H. Woods, Stewart Stockdale, J. D. Newcomer, of Eldora, and F. W. Crockett,
of Des Moines. State National— President, S. R.
Cross; vice-president, B. H. Thomas; cashier, F. D.
Peet; bookkeeper, W. D. Wadsworth; directors, S. R.
Cross, B. LI. Thomas, Robert Wright, G. S. Gilbertson,
of Des Moines, and F. D. Peet. First National Bank:
Président— W. H. Woods; vice-president, J. H. Carleton; cashier, C. H. Burlingame; bookkeepers, Robert
O. Fowler and Miss Flora Thayer; directors, J. H. Carleton, E. O. Ellsworth, William Welden, W. IT.
Woods, F. W. Crockett and J. D. Newcomer.
Mr. John C. Lusch, president of the First National
Bank of Ackley, and for forty years one of the most
prominent and influential residents of Ackley, died,
after an illness of some duration. The passing of a
citizen whose efforts have ever been for the good of
the community, and who has always labored for thebest interests of the town, is widely deplored on all
sides and Ackley is shrouded in mourning over the
passing of her beloved citizen.
J. M. Colburn, president of the State Bank of Max
well, has left for Oklahoma, Texas and other southern
states. Mr. Colburn expects to be absent the re
mainder of the winter.
The First National Bank of Gowrie has announced
its intention of organizing the First Trust & Savings
Bank of Gowrie, in connection with the First National
Bank, to occupy the same rooms, to be owned by the
same shareholders and to be managed by the same offi
cers. The First Trust & Savings Bank of Gowrie will
do through its officers a strictly trust business, and in
its corporate capacity a purely savings bank business.
The combined capital and surplus of the two banks will
be $60,000 with resources of over one-third million.
A new bank has just been incorporated at Whitten,
'with $15,000 capital, by farmers and business men who
live near and in the town of Whitten. The officers of
the new institution which will be known as the Whit
ten Savings Bank, are: J. B. Myers, president; Tru
man Walton, vice-president, and F. D. Linderman,
cashier. The bank is a successor to the Whitten Bank,
a private institution which has been conducted at
Whitten for four or five years. This makes a total of
twenty-six b?mks for Hardin county. Deposits in El
dora, Iowa Falls and Whitten aggregate about $3,000,000.

THE

Correspondence invit
ed with a view to bus
iness relations with the
banks of Western Iowa
Nebraska, C olorado,
Wyoming, South Dakota
and the Northwest : :

NORTHWESTERN

March, 1910.

Capital and Surplus
¡MAHA

FES NAT«

$1,246,024.00

>vjOF|S
Omaha

Reserve Depository for
National Banks

NEBRASKA NEWS AND NOTES
The First National Bank of Imperial will be organ
ized with a capital of $25,000. Application for a char
ter has been filed by J. F. Johnston, of Imperial.
Omaha’s bank clearings for a recent week exceed
$15,000,000 and show up an increase of nearly 23 per
cent over the corresponding week of a year ago.
The City National Bank of Wymore has received a
new Meaker coin cashier and change-maker. The lit
tle machine greatly facilitates the handling of coin and
is a great time and labor-saver.
.The First National Bank of Columbus has its plans,
all made for changes and reconstruction in its build
ing. The bank building will be modernized in every
way and the changes and improvements will cost about
$10,000.
Mr. J. K. Liggett, of Humboldt, Kan., has gone to
Pawnee City to act as cashier of the National Bank of
Pawnee City, during the absence of the cashier, Mr.
Bull, who is taking a short vacation.
The interior of the First State Bank of St. Paul has
been thoroughly gone over since the recent change in
ownership and made attractive as well as more com
fortable for business.
The First National Bank of Morrill has been author
ized to begin business with a $25,000 capital. IT. S.
Clarke, Jr., is president; C. W. Scoville, vice-president,
and L. M. Eastman, cashier.
The City National Bank of Wymore has purchased
a new latest model screw door Manganese steel Victor
safe. It weighs 4,200 pounds and is guaranteed bur
glar proof. It has a triple time lock which no one can
open but at a specified time.
The new Elyria State Bank will open for business
at once, the building purchased for the bank having
been refitted and a complete set of bank fixtures hav
ing been installed. A. A. Hayek will be the president
of the bank and W. M. Costello the cashier.
President Luther Drake, of the Merchants National
Bank of Omaha, was appointed as a member of the

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Federal Reserve Bank of St. Louis

