The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
Tenth Year.
Des Moines, Iowa, May, 1 9 0 5 .
HI Hanover
N ational
Bank
OF THE CITY OF NEW YORK
Nassau and Pine Sts
Number 5
^ U . S. D E P O S IT O R Y ^
--------T H E ---------
Iowa Rational Bank
OF DES MOINES
«• lUants ««
Iowa School Bonds
C it i z e n s
National
Bank
O E S M © IN E S, I0 W H
JAS. T. WOODWARD, President
JAS. M. DONALD, Vice President
WM. HALLS, Jr., Vice President
WM. WOODWARD. Vice President
ELMER E. WHITTAKER, Cashier
WM. I. LIGHTHIPE, Ass’t Ca-hier
HENRY R. CARSE, Ass’t Cashier
ALEXANDER D. CAMBELL,
Ass’t Cashier.
If you have any for sale write the
“ Io w a N a t io n a l B a n k ,
D es M o in e s , ”
H. S BUTLER, President
C. C. PROUTY, Vice President
J H. COWNIE, Vice President
H. T. BLACKBURN, Cashier
J. G. R o u n d s . ...... President
G e o . E. P e a r s a l l . ..Cashier
G e o . C o o p e r , Asst. Cashier
C A P IT A L ,
$ 2 0 0 ,0 0 0
E stablished 1851.
(Capital,
$ 3 ,0 0 © , © © ©
Surplus,
$ 6 ,© © © ,© © ©
SU R PLU S,
Bank Accounts Solicited.
Write Us for Rates.
-------- THE---------
Bankers National Bank
OF CHICAGO, ILL.
Capital, Surplus & Profits S 3,071,611
COMPARATIVE STATEMENT, SHOWING INCREASE-
DAVENPORT, IOWA.
^Capital,
~
$ 3 0 0 ,0 0 0 .0 0 ^
Undivided Profits,
164,603.32
^Deposits,
3,417,837.73^
» » » Officers« * «
A N T H O N Y B U R D IC K , P re s .
LO UIS H A L L E R , V ic e -P re s
H E N R Y C. S T R U C K , JR., C ashier.
O T T O L. L A D E N B E R G E R ,T e lle r .
jtjt
DEPOSITS.
March
March
March
March
14,
14,
14,
14,
1896
1899
1902
1905
.................................................. $ 3,207,206.64
...................................................
8,707,407.41
.................................................
13,865,656.27
.............................- .......... 1 5 , 7 3 0 ,6 0 3 .8 0
jtjt
New Business Desired and Unexcelled Facilities O ffered.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
s o l ic it e d
Davenport Savings Bank,
EDWARD S. LACEY, P r e s i d e n t . JOHN C. CRAFT,V ic e -P r e s i d e n t .
FRANK P. JUDSON, C a s h i e r . CHAS. C. WILLSON, A s s ’ t C a s h ie r
RALPH C. WILSON, A s s ' t C a s h ie r .
jtjt
aeeoD N Ts
1 0 0 ,0 0 0
• ® » Directors« « «
A . B u r d ic k
L o u is H a l l e r
A. Steffen
W . O. S c h m i d t
T h om as Sco tt
J. F. Dow
H. K o h r s
W . H. W il s o n
H. C . S t r u c k , J r .
4
«««
Per Cent In terest Paid on D eposits. M oney Loaned
on Real Estate Security in the State o f Iowa.
THE
2
N O R T H W E STE R N
BANKER.
May, 1905.
Designers and Manufacturers of
Commercial national Bank
High Grade Bank and Office Fixtures and
Furniture
C hicago
In Fine Cabinet Woods, Brass Bronze, Iron and Marble
E S T A B L IS H E D , 1 8 6 4 .
r esigns and estitimates furnished
on application.
5,000 banks fitted
up by us. Send for
catalogue.
Capital, $ 2 ,0 0 0 ,0 0 0 .0 0
Surplus $ Uadtoided Profits, $ t , 783 , 399.53
© F F IG E R S .
.Ja m e s H. E c k l e s ,
. . .
- President.
J o s e p h T. T a l b e r t ,
*
Vice-President.
Ra lph V an V ech ten ,
2d Vice-President.
Da v id V ern o n ,
- 3d Vice-President.
N. R. L o s c h ,
. . . .
Cashier.
G B. S m i t h ,
Assistant Cashier.
H. C. V e r n o n ,
- Assistant Cashier.
H. E. S m i t h , - Assistant Cashier and Auditor.
W m . T. B r u c k n e r ,
Assistant Ca>hier.
L. S c h u e t z , Asst. Mgr. Foreign Banking Dept.
O !R E e T 0 R S .
F r a n k l in M a c V e a g h ,
.P a u l M o r t o n ,
W il l i a m J. C h a l m e r s ,
D a r iu s M i l l e r ,
R o b e r t T . L in c o l n ,
C h a r l e s F. S p a l d i n g ,
E . H. G a r y ,
J oseph T . T a l b e r t ,
J a m e s H. E c k e l s ,
Liberal Term s and the B est F acilities are A ccord ed to
Banks and Bankers lor the T ransaction o f D om estic and
F oreign B u siness. By Special A rran gem en t C orresponden t
Banks are enabled to Draw their Own D rafts D irect on all the
Im portan t Cities and Banking T ow n s o f the W orld .
(
Circular L etters o f Credit Issu ed for Travelers—G ood E very
where. Special A ll-A m erica C redits—A vailable in N orth and
South A m erica. D om estic L etters o f C redit—G ood T h rou gh
ou t the U n ited States. Com m ercial Credits G ranted to Im
porters. Cable T ransfers. Bank P ost R em ittances
Our desks delight all purcha=ers. Chairs to
suit the most Critical. Steel Framed Type
writer and all around Chairs our one spec
ialty.
THE A. H
A N D R E W S C O M PAN Y,
174 and 176 W a b a sh A ven u e, Chicago
H. D. C O P E L A N D
& CO .
Ewe Stock Commission merchants
Mr. Copeland was formerly an Towa Banker
and State Bank Examiner from 1884 to 1893
183 N e w E xch an g e B u ild in g
U n io n S to ck Yards
references
National Live Stock Bank, Chicago
National Bank of Republic, Chicago
C
h ic a g o
L IV E S T O C K S H I P M E N T S S O L IC IT E D
Some Railroads Advise
the traveling public that they are the
shortest routes, others that they are the
scenic route, but the
M e x ic a n
Central
is P O S IT IV E L Y the O N L Y ROUTE
to travel over in touring Mexico. It
is the O N L Y line reaching practically
every important city. It covers the
R E P U B L IC from NORTH to SOUTH
and E A ST to W EST. Remember the
old reliable route to MEXICO and in
sist on your ticket reading that way.
First class Pullman Buffet Sleeping
Car runs daily from El Paso through
to the City of Mexico, without change.
For further information call on or
address
MR, W. D. MURDOCK,
Passenger Traffic M gr.,
C it y
of
Me x ic o .
MR. J. T . WHALEN,
General Agent,
328 M arqu ette B ld g ., C h ic a g o
A . DULOHERY, W. P. A .,
209 Commercial Building, St . L o u is , Mo .
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Good openiiiQs
in south Dakota
An important railroad extension through
Lyman County, South Dakota, is being
built by
Gtiicayo, M
ilwaukee & Si Paul
Railway.
Land in Lyman County is now selling at
from $5.00 to $15.00 per acre and values
will probably increase 100 to 200 per cent
as soon as the new line is completed.
This is a splendid opportunity to secure
a good farm at a low figure. Low rates to
South Dakota every Tuesday this summer.
Ask the ticket agent about train service
and rates, or address
F. » . M IL L E R ,
A valvablebook on South Dakota
and iis opportunities sent for
two cents postage.
Gen. P a ssen g er A gent,
e m e p iG o .
May, 1905.
THE
FIRST
NATIONAL
BANK,
op
em eA G O .
Corner Monroe and
Dearborn Streets.
C A P IT A L ,
«nel
SU R PLU S,
$ 1 3 ,0 0 0 .0 0 0 .
A REGULAR BANKING
BUSINESS TRANSACTED.
A d a m R o c k y , Prest.
W i l l E. C h e r r y , Vice Prest.
J a m e s A. H a l l , Sec. & Mgr.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
THE
N O R T H W E STE R N
T r a v e l e r ’ s C r e d it s issued,
available in any part of the world.
T r a n sf e r s of Mo n e y Ma d e
b y T e l e g r a p h and C a b l e and
E x c h a n g e D r a w n at customary
usance, on the principal cities of
the United States, Europe, Japan,
China, and the East Indias.
All kinds of F ir s t -C l a s s I n
v e s t m e n t S e c u r i t i e s dealt in
constantly on hand and for sale at
current rates; a full line of G o v
e r n m e n t B o n d s , Municipal and
Local Bonds, ChoiceRailr’d Bonds
Collections carefully made and
proceeds promptly accounted for
on moderate terms. Accounts of
banks and bankers solicited.
O fficia l O r g a n iz a tio n :
J a m e s B. F o r g a n , President.
D ivision “ A .”
David R. Forgan, Vice Pres.
E. S. Thomas, Asst. Mgr.
D ivision “ JB.’
George D. Boulton, Vice Pre=.
Frank E. Brown, Asst. Mgr
D ivision “ C.”
Howard H. Hitchcock, V. Pres.
Charles N. Gillett, Asst. Mgr.
D ivision “ D .”
Richard J. Street, Manager.
Frank O. Wetmore, Cashier.
D ivision “ E .”
Holmes Hoge. Manager.
Charles H.Newhall. Asst.Mgr.
D iv ision “ E.”
August Blum, Manager.
Herbert W. Brough, Asst. Mgr.
L aw D epartm ent.
Orville Peckham, Attorney.
James D. Wolev. Asst. Atty.
BondDept-EmileK.Boisot, Mgr
F oreign E xch a n g e Dept.
Fred I. Kent, Manager.
John J. Arnold, Asst. Mgr.
A u d itin g D epartm ent.
M. D. Wit.kowsky, Auditor.
D iscoun t & Collataral Dept.
E. .T. Blossom, Manager.
Credit & Statistical Dept.
H A. Howland, Manager.
C lerical & B ookkeeping D ept.
Wm. H Monroe, Asst. Cash.
BANKER.
3
4»
4*
4» Chartered
4»
*
*
4»
4»
*
*
4*
44*
4*
+
4-
by the National Government 1868.
One Million Dollars.
Full Paid Capital
N o w is t h e T im e fo r L iv e A g e n ts
to J o in t h e A g e n c y F o rc e o f =4*
+
4»
4*
4*
4*
44»
4*
4*
*
*
4+
+
4»
THE NATIONAL
Life Insurance Company
of the United States of America
+
♦
♦
4*
4*
+
4*
+
4»
4*
+
+
♦
4»
4*
4*
*
P. M. STA R N E S, President
A ssets
In su rance in Force
OVER $4,694,000
OVER $40,000,000
4-
♦
*
+
Principal Branch O ffice, National Life Bldg., Chicago
4*
+
The
American Lithographing Co.
of Des Moines
A new, complete and modern Lithographing establishment, mak
ing a specialty of fine BANK WORK of every description. When
in the market for Drafts, Certificates, Checks, Letter Heads, Pass
Books, Blank Books, Stationery, etc , address
AMERICAN LITHOGRAPHING CO.,
D es M o in e s , Io w a .
T h e Largest BANK. SUPPLY H O U SE in the West
ST. PAUL FURNITURE CO.
D e s ig n e r s and M an u factu rers
Bank Fixtures
and Furniture
Complete
Equipment ¿2* £>
High-Grade Cabinet W o rk
C a ta lo g u e M ailed
S T . PAUL, MINN.
THE
4
N O R T H W E STE R N
A Bank is S trong or N ot in P rop ortion to
Capital and
Surplus and A b ility o f its M ana gem ent to In v e s t its F u nds
May, 1905.
BANKER.
• ♦ ♦ ♦ ♦ ' H ,+ + 4 ,+ + + 4 " H " H ,4,4,,H ,+ + ,H " H ' + + + + + + + + + 4 ,4 §
«**
T
+
+
♦
+
4*
+
+
+
♦
+
+
4»
+
+
4»
4*
4»
+
+
*
♦
4*
+
4*
+
♦
D ES M01NES
Savings Bank
Statem ent o f C ondition at Close o f B usiness
M arch 14, 1 9 0 5
RESOURCES:
Bills Receivable................................... $4,388,185.-23
Banking House.....................................
95,661.48
Cash and Exchange..............................
2,160,782.24
Total........................................
$6,644,628.95
LIABILITIES:
Capital Stock.......................................
Surplus and Profits...... ......................
Deposits................................................
$ 500,000.00
154,123.19
5,990,505.76
Total............................................
$6,644,628.95
4*
+
+
4»
♦
♦
♦
♦
+
+
We offer our customers not only facilities resulting
from the largest commercial business in Iowa, but
as security for their deposits; capital, surplus,
and stockholders’ liability amounting to $1,150,000.
Honestly believing, then, that we can make an
account with us of advantage to you —and assur
ing you of our earnest desire to please in
every detail—we solicit your business. :: :: ::
4»
= OFFICERS AND DIRECTORS
P M. C a s a d v , President.
S im o n C a s a d v , Vice President.
JA 8.
J.
H o m e r A . M i l l e r Cashier.
C. T. C o l e , J r . , Ass’t Cashier.
L
B E R R Y H IL L .
M ARBACn.
J a s . H. W in d s o r .
E dw . A. Tem ple ,
E. C. F i n k b i n e .
in . S. M c D o n n e l l .
G. m . H ip p e e .
4*
4»
4*
4«
4*
4»
*•
4»
4*
4*
4»
4»
4»
+
C LA Y COUNTY B A N K , V E R M IL L IO N , S. D.
V e r m i l l i o n , S. D ., Dec. 17, ’04.
J. J. D e r i g h t & C o .,
Omaha, Nebraska.
G entlem enE nclosed clipping from the Wakonda Mon
itor of December 15, 1904, in regard to the attempt on the
bank by burglars. We feel very thankful we got off so easy,
an 1 no doubt have the new safe to thank, for our escape from
loss. We feel sure if we had the old safe, we would have met
with serious loss.
Yours truly,
(Signed) L. T. SWEZEY.
TH IS M IG H T H A P P E N TO YOU
J. J. D E R I G H T
SAFE
&
C O .,
DEALERS,
O m a h a , N eb raska.
Large Stock of New and Second
of Different Makes.
Hand Safes
+
+
444+
+
44»
+
+
♦
4444+
+
44+
4*
+
4*
4»
♦
+
+
4*
4*
4*
4*
444*
4-
4
4»
4♦
4*
4>
4>
4+
+
4+
+
4«
4»
• «•+4>+++4*+++4'++*+4"l>+4*++++4'4'+++4'+ 4*4‘ 4-4*4-l*+4•
Landers iAataal Casualty Co.
D E S M O IN E S , I O W A .
Director*:
W. E. COFFIN, Presidentlowa Loan & Trust Co., Des Moines, Iowa.
J. G. ROUNDS, President Citizens National Bank, Des Moines, Iowa.
A. U. QUINT, Manager, Des Moines, Iowa.
B. P. SCiOTT, Cashier Citizens National Bank, New Philadelphia, O.
WM. A. GRAHAM, Cashier Citizens Bank, Sidney, Ohio,
F. M. RUDD, Cashier L. Rudd & Sons Bank, Bronson, Michigan.
M. D. WAGNER, President Huron County Bank, Harbor Beach, Michigan.
NO. W. FAXON, Ass’t Cashier First National Bank, Chattanooga, Tenn.
Director*:
C. F SMITH, Cashier First National Bank, McGregor, Texas.
A.E. PAULDING, Cashier Ainsworth Savings Bank, Ainsworth, Iowa.
S. H. BURNHAM, President First National Bank, Lincoln, Nebraska.
F. ELMORE, Bank of Winchester, Kansas.
J. D GERLACH, Cashier First National Bank. Chester, IllinoisL. P. HILLYER, Cashier American National Bank, Macon, Ga.
G. R. MOORE, President First National Bank, Jackson, Minn.
WM. WARNOCK, Banker, Almyr, Ontario, Canada.
INSURES the safe delivery of money and securities shipped by registered mail. Absolute security at actual costBetter, safer, cheaper than by express.
Organized and conducted by bankers. Confines its business to banks CorCespondenoe solicited.
---------------T H E ---------------
Preferred Accident
Insurance Company
JDAYS Claims More Promptly, issues More At
tractive Health and Accident Policies at a Lower
Premium than any other Accident Insurance Com
pany in the World.
Over $5,000,000 Paid to Policy-holders for Claims
Asset*, $ 1, 152 , 220 . 8 1 .
INSURES
O F
N E W
Y O R K
« « «
Surplus and Reserve, $ 1 , 001 , 8 00 .66
PREFERRED
RISKS
ONLY
Liberal Commissions and Renewal Contracts to Bankers
Write for our Special Proposition to Bankers
K IM B A L L C. ATW O O D ,
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Secretary
UPHAM B R O S ., M grs. for Iowa, aa*SSfXSi£S!Mn
Tf)e Nortfivestern P>anl^er.
T
enth
Y
A Bankers Journal for the Northwest.
ear.
DES M OINES, IOW A, M AY,
$2.00 P e r A n n u m .
THE NORTHWESTERN BANKER,
P U B L IS H E D B Y
Tl)e Northwestern ganger Pub. Co.,
DKS MOINES, IOWA.
A monthly Bankers Journal, devoted to the interests of bankers in
the Northwest.
C o m m u n ic a tio n s a n d n e w s ite m s o f
lo c a l in te r e s t to b a n k e rs in
this t e r r it o r y a r e req u e ste d .
Entered at Des Moines, Iowa, as second class matter.
S u b sc rip tio n $2.00 p e r a n n u m : s in g le co p ies, 20 cen ts.
A d v e r t is in g r a te s on ap p lic a tio n .
A SSU R A N C E OF DEPOSITS
The historic years from ’6| to ’65 are memorable
to the soldier ; so are the strenuous times from ’93
to ’97 to the bankers. Little more than seven years
have passed since then. Marvelous changes in
banking have come. No spring ever leaped from
the lap of winter more abruptly than confidence and
prosperity from stern adversity, in 1897. Our
country has experienced the greatest wave of pros
perity the world has ever known. In 1890 the
banking power of the world, made up of capital and
deposits, was $16,000,000,000.00 of which the
United States had five billions. Today the United
States alone has 41 per cent of the banking power
of the world. Its increase from 1890 to 1904 equals
that of all other countries combined. From 1896 to
1904, eight years, deposits in our country have
risen from five to more than ten billions; they have
more than doubled. Our depositors are an army of
8,150,000 people, whose average deposit is $1,227.
I11 our own state deposits of all banks for the same
time have risen from $27,000,000 to $88,000,000,
an increase of more than $60,000,000. In all this
wonderful prosperity Nebraska has earned its share,
for while the deposits of the country have doubled,
ours have trebled. And yet, with all this marvelous
growth in wealth and deposits, it would seem that
the height of our flood tide were not yet reached.
The auguries still seem propitious. The national
election has passed and four years continuance of
the present national policy is assured. Labor in
general is contented and employed at fair wages.
Agriculture and manufacturing continue prosper
ous. Vast sums estimated at $200,000,000 are to be
expended in new equipment of our railways this
year. Secretary Shaw said not long since “ If hope
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
I9 0 5.
NUMBER 5 .
20 C t s . P e r
copy.
ful conservatism shall possess the country, there is
no visible reason to doubt that we are approaching a
period of not unprecedented inflation but of un
equaled growth and sound and sane and safe devel
opment.”
Vice-President Vanderlip, of the City
National Bank, of New York, in a recent address to
Ohio bankers said, “ I believe this is a time for optim
ism. So long as we remember in humbleness our
mistakes and hold close to a proper conservatism,
the course of financial events seems likely to fol
low only one. general direction, and that is toward
improvement, toward expanding business, and to
ward better times.” And what means this to the
bankers of Nebraska? It means still larger deposits.
Six hundred forty-three Nebraska banks are cus
todians of $88,000,000 of the people's money. In
eight years deposits have grown from $27,000,000
to $88,000,000. If they again treble in the next
eight years they would reach $265,000,000. If they
but gain $61,000,000 they would reach $150,000,000 in 1912. ’Tis a sacred trust to safeguard the
savings of an industrious, thrifty people. ’Tis a
great treasure that now is entrusted to' the bankers
of our state, but one that is to be vastly increased.
With rich soil, favorable climatic conditions, an in
telligent. industrious and thrifty people and expand
ing markets within its borders, Nebraska promises
wonderful increase in wealth and deposits.
Prtoecticn of deposits, fortifying our banks,
these are themes which never lose interest, but con
stantly challenge our best thought. The assurance
of depositors is “ an end devoutly to be wished for.”
It is and ought to be the first, and foremost aim
of every true banker. I speak advisedly and do not
place the protection of depositors secondary and
subject to dividends of stockholders. Safety of de
posits first, dividends second, the two intertwined
and not antagonistic. The question comes home to
us, are we so conducting our banks as to effectually
safeguard our deposits? If there are losses to de
positors can they be avoided?
Some years ago the idea was advanced to provide
a guaranty fund by a tax on banks for the protection
of depositors in failed banks. Bills to establish re
serve funds for protection of depositors were intro
duced in the sessions of our legislature for 1897
and 1899. House Roll 133 was a bill introduced
in our last legislature by Mr. Jouvenat, a banker of
THE
6
Fort
Dearborn
National
BanK
C h ic a g o
N O R T H W E ST E R N
C a p ita l
S u rp lu s a n d U n d iv id e d
D e p o s its
-
P ro fits
-
-
-
$ 1 ,0 0 0 ,0 0 0
2 0 3 ,0 0 0
9 ,3 4 9 , 8 5 0
Accounts of Banks, Corporations, Mercantile
Firms, and Individuals Respectfully Solicited
OFFICERS
v
L. A. GODDARD
President
OHAS. L. FARRELL
Vice President
NELSON N. LAMPERT
Vice-President
HENRY R. K E N T ..................................................Cashier
W e H a v e Every F a c ility fo r H a n d lin g C o u n try B a n k
A c c o u n ts , A p p r e c ia te t h e m , a n d G iv e O u r P e rs o n a l
a t t e n t io n to t h e In t e r e s t s o f O u r D e p o s ito rs .
Petersburg. Its title was “ A Bill to Secure to De
positors of State the Payment of Non-interest Bear
ing Deposits in the Event of the Failure or Insolv
ency of any such Bank.” All of the above bills ap
plied only to state banks. Congressman Webber, of
Ohio introduced a bill in the last congress to pro
vide an indemnity fund for depositors of national
banks. These various bills indicate something more
than a passing idea. Although not yet embodied in
a statute I am informed that Mr. Jouvenat’s bill
found considerable support. A prominent and suc
cessful banker not long since suggested to me the
organization among banks of an indemnity com
pany, whose sole business would be the protection
of deposits in the assured banks. The question of
the assurance of depositors is not a passing one. I
believe that it has come for settlement. W e are in
terested that when settled it shall be settled right.
The object of Mr. Jouvenat’s bill is primarily to
protect depositors and incidentally to preserve
banks. Both are eminently good objects.
The features of the bill are:
1st. A Guarantee Fund. 2nd. An annual tax
of one-tenth of 1 per cent. 3rd. Non-interest bear
ing deposits protected. 4th.
State and private
banks protected.
Is the principle of the bill sound in theory and will
it prove successful in practice? It is urged in its
favor: 1st. That a guarantee fund will protect
non-interest deposits and will make runs on the
bank protected a thing of the past. 2nd. That it
will largely increase deposits and the resulting profits
will more than pay the tax.
These are substantial benefits and if runs can be
relegated to the past forever with practically no cost,
what banker would be so lost to feeling and reason
as to “ neglect so great a salvation.” Mark you,
the bill protects non-interest bearing deposits. You
ask, why not protect all deposits? For two reasons.
Tst. Non-interest deposits are the sight deposits
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
May, 1905.
BANKER.
and the instruments for the runs. 2nd. Protection
for them encourages non-interest bearing deposits.
These reasons appeal more to the banker than the
depositor. T o substantiate the first claim that runs
shall cease, it is evident that the guaranty fund must
be ample to meet all unpaid claims for non-interest
deposits in failed banks. Depositors must know
that there is a guarantee fund and that it will stand
the test when banks fail and a shortage is deter
mined. It must make good shortages and must do
it at the time determined. Failure to do this in one
instance opens the door to uncertainty of the guar
anty fund the same as to the bank originally. Onetenth of 1 per cent annual tax on average total de
posit is said to be sufficient. If your bank has $100,000 of deposits your tax will be $100 a year. This
contention is based on the records of National banks
in the United States for 37 years. The report of
Comptroller Ridgley shows that the losses of N a
tional bank depositors, from 1863 to 1902, were
0.083 ° f 1 Per cent of the total deposits. This is
less than one-tenth of one per cent and includes all
deposits, interest and non-interest. According to
this report it appears that an annual tax of one-tenth
of 1 per cent on the average deposits of all National
Banks during those 37 years would have protected
depositors so that not a dollar deposited in National
banks would have been lost. A loss of only $1 out
of every $1203 deposited is "not a bad record for 37
years under the old-fashioned methods of banking
and before guaranty funds were conceived. U nfor
tunately the records for our state banks date back
only to 1892 and are incomplete, rendering it difficult
to present the same comparison for state and private
banks of Nebraska. The record for our state, pri
vate and savings banks, from 1892 to 1903, shows a
total of $3,210,000 deposits in failed banks and to
tal deposits for same years of $267,283,000. The
average loss of depositors in failed National banks
is 27 per cent. On this basis the loss on the above
THE
May, 1905.
O R G A N I Z E D 1891.
JOHN A. LYNCH
President
r. m.
O. H. SWAN
Asst. Cashier
INVITES
C A P I T A L A N D S U R P L U S $2,700,000.00
O F
THE
CHICAGO
ACCOUNTS
W . T. FENTON
Vice-President
R. L. CRAMPTON
T H E
REPUBLIC
deposits would have been $867,000 while the tax
would have provided a guaranty fund of only $267,000. But the $867,000 loss is on all deposits, while
guaranty is only for non-interest. Estimating the
non-interest at ^2 of the total deposits we have a
loss of $433,000 and a guarantee fund still short
$166,000. However, this computation is unsatis
factory in this that it covers four of the most disas
trous years in the history of banking. Had the bill
been passed in 1901 there would have been an in
demnity fund of $31,000 and a loss to be met of
$48,000. In 1902 there would have been a shortage
in the indemnity fund of $26,000. Such deficits
should have occurred in two years of great
prosperity.
