Full text of The Northwestern Banker : November 1902, Volume VII, Number 11

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

Des Moines, Iowa, November, 1902.

Volume Y LL

Iowa N at’l Bank,

jS i

U. S . D E P O S I T O R Y .

Contents.

P age.

E e it o r ia l ,

Statement Sept. 15, 1902:

R esou rces:
Loans and Discounts............................ $1,162 680.o|
2.928.95
Overdrafts.............................................
U. S. B o n d s............... .........................
2co.ooo.oo
Cash and Due from B a n k s..----- 3 3 I ,6 2 3 .7 4
Total..................................
...........................

$1,697,232.73

L ia b ilitie s :
Capital Stock..................... ................. $ 100,000.00
Undivided Profits................................
11,984.02
Circulation.............................................. 100,coo 00
Real Estate.........
. ......................
446.93
D eposits................................... I ,4 8 4 , 8 0 I .7 8
Total.

$1,697,232.73
Deposits:

.

.

.

5

.

I nch e a s e d D e p o s i t s in I o w a B a n k s

5

O ur T a x F errets,

7

I m p o r t a n t B a n k D e c is io n s ,
-

I , 4 8 4 , 8 0 1.7 8

H. S. B U T LE R , President.
H. T. BLACKBURN, Vice President.
LELAND WINDSOR, Cashier.

11

I m p o r t a n t B a n k T a x D e c is io n s ,

12

N ebraska Bank R epo rts,

13

-

N ebraska N e w s and N o t e s ,

16

M in n e s o t a N e w s a n d

19

N otes, -

Io w a N ew s and N otes,

-

-

D ak o ta N ew s an d N otes,

S a l e , E t c .,

.

.

-

29
-

n

i f

U. S. DEPOSITORY.

%

D

e s

M

o in e s

, lo w

a

32

$ 2 0 0 ,0 0 0 , OO
100, 0 00.00

C a p ita l ,
S urplus,

m------

.

35
-

41

S p e c i a l L is t M i n n e s o t a B a n k s ,
S p e c i a l L is t I o w a L a w y e r s .

a

21

P o s i t io n s W a n t e d , B a n k s F o r

S p e c i a l L is t I o w a B a n k s ,

a tio n a l

9

P r a i r ie C it y B a n k R o b b e r y ,

G en eral N ew s an d N otes,

1899—Sept. 15........................................$ 470,697.62
1900— Sept. 15..... ............... .............1,130,678.29
1902— Sept. 15 -.......................... -

itiZ Q n s

P 3'

D E S M O I N E S , IO lniH ,

N u m b e r 11

43
-

43

J . G R O U N D S , PRESIDENT.
J. C A L L A N A N , V I C E - P R E S I D E N T .
G E O . E . P E A R S A L L , CASHIER.
G E O . C O O P E R . A S S ’ T CASHIER
ACCOUNTS

SO LICITE D.

ThzBankers National Bank, Davenport Savings Bank,
Marquette Building, CHICAGO, ILL.

DAVENPORT, IOWA.

C a p it a l, ■ • $ 2, 000, 000.

I CA P IT A L , - - - $ 3 0 0 ,0 0 0 .0 0 l
I UNDIVIDED PROFITS,
I 1 9 ,0 7 6 .4 7 $
3 D EP O S ITS , - - - 3 ,3 9 4 ,0 7 4 .2 9 3

E. S. LACEY,
GEO. S. LORD, JOHN C. CRAFT, FRANK P. JUDSON,
J. C. McNAUGHTON, -

P r e s id e n t .
V ic e -P r e s i d e n t .
C a s h ie r .
A s s ’ t . C a s h ie r .
A s s ’ t . C a s h ie r .

Comparative Statement, Showing Increase in Deposits.
Deposits
Deposits
Deposits
Deposits
Deposits
Deposits
Deposits

Sept. 15, 1896...................................$
2,827,544.11
Sept. 15, 1897 ...................................
6,180,950.08
Sept. 15, 1898 ...................................
6,230,069 49
Sept. 15, 1899 .........
9,177,867.45
Sept. 15, 1900..................................
10,890 293.78
Sept. 15, 1901 ..................................
12,451.671.97
Sept. 15, 1902................................. 13,919,7 9 2 .7 0

N e w B u s in e s s D esired and
U n e x ce lled F a c ilitie s O ffe re d .