BANKER

United States assay commission, its duty being to ver
ify assays and weights of various precious minerals.
Mr. Drake will attend the meeting of the commission
to be held in Philadelphia this spring and will then
spend some time in the South.
The First State Bank of Hemingford has still further
added to its already finely equipped system by install
ing an adding machine which not only adds, but sub
tracts and multiplies and while the initial cost is some
thing handsome, the time saved and the mechanical
accuracy obtained will be amply remunerative.
The largest deposits known in the history of Minden were shown in the reports of the two national
banks, they having nearly $500,000.
Seven other
banks in the county are equally well situated, showing
the prosperous condition of the county and its munici
palities.
Already preparations are being made by the officers
for the reception and entertainment of group four of
the Nebraska State Bankers Association which will
meet in Hastings early in May. This group has met
in Hastings for four consecutive years and at the last
year’s meeting was chosen for the fifth time without
an opposing vote.
Charles T. Kountze, president of the First National
Bank, was elected president of the Omaha Clearing
Plouse Association at the annual 'meeting. Joseph H.
Millard, president of the Omaha National, is the re
tiring president. J. C. French, of the South Omaha
National, was elected vice-president, and William B.
Hughes manager. W. E. Rhoades was elected a mem
ber of the committee of management. The other two
members of the committee are Henry W. Yates and
Frank T. Hamilton.
■ Roy Moore, of Plendley, will succeed Avon Arenberger in the First National Bank of Oxford. Mr. Arenberger is now the county treasurer of Harlan county.
FI. F. Friedrichs, who has held a position as clerk in
the Citizens State Bank of Bloomfield for the past two
seasons, has resigned his position and will go to Os
mond as assistant cashier of the Farmers State Bank.
This comes to Mr. Friedrichs in the line of a wellmerited promotion and the bank is to be congratu
lated upon the accession of such an able business man.

THE

March, 1910.

TH E

NORTHWESTERN

OMAHA

BANKER

NATIONAL

BANK

OF OM AHA, NEBRASKA
STATEMENT, JAN., 31, 1910
RESOURCES.

LIABILITIES.

Loans and d iscou n ts............................ $7>
259i°33-6i
O verdrafts ............................................
2,412.80
U. S. Bonds, for circ u la tio n ...'.........
780,937-5°
S tock s and B onds........................... •...
663,963.88
B a n k in g H ouse and S afety Deposit
V a u lts.....................................
175,000.00
U. S. Bonds for D eposits..$416,237.50
Due from Approved Re
serve A gen ts................. 1,322,129.83
Due from other B a n k s...2,101,902.44
Cash on H a n d ............... ...1,334,826.66
Due from U. S. Treasurer ,47.500.00 5,222,596.00
$14,103,944.22

Capital ....................
$1,000,000.00
Surplus F u n d ..............; ......................... 200,000.00

J . H. MILLARD President

WM. WALLACE. V. President

W. M. BURGESS. V. President

P r o f i t s ...........................................

320,924.50

$14,103,944.22
W T O U C H O L Z . V President

J. De F J R jO jM jD S . U t e

FRANK BOYD. Asst. Csshier

WELL ORGANIZED COLLECTION DEPARTMENT. ITEMS ON OMAHA AND ALL NEBRASKA POINTS SOLICITED._______________________

NEBRASKA NEWS AND NOTES
The annual meeting of the stockholders of the Tecumseh National Bank the following board of directors
was re-elected: A. W. Buffum, T. J. Pierson, A. O.
Shaw, N. M. Davidson, S. P. Davidson, E. G. Hedrick,
J. A. McPherson, Theodore Smith and Grant Buerstetta. The affairs of this institution were shown to
be in a very prosperous state. Following the meeting
of stockholders the directors met and the old corps of
officers was re-elected as follows: President, A. W.
Buffum; vice-president, T. J. Pierson; cashier, A. O.
Shaw; assistant cashier, N. M. Davidson.
The organization of the new Gering National Bank
has been completed, the following being the list of di
rectors: W. H. Ostenberg, R. F. Neeley, A. M. Pattison, J. W. Kinnamon, D. B. Wooldridge, Wm. Lamm,
C. C. Hampton, Wm. Ganser, E. Clifton Green, J. C.
McNish, H. H. Ostenberg. The capital stock is
$25,000, and the following are to be the officers in
charge of affairs: Robert F. Neeley, president; H. H.
Ostenberg, C. C. Hampton, vice-presidents; M. M.
Patterson, cashier; Earl Neeley, assistant cashier.
The Columbus banks elected officers recently, and
very few changes were made in the directories. The
following is the way they stand at this time: First
National— J. H. Galley, Jacob Greisen, Edward John
son, Peter F. Luchsinger, P. A. Peterson, and Henry
Miller. German National— G. W. Phillips, C. H. Shel
don, Frank Rorer, Theodore Friedhof, August Boett
cher, H. S. Elliott, George Willard. Commercial Na
tional— H. P. H. Oehlrich, Daniel Schram, A. D. Beck
er, S. C. Gray, Jonas Welch, A. F. H. Oehlrich and
John J. Galley. The standing of all the financial insti
tutions of Columbus is above the average, and is in
line with the rapid growth of the city in general.
The stockholders of the Farmers State Bank of
Fairmont held their regular annual meeting and in
creased their capital stock from $25,000 to $50,000 and
the surplus from $5,000 to $25,000. This now gives
them a working capital of $75,000. The old officers
and directors were elected for another year.
Not long ago yeggmen looted the Bank of Memphis,
five miles north of Ashland, and secured about $2,500
in cash and pretty nearly wrecked the bank building

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Federal Reserve Bank of St. Louis