In 1903 there would have been
a surplus but
for
the three years there
would have been a shortage in the guaranty
fund of $12,000. Such a record would not
have been entirely satisfactory to timid depositors
nor calculated to stop the movements of those dis
posed to realize quickly on their deposits. It has
been urged that the past record of banks show a loss
so small to depositors that the tax to provide a guar
anty fund will be light. This statement is entirely
a tribute to record of banks without guaranty fund.
W ill the future record with guaranty prove as
good? In other words, will a guarantee fund as
proposed by this bill increase or decrease bank fail
ures? I believe that it will increase them. The
tendency of such law is to widen the field of incom
petent and dishonest bankers. Admitting the suf
ficiency of the tax to provide indemnity, every bank,
state and private, will furnish equal safety to non
interest bearing deposits. The bank with $10,000
capital and six months experience would be as safe
as the bank with $100,000 capital and sixteen years
experience. Naturally the weaker banks, the small
and new ones, would offer inducements to deposit
ors which experienced and conservative banks could
not and would not. The result would be an increase
of deposits in the less worthy banks. Now banks
win confidence and deposits by upright character,
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
BANKER.
The National Bank
McK i n n e y
Cashier
N O R T H W E STE R N
OF
Asst. Cashier
THOS. JANSEN
Asst. Cashier
BANKERS
conservative, able management. Each bank stands
on its own merit. Under a guaranty fund law many
depositors would lean on the guaranty rather than
on the quality of the bank. Deposits would increase
in banks which had not earned them by successful
management but by liberal inducements. The field
for reckless and dishonest banking would be in
creased. The percentage of loss to depositors must
then increase. An inviting field would be opened
for adventurers, speculators and unscrupulous men.
I cannot doubt that it would be used.
The German Bank of Buffalo which failed last
December, illustrates this possibility. Its control
was purchased by parties interested in the promo
tion of electric railways and other schemes. $654,000 was obtained for such enterprises on loans before
the bank failed. It was easier for these adventurers
to purchase the control of a bank and access to its
large deposits than to sell their questionable secur
ities to investigating investors. There may be a few
unscrupulous men with means to control so large a
bank as the German of Buffalo, but their number in
creases as the amount necessary to operate decreases,
A $5,000 bank in Nebraska, with a guaranty fund,
and $50,000 or $100,000 deposits would be most at
tractive to a town lot boomer, a land speculator, or
a cattle plunger, when less than $3,000 of its stock
would control it.
Suppose these losses so increase that the tax
of one-tenth of 1 per cent is insufficient, what then ?
The principle has been recognized and is on the
statute book. If the one-tenth of one per cent is
not enough, let it be made two-tenths or four-tenths
of 1 per cent. Your tax would then become $200
or $400 each year for every $100,000 of deposits.
That will be done. The public having once tasted
the indemnity furnished free by banks would not re
linquish this and the weaker banks enjoying its
profits would urge its retention. It would be re
tained and the tax increased as often as necessary
until years of disaster compelled its abandonment.
The bill is unjust in this. It imposes the same tax
8
THE
N O R T H W E STE R N
BANKER.
May, 1905.
T he SEABOARD
NATIO N AL BAN K
OF THE Ci 1Y OF N E W Y O R K
Capital, $ 500 , 000 .
Surplus (earned), $ 1, 440,7 75
A C C O U N T S SO LIC ITE D .
S. G. BAYNE, President.
S. G. NELSON, Vice-President.
C. C. THOMPSON, Cashier.
W. K. CLEVERLEY, Assistant Cashier.
J. H. DAVIS. Assistant Cashier.
on all without recognition of the difference in ben
efits received or risk insured. There certainly exists
a difference in strength of different banks through
out the state. It follows there must be a difference
of risks to be protected by guaranty fund. All in
surance companies, fire, life, and burglar, recognize
such difference of risks by difference of rates.
In my judgment, the principle of the bill is
wrong.
Conservative and honorable banking
should be allowed to receive its reward. Reckless
and dishonest banking should not be fostered and
introduced to wider fields for disaster.
Merit
should be rewarded, not plucked to provide downy
beds for the unworthy. Is it just to' compel the
bank, which by years of careful management has
won the confidence of its community and a large line
of deposits, which has accumulated ample capital
and a generous surplus, which has developed the
strength to protect itself, is it just to compel such
banks to provide a guaranty fund for the weak, the
untried, the unworthy, at the loss not only of the
tax, but of their business. It is putting a penalty
upon strong, conservative and successful banks, and
a premium on the weak, reckless and unworthy.
I have been interested in studying the Comptrol
ler’s report of National Bank failures for forty
years. There were 438 failures. O f these thirty
failed through defalcations, 124 fraudulent man
agement, 99 excessive loans, 187 injudicious man
agement. In other words, 154 failed from dishon
esty of officers, 286 from poor banking. O f these
there were twenty whose dividends for their entire
career ranged from 338 to 1273 per cent of their
capital. The lowest average annual dividend was
12 per cent and the highest reached the remarkable
amount of 82 per cent. Their average was 22fd
years,
10 of these failed through dishonesty, 5
fro mexcessive loans, 5 from depreciation of secur
ities. From these we learn that long and profitable
careers do not insure safety to banks. Eternal vig
ilance is the price of safety. Dishonesty and incom
petency ruin banks.
Fools and knaves are the
agents. Guaranty funds will not prevent the opera
tion of these but will open the gates for them.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
And what is the conclusion of the whole mat
ter? I am impressed with the usefulness of a state
guaranty fund on lines presented by bills already in
troduced. I am not sure that any guaranty fund,
state or private, is to be desired. If any is desired,
let it be by private companies, organized for the
purpose, open to all, obligatory on none. No bank
has ever existed without a guaranty fund to protect
its depositors, the guaranty of its capital and the
personal liability of its stockholders. Both of these
must be exhausted before loss to depositors can
arise.
But, after all, it is the men at the counter and
desk and the fruits of their labor in the reserve and
the contents of the note case which furnish the real
assurance of the depositors. The time has passed
when the Nebraska banker can manage a bank ac
cording to his own pleasure or peculiar ideas. He
is custodian of the people’s money and must submit
to restrictions imposed by law. Perfect safety to de
positors is progressing. No one more than the
banker speeds this day. The organization of bank
ers, now almost general, into group and state fed
erations, with annual meetings, has broadened their
vision and opened the way to more intelligent and
better banking.
The time is coming when the
would-be banker will be required to measure up to
a certain standard of character and experience.
More publicity of the bank’s condition is coming,
and more information of bank securities in pub
lished statements. More examinations by public ex
aminers and more responsibility of directors. Thor
ough examinations by directors, semi-annual or
quarterly, and detailed reports by them to public of
ficials, all of these things requirements of law.
And then will come the time when ruins and fail
ures will be memories and to be a banker were
greater than to be a king.
TH E DIRECTORS M A K E GOOD
Most favorable comment has been passed on the
action of the directors of the First National Bank of
Milwaukee in becoming personally liable for the de-
/
THE
May, 1905.
THE
NEW
YORK
N O R T H W E STE R N
N A T IO N A L
BANKER.
EXCHANGE
BANK.
W EST BRO ADW A Y AND C H A M B ER S STREET.
L E W IS E. P IE R S O N , P resident
JA M E S E. N IC H O L S, V ice P resident
F R E D E R IC K W O R T H , V ice P resident
R O L L IN P. G R A N T , Cashier
D A V ID H. G. P E N N Y , Asst. Cashier
..R eso u rces Over
O ffers
U n e xce lled Service of a T h o r o u g h ly
falcations of President Bigelow and thus keeping
the bank and many of the depositors from ruin.
Their action will do much to establish in the pop
ular mind confidence in the integrity and square
dealing of bankers and their purpose as a class to
protect their depositors to the utmost, even beyond
their legal liability.
Bankers as a class are men of the strictest integ
rity and business honor. They are the representa
tive business men of their communities and have
earned their way to public confidence through the
everyday business relations of life. They insist
upon the integrity of others and as a rule, they set
worthy examples for their patrons to follow. Stat
istics will bear out the statement that fewer bankers
go wrong than any other class of men. Like min
isters, they are much in the public eye and like them,
also, when one does fall, it is so notable an exception
to the rule that the event is heralded broadcast.
While as a rule bankers are the embodiment of
business integrity and honor, they are human and
subject to the same passions, temptations and
weaknesses as the balance of the human race, and it
is not surprising in these premillenium times, that
occasionally even a banker betrays his trust. It is
rather a remarkable fact that among so many on
whom are placed such great responsibilities there
should be so few to' yield to' the allurements and
temptations of the world and its greed and that such
is the case is a magnificent tribute to the ability, in
tegrity and honor of the banking fraternity.
II
M odern
M illio n s ..
O r g a n iz a t io n .
The bankers were not unmindful of the many times
they had drafted Mr. Hubbard to fill a vacant place
on the program or at the banquet, and every time
how he had always been ready with one of his de
lightful talks.
Mr. Hubbard came to Iowa in ’69 when 20 years
of age— he don’t lock it. He conducted a furniture
ACKLEY HUBBARD
The face and figure of Ackley Huhbard is fa
miliar to nearly every banker in Iowa. He has been
a prominent factor in the Iowa Bankers Association
for many years and is held in the highest esteem by
its members and all who' have come in contact with
his rugged personality.
A year ago the State Association paid him the
compliment of election as its chief executive, an
honor deeply appreciated because it came unsought.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
ACKLEY HUBBARD
business for a few years, was then elected to county
office for 8 years, studied law, practiced for 9 years,
but was obliged to^ quit on account of his eyes. The
First National Bank c f Spencer offered him its cashiership, which he held until he acquired a controll •
ing interest in a California bank, which he soon
THE
IO
N O R T H W E STE R N
BANKER.
May, 1905.
------ ---------------------- ----- -----\
T h e B a la n ce o f B a n k s
Hundreds
Banks Now Use
Baker-Uawter
B aK er=»V aw ter C o m p a n y
Banking Systems
would be greatly simplified in their accounting by using them.
B-V Loose Leaf Devices for banks provide a detailed daily balance of indi
vidual accounts without the use of a balance book.
They free the bookkeeper from the monthly balancing of pass books and
secure an absolute daily check on the ledger.
They eliminate the journalizing of checks and deposits.
They locate instantly any item of any account and all information pertaining
to the impending transactions of any day by their perfect alphabetical or
chronological arrangement.
B»V Loose Leaf Systems provide for the unlimited expansion cf vour
business and their adaptability increases with this expansion.
B a n k E x a m in e r s
___ ___________ J
V
Public Accountants and Auditors, Devisers of Banking and Business Systems
T r i b u n e B l d g '. , C h i c a g o
sold and returned to his old position. In 1903 he
organized the Citizens State Bank, now the Citi
zens National Bank, of which institution he has
been the cashier ever since. He also organized and
controls the Citizens Saving's Bank of Spencer and
is president of three other Iowa banks; the Citizens
Bank of Fostoria, the Citizens Bank of Royal and
the Citizens Bank of Webb.
M E E TIN G
GROUP 3, N . B. A .
The annual meeting of Group Three, Nebraska
Bankers association held at Fremont, April 21-22,
was the largest and best in its history. There were
present nearly a hundred and fifty members.
The bankers were called to order by Secretary W.
E. Smails, of Fremont. In the absence of President
T. E. Stevens, of Blair and Vice-President Charles
Perky, of Wahoo, Thomas Fennell, vice-president
of the Arlington State Bank was chosen to preside.
The address of welcome on behalf-of the Fremont
bankers was made by Julius Beckman, president of
the Fremont Clearing House association.
J. T. Trenery, of Pawnee City, president of the
State Bankers’ association, responded on behalf of
the visitors. .
Secretary Smails read the report of the secretary
and treasurer.
The treasury receipts amounted to $157.63. The
expenditures amounted to $67, leaving a balance of
$90. Mr. Smails referred the assembly to the
printed account of the proceedings at the last con
vention for a detailed report of the secretary.
“ Simple Bank Bookkeeping,” was the subject of
the first paper brought up. It was handled by Longin Folda, cashier of the Clarkson State Bank. Mr.
Folda said the subject was one that could be dem
onstrated better than discussed, and produced a roll
of books and blanks he had brought with him. He
took them up one by one and explained them to the
convention, occupying half an hour. His address
was the demonstration oi a simple system arranged
by himself eleven years ago and to which he had
added for convenience from time to time.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
3 5 0 B roa d w a y, N ew Y ork
The banquet in the evening proved to be one of
the most interesting sessions, of the whole con
vention. The banquet began at 6:30 and ended at
11 o’clock. Thomas Wolfe, of David City, was
toastmaster.
The first response was by Id. T.
Arnold, of Osceola, president of the Bank of Polk
County. His subject was “ Observations.” He was
an early banker in this state and his observations
concerning what he has experienced were very in
teresting.
A paper prepared by James A. Cline, national
bank examiner, who1 was unable to be present and
make response in person, was read by L. M. Talmage, of Omaha. The subject was, “ What W ay
Danger Lies.” The pitfalls of bankers were point
ed out, such as ficticious and inflated securities, ex
cess loans, loans to bank directors and other com
mon delinquencies of financial institutions.
“ Advice to a Young Banker,” was a topic dis
cussed by Theo. C. Koch, president of the First
National Bank of Fullerton. He spoke of the
“ fresh” young banker who was apt to consider him
self a marvel and a new find in his profession, but
who, after two or three years’ experience really
begins his career. He first has to learn that he
knows little or nothing.
Henry W . Yates, president of the Nebraska
National Bank of Omaha, one of Nebraska’s oldest
and best-known bankers, was next introduced. He
spoke on “ Early Reminiscences.” He denied that
he was yet old, as his topic suggested, but admitted
the evidence was somewhat against him when he
remembered that it has been forty-two years since
he began his career as a banker in this state. He
spoke of the early prominence of the banking busi
ness of Omaha, which city for a long time after he
went there had larger bank deposits than all the
banks of all the cities on the Missouri north of St.
Louis. He told how the Omaha bankers in the
sixties bought the gold dust of the miners who were
returning home from their adventures in the wild
west, of the anxious days of these bankers at the
time, of the Chicago fire and the panic of ’73 fol-
THE
May, 1909
FRANCIS B. REEVES,
P r e s id e n t
N O R T H W E STE R N
BANKER.
RICHARD L. AUSTIN, V i c e P r e s i d e n t
THEO. E. WIEDERSHEIM, 2n d V i c e P r e s i d e n t
li
JOSEPH WAYNE, JR.
C a s h ie r
T h e Girard National BanK
P h i l a d e l p h i a , Pa.
C A P IT A L , $2,000,000
SU R PL U S
and
PRO FITS, $2,882,410
D EPO SITS, $32,564,160
ACCOUNTS OF BANKS AND BANKERS SOLICITED
M E E TIN G GROUP 4, N. B. A.
lowing two years later, wild-cat banking, and many
other things.
The eighth annual convention of the Northeast
Following these set speeches there were a number Nebraska Bankers Association, Group 4, of the Ne
of impromptu responses brought out on call of the braska Bankers association was held at Laurel,
toastmaster. These were by F. H. Davis, Omaha; April 21. The attendance was the largest in the
O. E, E'ngler, West Point; Howard A, Clarke, Co history of the association, a goodly number being
lumbus ; J. T. Trenery, Pawnee C ity ; Rev. Mailley, present from Omaha and Sioux City, who1 took an
Osceola ;Ross L. Hammond, Fremont ; J. W. Welp- interesting part in the discussions.
ton, Ogalalla; E. F. Folda, Schuyler; L. D. Rich
Guy Wilson, cashier of the Farmers State
ards, Fremont.
Bank of Laurel, and Secretary of the Association,
The topic of negotiable paper came up for discus gave the address of welcome and H. A. Cheney,
sion. the second day. George L. Loomis, of Fre president of the Security Bank of Creighton, gave
mont, was requested to speak on it and he told why the response.
in the legislature two years ago he had opposed the
W . T. Graham, cashier of the Laurel State Bank,
passage of a law asked for by the bankers, but Laurel, president of the association, gave a valuable
which was enacted by the session just adjourned. address. He emphasized the importance, the dig
Mr. Yates made a reply to his statements, defending nity and sacredness of the banking business and the
the new law and he was asked many questions con importance of honor, character and judgment in the
cerning it by the members.
management of banks. A fter giving many good
E.
Royse, secretary of the State Banking Board suggestions he paid the bankers of Northeast Ne-.
read an excellent paper, “ Is State and Federal Su braska the tribute of being the Lafayette rather than
pervision of Banks Adequate?” He took the posi the 'Napoleon characters of finance.
tion that they are not rigorous and exacting enough
Arthur Kavanagh, of the National City Bank,
to' answer the demands of the times.
New York, addressed the convention in an interest
C.
F. McGrew, vice-president of the Omaha Naing manner on the “ Ethics of Banking.”
tional Bank, discussed the question, “ Legitimate
The afternoon session was opened with a paper
Banking Competition.” His remarks were very by Mr. Arthur L. Tucker, cashier of the First
entertaining and at times pointed.
He indicated National Bank of Carroll, on the subject of “ Mere
legitimate methods of banking rather by pointing Impressions.” Mr. Tucker gave some very pleasing
out what were not legitimate.
impressions from his experiences in banking.
G. W . Wattles, president of Union National
“ Assurance of Deposits,” was the subject of a
Bank, Omaha, read a paper on “ The Signs of the most interesting paper read by John D. Haskell,
Times.” It was a presentation of the present finan president of the Farmers’ and Traders’ Bank, of
cial conditions and prospects. He took a hopeful Wakefield. Mr. Haskell’s paper is given in part
view of the situation.
elsewhere in this number.
E. A. Wiltse, cashier of the First National Bank
The committee on nominations reported the fol
of Pender read a paper on the subject of “ Co-Opera
lowing officers, who were endorsed:
President, Charles Perky, W ahoo; vice-president, tion.” Mr. W iltse’s paper took up a subject that is
Wm. E. Smails, Fremont; secretary and treasurer, attracting much attention at the present time, and
he handled it in an able manner giving many valu
PI. A. Clarke, Columbus.
It was also unanimously decided to hold the next able ideas on the growing tendency to stifle compe
tition by great co-operative corporations, commonly
annual meeting of the association in Fremont.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
12
THE
N O R T H W E STE R N
BANKER.
May, 1905.
THe Citizens Central National BanK
Capital, $2,550,000.00
N E W
V O R K
Deposits, $28,779,029.00
Broadw ay arid Pearl St.
NELSON A . REYNOLDS,
A s s is t a n t C a s h i e r
A L B I O N H. C H A P M A N ,
A s s is t a n t C a s h i e r
L E O . H. M c C A L L ,
A s s is t a n t C a s h i e r
E D W I N S. S C H E N C H . President
E W A L D F L E ITM A N N ,
V i c e P resident
H E N R Y D IM S E , C ashier
w , P C R B S T O R S s James StlUman, Elkan Naumburg Ralph L. Uat.er, Jacques Huber, Daniel A. Davis, John A. McCall, Win. A.
Wheelock, Henry B. Stokes, Ewald Fleitmann, Edwin Langdon, Robt. B. Hirsch, Augustus F. Libby, Edwin S. Schenck, Woodbury
Langdon^Franks M. Bacon, Jr , Emil Seyd, Jr., Henry Sampson, L. F. Dommerich, Frederick Southack, .John P. Munn, Edward A.
called “ The Trusts,” and the necessity for the pro
tection of the public.
Frank P. Voter, of Laurel, State Representative,
read a very interesting paper on “ Landlord Liens,”
Mr. Voter’s paper was along the line of a bill that
was before the last legislature.
The topics for general discussion were well han
dled. “ Healthy and Unhealthy Competition,” was
a practical talk by V . B. Caldwell, of the United
States National Bank, Omaha.
The Topics— “ Exchange and Collection Rates,”
“ Rates on Loans,” Bankers’ Money Orders,” and
“ O f What Value are Country Sales to a Bank,”
were ably opened for discussion by Fremont Ever
ett, of Lyons, E. T. Rice, of Bancroft, Ed. T. Kear
ney, of Jackson, and George J. Parker, of Coleridge.
A t 7 ¡30 a most excellent banquet was tendered
the visiting hankers. Mr. E. C. Burnham, of Nor
folk, acted as toastmaster and a most entertaining
evening was enjoyed. The after-dinner speeches,
with C. E, Burnham, of Norfolk, as toastmaster,
were rich with mirth and thought. H. PI. Dodge,
of Laurel, spoke on “ Assets;” Hon. J. J. McCarthy,
of Ponca, of “ The Banker Politician;” Fremont
Everett, of Lyons, on “ The Woman’s Club;” Hon.
W. P. Warner, of Dakota City, on “ The Banker’s
Bower;” D. Mathewson, of Norfolk, on “ Toasts;”
EL T. Kearney, of Jackson, on “ Tom orrow;” W.
P. Manley of Sioux City, on “ Relation of Country
Banks to City Banks.”
The next meeting will be held at Oakland next
Arbor day.
The following officers were elected for the en
suing year: President, A. L. Cull, Oakland; vicepresident, H. A. Cheney, Creighton; secretary, A.
E. Newman, Oakland; treasurer, W. E. Mote.
Plainview.
(
PROGRAM GROUP No. 6, I. B. A.
Group No. 6 of the Iowa Bankers’ Association,
comprising the bankers of Appanoose, Wayne, De
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
catur, Clark and Lucas Counties, will meet at Chari
ton May 23.
W. A. Hopkins, of Lamoni, is chairman of the
group, and F. B. Frye, of Corydon,is secretary.
The address of welcome will be given by Dr.
J. A. McKlveen and the response by Geo. McCul
lough, of Plumeston. There will be short addresses
by members of the group and a discussion of sub
jects submitted in the “ Question Box.” Hon. D.
L. Heinsheimer, of Glenwocd, will give an address.
The bankers of Chariton unite with the officers
of the group in inviting the bankers of the group
and others to attend. The Chariton bankers will
give their visitors a dinner and informal reception
and an evening smoker.
M E E TIN G GROUP
10,
. B. A
Group No. 10 of the Iowa Bankers’ Association
met in Marshalltown April 21 with delegates from
the five counties, Boone, Grundy, Hardy, Marshall
and Story, which comprise the group. From the
point of numbers and the interest shown, the meet
ing was the largest and best ever held by the group.
President Raymond called the morning meeting
to order at 10 o’clock. Henry Meyer, cashier of
the Hamilton National Bank, of Chicago, was in
troduced and read a paper on “ The T rue Relation
of the Country Banker to His City Correspondent.”
Mr. Meyer’s paper was interesting and instructive.
His analysis of a hank’s account and its value to
another bank, copies of which were distributed to
all present, showed clearly that all country hank ac
counts were not profitable. A general discussion
followed which was led by John Fletcher, of Cedar
Rapids,
A number of visitors were called upon for remarks
and the response, while not bearing directly on bank
ing questions, were heartily applauded for their wit
and good stories. Such responses were made by
Messrs. H. W. Parker, of St. Paul; H. O. Ed
monds, Geo. B. Smith and G. E. Emery, of Chicago.
THE
May, 1905.
N O R T H W E STE R N
BANKER.
13
----------THE:-----------
. Continental National Bank.
OF CHICAGO
Beport of Condition at close of Business, Thursday,
March 14, 1 9 0 5 .
RESO U R C E S :
Loans and discounts............................$35,850, 794.60
Stocks and bonds
......................... 1,319,874. 33—$37,170,668.93
U. S. Bonds to secure circulation.......
50,000.06
Overdrafts.............................................
<¿0,457.52
Keal Estate..............
11,636.66
Due from banks and U. S. Treasurer. 9,649,438.54
Cash....................................................... 12,730,871.62- 22,380,310,16
L IA B IL IT IE S :
Capital stock paid in
Surplus fund ... .
Undivided profits ...
Circulation................
Deposits ...................
B A N K S A N D B A N K E R S will save time
on their L IV E
ST O C K
having an account with
BU SINESS
::::
::::
::::
by
::::
THE
$59,633,073 27
National Livestock Bank
$ 3,000,000.00
O F C H IC A G O
1,000,000.10
327,281.14
50,000.00
55,255,792.13
$59,633,073.^7
Capital and Profits
$ 2 ,3 0 0 ,0 0 0 .0 0
O FE IC E R S :
J o h n C . B l a c k , P re s id e n t
G e o r g e M. R e y n o l d s , Vice President
N. E. B a r k e r , Vice President
I r a P. B o w e n , A s s is ta n t C a sh ier
B e n j . S. M a y e r , Assistant Cashier
W. G . S c h r o e d e r , Assistant Cashier
H. W a l d e c k , Assistant Cashier
J o h n M c C a r t h y , A s s is ta n t C a sh ie r
Ample Resources. Courteous Treatment.
Superior Service.
J. H. Ingwersen, of Cedar Rapids, gave a very
interesting talk on banking conditions in the South.
A t the afternoon session T. J. Fletcher, led a dis
cussion upon the “ Desirability of Harmony”
among bankers.
Members were called upon to
speak for each county, and it developed that de
lightful harmony exists among competitive bank
ers in all places excepting Boone, where the subject,
as reported, was unknown.
Ex-Governor S. B. Packard, of Marshalltown,
addresed the bankers “ From a Farmer’s Stand
point.” Governor Packard cited the common inter
ests of the banker and farmer, the dependence of
each upon the other, and then gave a vivid picture
of the trusts, combines, monopolies, rebates and
vicious institutions of modern business which prey
upon the farmer. He called upon the bankers to
put their shoulders to the wheels of reform, to help
the farmer and thereby to help themselves.
A banquet was served during the evening. C. C.
St. Clair acted as toastmaster. Parley Sheldon, of
Am es; R. W. McCrery, of Marshalltown; H. W.
Parker, of the Merchants’ National Bank, of St.
Paul; Hon. J. L. Carney; and Rev. E. B. Jones, re
sponded to toasts.
Those who' attended the meeting are as follow s:
Pilot Mound, R. R. Linn; Nevada, John Edgar,
H. B. Craddick; Colo, D. E. Bartlett; Luther M.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
OFFICERS
S. R. Flynn, President
G. A. Ryther, Cashier
G. F. Emery,
Assistant Cashier
W. F. Doggett,
Assistant Cashier
H. Thatcher; Dike, R. H. Rehder; Tama, J. L.
Bracken; Gladbrook, W . M. Mee; Slater, T. W.
Rawson; Reinbeck, John W ilson; Chicago, H. O.
Edmonds, George B. Smith, G. E. Emery, Henry
Meyer; Grundy Center, R. M. Finlackson, M. E. Bu
chan, S. R. Raymond, H. S. Beckman; Gilbert, W.
