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Seventeenth Year Des M oines, Iowa, M ay, 1912 Total Number 2 9 7 The Fourth National Bank of the City of New York Perfect Equipment JAMES G. CANNON, President 2* Hanover National Bank U. S. D EPO SITO R Y. OF T H E C IT Y OF N E W YO RK. Nassau and Pine. JAMES M. DONALD, Chairman o f Board W IL L I A M W O O D W A R D . .P r e s id e n t E . H A Y W A R D P E R R Y . . 1st V -P r e s . H E N R Y R . C A R S E ..-......... 2d V -P r e s E L M E R E. W H I T T A K E R .. .C a s h ie r W M . I. L I G H T H I P E . A sst. C ash ier A L E X . D., C A M B E L L . .A s s t . C ash ier C H A S. H. H A M P T O N . .A s s t. C a sh ie r i N IE M A N N .....................A sst. C a sh ie r W IL L I A M D Q N A L D .. . A sst. C ash ier The National City Bank OF CHICAGO Capital 92,000,000.00 Surplus and Profits - 587,563.63 Deposits 930,713 013 Established 1851. Capital Surplus Complete Service 93,000,000 13,500,000 Solicits Your Business. Citizens National Bank DES M O IN E S , IOW A. J. G. ROUNDS........................Preaidant S. A. MERRILL..............Yice-Preaideat GEO. E. P E A R SA LL.................Osehier. W . W . M A I S H .. . . . . A sst. C a sh ier Capital Surplus $ 200,000 100,000 ACCO UNTS S O LIC IT E D . THE JJUNDREDS of Bankers everywhere insure in and recommend this Company to their clients—W e write all forms of accident and health policies from a dollar-a-month up to $70.00 per annum. Write for particulars or agency. BANKERS ACCIDENT CO. DES MOINES, IOWA F. L. M IN E R , C. H . M artin, V lce-P re«., Pres. People« S avin s« B ’Ie. J. A. K IZ E R , Sec’y. E . A . SLIN IN G ER, Trea«., Cash. People« Saving« H’k. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis First National Bank ST. JOSEPH, MISSOURI CAPITAL, SURPLUS, $500,000.00 $300,000.00 President E . C. BUDLONG, 2d Vlce-Prea. and A gen cy M anager. E. C. F IS H E R , Auditor. G. G. H U N T E R , V lce-P re«. H aw keye-D ea Moine« F ire In«. Co. R. T. FORBES, President J. E. COMBS, Cashier R. S. BRITTAIN, Asst. Cash. R. N. RIDGE, Auditor THE 2 NORTH WESTERN VALLEY NATIONAL BANK DES MOINES, IOWA May, 1912. BANKER THE C E N T U R Y SAVINGS BANK of DES M O IN E S C apital and Surplus $450,000.00 n .. VALLEY NATIONAL BANK © T C J S 2 7 8 5 f t Deposits VALLEY SAVINGS BANK / O.JU Under Same Management OFFICERS AND DIRECTORS R. A . C R A W FO R D . President C. T . COLE, JR., Vice-President D. S. CH A M BERLA IN , Vice-President W . E. B A R R E T T , Cashier Thos. F. Stevenson, Attorney W . E. Tone, Treas. Tone Bros. Wholesale Coffees, Teas and Spices W . C . Harbach, Sec. & Treas. L. Harbach s Sons Co. E. W . Stanton, Vice-Pres. Union Nat. Bank, Ames, la. H . M . Rollins, Pres. Des Moines Hosiery Mills C . W . Mennig, Pres. Mennig-Slater Co. Vinegar & Pickle W orks W . G . T ow n, Des Moines Bale T ie Company Alfred Hammer, Pres. Alfred Hammer & Co., Druggists W e invite your Des Moines account, promising Careful, Efficient and Satisfactory Service. is ready and anxious to place several more good Iowa Banks on its list of satisfied customers. You will never know just what we can do for you until you give us an opportunity to serve you. Let us hear from y o u . L. E. S T E V E N S , P resid en t B. B. V O R S E , C a sh ie r J . E. M O R T O N , A s st. C a s h ie r G R E A T W E STE R N A C C ID E N T ASSOCIATION OF DES M OINES, I O W A Insurance in force over $40,000,000.00 H O M E O F F IC E 410-12 8th Street T h e Bank of Pre-Eminent Service at the U N IO N S T O C K Y A R D S South Omaha, Nebraska If you value time and desire to avoid all delay in rendering the best service to your customers and yourself, you will send all items on the Packers and Com mission Merchants at South Omaha direct to the STOCK YARDS NATIONAL BANK OF SOUTH OMAHA Capital and Surplus One Million Dollars https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Great W estern A ccid en t Bldg. This company makes collections through banks and is endorsed by banks and bankers generally. An agent or helper wanted in every bank. For literature or other information address H. B. Hawley, President, Des Moines, Iowa. May, 1 9 1 2 . THE NORTHWESTERN BANKER Prominent Bankers of Iowa Men who are making an impress upon the banking interests of the Hawkeye State One. of the younger men, who is coming rapidly to the front in the banking world is Chas. R. Hannan, Jr., of Council Bluffs, cashier of the City National Bank, a new bank started in January, 1909, and now has close to $1,000,000 in deposits. Mr. Hannan is manager of the Hannan Estate, through which and individually, he is interested in Your Account W ill b e h a n d le d in th e m ost c a re fu l a n d in te llig e n t m a n n e r . C ollection fa c ilitie s e x c e lle n t. THE NATIONAL (TTY BANK OF CHICAGO O F F IC E R S CH AS. R. H A N N A N Cashier City National Bank, Council Bluffs, Iowa. eight banks in western Iowa. He is a son of the late Chas. R. Hannan, who was prominently identified with the banking interests of Iowa from 1885 to the time of his death and was formerly president of the Iowa Bankers Association, a member of the executive com mittee of the American Bankers Association and a leading factor in the establishment of the group sys tem of the Iowa Bankers Association. Mr. Hannan, Jr., began his banking career in the Citizens State Bank, of Council Bluffs, which was aft erward consolidated with the First National. He will be a candidate for treasurer of the Iowa Bankers Association before the Cedar Rapids Convention which meets June 5th and 6th. His long training in financial matters, the success which has marked his individual efforts in the field of banking endeavor and his present connection as cashier of a flourishing and prosperous bank, coupled with a pleasantly aggressive personality will make him a very formidable candidate. If elected, he is personally and through his banking connection, well equipped to handle satisfactorily the financial end of the Iowa Bankers Association. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis D A V ID R. F O R G A N .!..............................President A L F R E D L. B A K E R . . . . . ............. Vice-President H. E. O T T E . . .................... Vice-President F. A. C R A N D A L L ......................... Vice-President L. H. G R IM M E .......... ................................... Cashier W . T. P E R K IN S .........................Assistant Cashier W . D. D IC K E Y ............................ Assistant Cashier H E N R Y M E Y E R ........................ Assistant Cashier A. W . M O R T O N ...................... Assistant Cashier W M . N. J A R N A G IN ....A s s is ta n t Cashier W A L K E R G. M c L A U R Y .... .Assistant Cashier R. U. L A N S IN G ................ Manager, Bond Dept. M. K. B A K E R ........ Asst. Manager, Bond Dept. Capital . . . $2,000,000.00 Surplus and Profits $587,563.63 Deposits . . $30,713,013 3 TH E 4 NORTHWESTERN May, 1912. BANKER T H E PEO PLES S T A T E BANK, W est Liberty, Iowa. It does not matter who you are, what you do, what you earn, how much you know, or what your age, hut the one thing essential to a successful career is to spend less than you earn. IO W A S T A T E BANK, New London, Iowa. There is nothing so tiresome as waiting, and no one can afford to wait for things to happen but a dead man. A hank account will never start itself.. Capital $2,000,000.00 Surplus $1,000,000.00 F IR S T N A T IO N A L BANK, Hedrick, Iowa. In every walk of life you Will find successful men and women have found it a convenience, a necessity and an invaluable aid to have a bank account. C O M M E R C IA L BANK, Britt, Iowa. There are two kinds of service, one a personal, the other general. The personal serv ice is that kindly attentiveness that makes lasting friendships and is, the kind we try to render each of our depositors. C O M M E R C IA L SAVING S BANK, Marion, Iowa. P T O R over half a cen tu ry A we have w i t h s t o o d every financial crisis that has befallen the N a tio n in clu d in g t h e p eriod o f the C ivil W a r . Y o u r a cco u n t carried on the b o o k s o f a solid, conservative bank a d d s prestige to y o u r nam e. Correspondence interviews solicited. and We W ell Can S erve You EDWARDS WHITAKER, President MURRAY CARLETON, Yice-Pres. WM. H. THOMPSON, Yice-Pres. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis ERNEST M. HUBBARD, Cashier E. L. TAYLOR, Asst. Cashier C. R. LAWS, Asst. Cashier By savings: Some where, some time, some one began to save, laid the foun dation o f fortune, and the first step in homemaking began. W h y not begin your home by'starting a savings account? FA R M ER S & DROVERS S T A T E BANK, Germania, Iowa. The man who works for wages is the one who needs to con sider most carefully the protecting of his immediate future aiid that of those dependent upon him, by carrying an account in a strong savings bank. S T A T E BÁNK OF F A Y E T T E , Fayette, Iowa. There m,ust be a beginning some time. Delays are only a waste of time. One dollar will start. Every additional dollar will help. This bank invites you. FA R M ER S N A T IO N A L BANK, Odebolt, Iowa. If you have never tried it, see what a bank account will do for you. Here are some o f the benefits: You will feel that you have a part nership interest in. the bank. You will be interested in boost ing your home town. You will get acquainted with men of affairs, which may place you at the right spot just at the right timé. M E R C H A N T S S T A T E BANK, Correctionville, Iowa. A bank account is like oil to a machine— no matter whether the ma chine be large or small, complicated or simple, it does its work better if it has oil, and so a man with either a large or small business, a liberal or limited education, does his work to bet ter advantage if he has a bank account. C IT IZ E N S SAVING S BANK, Anita, Iowa. Do not be afraid to work. Do not watch the clock,' let the clock watch you. Do not let the work drive you, you drive the work. Fulfilled duty in little things insures perfection in greater things. Pennies saved are dollars earned. G ERM AN SAVING S BANK, H artley, Iowa.. The test of ability to save is some surplus that you have laid aside or put in the bank. If you have no surplus you are not prepared for the emergency that is sure to come. F IR S T N A T IO N A L BANK, Marengo, Iowa. Good habits are an asset in a man’s character, and one of the best habits he can form is that o f systematically saving a portion of his sav ings. G U T TE N B E R G S T A T E BANK, Guttenberg, Iowa. Your sav ings will get into the bank whether you put them there or not. If you spend all of your income, somebody else will deposit your money. It is better to do your own banking. F IR S T N A T IO N A L BANK, Eldora, Iowa. The saving of money will pension you in your old age; enable you to make your own opportunity. Provide means to secure an education, assist you to go into business, prove to you that success comes from well-direóted daily effort and not from speculation.. F IR S T N A T IO N A L BANK, Marengo, Iowa. Don’t let today’s waste rob you of tomorrow’s wealth, but put something aside May, 1912. TH E NORTHWESTERN BANKER 5 each week with this strong bank and you will be greatly sur prised to see how fast your balance will grow. FA R M ER S SAVING S BANK, Keota, Iowa. Bank your money and this will give you more pleasure than fooling it away. Be sides, when the “rainy day” comes you’ll have shelter. S E C U R IT Y BANK, Storm Lake, Iowa. You cannot do a more loyal thing for yourself and those dependent upon you, than laying aside a reasonable part of your earnings. FA R M ER S N A T IO N A L BANK, Odebolt, Iowa. Everybody has a sincere regard for the person whose acts are guided by cool judgment. The accumulation of a fortune cannot be attributed to luck, but rather to the calm judgment that accompanies a level head. FA R M ER S S T A T E BANK, Dayton, Iowa. Decide to put a cer tain amount of deposit every week, and then make your de cision good. You can have both a savings and checking ac count. F IR S T N A T IO N A L BANK, Exira, Iowa. A bank account teaches, helps and encourages you to save. It gives you better standing and strengthens your credit. FA R M ER S SA VIN G S BANK, Madrid, Iowa. If you want to be steered towards success, a checking account is the best and quickest means of doing it. It is like getting on the main track with a clear right of way; you are in position to move in the direction o f your ambitions. F A R M ER S BANK, Nevada, Iowa. The act o f writing a check sets us to thinking and if the expenditure that this pays for has been a foolish one, we are pretty certain to cut it out in the future. F IR S T N A T IO N A L BANK, Nevada, Iowa. The better we ad minister our own affairs the better we can administer for oth ers. There is nothing like a well-managed savings account to qualify one for positions of trust and profit. S E C U R IT Y BANK, Storm Lake, Iowa. Idle money, like an idle man, is useless. If your dollars earn money for you, you have to make less effort yourself, and the older 3rou grow the less effort you are able to make. C IT IZ E N S S T A T E BANK, Colfax, Iowa. Give lightness to your heart, freedom to your thought, common sense to your whims, caution to everyday life, and that which follows must be success. W IL T O N SAVING S BANK, W ilton Junction, Iowa. It is easier to get five dollars than to save one, but wealth without saving is impossible. Learning to spend less is more important than learning to earn more. U N IO N SA VIN G S BANK, W ilton Junction, Iowa. One beau tiful thing about the possibilities of human effort is the start. It is always easy. If you do not have a savings account now, try saving only your dimes for one year. T H E PO M ERO Y S T A T E BANK, Pomeroy, Iowa. The man who wants to accumulate money needs to work and plan. Needs to take advantage of each little help which will enable him to do just a little better than he has been doing. T H E F IR S T N A T IO N A L BANK OF M A R A T H O N , Iowa. You do not require a large income to save. It is very much a habit and forethought. Often you have surplus money which you could easily set aside and use the next time you get for spend ing money. You would then be that much ahead. C L A Y T O N C O U N T Y S T A T E BANK, Guttenberg, Iowa. The young man with a bank account is in a position to withstand a period of hard times, i f misfortune befalls him and he is out of work, he is backed by his money in the bank. This bank will be glad to assist you. Start an account at once. H A R R IS SAVING S BANK, Harris, Iowa. Your first deposit represents the first step towards success. Luck enters largely into the quick making of fortunes. But wealth that is gradu ally accumulated during years of careful attention to business is of greater value. The man who has resolved to save can do no better than consider the savings bank as a means to an end. F IR S T N A T IO N A L BANK, Lake Mills, Iowa. In 1623, a copy of Shakespeare sold for $5. In 1886 Oliver W endell Holmes was offered this same book for $4,000. But had $5 been put at compound interest (4 per cent) in 1623 it would have amounted in 1886 to $160,000. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis S ta te m e n t of C o n d ition a t C o m m e n c em e n t A p r il 19, 1912. of B u s in e s s RESOU RCES. L o a n s an d D is c o u n t s ......... ............................ .. $34,165,679.23 B o n d s an d M o r t g a g e s ............. ............. 10.157.068.10 D u e fr o m B a n k s an d B a n k e r s . $15,080,799.9i C ash an d C h e c k s f o r C le a r in g H o u s e ......... ................................... 10,146,447.20 25.227.247.11 $69,549,994.44 L IA B IL IT IE S . C a p ita l S to c k ............................................................ $ 3,000,000.00 S u rp lu s F u n d .............................................................. 6,000,000.00 U n d iv id e d P r o fits ........................................................ 492,518.44 R e s e r v e d f o r A c c r u e d I n t e r e s t an d T a x e s . . . 96,934!55 D e p o s its .................................................. 59,960,541.45 $69,549,994.44 DEPARTM ENTS. C o m m e rc ia l— S a v in g s— T r u s t— B o n d — F a r m F o r e ig n E x c h a n g e . Loan— O R SO N S M I T H ......................................................................P re s id e n t E D M U N D D. H U L B E R T . . . ................ c .............V ic e -P r e s id e n t F R A N K G. N E I SO jN ' ’ c e -P r e s id e n t JO H N E . B L U N T , J R ........................................... V ic e -P r e s id e n t J. G. O R C H A R D . . . .......................................... C a sh ie r P. C. P E T E R S O N .............................................. A s s is t a n t C a sh ie r C. E. E S T E S ................................... ................... A s s is t a n t C a sh ie r L E O N L. L O E H R .........................S e c r e ta r y an d T r u s t O fficer F . W . T H O M P SO N ................M g r. F a r m L o a n D e p a r tm e n t H. G. P. D E A N S '.................... . . . . M g r . F o r e ig n D e p a r tm e n t C H IC A G O THE 6 NORTHWESTERN tò May, 1912. BANKER || THE CORN EXCHANGE NATIONAL BANK »/CHICAGO The First National Bank o f Chicago invites the accounts o f banks and bankers. CAPITAL : : : $ 3,000,000 SURPLUS : : : 5,000,000 UNDIVIDED PROFITS 750,000 DEPOSITS : : : $61,000,000 T h e record o f forty -eig h t yea rs’ consistent, con servative banking, the increase o f capital and surplus to $ 20 , 000 ,000 , and the g ro w th o f deposits to o v e r $123,000,000, t o OFFICERS gether w ith the service and fa cili ERNEST A . HAMILL, President CHARLES L. HUTCHINSON, Vice-Pres. CHAUNCEY J . BLAIR, Vice-Pres. D. A . MOULTON, V ice-Pres. B. C. SAMMONS,Vice-Pres. JOHN C. NEELY, Secretary FRANK W . SMITH, Cashier J . EDWARD MAASS, A ss’t Cashier JAMES G. WAKEFIELD, A ss’ t Cashier LEWIS E. GARY, Ass’t Cashier ties afforded, m ake this invitation w o r th y o f careful consideration. J A M E S B. F O R G A N , DIRECTORS President Charles H. W acker Martin A . Ryerson Chauncey J . B la ir Edward B. Butler Charles H. Hulburd Clarence B uckingham Benjam in Carpenter D IV IS IO N F— B A N K S A N D B A N K E R S CLYDE M . CARR Watson F. B la ir Charles L. Hutchinson Frederick W . Crosby FOREIGN EXCHANGE. Edwin G. Foreman Edward A . Shedd Ernest A . H am ill LETTERS OF CREDIT. CABLE TRANSFERS August Blum, Vice-President R. F. Newhall, Ass’t Cashier John F. Hagey, Ass’t Cashier G. H. Dunscomb, Ass’t Cashier Our facilities for handling the accounts of Northwestern Bankers are unexcelled. LITHOGRAPHING ESTABLISHED 1 8 5 6 Iowa Lithographing Co .5Des Moines, la. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis B ank and C o m m e rc ia l S ta tio n e ry of Q uality. THE BANK OF NORTH A M E R IC A NATIONAL BANK PHILADELPHIA, PENNSYLVANIA T h e Oldest Bank in the United States, Chartered, 1781 Banks and bankers in all parts of the country will find the service rendered by this old established bank efficient and satisfactory in every respect. Capital« $1,000,000________ Surplus and U ndivided Profits, $2,692,000 D eposits, $15,251,000 H . G . M IC H E N E R , Pres. S A M U E L D . J O R D A N , Cash. W m . J. M U R P H Y , A s s ’t Cash. R IC H A R D S. M c K IN L E Y ,’ A s s ’t Cash. C H A S . M . P R IN C E , A s s ’t Cash T h e North western Banker $2.00 Per A n n u m DES M O IN E S , IO W A , M AY, 1912 20 cts. Per C o p y Bankers in the Show Business By E. H Rydall of Los Angeles A l l - k i n d s of freak s thrive in California, not excepting big trees, big birds and big liars. But the freak propositions of eminent authorities in the fi n a n c i a 1 world of Los Angeles engaging in the show business is some thing that has not occur red in history until last November; when a coterie of these choice financial banking spirits purchased the controlling interest in t h e C a w s t o n Ostrich Farm, an institution that holds the same relation to the public in California as the Pyramids do in Egypt; that it is one of the shows of this sunburnt district and haunted by the uncounted army of well-fed American tourists ever wandering through this American Holy Land. These people pay admission fees to see the various stages of ostrich life, from the diminutive chicks that wander around the small pens to the ungodly sons of the desert who peer over the great fences at the everchanging throng. Men ride ostriches and others punch the stomachs of ostriches after the manner of prizefighters, never hitting below the belt, for there is no belt on an ostrich. The creature advances con tinually to the attack and the pugilist aims his blows at its feather-covered stomach, neither injures the bird nor himself; all this delights the eye of the weary so journer looking for something to amuse himself or herself in this American Palestine, where the shadow is a great deal more valuable than the rock and the eternal luminary is never weary. Willis Booth, vice-president of the Equitable Sav https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis ings Bank, is at the head of the banker collection now owning the farm. It is not a special desire to ride ostriches or raise ostrich young that has actuated these financial athletes, but it is the record of the com pany that has so exploited the industry, a company that succeeded an English ostrich farmer, who became a millionaire by applying the mail order system to the business and then promptly retired to the shadow of the English throne to enjoy his easily acquired gains. And here are the receipts of the business as evidencd by the annual jackpot opened by the company, an organization composed of a few old employes, a few relatives and certain actual investors, who knew of the enormus profits made by the English in Africa and -with keen foresight placed their money where it has since been drawing interest at the rate of about 40 per cent per annum. In five years the company has paid the following to the gratified shareholders: First year, $51,000; second year, $111,000; third year, $83,000; fourth year, $94,000; fifth year, over $100,000. This was too much for Los Angeles bankers to stand, so they cast an approving eye on the California ostrich and ostrich feather industry and annexed it. The orig inal Cresus was summoned from his aristocratic home in England last November and overtures made by the bankers for the purchase of the property. He agreed, put a check for $1,200,000 in his pocket and then signed over to these elect all his ostriches, eggs, feathers, and appurtenances thereto belonging. This will be a God-send to these wealthy men, not only adding to their increment, but furnishing them with delightful physical exercise. John F. will go out in the morning to the pasture and exercise by punch ing at all male ostriches in the stomach; this exercise continued half an hour is most refreshing and exhil arating, for the creature ever advances after the man ner of the renowned colored man, for a fresh blow; the perspiration will pour off both the banker and the 8 TH E NORTHW ESTERN B A N K E R _______________ May, 1912. N a t io n a l B a n k T he L ib e r t y OF N E W Y O R K D IR E C T O R S D IR E C T O R S U n i o n N. B e t h e l l , Vice-President Am. Tel. & Telegraph Co. N e w c o m b C a r l t o n , Vice-President Western Union Teleg’ h Co. G e o r g e B. C a s e , White Case. E d m u n d C. C o n v e r s e , President Bankers Trust Co. O t i s H. C u t l e r , Pres. American Brake Shoe & Foundry Co. H e n r y P. D a v i s o n , P. Morgan & Co. Z o h e t h S. F r e e m a n , Vice-President. S a m u e l L. F u l l e r , Kissel, Kinnicutt & Co. _ T h o m a s A. G i l l e s p i e , President, T. A. Gillespie Co. F r a n c i s L. H i n e , President First National Bank. E d w a r d E. L o o m i s , Vice-President, D. L. W. R. R. Co. A r t h u r F. L u k e , Luke, Banks & Weeks. & J. & !P > U It. /C ■ m l j i i i fjj ■ W ||| IE VF M SWWI ' . H o w a r d W. M a x w e l l , Vice-Pres. Atlas Portland Cement Co. A m b r o s e M o n e l l , President International Nickel Co. D a n i e l E. P o m e r o y , Vice-President Bankers Trust Co. S e w a r d P r o s s e r , President. . D a n i e l G. R e i d , Chairman Board Directors, Rock Isl’ d System C h a r l e s W. R i e c k s , Vice-President & Cashier. C h a r l e s H. S a b i n , Vice-President Guaranty Trust Co. F r e d e r i c k B. S c h e n c k , Chairman of the Board. C h a r l e s H. S t o u t , New York. H e n r y C. T i n k e r , New York. " C h a r l e s H. W a r r e n , Treasurer Mutual Life Insurance Co. A l b e r t H. W i g g i n , President Chase National Bank. C ap ital $ 1 ,0 0 0 ,0 0 0 , S u rp lu s $ 2 ,0 0 0 ,0 0 0 , P ro fits $ 6 4 5 , 0 0 0 bird and the parasites on the bird will have to hump to retain their positions. Willis will ride around his ranch daily on the back of his favorite ostrich and will no doubt invite other members of the banking force of the Equitable to join him riding around the corrals. Willis is of an economical nature and so is the ostrich, for there is no stable man needed in a stable full of ostriches. In Florida, birds have been trained to drive sulkies; this may happen now in California and Willis will be observed racing along the cement covered road between Los Angeles and Pasadena hauled by a couple of strong, large-boned ostriches, much to the delight of the community. And it is a grand opening for the female relatives of banking help in Los Angeles; all the cashiers, tell ers, clerks and messengers who have female relatives will have opportunities never enjoyed before, for with the assets of the American Ostrich King the banker annexed his dreams. He was going to establish feath er stores in every large city in the Union to sell Cali fornia ostrich feathers; this is now to be done. W il lis Booth’s brother, a man of great mercantile ex perience, has just gone east to select locations for the stores; he is to be followed by rafts of women and stocks of ostrich feathers to fill these stores and all the principal cities of the United States are to be endowed with these establishments. Percy Booth, the brother, is to superintend the stores and Willis is to stay here and take care of the bank and the ostriches. In consequence of this activity that useful army of employed ostrich feather workers now resident in Cali fornia is to be increased; already several hundred women are at work for the bankers in this business; the new demand will vastly increase their number; the wages are excellent and one peculiarity of the business is that the aroma from the ostrich feathers has a tendency to make women fa t; this, in some cases will also be a God-send, and will be a negligible mat ter so far as the bankers are concerned. It is the fat profits of the business that has fascinated their attention and produced their investment. The institu tion they have purchased takes in about $50,000 a year merely in admission fees; add to this the dividends here quoted in this article and made a part thereof, and also the fact that the assets of the institution have trebled in value within the last five years, owing to the multiplication of ostriches and the increased value of real estate owned by the company, and we have an investment of the most remunerative nature, well https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis worthy the attention of these financial kings,. who happily saw a thousand ostriches in California, de serted by their owner, took pity on them and annexed the bunch. COME TO DES MOINES IN 1913. Secretary Geo. E. Pearsall, acting for the Des Moines Clearing House Association has sent a letter to every bank in Iowa containing the following invi tation to hold the 1913 convention in Des Moines : “The Des Moines Clearing House Association most cordially extends *to the Iowa Bankers an invitation to hold the 1913 Convention of their Association at Des Moines. Many bankers feel that on account of the accessibility, other things being equal, the Con vention should be held oftener at Des Moines. “The larger attendance upon conventions held in Des Moines is well known to you. This is due to the fact the city is so centrally located to all parts of the state that the loss of time in attendance upon a con vention here is minimized, and to the further fact that from seventy-two of the ninety-nine county seat towns there is a direct train service into the city in the morn ing and out in the evening. “Since you last met in Des Moines, we have added to the Chamberlain, the Savery, the Kirkwood, the Elliott and the Victoria Hotels, the new fireproofed Hotel Randolph and the modern Cargill and Fostei Hotels. There are now over 2,000 guest rooms in the first ten hotels in Des Moines, thus guaranteeing to all who may come, comfortable quarters without crowding or inconveniences. “ Either the fireproofed Coliseum, the new and mod ernized Auditorium, both especially built for conven tion purposes with ample committee and retiring rooms, or one of the theatres will be provided for the sessions. All are within two to five blocks of all hotels and depots. ALEXANDER (IA.) SAVINGS BANK. This institution is showing a most excellent growth, the deposits now exceed $130,000, which is practically doubling the business in the last six years. Under the management of Cashier James Cook, the bank has gone steadily forward. John Hawk, formerly city auditor, will assume a posi tion with the Central State Bank, Des Moines, Iowa. May, 1912. TH E NORTHWESTERN BANKER 9 FORGERS AT WORK IN MINNESOTA. The S't. Cloud Times says: “On March nth, a man giving his. name as William T. Seiker forged the name of Walter N. Niskern, of St. Cloud, to a check on the Merchants National Bank of this city, and passed it on the Benton County Bank, of Sauk Rapids. The forgery was not discovered un til yesterday by Mr. Niskern, when he checked up his bank book, but long since the culprit had disappeared. “ Seiker visited Mr. Niskern some time ago, repre senting himself to be an insurance man and talked so knowingly of the business that he convinced Mr. Niskern that he was what he represented himself