U n d iv id e d

C irc u la tio n ............................................
750,000.00
Deposits, In d iv id u a l__$6,178,990.74
B a n k s ................. 5,654,028.88 11,833,010.72

in doing it. They made their escape in the direction
of Omaha and while the sheriff of Saunders county and
the detectives are searching for them, no definite trace
of their whereabouts have been found. The bank funds
were covered by burglary insurance, so there will be
no loss to the depositors or stockholders aside from
the inconvenience and' interruption in the business of
the bank.
How much the banks of Lincoln are doing to carry
the state of Nebraska through a backward season of
crop gathering and marketing is shown by the state
ments of the four national banks just published. By
comparison with those of a year ago it is found that
two-thirds of a million dollars has left the vaults of
Lincoln institutions to supply the demand for cash
over the state in communities where a large part of
the corn crop still stands unhusked in the frozen fields.
Withdrawals by the country banks have been uniform
ly heavy for several months past and the effect is seen
in decreased items from Lincoln.
Hon. L. G. Brian, state treasurer, while here recent
ly as a member of the state normal board, took occa
sion to visit the Commercial State Bank of Crawford
and was so favorably impressed by their elegant new
bank building and the very conservative manner in
which the business is managed that he decided to make
it a state depositary and hereafter this bank will re
ceive its proportion of the state money.
Judge Welch sentenced Harry Joyce to the peniten
tiary for twenty years. Joyce was convicted of partici
pation in the robbery of the Farmers Bank of Hadar,
two years ago. James Morrison was sentenced a month
ago to thirty years for the same crime. The robbers
blew the safe and secured $1,940.
Iowa Banks having business at the South Omaha Stock
Yards should, for prompt and efficient service direct it to

The South Omaha National Bank
South Omaha Nebraska,
Capital

Surplus and Prolits

$ 2 5 0 ,0 0 0
$ 4 1 2 ,0 0 0

THE

NORTHWESTERN

The First National Bank of Chadron has prepared
for increased business by increasing its capital stock
from $50,000 to $75,000 and its surplus fund from
$10,000 to $23,500. The bank also carries a contingent
fund of $10,000 and has undivided profits of $70,000,
giving it for practical use as capital $115,000. The ini
ci ease of the capital stock was made not from carrying
surplus to capital, but by putting in $25,000 additional
cash over earnings.
The First National Bank of Pender has made some
changes in its officials. J. H. Henry, who has been
president and director of the bank for a number of
j ears, has dropped out of both positions. He retains
his stock, however, in the bank. E. A. Wiltse was
elected president to succeed Mr. Henry. J. J. Lynch
was made cashier. Mr. Hancock was added to the
board of directors to take Mr. Henry’s place. The bal
ance of the directors remain the same.
The three national banks of Hastings show a large
increase in their resources in the recent call compared
with the last previous call of November 30th. The re
sources of the three banks show the following increases
in the ten weeks’ period between statements: German
National, $57,791; First National, $53,146; Exchange
National, $33,736, an increase in the resources of the
three banks of $144,673.
An important business deal was made not long ago
in which the City National Bank of Holdrege passed
into new hands. Cashier E. P. Dunlap is the only mem-

Baa^ Accounts

FEBRUARY, 191«

To the Bankers of Nebraska and
Western Towa
If 296 Banks in this territory find it decidedly advanta
geous to carry accounts with the UNION STOCK YARDS
NATIONAL, BANK, is it not worth your while to investi
gate the “reason why?”
Another Thing: For ths first time during any Febru
ary in its history, this Bank has over FOUR MILLION IN
DEPOSITS—evidence that it has reached the position where
it can properly take care of your business in all lines of
legitimate banking.
Ask your neighbor who has an account with the Union
Stock Yards National Bank, or for further information
write to

E. F. FOLDA, Vice-President,

Union Stock Yards National Ba n k
T he Only Bank at Union Stock Yards

South Omaha, Nebraska
Established 1886
Nationalized 1881

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Federal Reserve Bank of St. Louis

Capital $300,000.00
Surplus 60,000.00

BANKER

March, 1910.

ber of the old organization who remains. The pur
chasers are E. L. Kiplinger, F. W. Kiplinger, C. W.
McConaughy, L. Brown and T. L. Doherty, all of
Holdrege; John A. Slater, of Minden; G. H. Bir
chard, of Lincoln, and E. C. Rodman, of New York
City. The poor health of Dr. Hanna, former president
of the institution, is the cause of the change.
According to the comptroller of the currency, thirtyone applications to organize national banks were re
ceived in January. In that month twenty-eight na
tional banks were authorized to begin business, with a
total capital of $2,115,000. Of this number fifteen with
a total capital of $375,000.had individual capital of less
than $50,000, and thirteen with a total capital of
$1,740,000 had individual capital of $50,000 or more.
There are 7 , 0 6 5 national banks, with authorized cap
ital of $976,141,935 and circulation outstanding secured
by bonds of $681,332,354.
Under the direction of Secretary Royse, of the state
banking board, Examiner Beaumont took possession
pf the Farmers & Merchants Bank at Alexandria in
Thayer county. This is the first failure of either state
or national bank in Nebraska since the bank guaranty
question became prominent enough to be placed in the
platform of either of the great political parties. It is
interesting to the exponents of the guaranty idea be
cause it indicates that even in prosperous times the
failure of individual banks due to local conditions is
not uncommon. It was such failures, chiefly, that the
advocates of the guaranty wished to meet and protect
the depositors. Too keen competition in a small town
is said to have been the cause of the failure. It is not
known what percentage of their deposits will be paid
the customers of the institution.