H. Totten; Ames, M. A. Manning; Sheldon Parley;
Wellsburg, Charles Biebesheimer; St. Anthony,
E. W. Jay; Kelley, E. J. Penfield; Stout, John
V oogd; Conrad, E. L. Guild; Iowa Falls, W. S.
Walker, PI. E. W alker; Union, C. E. Lawrence, C.
O. Lawrence; Green Mountain, S. O. Dickerson;
Eldora, W . J. Murray, J. W. Crossan; Cedar Rap
ids, John Fletcher, J. E. Hamilton, J. S. Brocksmith, E. H. Furrow, J. L. Bever, Jr., J. H. Ing
wersen; Beaman, T. L. Evans; Steamboat Rock, H.
H. Turner; Des Moines, D. H. Foster, G. G. Hun
ter; Rhodes, Ben, Richards; St. Paul, H. W.
Packer; Montour, R. E. Austin, Jr.; Melbourne,
Walter Canaday; Zearing, J. S. Smith, T. J. Pol
lock; Fairbanks, W . F. Treadway; Roland, H. E.
Myrah, O. S. B o y d ; Clemons, W . A. Pollock.
The following officers were elected for Group 10 :
President, Edgar John, of Newton; secretary, J.
F. Hardin, of Eldora.
Executive Committee; Boone County, J. H. Pierman,'of Boone; Grundy County, Charles Biebeshei
mer, of Wellsburg; Hardin County, Mr. Sheldon, of
THE
WM. H. BRINTNALL,
President.
EDWARD TILDEN,
Vice-President.
WM. A. TILDEN,
Cashier.
GEO. M. BENEDICT,
Ass’ t Cashier.
N O R T H W E STE R N
May, 1905.
BANKER.
THE DROVERS DEPOSIT NATIONAL BANK.
W O N STOCK « R D S , CHICAGO.
—
-------------
CAPITAL AND
To Banks and Bankers Having- M ore or L ess L iv e Stock B usiness, this
Bank Offers E xcep tion a l A dva n tages, and S olicits C orrespondence as to Term s
and F acilities. A lso acts as R eserve A g en t for N ational Banks.
Ames; Marshall County, C. V . St. Clair, of Mar
shalltown.
The committee on resolutions secured the unani
mous adoption of the following resolution :
“ Be it Resolved, That it is the sense of the mem
bers of Group No. 10 of the Iowa Bankers Associa
tion that our secretary be instructed to embody a
resolution and present it at the next meeting of the
State Bankers’ Association at Des Moines request
ing our senators and representatives in congress to
urge and work for the immediate repeal of the pres
ent national bankruptcy law and to take such other
action as may be necessary to bring about this
much needed result.”
A resolution of thanks was also adopted thanking
the local bankers for their entertainment and cour
tesy.
*■
SURPLUS,
$ 850,000.00
M E E TIN G GROUP 9, N. B A.
The fifth annual meeting of Group Nine of the
Nebraska State Bankers Association was held in
Holdredge April 19 and was the most largely at
tended of any annual session the group has held
since its organization. The meeting was called to
order by President T. M. Davis, of Beaver City.
The address of welcome was delivered by ExSenator F. A. Dean of the City National Bank, of
Holdredge. Ex-Congressman A. C. Shalelnberger
responded to- the welcome.
There were, including the local members and
visiting bankers fifty-one in attendance at this
meeting. The roll-call was responded to by 3minute talks by the members. “ Should the bank
ruptcy law be repealed, from a banker’s stand
point?” was the subject of an ably prepared ad
dress delivered by M. Weil, president of the Na
tional Bank of Commerce of Lincoln. Mr. Weil
took the position that the law should be repealed
GROUP 8, I. B. A
and gave several reasons in support of his conten
tion.
“ Bankers and the Public,” was the subject of
The annual meeting of Group Eight of the Iowa
an
excellent
address by Banker Brown of Cam
State Bankers’ Association was held in Forest City,
bridge.
“
Education
in Business,” and a discussion
May 10, and was attended by nearly one hundred
of
“
T
ax
on
Banks
to
Secure Depositors” were two
bankers of northern Iowa besides a number of prom
other
interesting
numbers
of the afternoon’s pro
inent financial men outside of the group, and from
gram:.
other states.
The visiting bankers were given a banquet and
The program consisted of an address of welcome
an automobile ride about the city.
by J. Thompson, ex-president of the Winnebago
The election of officers for the ensuing year, re
State Bank; address on “ Loyalty” by G. L. Tresulted as follows: C. Hildreth of Franklin, presi
main, the veteran Humboldt banker and president of
dent; C. C. Vennum, of Stratton, vice-president; R.
Peoples’ Bank of that city; a. paper on the National
V. McGrew, of Naponee, secretary and W. F. Dob
Bankrupt Act, by President J. F. Thompson, of the
bin, of Bertrand, treasurer.
Winnebago State Bank. Short talks were also made
Among the visiting bankers who are not mem
at this sesison by J. H. Cameron, of the Hamilton
bers of Group Nine, were H011. A. L. Clarke of
National Bank of Chicago and several prominent
Hastings, vice-president for Nebraska, of the Na
Iowa bankers.
tional Bankers association; Mr. J. T .Trenery, of
In the evening a banquet was tendered the visitors Pawnee City, president of the State Bankers asso
at the Hotel Summit, by the local bankers. The ciation; M. Weil, president of the National Bank of
banquet was attended by over one hundred bank Commerce of Lincoln; Dr. P. L. Hall, cashier of
officials and their ladies.
Toasts followed the the Columbia National Bank of Lincoln; V . P.
banquet.
Caldwell, cashier o f the United States National
A t the election of officers P. M. Joice of Lake Bank of Omaha; Luther Drake of the Merchants
Mills was chosen chairman of Group Eight and A. National, and Mr. Kuhns of the First National of
L. Tracy of Goodell, secretary. The executive com Omaha; Frank Parks, of the First National of Lin
mittee remains as before.
coln; H. T. Overbeck, of the First National of St.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
THE
May, 1905.
N O R T H W E STE R N
BANKER.
15
I Live Accounts Are Profitable Accounts I
Dead Accounts are a Burden to Your Books and
Offer Unlimited Opportunities for Error in Posting
I
!
“ The Jones Idea” separates the dead from the live.
The Jones Perpetual Ledger brings active accounts only before the bookkeeper each day. Each account is given
one page arranged alphabetically, making the ledger an index of itself. Spacing is unnecessary. New pages may
be inserted or old ones removed without disarranging the others. The periodic rewriting of names is thus elimi
nated and the ledger never ends. Every Jones Perpetual Ledger made and sold is still in daily use.
Manufactured by and sold only through
Jones Perpetual Ledger Com pany
14=28 Michigan St., Chicago
Joe; S. Chesney of the South St. Joe Stockyards
Bank.
Group Nine of the state association embraces the
territory south of the Platte river and from and in
cluding Kearney and Franklin counties, west of the
state line. Wednesday’s was not only the most
largely attended but is pronounced by many who
were in attendance, as one of the most profitable
and pleasant meetings the association has yet held.
M IN N E SO T A
GROUP M EETINGS.
The bankers of the Ninth district held their an
nual meeting in Moorehead recently and it was
largely attended. Lewis A. Huntoon, cashier of the
First National Bank, and president of the group,
presiding. The address of welcome was delivered
by the mayor, and W. L. Winslow, of Battle Lake,
responded. Several interesting papers were given
and some lively discussions were had. A t the close
of the session a trolley ride over the Moorehead and
Fargo Street Railway Line was given. A banquet
in the evening brought the proceedings to a close.
President Huntoon presided, and addresses were
made by O. H. Havill, president of the State Asso
ciation, and L. B. Harma, of Fargo. The following
officers were then elected for the ensuing yea r:
President, W . L. Brooks, Bemidji; vice-president,
W. L. Winslow, Battle Lake; secretary and treas
urer, A. C. Wedge, Detroit.
SEVENTH DISTRICT.
The Seventh District bankers met at Renville
April 27th, there being over 75 in attendance. Pres
ident Dowling presided and R. T. Daly gave a
hearty welcome to the bankers. O. H. Plavill, of
St. Cloud, president of the State Association, gave
an informal talk on general banking matter. M. F.
Titus, of Monti video, gave a paper on the “ E x
change of Information as to Credits” by country
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
256 Broadway, New York
i
I
!
bankers. Rev. G. L. Morrilll gave a very en
tertaining address on
general
matters.
At
the
afternoon session Henry Rothschild, of
St. Paul, spoke on Mortgage Loans as an
adjunct to the banking business.
Hon. J. G.
Lund, “ the
land man,”
gave
some
very
Minnesota in early days. Theodore M. Knappen
gave a paper on “ The Development of Western Can
ada” and the part played by its chartered banks.
The Round Table discussion at the evening session
brought out some very interesting discussions on
practical banking topics. A generous luncheon was
served to the visitors. C. S. Orwell, of Clarkville,
was chosen president for next year; M. E. Titus,
of Montivideo, was chosen vice-president and F. R.
Putnam, of Morris, was chosen secretary and treas
urer for the ensuing year. The other members of
the Executive Committee are : H. M. Wabeck, A.
J. Olin, of Franklin, and W. J. Dowling, of Olivia,
of the State Executive Council.
s ix t h
d is t r ic t .
The Sixth District bankers met at Long Prairie
the 10th and n th , and the following program was
carried o u t:
Address of Welcome, Hon Frank Lano. Re
sponse, John M. Haven, B ig Lake. Annual A d
dress, President W. E. Lee. Report of Executive
Committee. “ Bank Convejntions— Their Puruose
and Influence,” W . S. Harris, assistant cashier Na
tional Bank of Commerce, Minneapolis. “ Com
merce,”
Hon. Henry Keller, Sauk Centre.
“ Taxation,” Wm. Rodman, Eag'le Bend. “ Bank
Advertising,” Geo. E. Hanscom, Foley. “ The E x
change Question From the City Banker’s Point of
V iew ,” Otto Nelson, St. Paul. “ The Exchange
Question From the Country Banker’s Point of
V iew ,” W . A. Shaw, Clearwater. “ The Bank and
the Bank Examiner,” Hon. P. M. Kerst, superinten
dent of banks, St. Paul. Address, by the president
of the State Association, O. H. Havill, St. Cloud.
i6
THE
N O R T H W E ST E R N
BANKER.
May, 1905.
The
the
Farmers’ (EX M e c h a n ic s ’
Rational Bank of north America
National BanK
0/
PH ILA D E LP H IA , PENNA.
4-27
CHESTNUT
STREET
lit new York
OFFICERS
ALFRED H. CURTIS,
EDWARD B. WIRE,
President
Cashier
CHAS. W. MORSE,
BENRY CHAPIN, J r .
Vice President
Vice President
J. FREDERICK 8 WEASY, Assistant Cashier
DIRECTORS
Capital
$ 2 ,0 0 0 ,0 0 0 .0 0
S u rp lu s and Profits
1,050, 8 7 9 .7 2
D eposits
1 4 ,0 0 8 ,0 1 6 .0 4
Organized January 17, 1847
D iv id e n d s Paid
$ 1 2 ,2 4 7 ,0 0 0 .0 0
O F F IC E R S
Howard W, Lewis, President
Henry B. Bartow, Cashier
John Mason, Transfer Officer
Eugene H. Austin, Assistant Cashier
HENRY H. COOK
loo Broadway
WARNER VAN NORDEN
- Van Norden Trust Co.
JOHN H. FLAGLER
.
.
.
200 Broadway
WILLIAM F. HAVEMEYER 32 Nassau Street
MAHLON D. THATCHER
President First National Bank, Pueblo, Colo.
RICHARD L. EDWARDS
President
AUGUST BELMONT
August Belmont & Co.
EDWARD T. BEDFORD
Standard Oil Company
CHARLES W. MORSE
•
49 Exchange Place
ROBERT M. THOMPSON, Chairman Board of Directors
International Nickel Co.
WARNER M. VAN NORDEN President Van Norden TrustCo.
OAKLEIGH THORNE
President North American Trust Co.
HENRY CHAPIN, J r .
.
.
.
Vice President
CHARLES T. BARNEY
President Knickerbocker Trust Co.
HUGH J. CHISHOLM
President International Paper Co.
AMBROSE MONELL
President International Nickel Co.
Capital, $ 2 ,0 0 0 ,0 0 0
Deposits, $ 2 4 ,2 3 1 ,0 9 6
Surplus and Profits, $ 2 ,0 2 1 ,8 2 2
A c c o u n t s o f I n d i v i d u a l s , F ir m s a n d C o r p o r a t e ns
So licited
P resent N u m b e r o f S t o c k h o l d e r s 9 3 0
Round Table discussion, conducted by Joseph Chap
man, Jr., secretary State Association, Minneapolis.
Th ir d
d is t r ic t .
The Third District bankers will meet at Faribault
May 23rd.
TH E N A T IO N A L B A N K S
F ifty National banks, with capital of $2,190,000
and bond deposit of $637,350, were chartered in the
month of March.
Twenty-eight were chartered
with the minimum capital of $25,000, and seven
teen with individual capital ranging from $50,000
to $200,000. 1 he work of the last month brings
the total number of organizations of national banks
since March 14, 1900, up to 2,411, with capital of
39*895,3°°, and bond deposit of $34,884,550.
With few exceptions banks organized under author
ity of the act of March 14, 1900, were with capital
of $25,000, the exceptions bringing the average
capital to approximately $26,000.
The number of organizations with the minimum
amount of capital stock, established in the period in
question, was 1,567, with a capital of $40,862,500.
In the same time 844 charters were granted to
banks with aggregate capital of $99,032,800, the
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Travelers’ L e tte rs of Credit Issued.
Foreign Exchange Bought and Sold.
A cco u n ts of Other B anks Invited.
individual capital ranging upward from $50,000,
the average being approximately $117,000. The
average capital of all banks organized in this period
is but slightly in excess of $58,000.
The number of banks at the close of business on
March 31, 1905, was 5,644, with $791,849,335
capital. The banks in operation have on deposit
with the Treasurer of the United States in trust as
security for circulation bonds to the amount of
$449,009,890, on which circulation has been issued
to the extent of $444,870,179. There is outstand
ing secured by deposits of lawful money, by banks
placed in liquidation, those reducing their issues,
and on account of insolvent national banks, circula
tion to the amount of $31,078,766, which makes the
total amount of notes in circulation $475,948,945.
The increase in bond-secured circulation since
March 14, 1900, is $228,495,384.
NEW NATIONAL BANKS.
National banks to the number of forty-two, with
an aggregate capital of $4,420,000, were chartered
during April. Twenty-nine with capital of $770,000
were effected under authority of the act of March
14, 1900, and thirteen, with total capital of $3,650,000, under the act of 1864. Eighteen of these banks
were of primary organization; eight re-organizations
May, 1905.
THE
N O R T H W E STE R N
BANKER.
17
G E N E R A L B A N K IN G .
Accounts of Banks, Merchants, Corporations and Individuals Solicited on Favorable Terms.
T ru st D epartm ent. F oreign E xch an ge Departm ent. Savin gs D epartm ent: In terest paid at the rate o f 3 per cen t per an
num on dep osits o f one dollar and upw ards. Farm Loan D epartm ent: To the already unsurpassed facilities for handling country
bank accounts, the Merchants Loa 1 & Trust Company have instituted a farm loan department. P. W. Thompson, formerly of iowa, has
been appointed manager of this department, and his long experience as a banker and bank examiner insures prompt and courteous consid
eration in connection with first mortgage farm loans that may be submitted. Carefully selected first mortgages on improved farm lands
bought and sold.
of private banks and three conversions of state banks.
The month’s addition increased the number and
capital of banks organized since March 14, 1900,
by 2,453 and $!44,315,300 respectively.
B A N K W R E C K E R R E TU R N S
Charles M. Chamberlain, who two years ago left
Tecumseh, Nebraska, to escape prosecution for
wrecking the Chamberlain banking house has re
turned to his home.
“ I have come back to take my medicine,” said
Mr. Chamberlain. “ I hope it will not be severe.”
Chamberlain, the man who returned to Tecum
seh, is very much different than the man who de
serted the institution he had wrecked two years ago.
He was inclined to dissipation before be left Tecum
seh and the strain of carrying the bank as far as he
did without disclosure told upon him physically.
Now he appears in perfect health and told his
friends that he had “ cut out” drinking entirely.
His appearance indicated that this was true.
The Chamberlain banking house closed its doors
August 29, 1902. It had been completely cleaned
out, the authorities who took charge finding only a
few dollars in cash. While the capital stock was
$50,000 the loss to those interested will aggregate
$80,000. Chamberlain was traced west to the Pa
cific coast and from there he went north into Can
ada. A fter coming east, lie went south into the
southern states through Chicago, and then was
heard of in Cuba. For a time he was in Mexico and
then wandered west to Lower California.
A. E P F IF F N E R
A t a meeting of the directors of the First National
Bank of Lake Mills, Iowa, on Monday, May 1st,
A. E. Pfiffner was elected cashier to succeed S. H.
Larson, who recently accepted the presidency of the
Farmers’ State Bank of the same city.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Mr. Pfiffner is a bright, capable young man who
has been the assistant cashier of the First National
Bank for the past three years, and was bookkeeper
and assistant cashier of the old Lake Mills Bank for
two years previous to its consolidation with the First
National Bank. Mr. Pfiffner has shown his quali
fications, and the bank directors, recognizing his
sterling worth and ability, have given him this well
deserved advancement.
A. E. P F IF F N E R
The First National Bank of Lake Mills enjoys the
distinction of being one of the largest banks in north
ern Iowa. It has a capital of $50,000, with surplus
and undivided profits amounting to $42,000. Its
assets are more than a half million dollars.
For a young man to hold the position of cashier
in such an institution is an honor which can only be
attained by real ability and strictest integrity. Mr.
Pfiffner’s many friends and business associates con
gratulate him upon his promotion.
THE
N O R T H W E STE R N
The Hamilton National Bank
O F C H IC A G O
BANKER.
May, 1905.
Mississippi Valley Trust Co.
S T . L O U IS .
SURPLUS
$ 18 2 , 0 0 0
C A P IT A L
$ 5 0 0 ,0 0 0
O F F IC E R S
C h a r l e s B. P i k e , President
J. H. C a m e r o n , Vice-President
H e n r y M e y e r , Cashier
G e o . H. W i l s o n , Assistant Cashier
D IR E C T O R S
F. A . Delano, Gen. Mgr. Chi., Burl. & Quincy Railroad.
Wallace Heckman, Business Manager Chicago University.
Charles L. Bartlett. President Orangeine Chemical Co.
T . A. Shaw, J r ., of T . A . Shaw & Co.
A. A. Sprague, 2d, of Sprague, Warner & Co.
Louis E. Laflin, Manager Estate of Matthew Laflin.
Granger Farwell; of Granger Farwell & Co.
Charles B. Pike, President.
J. H. Cameron, Vice-President.
C. J. Eldredge of Merrill & Eldredge, Com. Merchants.
We Study the Requirements of the Banks in
the Northwest and Endeavor to Meet
Them in E very Reasonable W ay
M E E TIN G OF THE SO U TH W E STE R N IOWA
Capital, Surplus and Profits, $ 8 ,4 0 0 ,0 0 0
A General Financial and Trust Company
Business Transacted
OFFICERS
J u l i u s S. W a l s h , President
B r e c k i n r i d g e J o n e s , V. P. and Counsel
J o h n D. D a v i s , Vice President
S a m l . E. H o f e m a n , Vice President
.Ta m e s E. B r o c k , Secretary
H u g h R. L y l e , Assistant Secretary
H e n r y C. I b b o t s c n , Assistant Secretary
F r e d e r i c k V i e r l i n g , Trust Officer
H e n r y S e m p l e A m e s , Assistant Trust Officer
W m . G. L a c k e y , Bond Officer
E u g e n e H. B e n o i s t , Real Estate Officer
W m . M c O. M a r t i n , Safe Deposit Officer
deposits. During the discussion the question was
brought up whether insuring deposits would tend to
prevent
a run fin a bank such as occurred in Milwau
Southwestern Iowa bankers of Groups 3, 4 and 5
kee
a
few
days ago when the defalcation of Presi
met in Council Bluffs May 4th.
dent
Bigelow,
of the First National Bank of that
The meeting was called to order by Chairman
Johnson. Ernest EL Hart was down for an address city became known.
Senator J. T. Brooks, of Hedrick, offered some
of welcome, but he was out of the city, and Jacob
Sims made the speech, giving the visitors a cordial remarks on “ Time Lock Cleaning,” and gave much
greeting. The response by Mr. Kuehnle dealt with information in regard to the lock cleaning business
the banker’s usefulness to his community, the need and the great saving that will be made hereafter to
of conservatism in his business, his opportunities members of the state association. Mr. Hart, who
for doing good and for assisting in the development arrived during the afternoon, spoke on different
bank problems. Chairman Johnson also contributed
of character.
“ Present Conditions and Future Prospects,” by a few suggestions.
G. W. Wattles, of Omaha, was the topic of a strong
Repeal of federal bankruptcy legislation, both as
address which finished up the forenoon’s business. to voluntary and involuntary features, was de
Congressman Walter I. Smith’s address was manded. Carl F. Ivuehlne, of Denison, business
ommitted. Spencer Smith read an interesting pa partner of Secretary of the Treasury, Leslie M.
per on “ Effect of Trusts on Business Generally and Shaw, framed the resolution and offered it. The
Banking in Particular, and Power of Government text of the expression was as follow s:
to1 Control the Same.” His ideas were forcefully
“ Resolved, That it is the sense of this association
worded, and in a number of ways he pointed out en that the bankruptcy law ought to be repealed with
croachments of large combinations which needed to- out delay, and that our senators and representatives
be curbed.
in congress be requested to use their best efforts to
He was followed by D. E. Heinsheimer, of Glen- secure its repeal, and that the secretary send a copy
wood, who, in the absence of E. F. Potter, of H ar of this resolution to each senator and representa
lan, led the discussion on the question of insuring tive.”
!
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
BANKERS
THE
M îy, 1905.
N O R T H W E STE R N
BANKER.
19
!. _
E STA B L ISH E D
1853.
CIk Oriental Bank
OF N E W
è'
(Klinse N a t i o n a l B a n k ,
OF T H E C IT Y O F N E W Y O R K .
YORK
175 B ro a d w a y
Capital,
$750,000.00
Surplus and profits,
- $1,071,996.93
D eposits February 8, 1904, $ 7 ,74 7 ,6 2 5 .97
D eposits February 8, 1905, $ 1 0 ,4 8 1 ,0 5 0 .8 7
R. W. JONES, Jr,Pres. NELSON G. AYRES, 1st Vice-Pres.
LUDWIG NISSEN, )
ERSKINE HEWITT, } Vice-Presidents.
CHARLES J. DAY, 1
GEO. W. ADAMS, Cashier.
R. B. ESTERBROOK, Asst. Cash
D IR E C TO R S.
Nelson G Ayres, Vice-President.
Charles K. Beekman, Philbin, Beekman & Menken, Attorneys.
Samuel Bettle, Chairman Advisory Freight Committee, In
ternational Mercantile Marine Steamship Co.
Eugene Britton, Vice-Pres. Nat’l City Bank, Brooklyn; Treas.
Broadway Savings Institution, N. Y.
Stephen R. Halsey, Capitalist.
Ersltine Hewitt, Manufacturer, with Cooper, Hewitt & Co.
R. W. Jones, Jr., President.
Hugh Kelly, Merchant, 71 Wall Street.
Richard B. Kelly, Vice-Pres. Fifth National Bank.
Chas. E, Levy, Cotton Merchant, 30 Broad Street, of M. Levy
& Sons, N ew Orleans, La.
Alexander McDonald, Capitalist.
Wm. McCarroll, Vice-Pres. American Leather Co.
Ludwig Nissen, Importer of Diamonds.
Andrew W. Preston, Pres. United Fruit Co., Boston and N. Y.
John C. Whitney, Auditor New York Life Ins. Co.
Isadore Hermsheim, Capitalist.
William B. Putney, Attorney-at-Law.
Your Account is Respectfully Solicited.
The election of officers by Group 4 resulted in the
unanimous re-election of the old officers as follow s:
W. H. Johnson, chairman, cashier State Savings
Bank, L o g a n ; L. D. Goodrich, secretary; cashier
State Bank of Neola, Neola.
Executive com
mittee: Ernest E. Hart, president First National
Bank, Council Bluffs; C. E, Price, easier Commer
cial National Bank, Council B lu ffs; Dr. S. J. Patter
son, cashier Dunlap State Bank, Dunlap; August
Beresheim, cashier Council Bluffs Savings B ank;
L. E. Potter, president First National Bank, Harlan.
Groups 3 and 5 did not elect officers, but decided
to retain their present officers until the readjust
ment of their boundaries.
There were about fifty present at the meeting.
Am ong them w ere:
Glenwood, D. L. Heinsheimer, William M. Lam,
C. P. Hale; Manilla, W. H. Hart, S. E. VanDyke;
Denison, Carl E. Kuehnle, Sears M cHenry; Mineola, E. M. Lord, Charles E. Nepp; Griswold, Ham
ilton W ilcox, John Pipher; Neola, E. D. Goodrich,
E. E. Cotter; Tabor, H. C. Dye, Ira McCormick;
Missouri Valley, George A. K ellogg; Dunlap, S. J.
Patterson; Silver City, C. G. Greenwood; Emerson,
R. H. Shipman; Macedonia, Willoghby Dye; Hed
rick, J. T. Brooks; Villisca, T. E. Jones; Kirkman,
Frank Deklotz; Shelby, G. H. Rink; Clarinda, Ed.
F. Rose; Northboro, J. K. Harris; Council Bluffs,
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
U N IT E D S T A T E S D E P O S IT A R Y ,
C L E A R IN G
H O U SE B U IL D IN G .
A. B. H e p b u r n , Pres.
E. J. S t a l k e r , Cashier.
S. H. M i l l e r , Asst. Cashier.
A. H. W i q g i n , Vice-Pres.
C. C. S l a d e , Asst. Cashier.
H. K. T w i t c i i e l l , Asst. Cashier.
IV: a r c h
14,
1905
CAPITAL,,
« 1,000,000
SURPLUS AiND PROFITS, (EARNED)
4,221,073
DEPOSITS,
0 2 ,0 2 2 ,4 6 2
THIS B A N K
RECEIVES
AC CO UN TS OF
Banks, Bankers, Corporations, Firms and Individuals on favorable
terms and will he pleased to meet or correspond with those who con
template making changes or opening new accounts.
E. E. Hart, T. G, Turner, C. E. Price, R. Id.
Bloomer, Spencer Smith; Omaha, Gurdon W. W at
tles; F. L. Campbell, J. C. French, Charles E.
W aite; Chicago, G. F. Emery.