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

» » » Officers » « «
ANTHONY BURDICK, President.
LOUIS HALLER, Vice-President.
HENRY C. STRUCK, JR., Cashier.
O TTO L. LADENBERGER, T e lle r
» » » Directors « « «
A. B u r d ic k
L o u is H a l l e r ,
A. St e f f e n ,
W. O. Sc h m id t
T hom as Sc o t t ,
J. F . D ow ,
H. K o h r s ,
W. H. W il s o n ,
H. C. S t r u c k , J r .

3

Per cent interest paid on depositg.
Money loaned on real estate security
in the State of Iowa,

TH E NORTHW ESTERN BANKER.

Commercial Nat’l Bank,
C h ic a g o , I l l in o is
-

$2,000,000.00
1,000,000.00

-

DEPOSITS ..............................Sept. 15, 1897.............................. Í10 069 984.44
DEPOSITS
...
............?ept. 15 1898............................. x4.oi3.023.23
D E P O S I 'S ..............................S ep t. 15. 1899.............................. 20,950,009.16
DEPO SITS................................. Sept. 15. 1900.............................. 21,415,255.65
DEPOSITS................................. Sept. 15, i ; o i ........................................ 26,660,608.08
DEPOSITS.................................Sept. 15. 1902.............................. 30,824,058.40
O F F IC E R S .
J a m e s H. E c k e l s , President.

V e r n o n , 2d Vice-President.
J o h n C. M c K e o n , Vice-President.
J o s e p h T . T a l b e r t , Cashier
N. R. L o s c h , Assistant Cashier.
M. K r e l l , Manager Foreign Banking Department.
D

November, 1902.

T H E ¿»J

BEST BANKERS’
PUBLICATIONS.

ESTABLISHED, 1864.

Capital,
Surplus,

"

a v id

D IR E C T O R S .
F r a n k l in M a c V e a g h ,
Je sse Sp a l d in g ,
N. K . F a i r b a n k
E . H. G a r y .
P aul M orton,
W il l i a m J. C h a l m e r s ,
R o b e r t T . L in c o l n ,
J a m e s H. E c k e l s ,
Joh n C . Mc K e o n .

Letters of Credit issued. Foreign Drafts and Specie
Bought and Sold. Postal Remittances and Cable
Transfers Made to all Parts of the World. — — —
S P E C IA L F A C IL IT IE S FO R T R A N S A T C IN G T H E B U S IN E S S
OF C O R R E S P O N D E N T B A N K S .

The Bankers’ Magazine. 9ldest bankers’ pubiica----------------------------------- —------------ tion in America. Estab­
lished 1846. Terms, $5.00 a year. Has over double

the circulation of any other bankers’ publication
in the United Siates. Advertising rates low consid­
ering the large circulation guaranteed.
Rhodes’ Journal of Banking and the Bankers’ Maga­
zine have been consolidated.

Practical Bankina.

(Methods and Machinery o f ) .
------a
By Claudius B Patten, for many
years Cashier of the State National Bank of Boston.
“ The best book on Banking in the English language ’ ’
Price, $5.00 a copy, or to Bank Clerks, $3.00 a copy,
when ordered in lots of ten copies or over.

The
Bankers’ Directory.
— ----------------------------------------- A -

in J“ "¥ y .a“d

July —corrected to date.
Price, with marginal index, $4.00 a cop y; both
editions, $7.00. Plain, $3 00 a copy; $5.00 a year.

BRADFORD RHODES & CO.
8 7 M a id e n D a n e , N E W

YO R K .

P U B L IS H E R S .

NOTICE.—Orders for the Bradford Rhodes & C o.’ s Bankers’ Publica
tions received at publishers’ rates by T h e N o r t h w e s t e r n B a n k e r , Des
Moines, Iowa.

The CHICAGO,

Milwaukee & St. Paul
RAILWAY
O W N S AND O PERATES

6,600 miles of thoroughly equipped Road.
Io w a ......................................................
W is c o n s in ........- ...............................
S o u th D ako tai...................................
M in n e s o t a ......................... - ..............
Illin o is — ...........................................
U p p e r P e n in s u la of M ic h ig a n
M is s o u r i.........- ..................................
N o rth D a k o ta ...................................
N e b ra s k a - .........................................

1,7 90 m Mes
it
1 ,6 7 0
té
1,225
it
1, 129
a
360
tt
160
a
14 6
tt
1 1»

tt

IllinoisCentral R.B.
I n ONE
FARE
for the round trip to

NEW ORLEANS
account of the American

Bankers’ Association
Meeting in November,
from
points on the line of the Illinois Central
—tickets to he on sale November 8, 9, 10, with
return limit of ten days. The standard line to
the South, maintaining

D O U B L E D A IL Y S E R V IC E

E l e c t r i c L r ig H t e d T r a i n s .