THE

March, 1910.

The

NORTHWESTERN

BANKER

M ERCH AN TS N A T IO N A L BANK
o f

O M A H A, N E B R A S K A

2775

L uther Drake, President
F. P. Hamilton, Cashier
ACCOUNTS SOLICITED.

Frank T . Hamilton, Vice Pres.
B. H. Meile, Assistant Cashier
U. S. DEPOSITORY

MUCH PROSPERITY AMONG STATE BANKS
OF NEBRASKA.
From the report of Secretary Royse to the state
banking board it appears that the state banks increased
in deposits the past year $7,884,874. Increase in num
ber of banks was thirty-four. Increase in capital stock
totals $1,122,210.
The comparative figures on these various items are
as follows:
Number of banks reporting: In 1908, 628; in 1909,
662.
.
Capital stock paid in : In 1908, $10,905,030; in 1909,
$12,027,240.
General deposits: In 1908, $65,398,753; in 1909,
$73,283,627.
Loans and discounts: In 1908, $55,721,627; in 1909,
$66,022,007.
There having been altogether fifty-five new state
banks chartered during the past year with' a total
capital of $804,000.' These are:
Paid in
Location
Name
Capital
Crookston— Bank of Crookston....................... $10,000
Loretto— Loretto State Bank.......................... 10,000
Merna— Farmers Bank of Merna........... ^.......... I5>000
Cadams— Cadams State B a n k ...................... 10,000
Lawrence— Lawrence State Bank............. ..
10,000
Venango— Venango State Bank......................... 10,000
Marsland— Marsland State Bank....................... 10,000
Walton— Farmers and Merchants Bank........... 10,000
Cook— Cook State Bank........... ......................... 12,500
Lincoln— German-American State Bank......... 50,000
Oberton— Farmers State Bank............. ............. 10,000
Red Cloud— Webster County Bank................... 25,000
Shickley— Farmers & Merchants Bank............. 10,500
Beatrice— First Trust & Savings Bank........... 12,000
Kilgore— Kilgore State Bank........................... 10,000
Wahoo— Nebraska Trust & Savings Bank. . . 25,000
Florence— Farmers State Bank......................... 10,000
Deshler— Farmers & Merchants Bank............. 25,000
Tecumseh— First State Bank............................... 20,000
Broadwater— Broadwater B a n k ..............
10,000
Rosalie— Farmers State Bank......................
10,000
Lisco— Lisco State B a n k ................... ........... • • 10,000
Crete— Trust & Sav. Bank of Crete................... 12,500
Morrill— Farmers & Merchants Bank.........
15,000
Shelby— Shelby State Bank ............................... 15,000
Benkleman— Citizens State Bank...................... 20,000

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Federal Reserve Bank of St. Louis

Capital
Surplus
Undivided Profits
Deposits

- $500,000

$350,000
$ 74,573

$6,714,115

Columbus— Home Savings B an k...................... 12,000
Broken Bow— Custer State Bank....................... 20,000
Wilber— Home Savings B a n k ......................... 12,500
Trenton— Farmers & Merchants State Bank.. 10,000
Arnold— Peoples State Bank.............................. 10,000
David City— City Trust and Savings Bank---- 12,500
Pleasanton— Farmers State Bank..................... 12,000
Friend— First Trust and Savings Bank........... 12,500
Keystone— Bank of Keystone........................... 10,000
Havelock— Citizens State Bank......................... 20,000
Seneca— Bank of Seneca................................... . 10,000
Endicott— State Bank of Endicott..................... 10,000
Newman Grove— Shell Creek Valley B an k.. . . 15,000
Aurora— Farmers State B an k.......................... 30,000
David City— Butler County State Bank......... 35>000
Anoka— Boyd County State Bank..................... 10,000
Glenville— Farmers State Bank.............
10,000
Hartington— Peoples Savings Bank................... I5>000
Alma— Alma State Bank.................................... I5*000
Alda— Alda State Bank........................................ 10,000
TOB— 6845
(l6) .........................
Comstock— Farmers & Merchants Bank......... 10,000
Duncan— Duncan State Bank............................ 10,000
Hemingford— Peoples B a n k .............................. 10,000
Oakland— Oakland State Bank...................'---- 25,000
Geneva— Bank of Commerce.............................. 20,000
Cheney— Bank of Cheney.................................. 10,000
Henry— Henry State Bank................................ 10,000
Grand Island— Home Savings Bank............... • I5>00(?
Fairmont— Bank of Fairmont............................ I5>000

OU will now be free to make use of
that perfectly equipped and com
plete Banking Plant
T h e Packers National Bank

puts at your service at the Stock Yards in
SO U TH O M AH A,

and you will profit by its new and liberal
accommodations.

THE

NORTHWESTERN

BANKER

SECURITY NATIONAL BANK
MINNEAPOLIS
CAPITAL AND SURPLUS $2,500,000.