PROGRAM IO W A B A N K E R S A N N U A L
CONVENTION
The program for the Annual Convention of the
Iowa Bankers’ Association, to he held in Des Moines
June 7 and 8, will be sent out from the secretary’s
office in a few clays.
The program comprises the president’s address,
treasurer’s report, secretary’s report and the re
ports of the various committees as follows : Time
Lock Committee; Taxation Committee; Protective
Committee ; Money Order Committee ; The Sunblad
Committee ; the Committee on Insurance of Bank
Deposits and Fidelity Bonds.
A more general discussion than usual will be en
couraged. The convention wall listen to hut two1 or
three set addresses; one from H011. Henry Vollmer,
of Davenport, on “ The Taxation of Moneys and
Credits,” and another from Hon. B. E. Carroll,
Auditor o f State, on “ Thoughts Suggested by Ob
servation,” also a possible address by Secretary
Shaw. Delegates to the American Bankers’ Asso
ciation will be selected and officers elected. A d
journment to follow.
THE
20
N O R T H W E STE R N
BANKER.
P eoples T rust & Savings Bank
STATEM ENT, FEBRUARY 23,
Liabilities
May, 1905.
op
Clinton
1Q 05
R esources
Capital...................... ........................................ $ 300,000.00
Surphis - - - - - - ........................... . ..............
160,000.00
Undivided Profits..............................................
23,598.29
Deposits.............................................................. 4,213,892.53
Reserve for Taxes............................................
5,000.00
Total................................................. ........ $4,701,990.82
Loans ........................................................... $ 3,813,472.01
888,518.78
Cash and Due from Banks.............. ..........
Total.................................................... $4,701,990.82
Solicits profitable and conservative business and promises its customers liberal accommodations at all times.
GARRETT E. LAM B, President.
CH AS. B. JVHL,L,S, Cashier*.
CH AS. P. AI .DEIN, Vice-President.
W A R D W . COOK, A s s ’t Cashier.
Xnnnnnnnnrm n»m«nnmjmmnnm,w«i»n«nwn«nnwi«WTOn»imi»n«»nwnnm»nn«nttnnm«nKn«nm«nnrm8
This year we will hold our convention in two ses
sions. The first will be June 7th, 10 o’clock a. m.,
from which we will adjourn promptly at one o’clock
for lunch and will spend the afternoon and evening
in a social way, the Des Moines Clearing House
having provided for us a very unique afternoon
and evening, which will be full of pleasure from
start to finish. The second session will be June 8th,
at 9:30 a. m., and will be continued until adjourn
ment.
The usual arrangements for reduced railroad fare
have been made and the boys who are so fortunate
as to have passes or mileage of any kind are asked
to pay full fare this trip and take their certificate,
so as to assure reduced fare for the whole crowd.
Iowa Convention Notes
The Des Moines bankers have provided a unique
and highly enjoyable entertainment— worth com
ing a long distance to see and hear.
It is expected that from four to six hundred bank
ers will be in attendance. Ample hotel accommoda
tions have been secured.
Chamberlain Hotel,
headquarters.
It will be noted that the Iowa Bankers’ Associa
tion has cut out of their program that time honored
antedeluvian time consumer, the address of wel
come and response. Such addresses are unneces
sary. Conventions are always welcome.
Secretary Dinwiddie is now sending out renewal
receipts for dues to June 1st, 1906, the dues being
payable in advance. Each banker remitting without
further notice will be doing a favor to the Associa
tion.
This year’s annual convention of the Iowa Bank
ers Association will be more of a business conven
tion than ever before. The work of the association
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
will be systematized and its committees have ac
complished much good for the members, both in a
general way and in actually saving each member
more than the total cost of membership. How can
any well regulated bank stay out ?
A F IN A N C IA L MOSES
Honesty plus publicity is the remedy suggested
by Thomas H. Tibbies for bank failures, defalca
tions and financial crashes. He is now working to
establish a bank in East New York that he expects
to prove a financial bulwark, and to enjoy the confi
dence of those who distrust financiers.
The capital stock of the New York venture is said
to be $50,000. All reserve funds will be retained
within the institution. Every cashier’s slip will be
accessable to the public. The account of every man
will be public property and at the end of each day a
detailed statement of the business transacted will
be open to those who wish to investigate. No bank
officer shall be allowed to borrow money of the con
cern. No business enterprise in which the officers
of the bank are interested can borrow money.
“ I will insist on the absolute control of the bank,”
declared Mr. Tibbies, “ and would enforce the prin
ciple of publicity and mutual interest. Otherwise I
would not want to have anything to do with it. I
believe the banks need as much reformation and
stirring up as the Standard Oil and other trusts and
Wall street magnates attacked by Torn Lawson.
I believe a bank should be a mutual institution.
Every depositor has a right to know where his
money is and how it is being taken care of.
My
statements would
show this. A t present the
gamblers take the money of the people and use it in
speculative and dangerous deals.”
He vigorously denounced present day methods as
the schemes of the dishonest. He declared that the
bank examiner system was a farce and permitted
fraud and that the report of the examiners are
worthless.
THE
May, 1905.
N O R TH W ESTE R N
BANKER.
21
“Practical S y s t e m s ”
The name of a little book containing Mr. H .M. Humphrey’s interesting
article on the use of the BURROUGH S Adding and Listing Machine in
a Bank or Trust Company.
It describes some practical methods of hand
ling checks and deposit slips; and how to save hours in the detail of the
clerical work.
These systems save two hours daily in Mr. Humphrey’s
bank — it might save you more — the book is free for a
request.
A Trial of the machine— without obligation to purchase
— on receipt of request.
^ B u r r o u g f i s 3 V iiiiin g ¡ U t a d i i n c C o m p a n y
Formerly American Arithmometer Company, St. Louis, Mo.
Detroit, Michigan, U. S. A.
E X -B A N K E R BIG ELO W
The fall of Frank Bigelow of Milwaukee from
his high position as president of the First National
Bank of that city and one of the most trusted and
influential banks in the country, through his defal
cations, is a most pitiable example of the inevitable
result that must follow every departure from the
path of honesty and integrity.
President Bigelow, like many another of less
prominence, doubtless never intended to misappro
priate the bank’s funds, but once started it became
necessary to go still deeper and deeper for self pro
tection until it became impossible to repair the
wrong and evade detection.
It may be that Frank Bigelow committed his
great wrong in an attempt to bolster up and save
his son. If such shall prove to he the case, many a
father will know what an awful temptation con
fronted him, for a father’s love would sacrifice his
property and even life itself to save his boy, but even
such an excuse does not mitigate or condone the
offense.
A man may do what he will with his own prop
erty, but never under any circumstances is he justi
fied in using the property of others unlawfully.
The money deposited in a bank is a most sacred
trust— reaching the very heart-strings of the com
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
munity. The banker is but the trusted agent of
the people. He has no more right to use such
funds for personal speculation than he would have
to steal from a man’s home, quieting his conscience
with the assurance that the stealings would be
quickly repaid.
Bankers, as a class, are men of the strictest integ
rity and honor. Statistics will bear out the state
ment that fewer bankers betray their trust than any
other class of business men and this being the rule
the exceptions are the more commented upon.
IO W A B A N K E X A M IN E R RE SIG N S
D.
B. Miller, of Red Oak, for four years the
bank examiner for a portion of Iowa and Illinois,
has resigned the position. Mr. Miller states as his
reason that he prefers to remain more closely at
home, and his business— the work as a bank exam
iner, is anything but an easy life. Mr. Miller’s dis
trict embraced all of Iowa except the two northern
tiers of counties, and also twenty-two banks in the
state of Illinois. A bank examiner is obliged to be
away from home almost all the time.
The position pays well and there was a scramble
for the place. H. M. Cormany, present state ex
aminer, of Woodbine, has been elected to fill the
position.
THE
22
N O R T H W E STE R N
BANKER.
May, 1905
“W I N T E R F I X T U R E S . ”
I
H 6 v e that U n d t fin a b le
W in te r ” O r fin a lity .
M. W inter Lu m b er Co.
S h e b o y g a n , W is ., U. S. A..
E stablished 1&£>5
DESIGNERS AND M A N U FA C TU R E R S OF
HIGH-GRADE BANK, OFFICE and COMMERCIAL FURNITURE
S p ecia l BanK an d Office Fixture Catalog
S p ecia l C h a ir Catalog, S p ecia l D esk C atalog
Sent on receipt of 25c. It will pay you to send for them.
G r o v e t o n , T e x a s , N o v . 18, 1904.
’
WESTERN
BANK
FAIL U R E S
Gentlemen
Replying to “ How do you like Furniture” will
advice that it came up to all requirements and we are
entirely pleased. Fit building to the 1-32 of an inch.
Couldn’t b j better satisfied.
Yours truly,
L. P. A t m a r , Cashier.
First National Bank.
E XP LA IN E D
A versatile writer in a much featured eastern
magazine, ascribes the collapse of Iowa banks in re
cent years to the “ Beef Trust,” and its control of the
live stock market. He says that he had heard of the
failure of twenty-five banks in the “ feeding district
of Iowa” because the feeders to whom the money
was loaned “ received no profit and actually lost
money.”
This explanation will be news to the bankers of
Iowa. As a matter of fact the cattle market has
not been the direct cause of the failure oi a single
bank in Iowa in recent years. The depression in the
cattle business undoubtedly had an influence with
many other and more important causes in bringing
about several failures, but the condition of the Iowa
stock markets does not and will not cause the failure
of any legitimately conducted bank. It is true that
some bankers have speculated in cattle feeding,
using the bank’s money and come to grief thereby,
but such speculations are not considered good bank
ing to say the least.
However
the western
banker will work
shoulder to shoulder with
with the farmers in securing such measures
as will give them honest competition in the
sale of their products and the full amounts their
due as producers.
Iowa is a great live stock state and her bankers
are deeply interested in any matter affecting the
live stock interests.
A
REMARKABLE
BANK
In January, 1904, a receiver took charge of the
Sigourney Savings Bank. Cashier Utterback was
short in his accounts $50,000, lost in speculations,
and had committed suicide. A s a notable excep
tion to fhe usual results attending a receivership,
the Sigourney Savings Bank has paid out in full
and it is now expected that interest will be paid the
depositors for the time their money was tied up.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
T H E W A L L S T R E E T OE D E S M O I N E S
The German Savings Bank of Des Moines has
concluded negotiations for a long term lease of a
location at 312 Sixth Avenue and will occupy it as
a home for the institution after October 1.
An architect is now preparing plans for putting
an elegant bank front in the building.
The fixtures, it is planned, will be among the
finest in the city. They will be of solid mahogany
and of the most modern design. A marble floor
will be put in. There will be four apartments for
the working force of the bank, in addition to private
rooms for the officials.
The ^location of the German Savings Bank on
Sixth Avenue will make that thoroughfare the
W all Street of Des Moines, as it will be the fifth
bank, the Des Moines National, Citizens’ National,
Citizen’s Savings, Iowa National and Iowa Sav
ings which will be located on Sixth Street.
A N IM P O R T A N T I O W A DECISION.
An important decision has just been handed down
by the Supreme Court in the Security Savings
Bank case from Cedar Rapids. The bank had
objected to the county treasurer opening up the
question of its past assessments to include United
States bonds which he had claimed were omitted
from the assessment. The bank accordingly secured
an injunction restraining the county treasurer from
setting a date for hearing or making the assessment.
The Supreme Court now reverses that action of the
lower court and holds that the bank had no- cause
for action until after the assessment had been made.
In the opinion of Associate Justice Ladd on the
Cedar Rapids bank case, he states the views of the
Supreme Court on bank assessments as follow s:
“ The statutes authorizing the treasurer to assess
property withheld, overlooked or from any other
cause not listed or assessed, was not intended to
May, 1905.
THE
N O R T H W E STE R N
BANKER.
23
The NaumanCo.
W A T E R L O O , IO W A .
M anufacturers of
Bank F ix tu re s
C a talo g u es P rcc
P LA N S AND E S T IM A T E S F U R N IS H E D
confer on him appelate jurisdiction to correct the er
rors or mistakes of assessors or boards of review
in estimating- values of property actually assessed.
If the particular thing has been listed and a value
fixed by the proper officers, their action, in the absense of an appeal to the district court, is final.
The United States bonds held by the plaintiff were
property of the bank and as such tended to enhance
the value of its capital stock. For this reason they
should have been taken into consideration each year
in determining the assessable value of the shares.
But this could not be remedied by afterwards as
sessing them to the bank as omitted property for
that they were exempt from taxation.”
Miss Emma Anderson, who has been for a num
ber of years cashier of the Citizen’s Bank, will re
main in the bank as assistant cashier.
For its board of directors the new organization
has chosen active men of business, successful, care
ful and competent. Besides Messrs. Brown, Hed
rick and Andrew, the Board will consist of Walter
T. Hall, E. E. McElroy, W. H. Keating, Dr. J. F.
Herrick, of Ottumwa, Homer A. Miller, of Des
Moines, and H. B. Alfree, of Newton.
B A N K E X A M IN E E , SUED
A new departure for the further protection of
positors of failed banks was taken recently in Ne
braska when State Bank Examiner Fred WhitteA N E W IO W A B A N K .
more and his surety, The Fidelity Deposit Company
An important event in Ottumwa’s financial circles of Maryland, were sued on the ground that the ex
is the reorganization of the citizen’s bank of that aminer was careless and negligent. The petition re
city. George A. Brown, president and owner of the cites that the Elkhorn Valley Bank was organized
Citizen’s Bank, on May 1 transferred the business in 1892 and was closed November 21, 1904; that
of the Citizens Bank to the Citizen’s Savings Bank, Whittemore was appointed bank examiner in Janu
a new corporation, in which he will have a large in ary, 1903, to serve to January, 1905; that he gave
terest. Associated with him will be some of the a bond signed by the Maryland company for
best citizens of Ottumwa and men interested in sev $25,000; that on December 10, 1903, he checked up
eral very successful banks in Des Moines, Odebolt, the Elkhorn Valley bank and on the 12th reported it
Newton, Reasnor and other points.
solvent.
L. A. Andrew, who has recently become a citizen
The following allegations of apparent conditions
of Ottumwa, formerly of Des Moines, will be presi on the date of the examination are made as causes
dent. He is vice-president of the bank at Reasnor, of action in the suit for damages against the exam
and is interested in a number of other banks iner: The purported capital was $15,000, but in
in central Iowa. George A. Brown, who has had fact the bank had no capital; that the assets did not
a long and honorable business career of nearly forty exceed 40 per cent of the liabilities that 320 acres of
years in Ottumwa, will be tbe vice-president.
land was reported as an asset that did not belong to
E.
O. Hedrick, who is the cashier, is well knownthe bank; that an over draft of the cashier’s of $775,
in Wapello County, and gained his banking experi an accommodation note of the president’s for $3,000
ence in Ottumwa. For the past three years he has and seventy-five forged and ficticious notes aggre
been the cashier of the Douds-Leando Savings Bank gating $30,000 were reported among the assets
at Douds, where he has been very successful.
when they were all worthless ; that the furniture and
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
THE
24
N O R T H W E STE R N
BANKER.
Monthly income . . .
We will guarantee your wife or other beneficiary a monthly
income for 20 years. Amount of Policy is increased with 4
per cent Compound Interest. It will pay you to write for
full particulars to
May, 1905.
DIRECTORS.
S. A. Harris, President National bank of
Commerce, Minneapolis
C. T Jaffray, Vice-president First National
Bank, Minneapolis.
E. W. Decker, Vice-president Northwestern
National Bank, Minneapolis.
N. O. Werner, President Swedish American
Bank, Minneapolis.
F. A. Chamberlain, President Security
Bank of Minnesota, Minneapolis.
NORTHWESTERN NATIONAL LIFE INSUf(ANCE COMPANY,
L . W . C O L L IN S , P r e s id e n t.
fixtures were reported at $500 when they were
worth not to exceed $50; that it was a matter of
common knowledge that there was a judgment of
record against the cashier.
Secretary Royse intimates that he lias full confi
dence that the examiner made a careful examination
and was misled by circumstances not in his control.
E X E M P T M O N E YS A N D CREDITS FROM T A X A T IO N
M IN N E A P O L IS , M I N N .
be sixty feet deep. It will have two stories and a
basement. It will be of light pressed brick and will
have nine office rooms. The furniture and interior
fixtures will be modern and the best in every way.
It was also decided to increase the capital stock
from $100,000 to $150,000. The Hunt building
across the street has been leased for temporary
bank quarters.
It is estimated that about six
months will be required to complete the new build
ing entirely.
The State Bar Association will present to the
TH E IO W A B A N K E R S CONVENTION
legislature a bill providing for the exemption of
moneys and credits from taxation and ask its pass
The Nineteenth Annual Convention of the Iowa
age. As a business proposition there is a great deal Bankers Association will be held in Des Moines
to be said in favor of the proposed law. Unques June 7th and 8th. A strong program is being pre
tionably millions have been driven from the state pared and a most enjoyable time is assured to all
by a just attempt to force moneys and credits out of who will attend. It is expected that over 500 bank
hiding on tO' the tax roll. Their exemption would ers will be in attendance.
keep within the state for lending and for investment
The program contemplated three sessions, two on
great amounts that will otherwise drift abroad. It the first day and one on the second, but the Clearing
would make Iowa a particularly desirable residence House Committee, of Des Moines, into whose hands
state for capitalists. It would to some extent reduce has been placed the entertainment feature of the
interest rates and make money easier to borrow. convention, are arranging an afternoon and evening
The people of Iowa would be surprised at the re of unique pleasure for June 7, and are asking for all
sults were moneys and credits not taxed, it would the time they can get.
invite foreign capital which would naturally be in
Therefore arrangements have been made for an
vested in property of a tangible character which extended morning session June 7, beginning at 10
could be reached for taxation. This would more o’clock sharp and adjourning by 1 ¡30 p. m. This
than offset the taxes collected on moneys and credits. session, with another like it June 8, but beginning at
In Pennsylvania there is a law providing for the 9 ¡30 a. nr., and continuing to final adjournment,
taxation of mortgages at a different rate from other will assure the transaction of business to the satis
property and in Oregon it is said there is a law leav faction of all and provide time for a most enjoyable
ing it optional with localities or counties to exempt afternoon and evening.
moneys and credits. Even such a law as that would
be beneficial to Iowa.
ANOTHER H A P P Y BAN K ER
SOUTH O M A H A B A N K TO E N LA R G E
ft is now definitely decided by the stockholders
of the Packers National Bank of South Omaha that
the new building of the bank will be commenced at
once. It will have a frontage of fifty feet and will
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
John IT. Blair, of Des Moines, and Miss Frances
Mullan of Waterloo, were married April 26, at the
home of the bride’s parents in that city. The bride
is a daughter of Attorney General C. W. Mullan.
The groom is vice-president of the Des Moines
National Bank. The wedding was one of the social
events of the state.
THE
May, 1905.
N O R T H W E STE R N
BANKER.
25
|2ir T he Victor Manganese Steel Bank Safe
Was the only manganese safe to J^ke the
Grand Prize and Highest Award in De
partment D, Group 41, Class 238.
The only official classification, and the only group in which all the
safe companies competed.
The victor Manganese steel is made by the Hadfield Process, and
is the only safe that has never been opened by burglarious
methods.
Write for catalogue 57 B.
T h e V ic to r Safe and L o c K Co.,
Im pr o v e d
and
paten ted.
A N O TH E R B A N K E R S ’ CLUB
The bankers of Minneapolis and St. Paul have
organized a “ Twin City Bankers’ Club.” Kenneth
Clark, president of the Merchants’ National, of St.
Paul, was elected president; Perry Harrison, vicepresident of the Security Bank, Minneapolis, vicepresident; Ernest C. Brown, assistant cashier of the
First National, Minneapolis, secretary and treas
urer. The Executive Committee is the other officers
and C. T. Jaffray, vice-president and cashier of the
First National, Minneapolis; George C. Power,
president of the Second National, St. Paul. Meet
ings will be held the third Tuesday in October, De
cember, February and April, alternating between the
two cities. Thirty-two members have been enrolled.
GREAT SA V IN G IN TIM E
y-,
\
The Iowa Bankers Association has engaged an
expert to care for, repair and keep in order the time
locks, automatics and bolt work on the safe or vault
of any of its members.
T o banks not members the charge will be $10.00
should they desire his services.
W hy not remit
V
* $5.00 to the treasurer, J. J. Large, Rock Valley,
i
\l and secure the permanent advantage of the six dollar rate made to members?
A
-------SAM PLE A D S .
The Decatur State Bank is doing a profitable
business and invites your patronage.
Anything
pertaining to the banking business. Drafts, leases,
contract's, etc. Drafts under $10, 5 cents; under
$60, t o cents.
Remember the Dwight State Bank pays interest
011 deposits, always has money on hand to loan on
good farm mortgages at the very lowest rates and
wants your business, no matter whether large or
small.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
C I N C I N N A T I , O H IO .
A N O TH E R C LA IM A N T .
Ong, Neb., April 29, 1905.
The Northwestern Banker :—
While reading the last number of the Northwest
ern Banker we noticed an article entitled “ Largest
Bank in the United States,” in which the Bennett
Savings Bank, of Bennett, Iowa, claims $1,000 on <
deposit for every person in the town.
W e beg leave to send you a copy of our statement
on March 1st at which time our deposits amounted
to $265,108.08. The population of Ong is about
200.
Yours respectfully,
J. O. W a l k e r , Cashier.
DIRECTORS A R E SUED
Suit has been brought against the directors of the
defunct Corning State Savings Bank for $45,000,
on the ground that they were criminally negligent
in performing their duties, and it is alleged in the
petition that had these directors not been remiss in
the discharge of their duties the depositors would
not have lost.
IO W A B A N K E R S STATE CONVENTION.
The annual convention of the Iowa Bankers A s
sociation will be held in Des Moines June 7 and 8.
The best program in recent years has been prepared
and a very large attendance is expected.
To Land Agents
This is to call your advance notice to the fact that
the Minneapolis & St. Louis R. R. will sell daily
during the summer months round trip tickets at
one fare plus two dollars to certain northern Min
nesota and Dakota points, limit for return October
31. Low round trip tickets also on sale daily to St.
Paul and Minneapolis after June 1st. For particu
lars call on agents, or address, W. S. Matthews, D.
26
THE
N O R T H W E STE R N
BANKER.
May, 1935.
The Merchants National Bank
C apital $ 1 , 0 0 0 , 0 0 0
of Saint Paul, Minn.
S u rplus
$ 3 5 0 ,0 0 0
U nited States D epositary
K E N N E T H C L A R K . President
C. M B I G E L O W , V ice-P resid en t
G . H. P R I N C E , V i c e - P r e s i d e n t
H. W , P A R K E R , C a s h i e r
H . V A N V L E C K , A s s is t a n t C a s h i e r
D IR E C T O R S;
C raw fo rd L ivingston
D. R .
K e n n e t h C la r K
E. N.
J. H. S K i n n e r
V . M.
L o u i s W . H ill
L. P.
G e o . H. P rin ce
E. B.
_______________
C . H. B ig e lo w
Noyes
Saunders
W a tK in s
O rdw ay
K ellogg
C o rre sp o n d e n ce and Personal Interview Invited
DAKOTA
NEWS AND
NOTES.
A new bank building is being erected at Selby,
S. D.
The Farmers State Bank, of Wilmot, S. D., is
erecting a new bank building.
J. C. M cVey, president of the First National
Bank of Yankton, S. D., is dead.
. They will also establish several other new banks
along the new Soo Line extension.
Tlie American National Bank of Valley City, N.
D „ will move into a larger building.
A new bank and store building will be erected
at Tyndall, S. D., at a cost of $28,000.
A new bank is to be opened at Beach, N. I), by
F. E. Near, of Hurley, S. D., and others.
W e are informed that W. J. Mooney, of Langdcn, will start a new bank at Wales, N. D.
The contract has been let for the erection of a
building for the State Bank at Ethan, S. D.
A new building will be erected for the First
National Bank of Cando, S. D., by C. J. Lord.
The Hague State Bank of Eureka, S. D., has
changed hands. A. V. Vetter is now president.
C. H. Christiansen has been chosen assistant
cashier of the First National Bank of Mohall, N. D.
J. H. Carroll, of Verdón, is contemplating the
establishment of a new bank at Columbia, S. D.
W ork has been started on the new building for
the Hutchinson County Bank at Parkston, S. D.
The Commercial and Savings Bank, of Mitchell,
S. D., has started on the erection of a new build
ing.
E. S. Hodgins of Langdon was appointed cashier
of the Dresden Bank, at Dresden, N. D., vice N.
Hayes, resigned.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
J. E. Carroll, who has resigned as cashier of the
bank at Ferney, S. D., will be succeeded by W . L.
Cook.
C. T. Grace and J. S. Tucker, of Minneapolis,
will start the Eansford State Bank at Hansford,
N. D.
The new State Bank at Great Bend, N. D., has
opened for business. Mr. Thompson will he the
cashier.
The First State bank of Revillo, S. D., was
broken into April 7, and the vault blown open, hut
nothing was taken.
P. C. Olson has resigned as cashier of the Citi
zens State Bank at Flaxton, N. D., and will be suc
ceeded by L. Nelson.
The First National Bank of Chicago has been
approved as reserve agent for the First National
Bank of Hunter, N. D.
R.
W. Aikin, of Anoka, Minn., has bought his
partner’s interest in the hank at Goodrich, N. D.,
and is now sole owner.
The National Bank of Commerce, Minneapolis,
has been chosen reserve agent for the First National
Bank of Bottineau.
The Clark County Bank has been incorporated at
Naples, S. D., capital $50,000.
R. D. Bailey, of
Vienna, will be cashier.
The First National Bank of St. Paul has been
approved as reserve agent for the German-American
National Bank of Wahpeton.
The new hank at Dunseith, N. D., will be opened
for business at an early date by M. McCarthy, of
York, and others. R. S. Devlyn of St. Paul will he
in charge.
The Gold, Staheck and Newhouse interests in the
Security Bank, of Mohall, N. D., were sold to
H. J. Dale and N. Iverson who will he president and
cashier, respectively.
May, 1905.
OFFICERS :
S. A. Ha r r i s , President
F. E. K enasto n , Vice Pres
A. A. C r a n e , Cashier
W. S. H a r r i s , Asst. Cashier
G .E . W i l l i a m s o n , Asst.Cash.
THE
N O R T H W E STE R N
....T H E ....
National Bank of Commerce
M IN N E A P O L IS ,
M IN N .,
W it h its C a p it a l a n d S u r p lu s o f $ 1 , 3 0 0 , 0 0 0 . 0 0
a n d A d e q u a t e E q u ip m e n t in 6 v e ry D e p a r t m e n t
W O U LD
27
BANKER.