Chicago, St. Louis, Louisville, Cincinnati.

Equipment and Service Unequaled.

F a s t a n d H a n d s o m e ly E q u ip p e d S te a m -H e a te d
T r a in s — A ll M e a ls in D in in g C a rs — B u ffe tL ib r a r y C a rs — S le e p in g C a rs — F r e e R e c lin in g - C h a ir C a rs .

Time tables, maps and information furnished

Particulars of agents of the Illinois Central and
connecting lines.
A. H. HANSON, Gen’l Pass’r Agent, CHICAGO.

F.

«»NEW ORLEANSfroA

on application to

A. M i l l e r , General Passenger Agent, Chicago.


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

TH E NORTHWESTERN BAN KER

October, 1902.

THE
FIRST
NATIONAL
BANK,
© f

e m e n G © .

Comer Monroe and
Dearborn Streets.

T r a v e l e r ’ s C r e d it s issued,
availab le in any p art of the world.
T r a n sf e r s o f Mo n e y Ma d e
b y T e l e g r a p h and C a b l e and
E x c h a n g e D r a w n at customary

usance, on the principal cities of
the United States, Europe, Japan,
China, and the East Indias.
All kinds of F ir s t -C l a s s I n ­
v e s t m e n t S e c u r i t i e s dealt in
constantly on hand and for sale at
current rates; a full line of G o v ­
e r n m e n t B o n d s , Municipal and
Local Bonds, Choice Railroad
Bonds.
Collections carefully made and
proceeds promptly accounted for
on moderate terms. Accounts of
banks and bankers solicited.

BANK OFFICERS:

CA PITA L
and
SU RPLU S,

Manager Bond Department.
J o h n E. G a r d i n ,
Mgr. Foreign Exchange Dep’ t.

$ 12, 0 0 0 , 0 0 0 .

Ma x M a y .

A REGULAR BANKING
BUSINESS TRANSACTED.

—A - ' A —

«

J a m e s B. F o r g a n , President.
D a v i d R. F o r g a n , Vice-Pres.
G e o r g e D. B o u l t o n , Vice-Pres.
H. H . H it c h c o c k , Vice-Pres.
R ic h a r d J. S t r e e t , Cashier.
H o l m e s H o g e , Asst. Cashier.
A u g u s t B l u m , Asst. Cashier.
E d w a r d D ic k in s o n , Asst. Cash.
F r a n k E. B r o w n , Asst. Cashier.
C h a r l e s N. G i l l e t t , Asst. Cash.
F r a n k O. W e t m o r e , Auditor.
E m il e K. B o i s o t ,

«!•

3

..T H E ..

DES MOINES, IOWA.
CAPITAL—$ 1 0 0 , 0 0 0 .
S P E C IA L A T T E N T IO N T O IO W A C O L L E C T IO N S .

Report of Condition, Auditor's C ali, A pril s, 1002.
« « Resources« «
Loans and Discounts.........................................................
Real Estate ......................................................................
Furniture...................................................
Overdrafts...........................................................................
Cash and Exchange ...........................................................
T o ta l......................................................................

N E W 0 R L E Ä N S , L A ., N O V E M B E R , 11- 13 , 1 9 0 2 .

Through Sleeping
Car
IA .,

TO

N EW ORLEANS,
V ia .

Wabash and
Mobile 8 Ohio
Railroads.!
For through tickets,
schedules a n d sleep­
ing car reservations,
apply to
S. W. FLINT,
Passenger and Ticket
Agent, Wabash R. R.
Des Moines, i a ., or
F. L. HARRIS,
General Agent, Mo­
bile & O h i o R. R .,
518 Olive Street, St.
Louis, Mo.

Dining
C ars...

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

LL
LL
LA
LL
LL

T R A IN S
MEALS
CARTE
THE W AY
T H E T IM E

1985,906 28
8,800 00
2,000.00
4,660.84
233,868.14
*1,235,035.26

« « Liabilities« «
Capital. Stock ....................................................................
Surplus...............................................................................
Other Profits........................................................................
Dividends Unpaid..............................................................
Deposits ........................
Total .................................................................

*100,000.00
25.000.00
13,17146
160.00
1,096,703.80
11,235,035.26

« « O fficers« «

Convention Am erican Bankers A s s n.