to be, so on his application, Mr. Niskern put the man to work. He worked around Sauk Rapids a good deal and became well acquainted there, meeting frequently, among others Herman Berg, the president of the vil lage. “ On March nth, Seiker called on Mr. Berg and asked him if he would walk over to the Benton Coun ty Bank and identify him so that he could get his pay check cashed. Mr. Berg did so, and the bank cashed the check which was for $47.68, and was on one of Mr. Niskern’s checks with his name and business printed on it. It was apparently signed by Mr. Nis kern. The check reached the Merchants National Bank on the 13th, and went through the regular course of business. “ Yesterday Mr. Niskern had his bank book balanced and on returning to the office proceeded to check it up. It was then that he discovered the “phony” check, and returned it to the bank for explanation. The bank people declare that the signature was a first-class imi tation of Mr. Niskern’s and that it was only through Mr. Niskern knowing that he never made out such a check that the matter became known. Upon investi gation it was found that a check in the back of Mr. Niskern’s check book had disappeared, and it is sup posed that Seiker, who was around the office consider ably, tore it out when Mr. Niskern was absent. “The check has been sent back to the Benton County Bank. That institution has notified the American Bankers Association but the local authorities have not been called into the case. Seiker has disappeared and has seemingly covered his tracks well.” Continental and Commercial National Bank of C H IC A G O Capital, Surplus and Profits $30,000,000 Northeast Corner Clark and Adam s Streets OFFICERS George M. Reynolds, President Harvey C. Vernon, Ass’t Cashier Ralph Van Vechten, Vice-Pres. Geo. B. Smith, Ass’t Cashier Alex. Robertson, Vice-President W ilber Hattery, Ass’t Cashier Herman Waldeck, Vice-President H. Erskine Smith, Ass’t Cashier John C. Craft, Vice-President John R. Washburn, Ass’t Cashier James R. Chapman, Vice-President W ilson W. Lampert, Ass’t Cashier Wm. T. Bruckner, Vice-President Dan Norman, Ass’t Cashier Wm. G. Schroeder, Vice-President Frank L. Shepard, Auditor Nathaniel R. Losch, Cashier Edward S. Lacey, Chairman of Advisory Committee Accounts o f Banks, Bankers, Manufacturers, Merchants and Individuals Invited. C o n tin e n ta l and C om m ercia l Trust and Savings Bank Capital $3,000,000 Surplus $1,000,000 T ru st, Savings and Bond D epartm ents OFFICERS George M. Reynolds, President John J. Abbott, Vice-President George B. Caldwell, Vice-President T h e Capital Stock of this Bank and the Capital Stock of the Hibernian Banking Association ($1,500,000) are O w ned by the Stockholders of the Continental and Commercial National Bank of Chicago. Second National y PRAIRIEBURG SAVINGS BANK CHANGES HANDS. Mr. C. E. Buckley, who has been the cashier of the Prairieburg Savings Bank, has resigned his position as cashier with the view of locating in a larger place. Mr. Buckley has rendered the bank most efficient serv ices and the bank has made a steady growth under his direction. By his square dealings and kind treatment he has won the confidence and hearty support of the entire community, which regrets his departure from Prairieburg. Mr. J. J. Dolan, the new cashier, is the son of Mr. John Dolan, the vice-president of the bank, is well known in this county. He is not a stranger to the banking business, having worked for some time as assistant cashier of a bank in West Branch, Iowa. For the last five years he has been a member of the firm of/Kula and Dolan, doing a large stock and grain business at this place. This rich experience, with his strong personality makes him a very good man for the https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Charles C. W illson, Cashier Frank H. Jones, Secretary William P. Kopf, Ass’t Secretary Dubuque and y Savings Dubuque, Bank Bank Io w a Reserve Agents for National Banks. UNITED STATES DEPOSITARY Combined Capital, Surplus and Profits $600,000.00 OFFICERS A N D D IR E C T O R S J. K . D em ing W . H . D ay Herrn Eschen H . B. G lover Jas. M . Burch Frank Bell Chas. H . Bradley G eo. W . Kiesel Organized 1876 TH E IO NORTHWESTERN BANKER May, 1912. FORT DEARBORN NATIONAL BANK U N IT E D S T A T E S D E P O S IT A R Y Capital Surplus Deposits - - $2,000,000 500,000 26,200,000 C O M P A R A T I V E S H O W IN G O F D E P O S IT S W M . A . T IL D E N , President N ELSON N. L A M P E R T , Vice-President J. F L E T C H E R F A R R E L L , Vice-President H E N R Y R . K E N T , Cashier G E O R G E H . W IL S O N , CH ARLES FERNALD. Asst. Cashier Asst. Cashier February 14, 1908..................... $ 9,887,954.84 T H O M A S E. N E W C O M E R , February 5, 1909....................... 11,617,691.24 Asst. Cashier March 29, 1910........................... 15,041,357.21 January 7 ,1 911........................... 16,736,997.29 H ARRY LAW TON, March 7, 1 9 1 1 . . . . . . . . . . ......... 21,574,956.70 Manager Foreign Department June 7, 1911................................. 23,137.746.38 September 1, 1911..................... 24,500,075.82 26,207,446.32 February 20, 1912 .............. W e particularly desire accounts of country banks. Our officer in charge is personally acquainted with conditions in your section. W e know your wants and wish to serve you. place. Mr. H. A. Deischer, the assistant cashier, has been reelected to the same position, and as evidence of the satisfaction of his work in the bank, the direc tors gave him a very liberal raise in salary. The Prairieburg Savings Bank is one of the strongest coun try banks in the county and is well prepared to care for all the financial interests of the community. CITIZENS BANK, OF STORY CITY, WRECKED BY CASHIER. M. J. Swan, who up to the time of his disappear ance had been cashier of the Citizens Bank, a private concern operating at Story City, recently evaporated and so did all the bank’s funds. The following ac count of the catastrophe has appeared in the daily press: “ Left penniless by the speculations of his son, John Swan, president of the defunct Citizens Bank, of Story City, filed a petition in the federal court this morning in which he asks that he be adjudged a bankrupt. “Three days before the birth of a child to his wife, M. J. Swan, son of John Swan and cashier of the in stitution, disappeared with all of-the bank’s available funds. Depositors stormed the bank on Tuesday, the day the institution closed its doors, but the sight of the broken father, who has been reduced to bankruptcy by his son’s acts, caused them to cease their demands for money. “ Determined to refund every possible cent of money to the patrons of his bank, John Swan seeks to deter mine just what amount of money his son embezzled. Despite his advanced age, the father of the defaulter is working day and night on the books with an expert from Chicago. “ Last Saturday, three days after her husband disap peared, Mrs. M. J. Swan gave birth to a child. At first the sad facts were kept from her. Her questions as to why her husband did not come to see her and their new baby had to be answered. All the joy of being a mother fled from her heart when she was told that her husband was a defaulter. Just now she is hovering between life and death and fears are enter tained for her recovery. “The petition of bankruptcy filed by John Swan this morning shows his liabilities amount to $82,291.14 and his assets are listed at $70,682.70. Depositors have claims of more than $45,000 against the bank, all of https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis which must be borne by the broken man, as the bank was a private institution. “The Citizens National Bank, of Des Moines, holds $8,000 of the bank’s notes as collateral. A Chicago bank and the Marshalltown State Bank hold notes of $8,000. “It has developed that before his departure, M. J. Swan visited several Iowa cities for the purpose of borrowing money on the bank’s collateral; The bank vault was robbed of all the money of large demonination, only the coins of smaller denominations were left. Friends of the missing man declare that all of the bank’s funds went in speculations and that he will realize nothing save from the money he took from the vault on the eve of his departure.” YOUR BANK SHOULD BELONG. In the gallery of the protective department of the American Bankers Association there are over 1,600 photographs of those who have operated against banks with a complete criminal history of each. The re ported known burglaries and attempted burglaries since the organization of the' protective feature are as follows : Non-Members ...................... 1,275 Loss, $1,769,877.48 M em bers......................... 254 “ 194,414.54 Difference .............................. 1,021 $1,575,462.94 HOLSTEIN SAVINGS BANK. This institution will soon complete a quarter of a century of its existence, it has built up a business from $25,000 capital to $60,000 capital and $60,000 surplus, besides these earnings, it has acquired real estate to the value of $50,000. It has declared $30,000 stock dividends and paid to its stockholders in dividends 442 per cent or $155,000. The deposits run from $650,000 to $750,000. Holstein is located in what has been called the garden spot, of the greatest garden on earth, the state of Iowa, and is surrounded by a large number of magnificent farms, worth from $150.00 to $250.00 an acre. Stuart Martin has recently resigned his position in the Commercial Savings Bank, Sidney, Iowa. May, 1912. TH E NORTHWESTERN BANKER II MERCHANTS SLOW TO LEARN. Œbe It seems to take the merchants a long time to learn caution regarding cashing checks for strangers. They keep right on doing it, and the usual number are get ting “stung” with remarkable regularity. The Wash ington, Iowa, Journal cites the following local in stance : “ Be a little careful about cashing checks. One of our local merchants paid $6.50 to learn such a lesson last w,eek. A young man drifted into his place of business, presented a check to have it cashed, got the money and when the check was presented at the bank it was found to be bogus. At least that’s, the way it looks now. The check was made out in favor of one John S. Russell and signed by one S. W. Johnson. It is a clean case of forgery and the merchant who cashed the bogus paper is out his $6.50, but ahead some valuable experience which he is anxious to pass on for the benefit of others who may be 'exposed to such cash drawer dangers. Œbase IRational Bank NO REST FOR THE “YEGGS.” C A P I T A L -................................................... $ 5,000,000.00 S U R P L U S A N D P R O F I T S .................. 9,017,319.93 D E P O S IT S ................................................. 118,309,585.94 ® Rícete A. Barton Hepburn, CHAIRMAN OF THE BOARD © f tbc C ity of Uîew ¡¡Jorfe U N IT E D S T A T E S D E P O S IT O R Y * A p r il 18, 1912. E. J. Curtin, of Decorah, president of thfe Iowa State Bankers Association and P. W. Hall, of Des Moines, the secretary, were in Council Bluffs, Iowa, recently, incident to a joint trip to Omaha, Neb., to confer with officials of the Nebraska State Bankers Association. They propose to have the two state associations get closer together in the future in their prosecution of criminals. Albert H. Wiggin, presid en t Samuel H. Miller, VICE-PRESIDENT Henry M. Conkey, c a sh ie r Edwin A . Lee, ass ’ t ca sh ie r Charles C. Slade, a ss ’t c a sh ie r William E. Purdy, a ss ’t c a sh ie r Alfred C. Andrews, ass ’t cash ier EHrectors HENRY W. CANNON JOHN I. WATERBURY JAMES J. HILL GEORGE F. BAKER GRANT B. SCHLEY ALBERT H. WIGGIN A. BARTON HEPBURN GEORGE F. BAKER, JR. FRANCIS L. HINE GERMAN SAVINGS BANK, DAVENPORT. The officers and directors of the German Savings, recently issued very handsome invitations to their friends and the public generally to visit them in their new building, of which they took possession April 15 th. The German Savings Bank has completed fortythree years of its existence and is one of the strongest savings banks in the entire western country, carrying a deposit line in excess of $10,000,000. The F armers and Mechanics National Bank BANK OF RUNNELLS. 427 Chestnut Street • In a recent letter from Mr. O. Van Horn, cashier of the above named institution, he said, that the bank is getting along in excellent shape and constantly growing. They look forward to one of the best years in its history. Incidentally, Mr. Van Horn says: “We enjoy the visits of the Northwestern Banker very much, we think it is fine.” That is what they all say. Of Philadelphia, Pennsylvania CAPITAL. • - D EPO SITS, - The deferred annual meeting of the Crystal Lake Savings Bank, was held on the 25th of March and the report made by the officers at that time showed a most prosperous year, with earnings of 10 per cent and the business showed an increase of 25 per cent. The fol lowing officers were elected for the ensuing year: F. H. S'impson, president; Julius Siekmire, vice-presi dent; Chris Gillstrap, cashier, and Mat Gillstrap, as sistant cashier. As is shown by the above report the bank is in an extremely prosperous condition. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis - - • - $ 2.000.000.00 • 1 1.460.000.00 15,295.000.00 Organized January 17. 1807 DIVIDENDS PAID, CRYSTAL LAKE SAVINGS BANK. - SURPLUS AND PROFITS. - ■ ■ $13.197.000.00 UNITED STATES, STATE anS CITY DEPOSITORY orricERs HOWARD W . LEWIS. President HENRY B. BARTOW, Cashier JOHN MASON, Transfer Agent OSCAR E. W EISS, Assistant Cashier Accounts of Banks and Bankers Solicited. 12 TH E NORTHWESTERN BANKER May, 1912r. Boosting G ood O ld Iowa Mr. J. H. McCord, cashier of the Citizens National Bank, of Spencer, is not only a good speaker, but a good booster as well. He recently delivered an ad dress up in his section of the state on “The Business Man and the Farmer,” which was full of good things. We are glad to publish part of the address herewith: “ It is well that our farmers and business men are growing more harmonious. They may well unite. In union there is strength, and they have work to do. They are our most active and efficient citizens. The community expects them to keep abreast of the times. Northwest Iowa expects them to show by their ambi tious energy that they appreciate her generosity. To whom' much is given, much will be required and we are under no light obligation. For the citizens of northwest Iowa are, indeed, most fortunate in their nativity or their adoption. I have heard travelers remark on what I have often noticed, that nowhere is there as wide an area of fertility as ours, where im petuous and ardent summer brings varied crops to quick maturity, and a rugged winter keeps the blood red, the brain clear and the heart courageous. Who could return to Clay county after a journey through the bleak stretches of the north, the arid sand-blown plains of the west or the smoke-hung cities of the man ufacturing states, without having his pride in north west Iowa reach a higher level? We may enjoy a journey on southern rivers, arched with moss-hung trees and infested with alligators and other microbes, or a trip along the oiled roads of California, sunlit and flower-bordered. Some love to get close to nature in the northern woods or visit the eastern centers of learning and of art, or the fatherlands across the sea, to which most of us are still bound by ties of memory or kinship or tradition. But the tired traveler is glad to return to Iowa to live, and work, and, incidentally, make enough money for another trip. Every return makes him realize that Iowa is the sure and the gen erous provider— every return makes him better satis fied to stay. “ Did it.ever occur to you to wonder what would happen to some of these winter resorts and to some of the new and wonderful countries about which we hear so much, if we had a couple of crop failures in Iowa? (I mean failure, not shortages.) Suppose the Iowa contingent of tenderfeet staid away from Califor nia for two years and called for the return of the in vestments they have there. There would be a catas trophe out that way that would make the San Fran cisco earthquake seem like a pink tea party. “ But we are a restless people, ever prone to belittle the opportunities at hand, to think that Dame For tune is one of those unpleasant ladies who never smiles at home— to imagine that the pot of gold can be found IN G IV IN G Y O U R SHIPPER C U S T O M E R S T H E BEST S E R V IC E O N A L L T R A N S A C T IO N S A T T H IS M A R K E T B Y M A IN T A IN IN G A N A C C O U N T W I T H THE LIVE STOCK NATIONAL BANK OF CHICAGO Vi https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis May, 1912. TH E NORTHWESTERN only at the iridescent end of some distant rainbow. And indeed some of these long distance investors were fortunate, especially those who sold again to follow and still more hopeful Argonauts, but it is probably within the truth to say that 100 per cent of the money that has gone out of Iowa in the last five years could have been invested to better advantage at home. It is the state’s loss and their misfortune. “It is said our unsatisfactory census showing is due to the loss of all these enterprising and adventurous citizens. (Another plausible explanation is that the wave of moral reform had not reached the ambitious census taker of ten years ago.) But at any rate we are expecting them back before the next enumeration. Nature has made many an astonished desert blossom during the last five years. Our prodigals have had riotous living— but the day of husks will be coming, soon when they will say, “We will arise and go back to Iowa,” and when they do the calves here will cer tainly be in good condition and I hope the wanderers will be welcomed fittingly. “ Iowa is a principality of farms. Her imperial posi tion in the sisterhood of states has been won and is held by the fertility of her soil and the intelligent in dustry of her people. Year by year the producing capacity of the state has been increased b y . better methods, better seed and better machinery and agri cultural Iowa, with Holden, her guide, Wallace, her counselor, and Providence, her friend, has risen to the position of one of the greatest wealth-producing states in the Union. “ I would not belittle other states. With far fewer natural advantages than we, they make the most of what they have. The Iowa traveler can learn many a useful lesson in methods from the north and south and west. The most useful lesson, and one I wish every business man and farmer in northwest Iowa would learn and practice, is the lesson of loyalty, of patriotism, of local pride. You cannbt get a citizen of San Francisco to mention the earthquake which devas tated their city. They call it the big fire. People in Seattle will tell you (and they have come to believe it themselves) that there is a quality to the water falling continuously during their rainy season that makes it a comfortable sensation to be wet and that umbrellas are unnecessary. The farmer in Idaho will brush the fine alkali dust from his face and argue that with sufficient rain his dry farming is- a great success. I defy anyone to hold a Canadian to the subject of the winter temperature. Within five minutes he will be telling you about the wonderful Chinook winds that do, undeniably, sometimes enliven the winter there— and the westerner, who has nothing else on earth to talk about will boast of his wonderful climate. “It is a pity that after such a round of cheerful visi tation the traveler should return to Iowa, where al most all the good points of other states are equaled or surpassed, to find Smith complaining that if the weather don’t moderate soon there will be another total failure of crops— yes, sir, that’s what— to hear Tones growl that those three rainy days right in a row had just played hob with him, and perhaps see half a dozen dyspeptic old misanthropes standing on the corner, each trying to out-do the others in finding fault with the country (they would have starved to death in any other state than Iowa), https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis BANKER C ap ital - 13 - $500,000.00 EARNED S u rp lu s, $1,000,000.00 For nearly fifty-five years this bank has been steadily increas ing its facilities for the careful and efficient handling of the bus iness entrusted to it. Its present surplus account is but one evi dence o f this. The National Bank of the REPUBLIC o f C hicago continues to offer to banks and bankers the advantage of its facilities, developed and perfected by tw en ty years of close per sonal relations with a constantly growing list of correspondents throughout the world OFFICERS JOHN A. LYNCH, President W . T . FENTON, Vice-President R. M. McKINNEY, Cashier O. H. SWAN, Asst. Cashier JAMES M. HURST, Asst. Cashier W M . B. LAVINIA, Asst. Cashier W . H. HURLEY, Asst. Cashier “Scripture speaks slightingly of one of the ancients who waxed fat and kicked, ’ and grumbling Iowans should be classed in the same category with this un desirable citizen of old. “I was impressed by the remark of an observing young man who moved from Spencer to Los Angeles for a year. He said on his return that if all the citi zens of Clay county were as loyal and enthusiastic boosters— if they made as much of our many advan- TH E 14 NORTHWESTERN BANKER May, 1912. ABLACK HAWK NATIONAL BANK i C A P IT A L A N D SU R PLU S $250,000.00 i ^ F. F. McELHINNEY, Pres. 2 * * DR. F. W . POWERS, Vice-Pres HAS. W . KNOOP, Cashier 11 Q ^ P C D .....Waterloo, Iowa H C M T Dm R A I A N P F Q for reserve of banks is paid by this bank, which it is enabled to M il D H L H IIU l O safely pay by reason of its location in a thriving industrial center Our organization and equipment embraces the latest and best methods of transacting all branches of the banking business. Correspondence or a personal interview with bankers solicited. tages as the Californians do of their climate, their scenery and their few irrigated acres— that our county would soon be celebrated as the garden spot of Amer ica and every incoming train would be loaded with homeseekers. “ It is not a far look ahead to the day when our land will be worth $200 per acre. Finely graveled roads will lead past farms tight fenced and thoroughly tiled. “ Every grove will shelter a comfortable home, good stables, dairy barn and silo, large poultry yards and cemented yards for feeding cattle. We will meet the farmer driving to town in his automobile in any weath er, with his daily shipment of cream, eggs or poultry in the back of his car— live stock will dot the pastures arid fields of corn stretch away, every acre of which will be good for eighty bushels. But any speedy ful fillment of this prophecy will depend principally on the farmer. Let business men and others help as best they may, it is still up to the farmer to determine whether we must wait for this millennium or win it— whether we follow the lead of others or set the pace for the rest. And I do not know of any class of peo ple I had rather pick for winners,in a race of this kind than the farmers of Clay county. STATE BANK OF ROSWELL, S. D. The State Bank, of Roswell, had no overdrafts in the call of September 1, 1911, December 5, 1911, and February 20, 1912. This does not come by accident, but by careful attention. E. O. Bratrud, the cashier, was for six years with the Sioux Falls Savings Bank. He started the State Bank of Roswell six years ago, and during that period has had less than $150 (one hundred fifty) in losses. PEOPLES STATE BANK, GUTHRIE CENTER. This is the name of the new financial institution, re cently organized, in Guthrie Center, with capital of $50,000 and is officered as follows: F. M. Hopkins, president; H. J. Hess, vice-president; W. K. Hamilton, cashier and K. B. Odair, assistant cashier. à II P¡ K warning received by all the banks of the city from the New York offices of the American Bankers Associa tion, says the Democrat. The officials of the associa tion have been informed through the detective depart ment that operations are soon to commence in this vicinity. Local bankers are warned to be extremely cautious. Bankers are today warning their customers to be very careful in giving checks to strangers. The man or men that are expected to swindle busi ness men ofvthe city have been traced from place to place by the detective department of the association, but so far have eluded the officers. It has been learned that the men in operations in other cities have “ raised” genuine checks. A check unprotected by a stamping device can be obtained and easily altered to read for a larger amount. “ Care must be taken by our customers,” said one banker this morning, “ in order that we may be able to escape the swindlers. We have had trouble for nearly a week, but I am expecting to have my atten tion called at any time to some mutilated check.” NEBRASKA GROUP MEETINGS. Secretary Hughes has sent notices of the following group meetings: Group 1, Lincoln, May 21st. Group 4, Hastings, May 22d. Group 5, Central City, June 12th. NEW CREDIT MANAGER FOR GUARANTY TRUST COMPANY, OF NEW YORK. Mr. Otis Everett, formerly vice-president of the In dustrial Trust Company, of Providence, R. L, has been made credit mariagér of the Guaranty Trust Company, of New York. Mr. Everett’s connection with the Industrial Trust Company covered a period of ten years, prior to which time he was for about ten years associated with the Third National Bank, of Boston. He is a native New Englander, was born in Boston, and is a graduate of Harvard. “CHECK RAISERS” AT DAVENPORT. Clever check “raisers” are expected to operate in Davenport in the near future, according to a letter of https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis H. L. McGrew has been appointed a state bank exam iner for the eastern district of the state of Iowa. May, 1912. TH E NORTHWESTERN BANKER iS CENTRAL TRUST COMPANY OF ILLINOIS C H IC A G O Capital, Surplus and Profits, $ 5 ,0 0 0 ,0 0 0 Deposits, 3 5 ,0 0 0 ,0 0 0 Accounts of banks and bankers received upon favorable terms Thoroughly equipped to handle all business pertaining to banking, and invites the ac counts of banks, corporations, firms and individuals. TRAVELERS’ CHECKS FOR TRAVELERS. E. L. STICKNEY FOR TREASURER. The time is now approaching when prospective travelers to European countries will have to ask them selves the question; which is the best and most advan tageous method of carrying funds while abroad? The well-known international banking house of Knauth, Nachod & Kuhne, 15 William Street, New York, with a branch office in Leipzig, Germany, and connections all over the world, has perfected its letter of credit system to such an extent that it has no superior in point of security and availability. This firm some thirteen years ago introduced its international travel ers’ checks, which have become deservedly popular as a safe, convenient and economical form of carrying funds. These checks are not only known in larger cities, but enjoy the reputation of being easily con vertible into cash in small places quite remote from the commonly trodden tourist tracks. It is, therefore, no wonder that thousands of travelers from all over the land should avail themselves of the facilities of fered by Messrs. Knauth, Nachod & Kuhne, who have correspondents in almost every city of the United States and neighboring countries, through whom both letters of credit and travelers’ checks can be obtained upon demand. Edwin L. Stickney, cashier of the First National Bank, Moulton, Iowa, is a candidate for treasurer of the Iowa Bankers Association. A native of Iowa, born in 1871, capable and ener getic, active in the affairs of Group Ten, with an ex tensive acquaintance throughout the state, he would make a most efficient treasurer. ANOTHER BIG GAIN BY THE GUARANTY TRUST COMPANY, OF NEW YORK. The net deposits of the Guaranty Trust Company, of New York, as exhibited in their statement of March 21st just issued in response to the call of the state superintendent of banks, amount to over $178,000,000. This total is the largest ever reported by an American Trust Company, and is a gain of $22,000,000 over the figures reported by this company on the occasion of the last previous call, December 21st. Compared with the figures of the corresponding statement a year ago, there is shown a gain of over $45,000,000 or 34 per cent in twelve months. This is a gratifying increase over the growth of the company during 1910, which amounted to $31,000,000 or about 25 per cent during that year. The total resources of the Guaranty Trust Company are considerably in excess of $225,000,000. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis FIRST N A TIO N A L BANK, MOULTON, IO W A Six years ago the First National at Moulton erected a handsome, modern building as they had outgrown their old one and their business has increased steadily year by year until they are now one of the leading banks in Appanoose county. Franz Stich has severed his connection with the City National Bank, Clinton, Iowa, where for the past eight years he has held thq position of savings teller, and has become a stockholder in the Schall-Hutchinson Co., and will take charge of the office. t í TH E 6 NORTHWESTERN BANKER May, 1912. IF YOU COMBINE fÏ Ï Z T ESSÏÏS V 'fY f I IM P ' ■ 11^ " 1 1 1 - / T \ J L j KJ I T I L / < T I M E c / D R E G IS T E R S C E R T IF IE D C H E C K R E G IS T E R S [ C A S H I E R ’ S C H E C K R E G IS T E R S IN T E R R U P T IO N S W H E N C H E C K IN G B A N K S T A T E M E N T S W IL L BE A V O ID E D T H E ISSU IN G OF B A N K D R A F T S , E T C ., W IL L BE G R E A T L Y SIMPLIFIED B-V CO M BIN ED REGISTERS S A V E SP A C E , A R E W O N D E R F U L L Y C O N V E N I E N T , A N D A R E P E R P E T U A L IN O P E R A T IO N . A S K F O R P A R T IC U L A R S BAKER-VAWTER COMPANY C H IC A G O , ILL. H O L Y O K E , M ASS. T h e M an Behind the Counter Human Nature and Some Other Things as “ T he Man” Sees Them. Several years ago, when the writer was connected with one of the city banks his duty was that of receiv ing teller. Back of each teller was a boy at an adding machine whose duty it was to prove up the credits, the funs being made by the teller and the credit slips and debits being handed the lister at stated intervals. We will call our particular lister “ Mr. Speed.” Whenever an officer would walk around behind the cages he was always struck with the startling pro ficiency of Speed in his lightning-like movements at hitting the keys and pulling the crank on the adding machine. Speed was what we boys used to call a “grandstander;” he was certainly some whirlwind, but sad to relate after he had taken his totals he almost in variably “struck out” on his proof. When he got buried at the rush hour we had to as sist him to check back his lists to find out where he had made his mistakes. This took time and time at 3 :30 in the average city bank is worth something. The bookkeepers would all be waiting for their items, the janitors were waiting to get into the cages to scrub out and Speed was working under high tension to get out from under the load he had on his back. Finally I said to him, “ Speed, you are certainly an artist on the machine when a bystander is near to ad mire your deft and graceful motions, but you couldn’t work for me two days if I were hiring the men here.” He replied, “Why, don’t I do my work fast enough?” “ Yes,” I answered, “you do it too fast— you are so swift you forget to do it right; I would rather have that new farmer boy who came in the other day on our machine because he goes slowly enough to do his work correctly the first time and his lists never have to be checked back.” Speed’s reply was to the effect that there was great results in time saved when he did happen to get the proof the first time, but these cases were so rare they were hardly worth mentioning, and after standing it as long as we could, we got a new boy who went slow er but was sure, and after that the receiving cage got off with less roasting from the other men whose work https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis had been delayed by our slowness, caused by one inac curate man at an adding machine. This leads now to the vital point in all business, viz., Reliability. Is the new man speedy, courteous, affable and ac commodating? Well and good, so far as the public is concerned, but how about his work in the bank? When closing time comes and the balance is struck we are short or unconscionably over too much so to take chances on letting it run till the next day with the hope that the difference will “find itself.” So the hours, till supper are spent in a hard search for the missing item; perhaps it is not found before dark and we all go home and come back after supper and dig in again. At last, say about 11 o’clock, we find it and the man with the other good traits, but lack ing in accuracy and reliability is the guilty party. After this experience has been repeated several times and the same man found guilty it is time for him to take stock and learn that speed should always be secondary to accuracy. What does the manager of a large business care how fast his stenographer sets down the hieroglyphics she calls, shorthand in her note book or how nonchalantly she chews her gum while taking him at about 200 a . minute if when the letter is laid before him to sign, he finds errors in which he has committed himself to things he never would have dreamed of had he written the letter himself? The valuable clerk is the one whose work never needs checking over; you know if he did it, it is right and yoti may safely direct your energies elsewhere in your search for mistakes. I would rather have such a man working for me than two of the speedy boys who lack the essential quality of reliability. This quality will apply to the president or cashier . of the bank as well as to the humblest employe. When you give your word that you will do a certain thing at a certain time be sure that you DO IT. Let this reputation be so firmly implanted into the minds of the public and youf customers that they will bank May, 1912. TH E NORTHWESTERN on your given word as strongly as if it were backed by an indemnity bond. If you tell a farmer he can have five hundred on a certain date, don’t crawfish, but make good if you have to sell some bank stock to keep your word. Another thing you bankers should do: keep your engagements to the letter. If you have an appoint ment with any one keep it if you get arrested for breaking the speed limit. The man who agrees to meet you at a certain place at a specified time and then shows up half an hour late, is a thief— he has stolen your time. Perchance some city banker may read these words: let me tell him that he is cataloged according to his reputation for reliability. 'To illustrate: a country banker once described two city bankers to me as fol lows, “ Smith’s bank always promises just a little more than they ever do, and Jones always does just a little more than he promises.” You can draw your own conclusions as to which of the two men has the biggest line of country bank accounts, for I assure you these country bankers talk all such things over when they get together. So far as personal appearances are concerned Smith has all the good qualities that Jones has, but is shy on the one of reliability. Another trouble with Smith is that it takes him too long to say anything. When he is asked for a loan he dribbles off into a long dissertation about the crop situation, the unfilled orders of the steel com pany, the number of idle cars in the country, the probable results of the trust prosecutions, and after BANKER going around the world and coming back again he maybe will tell you that he isn’t sure as to whether he will lend you the money or not— to call around again sometime later on. When Jones is approached for a loan he makes four or five pertinent questions, says Yes or-No and you go on about your business, saving his and your own time. If he tells you that you can have five thousand the middle of next month, it’s just as good as if you had a credit memorandum handed you by him, but ii Smith promised you the same amount at the same time, when you send in for the money you are apt to get a letter in reply, with a tale of woe that would have made Nero weep, and maybe you’ll get the money and maybe you won’t. Handshaking, compliments, soft soap, salve and hot air have their uses, but a terse prompt Yes or No is worth more to the average man who has business of his own to attend to. If Gabriel should blow his horn and announce to all the world that the end would come on the 15th of the following month and that the last ladder would be pulled up at 6 :oo p. m. sharp, there would be thou sands and thousands of poor suckers who wouldn’t show up at the aerial station till 6130; they were never on time in their lives and couldn’t break their records at the last. Poor lost souls and all on account of a lack of reliability. Thus endeth the first lesson; Brother Jones will you please lead us in prayer? ESTAB LISH ED 1872 Northwestern National Bank Minneapolis C. “ Having the largest number of ac counts on our books from banks in the Northwest, gives us exceptional facilities for handling collections, and an unexcelled par list.” - : : : : : Capital $3,000,000 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 17 Surplus $2,000,000 TH E 18 NORTHWESTERN BANKER JOHN McHUGH, President. H. A. G O O C H , C a s h i e r . O. D. P E T T I T , A s s ’t C a s h . FRITZ F R I T Z S O N , A s s ’t Cash. May, 1912. J O H N J. L A R G E , V i c e - P r e s . W. L M O N T G O M E R Y , V i c e - P r e s H. G. W E A R E , V i c e - P r e s . F. A. M c C O R N A C K , V i c e - P r e s . F IR S T N A T IO N A L B A N K S IO U X C IT Y , IO W A Combined Resources Over $ 6 ,5 0 0 ,0 0 0 .0 0 W e o ffe r u n ex celled facilities fo r the p ro m p t and careful handling o f all business entrusted to us W h y Banks Should Advertise By F. W . Ellsworth, N ew Y ork Before the Baltimore A d Club Before taking up the subject which we are to dis cuss today let us first get onto common ground by determining just what advertising is. The Standard, Dictionary says that advertising is the act of “making known by public notice,” and recites such synonyms as “announce,” “inform,” “publish.” The common understanding of advertising is that it is the act of spreading information by means of printed matter in the form of newspapers, circulars, or handbills. As a matter of fact, anything which conveys announce ments or information, or news to the public is nothing more nor less than advertising. The name of a bank in gilt letters on the window is advertising. The let ter heads used in the bank’s correspondence, which go to the four corners of the earth, each and every one of them advertise the bank. The building in which the institution is housed is a constant advertisement. If it happens to be an out-of-date structure, lacking in those modern improvements which have come to be necessities, the advertising will probably be •unfavor able. On the contrary, if the building is of the kind and character that seem to prevail in your financial district, the advertising will be helpful. That’s why most banks have such beautiful, commodious, wellappointed homes. I believe l am safe in asserting that with hardly an exception, every bank that moves into a new building experiences a gratifying increase in its business as a direct result of the improvement in its surroundings. And this is advertising. All Banks are Advertisers. Accepting this definition as a correct one, there is not a bank in the country that does not advertise. All are telling the public that they are in business, that they have certain facilities and that new accounts are invited and are welcome. Why then should not banks supplement and reinforce such advertising by a conservative, dignified use of printers’ ink? Reasons Why. There are four very good reasons why the public should be made acquainted with the various neces sary facts concerning a bank. The first of these I should say is based on the duty of the bank towards https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis the public. A large percentage of the people in any community is more or less unacquainted with the modus operandi of a banking institution. This lack of knowledge creates a feeling of diffidence to such an extent that it is very difficult to persuade such persons to enter a bank for the first time. They have the samé feeling of bashfulness and embarrassment as inevi tably accompanies unfamiliarity. Such of you gentle men as regularly decline your wife’s invitation to at tend church do so no doubt, for the same reason that prevents these people from entering the bank. The various kinds of financial institutions perform a multi tude of functions, all of which are necessary at one time or another to practically any person of means. If all were acquainted with these functions and knew that the banks performed them, there would not be the same necessity for advertising as now exists, but since they are not widely known isn’t it logical that the banks should in some way tell the people about them? And when I say that it is the duty of the bank to make known these facts, I mean just exactly what I say. The bank is the one that has the information. The public needs this information. Both the public and the bank will profit by its- dissemination. There fore, the bank owes it to the public to advertise. The Second Reason. The second very good reason why banks should ad vertise is this: Banks are seeking business and it has been conclusively demonstrated that the banks that advertise are the ones, other things being equal, that get the business. Let us consider for instance, a typical modern bank, without mentioning any names. This bank, we will say, has a capital of $500,000 and a surplus of an equal amount. It is located in a fine new building with every conceivable modern improve ment. It has a corps of intelligent, courteous em ployes. Its officers are affable and capable. And it is. prepared to receive and handle in a satisfactory manner on unlimited amount of business. If that bank never spends a penny which ordinarily would be charged to advertising, it cannot get away from the fact, nevertheless, that its building, the courtesy of its TH E May, 1912. NORTHWESTERN BANKERS BANKER SH O U LD 19 CARRY K . N. & K . L E X T E R S O F C R E D IT A V A IL A B L E A N YW H ER E . TR AVELER S CHECKS C h e c k F orm s an d Statio n ery F u rn ish ed F R E E o f C H A R G E KN AUTH , NACHOD & KÜHNE BANKERS N ew Y ork officers and employes and the efficiency of its service are continuous and consistent advertisers for it day in and day out. Every customer who does business with such a bank will inevitably become a .satisfied customer. You know what that means. There is no doubt that a considerable percentage of every bank’s business comes to it as a result of good words spoken at odd times by its customers. But is this enough? If the bank has all of these favorable elements, is there any good reason why it should not make still more of an effort to spread the glad news among the populace? On the other hand, isn’t it the most sensible, the most feasible and the most economical thing for that insti tution to acquaint all prospective customers with the advantages which are to be secured by association with the bank. Some there be in this modern age who insist that newspaper advertising, or any other posi tive effort for new business, particularly that which incurs the use of printers’ ink, is unethical and undig nified. Is it unethical’and undignified for a bank to do everything within its power to properly serve its cus tomers? Certainly not. No more should it be undig nified or unethical for a bank to let the public know that it possesses the necessary facilities— not in a braggadocio manner, but in a quiet, sensible, dignified manner. Thousands of banks are today accepting this view, and are achieving more or less success. Repelling Business. The bank that refrains from advertising because of the mistaken notion that it is not the province of a bank to seem to be anxious for business, reminds me of old Sill Jones, who ran a général store down in one of the towns of Connecticut. Bill was a good checker player and so were, several other fellows in the town and as a consequence there was a game on in his store almost constantly. One afternoon during the progress of one of these interesting contests a customer came in the front door. After he had waited for a few min utes, one of the chaps in the bleachers called Bill’s attention to him. “ Hush,” says Bill, “maybe if we don’t make any noise he will go out.” The bank of today that stands on false dignity is really more con cerned about the false dignity than it is about new business and is saying to itself every time a customer comes in: “ Let’s all be quiet and maybe he will go out.” How fast do you suppose a bank with such an enterprising policy will grow? Does Advertising Pay? But some say, “ How do you know that advertising will pay? How can we be sure that business will https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis L e ip z ig , G erm a n y come as a.result of advertising?” Ask the Pittsburgh and Cleveland banks whether or not their advertising pays. The banks of those two cities have made a campaign on banking by mail, and as a consequence have secured millions of deposits from cities and towns whose banks are not as alert to the possibilities of proper publicity as are the Cleveland and Pittsburgh banks. If the latter institutions can by advertising draw deposits from neighboring, and even remote, cities, why cannot the banks in the former towns, by the same means, secure the same business and thus keep the money at home? The Peoples National Bank, of Westfield, N. J., re cently conducted an advertising campaign for ac counts by means of a Christmas Club. People were invited to open accounts for the purpose of saving money which is to be paid back to them with interest three weeks before Christmas. Now Westfield has a population of about 7,000 people, and in three weeks time, at an expense to the bank of only about $250, and as a direct result of advertising, 1,375 °f the peo ple in this town have opened accounts. Two-thirds of these never before had been in touch with that barik. Hear what Mr. Griswold, the cashier, says: “We have been particularly gratified by the class of people to whom this plan appeals, the department be ing largely patronized by ladies and representatives of the best families in Westfield. “As bearing on its advertising value, we have opened seventy-seven accounts in our regular departments since this club was started. We believe the best feature of the advertising to be that a large number who would not otherwise come to the bank, will be coming here from week to week, giving us the opportunity to get acquainted with them and opening the way for accounts in our other de partments.” It is easy to see that the possibilities arising from this new business are almost unlimited. Does adver tising pay? Ask the Peoples National Bank, of Westfield, N. J. What Can a Bank Advertise? “ But,” you say, “a bank is not like a mercantile in stitution, it has nothing to advertise and nothing to talk about in an advertisement.” Why, bless my soul! Not long ago I saw a list of the different subjects which a bank can talk about in its advertising. As I remember it, there were about 150 different subjects in that list, from “capital and surplus,” “ service,” di rectors who direct,” etc., through the whole category TH E 20 NORTHWESTERN BANKER ... D I R E C T O R S ... J. H. ING W E R SE N . President : v C. F. A L D E N C. F. ALDEN, L. LAMB. C. B. MILLS. Vice-President* W . W .C O O K . Cashier J. L. BOHNSON. Asst. Cashier L A F A Y E T T E LAMB C . S. HARRIS. Asst. Cashier G. E. L A M B S . R. S H A M B A U G H PEOPLES T R U ST T. M. G O B B L E & S A V IN G S B A N K DANIEL L A N G A N L. C. E A S T M A N CLINTON, IOWA C. B. MI LLS J. H. I N G W E R S E N Capital - $ 30 0,0 0 0.0 0 Surplus - The officers of this bank are never too busy to answer questions or to reply to letters. It is their aim to make the bank of real service to its friends and patrons. Largest Bank in Clinton .. County . to “travelers checks,” and “letters of credit.” A bank in Chicago ran a series of ads for sixteen months on one subject only, that of savings. There were over one hundred different ads and' no two alike. Inciden tally, during the time the advertising was run, the savings deposits of that bank increased several mil lions. Whether or not the growth was a result of the advertising is perhaps not known definitely, but of one thing we can be reasonably certain, the advertising did not prevent the growth. The Third Reason. The third reason why banks should advertise is a legal one. National and state banks are compelled by law to. do a certain amount of advertising every year. The National Bank Act requires the .comptroller of the currency to call on the national banks for a statement at least five times a year and these statements must be published in newspapers. In most of the states the banks, organized under the state law are required to make public statements of their condition at least four or five times a year. These statements, if the Standard Dictionary is correct, are just plain adver tising. The purpose which inspires their publication is not primarily, of course, that of adding to the busi ness of the bank, but the average bank, unless the comptroller’s call catches it at the wrong time, is per fectly willing to make use of the opportunity to adver tise its strong condition. And many institutions that at other times religiously refrain from advertising, spread themselves when the bank call comes and use that occasion for an excuse for doing the thing that they claim is unethical at other times. If it is ortho dox to advertise when compelled by law to do so, is it unorthodox to increase the appropriation a little The Fourth Reason. The fourth reason is one which involves the first law of nature— self preservation. There are in this country hundreds of “get-rich-quick” concerns that prey upon the gullible public and cause the removal from the banks of millions of dollars annually. These sharks and crooks secure their business almost en tirely by advertising. A government official recently stated that last year the people of this country invested with fake concerns over $70,000,000 and this includes https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis $ 30 0,0 0 0.0 0 An Up-to-date, Conservative, Commercial and Savings Bank that Makes a Specialty of Collections and Bank Accounts. May, 1912. W h at W e D o : Accept bank accounts and pay Interest on average balances. Pay 4 percent Interest on Sav ings Accounts, compounded semi-annually. Make collec tions as economically as any bank in Iowa. Accept accounts subject to cheque. We welcome an opportunity to serve you in any depart ment of the banking business merely those crooked enterprises that the government was able to detest. Now, if those crooks can by adver tising accumulate $70,000,000 in one year, isn’t it about time that the banks and other legitimate financial in stitutions should by the same means endeavor to counteract and nullify the efforts of the “get-richquick” gentry. I cannot agree with those who claim that because the unscrupulous fellows advertise, the honest men should refrain from advertising. It seems to me that just the opposite policy is the correct one— that we should “fight fire with fire ;” that we should overcome dishonest advertising by honest advertising. As the years go on and the old fogy institutions, peering out through the cobwebs, observe the success of their more enterprising competitors, it will not be very long before practically all of our financial institu tions will have abandoned the attitude of the clan and will have become public educators such as every well ordered business institution should be. When that time comes our banking institutions will not be content with the passive form of advertising which is so preva lent today, but will advertise in an active, effective, intelligent, dignified, educational manner, which will not only attract existing business but will actually develop the potential. THE FIRST NATIONAL BANK. The directors of the First National Bank, of Chi cago, have declared the regular quarterly dividend of 3 per cent and a special dividend of 1% per cent pay able March 30th. The special dividend was in place of the usual disbursement on. the stock of the First Trust and Savings Bank, on which no dividend was declared. The management of the combined institu tions has decided to discontinue dividends on the stock of the trust company, at least temporarily, for the pur pose of strengthening the reserve, making up for this by paying extra dividends out of the earnings of the national bank, sufficient to bring the total disburse ment up to 17 per cent. The officials of the Watkins Savings Bank, Watkins, Iowa, have called a special meeting to consider the mat ter of increasing the capital stock and renewing the char ter of the institution. TH E May, 1912-, F R A N C IS B. R EE V E S, N O R T -H W E S T E R N 2*1 BANKER R IC H A R D L. A U S T IN , Vice-President President JOSEPH W A Y N E , JR. T H E O . E. W E ID E R S H E IM , 2nd Vice-President The G irard N a tio n a l B ank PHILADELPHIA, CAPITAL. $2,000,000. Cashier PA. SURPLUS and PROFITS, $4,585,000. DEPOSITS, $40,000,000 ACCOUNTS OF BANKS AND BANKERS SOLICITED “To Satisfactorily Handle Your Business, You Need a Philadelphia Account NEW HOME OF CITIZENS SAVINGS BANK, CEDAR FALLS, IOWA. On April 27th, the Citizens Bank, of Cedar Falls, moved into their elegant new building which has been under construction for some time. They now have one of the finest and mostattractive buildings in Iowa. The photo on this page and the descriptive matter give a very good idea of the.structure. The general scheme is adapted from the Greek style of architecture. It is, and doubtless always was, the most perfect example of temple architecture. Its finer perfection can be appreciated by a study of the orig inal, but the picture conveys an impression of the severe and noble simplicity and harmony of the build ing which mark it distinctively as a bank building. The power of the building is in the refinement of proportions and the beautiful material of which it is made. The polished granite base rising to the first windows balance the continuous stone frieze and cor nice at the top and the large bronze letters planted on the frieze brings the name of the institution out as a decoration. The Oriental tapestry, brick pilasters and corners, together with the Ionic columns and capitals form a combination of color that give the strength and dignity necessary to make it a master piece of modern art. In planning the fixtures, every detail for the com fort and convenience, of not only the bank officials and clerical force, but the patrons as well were con sidered. In pointing out these many conveniences it will be well to start near the entrance with the officers’ room, and note the various apartments in their order. Up on entering the bank the first apartments on either side is for the president and vice-president of the bank. The exterior, of course, is built of Pavonazzo marble like all of the apartments. The interior is fin ished in paneled mahogany. Adjoining this is the cashier’s enclosure, which is the beginning of the gen eral banking department fixtures, and continues along the north side and east end of the public lobby, and along the north side of the corridor to the burglarproof vault. The entire floor of the public space is laid with terrazzo, and a border of imported green Tyanaeus marble forms effective panels. In the center of the room is a large mahogany check desk. Over it is a beautiful art glass, hood, underneath, which are in https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis candescent lamps, throwing a flood of light upon the desk/ A detail which lends an air of stability to the general scheme is the screen work above the long counter. It is of mahogany bronze arid plate glass, wrought into a charming design. Bronze and plate glass play an important part in the decorating scheme throughout, being designed especially to avoid the ordinary plan of bank construction. CITIZENS SAVINGS BANK, CEDAR FALLS, IO W A The Citizens Savings Bank, with its capital of $100,000 is the successor to the banking business, for many years conducted under the name of “The Citizens Na tional Bank” and “The State Bank of Cedar Falls,” the two institutions having consolidated in 1905. The Citizens National was organized in 1900 and the State Bank in 1894, being a record of eighteen years of safe and successful banking in Cedar Falls, the de velopment and growth of which, made possible and necessary the erection of this beautiful structure. MEETING OF GROUP 6. The meeting of Group 6 is to be held this year at Hotel Colfax. The probable date is May 10th. A l though not definitely fixed when the committee meet ing was held at Secretary Hall’s office, this date will stand unless otherwise announced. TH E 22 NORTHWESTERN J A M E S L. BEV]ER, President BANKER May, 1912. H O M E R P IT N E R , Cashier “CEDAR RAPIDS SUITS ME” is the slogan adopted by the citizens of Cedar Rapids. It is the earnest endeavor of this bank to merit the continuance of our correspondents’ expression “The Commercial National Bank Suits Us” J. L. B E V E R , Jr., Vice-President MEETING OF GROUP 4 AT NEW HAMPTON. Group 4 held a well attended and most interesting meeting at New Hampton on April 25th. The bank ers of that thriving little city did all in their power to make the meeting a success and everybody had a good time. The- following program was rendered: Welcome to New Hampton— Mayor F. D. Griffin. Taxation of Banks— C. H. McNider, Mason City. What the Iowa Bankers Association is' Doing— E. J. Curtin, president, Decorah. Some Problem^ of the City Bankers— John Fletcher, Chicago. Address— Ernest Moore, Cedar Rapids. Imagination in Banking— H. D. Craddick, Minneap olis. Address— P. W. Hall, Des Moines. Banquet Program at Miller Hotel. Toastmaster, F. A. O’Connor, New Hampton, Why Does a Chicken Cross the Road— Henry Mey ers, Chicago. Holdups— H. L. Padden, Fredericksburg. Punctures— C. J. Trumbar, Waterloo. Over the Counter— A. J. Carpenter, Elkader. Behind the Scenes— I. K. Gardner, New Hampton. Some of the Funny Things in My Banking Experi ence— Homer Pitner, Cedar Rapids. A SHORTAGE OF $12,360.20. Regarding the Bank of Rudd case, which has been on trial at Charles City, the Intelligencer says: “ Referee W. A. Burnap, of Clear Lake, his filed his conclusions with County Clerk Graham in the matter of H. F. S'chnedler, et al., of Nora Springs vs. F. W. Haynes, former cashier of the Bank of Rudd. The plaintiffs’ petition alleges that Haynes wrongfully ap propriated large sums of the bank’s money without proper authority or charging himself in any way. The defendant, Haynes, pleads the statute of limitations on a number of the counts preferred against him and also sets up the claim of settlement which he had with the plaintiffs July 25, 1903. “In his conclusions of facts after listening to a large amount of expert testimony and making, a personal examination of all books and paper himself, Referee W. A. Burnap finds that F. W. Haynes owes the plaintiffs on counts 2 to 39 inclusive, $10,359.38, with interest, $3,202.14, or a total of $13,591.25. Add to this a note given by one Earl Connor, principal and interest https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis G E O . F. M IL L E R , Assistant Cashier now totaling $1,544.25, which Referee Burnap claims Haynes owes the bank and it is found that the de fendant’s total debt to the bank aggregates $15,105.77. The expert accountant found notations of .certain sums in the cash book which may have been made by Haynes to correct previous entries. Of these entries, Referee Burnap allows seven which, with interest in cluded aggregating $2,745.57, leaves a balance of $12,1 360.20.” STATEMENTS APRIL 3d SHOWING LARGE DEPOSITS. The statements as made by various banks in answer to call of April 3d show heavy deposits and a business increase all along the line. We publish below deposits as shown by banks whose statements have been sent us. The Hopkinton State, Hopkinton........... $ 307,582.40 93,083.33 Rembrandt Savings,- Rembrandt............. Security Savings, Waterloo . . . ’. ............. 