BE P LE A SE D TO H A V E Y O U R
B A N K IN G B U SIN ESS.
SAFETY,
PROMPTNESS,
LIBERALITY,
AND COURTESY,
ARE
OUR W ATCHWORDS.
The Merchants State Bank of Lamont, N. D., has
been chartered with a capital of $10,000 by E. B.
Robertson and others.
Bank of Wahpeton, has been chosen president, M.
Jacobsen, vice-president, G. J. Albrecht, second
vice-president and Plenry Olmstead, cashier.
N. P. Krerner has resigned as cashier of the U ti
ca State Bank, at Utica, S. D., and F. A. Wagner
was elected to succeed him.
The V irgil State Bank, of V irgil, S. D., has
been organized by W. T. McConnell, of Wessington Springs, who will be president and L. H.
McKeel, cashier.
The Central Savings Bank, of Plot Springs, S.
D., will open for business about July 1. E. S. K el
ley and others are interested.
The National City Bank of New York City has
been chosen as reserve agent for the Kenmare Natinal Bank of Kenmare, N. D.
A State Bank has been incoprorated at the new
town of Loomis, S. D. E. J. Quigley, of Mitchell,
S. D., and others are interested.
J. E. Matthews, of Lidgerwood, N. D., and oth
ers, were authorized to start the First National
Bank of Trolley. Capital $25,000.
The Continental National Bank, of Chicago, has
been approved as reserve agent for the First Na
tional Bank of Parkston, S. D.
A new State Bank is to be established at Valley
City N. D., capital $35,000. J. J. Farley, of St.
Paul, will probably be in charge.
The National Bank of Commerce, New York,
has been approved as reserve agent for the Citizen’s
National Bank of Durham, N. D.
The Drovers Deposit National Bank of Chicago
has been approved as reserve agent for the Dakota
National Bank, of Dickinson, N. D.
The State Bank of Weaver, N. D., has been in
corporated. Capital, $10,000. F. E. Riebe, of Glenwood, Minn., and others are interested.
C.
M. Hertig, of St. Cloud, Minn., may start
new National Bank at Valley City, N. D., with a
capital of $10,000, and erect a new building.
W ork will be started at once on the new First
National Bank building of Hannah, N. D.
The
First National succeeds to the business of the Citi
zens Bank.
The Union National Bank of Minot, N. D., has
been organized with a capital of $50,000. F. H.
Wellcome, vice-president of the Citizen’s National
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
The Chase National Bank of New York City
and the National Bank of Commerce, Minneapolis,
have been approved as reserve agents for the First
National Bank of Portland.
The bank of Harvey at Harvey, N. D., will be
formed and will incorporate with a capital of
$10,000. C. E. Webster, of Fargo, will be presi
dent and F. Brewster, cashier.
The First National Bank of Portland, N. D., has
been organized with a capital of $25,000. The of
ficers are: G. A. White, president; K. A. Wadel,
vice-president; P. M. Paulson, cashier.
The American National bank, of Deadwood, S.
D., has been placed on the roll of honor list of na
tional banks of the United States as number sev
enty-four. The bank two years ago stood 239.
The Sargent County State Bank, of Cogswell,
N. D., has been converted into the First National
Bank of Cogswell, with a capital of $25,000. O.
Ecker is president and H. H. Taylor cashier of the
former bank.
The Union National Bank, of Minot, N. D., have
for their reserve agents the following National
banks: The National Park Bank, of New York
City, the Bankers National Bank of Chicago and
National Bank of Commerce, Minneapolis.
The First National Bank of Rock Take, N. D.,
with a capital of $25,000 has been approved by the
acomptroller. Those interested in the new bank are
Henry Hale, of Devil’s Lake, N. D .; Dennis Kelly,
John Kelly, P. Kelly and Edward Flynn. Rock
Lake is also a new town in North Dakota.
S. J. Rasmussen and family, formerly of Starbuck, Minn., are now located at Carpio, N. D.,
where he has assumed control of the First National
Bank of that place. Mr. Rasmussen investigated
a number of propositions in various parts of the
country before purchasing the bank at Carpio, N. D.
28
THE
F IR ST
N O R T H W E STE R N
BANKER.
N A T IO N A L
May, 1905,
BANK
O FFICER S.
MINNEAPOLIS,
F. M. P r i n c e ................. President
C. T. J a f f r a y . .Vice-President.
MINNESOTA.
G e o . F. O r d e ........................Cashier.
D. M a c k e r c h a r ........ Ass’t Cash.
E r n e s t C. B r o w n - . .Ass’t Cash.
C a p it a l ,
$ 2 ,0 0 0 ,0 0 0
D
S
urplus
& P
r o f it s ,
$ 1 ,5 0 5 ,1 2 5
e p o s it s .
$ 1 1 ,2 8 5 ,3 0 1
We would be Glad to Hear from Banks who have Business in this Territory but no Direct Correspondent in
M IN N E A P O L IS
The German-American National Bank, at Wahpeton, N. D., opened for business April 27.
The bank is owned by local people and is the fourth
bank in the city.
H.
R. Dennis, of Sioux Falls, S. D., puts out a
very interesting advertisement showing the splendid
growth of that institution. In ’99 they had deposits
of $300,000 ; in ’02, $706,000 and in 1905 they were
$923,000. The bank has a capital of $45,000, sur
O.
H. Erickson has resigned as cashier of the
plus of $2,250 and profits of $60,000. And yet they
First National Bank, at Leeds, N. D., to accept a
told H. R. he paid too much when he bought the
similar position in the Pleasant Lake bank. E. F.
bank a few years ago. It takes a good man to see
Jones succeeds him as cashier in the First National.
a good thing and realize on it.
Word has been received of the death of Capt.
The Continental National Bank of Chicago, has
J. C. McVay, of Yankton, S. D. He was promi been chosen reserve agent for the First National
nent citizen of South Dakota, and was sole owner Bank of South Shore, S. D. The First National
and president of the First National Bank of Yank Bank was recently organized with a capital of $25,ton, owner of the Excelsior flour mills and inter 000, being the conversion of the First State Bank
ested heavily in the Yankton cement works. He of South Shore. Charles Anderson continues as
had lived in Yankton for thirty years and amassed president, Peter Philip, Sr., is vice-president and
a large fortune.
R. J. Sweet remains as cashier. The New York
G.
W . Hart, of Egan, S. D., has purchased a conNational Exchange Bank and the Northwestern
trolling interest in the Garden City State bank, and National Bank of Minneapolis have also been ap
he will be the cashier of the institution hereafter. proved as reserve agents for the First National.
Arrangements are being made to increase the capi
tal stock to $15,000. H. R. Dennis, a prominent
banker of Sioux Falls, is associated with him, also, M I N N E S O T A N E W S A N D N O T E S .
a number of the prominent and prosperous citizens
of Garden City.
A new bank building will be erected at Campbell.
The organization of the Farmers and Merchants
National Bank of Hatton, N. I)., with a capital of
$25,000 has been approved. C. S. Edwards, presi
dent, M. L. Elken,' vice-president of the Goose
River Bank, F. G. Fnger, G. L. Elken, and O. N.
Erickson, cashier of the Goose River Bank, are in
terested in the new bank. They will also erect a
new bank building at once.
The new town of Loomis; S. D., is to have a
state bank, incorporation papers having been filed
at Pierre to create the institution. The incorpora
tors are William M. Smith, president of the Mitch
ell National bank; Mrs. C. A. Davison, H. D. But
terfield and E. J. Quigley. W ork will be com
menced at once on the construction of a building
for the bank, and it will be ready to open business
in thirty days.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
J. H. Koop will open his new bank at Backus
shortly.
,
The Bank of Crookston will erect a new bank
building.
The State Bank of Vesta will erect a brick bank
building.
Work has been started on the new bank building
at Garfield.
A new bank building will be erected for the Bank
of Warren.
The Farmers State Bank of LeSeur has opened
for business.
The Citizens Bank of Springfield will be made
a State Bank. Capital, $35,000.
The defunct bank of Clithero will not pay depos
itors more than 35'cents on the dollar.
May, 1905
THE
N O R T H W E STE R N
BANKER.
29
THE
Northwestern National Bank
M I N N E A P O L I S , M INN.
1 8 7 2 -1 9 0 4
Capital, $ 1 ,0 0 0 ,0 0 0
Surplus and Profits, $ 7 0 0 ,0 0 0
Deposits, $ 9 ,9 8 6 ,6 8 8 .8 3
O F F IC E R S :
W m . H. D u n w o o d y , Pres.
J o s e p h C h a p m a n , J b . , Cash.
M. B K o o n , Vice-Pres.
F r a n k E. H o l t o n , A s s ’t C ash .
E d w a r d W. D e c k e r , Vice-Pres. C h a s . W. F a r w e l l , A s s ’t C ash .
An Average of over 8% Annual Dividends Paid to Stockholders
Since Organization in 1872. Dividends Paid Since Organization
$2,310,000.
If you contemplate making a change in your Banking Connec
tions, or think of opening a new account, we would be pleased to
confer with you in person or by letter.
W. J. Moore, of Virginia, will erect a building at
Aurora for the new bank.
A new state bank will be started at Eagle Bend.
R. H. Harkens will be cashier.
The First State Bank at W ykoff has begun the
erection of a new bank building.
Hiram Brown, president of the American Na
tional Bank, of St. Paul, is dead.
W ork has been started on a new bank building
for the First State Bank at Pine City.
The Aitkin County State Bank of Aitkin is pre
paring to erect a new brick bank building.
W . C. Thom has been chosen assistant cashier
of the First National Bank of Rushmore.
The Bank of Correll has been sold to Farch
Bros., who will incorporate as a state bank.
A private bank will be opened at Zimmerman
by H. E. Thomas and others of Elk River.
Winslow Bros., of Battle Lake, have incorporated
as a state Bank. Capital, $15,000. W. L. Winslow
is president and G. H. Hopkins, cashier.
The First National Bank of Minneapolis lias
been chosen as reserve agent for the Citizens Na
tional Bank of Faribault.
The Security Bank of Luverne has been con
verted into the Farmers National Bank of Luverne,
with a capital of $25,000.
J. C. Blunter has resigned as cashier of the Amer
ican Exchange Bank at Duluth and W. G. Hegardt
was elected to succeed him.
The Bank of Motley will be changed to the First
National Bank with a capital of $25,000. I. Hazlett,
president, D. L. Case, cashier.
W ork is progressing on the enlargement of the
St. Anthony Falls Bank building at 4th Street and
Central Avenue, Minneapolis.
The Farmers State Bank has been incorporated
at Sacred Heart by O'Connor Bros, and others.
The Commercial National Bank of Chicago has
been approved as reserve agent for the Security
National Bank of Albert Lea.
The State Bank will be opened at Karlstad by H.
F. Melgaard, of Argyle, who has been chosen presi
dent.
A new state bank will be started at Courtland
by J. H. Doty and others, with a capital of $15,000.
J. G. Lund will be president.
The First National Bank of Stillwater will let
the contract shortly for the erection of its new bank
building.
The National Bank of Commerce, Minneapolis,
has been approved as reserve agent for the First
National Bank of Red Wing.
James A. Brown has been chosen president of the
First National Bank of Deer Creek to succeed Edw.
J. Webber.
Gold & Co>. have incorporated their bank at Mari
etta with a capital of $15,000. J. L. Gold is presi
dent and A. C. Miller is cashier.
W. J. McDonald was appointed cashier of the
Walnut Grove State Bank to succeed R. R. Free
man, resigned.
The East St. Paid Bank has opened for business
with a capital of $25,000. G. D. Eygabroad, of
Winnebago, will be president, and P. M. Regan,
cashier.
The First State Bank of Battle Lake has been
incorporated with a capital of $15,000. W. L.
Winslow and others are interested.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
R. M. Priest has been elected president of the
Cottonwood County Bank at Windom, vice T. C.
Collins, resigned. J. S. Kibbey succeeds E. A. Sime
as cashier.
THE NORTHWESTERN BANKER.
30
May, 1905.
The F idelity & (Casualty C om pany,
9 7 to 103 Cedar* S t ., N e w York; C ity
A s s e t s ...........................................................................................................
INet S u r p lu s ...........................................................................................
L o s s e s Paid to D ecem ber 31, 1 9 0 4 ......................
$6,791,185.19
1 ,6 8 6 ,2 3 0 .4 7
1 9 ,6 55 ,79 3.02
C A S U A L T Y IN S U R A N C E S P E C IA L T IE S .
F i d e l i t y — Bonds of Suretyship for persons in positions of trust.
C a s u a l t y — Liability, Personal Accident and Health, Steam Boiler, Plate G la s s , Burglary, Eleva
tor and Flywheel, Bended List.
GEORGE F. S E W A R D , President.
H E N R Y C R O SSLEY , A s s ’t S ec’y.
OFFICERS.
R O B E R T J. H IL L A S , V. Pres., S ec’y.
F R A N K E. L A W , 2d A s s ’t S ec’y.
GEO. W . A L L E N , 3d A s s ’t Sec’y
DIRECTORS.
William P.Dixon, Dixon & Holmes; Alfred M. Hoyt, Banker; Aurelius B.Hull, Retired Merchant; Geo. E. Ide, Pres. Home Life Ins. C o.;
William G. Low, Counsellor-at-Law; John G. McCullough, Erie Railroad Oo. ; William J. Matheson, Merchant; Henry E. Pierrepont,
Retired; Anton A. Raven, Atlantic Mutual Ins. Co. ; John L. Riker, of J. L. & D. S. Riker; W. Emlen Roosevelt, Banker; Dumont Clark,
Pres. American Exchange Natonial Bank; Alexander E. Orr, Retired Merchant; George F. Seward, President.
The National City Bank of New York City has
been chosen as reserve agent for the First National
Bank of Chisholm.
The Garfield State Bank has been incorporated at
Garfield with a capital of $10,000. C. A. Smith of
Minneapolis, and others, are interested.
Winslow’s Bank, established in 1884 as a private
bank, will be changed to a state bank and the capi
tal increased to $15,000. W . L. Winslow and oth
ers are interested.
The North American State Bank, of Belgrade,
has been incorporated to succeed the former private
bank, with a capital of $20,000. C. Boergerding
will be president.
The National Bank of Commerce, Minneapolis,
has been approved as reserve agent for the First
National Bank of Bemedji and the First National
Bank of Northfield.
The First National Bank of Clinton have for
their reserve agents the Northwestern National
Bank of Minneapolis, the First National Bank of
St. Paul, and the Merchants National Bank of St.
Paul.
The Citizens State Bank of Princeton has been
converted into the First National Bank of Prince
ton; capital $30,000. No change in officers, S. S.
Petterson remaining as president, T. H. Kaley,
vice-president and John F. Petterson, cashier.
The following banks have been approved as re
serve agents for the Farmers National Bank of Blue
E arth : The Chase National 'Bank of New York,
the Continental National Bank of Chicago, the
Northwestern National of Minneapolis and the
Merchants National Bank of St. Paul.
The Ivanhoe National Bank of Ivanhoe has
gone into voluntary liquidation by resolution of its
stockholders at their recent meeting, with the pur
P.
M. Dickerson, of Sanborn, and others, pro
pose of re-organizing as a state bank. The officers
pose to establish a new bank at Lucan. Mr. Dicker- of this bank are: L, M. Townsend, president, G.
son will be cashier. The contract has also been let B. Olsen, vice-president and W. O. Gilruth, cashier.
for their new bank building.
The State Bank of Chisholm, organized in 1903
Whittemore Bros Bank at Clearwater, of which as a state bank has been changed to the National
Jas. Whittemore is president and C. D. Whittemore Exchange Bank of Chisholm. The capital of the
cashier, has been incorporated as the First State new bank will he $25,000. John Costin, Jr., presi
Bank with a capital of $10,000.
dent of the State Bank, with B. Magnusson, Matt
The First National Bank of Hawley, has been Matzel, Anton Enger and Frank L. Austin, are in
organized with a capital of $25,000. F. H. W ell terested in the new institution.
come, of Minneapolis, will be president, and G. A.
A ten-story bank building is being erected in Min
Lee, of Triumph, 111., may be cashier.
neapolis and will be called “ The Security State Bank
R. H. Sliter, cashier of the Bank of Grey Eagle, Building.” The bank has leased the first floor for
will erect a new building for his bank in the near twenty years. It will be one of the imposing struc
future. This bank was established in 1901 as a tures in the city and by all odds the most modern
private bank. L. Mossman is assistant cashier.
and finest appearing office building which has been
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
THE
May, 1905.
the
NORTHWESTERN
BANKER.
31
M e r c h a n t s N a t i o n a l B a n k ....
2775
9
o f
OM AHA, N EB R A SK A .
LUTHER DRAKE,
President.
PRANK T. HAMILTON,
Vice-President.
C A P IT A L
H $ 6 0 0 .0 0 0 S
F. P. HAMILTON,
Asst. Cashier.
B. H. MEILIi,
Asst. Cashier.
U . S. D E P O S I T O R Y .
put up in Minneapolis for a long time. It will be
of cream-colored glazed Norman shape brick with
plate glass throughout and marble corridors,
Martin Meeker, the wealthy banker of Farmington, Minn., whose supposed body was found in a
lumber yard at Cleveland, Ohio, three weeks ago
and was buried by his sons beside their mother at
Aurora, 111., is now declared to be alive by Attor
ney A. H. Boulden, of Frankfort, Ind. Boulden,
who is said to have been investigating the case,
in the interest of a young woman whom Meeker had
promised to marry, declares that the body found
was that of a tramp, and expresses the belief that
Meeker is either touring Europe or is confined in a
sanitarium. Martin Meeker, who owned a flourish
ing banking-house and a large flouring mill at
Farmington, disappeared more than a year ago.
His fortune had been decreased somewhat by un
fortunate speculation, and he is said to1 have carried
several life insurance policies. His two sons, M. C.
Meeker, of Farmington, Minn., and G. N. Meeker,
of Owensboro, Ivy., immediately instituted a search
for him, employing detectives and appealing to the
police departments of all the large cities of the
United States. Meeker was well known to com
mercial travelers, and they assisted in the search,
but all efforts were futile. Three weeks ago the
emaciated body of an old man was found between
two lumber piles, where he had evidently died of
starvation. In his pockets were the addresses of
Meekers sons.
NEBRASKA NEWS AND
NOTES.
W . E. Coday is erecting an addition to the bank
at Roseland.
Henry Rix, of Fort Calhoun, will erect a new
bank building at Blair.
The National Bank of Commerce, Lincoln, has
been chosen as reserve agent for the Jones National
Bank of Seward.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
& SURPLUS
ACCOUNTS
S O L IC IT E D
George Kares has bought out the Farmers and
Merchants Bank at Garrison.
W ork has been started on the new building for
the Farmers and Merchants Bank at Verdon.
The First State bank of Bethany has been organ
ized with a capital of $10,000.
The corporate existence of the West Point Na
tional Bank has been extended.
The Security bank of Meadow Grove has incor
porated with a capital of $10,000.
The Farmers and Merchants bank of Garrison
has incorporated with a capital of $10,000.
P. Jensen and George W . Woten are going to
start a bank in Rockville in the near future.
Articles of incorporation have been filed by the
Thurston State Bank. Capital stock is $25,000.
T.
E. Stevens, of Blair, one of Nebraska’s most
prominent bankers is off for a well earned vacation.
A new bank known as the Security Bank, has
been organized at Meadow Grove. The capital
stock is $20,000.
The Kramer State Bank, in which the owners of
the Crete State Bank have large interests, has
opened for business.
The Chase National Bank of New York City has
been chosen as reserve agent for the Nebraska N a
tional Bank of Omaha.
S. R. Severns has sold his interest in the Surprise
bank to Mr. Dobson, of Ulysses. Geo. Campbell
will take charge at once.
Group No. 1 of the Bankers’ Association of Ne
braska have decided to hold their annual meeting
at Pawnee City on May 17.
F. J. Nehling, formerly assistant cashier of the
First National Bank of Bloomfield, has been elected
cashier to succeed Fred Volpp.
John Driscoll has sold to the Messrs. French, of
Wayne, all of his interests at Craig, consisting of
his bank, lumber yard and residence.
THE
32
NORTHWESTERN
BANKER.
OPPICERS
r d , President
W m . W a l l a c e , Vice-President
C. F . M c G r e w , Vice-President
C h a s . E. W a i t e , Cashier
F r a n k B o y d , Assistant Cashier
ESTABLISHED
J. H . M i l l a
T he O m ah a
DIRECTORS
J. H. Millard
Guy C. Barton
C. H. Brown
N. W. Wells
C. F. McGrew
A. J. Simpson
I. W. Carpenter
W. M. Burgess
Wm. Wallace
C A P IT A L ,
A ccou n ts In vited .
Charles Viterna, the assistant cashier of the Bank
of Lynch, informed us that it would not be long un
til he would be employed as cashier in the bank
which is to be established in the near future.
A t a recent meeting of the board of directors of
the Mason City Banking Co., it was decided to in
crease the capital stock of the bank to $15,000, and
to put in a steel lined burglar proof vault.
The stockholders of the new bank at Meadow
Grove, met last Wednesday and organized. A n
other bank was organized. The capital stock is
fixed at $10,000.
of Osceola, who has been in the bank
with Governor Mickey, Will estab
Arborville soon. His son will be as
him.
/ Louis Churchill the popular assistant cashier of
the National bank of Ashland, and Miss Nellie
Hall, daughter of the postmaster, went to- Lincoln
recently and were married.
The Funk State Bank has begun business under
the efficient management of S. C. Stewart, presi
dent; J. S. Johnson, vice-president; A. Franzen,
cashier. A neat new building has been erected for
same.
John Barker, president of the Scribner State
bank resigned and Mr. Howes, of Blair, was elected
president; F. Pulsifer,
vice-president;
Henry
Sievers, cashier. Guy Hinman will he assistant
cashier.
The organization of the First National Bank of
Trenton with a capital of $25,000 has been approv
ed. Those interested are W. S. Collett, president
of the Collett State Bank of Trenton, Thos, H.
Britton, N. T. Hall, A. H. Thomas, C. W. Bene
dict and P. L. Hall. The new bank succeeds the
Collett State Bank.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
N a tio n al B ank
OMAHA, N E B R A S K A
H. B. Waldron and J. E. Magee of Waterloo, G.
W. Wattles of Omaha and H. A. 'W iggerhorn of
Ashland have organized a new bank at Murdock.
Mr. Heald,
ing business
lish a bank at
sociated with
1866 ^
-
-
$ 1 ,0 0 0 ,0 0 0 .0 0
F acilities U n excelled.
Plans are under way for the change of the Windom Bank of University Place into a National bank
with an increase of capitalization to $25,000. The
new name is to be the First ational Bank of Uni
versity Place.
The Farmers’ and Merchants’ Bank, Leigh,
has just installed one of the famous Hibbard-Rodman-Ely Manganese Steel Mob and Burg
lar Proof Bank Safes having a storage capacity of
five cubic feet.
Articles of incorporation of the Farmers’ and
Merchants’
Bank
of
Garrison,
have been
filed, the institution formerly being the Bank of
Garrison, with a capital stock of $5,000. The capi
tal stock is now $10,000.
Ground has been broken for the new Farmers’
and Merchants’ bank. The new structure is to be
built of pressed brick and cut stone, and when com
pleted will be one of the finest bank buildings in the
county. The cost is to be $5,000.
Frank R. and Fred D. Wild have purchased the
banking interests of Dave Pine in the Home State
bank ofDe Witt. The Messrs. Wild are old resi
dents of De Witt and are well and favorably known
there, and there is no doubt but what they will make
a success of their venture in the banking business.
J. Fred French, of Wayne, has purchased a bank,
lumber yard and fine residence at Craig. For sev
eral years he held an important position in the
Citizens’ bank of Wayne and is well qualified by
education and experience to give the bank at Craig
the care and attention necessary to the successful
conduct of a business of that kind.
The following new1 banks have recently
been
incorporated
in
Nebraska:
Farmers’
State bank of York, capital stock $30,000; Farmers
and Merchants’ Bank of Garrison, capital stock
$ 50,°oo; First State Bank of Bethany, capital stock
$10,000; First State Bank of Mason City, capital
stock $20,000; Farmers State Bank of Keene, capi
tal stock, $10,000.
THE
May, 1905.
NORTHWESTERN
G uy C. B a r t o n , President
H. C. B o s t w i c k , Yicc-Pres.
E . A. C u d a h y , Vice-President
T r u m a n B u c k , Vice-Pres.
H. C. M i l l e r , Ass’t Cashier
Cbe South Omaha Hat’l Bank
SOUTH 0M AH H, NEB.
C A P IT A L ,
$ 2 5 0 ,0 0 0
SURPLUS,
$ 2 5 0 ,0 0 0
PROFITS,
BANKER.
33
Packers National Bank
OF SOUTH O M A H A , NEB.
Capital, $150,000.
Surplus $75,000.
> ,.
?
Deposits, $1,297,570
$ 7 5 ,2 1 3
OFFICERS:
of Banks transacting business with the Stock Yards
HCCOUNTS
received on the most favorable terms. Interest allowed on
balances. Collections receive prompt attention and funds
disposed of as requested without loss of time.
J. 0 . Doherty has resigned his position as assist
ant cashier of the First National Bank of Loomis
and has gone to Chicago.
R. B. Carpenter, formerly assistant cashier of the
First State Bank of Overton, has accepted a similar
position with the Farmers and Merchants Bank of
Elm Creek.
The capital stock of the Packers National Bank at
South Omaha has b e e n increased from $100,000 to
$150,000 by the stockholders. The surplus was in
creased from $50,000 to $75,000.
The First Bank of Miller
was attacked
on the night of April 9th by burglars. They suc
ceeded, however, in only demolishing the large book
safe, the money chest remaining intact.
Miss E. L. Stock well has been elected assistant
cashier of the Alfalfa State Bank of Overton. She
is well qualified for the position, having been with
the bank in the rank of bookkeeper for nearly two
years.
The resignation of Cashier Clay T. Smith of the
Platte Valley State Bank, to take effect May 15,
marks an important change in Central City banking
circles. Mr. Smith has been identified with the
bank for over fourteen years and its present sound
and flourishing condition is largely owing to his ju
dicious and painstaking management. He will re
move to Spokane, Washington.
L. W . Mittendorff has decided to locate at
York, where he will assist in the organi
zation of a bank under the state banking laws. He
will be associated with some of the most substantial
business men of the place. Mr. Mittendorff has
been connected with the First National Bank of
Primghar- as cashier for some four years. He is an
experienced banker and first class business man.
The annual meeting of the stockholders of the
Farmers State Bank of Pickrell, which was organ
ized and began business one year ago, was held re
cently. The officers of the bank, who were re-
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
J o h n F . C o a d , President.