NOBILE

1

PEOPLE’S SAVINGS BANK,

■

CITRONELLE

A

M a r t i n F l y n n , President.
A. D i c k e y , Vice-President.
C. H. M a r t i n , Cashier.
F r a n k P. F l y n n , A ss’ t. Cashier.

Asst. Mgr. For’ n Exchange Dept.
O r v i l l e P e c k h a m , Attorney.
J a s . D . W o l e y , Asst. Attorney.

DES MOINES,

A

CHAS. RUDOLPH,
D. P. A ., Mobile &
Ohio R. R ., 518 Olive
S t., St. Louis, Mo.

-

Life in the Northwest.
F you have any idea of changing your
location, GO INTO THE NORTHWES L\ where life is worth living.
It is the coming empire of this country.
Climate and elevation are found in great
variety and land will never be as low
priced again as it is now.
For farm­
ing, fruit raising and grazing no por­
tion of our country equals'it. Irrigation
makes the farmer independent where irri­
gation is practiced, and the finest irrigable
parts of our country are in Montana and
Washington. The towns and cities are all
growing rapid y in the Northwest.
Let me know what you want and we
will try to help you. Thëre are all sorts of
places and kinds of land in the Northwest­
ern States through which the NORTH­
ERN PACIFIC runs, Don’t wait until
it is too late to go.
Low Settlers’ Rates are in effect during
September and October.
Write to me
where you want to go and I will tell you
what it will cost.

I

C. M. SHEPARD,
General Passenger
Agent.

C H A S . S. FEE, Gen’l Passenger Agent

JNO. M. BEALL,
Ass’t. General P
senger Agent, as.

St. Paul, Minn.

N O R T H E R N P A C IF IC R A IL W A Y

\

the

n orth w estern

ban ker

.

November, 1902.

Des Moi oes Savings Bank

C A P IT A L

111,700,000

DES MOINES, IOWA.

N A T IO N A L
BANK

C A P IT A L $ 4 0 0 ,0 0 0 .

NEWYORKCITY

C O N D IT IO N J U L Y 16, 1 902.
RESOURCES:
Loans and Discounts............................
Banking House.....................
Cash and Exchange................................

$3,757,708.83
95,661.48
730,729.58

E D W A R D R. THOM AS, )

Total...............................................

$4,584,099.89

W M . H. TAYLOR,

LIABILITIES:
Capital Stock_______________________
Undivided Profits....................................
Deposits............................

$ 400,000,00

Total...........................................

109,643.19
4,074,456.70
$4,584,099.89

W E S O L IC IT A C C O U N T S O E B A N K S
AND B A N K E R S, A N D
P R O M ISE
PROM PT AN D
COURTEOUS T R E A T ­
M E N T , W I T H S U P E R IO R F A C IL IT IE S
F O R T H E T R A N S A C T IO N O F Y O U R
B U S IN E S S .

E D W IN C O U L D , P re s id e n t.
Vice-Presidents.

R. W . J O N E S , Jr.
GEO. W . A D A M S ,

V ic e -P r e s . an d C a sh ier

A s s ’t C ashier.

D IR E C T O R S :
Edwin Gould,
Edward R. Thomas,
W . Nelson Cromwell,
Chas. E. Levy,

Alex. McDonald,
R . W . Jones, Jr.,
Samuel Thomas,
Hugh Kelly,
W m. H Taylor,
Wm. F. Carleton,
Crawford Fairbanks, Ersltine Hewitt

E sp e cially E q u ipped fo r H a n d lin g th e A c c o u n ts
of B a n k s a n d B a n k e rs .
P. M. CASADY, President.

SIMON CASADY, Vice-President

HOMER A. MILLER, Cashier.

C. T. COLE, JR., Asst. Cashier

R e p o r t o f th e C o n d itio n o f

M ID . M'CDMn..
171 L a S a lle S t., C h ic a g o .
.DEALERS IN.

Municipal and (¡oppopation Bonds
INCLUDING ISSUES OF

M U N ICIPALITIES,

STREET

R A IL W A Y S ,

WATER,

GAS, ELECTRIC AND POWER COMPANIES.