MINNESOTA NEWS AND NOTES
The entire capital of $50,000 and surplus of $10,000
of the bank to be established by the North Side mer
chants of Minneapolis, has been subscribed and those
interested in the project hope to open the institution
in the old German-American Bank quarters In about
two months.
The Security State Bank is the name of a new insti
tution recently chartered at Eden Valley. The in
corporators are T. F. McClure, O. H. Campbell, Fred
Kopplin, Wm. Bierman, Wm. Cashman and C. J.
Boylan. The capital stock of the new bank is $15,000.
Mr. Harry Garceau, teller at the First State Bank
of Lake Falls, Minn., and Miss Amelia Berget, of Lake
Falls, were married recently at St. Joseph’s Church.
They left immediately after the ceremony for a wed
ding trip to Duluth and Minneapolis and will be at
home to their friends the 1st of March.
The following are the officers of the State Bank oil
Warroad under the new management: Peter Alldrin,
president; Paul Marshall, vice-president; F. H. Brown,
cashier; Amed Sodefstrom, assistant cashier.
Charles G. Lawrence, formerly treasurer of the Stale
Savings Bank of St. Paul, died at his home, 703 Lin
coln avenue. His death was due to Bright’s disease.
Mr.- Lawrence had been in failing health for some time,
his condition finally necessitating his withdrawal from
business. Louis Betz, city comptroller, was recently
elected to fill the position vacated by Mr. Lawrence’s
resignation.
The following officers of the Union State Bank of
Minneapolis have been elected for the following year:
President, F. IT. Peterson; cashier, A. E.'Nelson; as
sistant cashier, Wm. F. Olsen. The formal resigna
tion of L. S. Swenson has been accepted, and his place
will be filled later. Mr. Swenson will leave Minneapo
lis for Switzerland to take up his duties as minister
from the United States in about two weeks.
Richard C. Lilly has been made assistant cashier of
the Merchants National Bank of St. Paul made by the
resignation of George W. Eckstrand. The election
was made unanimously by the board. Mr. Lilly is

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Federal Reserve Bank of St. Louis

March, 1910.

O F F IC E R S
F. A. CHAMBERLAIN,
President
PERRY HARRISON,
V-Pres.
E. F. MEARKLE.
- V-Pres.
J- S. POMEROY, Cashier
FRED SPAFFORD, - Asst. Cash.
GEORGE LAWTHER, Asst. Cash.
STANLEY H. BEZ01ER, Asst. Cash.

twenty-five years old and has been employed by the
bank since he was sixteen. He entered the service of
the corporation as a messenger boy and worked his
way up through the clerical department, occupying at
different times every teller’s cage in the building.
Stockholders of the Merchants' and Manufacturers
State Bank voted recently to increase their capital
stock from $50,000 to $100,000. The surplus of the
bank is $15,000. The recent movement for higher cap
italization throughout the country is beginning to be
noticeable in Minneapolis. Officers of the bank elected
this year are: A. M. Howland, re-elected president;
O. N. Nelson, vice-president; P. L. Strom, cashier.
A Greek bank for Minneapolis for the purpose of at
tending to business loans -at present made privately is
being agitated by Minneapolis Greeks under the lead
ership of Peter Boosalis, president of the Greek com
munity. Mr. Boosalis said that the Greek finances now
represent; about $1,000,000 and that enterprising
Greeks are invading the country towns and cities of
Minnesota, North and South Dakota and Wisconsin,
making Minneapolis a basis for loans whenever money
is needed to establish new business.
I.
#The election of officers of the new Northern Na
tional Bank resulted in the choosing of the following:
Directors, A. P. White, A. D. Stephens, W. L. Brooks,
TS L. Shevlin and J. E. Cowan; A. P. White, president;
A. D. Stephens, vice-president; W. L. Brooks, cashier.
The bank now has a capital of $50,000, with $5,000 sur
plus; having but recently been increased from $25,000.
S. A. Netland and W. W. Pye, of Northfield, and A.
O. Netland, of Audubon, Minn., have made application
for a charter for a third bank in Northfield. It will
be known as the State Bank of Northfield and will
be capitalized for $25,000. Mr. Netland is cashier of
the Northfield National Bank and Mr. Pye is one of the
directors. A modern bank building will be erected.
T h e annual meeting of stockholders of the American
National Bank, of Spearfish, S. D., was held re
cently. All officers of that institution were re-elected,
the stockholders feeling that no improvement could
be made. This bank has always been listed in the
“ safe and sound” class, and since its reorganization is
undoubtedly one of the strongest banking houses in the
Black Hills.

March, 1910,

Capital & Surplus

THE

NORTHWESTERN

F IR S T N A T IO N A L B A N K

$4,000,000

Deposits

$ 20,000,000

OFFICERS
F. M. Prince..................... President
C. T. Jaffray........... Vice-President
Geo. F. Orde......................... Cashier
D. Mackerchar. .Assistant Cashier
Geo. A. Lyon . . . . Assist. Cashier
H. A. Willoughby. .Assist. Cashier
P. J. Leeman.. ..A ssist. Cashier

It will pay you
to clear y o u r
n o rth w e s te r n
items th ro u g h
this bank.