F. J. M o r i a r t y , Cashier.
A. W. T r u m b l e , Vice President.
C h a s . A. D u n h a m , Asst. Cashier.
We invite the Live Stock Banking Business of Iowa and Nebraska
Bankers.
elected, are as follows: Edward Baumann, presi
dent; J. H. Penner, vice-president; F. L. Pothast,
cashier. The prosperous condition of the bank is
shown in the fact that a dividend of 12 per cent was
declared.
The Atlas Bank of Neligli has interest in and as
sociates itself with the Elgin State Bank, the Oak
dale Bank and the State Bank of Clearwater, mak
ing the combined capital and surplus of the four
banks $90,000.00, showing their combined assets to
be $600,000.00. These banks all carry burglar in
surance on their notes and money. Besides, they
have the American Bank Protection Electrical Sys
tems on their vaults, as well as Manganese Steel
Safes, making them absolutely burglar proof.
Recently an unsuccessful attempt was made to
rob the First Bank of Miller in the northwest corner
of Buffalo- county. The safe was blown but the rob
bers were evidently frightened away before complet
ing their work. The outer door of the safe was
completely shattered and a part of it was blown
through the front of the building. The inner door,
however, was not blown open and consequently the
robbers secured no- money. There is no- clue as to
the identity of the perpetrators of the job, and it is
po-ssible that it was done by the same parties who
committed the Boelus robbery.
Burglars entered the State Bank at Boelus, on
April 11, blew open the safe and escaped with
booty variously estimated from $2,300 to $4,000.
There was a terrific explosion, wrecking the vault,
damaging the building to a considerable extent and
awakening the citizens of the village. No one,
however, reached the scene until after the robbers
had fled. They escaped on a handcar. The First
National Bank of Grand Island came to the assist
ance of the bank and sent $2,000 in currency to en
able it to do business. The loss is guaranteed in
the Fidelity and Casualty company. L. B. Kenyon
is president and Peter Jenson cashier of the bank.
This is the second time that this bank has been
robbed, the other time being in 1897 when the rob-
THE
34
The Union Stock
Yards National
Bank
C a p ita l
-
-
S u r p lu s P r o f it s
D e p o s it s
-
-
NORTHWESTERN
BANKER.
Capital, $ 1 0 0 ,0 0 0
- $
3 0 0 ,0 0 0
-
1 0 8 ,0 0 0
2 ,2 6 3 ,2 9 1
A c c o u n ts a re In v ite d .
M erchants National Bank
of
F H. D A V IS , Vice President.
THOS. B. M cPH ERSON, Cashier.
JOHN C. FR ENCH , Asst Cashier.
bers secured $1,500. A t that time the bank was
run by S. A. Robinson, and his brother, C. A. Rob
inson, now cashier of the Shelton Bank, was assist
ant in the institution. The robbers that did that
job got away but were afterward arrested in Kan
sas City, tried, found guilty and sentenced to the
penitentiary, one for three years and the other for
seven years.
PROGRAM M IN N ESO TA B A N K E R S
The annual convention of the Minnesota Bankers’
Association will be held at Lake Minnetonka June 20
and 21. They will have an address by Senator Nel
son, of Minnesota, on the Bankruptcy Law, of
which, he is the author; also an address by Henry
M. Clews, of New York City, on the subject,
“ Statement by Certified Public Accountant as Basis
for Credit. F. A. LaFrentz, of the American Surety
Company, of New York City, will speak on the
American Bankers’ Association Money Order, and
Secretary Chapman is trying to get Hon. A. B.
Stickney, president of the Great Western road, to
give us a talk on Railroad Rate Regulation. The
balance of the program will be furnished by the mem
bers in ten-minute talks. The entertainment will be
a steamer ride in the afternoon, and a “ smoker” and
B U R L I N G T O N , I OWA.
J. L. EDWARDS, President.
JAMES MOIR, Vice-President.
ALEX MOIR, Vice-President.
IT. L. HOUKE, Assistant Cashier.
C. L. FULTON, Assistant Cashier.
YOUR
&
ACCOUNT
IN VITE D .
jr« »* ** r« t * i * ** ** r » r t ** ** ** ** i t » * « * * « ** r » *t *t i t *» * «* « *c rc r t r« *■ »*»«*» *2
SECURITY ^ ip r 1884
NATIONAL BANK
UNITED STATES
DEPOSITORY
S IO U X C IT Y , IO W A
Capital
CREIGHTON, President.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Surplus and Profits, $ 1 0 0 ,0 0 0
ESTABLISHED 1370
S o u th
O m aha,
Neb.
Located at the yards. Has exceptional facilities for
handling promptly and efficiently the banking business
arising out of the purchase or sale of Live Stock at the
South Omaha Market.
JOHN A
May, 1905.
-
Surplus and Profits
Deposits
-
$ 2 5 0 ,0 0 0 .0 0
-
-
1 0 0 ,0 0 0 .0 0
2 ,8 5 9 ,4 2 8 .3 3
W . P. M a n l e y , President.
C. L. W r i g h t , Vice-Pres.
T. A . B l a c k , Vice President.
C. N. Lukes , Cashier.
C. W. Britton, Asst. Cashier.
vaudeville performance in the evening at the Lake
Park Hotel.
Burrough’s Adding Machines Sold in Iowa During
April
Boone National Bank, Boone.
Hartley State Bank, Hartley.
Boone County Bank, Boone.
Citizens State Bank, Anthon.
Citizens State Bank, Eagle Grove.
Farmers National Bank, Webster City.
Citizens Bank, Union.
First National Bank, Wesley.
County Treasurer, Jefferson.
County Treasurer, Carroll.
Charles Hewitt, Des Moines.
State Executive Office of Iowa, Des Moines, (3).
Northwestern Bankers Conventions
May 19 and 20— California— Oakland.
June 7 and 8— Iowa— Des Moines.
June 14 and 15— South Dakota— Watertown.
June 20 and 21— Minnesota— Lake Minnetonka.
July 7 and 8— North Dakota— Grand Forks.
July 12 and 13— Wisconsin— Ashland.
July 20, 21 and 22— Washington— Portland.
May, 1905.
THE
NORTHWESTERN
BANKER.
35
TLhc ^Bankers 3£*cbanqe
(Reading: locals in. this colum n w ill be printed at a cost o f 50c. a line for first in se r.io n ; 25c. a line for subsequen t in sertion s |
W A N T E D — To buy a controlling- interest in
a good bank or stock, carrying with it the
portion of cashier. Years of thorough train
ing and excellent reference furnished Iowa
preferred. Address, 195 M, care this journal.
N o t i c e — Replies to want ads that are sent in
care of the Northwestern Banker should each be
accompanied by a stamp to pay forwarding postage.
a n t e d T o B u y .— All or a controlling interest in
a good bank in Iowa or Nebraska. Address “ G.
D.,” care this journal.
W
Successful banker wishes to purchase controlling in
terest in Iowa bank, a town over 2,000 preferred.
Bank of Reasoner, Reasoner, Iowa.
F O R S A L E — Large fire-proof safe with steel chest,
suitable for small country bank, abstractor, etc.
Wm. Tackaberry Co., Sioux City, Iowa.
F o r S a l e — A solid walnut bank counter nineteen
and one-half feet long. For particulars address
“ W . S. B . ’’ care N o r t h w e s t e r n B a n k e r .
S a l e — A t a bargain.
Black walnut counter
for bank or jeweler. 18 feet long. W ill sell for
$2 per foot. Address Farmers Bank, Patón, Iowa.
F
or
Find enclosed check. No, I don’t want it longer;
never had such a flood of letters from any advertise
ment.— W. R. Jameson, Clarion, Iowa, Feb. 13,
I 905- __________________________________
W A N T E D — A good second-hand fire-proof vault
door and one or two nests of safe deposit boxes.
Give full description, make and price. Address,
H. B. Craddick, Nevada, Iowa.
k F o r S a l e .— Complete banking outfit for sale
including corner lot and building with all fixtures.
In Southern Minnesota. Splendid territory. Easy
terms. Address Lock Box 236, Westgate, Iowa.
Ban
F o r S a l e — Capital required, $ 1 2 ,0 0 0 .
Best
location in Eastern Nebraska. A i reasons for
selling. Address with stamp, C. N., care North
western Banker.
B
ank
W a n t e d :— Position as cashier or assistant cashier
good country bank. Six years experience in both
city and country banks, nearly three years assistant
cashier. Well able to manage business. Very best
of references. M A. C., care this journal.
W A N T E D — Situation in bank by young man, age
25; experienced; A 1 reference; German; salary
not first consideration. Address, A. B., care
Northwestern Banker.
W A N T E D .— Young man with four years’ experi
ence as bookkeeper and assistant cash er and
now emyloyed, wants bank position. Best of
references. Address “ A J. E .” this journal.
W A N T E D — Position as cashier or assistant by a
banker of many years experience as cashier of a
National Bank. Can take stock. Best of ref
erences. Address, J. H. L., care Northwestern
Banker.
A Y O U N G married man who has had three years
experience as bookkeeper, stenographer and assist
ant cashier, wishes to make a change. A i refer
ences ; employed at present. Address C. W. C.,
care this journal.
P o s i t i o n — as Cishier or A ss’t Cashier desired by
man having over 15 years experience. Will take
block of stock if satisfactory arrangements can be
made. Best of references furnished. Address l'B.
R. C.” care this Journal.
W A N T E D — Position in a bank by young married
man having three years experience in country pri
vate bank as assistant cashier and bookkeeper,
with experience in other clerical work. Best of
references. Location immaterial. W . H. Bullington, Davis City, Iowa.
man of ability and experience to take
charge of or to join in the management of a National
Bank in a city of Western Iowa. Must be a desir
able man in every way and able to invest some
capital; sufficient to show interest and good faith.
Address “ B,” care of this paper.
W A N T E D — Position in country bank by a man of
27 who has had 8 years experience in country
bank and 2 years in city bank; honest, capable and
industrious, and can furnish the best of recom
mendations from all former employers. Address,
R. C. S., care Northwestern Banker.
C H A S. E. W A L T E R S of Council Bluffs, Iowa, is
making a specialty of confidentially negotiating
the sale of banks everywhere. He has an exten
sive and valuable acquaintance among the banking
fraternity throughout the middle west. He can
satisfactorily serve both buyer and seller.
Y O U N G M A N 25 years of age who has had nearly
five years’ experience at bank work in Minn, and
N. D. would like position as cashier in new bank
being opened. W ill take some stock. N. Dakota
preferred. Best references; at present employed.
Address C. A., care this journal.
W
anted—A
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
36
THE
t h e
:
b a n k e r s
N O R T H W E ST E R N
e x c h a n g e
.
[C ontinued from Page 35.]
Will give cash and $3,500 in farm land for controll
ing interest in $10,000 or $12,000 bank. A d
dress, “ A. R. A .,” care Northwestern Banker.
W a n t e d — Position as cashier by young man, age
27; A 1 references; assistant cashier at present.
Well able to manage business. M. S. R., care
this journal.
F or S ate — O wing to increase in the volume of our
business we are refitting our banking rooms and
will sell cur present fixtures at a bargain. These
fixtures are black walnut and in good condition.
Address, First National Bank, Albia, Iowa.
F or S ate — A good, solid, black walnut bank
counter, two wickets, door, and fitted with draw
ers and cupboards underneath. This is in good
condition and will be sold cheap. Counter is
about 30 feet long but can be made shorter if
necessary. Address John Rath Exchange Bank,
Ackley, Iowa.
Every Iowa bank not now a member of the State
Association should remit Jive dollars to the treasurer,
John J . Large, Hock Valley, and “ get in .” A s a
matter of profit and loss in money you can’ t afford to
stay out.
IO W A
NEWS AND
NOTES.
Edward F. Rose has been elected vice-president
of the Clarinda National Bank.
Frank Champlin has rounded out 25 years as
president of the City Bank of Boone.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
BANKER.
May, 1905.
The corporate existence of the First National
Bank of Emmetsburg has been extended.
Charles W . Cain has been chosen assistant cash
ier of the First National Bank of Bagley.
The business of the State Savings Bank of
Klemme was increased $30,000 during the past year.
Ed. F. Rose, formerly of Coin, has invested con
siderable money in stock of the Clarinda National
Bank.
E.
J. Wood has been chosen assistant cashier of
the First National Bank of Logan to succeed B. 1.
Wood.
The Cedar Rapids National Bank has been chosen
reserve agent for the Merchants National Bank of
Clinton.
The Farmers Savings Bank of Garner with a cap
ital of $25,000 has profits of $6,000 and deposits of
$123,000.
The National City Bank of New York City has
been chosen as reserve agent for the Anamosa Na
tional Bank.
The Drovers Deposit National Bank has been
-chosen as reserve agent for the Farmers National
Bank of Osage.
The Iowa National Bank of Ottumwa is building
a six-story modern office block and will occupy the
entire first floor.
B. A. Plummer, of the First National Bank of
Forest City, subscribed for $15,000 of the new issue
of Japanese bonds.
The First National Bank building at Storm Lake
was sold at auction April 26 by the receiver, Hon.
A. J. Wilson. It was bid in by W. Brubacher at
$9,000.
May, 1905.
The
THE
N O R T H W E STE R N
BANKER.
37
Chamberlain
D es M oin es, Iowa
T H E N E W E S T EUROPEAN p l a n T H E B E S T
T H E O N L Y FI R E P R O O F H O T E L in I O W A
P o s itiv e ly F irep roof; Oonstruction-Stone, Brick and Steel;
No Wood, except doors and frames; All Stairways Marble and
Iron; all Floors Tile and Cement; Perfect Sanitary Plumbing.
15i Rooms, 75 with Bath. Rates, $1.50 to $3.50 per day. Cafe
prices reasonable and service excellent.
W. L. BROWN, Prop, and Mgr.
The Auditor of State lias authorized the State
Savings Bank at Fim a; capital, $20,000; Representa
tive H. L. Spalding, president; J. J. McFaul, cashier.
An amendment to the articles of incorporation
of the State Savings Bank of Carson has been hied
with the Secretary of State, increasing its capital to
$30,000.
The Commercial National Bank of Chicago, has
been approved as reserve agent for the First Na
tional Bank of Harris, and the First National Bank
of Montour.
A clever swindler impersonated a farmer at Cedar
Rapids and secured a loan on some land. The at
torney who looked after his abstract and papers
identified him at the bank.
The First National Bank of Clarence has been or
ganized with a capital of $30,000. The officers are
W. D. G. Cottrell, president; M. B. Cottrell, cashier
and A. Grant, assistant cashier.
The new bank, the Villisca National, will soon
move the old frame building that stands at the south
west corner of the public square, and put up a new
brick, two stories and basement.
Judge Hutchinson has granted a continuance
in the case against Ed. C. Brown until the October
term. Mr, Brown is the former railroad commis
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
sioner who has been indicted for fraudulent banking
at Sheldon.
The Washington National Bank of Washington,
with a capital of $100,000, has a surplus and
deposits of $564,000. The bank has had a long,
prosperous and honorable career.
A t a meeting of the directors of the Douds-Leando Savings Bank, off Birmingham, recently, Mr. F
B. Kirkendall was elected cashier and Geo. F. Carson assistant cashier off the bank.
The town of Somers will soon have a National
bank. Application was made to* the treasury some
time ago' for a charter, the bank to be operated by
the Daughenbaugh and Sperry interests.
F.
H. Furrow, formerly assistant cashier off the
Home Savings Bank off Iowa Falls, has been ten
dered a position in the Merchants National Bank
at Cedar Rapids and has accepted the place.
The State Bank Examiner, D. S. McKee, of Mediapolis, made the regular annual examination of
the LeClaire Savings Bank recently. The bank has
had a splendid growth since his visit last year.
Chas. J. Weiser, off the Winneshiek County State
Bank, off Decorah, has purchased a two-acre tract off
ground in Des Moines and turned it over to the state
as a site for a home for orphans who are blind, deaf
THE
38
N O R T H W E STE R N
May, 1905.
OUR NEW BOOK OF
THE
F irst N ational B ank ,
O F S IO U X C IT Y , IO W A .
CAPITAL, $300 ,000 .00 . SURPLUS AND PROFITS,
$102,000.31. DEPOSITS, $2,150,000.00.
Accounts of Banks received on liberal terms. A large
list of par points in Iowa, Minnesota, Dakota, and
Nebraska. Collections carefully and promptly made.
JAME3 F . T O Y , P r e s i d e n t .
GEORGE O. C A L L , V i c e -P r e s i d e n t .
H. A . GOOCH, C a s h i e r .
J. FRED TOY, A s s t . C a s h i e r .
and dumb, feeble minded or insane.
worthy and needy charity.
BANKER.
It is a very
Work has been started on the new bank buildingat Shannon City.
Julius Brunnier is the new assistant cashier at
the People’s bank in Hubbard.
W ork has been started on the new bank building
at Pella, which is being erected by H. Reitveld.
A. M. Henderson, for twenty-four years cashier
of the Marengo Savings Bank, has resigned.
The National Live Stock Bank of Chicago has
been approved as reserve agent for the First Nationl Bank of Nora Springs.
The 'National Bank of the Republic of Chicago,
has been approved as reserve agent for the Citizens
National Bank of Cedar Rapids.
modern
gounirv Banks
8 inches by 11 inches in size,
contains 57 two-story and
one-story Banks, showing
floor plans and large half
tone photogravures of exte
riors. Just published. One
hundred sixteen pages.
Sent postpaid for $1.00.
Thori, Alban 8 Fisher
Jlrcbltecis
508-9 Chamber of Commerce
SAINT PAUL, MINN.
The First National Bank of Churdan is the only
National Bank in Green County. It is just two1
years old and has $86,000 in deposits.
A. J. Armstrong of Des Moines has been chosen
assistant cashier of the Citizens’ National Bank of
Spencer and will assume his duties at once.
The organization of the First National Bank of
Everly, with a capital of $25,000 has been approved.
Those interested in the new enterprise are W . H.
Sleeper, Jr., of Everly, A. W . Sleeper, Lewis
Scharnberg, John Scharnberg and Peter Ketelsen.
The following banks have been approved as re
serve agents for the First National Bank of Clar
ence :
The Chase National Bank of New
York City, the Commercial National Bank of Chi
cago, and the Cedar Rapids National Bank of Ce
dar Rapids.
The rumored consolidation of the Black Hawk
National Bank and the Leavitt & Johnson National,
of Waterloo, has not taken place. W e understand
that
a deal of that kind has been proposed but no
C.
J. Irish, cashier of the K ellogg Bank, has gone
definite action has yet been taken.
to California on a six or eight weeks’ vacation. This
is the first vacation he has had in thirteen years.
The two cases against Clyde Dunning, cashier
Julius Brünier, of Ida Grove, has gone to Hub of the late Citizen’s Bank of Mt. Ayr, will be tried
bard, where he will have a position as assistant in the courts of Union County, a change of venue
cashier and bookkeeper in the bank of H. R. Long. having been granted. It cannot be reached on the
Union County docket before August.
The old building owned by the Lohrville Savings
The Burlington Savings Bank under the manage
Bank is being torn down. A fine modern bank
building will be erected on the ground this summer, ment of President IT. D. Copeland, is growing
steadily. Mr. Copeland was for many years one of
The Auditor of State has issued a charter to the Iowa’s bank examiners and has had much exper
Farmers’ Savings Bank of Keystone, a new institu ience as a practical banker. He knows how to run
tion with $15,000 capital. Henry J. Meyer is presi a bank successfully.
dent of the Keystone bank and Wm. Krombach
Miss Lucie Thomas, who has been the obliging
cashier.
and efficient assistant cashier in the Citizens Bank of
The Danville State Savings Bank of Danville, Royal for the past two years, resigned her position
with a capital of $12,000, has surplus and profits of April 1st and will make North Dakota her* home.
$8,000 and deposits of $162,000. In four years Ill health made the change necessary. Fred Forrest
their business has increased 200 per cent, a pretty of Spencer, is the new assistant cashier in the Citi
good indication of successful management.
zens Bank.
The Atlantic National of Atlantic, with capital of
$50,000, has a surplus of $20,000 and profits of
$44,000. Their deposits are $400,000'.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
May, 1905.
THE
N O R T H W E STE R N
The Peoples’ Bank building at Newmarket was
burned to the ground April 29 and the loss is al
most complete. The structure was two stories in
height and was occupied by the bank and drug
store. The insurance is not known but amounts
to a considerable sum.
W. S. Llewellyn, president of the Farmers’ and
Drovers’ State Bank of Seymour, died April 27,
aged 85. He was the wealthiest man in Wayne
County and was the owner of a thousand acres of
land, including a large tract near Corning. He was
reputed to> be worth over $500,000.
W ill E, Wissler commenced his duties as cashier
of the Iowa Trust and Savings Bank of Atlantic.
Mr. W. L. Overman, who has been cashier pre
vious to this time, will do the outside work for Mr.
Bruce, principally writing insurance, and other
work, in the interest of the bank.
The People’s Bank of Humboldt has a notable list
of stockholders, among them some of the most
prominent financial men in the state. Banker T ’remain says on his card, “ The strength and safety of
a bank lies in the responsibility of its stockholders.
The stockholders of this bank are worth over $1,000,000.”
Hampton people are rather proud over the fact
that their banks never bat an eye when some Frank
lin County millionaire wanders in with a draft for
$50,000, but reach back to the cash tray, with a
pleasant smile and the request, “ Please write your
name there.” Franklin County is an habitual vic
tim of prosperity.
The People’s Savings Bank of Delmar has unani
mously voted to increase the capital stock of the
bank from $10,000 tO' $25,000. Ten thousand dol
lars will likely be subscribed by tbe present stock
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
BANKER.
39
holders and $5,000 placed outside. The change will
add to the prestige and facilities of this successful
financial institution.
Day Dunning, the Mt. A y r banker charged with
fraudulent banking, was on April 18 sentenced by
Judge Evans to a term of three years in the state
penitentiary . Dunning’s attorneys asked that an
appeal bond be fixed and the bond was made $2,500.
It is understood that the case will be carried to the
highest courts of the state.
The new fixtures for the Citizens Bank of Gris
wold, have arrived and been put in place. The office
fixtures are made of solid mahogany and placed upon
Tennessee marble bases. The entire interior of the
building is finely finished and has all the modern
improvements. The bank structure is one of the
best built buildings in Cass County. Reinig & A lex
ander are justly proud of their new bank.
The second report of the receiver, Geo. Lueders,
of the New Liberty Savings Bank, has been filed
with the court. Lane & Waterman drew up the re
port showing collections up to March 29 amounting
to $37,444 and disbursements fixed at $296. The to
tal cash balance on hand is given at $37,150. The
report is a voluminous one, listing every detail of
the transaction as well as every detail of collection
and disbursement.
The Melbourne Savings Bank is the name of a
new incorporation. The bank is capitalized at $11,000, divided intoi shares of $100 each. The di
rectors are G. D. Elly son and Lewis Schooler, of
Des Moines, Dean Schooler, of Madrid; Archibald
DeButts, H. F. Stouffer, J. H. Bagley and Walter
Canaday, of Melbourne. Archibald DeButts is pres
ident of the board, Lewis Schooler vice-president,
and Walter Canaday, cashier.
T H E N O R T H W E ST E R N B A N K E R .
40
^^GI^ChSLfltS
1^12LX1O CL1
Bank ° f Cedar Rapids
lOWa
May, 1905.
T
J O H N T . H A M IL T O N , Pres.
P. C. F R IC K , V ic e -P re s .
,
■
_____ ____
r t
|
J A S . E. H A M I L T O N , C a s h i e r .
J O S . W . L E S I N C E R , As s t C a s h .
FO R A Q U IC K A N D
S A T IS F A C T O R Y S E R V IC E
WE
A F F O R D F A C IL I T IE S
TH AT ARE
T H E BEST
R E S O U R C E S , $ 2 ,1 1 4 , 7 4 9 . 5 5 .
A charter has been issued by the State Auditor’s
office to the Exline Savings Bank in Appanoose
County. The bank begins business with a capital of
$10,000. H. E. Bunker is president of the institu
tion and Frank M. Rogers cashier.
R. P. Gault has just been elected junior assistant
cashier of the First National Bank of Shenandoah.
No other change is made in the official staff. The
new position has simply been created on account of
the increase in the business of the bank. It is a pro
motion for Mr. Gault.
Frank Epperson, assistant cashier in the Man
ning & Epperson State Bank at Eddyville, has re
ceived an offer from the officials of the Live Stock
Trust and Savings Bank in Chicago tendering him
a good position as assistant cashier in that institu
tion. Mr. Epperson will accept the position.
The directors of , the State Bank of Mechanicsville held an election of officers recently to fill the
place of president made vacant by the death of W il
liamson Helmer, which resulted in the election oi
Emeus Bennett as president, Howard Elliott, vicepresident, Howard Collver, cashier, and H.. E
Gibeaut, assistant cashier.
The Board of Supervisors of Woodbury County
authorized the County Treasurer to sell to W. P.
Manley, president of the Security National Bank, of
Sioux City, $200,000 of refunding bonds to draw 4
per cent interest, $50,000 to be paid every year on
the principal. A t the end of four years the bonded
debt will be reduced from $513,000 to $275,000.
Martin Buethein, who was indicted some time ago-,
has been re-arrested on a new indictment, charging
that he received deposits for an insolvent bank.
Beuthien is the father of Arnold Beuthien, of New
Eiberty, who was recently sent to the penitentiary to
serve a term of six years. The father is out on $10,000 bonds. He fought the indictment for embezzle
ment, which was lodged against him last summer,
and the indictment was quashed on a technicality.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
A. W. Winden, who was formerly employed in
one of the banks at Buffalo Center, has' resigned his
position as traveling auditor for the Farmers’ Loan
and Trust Company of Sioux City. Mr. Winden
will leave Storm Lake where he has resided since
entering the employ of the Loan and Trust Com
pany, and will again engage in banking.
The stockholders of the Peoples’ Savings Bank
of Albia held their semi-annual meeting at the bank
recently and found that institution in a very prosper
ous condition. They declared the regular semi-an
nual four per cent dividend and added $3,000 to- the
bank’s surplus increasing that fund to $14,000, all
of which comes from the bank’s earnings.
Still another indictment has been returned in the
McCutchen bank failure at Holstein, the second bill
being found against Oskar Berger, former cashier of
the bank. Berger is located at Seattle, Wash. He
left Holstein shortly after the failure. During his
residence in Holstein Mr. Berger stood high in the
community. He is a man about 50 years old.