W r ite us if you w is h to B U Y or S E LL,

The Cedar Rapids National Bank of Iowa.
C o m p t r o lle r ’s C a ll. S e p t. 1 5 th , 1 9 0 3 .
RESOURCES.
Loans and Discounts ........................................................................$ 1,094,529.33
Overdrafts....................... ...................................................................
’ 2,21 ino
State. Municipal and Railroad Bonds.......... .................................
2i4.353.oo
Real Estate..........................................................................................
18,000.00
U. S. Bonds, at par .............. ........................................ $187,500.00
Due from Banks ............................................................ 523,785.97
Cash and U. S. Treasurer ............. ............................... 143,773.13
855,059 io
T o t a l .......
$2,183,153.33
L IA B IL IT IE S .
Capital ... ............................................... ...........................
$ 100,000.00
Surplus and Profits, net ............ ............................ ..........
81,143.76
Reserved for T a x e s ,.............
...$3,300.00
Reserved for Unearned D iscou n t.....................
4,700.00
8.000.00
Individual and Bank Deposits.......................................................... 1,829,009.57
United States Deposits ............... ..................................................
65,000.00
Circulating N otes................................
’
100,000.00
T o t a l .....................................................
.............................. $2,183,153.33
S p e c ia l A t t e n t i o n to ....................... J
C o lle c tio n s ,
I and R a n k e r s ’ A c c o u n ts

P)ânbers Alütaal Casaaltv Co.
D E S M O IN E S , IO W A .

^

<--------------------------------- ---------------------------- - -----------------------------------------------------------------------------------------

Director!:
W. E. COFFIN, President Iowa Loan & Trust Co., Des Moines, Iowa.
J. G. ROUNDS, President Citizens National Bank, Des Moines, Iowa.
A. U. QUINT, Manager, Des Moines, Iowa.
B. P. SCOTT, Cashier Citizens National Bank. New Philadelphia, O.
W M. A GRAHAM, Cashier Citizens Bank. Sidney, Ohio,
F M. RUDD, Cashier L. Rudd & Sons Bank, Bronson, Michigan.
M. D . W AGNER, President Huron County Bank, Harbor Beach, Michigan.
JNO. W . FAXON, Ass’t Cashier First National Bank, Chattanooga, Tenn.
—-

-

Directors:
C. F. SMITH, Cashier First National Bank, McGregor, Texas.
A. E SPAULDING, Cashier Ainsworth Savings Bank, Ainsworth, Iowa.
S. H. BURNHAM, President First National Bank, Lincoln, Nebraska.
F. ELM ORE, Bank of Winchester, Kansas.
J D GERLACH, Cashier First National Bank. Chester, Illinois
L. P. H IL L YE R , Cashier American National Bank, Macon, Ga.
G R. MOORE, President State Bank, Jackson, Minn.
WM. W ARNOCK, Banker, Almyr, Ontario, Canada.

o C - < - ------------------------------------------------------------------------------ ------------- -------------------------------------------------------------------------------------------- » O

K

- f

. INSURES against burglary and robbery of bank. Absolute security at actual cost. The safe delivery of money and
ecurities .shipped by registered mail.
Better, safer, cheaper than by express.
Organized and conducted by bankers,
confines its business to banks. Correspoiidence solicited.

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

Tí)e Nortf)-western Danger.
¡V o lu m e
?

$2 .0 0 P e r
—1——
'

VII.

A B a n k e r s ' J o u r n a l f o r th e N o r th w e st.

A

nnum

t# Hr*

DES MOINES, IOWA, N O V E M B E R , 1902.

.

---- i—----- .
*iî.

.

,

i i

.

'V <mS1

2 0 C t s . P er C opy

. t

THE NORTHWESTERN BANKER,
!

N um ber

>„• t A ; >•

PUBLISHED BY

needs, but a liait lias been called upon speculative
C r e d it.

Tí)e Northwestern ganger Pab. Co.,
DES MOINES, IOW A.
4 A monthly Bankers’ Journal, devoted to the interests ol bankers in ths
Northwest. ■
All communications and news items of local interest to bankers in the
territory are requested.
Entered at lies Moines, Iowa, as second class Matter.
Subscription $2 00 per annum; single copies, 20c.
Advertising rates on application.