M IN N E A P O L IS

MINNESOTA. NEWS AND NOTES
A. I. Widlund, of Grand Forks, N. D..J is interested
in the incorporation of the First National Bank. The
other incorporators are: Jl F. Jones, of Chicago, 111.,
and A. C. Goldtrap, of Indian Creek, Ind.
Between two and three hundred depositors of the
defunct People’s State Bank of Lakota, N. D., gath
ered at the county courthouse to take action regard
ing the appointment of a receiver. Contrary to ru
mors that the meeting would be in the nature of an in
dignation gathering, there was nothing sensational and
the business before the depositors was dispensed with
in a very orderly manner. Robert Grant was chosen
chairman of the meeting and Charles R. Pettis secre^tary. Bank Examiner Oliver Knudson told of the con
dition of the bank and stated that the shortage was ex
actly $98,400.88. Then followed a three hours’ dis
cussion of the situation by the depositors. It was gen
erally expected that the meeting would take action to
ward the election of a receiver, but this did not prove
to be the case. A resolution was passed asking that
Bank Examiner Knudson remain in charge pending a
reorganization. Mr. Knudson thanked the depositors
for the confidence shown by their action and will pro
ceed with the investigation.
The following South Dakota banks have bee-n char
tered: Sherman State Bank, at Sherman, with a cap
ital of $10,000, incorporators Chas. A. Wiley, W. K.
Van Brunt, James Watkins and others. The Irriga
tion State Bank, at Nisland, with a capital of $10,000,
the incorporators being John Clay, Chicago; James T.
Craig, M. J. Smiley, D. J. Hill and W. B. Penfield,
Belle Fourche. The Reclamation State Bank, at New
ell, with a capital of $10,000, incorporators being John
Clay, of Chicago, and others. The latter two banks
are at new towns on the government reclamation tract
in Butte county.
Banks in the Black Hills all report an increase of
business during the last year and annual reports show
.gratifying conditions. The Black Hills Trust and Sav
ings Bank of this city, at its annual meeting chose the
following directors: W. W. Jamison, C. M. Jamison,
Olaf Seim, F. D. Smith, J. R. Russell, B. P. Dague, R.
S. Jamison, Burt Rogers, F. S. Strattan. The directors

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Federal Reserve Bank of St. Louis

BANKER

elected the following officers: President, R. S. Jam
ison ; vice-president, Burt Rogers; cashier, F. S. Strat
tan; assistant cashier, A. J. West. The American Na
tional Bank of Spearfish chose for directors H. G.
Weare, T. N. Matthews, T. W. Matthews, Henry
Keets, A. L. A. Kinney, W. L. Brown, L. W. Valen
tine. The directors elected officers as follows: Presi
dent, Henry Keets; vice-presidents, L. W. Valentine
and T. W. Matthews; cashier, A. L. Kinney; assistant
cashier, C. W. Ott.
Articles .of incorporation have been filed for the
Farmers State Bank of Mina, Edmunds county, with
a capital of $10,000. Incorporators are -Chas. J. Duke,
E. C. Stevens, L. C. Moulton, Otto Durker and others.
F.
A. Chamberlain, president of the Security Nation
al Bank, was elected president of the Minneapolis
Clearing House Association at the annual meeting,
succeeding F. M. Prince, president of the First Nation
al Bank, who was the head of the association last year.
E. W. Decker, vice-president of the Northwestern Na
tional Bank, who had not held office previously in the
Clearing House Association, was elected to the vice
presidency, succeeding Mr. Chamberlain. Perry Har
rison, vice-president of the Security National, who has
DAKOTA NEW S AND NOTES.
A company, of which J. L. Hjert is a member, has
organized the First National Bank at Reader. This
is the third bank at Reader, which is a new town on
the Puget sound line of the Milwaukee road.
A very important business change took place in the
city of Norden, S. D., when the Bank of Norden con
solidated with the Farmers State Bank, making a total
capital of $15,200. H. P. Hanson is the new vice-presi
dent and James J. Johnson is cashier. This consoli
dation certainly makes one of the strongest banks one
could find in a town the size of Lake Norden.
President Taft has honored D. A. McPherson, cash
ier of the First National Bank of Madison, by appoint
ing him a member of the national commission to ex
amine the weights and fineness of the coins issued by
the government during the year 1909. The commis
sion met February 9th at the Philadelphia mint.
The appointment was made on recommendation of
Senators Gamble and Crawford and is entirely honor
ary.

THE

NORTHWESTERN

BANKER

March, 1910.

REPRESENTATIVE IOWA BANKS
These Banks have special facilities for handling collections and any other business entrusted to them
ADEL— Adel State Bank.
Capital, $50,000. Undivided Profits, $15,000. Deposits, $325,000.
S. M. Leach, Pres., Robt. Leach, Cash.

FONDA— The Fairburn State Bank.

MARSHALLTOWN— Marshalltown State.

Capital, $60,000. Surplus, $10,000. Un
Capital, $100,000. Surplus and Profits,
$50,000. Deposits, $750,000.
divided Profits, $2,544.30. Deposits, $197,258.17.
A. F. Balch, Pres., G. A. Turner, V-Pres.,
E. H. Fairburn, Pres., Frank A. FairP. S. Balch, Cash., 0. 0. Trine, Ass’t Cash.
burn, Vice Pres., A. S. Wood, Cash., Will
ALG0NA— First National Bank.
C. Wood, Ass’t Cash.
MONTICELLO— The Monticello St. Bk.
Capital, $50,000. Surplus and Undivided
Profits, $13,000. Deposits, $350,000.
Capital, $100,000. Surplus and Profits,
Wm, Ferguson, Pres., D. H. Hutchins, GLADBROOK— First National Bank.
$150,000. Deposits, $1,348,000.
Vice Pres., 0. A. Palmer, Cash.
S. S. Farwell, Pres., Wm. Stuhler, V-Pres.,
Capital, $50,000. Surplus, $10,000. Un
H. M. Carpenter, C. H. S. Richardson, A. C.
divided Profits, $22,500. Deposits, $300,-

APLINGTON— Exchange Bank.