The First National Bank of Centerville report
that they are getting along fairly well in a banking
way. Their deposits are running about five hund
red ninety-six thousand and loans something over
three hundred twenty-three thousand dollars, leav
ing considerably over a quarter of million dollars
idle money. Yet, as they pay no interest on depos
its, they can rest easy, and keep the wolf from the
door a few days longer.
W e are in receipt of a comparative statement of
the Eovell State Bank of Monticello, showing cap
ital, surplus, profits, loans and deposits for each year
since it was organized as a state bank in 1897. The
various items show a steady growth each year until
they are now as follow s:. Capital, surplus and
profits, $147,000; loans, $622,000, and deposits,
$624,000. The State Bank succeeded to the private
banking business of G. W and G. E- Eovell,
founded 27 years ago.
THE
May, 1905.
N O R T H W E ST E R N
BANKER.
41
First National Bank
DUBUQUE,
Capital, $ 2 0 0 ,0 0 0 .
■
IO W A .
Surplus and Profits, $ 6 7 ,8 5 6
Deposits, $ 1 ,2 9 5 4 8 8
OFFICERS.
C. H. EIGHMEY,
President.
E. A. ENGLER,
Vice-President.
B. F. BLOCKLINGER,
Cashier.
,------
COM M ERCIAL
NA
T ’L B A N K
C o u n c i l B l u f f s , I owa
DIRECTORS.
C. H. E i g h m e y ,
E. A . E n g l e r ,
G eo. A. Bruden,
t. T. A d a m s .
M. M. W a l k e r ,
J a s . C. C o l l i e r
B. F B l o c k i n g e r .
* O. E. G u e r n s e y
P e t e r K ie n e
m - O R G A N I Z E D J U N E 1 5 T H , 1901
•
OFFICERS :
J O S E P H R. R E E D , President
L. H A M M E R , Vice-Pres.
F. C. LO U G E E , Vice-Pres.
C. E. P R IC E , Cashier
C. K O N IG M A C H E R , A ss’t Cashier
DIRECTORS:
Joseph R. Reed
Carl F . Kuehnle
W. A . Maurer
L. Hammer
Geo. W. Nicholson
R. H. Bloomer
F. C. Lougee
Geo. P. Moorehead L . F. Husz
C. E . Price
J. F. Wilcox
Capitol, $100,000.00
SOLICITS
FIRMS.
UALS,
AND
Hon, Daniel P. Stubbs, one of the best lawyers
in Iowa, died suddenly May 2. He was in his
seventy-sixth year and was in the harness to the
last. He was president of the Jefferson County
Bank and connected with almost numberless other
institutions. Pie was once a member of the legis
lature and was one of Fairfield’s early mayors.
The First National Bank of Maquoketa is mak
ing improvements on their bank building. A fine
new front is being put in and we are told that an
entire new set of counter fixtures will be installed
in a new arrangement which will enable the bank
to conveniently handle the new business entailed
by the organization of the Farmers’ Trust and Sav
ings Bank.
ACCOUNTS
FROM
CORPORATIONS
ASSURING
LIBERAL
BANKS,
a n d
IND1VID-
PROMPT
SERVICE
TREATMENT
dependent of each other, are composed of the same
men and with the same directors and officers. The
officers a re : H. J. Meyer, president; Ferd Schluntz,
vice-president, and Wm. Krombach, cashier; all of
whom are very successful and capable business men.
Since the death of J. G. Caton, president of the
Dedham Bank, he has been declared a bankrupt by
Judge McPherson, of the United States Circuit
Court. The demurrer of the depositors was over
ruled. So now the deeding away of his property
before death for the benefit of depositors and the
purchasers of the forged notes, will cause all to stand
an equal chance in obtaining a share of whatever
may be realized.
The furniture for the Savings Bank of Grinnell
arrived yesterday and the workmen are busy. On
Monday morning, May 1, at the latest, the Savings
Bank expected to begin business at the new stand.
The interior of the renovated building presents a
very fine appearance with its new van 1tested ceiling
and golden oak finishing matching the new furni
ture.
W e understand that there is prospect of a new
bank being organized in Bagley. One of the pro
moters of the prospective bank informs us that the
greater part of the stock has been placed and that in
a few days a meeting of the prospective stockhold
ers will be held to make further arrangements. In
addition to the local parties interested are financiers
from Des Moines who will be connected with the
bank. The stock will be $10,000.
The Farmers Savings Bank and the Keystone
Mercantile Company have recently been organized
at Keystone. The two organizations, although in
In connection with the sale of Mr. Gwynn’s ele
vator interests at Imogene and Solomon the rumor
has been circulated that Mr. Gywnn purchased the
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
THE
42
N O R T H W E ST E R N
SEGURITY
SAYINGS
BANK
Cedar Rapids
Capital and Surplus,
Deposits,
-
$ 1 5 0 ,0 0 0 ,0 0
1,307 ,2 8 7 62
Does no Commercial Banking, but offers for Iowa business the services
of a careful, competent and exclusive Savings Bank, paying interest on
deposits at the rate of
4
Per
Cent
C. F - VA N V E C H T E N , P re s id e n t
E. M . S C O T T , C a s h i e r
interest of the Read’s in the bank at Imogene.
W e are informed that the report is without foun
dation and entirely incorrect. No change is contem
plated either by Mr. Gwynn or the Reads. Mr.
McCracken will soon move to Imogene to help in
the Read-Gwynn bank.
It is rumored that there is to be a new bank
opened in Perry. The story runs that the new
O ’Malley block would be fitted up for bank purposes
and that the bank would be opened under the man
agement of John P. O ’Malley. It would certainl)
be a bold move for a new bank to open up in Perry
in competition with the other strong institutions
there. T o a man on the outside there does not seem
to be any opening for a new bank.
George B. Imhoff has taken a position with the
First National Bank of Waterloo. The business of
the institution has been growing rapidly and its
officials found it necessary to add another man to
the working force. Banking is the line of work
always followed by Mr. Imhoff before coming to
Waterloo. He was with the First National in Du
buque for some time, and in all was in the banking
business from eight to ten years at that place.
H. S. Abbott, of the firm of Torstenson & Abbott,
of Milford, has disposed of his interests in the busi
ness of that firm and gone to Corwith, where he will
become cashier of the First National Bank of Cor
with. Mr. Abbott has been engaged in the: banking
business practically all his life and knows the busi
ness in its every detail. For several years he was
cashier of the First National Bank of Milford, and
later was engaged in the business at Waterloo and
Sibley.
A t a recent meeting held for that purpose the final
arrangements were made for the organization of the
Chapin Savings Bank. Stock amounting to $10,000 was subscribed, and the stockholders met and
elected the following officers and directors: Presi
dent, Ira 1". Dearn; vice-president, C. M. Goodyear;
cashier, D. E. Kenyon; assistant cashier, G. A,
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
BANKER.
May, 1905.
“DIRECT CONNECTIONS*'
The CedarJ^apids N ational Bank
C E D A R R A P ID S , IO W A
Capital and Surplus,
A T. Avkrill , President
G. F. V a n V e c h t e n , Vice-Pres.
J. H. I n g w e r s e n , Cashier
K e n t C. F e r m a n , Ass’t Cashier
J o h n F l e t c h e r , A ss t Cashier
A. S mottse , Auditor
-
$200,000
The Funds of National Banks
on Deposit with this Bank Count
as Legal Reserve. J*
^
U N IT E D S TA TES D E P O S IT A R Y
Mayer. A site will be selected and a new building
erected immediately, and the officers expect to be
ready for business about the first of June.
The Citizens State Savings Bank of Decatur has
been incorporated with a capital of $20,000. W il
liam Woodward and others are the incorporators.
V. D. Flemming has sold out his interest in the
Bank of Montgomery and his town property there
to- George E. Foot, who will hereafter have charge
of the hank.
James F. Toy and George C. Call, of Sioux City,
have gone south to look at bank buildings with the
idea of securing pointers to be employed in the erec
tion of a building for the First National Bank of
that city.
The Farmers State Bank of Charter Oak, has
purchased the Farmers Bank of Ricketts, formerly
owned by Mr. Johnson and Mr. Kadoch. The pur
pose is to remove the bank from Ricketts to Charter
Oak and merge it with the Farmers State Bank,
which assumes the payment of the deposits of the
Ricketts Bank and takes over its notes and all other
assets,
J. B. Shepardson, a Marble Rock banker, has con
tributed $1,000 toward the erection of a school
house at that place. The people of Marble Rock
want to build a $15,000 school building. The vil
lage is in a sub-district of a township, and the peo
ple of the country part of the district object to the
large outlay, hence the gift of the Marble Rock
banker.
Receiver Andrews is paying a 10 per cent divi
dend to the depositors of the defunct Corning State
Savings Bank. About $15,000 will be required to
pay this dividend. This is the second one ordered
by the court, the first being for a similar amount.
It is thought in the end the depositors will receive
about 40 per cent of the amount they had in the
bank at the time of the failure. The recent ruling of
the supreme court making the depositors preferred
claimants over the general creditors of the institu
tion has been very beneficial to the former.
May, 1905.
T H E N O R T H W E STE R N B A N K E R ,
43
IOWA NATIONAL BANK
D A V E N P O R T , IO W A .
Extends to banks and bankers every facility desired in a
corresponding bank, and every advantage that our sound and
conservative business methods justify. Collections and a c
counts solicited.
A. P. D O E , P r e s i d e n t . J O H N D. B R O C K M A N N , V . P re s .
J. E. B U R M E I S T E R , C a s h i e r .
The settlement of the affairs of the broken First
National Bank of Grinnell is progressing satisfactor
ily. Word has been received authorizing the pay
ment of another dividend sometime between the
The First National Bank of Primghar has pur first and the middle of June. It is understood that
chased a new Victor Manganese steel safe of the
the dividend will be one of 10 per. cent, which will
latest design. | It is a great improvement in the safe
make a total of 55 per cent paid to the depositors so
line and said to be burglar proof.
far. This last dividend will put about $35,000 in cir
A. E. Pfiffner, assistant cashier of the First N a culation here as the total amount of deposits was in
tional Bank of Lake Mills, was recently elected to the neighborhood of $350,000.
the position of cashier of that institution. Mr.
S ix indictments have just been returned against
Pfiffner’s elevation to this responsible post is well Alex. E- Rockhold, cashier of the late Bank of Einedeserved and stamps him as one of the rising young ville, for fraudulent banking and embezzlement, in
men of the county.
receiving deposits, knowing the bank was insolvent.
The
total amount involved in the cases at issue are
The Bank of Searsboro get out a neat bulletin,
something over $25,000. The Bank of Eineville
showing a handsome cut of their public school build
was organized about twenty-five years ago with a
ing, an article setting forth the special advantages
capital stock of $50,000, its charter being granted
of that town and especially of that bank and the con
for twenty years. On the expiration of the charter
veniences offered to the public and twenty reasons
Rockhold failed to have it renewed and the bank
why you should open a bank account.
continued business until sometime last fall, when a
W yatt Sprague, the .trusted and efficient assistant new corporation was formed and the business of
cashier of the Farmers and Merchants’ Bank of the old bank turned over to it. An examination of
Columbus Junction, has severed his connection with the books developed the fact that the original Bank
that institution and will go to Washington state soon of Eineville had been for a long time insolvent. It
also brought out the further fact that a great deal
where he takes charge of a college at Waitesburg.
of the paper was practically worthless, the shortage
The stockholders of the Farmers and Mechanics’
or shrinkage from this source and from overdrafts
Bank of Everly have just about completed arrange
amounting to about $70,000. A s the charter had
ments for making it a National bank. It seems that
expired and never been renewed the corporation
the best bankers now find it difficult to do
was in reality a co-partnership, thus throwing the
well with private banks, and Minnesota has passed
stockholders liable for the full amount of the debts
a law placing them under state supervision.
of the bank without reference to the amount of
James A. Patton, president of the Stock Yards stock held, and insuring the depositors the payment
Bank of Commerce, Kansas City, died April 30. of their full claims, so that they were not losers, the
He was 48 years of age. Mr. Patton went to Kan loss falling on the stockholders. The stockholders
sas City ten years ago from Council Bluffs, Iowa, secured Eeland Windsor, of Des Moines, now state
where be was president of the First National Bank. bank examiner for this district, to examine the
Prior to that time he was president of the Planters’ books. His report furnished the basis for the ac
Bank of Houston, Texas. He was considered a tion of the grand jury. Mr. Rockhold had held his
thorough “ inside” banker.
position of cashier for over twenty years.
Marengo is to have a new bank in the near future.
The capital stock, which is to1be $25,000, has nearly
all been subscribed for by local business men.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
44
THE
N O R T H W E ST E R N
BANKER,
May, 1905.
The American Bank Protection Go.
Is the one company of America when it comes to protecting banks against burglary. Its
system has never been defeated. It is the only company that gives you a positive written guarantee
th,at its Double Automatic Electrical System with Electrical Steel Vault Lining
W ill P ro tect Y our B an k From B u rg la ry ,
and it backs up its guarantee with the solid cash. With their system once installed, your bank is as
safe from burglary as if a company of minute men surrounded the entire building. Simple, sure,
safe, efficient, economical, easy to take care of, and within reach of every bank. Write for infor
mation.
A m e r ic a n B a n k P ro te c tio n C o., M in n e a p o lis , M in n .
The contract for building the Security Bank Block
of Rockwell City, owned by Geo. L. Brower, has
been let. The building will be 65x100 feet, two
stories high with basement, and will be thoroughly
modern in every respect. About fifteen rooms on
the second floor will be fitted up in elegant style for
the residence of Mr. Brower. The contractor wilt
commence work on the foundation next week and
agrees to have the entire building completed by Sep
tember 1. When complete the entire cost will be
about $30,000.
Since the first of January thirteen private banks
of Iowa have reorganized as either state or savings
banks under the Towa laws. Several private banks
have also become National. T w o of the latest pri
vate banks to incorporate under the state laws are
the Epworth Savings and the Farmers Savings of
Rhodes. The Epworth Bank has a capital of $10,000, with W . J. C reglow as president and Max Lindeman as cashier, and the Rhodes bank has $15,000
capital, with S. T. Goodman as president and Ben
Richards as cashier.
Ten shares of stock in the Citizen’s National
Bank at Charles City were offered for sale a few days
ago, and a mention of the transaction calls to mind
that Iowa bank stock, as a general thing, has a
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
mighty good reputation with investors. The $1,000
o4 Charles City stock brought $2,200, a premium
of 120 per cent above par. There is hardly a bank
in Iowa managed on safe and conservative bankingprinciples in which stock can be bought at pan
which is a pretty good indication that the investment
is safe and pays reasonable and legitimate dividends.
In a petition filed in circuit court Ira Tabor
of Davenport, a stockholder in the Daven
port National Bank, which went out of ex
istence in 1901. claims that the bank direc
tors loaned $I3®’3^7 to1 two grain companies
when the statutes forbid a loan of over 10 per cent
to any one party or company. The capital stock of
the bank is given as $100,000. Tabor desires that
the old officers and directors be held liable for the
alleged loans and that the liability he made an assess
ment of the bank.
A movement for the consolidation of the Tipton
Savings Bank and the Home Savings Bank of Tipton, which has been in progress, has reached a stage
where it is safe to say that the deal will go through.
Both banks will surrender their charters and a new
institution will be organized with a capital of $30,000, the stockholders of each institution being al
lowed to take half. • The new bank will occupy the
THE
May, 1905.
N O R T H W E STE R N
BANKER.
45
THE
C A P IT A L , $1,000,000.
SU RPLU S, $500,000.
Began Business, March 31, 1903.
Undivided Profits, $ 2 0 3 ,5 9 8 , December 31, 1904.
Deposits, $ 2 2 ,0 0 0 ,0 0 0 .
People’s
Savings
Bank,
D E S M 0IISIES, IO W fl.
DIRECTORS :
STEPHEN BAKER,
Pres. Bank of Manhattan Co., N. Y.
SAMUEL G. BAYNE,
Pres. Seaboard National Bank, N-1Y.
JAMES G. CANNON,
Vice Pres. Fourth Nat’l Bank, N. Y.
EDMUND C. CONVERSE,
President.
HENRY P. DAVISON,
Vice Pres. First National Bank, N. Y.
JAMES H. ECKELS,
Pres.Commercial Nat’l Bank, Chicago.
WALTER E. FREW,
Vice-Pres. Corn Exchange Bank, N. Y.
A. BARTON HEPBURN,
Pres. Chase National Bank, N. Y.
THOMAS W. LAMONT,
Second Vice President.
GATES W. McGARRAH,
Pres. Mechanics Nat’l Bank, N. Y.
EDGAR L. MARSTON,
Blair & Co., Bankers, N. Y.
GEORGE W. PERKINS,
J. P. Morgan & Co., Bankers, N. Y.
WILLIAM H. PORTER,
Pres. Chemical National Bank, N. Y.
DANIEL G. REID,
Vice Pres. Liberty National Bank, N. Y.
FRANCIS H. SKELDING,
Cashier First National Bank,;Pittsburg.
EDWARD F. SWINNEY,
Pres. First Nat’i Bank, Kansas' City.
JOHN F. THOMPSON,
Vice President.
GILBERT G. THORNE,
Vice Pres. National Park Bank, N. Y.
ALBERT H. WIGGIN,
Vice Pres. Chase National Bank, N. Y.
ROBERT WINSOR,
Kidder, Peabody & Co , Bankers, Boston.
SAMUEL WOOLVERTON,
Pres. Gallatin National Bank, N. Y.
EDWARD F, C. YOUNG,
Pres. First Rational Bank, Jersey City.
IN T E R E S T A L L O W E D U P O N D E P O S IT S .
Capital
-
$ 1 0 0 ,0 0 0
Surplus and Profits,
Deposits,
-
-
-
5 5 ,0 0 0
1 ,1 86,143.57
O F F IC E R S :
M a r t í n F l y n n , P re s id e n t,
D. W. S m o u s e , Vice-President,
C . H. M a r t i n , C a sh ie r,
F r a n k P . F l y n n , A s s ’ t. Ca*h.
rooms now in use by the Tipton Savings Bank. Tlie
new bank, which will be in running order in less than
six weeks, is bound to lie popular and prosperous.
interests and resigned his position as cashier of the
First National Bank and accepted the office of presi
dent of the Farmers State Bank.
County Treasurer Breniman has been appointed
by Administrator Boysen to a position in the Com
mercial Bank of F xira and will be in charge of the
interests of the administrator. Mr. Breniman has
purchased the bank building from Mrs. Leet for
$7,400 and received a deed for one-third interest.
The remaining two-thirds will be deeded to him as
soon as an order of court can be obtained. O. P.
Coon, who has been the efficient assistant in the
bank for many years, will remain in his present po
sition. The Commercial Bank is fortunate in secur
ing the services of so good a man.
The details of the new banking organization
which takes control of the old Farmers’ State Bank
of Charter Oak, has been completed, and it is prob
able that L. Cornwell will be elected president, Geo.
Naeve, vice-president, and A. F. Kadoch, cashier.
Among the stockholders are several connected with
the present Crawford County State Bank of Denison,
which means that the new bank will be associated
with the Crawford County State Bank. The same
men also control the German Bank of Schleswig,
and the three associated banks represent assets of
more than $1,200,000.
The people of Lake Mills have been treated to< a
surprise such as was least expected. Some few
months ago N. I. Nelson was elected to the presi
dency of the Farmers State Bank, but Mr. Nelson
has felt that the work was altogether too confining
and sold his holdings to S. H. Larson, a man who
has been actively engaged in the banking business
for the past seven years. Mr. Larson has sold his
The Iowa State Savings Bank of Clinton has been
granted a charter to begin business by the banking
department oi the State Auditor s office. The new
Clinton bank belgins with a capital of $75,000.
Charles H. Ingwerson is its president and Gustav
Gradert the cashier. The latter formerly resided
at Fulton, 111. Application has also been made to
the State Auditor’s office for the chartering of the
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
46
THE
G
er m an
S
N O R T H W E ST E R N
a v in g s
BANKER
B
DAVENPORT, IOWA.
JE N S L O R E N Z E N , Pres.
GH AS. N. VOSS, V ice-P res. and Cashier
R. A N D R E S E N , A s s ’t Cashier.
ED . K A U F M A N N , A s s ’t Cashier
a n k
May, 1905.
,
“
s
™
.»
S ta te m e n t, F e b ru a ry 1 6 , 1 9 0 5 ,
ASSETS.
Loans......................................
Cash and Exchange...................
...
Real Estate and Personal Property__
'955,737.34
28,318.46
Total Assets............................... .. ... $7,944,790.46
F. G. CLAUSEN.
JENS LORENZEN.
H. U. BRÄUNLICH.
D IR E C T O R S .
CHAS. N. VOSS H. 0. SEIFFERT.
T. A. MURPHY.
H. H. ANDRESEN.
F. H. GRIGGS.
PAULO RODDEWIG.
Kellerton State Bank of Ringgold County. This is
at present a private bank. The application is for a
state bank charter with $25,000 capital, f. A. W il
liams is president and W. G. McCleary cashier of
the Kellerton Bank.
E. H. Skinner, of the private banking firm of E.
H. Skinner & Sons, of Birmingham, has been in
dicted on nine counts by the grand jury for fraudu
lent banking. The indictments come as the sensa
tional ending of a business career of about forty
years, during which Mr. Skinner has been one of
the most prominent citizens of southern Iowa.
In addition to operating the private bank he has
conducted large general stores at Birmingham and
Stockport.. The first intimation of his straightened
financial circumstances came recently in the filing of
a petition in voluntary bankruptcy. It is said that
the total shortage would amount to between $25,000
and $40,000 and that moneys were received at the
bank after Mr. Skinner must have been aware that
it was insolvent. It is thought that the reverses of
Mr. Skinner are due to his connection with the
construction of .the Fort Madison Railway, a short
line running from Ft. Madison to Ottumwa; also to
his connection with an attempt to corner the local
wool market in that section a few years ago.
Creditors of the Day Dunning bankrupt estate at
Mt. A yr will receive a 10 per cent dividend within a
few days, according to a statement made by John E.
Scott, trustee of the estate. The dividend uses all
the available funds in Trustee Scott’s hands, about
$39,000. Although the liabilities as originally fig
ured were almost $500,000, settlements have been
made and offsets allowed, which, while materially
reducing the apparent assets, have also brought the
liabilities down to $390,000. It is the hope of Mes
srs. Ethbridge and Scott toi wind up the affairs of the
estate this fall. A t no time since the bank failed in
January, 1904, could the land have been disposed of
to advantage, but in case there is a good crop this
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
LIABILITIES.
Deposits................................................
Capital.....................................................
Surplus................................
Undivided Profits.....................................
261,400.86
Total Liabilities........................... - $7,944,790.46
year a fair price can be realized, and the land will be
sold. There are 1,400 acres of land, now unincum
bered, as the first collections made were used in pay
ing off real estate mortgages to stop interest charges.
One business building and a few town lots in Mt.
A y r comprise the remainder of the assets, besides the
collectible claims.- It has been understood from the
first that Trustee Scott’s estimate of the total divi
dends the estate would be able toi pay was 25 per cent,
and his judgment now seems to have been close to
the facts..
Fred C. McCutchen of Holstein, formerly well
known as athletic manager for Iowa University, has
been indicted on a charge of fraudulent banking. He
gave an appearance bond of $2,500. It is expected
that the case will come up at the October term of
court in Ida County. The action of the Grand Jury
is the result of the failure last fall of the Holstein
Bank, at which E. H. McCutchen, the father of
Fred C. McCutchen, was the head. The failure fol
lowed soon after the death of the elder McCutchen.
The state organization of the Modern Woodmen
of America was depositor to the extent of $100,000
in the Holstein bank and is one of the chief credit
ors.
Governor Cummins has set a new precedent for
Iowa in offering a heavy reward for the discovery
of the whereabouts of a banker, alleged to have em
bezzled a large sum of money before he disappeared.
E. E. Snyder, who was the whole thing in the bank
of Olin and disappeared late last year leaving credit
ors holding the sack to the tune of about $125,000,
is the banker for whose discovery the governor of
fers a reward of $300, which is within $200 of the
limit the law permits him to offer. Snyder was in
dicted for embezzlement and receiving deposits
when insolvent, and it is said about $125,000 went
his way when he disappeared. The Jones County
grand jury promptly returned a true bill against
him.
May, 1905.
Io w a S
THE
NORTHWESTERN
N
th te
BANKER.
47
B
a t io n a l
a n k
Sioux C ity, Iow a.
$
i
<
C A P IT A L ,
SURPLUS,
D E P O S IT S ,
.
G E O . W E A R E , P re s id e n t.
-
-
-
-
S 2 0 0 ,0 0 0
1 0 3 ,6 6 9
2 ,0 4 9 ,1 7 0
%
>
$
. O F F IC E R S . . .
H. A. J A N D T , V ic e -P re s .
JOHN
M c H U G H , C a s h ie r.
T h i s b a n k h a s u n e x c e l l e d f a c i l i t i e s f o r t h e p r o m p t a n d c a r e f u l h a n d l i n g o f a l l b u s i n e s s e n t r u s t e d to it.
GENERAL N E W S A N D
NOTES.
Still, the men who must make good the $1,500,000, won’t feel particularly placated because Banker
Bigelow used up his own fortune before stealing
theirs.— Kansas City Times.
The executive council of the American Bankers’
Association has ordered that the name of F. G.
Bigelow, former president of the First National
Bank of Milwaukee, who was once president of the
association, be erased from the list of ex-presidents.
It was also voted to order that Bigelow’s photo
graph be removed from the group of former presi
dents, which is used on the association literature.
A Milwaukee press dispatch says that hereafter
all employes of the First National Bank will be re
quired to deposit a photograph of themselves with
the officials'of the institution and to submit to cer
tain measurements which would aid in identification
in case they should be wanted at any time. Notice
to this effect was posted in the bank. A new
photograph must be supplied in case the employe
changes his personal appearance.
Another dividend, one of 8 per cent has been paid
on the stock of the National Bank of North Amer
ica in liquidation. This makes a total of $133 per
share paid on the stock of the bank since its business
was taken over by the Continental National several
months ago, Charles O. Austin, vice-president in
charge of liquidation, expects to pay still another
dividend in the near future. A t the time of the sale
of its business the stock had an apparent book value
including the Continental’s premium of $17.50, of
about $156 a share.
If a customer of the First National Bank of Mil
waukee had come to President Bigelow and asked
to borrow a large sum of money to invest in May
wheat the shrewd banker would have advised
against the investment and refused to loan the
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
money except upon ample security. And yet Presi
dent Bigelow himself fell into the pit against which
his business training would have compelled him to
warn his customers. The moral can be found only
in Puck’s immortal remark.
H. R. Dennis and C. B. Mills were in Chicago
over Sunday en route to the council meeting in New
York. Mr. Dennis is the young man at the head of
the Sioux Falls Savings Bank, the one which has in
creased at the rate of about 33 per cent a year.