685,405.26 Hillsboro Savings, Hillsboro ................... 133,937.18 German State, K eysto n e........................... 243,162.69 De W itt Savings, De W itt ..................... 360,309.24 Cherokee State, Cherokee......................... 714,716.44 Franklin County State, H am pton........... 696,406.12 State Savings, Chariton . . . ....................... 475,523.59 Mt. Auburn Savings, Mt. A u b u rn ......... 127,166.31 The Peoples State, West L ib e rty ........... 681,083.19 Commercial Savings, M arion......... 346,781.91 The Dysart Savings, D y s a rt........; ........... 282,653.17 The German State, D yersville................. 598,294.06 Home Savings, Des M oines....................... 1,104,800.43 The Ames Savings, Ames ........................ 269,757.74 Delaware County State, Manchester........ 657,191.73 The Farmers Savings, Martelle............... 99,487.17 Alta State, Alta .......................................... 224,670.93 The Grinnell Savings, G rinnell............... 447,511.96 The Iowa Savings, Fort D o d g e ............... 549,978.33 Citizens State, E lg in .................................. 255>335-i9 First National, L y o n s ................................ 711,524.12 Lyons Savings, L y o n s .............................. 1,206,541.71 The First National, M arengo................... 272,194.24 325,310.53 The la. Co. Loan & S'av., M arengo......... Downey Savings, D o w n ey......................... 94,499.38 Marshalltown State, Marshalltown......... 1,266,332.17 Citizens Savings, Cedar F a lls ................... 635,318.67 The Bank of Hamburg, H am burg........... 498,361.82 State Bank of Schaller, Schaller......... 237,145.99 May, 1912. TH E NORTHWESTERN BANKER 23 Chas. Shade, Prominent Northwest Iowa Banker Chas. Shade, of Rock Rapids, is president of the First National Bank, of that city, and also a number of other banks throughout the northwestern part of the state of Iowa. Mr. Shade was born in Illinois, near Bloomington, on March 29, 1866 and came to Lyon county in 1872. He was reared on a farm and entered the banking business in 1886. His education was secured in the High School of Rock Rapids and the Upper Iowa University at Fayette, finishing the course in the lat ter institution at the age of nineteen. His first banking venture was at Larchwood, Iowa, where, on October 11, 1886, he launched the Bank of Larchwood, with a capital of $5,000. sPrinS 1888 the capital was increased to $7,500. In June, 1893, it was again increased to $45,000 and the name of the institution was then changed to the Savings Bank of Larchwood. This bank now has a paid-up capital of $45,000, with a surplus of $55,000. Mr. Shade acted as cashier of this institution until January 1, 1902, at which time he moved to Rock Rapids and took charge of the First National Bank, of that city. While he was still a resident of Larch wood, he had accumulated large interests in the Alvord Bank, of Alvord, the George Savings Bank, George, The First National Bank, Rock Rapids, Iowa, and the Farmers National Book, of Inwood. In January, 1902, he was elected president of the following string of banks: The First National, of Rock Rapids; Savings Bank, of Larchwood; Farmers National, of Inwood; George Savings Bank, of George; Alvord Bank, of Alvord, and the Bank of Beever, Beever Creek, Minn. In 1908, he sold, the George Savings Bank interests, but is still acting as president of the other banks and controlling the ma jority of the stock. In 1908, together with his as sociates he purchased the controlling interest of the Citizens Savings Bank, Lester, which institution he controls and operates at this time. Mr. Shade has been in the banking business con tinuously since October, 1886, and now controls bank interests upwards of $500,000. During the past ten years he has installed at Rock Rapids a large farm loan business, which represents now in active volume more than $10,000,000. For a number of years past he has spent the winter months in Pasadena, California, and has acquired con siderable interests in ranch property in that state. He was elected a member of the board of trustees 3f the Upper Iowa University in 1906 and was grand treasurer of the Grand Lodge, of Iowa, in I9° 5During the past ten years he has made $20,000,000 worth of farm loans in northwestern Iowa, in southern Minnesota and southeastern South Dakota, practically all' of which has been sold to the National Life In surance Co., of Montpelier, Vermont, and the Michi- https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis gan Mutual Life Ins. Co., of Detroit, Mich., having represented these life insurance companies in their in vestment work in the above territory. We have simply referred to the facts noted above, in order that some idea may be attained therefrom, regarding the wide range of Mr. Shade’s financial op erations. He is probably one of the best-known bankers throughout the state of Iowa and will be a candidate for the presidency of the Iowa Bankers Association, at the annual convention, to be held at Cedar Rapids, June fifth and sixth. Should he be elected president of the largest bank ers association in the United States, it goes without saying he would handle its affairs in a manner to reflect the highest credit both on the association and himself. He is a man of ability, energy and enter prise, as is evidenced by the facts, which have just been recited. The affairs of the state association are extensive and grow more so from year to year, especially as new features are added to the work, which the as sociation is endeavoring to do, all of which calls for a man with a broad mental grasp, also a man with a vision, which enables him to see things in the future, which perhaps others may not see quite so readily, and „then with courage and determination, coupled with a sufficient amount of ability to see the thing through to a successful culmination. All of these characteristics, every one who knows Mr. Shade will readily admit, are possessed by him. It is highly probable that his candidacy will be re ceived with such favor at the convention, as to assure his election to the highest office in the gift of the Iowa Bankers Association. As president, his practical knowledge of improved agriculture methods coupled with his extensive suc cess as a banker would make his services of great value to the association in the campaign it is about to enter upon, for the purpose of improving existing con ditions in Iowa. •Every banker knows that any thing having a tend ency to bring an increased income to the farmer will naturally result in augmenting very largely the de posits in the banks and in all this work, Mr. Shade s services as head of the Iowa Bankers Association would prove of the utmost value. MASON CITY LOAN & TRUST CO. C A P I T A L $100,000.00 M A SO N C IT Y , IO W A OME day one of your customers will want to buy a first mortgage loan. If you can’t promptly sup ply give us the opportunity on commission basis. S 24 TH E NORTHWESTERN BANKER May, 1912. The Mechanics and Metals National Bank OF T H E C I T Y O F N E W Y O R K O F F IC E R S GATES W. McGARRAH, President WALTER F. ALBERTSEN,Vlce-Pres. ALEXANDER E. ORR, Vice-Pres. JOSEPH 'S. HOUSE, Cash. NICHOLAS F. PALMER. Vice-Pres. ROBERT U. GRAFF, Asst. Cash. FREDERICJ/V. ALLEN,[Vice-Pres. JOHN ROBINSON, Asst. Cash. FRANK 0. ROE, Vice-Pres. CHAS. E. MILLER, Asst. Cash Capital, Surplus and Undivided Profits Bank News From New York City. (Special Correspondence of the Northwestern Banker) The terrible news of the destruction of the White Star Liner, Titanic, with the loss of 1,595 human lives, off the grand banks of Newfoundland, on Sunday night, April 14th, cast a gloom over the entire financial district, the stock exchange and the banking institu tions, as it did throughout every field of endeavor in Greater New York, when on the 16th it was learned definitely that the great ship had gone to the port from whence no ships ever return. In the three days of sus pense during which the funeral ship, Carpathia, was steaming to the city with its sad freight of living and dead, business in the financial district practically came to a standstill and hardly little was discussed except the disaster, speculation as to who was saved or lost, or upon whom the blame should be placed. While the stock market was not affected in a business sense by the loss of the Titanic it felt the effects of the terrible calamity nevertheless, and very little business was transacted. The reason was not hard to find for there was hardly a financier or broker who did not have some friend or relative on the ill-fated ship. When the news first came out that the.Titanic was lost, fully eight hours after the information was re ceived that the steamer had struck an iceberg off Sable Island, rumors circulated throughout Wall street to the effect that the news of the disaster had been deliberately withheld from the public through instruc tions from J. P. Morgan & Company on account of its depressing effect upon the stock market, and that the White Star officials had obeyed the mandate of the powerful banking firm. These rumors have neither been substantiated or denied. When the senatorial in vestigating committee gets through its inquiry into the cause of the disaster possibly some light may be thrown upon the subject. While it is said that the Titanic carried a consider able amount of securities aboard, little information has been given out upon the subject, although John E. Garden, vice-president of the National City Bank, has stated that the amount of securities would be compara https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis - $14,000,000 tively small. The majority of ’prominent banking houses say that they know, of no securities that the Titanic had aboard. Wall street has gone into mourning for the loss of the steamship. The entire street from Broadway to Pearl street is draped in the national colors, all of the flags displayed being at half mast. The bankers have responded handsomely to appeals for funds to relieve the necessities of the suffering survivors and many of them provided that quantities of clothing should be distributed at the pier, as well as money, which was carried out by the various charity organizations upon the arrival of the Carpathia. There is very little of interior money being offered on Wall street at the present time. While the higher rates for call money that have prevailed during the past few weeks should haVe been an incentive to at tract outside funds here, such thus far has not been the case. A clear indication that interior money is not flowing eastward in response to tighter money conditions is shown in the fact that domestic exchange on New York at most of the principal western cities is hav ing a downward tendency. If interior funds were be ing sent to this city domestic exchange rates would be moving upwards. Bankers are of the opinion that higher rates for money will continue for some time to come. Call money is now at 4 per cent, while accommodations for thirty-day loans are particularly firm, being quoted at 33% Per cent. The average increase of 20 per cent in bank clearings for the past three weeks is regarded in banking circles as a very encouraging sign. Stock speculation and the activity in other important mar kets is responsible for much of the increase, while the poorer showing in the West is believed to be due to the fact that the spring demand is held back by the lateness of the season. A gain in deposits and a steady increase in out-oftown accounts for the Mechanics and Metals National Bank, is reported by Walter F. Albertson, vice-presi dent of the institution. This progressive bank is very popular throughout the country and its officers have a wide circle of friends in out-of-town institutions. W. Morgan Shuster, the deposed treasurer-general of Persia, has been appointed South American repre sentative for the National City Company, one of the National City Bank’s affiliations. Mr. Shuster will May, 1912. TH E NORTHWESTERN BANKER 25 T H E D E S M O IN E S N A T I O N A L B A N K DES MOINES, IOWA #T The policy of this bank is to cultivate helpful business relations with its correspondents and to render at all times the service which their needs demand and which our equipment insures. An experience extending over a quarter of a century in catering to such needs has provided a broad under standing of the requirements in this field. We cordially invite a share of your business. Resources (over) 6 ,0 0 0 ,0 0 0 ,0 0 Arthur Reynolds, Pres., John H.BIair, yice-Pres., C. A. Barr, Cashier, travel through the various countries in South America as a financial envoy for the company.. He will make a study of the finances and debt situation of the various countries visited and report on the possibilities for further loans. A controlling interest in the Mercantile National Bank has been sold to Seth W. Milliken, F. W. Woolworth and their associates, The stock purchase con stitutes the bulk of the Gould holdings, although Ed win Gould will continue as a member of the board of directors. At a meeting of the board of directors the following five new directors were added to the directorate: Ed ward R, Stettinius, president Diamond Match Com pany; Mortimer B. Fuller, president International Salt Company; Carson C. Peck, vice-president F. W. Woolworth Company; Harry Balfe, of the firm of Austin Nichols & Company, and Frederick G, Lee, president of the Broadway Trust Company. George W. Davidson has been elected vice-president of the Central Trust Company. C. A. Austin has been elected assistant treasurer of the Columbia Trust Company. John W. Platteri, president of the United States Mortgage & Trust Company, has gone to Virginia Hot Springs for a three-weeks vacation. George J. Gould has been elected a director of the Guaranty Trust Company succeeding the late Edwin Hawley, Myron G. Brown, formerly assistant secretary-treas urer of the Empire Trust Company has been elected secretary. Ernest W. Davenport and Charles E. Meek, assist ant cashiers of the Fourth National Bank, have been elected vice-presidents and Charles E. Fox, Edwin T. Ross and Raymond B. Cox have been appointed as sistant cashiers. STR AW BE R R Y PO IN T ST A T E BANK. This bank had deposits on January 2d of $333,498. Just two months thereafter on March 2d it had $404,762, a net increase in two months of over $71,000. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis A. J. Zwart and A. M. Reynolds, Asst. Cashiers This shows a “moving forward” spirit which is flatter ing to say the least, and reflects much credit on the management. CON VENTION ANNOUNCEMENT. Secretary Hall is sending the following preliminary announcement regarding the convention to members of the Iowa Bankers Association: “ Cedar Rapids is making elaborate plans to enter tain the largest state convention of bankers ever held in Iowa, ur in any other state. “A highly instructive and entertaining program is being prepared and we have already engaged a num ber of speakers of national reputation. “A great treat is in store for those who attend, as plans are being perfected to make this convention the most interesting and profitable ever held by our as sociation. “We have already engaged the following popular speakers: “Mr. Elbert Hubbard, East Aurora, N. Y „ Hon. Adam Bede, Pine City, Minn., Mr. Wm. J. Burns, the great detective, Mr. Hugh L. Cooper, builder of the great Mississippi dam at Keokuk, Mr. B. F. Harris, president Illinois Bankers Association, Mr. Jos. Chap man, chairman A. B. A. Committee on Agricultural Development and Education, Prof, C. F. Curtiss, Dean Division of Agriculture, Ames College. Leading Cedar Rapids Hotels. “ Montrose, European, $1.00 to $2.50 per day. “ Grand, European, seventy-five cents to $1.50 per day. “ Delavan, European, seventy-five cents to $1.50 per day. “Allison, American, $2.50 to $4.50 per day. “The above rates are on the basis of two occupying the room. “ Desirable rooming houses and private dwellings, close in, at rates from fifty cents to $1.00 per day for the room.” TH E 26 NORTHWESTERN BANKER May, 1912. Citizens National and First National 01 Guthrie Center Consolidate A very important move was made at Guthrie Center, when the consolidation of the Citizens National and the First National was effected. These two banks, which were almost equal as to their strength, decided finally to effect a consolidation in order that Guthrie Center and western Iowa, might be given one of the operating expenses of the two banks has been a little over $15,000 per annum and if half, or even one-third of this money can be saved by the consolidation it is an item worth while. “ Business these days is being done, on close and de creasing margins of profit. He who would meet com petition must look to his expense account. We have had no thought of monopolizing the banking field, but we want to get on a common sense basis of econ omy and save expenses so we can meet competition no matter where it comes from or how sharp. More over, the saving we are making by the present ar rangements cost you nothing in money, nor does it in the least impair our ability to serve you. On the JOHN W . FOSTER President of the Consolidated First National Bank, Guthrie Center, Iowa. strongest banking institutions in that section of the state. For a number of years the Citizens National has been under the -management of President John W. Foster, one of the best-known bankers throughout the state, while the First National has been personally supervised by President E. C. Lane, another live wire in the banking business. One reason for the consoli dation was that stated in a letter sent by President Foster to the customers of the Citizens National at the time the consolidation was put in effect. An ex tract from this letter, which is self-explanatory fol lows : “The consolidating banks are both sound and their deposits and cash reserves are the highest in their respective history. A lot of money, however, can be saved by running them as a single institution. The https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis E. C. LANE Retiring President First National Bank of Guthrie Center contrary, our ehlarged capital offers additional secur ity to depositors and will enable us to loan more lib erally to borrowers. In every department and in all respects we can serve bank patrons better than ever and shall use our best efforts to do so.” The con solidated bank assumes the name “ First National” and has a capital of $75,000, with $15,000 surplus and deposits- in excess of the $600,000 mark, with assets TH E May, 1912. NORTHWESTERN BANKER 27 The Seaboard National Bank of the City of New York Capital $1,000,000 S. G . B A Y N E , P resid e n t V Surplus and Profits (earned) $2,125,000 S. G .N E L S O N , V lc e -P r e s . K . C L E V E R L E Y , A s s ’t C a s h ie r L . N . D E V A U S N E Y , A s s ’t C a s h ie r C . C . T H O M P S O N , C a s h ie r J. C . E M O R Y , A s s ’t C a s h ie r O . M . J E F F E R D S , A s s ’t C a sh ie r A c c o u n ts o f Banks and Bankers fro m the Middle W e s t Especially Solicited on m ost Favorable T erm s of over $750,000. It will readily be seen that it is a much stronger bank than any in that section of Iowa and is in a position to take care of its customers in the best possible shape. The officers of the consolidated bank are as follows: John W. Foster, president; Carl S. Foster and C. H. Lane, vice-presidents; Will A. Lane, cashier; R. M. Sayre and Roy F. Long, assistant cashiers. The young men of the bank upon whom devolves the brunt of the hard work, have grown up with the business of the consolidating institutions. They are a bright, enthusiastic and congenial lot, some of whom are already recognized as strong bankers. On the whole it would be difficult to pick out a more promis ing working force. The bank is affiliated with the First National, of Stuart, of which John W. Foster is also president and the joint assets of these two banks are considerable above the million dollar line. It will be noted on the list of officers given above that the new management will include the active of ficers of the old banks, with the exception of Mr. E. C. Lane, the former president of the First National Bank, who retires, owing to ill health. He, however, retains a place on the board of directors. All of the local stockholders of both banks retain their interests. It was with no thought of even making an attempt to monopolize the banking field at Guthrie Center, that this consolidation was effected, but a bank as strong and powerful as is the reorganized First National, cannot fail to appeal, in a peculiar manner to farmers and business men, who are looking for an institution whose strength is beyond question, with which they can do business and surely this consolidation has given Guthrie Center an institution of that character. It is doubtful if any banker in the state has more warm personal friends than President John W. Foster. He is not only a high-clasS banker, but he is a friend maker of the best possible type. Referring to the consolidation “The Guthrian” says: “ For some months there have been rumors of a third bank to be started in Guthrie Center and indeed a fourth was at one time under consideration. We have been expecting an announcement of this sort, but were not in the least prepared for such an announce ment as was handed to us just as we were going to press. We refer to the consolidation of the Citizens National and the First National Bank. The deal is one of large magnitude. It unifies what are known as https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis the Foster banks at Stuart and Guthrie Center and the First National Bank at this place with total assets considerably above a million dollars. “The consolidation assures to Guthrie Center bank ing facilities of a class not enjoyed by another county seat town in western Iowa. “ Guthrie Center is hereafter to be known as a local money center and we have an institution that can and will boost business in all lines. “The parties who brought about this consolidation give it out plainly that they are not intending to pro mote a monopoly of the banking business, but propose to make their institution so good that their old cus tomers cannot afford to leave them and that new cus tomers will be attracted from an enlarged field.” SPRINGVILLE SAVINGS BANK DOING GOOD WORK. A local paper contains the following as to seed corn work being done by the bank named r “The Springville Savings Bank has been sending out this week some reply postal cards to farmers of this vicinity in order to get information in regard to seed corn. The newspapers and farm publications report that there is much poor seed, and unless great care is used the crop wffil be greatly reduced. Mr. Henry Wallace is quoted as saying: “ If I had any advice to give the farmer, I would say to him, no matter where he lived, ‘Do not let another day pass before you find out just what your seed corn will test. If it is all right, sleep the sleep of the just; if it is all wrong, you are the one of all others who wants to know at once, for seed corn will be scarce this year. It will com mand a higher price than ever before.’ “The following questions were asked on the cards sent out by the bank : “ Hâve you tested your seed corn’; “What does it test 1 “Will you have any to sell that will test 95?...... 90?......... 85?.......... “If so, how much? “Will you need to have any seed corn? “ Sign here .................................................................... “Address ..................................................................••• “All answers will be mailed to the Cedar Rapids Commercial Club which organization is co-operating with the farmers in an effort to get the best possible seed and thus insure as large a crop of corn as pos sible. TH E 28 NORTHWESTERN T h e Northwestern Banker PUBLISHED M ONTHLY A T SUITE 501 CROCKER BUILDING BY The N orth w estern Banker Publishing C om pa n y D ES M O IN E S, I O W A EMERSON D E PU Y . . . . . Manager «« a a C U T I ? '! } ’ C For $2.00 is all that is required to secure the A S monthly Visits 0f the Northwestern Banker for an entire year. Each issue contains from 56 to 64 pages of mighty interesting matter pertaining to banks and banking interests in the territory covered by the magazine. “ O U R C O R R E S P O N D E N T S ” E,v ery baniC. in,.the Northwest is invited to a place on this list.. Send us items o f local interest, tell us about your bank and its growth, prospects, etc., also any other financial news of interest to bankers in your section. W e are always glad to hear from our friends. “ S T C H T D R A F T S ” W e always carry a large “ Reserve” of good w ill and additional service, and will promptly honor drafts made upon same by any bank. This department is for your special benefit. It may be made of very great benefit to your bank. Do not fail to avail yourself of its privileges. “ A C 'T 17 A U t \ T P t t / " » t t c t 7 >> Our columns are a clearing house for all our A G L liA K lfN A j H U U S li readers. Express your views on any topic o f in terest to the banking fraternity and submit same for publication. You do not have to agree with us, or with anyuie else. W e learn things by an interchange of ideas, and people with whom we disagree often prove valuable teachers. W e shall be glad to hear from you. “ N O P R O T F S T” Nas ever been offered to the statement that the field covered by ' w w the Northwestern Banker is the money producing section of the American continent, rich in hogs, cattle, corn, etc., and dotted with thousands o f prosperous banks, all doing a good business, and the majority of them are readers of “ The Northwestern.” “ SU R PLU S A N D U N D IV ID E D P R O F IT S ” L“ * 1/e\ rapi.dly with those b a n k s , whose advertisements appear regularly in the columns of this magazine. Full information as to rates and our special service, w ill be promptly furnished on application. Your business solicited and appreciated. The Banker” has been fourteen years in its present field. journal is entered as second class ‘S E C O N D C L A S S M A T T E R ” This matter at the Des Moines postoffice. This is done in order to conform to the postal laws; everything pertaining to the journal, save this entry, being strictly first class. M A Y , 1912 M ay Convention Dates. Group Group Group Group Group Group Group i, Sheldon, May 2d. 2, Fort Dodge, May 8th. 3, Northwood, May 15th. 5, Council Bluffs, May 7th. 6, Colfax, May 10th. 8, Clinton, May 9th. 9, Lamoni, May 17. Strong Program for Iowa Bankers Convention The officers of the Iowa Bankers Association have been extremely busy for some weeks past securing talent for the convention, to be held at Cedar Rapids, June 5th and 6th. Secretary Hall is now in position to announce a number of top liners for the program. He has secured two of the most famous American humorists, Fra Elbertus Hubbard, the head of the Roy Crofters of East Aurora, N. Y., and Adam Bede, former congressman from Minnesota, who was called while he was in con gress, the “ Wit of the House.” Detective W. J. Burns will be another interesting character who is to appear on the program, and what he has to say will unquestionably interest all of the bankers present, as is well known he has had charge of the protective work of the American Bankers As sociation for some time past and his recent work in connection with the McNamara cases in Los Angeles, has made him a world-wide reputation. Mr. H. L. Cooper, the famous engineer, who- is in https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis BANKER May, 1912. charge of the construction of the great Mississippi River dam, at Keoku'k, will also be present, making an address concerning this great work, illustrated with a number of steréopticon slides. This great engineer ing feat is of the utmost interest and importance in the state of Iowa. Officers of the Iowa Bankers As sociation are to be congratulated upon securing Mr. Cooper for this occasion. Then there will be a very strong trio, who have given much attention to the question of agriculture, in connection with the banking interests of three great western states. We refer to B. F. Harris, presi dent of the Illinois Bankers Association, Mr. Joseph Chapman, vice-president of the Northwestern National Bank of Minneapolis, and Dean Curtis, of the Agri cultural College of Ames. As has been previously stated the convention pro gram this year will have much to do with the question of agriculture, as it is related to banks, it being a fact admitted by all, that were it not for agriculture, there would be no need of banks. Some other states notably Minnesota and Illinois have been more prompt to recognize this fact than has Iowa and through Mr. Chapman and Mr. Harris, these two states have been conducting an agricultural propaganda, which has been of the utmost importance and value to both farmer and bank, but Iowa, the greatest agricultural state of the Union, is getting right to the forefront on this topic and will be in the game from now on. It is expected that the convention this year at Cedar Rapids will set a new high water mark, owing to the fact that the Iowa Bankers Association is grow ing constantly, both in numbers and importance and the city where the meeting this year is to be held is full of live, up-to-date bankers and is centrally located, easily accessible with abundant hotel facilities and ii the registration lists fail to contain 1,400 names or more, it will not be because the Cedar Rapids men fail to do everything in their power to bring about that most desirable result. The Private Bank Again The recent disappearance of the cashier of the Citi zens Bank at Story City, with practically all of the bank’s resources, brings to the front once more the oft-recurring question of the responsibility of these institutions to the public. The time is not very far distant when Iowa will be compelled to have a law, which makes possible the inspection of private banks. The private banker cannot put up the. defense that he has just as much right to be