Capital, $50,000. Surplus $10,000. Responsibility, $100,000. Deposits, $145,000.
N. H. Reints, Pres., H. J. DeBuhr, Cash.
Branch Bank of Kesley at Kesley, la.

AFT0N— Savings Bank of Afton.
Capital, $20,000. Surplus and Undivided
Profits, $2,000. Deposits, $90,000.
S. H. Blackwell, Pres., A. B. McDaniel,
Vice-Pres., W. R. De Lay, Cash.

BOONE— Boone National Bank.
Capital, $100,000. Surplus, $25,000. Un
divided Profits, $10,000. Dep., $600,000.
E. E. Hughes, Pres., John Cooper, V-Pres..
T. L. Ashford, Cash., A. M. Burnside, A. C.

CHEROKEE— First National Bank.
Capital, $50,000. Surplus, $50,000. Un
divided Profits, $15,000. Deposits, $700,000.
N. T. Burroughs, P., W. A. Sanford, V.-P.,
R. H. Scribner, Cash., C. Sullivan, Ass’t C.

CLARION— Bank of Clarion.
Capital, $50,000.
Geo. W. Young, Pres., E. A. Alexander,
C ash., W . H. T ro w b rid g e , A ss’t C ash.

CASEY— Abram Rutt National Bank.
Capital, $25,000. Surplus, $17,000. Un
divided Profits, $1,600. Deposits, $231,433.
Abram R u tt,. Pres., Wm. Valentine, VicePres., S. Lincoln Rutt, Cash., Harlie E.
Smith, Ass’t Cash.

CLARINDA— Clarinda Trust & Savings Bk.
Capital, $75,000. Surplus, $8,000. De
posits, $330,000.
Wm. Orr, Pres., H. R. Spry, Vice-Pres.,
A. F. Galloway, Cash.

COIN— Fanners & Merchants State Bank.
Capital, $25,000. Surplus, $1,500. De
posits, $69,000.
Chas. Hart, Pres., J. F. Whitmore, VicePres., G .F. Mitchell, Cash., F. E. Rubey,
Ass’t Cash.

DAYTON— Fanners State Bank.
Capital, $40,000. Surplus, $7,000. Undi
vided Profits, $2,400. Deposits, $190,000.
J. A. Lindberg, Pres., M. E. Curtis, VicePres., E. M. Lundien, Cash.

ELDORA— First National Bank.
Capital, $50,000. Surplus and profits,
$50.000.
W. J. Murray, Pres., W. J. Moir, VicePres., W. E. Rathbone, Cash., A. W. Crossan and H. S. Hammond, Asst. Cashiers. U.
S. Depositary.

EMMETSBURG— Emmetsburg Nat’l Bk.
Capital, $50,000. Surplus and Undivided
Profits. $7,725. Deposits, $429,374.41.
M. L. Brown. Pres., Geo. E. Pearsall,
Vice Pres.. W. J. Brown, Cash., P. S. Brown,
Ass’t Cash.

FOREST CITY— Forest City N a tl Bank.
Capital and Surplus, $65,000.
G.
S. Gilbertson, Pres., W. O. Hanson,
V.-P., C. H. Kelley, Vice-Pres., C. A. Isaacs,
Cashier, M. J. Johnson, Ass’t Cashier.

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Federal Reserve Bank of St. Louis

000.,

William Mee, Pres., M. H. Rehder, Vice
Pres., Martin Mee, Cash., Frank Kelley and
E. W. Branch, Ass’t Cash.

MARENGO— First Nat. Bk. & la. Co.
L. & Sav. Bank.
Combined Capital and Surplus $94,500.00.
Deposits, $530,000.00.
Frank Cook, Pres., Thos. Stapleton, V. P.,
James Delaney, V. P., S! E. Rowland, Cash.

GUTHRIE CENTER.— Citizens National
Bank.
Jno. W. Foster, Pres., F. R. Jones. Cash.,
Carl S. Foster, Ass’t Cash., R. M. Sayre,
Ass’t Cash.

MARENGO— Peoples Savings Bank.
C a p ita l, .$25,000. U n d iv id ed P ro fits,
$4,351.59. D e p o sits, $316,473.43.
Arthur M. Vette, Pres., J. B. Murphy,
V ice P re s., J. E r v in E v a n s, Cash., W a l
t e r M acG regor, A ss’t Cash.

GRINNELL— Merchants Nat. Bank.
Capital, $100,000. Surplus, $40,000. Un
divided Profits, $15,000. Dep., $670,000.
S. A. Cravath, Pres.,. E. W. Clark, Vice
Pres., L. F. Parker, 2d Vice Pres., Geo. H.
Hamlin, Cash., W. C. Staat, Ass’t. Cash.