Each of these young bankers has had “offers,” but
up to date all have been declined.— Chicago Banker.
The Federal Trust and Savings Bank will be con
solidated with the American Trust and Savings Bank
on or about June 1, 1905. The name of the con
solidated bank will be the American Trust and Sav
ings Bank of Chicago. The capital of the American
Trust will be raised to St,000,000 and after the con
solidation the surplus will be $1,500,000 and the un
divided profits approximately $4oo,000.
Isaac N. Perry, formerly president of the National
Bank of North America, Chicago, and on trial for
nearly four weeks charged with the crime of arson,
received a quick verdict of not guilty, the jury being
out but 13 minutes. The Perry arson case in some
particulars was deemed the most sensational that
was ever tried in Cook County. The astonishment
of the community when it was published that the
president of one of the big banking institutions in
LaSalle Street was suspected of having tried to burn
the plant of the Chicago Car and Locomotive Works
in ITegewisch was augmented by the retirement of
Mr. Perry from the presidency of the bank and the
merger of that institution with the Continental Na
tional Bank of Chicago.
Tickets
T o all European and Asiatic countries on sale by the
Chicago Great Western Railway at 514 Walnut St.,
Des Moines, Iowa.
M EETING GROUP 1, I. B. A.
The ninth annual meeting of Group i of the Iowa
Bankers Association, comprising eight counties, was
held at Sheldon, May ioth. There were about one
hundred bankers and thirty ladies in attendance.
This meeting came too late for a full report this
month.
The session was presided over by Chairman P. W.
Hall, of the Security Savings Bank of Sheldon, and
George A. Kennedy of Cherokee, secretary of
Group i.
'
J. Fred Toy, assistant cashier of the First Na
tional Bank of Sioux City, delivered a very interest
ing and valuable paper on “System.”
“Various Fields of a Bank’s Service” was the sub
ject assigned to L F. Parker, cashier of the Larrabee
Savings Bank, and it was handled in a very intelli
gent manner.
M. R, Faber, cashier of the First National Bank
of R.emsen, read an interesting paper on “Bank Ad
vertising.”
D.
H. McKee, of Mediapolis, vice-president
the state association, spoke on “Existing Condi
tions,” and made some very strong points, dwelling
at length on the number of bank failures in Iowa in
recent years, the causes and cure.
“Early Banking Methods” was the subject of the
paper read by J. Fred Mattert, assistant cashier of
the First National Bank of Sibley. His paper was
veiy entertaining.
George A. Kennedy of Cherokee was elected
chairman of Group i for the ensuing year and Alfred
Morton, of Sibley, was chosen secretary.
A sumptuous banquet was served after the after
noon program.
John L. Large, of Rock Valley, treasurer of the
state association, was toastmaster and the following
toasts were given:
“Reminiscences,” C. T. Tupper, president Group
2 of Minnesota bankers association.
_“The Little Smile,” Charles Shade, president
First National Bank, of Rock Rapids.
“ The Man Behind,” Judge Hutchison, of Alton.
“Our President,” John Fletcher, of Cedar Rapids.
“The Ladies,” D. H. McKee, of Mediapolis.
Alfred Morton of Sibley, also responded to a
toast.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Group No. i is the banner group of the state.
There are 137 banks in the group and no are mem
bers of the association. It is the largest group in
the state and has the largest percentage of mem
bers.
M EETIN G GROUP 11, I. B. A.
The annual meeting of Group No. 11 was held in
Decorah the gth inst.
E. J. Curtin, the chairman,
presided, and F\ Y. Whitmore performed the duties
of secretary. The meeting was a very enjoyable one
and the program subjects were all fully discussed.
The roll call of banks in the group was called
after which a Methodist experience meeting was
held on the subject “What are we here for?” The
following subjects were presented for discussion,
and the members limited to five minutes talk on
any one subject: Should the use by customers of
their, own checks in payment of bills away from
home be encouraged or discouraged? What rate of
ofinterest should banks in this group pay on certifi
cates of deposit? What is the best method of reg
ulating the charge for exchange between com
peting banks? Is it desirable for local banks to
credit items at par for their correspondents? How
can we best educate the public to refuse to endorse
drafts or checks for people they think they know?
Is burglary insurance desirable? Is the bonding of
employees desirable; if so, should banks pay the
cost? Would it be desirable to adopt uniform
hours of opening and closing, and adhere to them,
strictly? Is the practice of paying time certificates
before due, commendable? The inevitable over
draft— how shall we stop it? How should a bank’s
loans be divided and what proportion of them should
be secured by real estate mortgage?
The social features of the meeting were provided
by the banks of Decorah. A dinner was served at
the Winneshiek hotel and a theatre party was given
in the evening?
N A T IO N A L CONVENTION IN W A SH IN G TO N
The executive council, A. B. A., has decided to
hold this year’s national convention in Washington,
D. C., some time during October.
May, 1905.
THE
NORTHWESTERN
BANKER.
49
1500 students enrolled last year.
rjraK e U n iv e r s it y ,
Fine location. Low expenses.
Excellent equipment.
■ *^H IL L M. b e l l . Pres. D e s M o in e s , I o w a .
Colleges: Liberal Arts, Bible, Law, Medical, Music, Dental. Schools: Academy, Normal, Com
mercial, Christian Workers, Oratory, Kindergarten, Pharmacy, Music Supervisors, Summer.
ORDE GOES TO M IN N E A P O L IS
George F. Orde, formerly cashier of the North
ern Trust Company Bank, of Chicago, has been
elected cashier of the First National Bank, of Min
neapolis. Mr. Orde has a wide acquaintance among
northwestern bankers. In Chicago he is well known
and has earned a high place as a bank official.
In announcing Mr. Orde’s resignation, President
Smith of the Northern Trust Company, said: “Mr.
Orde has served us with the utmost fidelity and it is
with Mutual regret that he leaves us.”
The First National is one of the strongest as well
as the oldest bank in Minneapolis. Its history runs
back into the early 5o’s, when the present institution
came into existence as the private banking firm of
Sidle & Wolford.
In 1 8 8 8 the bank’s first president, J. K. Sidle,
died and was succeeded by H. G. Sidle, while H.
K. Sidle was made cashier. F. M. Prince, the present
president, came to the bank as cashier in 1894. In
the following year John Martin was elected pres
ident, Mr. Prince vice-president, and C T. Jaffray
cashier. In 1903 Mr. J. B. Gilfillan was elected to the
presidency, and was succeeded in this position last
January by Mr. Prince.
The assistant cashiers are
D. MacKerchar and Ernest C. Brown.
W IS E M E N GO EAST
The following western bankers attended the meet
ing of the executive council, A. B. A , held in New
York City, May 3d: E. T. Swinney, president First
National Bank, Kansas City, Mo ; John L. Ham
ilton, vice-president Hamilton & Cunningham,
Hoopeston, 111.; Luther Drake, president Merchants
National Bank, Omaha, Neb.; A. A. Crane, cashier
National Bank of Commerce, Minneapolis, Minn.;
Joseph Chapman, cashier Northwestern State, Min
neapolis, Minn.; T. J. Fletcher, cashier First Na
tional Bank, Marshalltown, Iowa.; Arthur Reynolds,
president Des Moines National Bank, Des Moines,
Iowa; H. R. Dennis, president Sioux Falls Savings
Bank, Sioux Falls, S. D.; John R. Mitchell, vicepresident Winona Deposit Bank, Winona, Minn.;
C. B. Mills, cashier Peoples Trust & Savings Bank,
Clinton, Iowa; George F. Orde, cashier First Na
tional Bank, Minneapolis, Minn.;C. L. Farrell, pres
ident Fort Dearborn National Bank, Chicago.
To Land Agents and Home Seekers
The Chicago Great Western will, on May 16th,
and June 6th and 20th sell Homeseekers tickets to
the North, Northwest, Southwest and East at great
ly reduced rates for the round trip. Also on May
23rd and 30th and June 13th and 27th Homeseekers
tickets will be sold to points in Minnesota, the Da
kotas and Canadian Northwest. For further infor
mation apply to E. J. Sawyer, City Ticket Agent,
514 Walnut Street, Des Moines, Iowa.
7.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
N A T IO N A L B A N K C A S H IE R .— Of ability and ex
perience, in adjoining state, wishes to purchase interest
in good Iowa bank carrying cashiership. Position must
be desirable and satisfactory. Capable of managing same.
Interview invited.
Address “ G,” care Northwestern Banker.
Low Rates to Portland, Oregon, via. Chicago Great
Western Railway
Tickets On sale frequently beginning May 23rd
till September 29th. Also very low rates to Seattle,
Tacoma, Bellingham and Everett, Wash., Victoria
and Vancouver, B. C., and San Francisco, Los
Angeles and San Diego, Cal. For low rates, dates
of sale and other information apply to E. J. Sawyer,
City Ticket Agent, 514 Walnut St., Des Moines,
Iowa.
10
The Popular Excursion to the Twin Cities
Arrange to go to St. Paul-Minneapolis on the
first excursion of the season via the Minneapolis &
St. Louis R. R., leaving Des Moines, Iowa, at 8 :3o
p. m. on Saturday, May 13th. This is the best
time of the year to visit the twin cities. The parks
and lakes are most inviting, and besides the many
other attractions, there will be base ball games in
both cities between league teams. Round trip only
$5.00.
See bills and consult your local agent. Don’t miss
this grand good time.
The Wabash Railroad
Has its own rails from Des Moines to Kansas City,
St. Louis, Chicago, Buffalo, Pittsburg, Detroit, and
other principal cities, and its agents sell to nearly
all points east and west in connection with steam
ship tickets to England, Ireland, Scotland, Wales,
France, and the Orient.
Call on or write, S. W . Flint, P. and T. A., Des
Moines, Iowa.
7
Rates to Pacific Coast Cut $15.00
The Minneapolis & St. Louis R. R. has on sale
daily to May 15th one-way tickets to San Francisco,
Los Angeles, Portland and other points in the West
and Northwest.
Rates cut $15.00.
Through
tourist cars to California without change. Call on
agents for full particulars, or address, W . S. Mat
thews, D. P. A., Des Moines, Iowa.
Homeseekers Rates
V ia the Minneapolis & St. Louis R. R. On first
and third Tuesdays of each month to Nebraska,
Kansas, Missouri, Arkansas, Oklahoma, Indian
Territory, Texas, New Mexico, Colorado and other
states.
Stopovers allowed.
For rates, time of
trains, etc., call on agents, or address, W. S. Mat
thews, D. P. A., Des Moines, Iowa.
50
THE
N O R T H W E ST E R N
BANKER.
May, 1905,
S P E C IA L LIST O F IOW A B A N K S .
A L P H A B E T IC A L L Y A R R A N G E D BY T O W N S .
Showing Name o f Bank, Town and County, Capital, Surplus and Undivided Pro-fits, Names o f Officers and
Special Facilities fo r the Transaction of Business intrusted to their care.
First National Bank.
ALGONA,
Capital, $50,000.00,
. Surplus $10,000.00.
Kossuth County..............( Ambrose A. Call, President.
I D. H. Hutchins, Vice-President.
Oldest National Bank in
Wm. K. Ferguson, Cashier.
Kossuth County.
v C. A. Palmer, Assistant Cashier.
Prompt attention paid to all business entrusted to us.
_
MARENGO,
/Marengo Savings Bank,
I
J
vJ. C. Engelbert, President.
JJ. M. Mathew, Vice-President.
I A. M. Henderson, Cashier.
\L. E. Brown, Assistant Cashier.
Conduct a general banking business. Prompt attention given to collections
CASTAÑA,
The Castana Savings Bank.
Capital, $50,000,
Surplus $12,500. Undivided Profits, $1,500
W. T. Day,, President.
S. D. Willits, Vice-President.
, C. T. Hansen,Cashier.
General banking business. Negotiators of choice Iowa farm loans.
Monona County
CHARITON,
(
I
First National Bank.
Capital, $50,000.
Surplus and Undivided Profits, $54,000.
T,..noo f nmitv
' ?• H> Mallory, President.
AiUCas l /O l i n i y ................1 Joseph Braden, Vice-President.
F. R. Crocker Cashier.
Banking in all its branches.
CLINTON,
/Peoples Trust and Savings Bank.
Capital, $300,000.
Surplus and undivided profits, $150,000.
G. E . Lamb, President.
Charles F. Alden, Vice-President.
C. B. Mills, Cashier.
Clinton County
MARSHALLTOWN.
(Marshalltown State Bank.
Capital, $100.000.
Surplus and Profits, $50,000.
\A. F. Balch, President.
(Geo. A. Turner. Vice-President
IP. S. Balch, Cashier.
VC. C. Trine, Ass’t Cashier,
Prompt and careful attention given all business entrusted our care.
Marshall County.........../
(Mt. Ayr Bank.
MT. AYR,
Ringgold County.
Responsibility $150,000.
Geo. S. Allyn, Cashier.
^Jno. H. Allyn, Assistant Cashier.
General Banking business transacted. Farm loans, real estate and abstract
NEW HAMPTON,
First National Bank.
Capital, $50,000.
Surplus, $10,000.
A. E. Bigelow, President.
J. W. Sandusky, Vice-President.
Tim. Donovan, Cashier.
Grant M. Bigelow, Ass’ t Cashier.
Chickasaw Countv.
\W. W. Cook, Assistant Cashier.
Accounts of banks and bankers a specialty.
First National Bank.
DAYENPORT,
Capital, $200,000.
Surplus and Undivided Profits, $110,178.
Scott County.........
A. Burdick, President.
Joe B. Lane. Vice-President.
General banking business
John P. Van Patten, Vice-President.
transacted.
George Hoehn, Cashier.
The first National Bank in operation in the United States commenced
business June 28, 1803.
Only National Bank in the County. A geueral banking business trans
acted.
ONAWA,
i Holbrook & Bro.
Monona County.......... J Established 1858.
j
P. K. Holbrook, Cashier.
I
General Banking Business transacted.
We make a specialty of promptness in furnishing abstracts. Farm morgages for sale.
Winneshiek County State Bank.
DECORAH,
Capital, $100,000. Surplus, $10,000.
,C J. Weiser, President.
E. W. D. Holway, Vice-President,
Winneshiek County.
B. Algyer. Cashier.
'>H. B. Hustvedt, Assistant Cashier.
The most careful attention given collections.
Forest City National Bank.
/ Capital, $50,000.
j Surplus, $15,000.
/G . S. Gilbertson, President.
JC. H. Kelley, V. President.
FOREST CITY,
Winnebago County..
I W. O. Hanson, V. President.
'C. A. Isaacs, Cashier.
M. J. Johnson, Asst. Cashier.
General banking business transacted.
HUMBOLDT,
(The Peoples Bank.
Capital, $100,000.
Surplus, $25,000.00.
|G. L. Tremain, President.
1W. W. Sterns, Cashier.
A ll business given good attention.
Yan Buren County....
/Keosauqua State Bank.
Capital, $27,800.
' Undivided Profits, $4,700.
iH. H. Trimble, President.
IJ. N. Norton, Vice President,
( j . L. Therme, Cashier.
Collections a special feature.
MONTICELLO,
f
The Monticello State Bank.
Capital, $100,000.
Surplus, $100,000.
S. S. Farwell, President.
Frank M. Hicks, Vice-President.
H. M. Carpenter,Cashier.
H. S. Richardson, Assistant Cashier.
Money to loan on Iowa farm lauds.
Jones County............ (
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
(Oskaloosa
OSKALOOSA,
National Bank.
Capital, $50,000.
Mahaska County..
Surplus and Undivided Profits, $85,000.
A general banking business transacted.
W. H. Kalbach, President.
H. L. Spencer, Vice-President
E. Lofland,
Cashier.
POCAHONTAS,
fC.City
Exchange
Bank.
Pocahontas County...
-j
Will D. McEwen, President.
H. C. Doyle, Cashier.
Banking and Real Estate.
Collections a specialty. General banking business transacted.
ROCK RAPIDS,
Lyon County National Bank.
Lyon County...
(O. P. Miller, J. K. P. Thompson.)
Capital, $75,000.
M. A. Cox, Cashier.
F. B. Parker, Assistant Cashier.
Humboldt County. ()
KEOSAUQUA,
Capital, $50,000.
Iowa County.............. / TS^rp'us’ #10,000.
Mil l e r & T h o m pso n .
If you waut some choice farm loans drawing 5 per cent, interest, write
us for descriptions of same.
SAC CITY,
National
{ First
Capital, $50,000.
Bank,
Sac County.................
Su rplus and Profits, $25,000.
D. E. Hallett, President.
E. Criss, Vice-President.
SPENCER,
IThe Citizens State Bank.
H. H. Allison, Cashier.
H. S. Barnt, Assistant Cashier.
I Capital paid up, $50,000. Surplus, $12,000.
Transacts
a general
banking
...........
. . . .business.
\ Franklin Floete, President.
Clay County
I Andrew R. Smith, Vice-President.
I Ackley Hubbard, Cashier.
All business entrusted to our care carefully and promptly transacted.
THE
May, 1905.
N O R T H W E STE R N
BANKER
51
N l'E C lA L L I S T O F I O W A B A M K .8 - C o n t i n u e d .
FAIRFIELD,
t Fremont County Bank.
SIDNEY,
Fremont Conuty........../
•25*®0:i
„
\ J. H. McDonald, President.
I H. H. McDonald, Cashier.
Special facilities for collections.
j
General Attorney.
Refers to any bank in county.
1 make a special feature of Commercial and Banking Law.
National Bank.
( First
Capital, 850,000.
TAMA,
Tama County.
f Rollin J. Wilson.
Jefferson County..........)
MASON CITY,
Cliggitt, Rule & Keeler
References by Permission:
First National Bank.
j
City National Bank.
( Iowa National Bank.
Special attention to commercial law.
Cerro Oordo County
Surplus, 850,000.
J. L. Bracken, President.
L, Williamson,
Cashier.
(T.
Tlie
First National
Bank.
D. Capital,
E. Goodell,
Assistant Cashier.
8150,000.
A Blackhawk
general banking
business
County
------ transacted.
Surplus, 825.000______________
.
I H. B. Allen, President.
I F. J. Eighmey, Cashier.
Municipal, county and school bonds bought and sold.
Farm loans negotiated at lowest rates. Prompt service.
WATERLOO,
( J. F. & W . R. Lacey.
OSKALOOSA,
Mahaska County........... Reference:
I
Oskaloosa National Bank.
[
Mahaska County State Bank.
Do a general law business.
Practice in all courts.
WAVERLY
( Herman American Loan and Trust
)
Co.’ s Bank.
Bremer County............. /
Capital, 825,000 .
\ Surplus, $15,000.
) W. C. Holt, President.
\ Julian Ruddick, Cashier.
A general banking business transacted.______________________ ___
Special List Minnesota Banks,
GLENCOE,
iThe Wapello State Sayings Bank.
WAPELLO,
Louisa County............../ , Gapit«-1stock, $30.000. Surplus, $10,000.
G. K.Farm
Gilbert,
President.
Banking business transacted?
loans
a specialty.
A. J. Snyder, Vice-President,
E. H. Carson.
Assistant
( Citizens
State
Bank.Cashier.
I Capital, $30,000.
Deposits and Profits, $140,000.
\ Established 1879. Incorporated 1890
I C. D. Griffith, President.
VM. E. Titus, Cashier.
We oan furnish first mortgage farm loans running five years, interest FIVE
Banking business transacted. Farm loans a specialty.
Chippewa County......... (
3
Representative Iowa Lawyers.
REDWOOD FALLS,
Authorized Capital, $50,000.
Paid Up Capital, $25,000.
Surplus, $4,000.
A. C. Burmeister, President.
H. D. Baldwin, Vice-President.
t,H. A. Baldwin, Cahier.
O. W. McMillan, Ass’t Cashier.
General banking business transacted.
Scott County.................... Reference:
)
/First National Bank.
Redwood County.
i Heinz & Fisher.
A general law business.
L. W. Gilbert, Cashier.
MONTEVIDEO,
National Bank.
¡First
Capital, $50,000.
Surplus, $20,000.
General banking business transacted.
C. D. Bevington, President,
W. S. Whedon, Cashier.
DAVENPORT,
Surplus, $10,000.
McLeod County
\ John Otto, President.
1 F. M. Ong, Vice-President
VW. H. Colton, Cashier.
Prompt attention paid to all business intrusted to us.
WINTERSET,
Madison County
of Glencoe.
( Bank
Capital, $50,000
Any Davenport bank.
Real estate mortgages bought and sold.
No other section is forging ahead
so fast as the southern states, in ag ri
culture, horticulture, fac.tory build
ings and general progress. The last
yea r’s record along the
S o u t h e r n R a ilw a y a n d M o b i l e
a n d O h i o R a ilr o a d
G E O . B. P E AK .
PRESIDENT
H.G.EVERETT.
SECRETARY
H ome Office. Des Moines. Iowa
-------------------------------------------------
The Leading Western Company. The Best Company for
Agents Because the Best for Policy Holders.
LIBERAL C O N T R A C T S .
A YY O KU R
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
O ^ IV B )
I N Q U I R Y W lly ly
P R O M P T ATTENTION
—
of investments in factories and im
provements was over $100,000,000, for
three years $250,000, 000.
S p le n d id O p p o r t u n i t i e s
Exist in Alabama, Georgia, Kentucky, Miss
issippi, North Carolina, South Carolina, Ten
nessee and Virginia; and in Southern Illinois
and Southern Indiana, for investments of all
kinds, in timber, mineral and other lands.
Facto ry L o c a tio n s
Where all conditions are favorable for making
and marketing iron and steel and their prod
ucts; all kinds of wood using articles and
nearly every other line of industry.
Publications and special information fur
nished. Our department is a Bureau of In
formation for all seeking locations or invest
ments. M . V . R i c h a r d s , Land and Industrial
Agent, Southern Railway and Mobile & Ohio Railroad,
Washington, D. O.
C h a s . S . C h a s e , Agent, 622 Chemical Build
ing, St. Louis, Mo.
Wl. A, H a y s , Agent, 225 Dearborn St., Chicago,
Illinois.
THE
52
NORTHWESTERN
THE
MECHANICS-AMERICAN
EXGHANGE
NATIONAL BANK
ST. LOUIS
BANKER.
May, 1905.
U N IO N S A V IN G S
DAVENPORT, IOWA.
C A P IT A L , $ 1 0 0 ,0 0 0 .
S U R P L U S , $ 3 3 ,9 5 3
C O M M E R C IA L A N D S A V I N G S .
*
4 PER C E N T IN T E R E S T P A ID ON D E P O S IT S .
OFFICERS
CAPITAL, $2,000,000
SURPLUS, $2,500,000
DEPOSITS, $25,000,000
BANK,
F. H BARTEMEYER, Pres.
W. R. WEIR, Yice-Pres.
ï
WILLIAM HEUER, Cashier.
S. D. BAWDEN, Ass’t Cashier.
B est Thing on W h e e ls
F r e e R e c l i n i n g C h a i r G a rs
on the
o f f ic e r s :
WALKER HILL, President,
H. P. H lLLIARD, Vice-president,
W. J. KINSELLA, Vice-president.
EPHRON CATLIN, Vice-president,
L A. BATTAILE, Cashier.
J. S. CALFEE, Asst. Cashier.
J. A . RERNINGHAUS, Asst. Cashier.
G. M. TRUMBO, Asst. Cashier.
We Solicit the Accounts of A ll Good Banks
and Financial Institutions.
V alley National P>an^
O F
DES
H E N D E R S O N
Betwen ST. LOUIS, LOUISVILLE
and Kentucky Points.
SPECIAL, RATES. O n e-W ay Colonist
and Round-Trip h o m e se e k e r s
When you travel, why not he comfortable?
The up-to-date equipment, the safe and" convenient train schedules
offered by the HENDERSON ROUTE and the direct connections made
in St. Louis Union Staiion with all trains from the West and Southwest
solves the problem.
If you contemplate a trip, take the time to write us.
Insist on your ticket reading via St. Louis and the Henderson Route.
This will insure you comfort in travel.
ASK
BANK
LIABILITIES
Capital S to ck ............................. . ................ $ 200,000.00
Surplus............................
100,000.00
Undivided Profits (n et)..................................
5,396.10
Circulation........................................................
189,747.50
D ep osits....-..................................................... 1,527,004.10
Total.................................................... .$2,022,147.70
R. A. CRAWFORD, Pres.
W. E. BARRETT, Cashier
OF DUBUQUE, IO W A
jt jt jt
Report of Condition at Close of Business March 14, 1905
Cash_
Loans and Discounts......................................$ 838,826.37
Overdrafts................................ ......................
728 34
Municipal and other Bonds.........................
88,383.83
Premiums................................
682.50
Banking House.................................................
35,000.00
United States Bonds........................................
302,020.00
Cash and Exchange........................................
756,506.66
Total ....................................................... $2,022,147.70
RATES
SECOND NATIONAL
Condensed Statement, March 14, 1905
RESOURCES
EOR
F. GL Cu nningh am , T. P. Agent.
W. O. L in d s a y , G. Agent.
200 N. Broadway, ST. LOUIS.
M O I N E S
COMPTROLLER’ S CALL
R O U T E
(A L L TRAIINS )
resources.
On Hand ....................................................... «108,866.61
With Other Banks ...................................... . 566,989.12
With U. S. Treasurer ................................. . 12,500.00 $ 687,855.73
In v e s t m e n t s —
Loans ............................................................ - 600,588.82
Bonds and Other Securities........................ . 383,059.49
Overdrafts.....................................................
105. 09
Banking House and Real Estate............... . 56,200.00 1,039,953.40
Total .................................................. .............
$1,727,809.13
LIABILITIES.
D e p o s it s —
$418,766.29
600,193.09
64,023.78 $1,082,983.16
Individuals............
Banks.......................
United States..........
C a p it a l —
Paid in......................
Surplus and Profits.
300,000.00
94,8.5.97
394,825.97
..................
250,000.00
................. $1,727,809.13
C i r c u l a t i o n ...................
Total
This bank transacts a commercial business only, and
pays no interest except on balances of other banks
O F F IC E R S
J. K . D e m i n g , Pres.
:
W . H. D a y , Yice-Pres.
H e r m . E s c h e n , Cashier
DIRECTORS :
ACCOUNTS OF B A N K S ,
FIRMS AND INDIVIDUALS
SOLICITED. AND GIVEN CAREFUL A T T E N T IO N :::::
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Chas. H. B r a d l e y , J a m e s M. B u r c h ,
J. K . D e m i n g ,
F. A . R u m p f ,
W . H. D a y ,
H. B G l o v e r
G e o . W . K ie s e l
@FedFRASER