in business as a dry goods-or clothing merchant without inspection, that he has a right to run his business as he sees fit, that it is no one’s concern how he conducts it. This is his argument, but it will not hold true. The merchant May, 1912. t h e N o r t h w e s t e r n does not take other people’s money on deposit, he simply sells goods, for which he receives a fixed price, and his customer takes out of the store, value received for the money he leaves behind, but this is not true regarding, thè depositor. When he places his money in these private banks, he has received no equivalent whatsoever and simply takes his chances on the integrity of the man who is running the bank, in question. It is time that the state passed a law, which would make absolutely essential, an examina tion of every institution, which assumes to do business with the public by taking its money on deposit. This Story City case to which reference is had in this issue, is simply another illustration of the need of some sort of supervision of such institutions. All confidence is injured more or less whenever a concern of any kind is wrecked and every safeguard should be put around such banks through necessary laws, so as to make them as secure as anything human can be. Then, too, the men who are engaged in the con duct of state and national banks have a right to de mand that the same restrictions, which are placed around them and requirements made of them, shall be extended also to these so-called private banking houses. In Closer Touch with the Farmer The continually increasing interest shown by the banker in all that concerns the farmer, is one of the most hopeful signs of the times. Not only is the banker interested in general, but he is paying careful attention to his agricultural friend in particular. Every way in which the former can as sist the latter, makes more and better business for both. Stimulating agricultural production has cost the railroads large sums of money and if profitable for them (and they have found it so) then judicious ef forts along this line on the part of the banks, will also bring results. Better methods of cultivating the soil are naturally followed by better methods in keeping books on the farms and some banks are doing excellent work in this respect by presenting all their customers, and those whose patronage they desire, with a complete “Ac count Book” with pages properly ruled, for every de partment on the farm. These books are of much value to the farmer as they enable him to keep his business affairs in a systematic manner, showing exactly what each crop pays, profits made on cattle, hogs, horses, poultry and everything pertaining to the farm. It is all in a simple condensed form highly practical and valuable. The bank buys these books in quantities, so the cost of each book, is but a few cents and uses the front https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 29 b a n k e r Trust Company Service in N ew York City This company, with ample capital, large resources, and an efficient, and well-system atized organization, which dates hack to 1864, has the ability and disposition to give good trust company service. Our various departments, including bank ing, foreign exchange, bond, trust, transfer, reorganization and collection, are well equipped with modern facilities for trans acting business promptly and economically. For these reasons we feel justified in cordially inviting the New York accounts of banks and trust companies. Guaranty Trust Company of New York Capital and Surplus Deposits . . . $23,000,000 ........................... $178,000,000 cover page for their own ad. Thus value accrues both ways, to the banker and also to the farmer. Financing the Emperor o f Germany It seems that when the Kaiser gets a little short of funds, over in his great empire, he knows where to come to have the cash box filled, and what he knows most of the other nations of the world are also aware of, that the little old United States, is the richest and most prosperous country on the face of the earth. Recently the First National Bank, of Minneapolis, bought German government 4^ per cent treasury bills to the amount of $200,000. While, of course, similar transactions have at other times been handled through the big New York banks, this may be considered a somewhat unusual transac tion for a western bank. Vice-president Jaffray, in commenting upon the transaction said : “The purchase of these notes, was made on a basis, which makes it possible for the bank to get the money promptly, should we need it. It is possible to dispose of these notes in such short time, as to make a pur chase of them practically the same thing as a call loan.” It is a well known fact that the First National, of Minneapolis, has a very large business with the coun- 30 TH E NORTHWESTERN try banks in both Minnesota and North and South Dakota, that these deposits naturally come from the farmers and this brings to the front an extremely in teresting fact, viz.: that the farmers of Minnesota and North and South Dakota are through the First Na tional furnishing money for the Emperor of Germany to build war ships, equip armies, and other things, which keep the enemies of that country on the anxious seat all the time. Great is agriculture. DEATH OF STEPHEN BRIGGS, PRESIDENT OF THE FIRST NATIONAL AND LYON SAVINGS BANK. The following regarding the death of President Briggs appeared in one of Lyons’ papers: “Arising in his usual health on the morning of April 3d, he was seized with an attack of neuralgia of the heart, which yielded to prompt medical aid to such an extent that he was able to get out and walk about the yard later. “At 5 :oo p. m. he was seized with a recurrence of the attack and at 8:10 p. m. Thursday, April 4th, passed away, aged 83 years and 2 days. “ Stephen Briggs was born in Nottingham, England, April 2, 1829, and was the son of William and Sarah Warren Briggs. In early life he served an appren ticeship in the wholesale lace manufacturing. Later he was successful in business until he came to America in 1861, when he came directly to Lyons and had ever since oeen identified with the business and politics of the place. While he was never an office seeker, he had served one term as a director of the Lyons in dependent school district and one term as a member N of the Lyons city council, both years ago. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis BANKER May, 1912. “ He was for a time here in the mercantile business with the late H. J. Wright and later was a member of the firm of Allen & Briggs. “Together with the late J. P. Gage he bought the Lyons and Fulton ferry business and replaced the old single stack side-wheel ferry ‘Lyons City’ with the more modern ‘J. P. Gage,’ also a side-wheel steamer. “ He was interested in the Iowa Packing Company, and was associated for a while with Edward Owen in the Clinton Boiler Works, later buying his interest. “ He was an incorporator and director of the Trinity Lumber Company, of Groveton, Texas, and held large interests in the South Investment Company of Louisi ana. “ He had been a director of the Lyons Savings Bank since January, 1895, and of the First National Bank since January, 1901, and president of both since August, 1908, succeeding the late W. T. Joyce. “ Mr. Briggs was married in England, October 23, 1855, to Sarah Holmes, sister of the late William Holmes. She preceded him in 1894, passing away sud denly March 5, 1894, in California. “ He leaves five children: John William Holmes Briggs, president of the Primghar Savings Bank, of Primghar, Iowa; Albert Warren Briggs, farming near Fenton, 111.; Stephen Harry Briggs, of Fulton, 111.; Sarah Helen, wife of Robert N. Blake, of Chicago, and Arthur Holmes Briggs, of Lyons, who resided with his father. “ He leaves seven grandchildren and a number of nieces and nephews here and in England.” J. T. Turner, the pioneer banker of Iowa City, Iowa, celebrated his 91st birthday recently. May, 1912. TH E NORTHWESTERN BANKER AMERICAN BANKERS ASSOCIATION TRAVELERS’ CHEQUES 31 j Sfc * § t fò fiÈ É m à jd ii. —»H- 8509V IXTEENTH STATE 0> “ A. B. A .” Cheques Are Being Advertised this y e a r in 40 m agazines, the com bin ed circulation o f w h ich is 14 m illion copies. T h e result in g dem and for “ A .B .A .” Cheques w ill eventually rea ch e v ery bank o f prom inence in the U . S. Be Ready to Accommodate Your Customers They will read these advertisements and call on you for the cheques. Your bank ought to have the profit and prestige of issuing them. They carry the names of the issuing banks into every corner of the civilized world. You can recommend “A.B.A.” Cheques to your customers as the safest and most convenient funds for travel abroad or in the United States. They are self-identifying, good for full value everywhere, and the only travelers’ cheques which can beaccepted, under the law, for U. S. customs duties. Cuts for local advertising, hangers, post cards and booklets are furnished issuing banks free of charge. For further particulars address BANKERS T R U ST C O M P A N Y , Trustee ADMINISTRATIVE COMMITTEE MEETING. The administrative committee of the American Bankers Association has just met in New York City to transact the usual routine business, which they are authorized to do between the sessions of the executive council. There were two members of the committee present— President William Livingstone, of Detroit, and Vice-president C. H. Huttig, of St. Louis; the third member, Chairman Arthur Reynolds, being in California. Two days’ sessions were held, and with the general secretary of the association various mat ters pertaining to the business of the association were considered. The committee confirmed the dates for the next convention, the week of September 9th at Detroit; ap^ proved the selection of the Hotel Pontchartrain as headquarters, and approved the action of the general secretary, as authorized, to procure accommodations at this hotel for the officials. The committee authorized the removal of the pres ent offices in the Hanover Bank Building from the eighteenth floor to the twelfth floor, where more com modious quarters will be fitted up. The present offices are very much congested owing to the increased work of the association and the numerous people employed. The committee decided to invite Sir Edward H. Holden, Bart., Chairman London City & Midland Bank, of London, to address the next convention. It was decided also to invite prominent bankers repre senting the banks of France and Germany, and other men of prominence in the United States, to address the convention. A general program was adopted for the spring meet ing of the executive council which will be held at Briarcliff Lodge, Briarcliff Manor, N. Y., May 6th, 7th and 8th. E. J. Curtin, president Citizens Savings Bank, Decorah, Iowa, and president Iowa Bankers Association, was placed on the agricultural committee to fill va cancy. C. G. Hutcheson, cashier First National Bank, Kan sas City, Mo., was placed on the finance committee in the three-year class to fill vacancy. On the request of President Taft, Honorable Charles https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Wall Street, New York City Nagel, Secretary Department of Commerce and Labor, has called a convention to be held in the city of Wash ington, D. C., on April 22, 1912. This convention is for the purpose of considering the establishment of a national organization particularly representative of the commercial interests of the whole country. The com mittee appointed Messrs. Samuel McRoberts, vicepresident National City Bank, New York City, Levi L. Rue, president Philadelphia National Bank, Phila delphia, and T. J. Davis, cashier First National Bank, Cincinnati, to represent the association at this conven tion. INTERESTING FIGURES. The combined statement of the capital and deposit accounts of the First National and First Trust and Savings, of Chicago, shows some very interesting com parative figures. In 1904, the capital was $9,000,000, surplus, $5,000,000, undivided profits, $1,545,956, dividends paid, $960,000, average deposits, $101,249,961. Compare these figures with 1911— just se v e n years later. Capital, $12,500,000, surplus, $13,000,000, undi vided profits, $2,348,851, dividends paid, $1,600,000, average deposits, $166,151,556. J. Wesley Chew, the well-known Pleasanton banker, has bought a new Overland automobile. Collateral Loans Yielding Deposit of 20% W h en you have funds beyond your local requirements I should be pleased to have you investigate the Collateral Notes I offer of long established prosperous concerns, well rated in Dun and Bradstreet. Collateral twice the amount of the loan. Net return 7 % to 8%. . Send for Booklet giv ing full details, list of offerings, and references to banks which have used this paper. W IL L IA M A . L A M S O N Formerly Nat. Bank Examiner Commercial Paper and Investments 60 W all St., N. Y ., Room 2711 Estab. 1904 32 TH E NORTHWESTERN BANKER May, 1912 The Dubuque National Bank Dubuque, Iowa Situated in the Key City of the Corn Belt this bank has for more than a quarter century past rendered “Genuine Service” to Banks and Bankers in Northeastern Iowa ANOTHER BANK MERGER. An important move in southern Iowa banking circles was made recently when the Citizens Savings and Washington County Savings, of Washington, ef fected a consolidation. Commenting upon this important financial move the “Press” says: “The consolidation will make the new institution the largest bank in point of deposits in this county. The stockholders of both institutions had completed plans for uniting not only their business and good will, but also the stockholders and board of directors.. At the time of consolidation the board of directors of the Citizens Savings Bank were: Frank R. Sage, Charles H. Keck, Frank Stewart, Ira Sproull and Carl M. Keck, and the Washington County Savings bank board included T. J. Berdo, A. Anderson, Donald J. Ross, Henry C. Hull, Ambrose Cunningham and Schuyler W. Livingston: All of these men will be recognized in the new institution, with the possible exception of Ira Sproull, who is moving to the Pacific coast, and it is expected.that the officers of the new concern will b e: Charles H. Keck, president; S'. W. Livingston, ¡vice-president; Frank Stewart, vice-presi dent; Carl M. Keck, vice-president; D. J. Ross, cash ier; George J. Breitenbach, assistant cashier. “The Citizens Savings Bank is the result of the up building of the first banking institution in Washing ton, which was organized in 1857. It was a private banking institution and was organized under the firm name of Shaw, Jenkins & Co. The title was changed in 1858 to Wm. H. Jenkins & Co. In 1859, this bank was known as the Washington branch of the State Bank of Iowa. In 1864 another change was again made and the title was changed to the First National Bank, which it retained until 1902, although a reor ganization was perfected in 1882. In 1902 this bank became the Citizens National Bank and several years ago another change was made, when what was known as the Citizens Savings Bank absorbed the National. Both banks were conducted in the same building and were dominated by practically the same personnel of directors. “The Washington County Savings Bank was organ ized about thirty-five years ago and has occupied its present quarters on the northwest corner of the square since that time. Nearly all the moving spirits in the organization of this institution have been superseded by others. Three of the prime movers in the organiza https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis tion remain, viz., Ab Anderson, Colonel Palmer and A, Harvey. Mr. Harvey still holds stock certificate No. i.” DINWIDDIE AS A BOOSTER FOR THE A. B. A. Our friend, J. M. Dinwiddie, of Cedar Rapids, has always been a good booster regarding anything worthy pertaining to the banking business and just now he is making a strong effort to increase the A. B. A. mem bership among Iowa bankers. The following is .the text of a letter recently sent by Mr. Dinwiddie to a large list of Iowa bankers : “The membership of the IO W A BAN KERS A S SOCIATION today is close to 1,500. Of this num ber, BUT 469 BANKS' are members of the AM ERI CAN BANKERS ASSOCIATION. Surely an as sociation as influential as that of the Iowa Association ought to have a membership in the American Associa tion that would give it influence in that body to the extent it deserves. Thirty-one (31) additional meinDers will entitle us to an additional member on the. executive council of the American Bankers Associa tion. “I am addressing the 1,031 members of the Iowa Bankers Association who are not members of the American Bankers Association, hoping to secure enough more members to earn the additional place for our association on the executive council, and a sec-: ond additional place, if possible. “Did it ever occur to you that out of our great membership we might have the largest representation on this council of any state in the Union and we might have larger influence in shaping the policies of that association than any other state? “In its protective work, the American Association is worth far more to you than its cost. ITS M E TAL SIGN IS A PROTECTION . Its cipher code is a convenience and safeguard worth the cost. Its journal is full of valuable information monthly. “In my report of the Los Angeles convention and my estimate of the association itself, at our 1910 con vention, I believe I prove conclusively its worth to the bank to be many times its cost. “Will you not favor me, personally, by sending your application to me, with draft for dues drawn favor American Bankers Association,” for one-half the reg ular annual dues, in payment for membership for the balance of the year, as per enclosed special offer, and allow me to forward it to the general secretary.” May, 1912. THE NORTHWESTERN BANKER 33 T h e Com m ercial Í N a tio n a l B a n k o f W A T E R L O O , IO W A C ap ital and S u rp lu s $ 2 5 0 , 0 0 0 . 0 0 O F FIC E R S W. W. Miller, £ L. Johnson, - President Vice-President H. C. Schultz, £. W . Miller, • Cashier A sst. Cashier D IR E C T O R S W . W . Miller Warren Brown E. L. Johnson J. S. Tuthill F. C. Platt C. W . Illingworth Geo. E. Lichty H. C. Schultz O u r facilities for handling the accounts of banks in Iowa are Unexcelled GATES ENDORSED FOR TREASURER BY IOWA COUNTY BANKERS. We, the undersigned, representing all the banks of Iowa County, Iowa, learning that our fellow banker, Mr. H. C. . Gates, of Ladora, has announced himself as a candidate for the office of treasurer of the state association before the June convention, to be held at Cedar Rapids, do hereby most earnestly and heartily endorse his candidacy. Mr. Gates’ name was before the convention at Ma son City last year, but for the sake of harmony he gladly withdrew in the interest of our present treas urer, Mr. W. C. G. Bagley. The attitude taken by Mr. Gates at Mason City makes him the logical candidate for treasurer the next term and as he is eminently qualified to assume the responsible duties to which he aspires, we, therefore, respectfully ask for him, the support of the associa tion members and the especial support and co-opera tion of our own Group Seven. First National Bank, Marengo, Iowa, Frank Cook, President. Peoples Savings Bank, Marengo, Iowa, Arthur M. Vette, President. Williamsburg S'avings Bank, Williamsburg, Iowa, B. E. Hakes, Cashier. Farmers Savings Bank, Williamsburg, Iowa, C. J. Sim mons, Cashier. Citizens Savings Bank, Williamsburg, Iowa, D. E. Evans, Cashier. Parnell S'avings Bank, Parnell, Iowa, Chas. Moore, Cashier. Farmers Savings Bank, North English, Iowa, Geo, E. Swain, Cashier. North English Savings Bank, North English, Iowa, E. D. Baird, Cashier. Millersburg Savings Bank, Millersburg, Iowa, L.. W. Hatter, Cashier. Victor Savings Bank, Victor, Iowa, J. T. McGuire, Cashier. Conroy Savings Bank, Conroy, Iowa, H. E. Oldaker, Cashier. German American Savings Bank, Marengo, Iowa, Chas. Ludwig, Cashier. Farmers Savings Bank, Victor, Iowa, Jas. B. Lambertson, Cashier. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis H. M. Reed J. W . Krapfel A. J. Edwards , Y O U R A C C O U N T IS S O L IC IT E D 1 GRAND OPENING OF GERMAN SAVINGS AT DAVENPORT. The officers of the German Savings, of Davenport, are very happy over the fact that they are finally in stalled in their handsome new home, one of the finest banking institutions in the state. Saturday, April 13th was opening day and one of ’the local papers contains the following report of this notable event: “ Fifteen thousand people inspected the handsome new building of the German Savings Bank at Third and Main streets Saturday. It was a record-breaking crowd for any similar event of the kind in the Tri cities. Citizens, men, women and children, came from miles around to see the handsome new $250,000 home of the biggest bank in the state of Iowa. At the same time they also saw the finest bank building in the state. “Many were the words of surprise and admiration expressed by the visitors. They had previously seen the exterior of the building and admired its massive ness and substantiality. But they were more agree ably surprised at its interior grandeur and beauty. “'Souvenirs, 10,000 of them, were distributed among the callers. Carnations were given the ladies and the best grade cigars, all Davenport made; to the men. “ Floral offerings, with beat wishes attached,' were sent to the new bank by the H. H. Andresen family, Mrs; Jens Lorenzen and daughters, Rock Island Sav ings Bank, Silberstein Bros., and E. K. Putnam. Tel egrams and letters of congratulation were received in large numbers from banks in all parts of the country. “To the bank’s building committee, consisting of C. N. Voss, H. O. Seiffert, Dr. Henry Braunlich and E. C. Mueller, is due much credit for the erection of the fine new building. Claussen & Claussen were the architects. President Voss has devoted much time and labor looking after the details. (Continued on page 55) FIRST NATIONAL BANK OF MASON CITY, IOWA :? |fp ||- ; . 'rc¿u.,R4 ¡ ; Capital $250,000.00 Surplus $250,000.00 C. H. McNIDER. Pres. W. G, C. BAGLEY, Cash. F. E. KEELER, Vice-Pres. C. A. PARKER, Asst. CashR, P. SMITH, Asst. Cash. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis TH E NORTHWESTERN May, 1912. BANKER n iiiiiiin iiis IV/TANY bankers, from time to time, have need of a special or secondary reserve fund. This reserve fund they carry in bonds or as an inactive account at interest with a metropolitan bank. W e make a specialty of handling such inactive reserve accounts for banks and bankers, and of supplying carefully selected bonds for investment, circulation, em ergency currency, government deposits or postal savings fund purposes. T o banks intending to establish a secondary reserve fund unexcelled facilities are offered. W e have prepared an exceptionally ernment bond data in concise enough b a n k e r,— just the thing to have close W e shall be pleased to send these informative leaflet on gov form to be practical to every at hand for ready reference. leaflets free upon request. Harris Trust & Savings Bank Organized as N. W . HARRIS & CO. 1882. Incorporated 1907 HARRIS TRUST BUILDING, CHICAGO May, 1912. TH E NORTHWESTERN. BANKER FIRST STATE BANK DOUBLES CAPITAL STOCK. At the annual meeting of the stockholders of the First State Bank, of Holstein, it was decided to in crease the capital stock of the institution from $25,000 to $50,000, which will be done as soon as the proper details can be arranged according to law. The business of the institution was found to be in a very prosperous condition and a substantial dividend was declared payable to stockholders of record. The following officers were re-elected to serve an other year: Jens Bertelson, Jr., president; Emil Lage, vice-presi dent; Glen M. Gracey, cashier; A. N. Bertelsen, as sistant cashier; Jens Bertelsen, Jr., Emil Lage, Dr. G. H. Crane and Robert Gracey, directors. GREAT GROWTH OF NATIONAL CITY BANK. President David R. Forgan, of the National City Bank, Chicago, recently submitted the following re port to the stockholders, showing the amazing growth of the National City during the five years of its existtence. This bank was organized February 5, 1907— almost five years ago— and we believe the time is appropriate for a general review of the period. I. Growth of Business. This is best reflected in the deposits. The follow ing figures indicate a steady growth. Total deposits, Feb. 5, 1907 (open. day).$ 2,198,337.25 Total deposits, Dec. 31, 1907................. 6,201,815.87 Total deposits, Dec. 31, 1908................. 12,334,125.88 Total deposits, Dec.-31, 1909....... . 15,243,602.94. Total deposits, Dec. 31, 1910................. 22,965,928.59 Total deposits, Dec. 31, 1 9 1 1 ............... 27,524,223:90, II. Profits. Net profits earned to date— $817,509.57. This is'an average annual return on the capital of 10.55 Per cent. These profits have been disposed of as follows : Dividends paid at 6% (beginning April 1, 1908) .......................................................... $360,000.00 Added to Surplus A cco u n t.......................... 100,000.00 At credit of Unidivided Profits, December 3L 1911 I............. : ....................................... 117,509-57 Profits re-invested in purchase of the de posits and good will of the Hamilton Bk. 240,000.00 Total as above........................................... $817,509.57 Two offices have been furnished during the period, and the cost of the furniture and fixtures has been charged off. III. Losses. Our policy has been to avoid large loans, and no heavy single loss has occurred during the period. We have, however, encountered the ordinary losses inci dent to the business. The total of these for the five years is $105,566.26 which is one-fifth of one per cent per annum on the average loans carried during that period. IV. Bond Department. A bond department has been satisfactorily estabtablished, and is a most important branch of our busi ness. The bonds carried by the department usually amount to about $2,000,000, and are always valued on a conservative business. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 35 CHARLES FLETCHER, Jr., President and Treasurer HENRY GEBHARD, Vice-President ORVILLE R. JONES, Secretary The Denver Cattle Loan Co. C A P IT A L $ 1 0 0 ,0 0 0 .0 0 Denver, Colorado High-Grade Cattle Paper Handled at Reasonable Rates THE C ity National Bank O F C L IN T O N , IOWA Capital, Surplus and P r o f it s .............. . .