MADRID— Farmers Savings Bank.
Capital, $15,000. Undivided Profits, $700.
Deposits, $98,000.
John Van Zandt, Pres., S. A. Bengtson,
Vice-Pres., F. H. Graves, Cash., G. C. Carl
son, Ass’t Cash.

GEORGE— George Savings Bank.
Capital, $16,000. Undivided Profits, $10,500. Deposits, $110,000.
Chas. Shade, Pres., C. J. Locker, VicePres., F. W. Wohlenberg, Cash., Ed. M.
Freerks, Ass’t Cash.

MADRID— Madrid State Bank.
Capital, $25,000. Surplus, $10,000. De
posits, $175,000.
Oscar Oakleaf, Pres., Peter Cassel, YicePres., S. B. Williams, Cash.

GRISWOLD— Citizens Bank.
Capital, $50,000. Surplus, $5,000.
J. H. Alexander, Pres., H. M. Reinig,
Cash., D. Eppelsheimer, A ss't Cash.

MUSCATINE— Hershey State Bank.
Capital, $150,000. Deposits, $1,200,000.
P. W. Francis, Pres., ITenry Jayne, Vice
Pres., L. G. Burnett, Cash., L. C. Day, Ass’t
Cash.

HAMBURG— Farmers National Bank.
Capital, $50,000. Surplus, $25,000. Undi
vided Profits, $1,200. Deposits, $489,000.
A. Hydinger, Pres., C. D. Butterfield, VicePres., E. A. Brittain, Cash., B. G. Frank
lin, A. C.

N E V IN V IL L E — Nevinville Savings Bank.
Capital, $10,000. Deposits. $81,000.
R. H. Gregory, Pres., W. B. Haskins, V.
P., C. A. Haynes, Cash.

HAMPTON— State Savings Bank.
Capital, $40,000. Undivided Profits, $2,000. Deposits, $140,000.
J. H. Hutchins, Pres., Casper Wolf, Vice
Pres., 0. F. Myers, Cash., D. C. Wolf, Ass’t
Cash.

NEWTON— First Nat. & Newton Sav.

INDEPENDENCE— Com. State Bank.

NEWTON— Jasp.r County Savings Bk.

Capital, $80,000. Surplus, $37,500. De
posits, $500,000.
W. 0. Bergman, Pres., H. B. Allfree and
C. Sloanaker, V. Pres., R. L. Arnold, Cash.

Capital, $100,000. Surplus, $20,000. Un
Capital, $100,000. Surplus, $10,000. Un
divided Profits, $29,845. Deposits, $343,818. divided Profits, $1,357.27. Deposits, $516,O. M. Gillett, Pres., A. G. Shellito, V. Pres., 705.45.
C. E. Purdy, Cash.
J. M. Woodrow, Pres., F. M. Woodrow,
Vice Pres., A. E. Hindorff, Cash.

KLEMME— State Savings Bank.

NEWTON— Citizens State Bank.

Capital, $15,000. Surplus, $10,500. Un
divided Profits, $2,500. Deposits, $110,000.
W. R. Bloom, P., D. ,D. Ross, Wm. Kat
ter, V. P .’s., P. M. Griesemer, C., F. J.
Wench, A.

Capital, $60,000. Undivided Profits, $6, •
000. Deposits, $300,000.
F.
L. Maytag, Près., Joe Horn, Vice
Près., Lee E. Brown, Cash.

NORWAY— Benton Co. Savings Bank.

LE MARS— First National Bank.
Capital, $100,000. Surplus, $20,000. Un
divided Profits, $8,0000. Dep. $1,085,000.
P.
F. Dalton, Pres., G. L. Wernli, V-Pres.,
E. A. Dalton, Cashier, J. A. Hoffman, A. 0.

MASON CITY— First National Bank.

NEVADA— First National Bank.
Capital, $75,000. Surplus, $25,000. Un
divided Profits, $10,000. Dep., $400,000.
J. A. Fitchpatrick, Pres., W. P. Zwilling,
Vice Pres., Edgar John, Cash., E. A. Faw
cett, Ass’t Cash.

Capital, $150,000. Surplus, $150,000. De
posits. $1,800,000.
C. H. McNider, Pres., W. G. 0. Bagley, C.
A. Parker, Ass’t Cashier.

MASONVILLE— Masonville Savings Ban

Capital, $15,000. Surplus, $15,000. U n
divided Profits, $1,700. Deposits, $143,000.
H. L. Uthoff, Pres., Lorenz Brecht, V.
Pres., J. H. Pickart, Cash.

OSKALOOSA— Mahaska County State Bank.

Capital, $10,000.
Undivided Profits,
$1,500. Deposits, $45,000.
G.
W. Taylor, Pres., M. Nolan, Sr., Vice
Pres., M. J. Nolan, Cash.

Capital, $100,000. Surplus, $80,000. Un
divided Profits, $10,000. Deposits, $925,000.
W. R. Lacey, Pres., H. S. Howard, Vice
Pres., R. W. Boyer, Cash.

Full text of The Northwestern Banker : March 1910, Fifteenth Year, [Number 271]

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