$ 200,000.00 Deposits .................................................... $2,150,000.00 OFFICERS A. C. Smith, Präsident C. M Curtis, Vice-President A. C. Smith, Cashier Accounts of Banks and Bankers received on most favorable terms. Correspondence Invited. F O R S A L J E --A set of Modern Ma hogany Bank Fixtures, including large Leather Settee. Have been in use about six years, practically as good as new. Only reason for selling is, we are going into new building. Possession at once. Full information and photo on request. Will make right price. I O W A B A N K A N D T R U S T CO . W est Liberty, Iowa A meeting of the directors of the Peoples National and the Peoples Savings Bank, Albia, Iowa, was held recently and a change made in the officers. J. S. Moon, who was president, has been succeeded by Judge D. M. Anderson. John A. Canning has been made cashier, while E. E. Elder, who was cashier, has been elevated as vice-presi dent. TH E 36 NORTHWESTERN BANKER May, 1912. In All That is Good Iowa Affords the Best LIFE INSURANCE and GOOD BANKING Among the bankers who are policy holders:— George E- Roberts, Leslie M. Shaw, Ralph Van Vechten and TWO HUNDRED and FORTY OTHER BANKERS in IOWA, Homer A. Miller, President of the Iowa National Bank, Des Moines, Iowa, was insured for $2,000 for twenty years, paid in premiums total $1192, had the option of a cash settlement of $1596) giving 20 years insurance and $404 profit. T h is C om p a n y Makes Results—N o t Estimates FRANK D. JACKSON, President SID N E Y A. FOSTER, Secretary Royal Union Mutual Life Insurance Company, Correspondence Solicited MINNESOTA CONVENTION JUNE 14, 15, 1912. Secretary Frost has just sent the following letter to members of the state association : “At a meeting of the Executive Council, held last January, it was decided to hold the Twenty-third An nual Convention of the Association at the Minnesota Agricultural College, located at St. Anthony Park, about half way between St. Paul and Minneapolis. “Several reasons inspired the Council to this deci sion, principal among them being the fact that during the past two and one-half years our Agricultural Col lege has increased its efficiency at least one hundred per cent, and in connection therewith has added a great many new departments, making it today one of the finest institutions of its kind in the United States. “ Many of our members undoubtedly have little idea of just what is being accomplished there now, and it was thought desirable and profitable to give them an opportunity to make a thorough inspection, along with attending the convention. “The program this year will have relation largely to agricultural topics and state development. Among the speakers who have been asked to appear are the following: “ Secretary Wilson, of the Department of Agricul ture, Washington, D. C. ; Pres. George E. Vincent, of the University of Minnesota; President A. K. Soule, •of the Agricultural College of Georgia; Dean H. L. Russell, of the Agricultural College of Wisconsin; David R. Forgan, of the National City Bank, of Chi cago; Dean A. F. Woods, of the Minnesota Agricul tural College. “ Before arrangements are completed we expect to procure at least one or two more strong speakers. It is the purpose of the committee, having this matter in charge, to make this convention the most interesting and profitable one ever held by our association, and it is the hope of the committee that a record-breaking attendance will be present. “In addition to the formal addresses, none of which will exceed thirty minutes, special opportunity will be furnished the visitors to see the buildings and grounds of the college and farm. “ Special demonstrations will be made of steer feed ing, experiments which are demonstrating that prime beef may be produced at about one-half its present cost of production. A special exhibit will also be pro https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis - - Des Moines, Iowa. Agents Wanted vided showing the demonstration work conducted by the department; also special demonstrations in farm management, farm planning and the co-operative demonstration farms. Special demonstrations also in control of insects, diseases and weeds, and demonstra tions in other lines if there is time will also be con ducted. “The committee has also arranged with the faculty of the Agricultural College to provide sleeping and dining room accommodations for as many of the dele gates and their ladies as desire to stay during the Convention period at the Agricultural College. There are several large dormitories, containing many com fortable rooms and the dining room is large enough to accommodate six or seven hundred people. Four meals will be served; luncheon and dinner on Friday, June 14th, and breakfast and luncheon on Saturday, June 15th. A flat charge of $3.00 will be made for rooms, and the four meals. On the evening of Friday, June 14th, a very high grade entertainment will be provided in the College Auditorium. “ Please keep these dates, June 14th and 15th in mind and arrange to be present. You will miss a highly profitable meeting and an exceptionally good time if you do not come.” NEEDED LEGISLATION PROPOSED BY PRES IDENT INGWERSEN. Pres. J. H. Ingwersen, of the Peoples Trust and Savings Bank, Clinton, has recently addressed a circu lar letter to the bankers of Iowa calling attention to some legislation needed in Iowa. Mr. Ingwersen’s letter follows : “I desire to call to the attention of Iowa bankers two particulars in which the banking laws of the state, in my opinion, should be amended by the next legis lature. Heretofore these matters have not been at tended to until the session of the legislature was well under way, and failure was the inevitable result. To accomplish the desired purpose bankers should com mence now to mould public opinion and secure the co-operation of the members of the house and senate, so that when the bills are introduced they will meet with a friendly reception. _ “ It is my purpose to offer a few suggestions, and I would be pleased to receive advice from any banker who has anything to offer for the good of the cause. In this way it ought to be possible to crystallize s*nti- May, 1912. TH E NORTHWESTERN ment and secure the preparation of bills covering the points needed to more nearly perfect our banking laws. First. “It is doubtful, if under existing laws, state and sav ings banks can deposit the required collateral to en able them to qualify as postal savings bank depos itaries. To cover this point, thus putting state and savings banks, on an equality with national banks, the law should be amended, as it is manifestly unfair for https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis BANKER the state to permit banking institutions created by her laws, to be discriminated against. Second. “ No good purpose is served by restricting Iowa sav ings banks to their home state in making loans se cured by mortgages on real estate. The field should be enlarged to cover at least the states bordering on Iowa. The state line does not make the mortgage any better, and as many non-residents deposit their funds in Iowa banks, they should have the right to borrow A Free C~py for every Banker Five Hartford Banks Don’t Balance Pass Books We have issued a Systems Bulle tin” which tells how five Hartford, Conn., banks have discontinued the very troublesome balancing of cus tomers’ pass books. All of these banks, and a great many more inother cities, have adopt ed the statement system. Instead of waiting for all their customers to dump a great stack of pass books on top of a big day’s work, they send statements at their convenience to all customers. Mr. A. H. Cooley, of the Security Company of Hartford, who wrote the new Bulletin, says the pass book 37 is the bane of the bookkeeping'de partment. He shows how the state ment system solves the problem. Bank men have found customers negligent about leaving their pass books but quick tosee the advantages of the statement system, because they can always have deposits properly entered in their pass books, and for the very human reason that men like to keep their receipts. A copy of this bulletin will be fur nished without charge to every bank asking for it. Just ask for Systems Bulletin No. 494, or "The Bulletin on Bank Statements/’ Burroughs Adding Machine Company 71 Burroughs Block, Detriot, Michigan TH E 38 NORTHWESTERN Peoples Savings Bank DES MOINES, IOWA Established 18 90 CAPITAL (Paid in) - $50,000.00 CAPITAL (Earned) 50,000.00 $100,000.00 SURPLUS and PROFITS (Earned) - 140,000.00 DEPOSITS - - - over 2,250,000.00 C. H. M A R T IN - - F R A N K P. F L Y N N - E. A . SL IN IN G E R - - GEO. V. H A R R IT T - - President Vice-President Cashier Asst. Cashier May, 1912. BANKER SECURITY NATIONAL BANK Sioux City, Iowa Capital and Surplus, $450,000 W. P. MANLEY, President T. A. BLACK, Vice-President C. W. BRITTON, Cashier D. M. BROWNLEE, Ass’t Cashier Accounts of Banks and Bankers Solicited from the banks they patronize even if their security is located in an adjoining state. “Undoubtedly there are other amendments that are needed to make our banking laws what they should be, but it is only by an interchange of opinions that definite results can be obtained, and I therefor solicit suggestions from the bankers of the state. Before the legislature convenes, if some one else does not do so, I will see to the preparation and introduction of bills embodying the suggestions outlined in this letter. In the meantime I urge all bankers to interview their senators and representatives with a view of securing their co-operation.” TWO SIDES TO THE SCHOOL TREASURER QUESTION. A “ Country Banker” writes as follows to the Des Moines Capital: Shall the office of school treasurer be abolished? This is a question that w ill,be hotly contested when it comes up at the next session of the legislature. On the one hand it is argued that to abolish this office and turn the funds over to the county treasurer, who will then deposit the funds to draw interest in the banks of the county where collected will bring in quite a revenue and stop the fights for the treasurership, and the schools will be benefited, as better directors will- be elected. INAHONAIJftLPRODDCE BANK * OF CLARK ' AND m I A ■HIIMHP REMBRANDT SAVINGS BANK. This bank now five years old and located in a town of about 100 people had deposits at last call of $93,083, surely a very excellent record for so small a town. As usual, however, with most Iowa towns the sur rounding country is rich and beautiful, and this, with first-class management on the part of the bank of ficials has built up a splendid business. C. H. EIGHMEY, President J. C. COLLIER, Vice-President B. F. BLOCKLINGER, Cashier H. A. KOESTER, Asst. Cashier $ C H IC A G O LAKE S T R E E T S Capital $ 2 5 0 ,0 0 0 Surplus $ 5 0 ,0 0 0 Deposits $ 1 ,9 5 0 ,0 0 0 .0 0 OFFICERS EDWIN L. WAGNER, President JOHN W. LOW, Vice-President RALPH N. BALLOU, Cashier H. B. AHRENSFELD, Asst. Cashie Located in heart of produce commission trade. Special facili ties for handling this business. Country Bank Business Invited. Write today for terms. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis “Again on the other side, the banks in the small towns say it would be very unjust to them to abolish this office as they all have troubles of their own. The impression that the small banks are all getting rich is a great mistake. That a bank in a town where they pay 4 per cent interest on deposits must have $100,000 in deposits to break even, as shown by the following figures. A bank with $100,000 deposits 'should not loan over $70,000, which, at an average of 7 per cent interest, would be $4,900. You will have to pay 4 per cent on 65 per cent of your deposits, an outgo of $2,600. Your taxes will be about $450. Burglar and fire insurance, light, fuel and stationery will be at least $300. Your cashier $1,200, assistant cashier $800 and you haven’t anything left. When the bank that pays 4 per cent interest on deposits has to have $100,000 deposits to make any money, is it right to take the schools’ funds from them, or shall they get the benefit of this fund in return for the many favors done for the public without pay?” Capital, • - - $200,000 Surplus & Profits, $133,000 First National Bank DUBUQUE, IOWA Accounts of Bankers Solicited. Write us for Terms May, 1912. TH E NORTHWESTERN DEATH OF S. B. WILLIAMS, CASHIER OF THE MADRID (IA.) STATE BANK. The death of S. B. Williams, of Madrid, cashier of the Madrid S'tate Bank removes from that community a valuable citizen and an able business man who had won and retained the respect of all who knew him. The following sketch of his life is taken from the Mad rid Register: “ Squire B. Williams was a native son of Boone county. He was born May 13, i860, on what is now known as the John Dalander farm, near Elk Rapids, and was a son of Benjamin and Elizabeth Williams, pioneer residents of the county. At the time of his death on April 14, 1912, he was 51 years, 9 months and 1 day of age. His father was a native of Kentucky who had moved to Indiana. Educated and growing to manhood there he came to Iowa in 1847, settling in Boone county and residing here until his death in February, 1883, at the age of sixty-six. His mother, who survives him, also came to Boone county at an https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis BANKER 39 early age. Mr. Williams remained at home assisting his parents and receiving a common school eduçation, until hé reached the age of twenty, when he came to Madrid and engaged in the livery business in which he remained for about four years. Disposing of his livery, he then formed a partnership with the late G. A. Young and conducted a meat business here in which he was engaged for one year. He was appointed postmaster at that time under the administration of Grover Cleveland and filled the position for one term with credit to himself and satisfaction to the patrons' of the office. At the expiration of his term he became thé local manager of the McFarland Grain Co. and remained with them for a period of twelve years. In August, 1900, he purchased from C. S. Lawbaugh an established grain business which he has since contin uously and successfully conducted. His constant ap plication to business and his recognized ability as a business man brought him a growing competence with which he made several profitable investments, S. B. W ILL IA M S F o rm erly C ashier M adrid State B ank 40 TH E NORTHWESTERN among the purchases being stock in the Madrid State Bank. About three years ago when a vacancy occur red in the cashiership Mr. Williams was selected for the position. “ Personally Mr. Williams was a man of exceptional pleasing personality, a kind and loving son, husband and father, a splendid neighbor, a true friend and a good citizen. He was always eager to assist in aiding a worthy person or a worthy cause and many have been placed under obligations to him through his kind ness. Death is always sad, but it would appear that the death of the subject of this sketch was unusually so. At the age when he could commence to enjoy the fruits of his years of labor, with a loving family and his host of friends surrounding him, with a beau- ‘ https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis BANKER tiful home and all the conveniences which the ordinary being desires, death indeed seems untimely and se vere.” NEW CREDIT MANAGER FOR GUARANTY TRUST COMPANY, OF NEW YORK. Mr. Otis Everett, formerly vice-president of the In dustrial Trust Company, of Providence, R. I., has been made credit manager of the Guaranty Trust Com pany, of New York. Mr. Everett’s connection with the Industrial Trust Company covered a period of ten years, prior to which time he was for about ten years associated with the Third National Bank, of Boston. He is a native New Englander, was born in Boston, and is a graduate of Harvard. All Banks Need== a combined writing and adding ma chine more than they do any other machine. They need it more than they need a writing ma chine alone or an adding machine alone. Why? Because there is more combined writing and adding (on the same page) done in every bank than either writing without adding or adding without writing. Apply this thought to the requirements of transit letter work, customer’s monthly statement work, country bank statement work, etc., and vou will see why every bank requires the Remington A dd in g and Subtracting T ypew riter (W a h l Remington A d d in g M e c h a n is m )' Typewriter (Incorporated; mmmmm N ew Yo r k and May,. 1912. Company * Ev e r y whe r e May, 1912. TH E NORTHWESTERN BANKER 41 IOWA NATIONAL BANK F L E M IN G BUILDING, D E S M O IN E S, IO W A COM PARATIVE STA TEM E N T APRIL 18, 1912 RESOURCES. Largest National Bank L o a n s.................. $6,588,538.80 F ix tu r e s ............................................................... 5,000.00 O v e rd r a fts ........................................ .. 14,613.24 C ash and e x ch a n g e ......................................... 3,079,523.39 $9,687,675.43 in Iowa. Makes a special ty of farm loans for its correspondents. L IA B IL IT IE S . C ap ital stock ............................... $1,000,000.00 S u r p lu s ‘and p ro fits................................... . . 451,883.61 .. 600,750.00 C ircu la tio n ......... .............................. R e serv e fo r t a x e s .............................................. 10,603.00 D e p o sits.......................................... . . 7,624,438.82 $9,687,675.43 ¿a H O M ER A. M IL L E R , Pres. R. L. CHASE, JR., Asst. Cashier. IOWA Officers NEWS AND NOTES Carroll Denio has accepted a position in the Citizens National Bank, Storm Lake, Iowa. He has for the past fifteen months been employed in the Iowa National Bank, Des Moines, Iowa. At a meeting of the directors of the Iowa City State Bank, Iowa City, Iowa, held recently, it was decided to make a complete change in their present building, and undertake a remodeling of which will cost in the neigh borhood of $75,000. Ever since the organization of the Legrand Savings Bank, Legrand, Iowa, five years ago, the controlling in terest has been owned by parties away from home, prin cipally at Des Moines. By a recent transfer of this inter est to Mr. J. W. De Buhr, of Aplington, Iowa, all stock is now owned by local parties, which all agree is a decided step in advance. Clever check “raisers” are expected to operate in Dav enport, Iowa, in the near future, according to a letter of warning received by all the banks of the city, from the Best service. & H. S. B U TL E R , Vice-Pres. C. H. S T E P H E N S O N , Asst. Cashier. A change in the officers of the Iowa Sayings Bank, Marshalltown, Iowa, took place recently, when Wallace Arney, state representative from that county, became president of thl institution, succeeding J. J. McGuire, who helped found the bank in 1908 and became its first presi dent. Mr. Arney and others bought the McGuire interest. J. Pi Cooper, who has been cashier of the bank, becomes vice-president and H. S. Lawrence succeeds Cooper as cashier. Terril, Iowa, is to have a new bank building. It will be a brick structure 25x60 and two stories high. Strictly modern in every way. Clyde Rhoades has assumed his place as cashier of the Glenwood State Bank, Glenwood, Iowa. Mr. Shay will remain for a short time, after which he will retire. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis for rates. W rite H. T. B LA C K B U R N , Cashier. JA M ES F. H A R T , Asst. Cashier. New York offices of the American Bankers’ Association. The officials of the association have been informed through the detective department that operations are soon to commence in that vicinity. A statement issued recently by the Ames Savings Bank, Ames, Iowa, is the first to appear under the new manage ment. The directors and stockholders are surely entitled to congratulate themselves on the showing. An increase in deposits of over $37,000 in two months is surely “going some.” The whole of the interior of the Citizens Trust and Savings Bank, Davenport, Iowa, is being retinted and cleaned and recarpeted. The report of bank clearings for March for 125 cities, issued by R. G. Dun & Co., is full of hope for the busi ness man. A gain of 7.7 per cent over last year is recorded, and the loss from 1910 is only 3.7 per cent. In response to his long and serious illness, C. D. Waterbury, who for over thirty years has presided over the business of the First National Bank, Dayton, Iowa, handed in his resignation recently as cashier, and retired from its management. Assistant Cashier E. E. Cling was selected as Mr. Waterbury’s successor as cashier. One of the prominent officers of the Iowa City State Bank stated, “We propose to build bank rooms that, from the dual standpoint of public convenience and utility for banking purposes shall be first class in every respect.” The Nichols Bank, Atlantic, Iowa, will in a few days install at the bank a new modern vault and system of safety deposit boxes. The bank will be better equipped than ever to take care of the business entrusted to it with the same splendid service that has always characterized it, when the new vault and boxes are installed. Upon assuming the ownership of the City Bank, Paton, Iowa, U. W. Walton and D. A. Paterson, realizing the importance of the best financial backing, at once proceeded to reorganize that institution with the result that the City Bank is now without doubt one of the strongest banks in the county. TH E 42 ‘The NORTHWESTERN BANKER May, 1912. C EDAR RAPIDS NATIONAL BANK C E D AR RAPIDS, IO W A United States Depositary ESTABLISHED As a Private Bank 1877 As a National Bank 1887 35 years of Continuous, Conservative and Successful Banking. O FFIC ER S: R A L P H V A N V E C H T E N , President G EO. B. D O U G L A S , Vice-President M A R T IN N E W C O M E R , / sst. Cashier K E N T C . F E R M A N , - - Cashier A . R. SM OUSE, - - - - Auditor W e invite accounts from Iowa Banks and Bankers. IOWA NEWS AND NOTES Percival, Iowa, is to have a new banking institution, with a capital of $10,000. E. W. Sheldon, head of the well-known firm of implement and grain dealers, is to be the president, and W. E. Scott to be cashier. J. J. Radford has resigned as assistant cashier of the Farmers Savings Bank, Sac City, Iowa, with which in stitution he has been connected since August. As cashier of the First National Bank, Exira, Iowa, A. W. Harvey attended to the examination of the bank by a government bank examiner who put his O. K. on the First National, finding everything in conformity with t'he law. He also attended a directors’ meeting and they freely endorsed the management of the bank. The bankers of the .tri-cities ,meet at the Kimball Hotel,. Davenport, Iowa, where they enjoyed their first social affair. The new building to be erected this summer bv the Farmers and Merchants State Bank, Washington, Iowa, on the site of their present building, will be the finest bank and office building in this part of the state. Bank advertising in all its different phases was dis cussed at the educational meeting of the Ad Club in the Commercial Club rooms, Cedar Rapids, Iowa. To persistent rumors among banking circles that Simon . Casady, treasurer of the Bankers’ Life Company, was to be displaced by W. O. Finkbine, officers of the company entered a denial. Mr. Casady himself emphatically regis tered a protest against the rumor and stamped it false. At the annual meeting of the stockholders of the First State Bank, at Holstein, Iowa, it was decided to increase the capital stock from $25,000 to $50,000. Glenn Gulliver, of Osage, Iowa, the young man who was found guilty by a Mitchell county jury of an attempt to rob the Orchard Bank, has been sentenced to five years in the penitentiary by Judge Kelley. At a recent meeting of the. stockholders of the Gilbert Savings Bank, Gilbert, Iowa, C. W. Siverly, of the Union National Bank of Ames, and W. M. Templeton, of Gil bert, were named as members of the board of directors to https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Reserve Agents for National Banks. succeed the Messrs. Michaelson and Thompson, who had disposed of their stock in that institution. State Bank Examiner Pennal was in Adel, Iowa, re cently. He examined the books of the Adel State Bank and found them in the first-class condition that is usual with the affairs of the local bank. It is now the Farmers State Bank, Dows, Iowa, instead of the Farmers Exchange State Bank, that institution having opened under the new name the first of the month. In response to his long and serious illness, C. D. Waterbury, who for over thirty years has presided over the busi ness of the First National Bank, Dayton, Iowa, handed in his resignation recently, as cashier, and retired from its management. The event, as well as the necessity for the same, is a matter of sincere regret among those who worked in common with him the past three decades to help build up this community. Assistant Cashier F. E. Cling was selected as Mr. Waterbury’s successor as cashier. The First National Bank of Waverly, Iowa, paid to Floyd and Donald George, $5.00 and $3.00 respectively, as special prizes for the best ten ears of corn in the third annual state contest held at Ames recently. Not only has the amount of bank deposits in the four old banks at Atlantic, Iowa, increased at a wonderful pace, but another new bank has been added, and this has a large amount of deposits that otherwise would have been distributed among the older institutions. There is an in crease this year over last year’s deposits of something more than $250,000 in deposits. The stockholders of the Iowa State Savings Bank, Bur lington, Iowa, held their annual meeting recently and of ficers and directors were elected as follows: President, Edward Hagemann ; first vice-president, Louis Blaul; sec ond vice-president, H. S. Rand; cashier, Chas. G. Mauro assistant cashiers, E. F. Kuithan, F. F. Graesser, J. G. Walkschmidt; directors, E. Hagemann, H. S. Rand, H. ¡W. Chittenden, Henry Ritter, C. H. Mohland, Louis Blaul, Wm. Carson, C. E. Perkins. The statement of the Perry Savings Bank, Perry, Iowa, showed a year ago that the deposits were slightly over $205,000. The statement now shows that the deposits have reached over $288,000, or an increase of over $80,000 during the past twelve months. The increase is a matter of congratulation to this institution. TH E May, 1912. NORTHWESTERN OFFICERS 0 CHAS. J. SHULER, President W . H. GEHRMANN, Vice-President BANKER 43 Capital Stock $150,000.00 Surplus 150,000.00 Undivided Profits 46,978.84 Deposits Over $2,000,000.00 F. B. YETTER, Cashier L. G. BEIN, Assistant Cashier. IOWA NEWS AND NOTES We invite your business. was elected president to succeed D. F. Hoover. Frank Sehman was also elected a new member of the board of directors. The Farmers and Merchants Savings Bank, Tipton, Iowa, have the most convenient fireproof vault of any bank in the city. The old Bayard Savings Bank building, Bayard, Iowa, is fast being converted into a garage to be occupied by In Wright county district court the Belmond Savings M. M. Bower. Bank, Belmond, Iowa, was given judgment against A. B. There is talk of organizing another'bank in Marshall Thompson for $3,452.49. town, Iowa, and if the plans materialize it is said the bank Leo E. Stevens, formerly cashier of the Ottumwa Na will be opened for business in the near future. tional Bank, now president of the Century Savings Bank, The work of enlarging the interior and redecorating Des Moines, Iowa, sees nothing dark in the business out the Citizens National Bank, Storm Lake, Iowa, is now look for the year. completed. The bank finds that with its ever increasing H. P. Chrisman, cashier of the Farmers State Bank of patronage it must also increase its working rooms. Promise City, Iowa, was in Corydon recently transacting Lome F. Parker, of Cherokee, Iowa, has recently closed business. a deal for the control of the Newell State Bank, Newell, The building recently erected at West Liberty, Iowa, Iowa. will be the temporary home of the Iowa State Bank and GiasJ Hinz began work in the National Bank, Prim- Trust Co., where they will carry on their regular bank ghar, Iowa, recently. He is honest, industrious and care ing business while their old building is being torn down ful and should make a model bookkeeper. and the new one erected. President Stephen Briggs, of the First National Bank, The Morrison Bank has more trouble; new claims of Cedar Rapids, Iowa, celebrated his eighty-third birthday $14,000 for deposits not listed have been presented. Dis recently, surrounded by fifty of his old friends, who honest cashier the cause. wished him many happy returns of the day. A new savings bank at Percival, Iowa, with a paid up Work was commenced recently on the Northwest Dav capital of $10,000, will be perfected as soon as the neces enport Savings Bank, Davenport, Iowa. The building sary papers can be procured. will be 54x30 feet in dimensions and will be constructed The Citizens National Bank, Des Moines, Iowa, re of pressed brick, with stone trimmings and pillar front. E. P. Wingert, cashier of the Bennett Savings Bank, cently celebrated the fortieth anniversary of its career. Bennett, Iowa, was a business visitor at the Iowa Na Its charter has already been renewed, and the institution will start on a new lap of its race under its present char tional Bank, Davenport, Iowa. ter regulations. O. J. Powell, Elliott, Iowa, president of the First Na Clinton, Iowa, was selected as the place for the meeting tional Bank, was in Council Bluffs recently on business of Group 8 of the Iowa State Bankers Association. matters. George E. Grier, one of Iowa City’s welcome newcom J. C. Arnold, the popular cashier of the Pisgah Sav'jngs Bank, Pisgah, Iowa, was elected mayor by a large ers, has been recently elected cashier of the Citizens Sav majority. ings and Trust Co. George M'alone has recently accepted a position as cash J. T. Turner, the pioneer banker of Iowa City, Iowa, is improving nicely, after an illness, following a sudden at ier in a bank at Conway, Iowa. tack sometime ago. B. B. Richards, banker and capitalist, and for years At the annual meeting of the directors of the Citizens prominently identified with the commercial activities of Savings Bank, Dallas Center, Iowa, G. W. Hammond the city, passed away at his 'home, Dubuque, Iowa. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis TH E 44 ------------- NORTHWESTERN T H E --------------- M ERCH ANTS National Bank OF C E D A R R A P ID S STATEMENT OF CONDITION, FEB. 20, 1912 RESOURCES L oan s and D i s c o u n t s ... ..............................$3,255,980.38 O verd rafts .....................................................•. 91.90 U nited S ta te s Bonds and O th er B o n d s .. . 400,322.36 Prem ium on B o n d s......................................... NONE R eal E state, F u rn itu re and F ix tu r e s . . . NONE Cash on Hand, Due from B a n k s and U. S. T r e a s u r e r ........................................ 2,415,646.08 $6,072,040.72 L IA B IL IT IE S C ap ital S to c k .....................................................$ 200,000.00 Surplus ................................... 200,000.00 U ndivided Profits, n e t .................................. 27,329.26 R eserved fo r T axes, U nearned D iscount, 40,000.00 E tc ................... C irculation ............... 200,000.00 D eposits ............................................................. 5,404,711.46 $6,072,040.72 U N IT E D S T A T E S D E P O S IT A R Y = = = = = OFFICERS JOHN T. HAMILTON, President P. C. FRICK, Vice-President JAMES E. HAMILTON, Vice-President EDWIN H. FURROW, Cashier H. N. BOYSON, Ass’t Cashier OY C. FOLSOM, Ass’t Cashier MARK J. MYERS, Ass’t Cashier IOWA NEWS AND NOTES An effort is being- made to start a Farmers National Bank in Iowa Falls, Iowa. A committee canvassed a num ber of business men recently and five signed to take $5,000 stock each in the new enterprise. At a meeting of the directorate of the Parnell Savings Bank, Parnell, Iowa, Mr. Charles Moore was promoted to the position of cashier, made vacant by the death of F. V. Mullin. Edgewood,- Iowa* is to have a new bank to be known as the Farmers Savings Bank of Edgewood, and will be capitalized at $15,000. L. S. Fisher will be president; Anton Funk, vice-president, and H. W. Putz, cashier. The new Farmers and Merchants State Savings Bank of Manchester, Iowa, opened for business recently. The https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis B 'A lN K E R May, 1912 officers of the new institution are as follows: B. Clark, president; J. F. Graham, vice-president; F. E. Dutton, cashier; W. W. Matthews, assistant cashier; James Burbridge, bookkeeper. At a meeting of the board of directors held recently, the Davenport Savings Bank, Davenport, Iowa, declared a semi-annual dividend of 6 per cent. The Arthur Savings Bank, Arthur, Iowa, is to have a new bank building. When the Conrad State Bank, Conrad, Iowa, moved in to their remodeled quarters they took possession of one of the finest country banking rooms in Iowa. The large and increasing business of this strong bank demanded a larger room with more equipment, and in view of this fact the officers and directors spared no expense in making the new quarters complete. I. W. Keerl becomes vice-president, and J. F. Pickard, cashier, of the Iowa State Bank, Mason City, Iowa, as the result of a meeting of the directors of that institution held recently. The material for the new bank building at Dorchester, Iowa, is on the ground and work will soon begin. Fred Dirks, of Aurelia, has taken a position in the First National Bank, Sioux Rapids, Iowa, as stenographer. The Peoples National Bank .at Albia, Iowa, weathered successfully a “run” recently. Just what caused it is not fully known. The bank met all the demands promptly and money was sent in from other banks in Albia and neighboring cities and before the day was over much that had been drawn was redeposited. A deposit made in the Farmers & Merchants National Bank, Jefferson, Iowa, recently was unique in the fact that it brought forth some old bills which have been out of circulation for many years. The oldest was of a series forty-eight years ago, and* the newest bill in the bunch was twenty-two years old. The sum put in was $1,000, of which four bills were of $50 denomination, and the bal ance in twenties. The ^taf^Bank of Tabor, Iowa, which recently com pleted remodeling its bank! building, now has one of the best bank buildings in., southwest Iowa, a credit to the town and the many patrons of the institution. The bank is also a booster for the town and yicinity. Julius Hector and Chris Rossrhan sold their entire in terests in the Exchange State Bank of Walnut, Iowa, and have retired from services in the bank. Milo B. Westervelt, cashier of the Farmers and* Mer chants Bank of Churdan, Iowa, for the past twelve years, died recently at his home in Churdan, Iowa. Joe Cook, formerly of Hinton, Iowa, has recently taken a position in the Le Mars Savings Bank, Le Mars, Iowa. The growth of any community is reflected in its bank ing institutions. Where you see a number of banks in a city, with handsome bank buildings, beautiful bank fixr tures and a busy force of employes, you can rest assured that the business interests and people of that city are pros perous and happy. In this respect, Atlantic, Iowa, is one of the foremost cities in Iowa. Representatives of the Peoria Stone & Marble Com pany, of Peoria, 111., have men on the interior finishing work of the new Citizens Savings Bank building, Cedar Falls, Iowa. TH E May, 1912, NORTHWESTERN BANKER 45 Davenport Savings Bank D AVEN PO R T, IOW A Officers JOHN F. D O W , President A U G . E. STEFFEN, V ice-President H E N R Y C. ST R U C K , Cashier O T T O HILL and A L . B R U N IN G , T ellers $ Capital U ndivided P rofits 3 0 0 ,0 0 0 .0 0 - 3 2 0 ,0 0 0 .0 0 3 .9 4 5 ,0 0 0 .0 0 D ep osits D IR E C T O R S :: 4 Per Cent Interest Paid on D e posits: M oney Loaned on Real Estate Security in the State o f Iow a. :: A . BU R D IC K M. D. P E T E R SE N A. STEFFEN TH EO . K R A B B E N H O E F T J. F . D O W W . H. GEHRM ANN W . H. W ILSO N H E N R Y C. ST R U C K JNO. W . G ILCH R IST IOWA NEWS AND NOTES H. S. Beckman has sold his interest in the Grundy County National and the Grundy County Savings, Grun dy Center, Iowa, to E. E. Taylor, of Traer, Iowa. Joe Cook has recently accepted a position in the Le Mars Savings Bank, Le Mars, Iowa, and will enter upon his duties in the near future. Private banks will have to pay at least a 5 per cent greater valuation than state, savings or national banks or loan and trust companies or other moneyed capital, ac cording to a discovery made by N. J. Lee, special counsel in the state department of justice. After a strenuous service of over eleven years, through various financial panics and other difficulties, President Peter Nelson, of the Stockport Savings Bank, Stockport, Iowa, has resigned his position as president and director because of declining health. More vocational schools and more attention to the ag ricultural possibilities of Iowa, instead of so much dis cussion about money matters will feature the addresses and discussions of the Iowa State Bankers Association, which meets in Cedar Rapids, June 5th and 6th. H. W. Putz, for a number of years engaged in the mer cantile business at Colesburg, Iowa, and well known in Dyersville, Iowa, has recently accepted the position of cashier of the bank organized recently at EdgewQod, Iowa. The State Bank of Rock Valley, Iowa, increased its capital stock from $125,000 to $135,000. The German-American Savings Bank of Lamotte, Iowa, increased its capital stock from $10,000 to $20,000. Mr. E. L. Lundquist, of Carroll, Neb., has recently been elected cashier of the First National Bank of Mar cus, Iowa. One big Chicago bank, employing about 100 women stenographers and typewriters, will furnish work to no married women. The new Citizens Savings Bank, Cedar Falls, Iowa, is expected to be finished and ready for occupancy by the first of May. Hayesville, Iowa, is to have a new banking institution and the name of the corporation shall be Hayesville Sav ings Bank, with a capital stock of $10,000. V. A. Combs has resigned his position as assistant cashier of the Iowa Savings Bank, Estherville, Iowa. B. M.| Power, of Milton, Iowa, has been tendered a po sition in the Bank of Santa Monica, Cal. A. O. Clave, assistant cashier in the Farmers Savings Bank, Ottosen, Iowa, has announced his candidacy for county treasurer. Miss Lottie Bateman has accepted a position in the Ames Savings Bank, Ames, Iowa, filling the vacancy made by the resignation of Miss Leola Talbott. BANK FIXTURES FOR SOLE T h e Davenport Savings Bank of Davenport, Iowa, having bought a bank building with fixtures now offer for sale their present fix tures as shown in this cut at a very low price. Banks looking for a real bargain please address DAVENPORT SAVINGS BANK I k 1 .^ https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis TH E 46 NORTHWESTERN BANKER May, 1912. THE GERMAN S A V I N G S BANK of Davenport, Iowa G W ith adequate equipm ent and exceptional facilities fo r handling business in every depart ment o f Banking, T h e German Savings Bank is in a position to give its patrons the best serv ice. G i f y o u contemplate m aking a change in y o u r banking conn ections, or think o f op e n ing a n ew account, w e w ou ld be pleased to co n fe r w ith y o u in person o r b y letter. Capital S tock $600,000.00 Surplus 450,000.00 U ndivided Profits 305,000.00 Commercial Accounts Savings Deposits ... O F F I C E R S ... CHAS. N. VOSS. Prêt. H. 0. SEIFFERT, Vice-Pres. DAVID H. McKEE. Vice-Pres. ED. KAUFMANN. Csshier. F. C. KROEGER, Ass't Cashier Pickard, of Toluca, 111., and Mr. Pickard was elected cashier of the institution, succeeding I. W. Keerl, who was made vice-president. Earl McLaughlin has recently taken a position in the bank of Schaller, Iowa, as assistant cashier. The Citizens Savings Bank, Letts,Towa, has placed new The Merchants Exchange Bank, Hamburg, Iowa, is fireproof iron shutters on their building. undergoing some interior improvements from the artist’s C. L. Buckley has resigned as cashier of the Prairie- brush. burg Bank and John Dolan, Jr., will take his place. John Ver Steeg, of the Farmers Saving Bank of BoyAt the annual meeting of the stockholders of the First den, Iowa, has resigned his position and has accepted a State Bank, Holstein, Iowa, held recently, it was decided position at the Sheldon Savings Bank. Mr. Ver Steeg to increase the capital stock of the institution from $25,000 comes to the Farmers Savings Bank very highly recom mended, as he has had several years of experience in the. to $50,000. banking business. This tribute to Iowa was paid, recently by J. H. Mc In the promotion to the cashiership of Mr. Moore, Mr. Cord, cashier of the Citizens National Bank, Spencer, Carville was advanced to the position of assistant cashier Iowa, who, delivering an address on “ Business Man and the Farmer,” fixed the attention of his audience on the of the Parnell Savings Bank, Parnell, Iowa. He is pains fact that the business man of Iowa has had his share in taking in his work, absolutely reliable and never lacks the bringing about the tremendous prosperity which has come confidence of the public. to the whole state and which has found expression em The Savings Bank of Afton, Iowa, and the First Bank phatically in the handsome increase in farm values, among of Thayer are going to give cash prizes to the man or boy other evidence of progress. who shows the best sample of tested corn. On account of the unexpected volume of business, Mr. With elegant simplicity, but as example of eminent E. D. Bower has severed his connection with the City Bank, Paton, Iowa, by selling all interest to Mr. D. A. practicability which tends to give it an air of business, the Commercial Savings Bank, Cedar Rapids, Iowa, is now Paterson. opened for business in its new quarters. The Villisca National Bank, Villisca, Iowa, recently Mr. W. M. Greeley, the Ames banker, makes birthday reached a red letter day in its existence when its deposits present of $1,000 to the new auditorium proposition. The reached nearly $300,000. This is the highest the deposits have ever been in the history of the bank and is an indica new building is to be named for him. tion of the steady growth of the bank and of-course is The Citizens National Bank of Des Moines, Iowa, has very gratifying to the officials and friends of the bank. its corporate existence extended until March 22, 1932. Cedrick Hoskins has recently resigned his position in The peoples National Bank of Waukon, Iowa, has been the First National Bank, Sioux City, Iowa. organized. Capital stock, $50,000. These interested are The stock of W. F. Smith, of the Iowa State Bank, as follows: P. E. O’Donnell, J. W. Cain, E. Teeling, D. Mason City, Iowa, has recently been purchased by J. F. J. Murphy and others. W E IN V IT E Y o u r correspondence, w ith a v ie w to the establishment of closer business relations. W e offer: Strength, Security and service. FIRST N A T I O N A L B A N K DA^ $ £ RT L . J Y A G G Y , C a s h ie r A . F. D A W S O N . P res. THE FIRST NATIONAL BANK IN OPERATION IN THE UNITED STATES https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis C. A. Mast, Public Accountant and Auditor Banks a n d C o r p o r a tio n s A u d ite d B A N K S IN D A V E N P O R T Davenport, Iowa. May, 1912. TH E NORTHWESTERN BANKER 47 T H E F IR S T N A T IO N A L B A N K W aterloo, Iow a U N IT E D S T A T E S D E P O S IT O R Y C a p it a l S u r p lu s and Profits $400,000 O F F IC E R S F. J. EIGHM EY, President A . M. PLA C E , Vice-President JAMES B L A C K , V ice-President F. P. H U R ST , A ss’ t Cashier H. M. C O W L E S , Cashier V. J. R E C H T F E R T IG , Ass’t Cashier H. H. C O R D E R , A ss’t Cashier Exceptional Facilities for Handling Accounts of Country Banks IOWA NEWS AND NOTES The Live Stock Exchange National Bank, Chicago, 111., has been approved as reserve agent for the First National Bank, Iowa City, Iowa. The Fourth National Bank, New York, has been ap proved as reserve agent; for the National Bank of Com merce, Sioux City, Iowa. The' Iowa National Bank, Des Moines, Iowa, has been approved as reserve agent for the Peoples National Bank, Perry, Iowa. The Corn Exchange National Bank, Omaha, Neb., has been approved as reserve agent for the First National Bank, Creston, Iowa. The Union National Bank and the Union Savings Bank, Ames, Iowa, under the new management, has re cently issued a neat folder which is being sent to its pa trons and to other banks and financial institutions, show ing the standing of the bank. Based on the auditor’s call, the bank has $619,935.09 of deposits, with total resources of $814,750.90. The Citizens Bank of Kelley, Iowa, continues to grow, as its statement, published recently, shows. With depos its exceeding $28,000, places the bank in the class of Story county’s substantial banking institutions. Mr. H. O. Sandness is proving himself a thoroughly capable man ager, and he enjoys the confidence of the citizens of Kel ley and surrounding territory. The annual stockholders’ meeting of the Farmers and Merchants Savings Bank, Mt. Pleasant, Iowa, was held recently. All the old board of directors were elected for the coming year. The cashier’s report showed a substan tial increase for the year; deposits at this time being $228,000, an increase of $37,000 over last year’s figures. The bank has grown steadily since its organization less than four years ago. At the annual bank meeting of the Tingley State Sav ings Bank, held recently, the only change made in the officers and directors was the addition of Chas. Hass, of Chariton, to the board of directors. Forty years ago O. P. Wright, Jarius E. Neal and thirty-six other stockholders received the charter from the federal government for the organization of the Mar https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis ion County National Bank, Knoxville, Iowa. The bank began business with a capital stock of $50,000 and it has increased to $60,000, while the Surplus and profits bring the virtual capital of the bank up to $100,000. Since the organization the bank has paid in dividends to its stock holders, $315,300. A change in the Underwood Savings Bank, Under wood, Iowa, became effective recently, when James S'haff, who has been cashier of that institution for the past seven years, resigned his position, being succeeded by Lewis Shields. W. J. Kreglow, president of the Bank of Remsen, Iowa, has decided to retire from business and has turned all of his holdings and stock over to Will J. Kass, cashier of the First National Bank of that city. Philip Planalp has recently begun work in the Security Bank, Storm Lake, Iowa. The Dubuque National Bank, Dubuque, Iowa, is ap proved as reserve agent for the First National Bank, Lime Spring, Iowa. BANK CLERKS TO ORGANIZE B A L L TEAM. The bank clerks of the Des Moines Clearing House Association met at the clearing house recently, for the purpose of organizing a team for the Commercial league. The meeting was attended by about thirty-five clerks of the different banks, all of whom are candi dates for the team. From.the interest shown and with the support of the clearing house association there seems to be no doubt but that the bankers will place a first-class team in the Commercial league. / — ......... .. .......... ..................... ;— \ The Foundation of Our Reputation The American Bank Reporter Stands Unexcelled! ‘ TH E BLUE BOOK BANK DIRECTORY” March, 1912, Edition Now Ready Price $4.00 a Copy STEURER PUBLISHING CO5-7 Beekman St., New York City _______________________________________________ / TH E 48 NORTHWESTERN Correspondence invit ed with a view to bus iness relations with the banks of Western Iowa Nebraska, Colorado, Wyoming, South Dakota and the Northwest : : NEBRASKA NEWS AND NOTES A new bank has been organized at North Loup, Neb., and E. I. Andrews has been elected to the presidency of the same. The other officers of the institution are W. H. Schultz, vice-president, and C. O. Earnest, cashier. The capital of the new bank is $20,000. The new bank will be known as the North Loup State Bank. The Elba State Bank, Elba, Neb., under the manage ment of F. A. Skow, is doing more business that was ever done by anyone in charge of it before. Samuel Cotner, pioneer banker and real estate dealer, founder of Cotner University and a resident of Omaha, Neb., for many years, dropped dead at the home of his sister, Mrs. Mary Barnett. . Fred Cuscaden, formerly of the Ericson State Bank, is now in charge of the bonding department of the Burns Brinker & Co., Omaha, Neh. H. C. Karpf has resigned his position in the First Na tional Bank, Mitchell, Neb., in order that he may get out more in the open air. Frank A. Petersen, ex-county treasurer of Madison county, has purchased Ed O’Shea’s interest in the First National Bank, Madison, Neb., and has assumed the re sponsibilities of vice-president of that prosperous banking institution. The Oak Creek Valley Bank of Valparaiso, Neb., has brought suit in district court against Thomas Hennessey, asking judgment for $1,433.69 on three promissory notes. Nebraska State Bank, Lincoln, Neb., amendment in creasing capital stock to $100,000. Hereafter the banks of Lancaster county, Lincoln, Neb., will pay interest at the rate of 2^ per cent per annum on all county funds which may be deposited with them. Mr. T. B. Garrison, Jr., will take active management of the Commercial National Bank, Kearney, Neb. His con nection with that bank is construed as a great asset inas much as he is a business man of unquestionable princi ples and policies. Quite an important change took place in the business affairs of the Henry State Bank, Henry, Neb., recently https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis BANKER May, 1912. C ap ital, S u rp lu s a n d P ro fits $ 1 , 400 , 351.00 Reserve Depository for National Banks when T. F. Jordan, the president of the bank, and his son, A. N. Jordan, sold their entire holdings, which constituted the majority of the stock in the concern to John Boatsman, of Morrill and B. E. Timbers.^ Mr. Boatsman has been vice-president of the bank since* its organization two and one-half years ago and Mr. Timbers has been its cashier for about a year. Mr. B. Stephenson returned recently from Lincoln, Neb., where he had been in the interest of the bank soon to be started at Wayne, Neb. Wilber Vance has accepted a position in the First Na tional Bank of Gresham, Neb., as bookkeeper and ste nographer. Harry C. Nicholson has accepted the appointment of national bank examiner for Nebraska and his bond has been prepared. The remodeling of the Nebraska National Bank rooms, Omaha, Neb., is done and presents an attractive and spa cious interior, finished in solid woods, steel and tiling. W. Luse, of Greeley, has secured the contract for build ing the addition and remodeling the Ericson State Bank, Ericson, Neb. O. S. Jeffry has sold his stock in the First National Bank at Benedict, Neb., to D. W. Baker, and Mr. Baker has been made one of the directors of the bank. F. C. Hannaford, of Grand Island, Neb., who has been engaged in the banking there,- has been appointed by Governor Aldrich as a state bank examiner. He suc ceeds H. C. Nicholson, of Omaha, who resigned recently to take a position as special examiner of national banks, under the comptroller of the currency. The German National Bank, Johnson, Neb., installed a new Manganese steel, fire and burglar proof safe re cently. ' It is a beauty and equipped with the very latest in time lock combinations that look as if only an expert could open it, even if he had the combination. F. J. Coates has been elected vice-president of the Citi zens^ State Bank, at Ravenna, Neb., and John Bonson, cashier. The First National Bank building at Friend, Neb., is open for business. J. V. Ainsworth has decided to locate in Exeter, Neb., where he will open the third bank in that place in a short time. May, 1912. THE TH E NORTHWESTERN BANKER 49 OMAHA NATIONAL BANK OF OMAHA, NEBRASKA STATEMENT APRIL 18, R ESO U R CES. 1912 L o a n s a n d D i s c o u n t s .........................................$ 8, 050,763.61 916.19 O v e r d r a fts ........................................................... U. S. B o n d s, f o r C ir c u la t io n ............. ............... 1. 010, 000.00 377,461.01 S to c k s a n d B o n d s ................................................. 600,000.00 B a n k in g H o u s e a n d V a u l t s ..................B S E U. S. B o n d s f o r D e p o s i t s . . . . ? 412,000.00 D u e fr o m B a n k s an d A p BE! p r o v e d R e s e r v e A g e n t s . . . . 2,944,740.81 C ash on H a n d ............................. 1,7r ! ’ nnnnn k D u e fr o m U. S. T r e a s u r e r .. . . 50,000.00 o . 160,298.95 $15!199,439.76 O F F IC E R S . J. H. M I L L A R D P r e s id e n t WM. W A LLA CE V ic e -P r e s id e n t W . H. B U C H O L Z V ic e -P r e s id e n t W A R D M. B U R G E S S V ic e -P r e s id e n t J A M E S T . W A C H O B , M gr., J. D e F . R I C H A R D S C a s h ie r F R A N K BOYD A s s is t a n t C a s h ie r B. A . W I L C O X A s s is t a n t C a s h ie r E Z R A M IL L A R D A s s is t a n t C a s h ie r D e p t. N e w B u s in e s s L IA B IL IT IE S . C a p ita l ........................................................................ 5 4 000, 000.00 500,000.00 S u rp lu s ....................................................................... 167,579.86 U n d iv id e d P r o fits ................................................. 000, 000.00 C ir c u la tio n .............................................................. 531,859.90 D e p o s its ..................................................................... N ew L ocation 17th a n d F a rn a m S ts. sTF NEBRASKA NEWS AND NOTES The contractors are pushing very rapidly the work on the Citizens State Bank building, Chadron, Neb. The stone trimmings on the building will be of fine quality of Bedford, Ind., cut stone. Joshua Cox, president of the German-American Bank of York, Neb., and connected with the Farmers State Bank of Bradshaw, is a candidate for the nomination for state senator. Mr. Frank L. Vlach, assistant cashier of the Leigh State Bank, Leigh, Neb., was united in marriage to Miss Mary Ruzicka, at the home' of the bride, at Clarkson, Neb. At a meeting of the stockholders of the Silver Creek State Bank, Silver Creek, Neb., held recently, all of the directors were reelected and they in turn reelected the old officers. Three thousand dollars was added to the bank’s surplus, giving it a working capital of $30,000, all of which is good news. Thomas Scott, who recently retired from the office of county superintendent, has purchased an interest in the State Bank at Maywood, Neb., and will take charge soon. L. M. Mielenz, recently of the City National Bank of Lincoln, Neb., whose home was at Wahoo, has accepted a position in the Central National Bank, Kearney, Neb., as assistant cashier and resumed his duties. Fred Sudman, president of the First National Bank of Chappell, Neb., died recently after an illness of one week. The Callaway State Bank, Callaway, Neb., was consol idated with the First National Bank. The business moved to the First National Bank building at once.. The new home of the Bank of Pickrell, Neb., will be ready for occupancy in the near future. Aleda Weeks has accepted a position in the Bank of Dakota County, Dakota City, Neb., as bookkeeper. The National Bank of Pawnee City, Neb., which owns its banking building, is making extensive improvements in the building by which the second floor is all being made over into business offices. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis One of the new state banks of Nebraska is the Stockmans Bank; of Seneca, Neb. This bank has a capital of $25,000 and its officers are Peter Knudsen, president; J. W. Stutts, vice-president.; J. W. Mann, cashier. Another of the new state banks is that of the Nebraska State Bank of Verdigris, which commences business with a capital stock of $25,000. J. H. Penner, who has been engaged in the banking business in Beatrice, Neb., for over twenty years, has sev ered his connection with the Union State Bank, Lincoln, Neb., of which he was cashier. He is succeeded by C. L. Bonham. The officers of the bank now are: J. A. Bar nard, who was reelected president; P. J. Zimmerman, who becomes vice-president and director in place of F. L. Pothas.t, and C. L. Bonham, who is the new cashier. A. T. Shellenbarger has sold his interest in the Ra venna State Bank, Ravenna, Neb., to Colonel Bonson, of Pleasanton. Joe Saunders, an old-time resident of Beatrice, Neb., and later engaged in the banking business at Reynolds, Neb., died of pneumonia, aged 78. The fixtures of the State Bank at Wakefield, Neb., have arrived and will be installed at once. The bank will be open for business in a short time. • The Commercial Bank of Gibbon, Neb., moved its new banking quarters recently. Kept B y a Former Banker Hotel Cumberland NEW YORK S . W . Cor. B roadw ay at 54th St. Near 50th St. Subway Station and 53d St. Elevated ID E A L L O C A T I O N Near Theaters, Shops and Central Park N ew , Modern and Absolute ly Fireproof Most Attractive Hotel in N ew Y ork. AH outside rooms. N o carpets— all Oriental rugs. Transient rates, $2.5 0 with bath, and up. Ten Minutes Walk to 20 Theaters Send for Booklet H . P . Stimson, formerly President American National Bank, Kansas City; lately with Hotel Imperial HEADQUARTERS FOR BANKERS 5o TH E NORTHWESTERN NEBRASKA NEWS AND NOTES BANKER May, 1912. _Frank McGrew has disposed of his banking inter ests at Callaway, Neb. The Corn Exchange National Bank, Omaha, Neb., has been approved as reserve agent for the Central National Bank, Kearney, Neb., and the First National, of Morrill, Neb. Harry E. Lewis, formerly with the City National Bank, Omaha, Neb., has bought out the interest of F. T. Parker Hanover National Bank, New York, has been ap in the Farmers State Bank of Florence, Neb., and will be proved as reserve agent for the Corn Exchange Na come its cashier. W. R. Wall will remain as president. tional Bank, Omaha, Neb. Roscoe Lunger and Birnie Henline, both young men well known in local banking circles, have purchased a The corporate existence of the First National Bank, share of the stock in the Commercial Bank of Gibbon, of Fremont, Neb., has been reextended until March 16, 1932. Neb. The First National Bank, Falls City, Neb., is starting The City National Bank, Lincoln, Neb., has been the spring season with the proper spirit for improvement.. approved as reserve agent for the Commercial Na It has bought new office furniture and counters and will tional Bank, Fremont, Neb. spend about $1,000 in giving the main portion of its of The United States National Bank, Denver, Colo., fice a brighter appearance. has been approved as reserve agent for the First Na On account of the fact that public funds in state banks tional Bank, Trenton, Neb. are now sharing in the protection of the bank guaranty The statement of the Frenchman Valley Bank, Pali law, which provides that no other security need be given by banks having such funds on hand, the state board of sade, Neb., which appears for the first time since the educational lands and funds has officially released all state new management assumed charge of the local financial banks that are depositories. National banks not being institution, shows the bank to be in most excellent under the guaranty act must give bond to the state as shape. Deposits of $131,854.71 will doubtless compare very favorably with other like institutions in that part before. of the state. The First State Bank, Sterling, Neb., has recently put in gas fixtures and hereafter will be able to have plenty The Bankers Mortgage Loan Company, with an au of light on the subject. thorized capital of $2,000,000, has been organized re T. J. Mahoney, of Omaha, was elected a director of the cently and incorporated at Omaha, Neb. Packers National Bank, Omaha, Neb., at a meeting of the Two'new banks have been authorized to commence board of directors held recently. business in Nebraska. One is the Security State Bank, It is understood that a bank will be started at Nacora, of Wakefield, with a capital stock of $25,000. Follow ing are the directors: D. C. Learner, Eph Anderson, Neb., soon. P. J. Samuelson, J. K. Johnson, A. E. Childs, J. A. SeaBradshaw, Neb., is to have a new bank, the name of gren, Charles S. Beebe, all of Wakefield. The other which is the Farmers State Bank, with a capital of one is the Wayne County State Bank of Sholes, Neb., $25,000. with a capital stock of $25,000. Following are the di The new fixtures for the Dixon County Bank, Ponca, rectors : William R. Root, B. Stevenson, A. E. Mc Neb., have arrived and are being placed in position. Dowell,. W. Gramkau and Henry Tietgen, all of ■ Rudolph Erey, director of the Guide Rock State Sholes. Bank, Guide Rock, Neb., died at his home, north of E. R. Eisenhart is the new assistant cashier of the Guide Rock. Citizens National Bank, McCook, Neb. He has been Mr. J. D. Rising, who held the position of chief clerk elected a director of the bank also. of the Southwest National Bank, Kansas City, Neb., Miss Ruby Weyeneth will help with the work in the has resigned. Marion State Bank, Marion, Neb. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis TH E May, 1912. NORTHWESTERN BANKER SECURITY NATIONAL BANK MINNEAPOLIS CAPITAL AND SURPLUS SS,000,000. MINNESOTA NEWS AND NOTES An important change was made in the active man agement of the State Bank of New Ulm, Minn., re cently when Major John Buschers, who was elected vice-president *of the bank at its last annual meeting, succeeded Fr. Aufderheide as president, the latter hav ing resigned some time ago. Cashier Fred Pfaender retains his position, as do also the assistant cashiers, Ed A. Stoll and Peter Kitzberger. Harold Johnson is again filling his position as as sistant cashier at the Clearwater County State Bank, Bagley, Minn. L. S'. Sersen, who has been cashier of the Browerville State Bank, Browerville, Minn., for the past three years resigned. The farmers of Pemberton, Minn., are talking of organizing a farmers’ bank and building a new building. C. E. Landin resigned his position as cashier of the Sherdurn National Bank, Sherdurn, Minn., and began his duties as secretary for the Southern Minnesota Investment and Loan Association. Chas. L. Jack has been appointed as the cashier in the State Bank of Hinckley, Minn. He has had sev eral years of banking experience and will devote his entire time to the bank. George C. Powers, president of the Second National Bank, St. Paul, Minn., said: “ Business conditions in St. Paul are good. The banks generally have larger deposits than last year and the country banks are in better shape this year and are not doing so much borrowing.” At a meeting recently held by the clerks from all the banks in Moorhead and Fargo, Minn., a local chapter of the American Institute of Banking was organized and officers elected. The organization is affiliated with the American Bankers Association and its object is to promote the banking education of its members. A regular' course of study in banking is https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 51 OFFICERS F. A . C H A M B E R L A IN , President F. G . W IN S T O N , V-Pres. P E R R Y H A R R ISO N , V-Pres. E. F. M E A R K L E , - V-Pres. J. S. PO M ER O Y, Cashier F R E D SP A F F O R D , - Asst. Cash. G E O R G E L A W T H E R , Asst. Cash. S T A N L E Y H. B EZO IER , Asst. Cash. W . A. M EACHAM , Asst. Cash taken up and lectures are delivered by specialists in the various departments of the business. At the annual meeting of the board of directors of the Camden Park State Bank, Minneapolis, Minn., held recently, Mr. Ervin R. Frissell, president of the Nichols-Frissell Company, was admitted to the direc torate and all of the old officers and directors re elected. C. P. Russell, merchant, grain dealer and banker of Eyota, Minn., died recently at his home, at Eyota, age 75 years. Articles of incorporation have been filed for the Se curity State Bank of Lake City, M inn.capital, $25,000; incorporators, F. S. Hartshorn and C. J. Hart shorn, Clarion, Iowa; D. L. Mills, John A. Wright, Porter Bock, Lake City. The St. Paul, Minnesota, Clearing House Associa tion met recently with Mayor Keller, city officials and four members of the charter commission and ac cepted the proposed amendment to the charter spread ing improvement assessments over a period of five years and providing a plan for financing special as sessment bonds payable out of the assessment fund. Every bank in St. Paul save one was represented at the meeting. Word reached Minneapolis banks recently that the state of South Dakota had sold to financial institutions in that state $500,000 worth of one-year warrants. The warrants are issued in anticipation of taxes at 4j/4 per cent. According to Minneapolis bankets the rate is the best evidence of the excellence of South Dakota’s financial standing. It is considered about the lowest rate of interest for the shortest space of time that could be negotiated. It is reported- that the State Bank of Murdock, Minn., will increase its capital stock from $25,000 to $40,000 in the near future. This would make this bank the second strongest bank in Swift county. Carter Stedman, who has been assistant cashier of the First‘State Bank at Pequot, Minn., for about two years past, has resigned his position to take effect soon. George Johnson, of Warren, Minn., has accepted a position in the First National Bank of that place. 52 TH E Capital, Surplus and Und. Profits NORTHWESTERN BANKER May, 1912. F IR S T N A T IO N A L B A N K $4,431,000 M I N N E A P O L I S , M IN N . C, W e have facilities fo r handling business prom p t ly , in M innesota, N orth and South D akota, M on tana, and the N orth w est. Deposits $ 21, 000,000 SEND US YOUR C O L L E C T IO N S E STA B LISH E D IN 1864 MINNESOTA NEWS AND NOTES Directors of the Northwestern National and the First National, Minneapolis, Minn., held their quarter ly meeting recently. Both declared a dividend for the first quarter of the year on a basis of 12 per cent per annum. The quarterly meeting of the Security Na>tional was held also and a dividend of 4 per cent for the quarter, or 16 per cent for the year. Chas. V. Lodermeier, of St. Cloud, Minn., accepted a position at the First National Bank, Milaca, Minn., being employed as bookkeeper and stenographer. A certificate of incorporation has been filed with Kelsey S. Chase, superintendent of banks, for a state bank at Dundas, Minn. The new institution is capi talized at $10,000 with $2,000 surplus. The names of R. L. Shandorf, J. G. Schmidt, F. W. Shandorf and Leo F. Shandorf have been submitted as a partial list of the stockholders of -the new institution. Thé Grant County State Bank of Grant County, Minn., cannot hold the North Dakota Land Company responsible for a loan of $2,500 made on a note given by Andy Jones, the Rugby banker, who is serving time in Leavenworth. The bank contended that Jones was authorized to make such loan, but the defendant company held otherwise, and Judge Templeton, of the Grand Forks district court ruled with the land concern and against the bank. Transactions unparalleled in Minneapolis, Minn., history took place recently, when a bond issue aggre gating $1,175,000 was entirely taken care of by two Minneapolis banks and the Wells & Dickey Company, in the face of competition from more, than a dozen big eastern brokerage concerns and banks. A. I. S'olberg, who for the past four years has been cashier at the Citizens State Bank, McIntosh, Minn., has resigned, and John Johnson has taken his place. He has held the position of assistant cashier of the First National Bank, Cass Lake, Minn. Frank A. Carlson, who has been cashier of the First State Bank, Grove City, Minn., since its organization, has resigned. A. A. Miller, of Grove City, has been selected to fill the vacancy and is now in charge. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis . Articles of incorporation of the Citizens State Bank of Duluth, Minn., were filed recently. The capital stock is $25,000 and the incorporators are: H. H. Peyton, B. M. Peyton, E. G. Kreidler, W. B. Getchell, Dr. D. E. Seashore, L. R. Clark and T. F. Wieland. Dr J. O. Werntz, of Mora, Minn., met a large num ber of business men and farmers recently for the pur pose of establishing a bank in Palisade, Minn. Dr. Werntz assured them that a bank was a certainty and would, be established during the coming summer. Wm. H. Lamson retires as cashier of the State Bank of Hinckley, Minn., and Charles L. Jack takes the position. The farmers near Forada, Minn., have about decided to organize a bank at Forada, as there is very great necessity for one. The annual meeting and election of officers of the Robbinsdale State Bank, Robbinsdale, Minn., took place recently and all the old officers were elected. St. Paul bank clerks again carried off honors at the annual contest between the St. Paul and Minneapolis, Minnesota, chapters, American Institute of Banking, which took place recently at the Merchants Hotel. S't. Paul clerks won seven of the ten prizes awarded for various contests along banking lines. Over 200 bank clerks attended and nearly all took part. At the regular meeting of the board of directors of the Farmers & Merchants National Bank, Minneota, Minn., $5,000 were added to the surplus account of the bank, making their surplus now $15,000. This is three times as large as is required by law and $5,000 larger than the surplus of any other bank in the county. J. J. McKenna, assistant cashier of the Ponsford State Bank, Ponsford, Minn., has tendered his resig nation to take effect soon. Excavation for the new Dundas State Bank build ing has begun, Dundas, Minn. The assets of the First National Bank, Northfield, Minn., have reached the million dollar mark, an event worthy of note, as this is the first bank in Rice county to reach this figure. The Continental & Commercial National Bank, Chi cago, 111., has been approved as reserve agent for the First National Bank, Breckenridge, Minn. May, 1912. TH E NORTHWESTERN K E N N E T H C L A R K , Pres. G . H P R IN C E , Vice-Pres. BANKER H . W . P A R K E R , Cashier 53 H. V A N V L E C K , A ss’t. Cashier R- C. L IL L Y , Ass.. Cash. The Merchants National Bank o f S a in t P a u l, M in n e s o ta United States D ep ository Capital, - $1,000,000 Surplus, - $900,000 D IR E C T O R S C h a rle s P. N o y e s L o u is W . H ill V. M. W a t k in s W . B. P a r s o n s G eo. H. P r in c e L. P. O r d w a y C r a w fo r d L iv in g s t o n J. M. H a n n a fo r d F. B. K e l l o g g K e n n e th C la r k T h o m a s A . M a r lo w F. R. B ig lö w J. H. S k in n e r E. T\f. S a u n d ers A m b r o s e G u ite r m a n Correspondence and Personal Interviews Invited r IOWA STILL SEEMS TO BE ALL RIGHT. An increase of $23,000,000 in the deposits of the Iowa banks for a period of ten months, looks mighty good, thank you. Regarding this condition the Capi tal says: “ In the ten months’ period from May 29, 1911, to April 3, 1912, the bank deposits in the state of Iowa were increased by $23,161,578.29. This is without question the greatest bank deposit increase for any ten-month period in the history of Iowa banking and reflects a substantial condition of business affairs in this state which has never before been equaled. . In the brief period from February yth, the date of the last previous call to April 3d? when the present report was. called for the bank deposit increase amounted to $7,746,793.75. “The report was compiled by the state banking de partment and is highly pleasing to State Auditor Bleakly and Chief Clerk Ellis. ‘That is one of the finest reports which this department ever put out,’ said Chief Clerk Ellis this morning. ‘It shows that under Auditor Bleakly’s administration the banks are in elegant condition.’ “ Statement at the close of business April 3> *9I2> as compared with their statements as of February 7, 1912 Assets. Bills receivable— increase ...................... $ 6,829,678.78 Gold coin— increase ................................ 60,483.72 Silver coin-decrease ................. 9>596-26 Legal tender— increase ...................... • •• ° 7>525-79 Credits subject to sight draft— increase. 2,797,537.91 Overdrafts— increase ........... 198,116.98 Real and personal property— increase.. 43,064.81 Total assets— increase ............................ 10,016,811.73 Liabilities. Capitol stock— increase .......................... 7j74^>793-75 Due banks and others— decrease......... . 2° 5>°^2,33 Surplus— increase ............. . • • •-............. 223,077-I4 Undivided profits— increase ............... • • L73L798-I7 Total liabilities— increase ............... . ■ -I 10,016,811.73 Net increase in number of banks since last report ...................................... [ • • • 5 Net increase in number of .banks since May 29, 1911 ............................ ............ 42 Increase in deposits since May 29, 1911. .$23,161,578.29 “Average reserve in all banks, April 3, I9I2> 2I-5 per cent.” https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis OMAHA BANKS GAIN NEARLY $4 ,000,000. The gain made in the deposits of the Omaha Bank for the past year or between the call of March 7, 1911, and that of April 18, 1912, is nearly $4,000,000, indi cating a most healthy condition in the financial insti tutions of Nebraska’s metropolis. The gain is indi cated by the following table: . Deposits. Mch. 7, 1911 Apr. 18, 1912 $12,531,859 Omaha National ................. $12,042,080 First National ..................... 11,457,539’ 11,619,512 United States National . . . . 11,525,748 10,868,399 Union S. Y. Nat. ................ 6,329,539 7,016,008 Merchants National ......... 6,415,961 6,894,801' City National ..................... 2,003,001 2,974,728 Packers National ............... 2,020,164 2,405,892 Nebraska National ........... 1,862,443 1,952,954 Live Stock National ......... 1,043,375 1,834,817 Corn Exchange . ................ 1,262,832 1,581,971 Totals ...............................$55,962,682 $59,680,941 SHADE ENDORSED AT NEW HAMPTON. At the meeting of Group 4 held at New Hampton,' April 25th, Chas. Shade, of Rock Rapids, was endorsed for president of the Iowa Bankers Association. F. A. Scheutz, of Lawler, who served the group as secretary the past year, was elected president and A. J. Carpen ter, cashier First National Bank, of Elkader, was made secretary. Several propositions for the reorganization and re opening of the Henderson State Bank, Sioux Falls, S. D., which was closed some time ago, through inabil ity to realize on loans overdue, have been considered by the officials of the state banking department, hut have resulted unsuccessfully, and unless arrangements can at once be made for the reorganization of the banka receiver will be appointed. A business deal of vital interest was completed re cently, when property known as the Ingalls house was sold to the Northwestern Trust Company, Grand Forks, N. D. The consideration was $60,000. Al though no immediate steps have been taken, the deal will ultimately mean a splendid three-story banking and office structure. TH E 54 NORTHWESTERN BANKER May, 1912. REPRESENTATIVE IOWA BANKS These banks have special facilities for handling collections and any other business entrusted to them A D E L — Adel State Bank. G R IN N E L L — Merchants N at’l Bank. Capital* $50,000. U n d iv id e d P ro fits, $18,000. D e p o s its , $380,000. S. M. L e a ch , P re s., R o b t . L e a c h , C ash. C a p ita l, $100,000. S u rp lu s, $40,000. U n d iv id e d P ro fits, $15,000. D e p o s its , $670,000. S. A. C ra v a th , P res., E. W - C la rk , V ic e -P r e s ., L. F . P a r k e r , 2d V ic e -P r e s ., G eo. H. H a m lin , C ash., W . C S ta at, A s s ’t C ash. A L B IA — Peoples National Bank. C a p ita l, $75,000. S u rp lu s, $7,600. U n d iv id e d P ro fits , $1,500. D e p o s its , $425000. H A R T L E Y — German Savings Bank. B. P. C a stn er, P r e s .; J. S. M o o n ,V i c e C a p ita l, $20,000. S u rp lu s, $5,000. U n P r e s .; E. E . E ld e r , C ash. d iv id e d P ro fits, $5,000. D e p o s its , $260,000. ALG ONA— County Savings Bank. J. T. C onn , P res., W m . T. V o s s , V ic e C a p ita l, $50,000. U n d iv id e d P ro fits, P res., G. E. K n a a c k , C ash., W m . G r e e n $10,000. D e p o s its , $510,000. w a ld t, A sst. Cash. E. J. M u r ta g h , P res., C. B. H u tc h in s, V ic e -P r e s ., C. B. M u r ta g h , C ash., I. E. D o d g e , A s s ’t Cash. H U X L E Y — Farmers Savings Bank. C a p ita l, $10,000. U n d iv id e d P ro fits, ALG O N A— First National Bank. $1,800. D e p o s its , $30,000. C ap ita l, $50,000. S u rp lu s an d U n d i O. J. K a ls e m , P res., J o h n O. S e v e rv id e d P ro fits , $13,000. D e p o s its , $350.eid, V ic e -P r e s ., D a n B. L e w is , Cash. 000. A F T O N — Savings Bank of Afton. C a p ita l, $20,000. S u rp lu s an d U n d i v id e d P ro fits , $2,000. D e p o s its , $90,000. S. H. B la c k w e ll, P re s ., A . B. M cD a n iel, V ic e -P r e s ., W . R. D e L a y , C ash. N E W T O N — First Nat. & Newton Sav. Bk. C a p ita l, $80,000. S u rp lu s, $42,500. D e p o s its , $500,000. W . C. B e r g m a n , P res:, H. B. A llfr e e V ic e -P r e s ., R. L . A r n o ld . C ash. N E W T O N — Citizens State Bank. C a p ita l, $60,000. U n d iv id e d P ro fits, $11,000. D e p o s its , $300,000. Joe H orn, P res., C has. S e e b e r g e r, V ic e -P r e s ., L ee E . B r o w n , C ash. C h r is tin e A r ts , P r e s .; J. C. V i c e -P r e s .; W . A . A r ts , C ash . C H U R D A N — Farmers & Merchants Bk. 000. N E W T O N — Jasper County Savings Bk. C a p ita l, $100,000. S u rp lu s, $20,000. U n d iv id e d P ro fits , $29,845. D e p o s its , $435.000. O. M. G ille tt, P res., J. E . C o o k , V ic e P re s., M. O. F o u ts , Cash. C a p ita l, $100,000. S u rp lu s, $30,000. U n d iv id e d P ro fits, $1,200. D e p o s its , $591,000. J. M. W o o d r o w , P res., F . M. W o o d r o w , V ic e -P r e s ., A. E . H in d o r ff, C ash. C a p ita l, $15,000. S u rp lu s, $15,000. ' U n d iv id e d P ro fits, $2,500. D e p o s its , $140,000. W . R. B lo o m , P res., D. D. R o s s , W m . K a tte r , V ic e -P r e s ., P. M. G rie se m e r, C ash., F . J. W e n c k , A as’ t Cash. A r ts, C a p ita l, $10,000. S u rp lu s, $4,000. U n d iv id e d P ro fits , $3,000. D e p o s its , $125,- IN D E P E N D E N C E — Commer. State Bank. K L E M M E — State Savings Bank. C A RRO LL— German-Americdn Bank. MASON C IT Y — First National Bank. C a p ita l, $250,000. S u rp lu s, $250,000. D e p o s its , $2,300,000. C. H. M cN id er, P res., F . E . K e lle r , V ic e -P r e s .. W . G. C. B a g le y , C ash., C. A . P a r k e r an d R. P. S m ith, A sst. C ash. M. M. H e a d . P re s., R . C. H e a d , V ic e P re s., M. B. W e s t e r v e lt , C ash., B e r n a r d W e s te r v e lt, A s s ’ t Cash .___________________ C H E R O K E E — First National Bank. C a p ita l, $50,000. S u rp lu s, $50,000. U n d iv id e d P ro fits , $25,000. D e p o s its , $800,- M A R S H A L L T O W N — Marshalltown State. N. T. B u r r o u g h s , P re s., W . A . S a n fo r d , V ic e -P r e s ., R . H . S c rib n e r , C ash., C. S u lliv a n , A s s ’ t C ash. C a p ita l, $100,000. S u rp lu s an d P ro fits, $78,000. D e p o s its , $1,150,000. A. F. B a lc h , P res., G. A . T u r n e r , V ic e P re s., P. S. B a lc h , C ash., C. C. T rin e, A s s ’ t C ash. 000. C L A R IO N — Bank of Clarion. C a p ita l, $50,000. G eo. W . Y o u n g , P re s., E . A . A le x a n d e r, C ash., W . H. T r o w b r id g e , A s s ’ t C ash. C a p ita l, $75,000. S u rp lu s, $8,000. D e p o s its , $330,000. W m . O rr, P re s., H . R . S p ry , V ic e P re s., A . F . G a llo w a y , Cash. C a p ita l, $100,000. S u rp lu s a n d P ro fits, $225,000. D ep osits,- $1,533,000. H. M, C a rp e n te r, P res., W m . S tu h ler, V ic e -P r e s ., H. S. R ic h a r d s o n , Cash., F. F . B e c k e r , A s s ’ t Cash. M AR ENG O — First Nat. Bank & Iowa Co. L. & Sav. Bank. C o m b in e d C a p ita l an d S u rp lu s, $96,500. D e p o s its , $550,000. F r a n k C o o k , P res., T h o s. S ta p leton , V ic e -P r e s ., J a m es D e la n e y , V ic e -P r e s ., S. E . R o w la n d . C ash. CO IN — Farmers & Merchants State Bk. C a p ita l, $25,000. S u rp lu s, $1,500. D e p o sits , $69,000. . C has. H a rt, P re s., J. F . W h itm o r e , V ic e -P r e s ., G. F . M itc h e ll, C ash., F . E. R u b e y , A s s ’ t C ash . ___________ C a p ita l, $15,000. U n d iv id e d p rofits, $700. D e p o s its : $98,000. J o h n V a n Z a n d t, P res., S. A. B e n g sto n , V ic e -P r e s ., F. H. G ra v e s, C ash., G. C. C a rlson , A s s ’ t Cash. C a p ita l, $40,000. S u rp lu s, $10,000. U n d iv id e d P ro fits, $1,600. D e p o s its , $190,- M A D R ID — Madrid State Bank. C a p ita l, $25,000. S u rp lu s, $15,000. D e p o sits , $300,000. O sc a r O a k le a f, P res., P e t e r C assel, V ic e -P r e s ., S. B. W illia m s , Cash. ELDORA-^-First National Bank. C a p ita l, $50,000. S u rp lu s an d P ro fits, $60,000. T . W . J. M u rra y , P re s., W . E . R a th b o n e , V ic e -P r o s ., A . W . C ro ssa n , C ash:, O. M. Barne.s, A s s ’ t C ash . U. S. D e p o s ito r y . M U S C A T IN E — Hershey State Bank. G A R N ER — Farmers National Bank. C a p ita l, $25,000. S u rp lu s, $15,000. U n d iv id e d P ro fits , $2,000. D e p o s its , $240,000. C. H. N e lso n , P re s ., I s a a c S w e ig a r d , V ic e -P r e s ., C. R . S w e ig a r d , C ash. GLADBROOK— First National Bank. C a p ita l, $50,000. S u rp lu s, $25,000. U n d iv id e d P ro fits , $19,000. D e p o s its , $325,W illia m M ee, P re s., M. H. Reihder, V ic e -P r e s ., M a rtin M ee, C ash.. F r a n k K e lle y an d E . W . B r a n c h , A s s ’ t C ash. C a p ita l, $50,000. S u rp lu s, $10,000. U n d iv id e d P ro fits, $6,000. D e p o s its , $330,000. M. M. R e y n o ld s , P res., H . L. M oore, V ic e -P r e s ., W a d e S p u rg in , C ash. PANORA— Citizens State Bank. C a p ita l, $25,000. D e p o s its , $115,000. S. C. C u lb e rtso n , P res., M. M. H ea d , V ic e -P r e s ., H . M. C u lb e rts o n , C ash., G. A. G oetzm a n , A s s ’ t Cash. ROCKFO RD— Rockford State Bank C a p ita l $30,000. S u r p lu s $10,000. U n -. d iv id e d P ro fits , $13,500. D e p o s its , $300,000. F. C. J o h n so n , P res., B u r t o n C a rr o tt , V ic e -P r e s ., B. A. W a lla c e , C ash., A . J e n k in s o n , A s s ’t C ash. SIO U X C IT Y — Live Stock National Bk. L o c a te d at S io u x C ity S to c k Y a rd s. C a p ita l, $100,000. S u rp lu s, $75,000. G eo. S. P a r k e r. P res., F. L. E a to n , V ic e -P r e s ., C. D. V a n D y k e , C ash., A. W . S m ith, A s s ’ t Cash. S IG O U R N E Y — Citizens Savings Bank. C a p ita l, $25,000. S u rp lu s, $15,000. D e p o s its , $300,000. D. S n a k e n b e r g , P r e s .; A . O. S c h ip fe r , V ic e -P r e s .; S. W . R ic h a r d s o n , C a sh .; A . C. J a c o b s , A s s t. C asn. M A D R ID — Farmers Savings Bank. D A Y TO N — Farmers State Bank. ° ° j'. A . L in d b e r g , P re s ., C. J. S w a n stro m , V ic e -P r e s ., E . M. L u n d ie n , C ash. PANORA— Guthrie County N at’l Bank. M O N T IC E L L O — The Monticello St. Bk. C L A R IN D A — Clarinda T ru st & Sav. Bk. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis C a p ita l, $75,000. S u rp lu s, $25,000. U n d iv id e d P ro fits, $10,000. D e p o s its , $400,000. J. A. F it c h p a t r ic k , P re s ., W . P . Z w il l in g , V ic e -P r e s ., E . A . F a w c e t t , C ash., G. A . K lo v e , A s s ’t C ash . ; W m . K . F e r g u s o n , P res., E. E. C o n n o r, C ash ier. 000. N E V A D A — First National Bank. C a p ita l, $150,000. D e p o s its , $1,200,000. P. W . F r a n c is , P res., H e n r y J a yn e, V ic e -P r e s ., L. C. D a y , Cash. M ’C A LLSBURG — State Bank. C a p ita l, $25,000. U n d iv id e d P rofits, $5,100. D e p o s its , $100,000. S. O. H e g lu n d , P res., S. H . T w e d t, V ice -P re® ., T h o r O. H e g lu n d , C ash., G. W . P h illip s , A s s ’ t C ash. N E V A D A — Peoples Savings Bank. C a p ita l, $50,000. S u rp lu s, $3,000. D e p o sits , $175,000. •R. A. F ra z ie r , P res., F. S. S m ith, V ic e P re s., D. R . S p iek er, C ash., W. D. C hild , A s s ’ t Cash. S T U A R T — First National Bank. C a p ita l, $25,000. S u rp lu s, $5,000. U n d iv id e d P ro fits, $8,000. D e p o s its , $240,000. J oh n W . F o s te r , P res., J a c o b F. B la c k m an, V ic e -P r e s ., A. C. C u rtis, C ash., J. P. M c L a u g h lin , A s s ’ t Cash. V IC T O R — The Farmers Savings Bank. C a p ita l, $50,000. S u rp lu s, $10,000. D e p o sits , $550,000. L e v i L e w is . P res.. W . E. H a k e m a n , 1st V ice -P re ® ., H. L. M u sse tte r, 2d V ic e -P r e s ., J. B. L a m b e r ts o n , C ash., F lo r e n c e M u sse tte r, A s s ’ t C ash. TO L E D O — To|edo Savings Bank. C a p ita l, $50,000. S u rp lu s, $20,000. D e p o sits , $285,000. W . C. f a l t e r s , P res., C. A. B lo s s o m , V ic e -P r e s /, M. J. K r e z e k , C ash., A. R. R eb ok ,- A s s ’ t Cash. W A S H IN G T O N — Citzens Savings Bank. C a p ita l, $100,000. U n d iv id e d P ro fits , $20,910.01. D e p o s its , $753,176.23. C has. H . K e c k , P r e s .; C. M. V ic e -P r e s .; F . R . S a g e, C ash. K eck, TH E May, 1912. NORTHWESTERN BANKER 5b Representative Iowa Banks (Continued) W A V E R L Y — State Bank. W A S H IN G T O N — Farmers & Merchants C ap ita l, $50,000. S u rp lu s, $50,000. U n d iv id e d P ro fits, $13,000. D e p o sits , $825,000. G. A. G rossm a n , P res., N at P. E llis an d E. J. K a u fm a n , v ic e -P r e s ., G. O. V a n D e r v e e r, C ash., H. E. M o e h lin g , A s s ’ t Cash. State Bank. C a p ita l, $50,000. S u rp lu s, $10,000. U n d iv id e d P r o fits ,' $4,000. D e p o s its , $180 000. S. A . W h ite , P re s .; S am ’ l T h o m p s o n . V i c e -P r e s ." R . L. C o u lte r, C a sh .; W . A . W h ite , A sst. C ash. W A S H IN G T O N — National Bank. C a p ita l, $100,000. S u rp lu s, $100,000 U n d iv id e d P ro fits , $11,533.81. D e p o sits . $050,000. A. H . W a lla c e , P r e s .; W m . A . C o o k , V i c e -P r e s .; W . F . W ils o n , C a sh .; S. H. W h ite , A s s t . C ash. W E B S T E R C IT Y — First National Bank. C a p ita l, $100,000. S u rp lu s, $60,000. W . J. C o v il, P res., E. F. K in g , V ic e P res., W . C. P y le , C ash., E . E . M ason , H O. C u tler. A s s ’ t C asih ers. W IN T H R O P — W inthrop State Bank. C a p ita l. $25,000. S u rp lu s, U n d iv id e d P ro fits, $5,000. $ $15,000. D e p o s its , 210, 000. Gieo. E llio tt , P res., G eo. S p a n g le r, V ic e -P r e s ., E. B r in tn a ll, C ash., H. E. B r in tn a ll, A s s ’ t C ash. W A U K E E — Waukee Savings Bank. H. L. L e o n a r d , P res., R o b t, S te v e n son , V ic e -P r e s ., A. A. L e a c h y , Cash. C a p ita l, $10,000. D e p o s its , $60,000. “Roll ol Honor Banks in Iowa T h e banks listed under this heading h ave “Surplus and Profits” accounts equal to, or exceed in g 50 per ce n t of th eir ca p ital stock. T h ey h a v e sp ecial fa cilitie s for m akin g collection s and m ay be relied upon to g iv e prom pt and ca re fu l attentim i to a ll busin ess received. Correspondence invited. 1 Surplus & Our Special Service Capital BAN K T ow n Profits Breda ......... BREDA SAVINGS .... Burlington . . Cherokee .... Fayette........ Henderson .. Holstein .... NATIONAL STATE .. FIRST NATIONAL . .. STATE BANK............ FARMERS NATIONAL HOLSTEIN SAVINGS Madrid ...... MADRID STATE ...... Marshalltown STATE B A N K ........... 30,000 1 50,000 50,000 40.000 g is o u r b u sin e ss . Ou r s e r v ic e n th is lin e in th is 1 5 ,0 7 8 .7 4 B apnakr in be con t o f th e s ta te is u n e x c e lied . T r y u s an d v in c e d . T h is b a n k s o lic it s th e a c c o u n ts o f b a n k s a n d b a n k e r s and o ffe r s m o s t f a v o r a b le te rm s an d fa c ilit ie s . C h e r o k e e ite m s d ir e c t to th is b a n k . P r o m p t r e tu rn s 8 0 , 000.00 Send — lo w ra tes. 1 7 5 , 000.00 26,0 0 0 2 5 .0 0 0 2 0 , 000.00 W e h a n d le c o lle c t io n s p ro m p t ly an d f a c ilit ie s f o r a n y b u s i 60,000 6 0 , 000.00 T h e s u c c e s s o f th is b a n k is d u e to its c o n t in u o u s m a n a g e 2 5 ,0 0 0 1 7 , 000.00 S end us y o u r c o lle c t io n s f o r p ro m p t a n d c a r e fu l a tte n tio n . 8 0 ,000.00 10 0 ,0 0 0 n ess in b a n k in g lin e. m e n t b y th e sa m e o ffice rs f o r t w e n t y -fiv e y e a r s on c o n s e r v a t iv e , o b lig in g b u s in e s s p rin cip le s . (Continued from page 33) “The bank was thronged with visitors ^from early Saturday morning until late in the evening. These closely inspected the various details of the fine struc ture and showered the officers with their congratula tions and well wishes. “The new bank building stands not only as a monu ment to the enterprise and success of the German Savings Bank, but is also a decided credit to the city of Davenport. “The assets of the bank, over $12,000,000, in cash and securities will be moved from the old building at Second and Main streets to the new building. “ Of the original board of directors, but one member is still living. This is John M. Lyter, residing with his sister, Mrs. A. T. Andreas, at Twelfth and Brady streets. He is 86 years old. “The officers, directors and employes of the German Savings Bank are: “ President, Charles N. Voss; vice-president, H. O. Seiffert; 'vice-president, D. H. McKee; cashier, Ed Kaufmann; assistant cashier, F. C. Kroeger; directors, F. H. Griggs, H. O. 'Seiffert, T. A. Murphy, F. G. ciausen, Ed Kaufman, J. J. Richardson, Henry Braunlich, E. C. Mueller, C. N. Voss.. Employes. “O. B. Schmidt, auditor; O. Rieche, mortgage de partment; J. Brockmann, teller; J. J. Brandt, teller; O. Hamann, bookkeeper; C. Schultz, teller; F. Gruenwald, bookkeeper; O. Lage, mortgage department; F. Johnson, draft clerk; E. Jehring, clerk; A. Hiegel, clerk; H. Mochow, bookkeeper; C. Hansen, clerk; W. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis u u i u i u a i t i , ^ ----------------------y -------------- keeper; R. Johnson, clerk; H. Puck, clerk; F. Kauf man, clerk; H. Boerm, clerk; C. Schleicher, clerk; Miss E. Eversmeyer, stenographer.” NEBRASKA NEWS AND NOTES. Miss Ethel McClean has resigned her position as assistant cashier of a bank at Snyder, Neb. The First National Bank, Hartington, Neb., will do its fall business in a new building, big, beautiful and a credit both to the institution and to the town and county. Major William H. Holly, bookkeeper of the Stam ford Savings Bank, Stamford, Neb., was arrested recently charged with defalcation of between ten and fifteen thousand dollars of the bank’s funds. Miss Amy Stines has resumed her work as assistant cashier of the Bank of Fairmont, Neb., after several months’ vacation. Miss Leah Smith supplied for her. Wm. Greuger has resigned his position as assistant cashier of the Farmers State Bank, Beatrice, Neb. The eighth annual meeting of the stockholders of the Bank of Pickrell, Pickrell, Neb., was held recently in the new home of the bank, just completed, and one of the handsomest in that section of the state. It was erected at a cost of $6,000 and built of pressed brick. The officers of the institution elected were Edd Bau man, president, Christ Spilker, vice-president and Fred Pothast, cashier. The capital stock was increased from $10,000 to $15,000. The bank has deposits of over $100,000. 56 TH E NORTHWESTERN BANKER May, 1912. 1 W henever B ankers NEED CASHIERS OR CLERKS T h ey avail themselves of the service o f THE CHARLES E. WALTERS COMPANY, Council Bluffs, Iowa. W hy not? W hen this old, reli able, pioneer company can supply them with men of high standing, possess ing the qualifications desired, of any nationality, or religious preference, with or without capital. This is not all this company does; it sells banks, its undivided per sonal attention and untiring energy is devoted exclusively to these tw o lines of business. T he management of the company is in the hands of ex perienced bankers, w ho for eight years have been continuously and suc cessfully conducting these these tw o lines of business. Drovers Deposit National Bank OF C H I C A G O Capital and Surplus, $1,000,000 Has for twenty-eight years rendered quick and efficient service to its correspondents R esources, N in e M illion D ollars OFFICERS D IR E C T O R S EDWARD TILDEN, Pres. JOHN FLETCHER, Vice-President GEO. M. BENEDICT, Cashier J. C. MORRISON, Assistant Cashier H. P. GATES, Assistant Cashier EDWARD TILDEN W. A. TILDEN L. B. PATTERSON AVERILL TILDEN JOHN FLETCHER G. M. BENEDICT W. C. CUMMINGS https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Sfi The Cedar Rapids National Bank CEDAR RAPIDS, IOWA United States Depositary ESTABLISHED As a P riv a te B ank 1 8 7 7 As a N ational B ank 1 8 8 7 3 5 Years of Continuous, Conservative and Successful Banking Statement of Condition Close of Business April 18,1912 COM PTROLLER’S CALL RESOURCES LIABILITIES Loans and Discounts. .$2,956,672.35 Overdrafts ................ 482.12 U. S. Bonds, at par. ... 180,000.00 Other Bonds............. 442,832.50 160,000.00 Real Estate............... Cash Due from Banks and U. S. Treasurer.. 1,701,769.76 Capital ................... .$ 100,000.00 Surplus and Undivided Profits, Net............ 220,254.45 Reserved for Taxes, Un earned Discount and Int. on C-D’s.......... 25,000.00 Circulating Notes....... 100,000.00 Deposits ................... 4,996,502.28 >,441,756.73 >,441,756.73 O FFICERS RALPH VAN VECHTEN, President GEO. B. DOUGLAS, Vice-President MARTIN NEWCOMER, Asst. Cashier KENT C. FERMAN, Cashier A. R. SMOUSE, Auditor W e in vite accounts from Iow a B anks and B ankers. R eserve A g e n t fo r N ational B a n k s £ https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis tfi
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