f Tbe return movement of money to the financial
centers has set in and will increase in volume for the
next two months as farmers realize on their products
and fall collections are made. However, there is still
strong enough a demand throughout the Northwest
to warrant the statement that the will be no reduc­
tion of rates.
The remarkable showing o f Iowa banks as per
their recent statement was not anticipated in view
of the conditions then prevailing. The reports show
that while there has been a falling off of deposits in
the larger cities there has been a gain in the smaller
towns. Conditions were the same in the other states
of the Northwest. The country banks drew heavily
on their balances in the larger banks, but the alarm
did not extend to local depositors and their money
remains in the banks. The larger banks are now rapid­
ly regaining the deposits that were withdrawn earlier
in the season.
The recent tight money market in the East with
its powerful influence over the whole country has
taught a valuable lesson to the bankers as well as
the other business men of the country. With so
much idle money in the banks and the extended
credit given to borrowers we were quickly drifting
into such a position where it would have been im­
possible to have pulled out o f danger without many
being engulfed and all suffering. In every season
o f great, prosperity there is always a gradual but con­
stantly broadening credit which unless restricted
will inevitably become top heavy and fall, bringing
financial ruin to thousands of borrowers and lenders
who have given and taken credit beyond their ability
to protect. The recent “ flurry” has happily exposed
this danger before it was too late and has changed
conditions that must soon have resulted in disaster.
There is an abundance o f money for all legitimate

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

A prominent Davenport banker advances the
theory that, the agitation for a branch banking system
in the United States emanates from “ the trusts.”
Many branches of business have been consolidated
in recent years and the general offices of such con­
solidations located in eastern cities. The money nec­
essary to be used in the various branches of the con­
solidations must, be obtained at headquarters instead
of each branch securing the necessary money to
carry on its business from its local bank, as was done
before it was merged. The tendency of recent years
has been to centralize the demand for money and
there has been no proportionate way to centralize
the supply. Hence the effort being made to secure
a branch banking system where ‘local deposits may
be centralized to meet the centralized demand for
loans.

INCREASED DEPOSITS IN IOWA BANKS.

Deposits in the state and savings banks of Iowa
increased in the period between June 18, and Sep
temoer 15, 1902, almost $ 1, 000, 000 . This wTas in
a lime when “ tight money” talk was prevalent and
v/hen predictions were made that the demand for
money to move crops would seriously deplete the
banks. The showing is made by reports to the auditor
of state by the banns on his official call for a state­
ment of their condition at the close of business Sep
tember 15.
On June 18, tins year, they had deposits amount­
ing to $183,692,461. On September 15, they had
$134,513,583 of deposits. The increase was $821,120.
Since June 30, 1901, a period of a year and three
months the deposits increased nearly $ 20, 000, 000.
In a period of two years tliey increased $43,400,000.
in ten years they have increased $ 100, 000, 000, or
more than 300 per cent. This applies to state and
savings banks alone. It is estimated that their busi­
ness is duplicated bv the national and private banks.
Auditor of State Merriam calls attention to the
summary o f the statements made by the banks to
show that their excess of reserve is more than $5,000, 000 ; that is, tney have that sum more than re­
quired for the protection of the depositors.

6

TH E NORTHW ESTERN BANKER,

STATE

BANK

November, 1902,

OF C H IC A G O

C H IC A G O
O F F IC E R S

CASH

H. A. H A U G A N , President
JOHN H. D W IG H T , Vice-President
JOHN R. LIN D G R EN , Cashier
F RANK I. PACKARD Ass’ t Cashier
H E N R Y S. H EN SC H EN , Ass’ t Cashier
SAM UEL E. K N ECH T, Secretary

RESO URCES

One M illio n D o llars
ACTIVE AND RESERVE ACCOUNTS
of State Banks and Bankers are
especially desired by this bank
and will receive the best terms to
be had in Chicago. We respect­
fully solicit YOUR account.

DIRECTOHS
Thomas Murdoch,
David Braker,
A . P. Johnson,
Calvin Durand,
John H . Dwight,
Moses J. Wentworth,
Theo. Freeman,
H. A. Haugan.
John R. Lindgren.

H OW D E P O SITS

CORRESPONDENCE

Polio wing is a summary o f the total and the in
crease m deposits in the state and savings banks at,
the dates of the different calls by the auditor:
Date.
D o.
Due Depps.
June 30, 1891......................205
$ 33,781,706.61
J ane 30, 1892......... ........... 245
42,467,395.69
dune 30, 1893......................325
42,151,434.35
June 30, 1894......................350
41,987,836.05
■yune 30, 1895...........A ____364
43,627,136.55
o une 30, 1896......................370
43,955,793.79
) une 30, 1897......................372
45,442,894.16
June 30, 1898......................383
59,336,453.62
June 30, 1899......................402
77,405,669.16
5 une 30, 1900......................448
91,147.056.58
June 30, 1901......................474
114,731,614.0b
June 18, 1902......................531
133,692,464.42
Sept. 15, 1902......................545
134,513,584.70
C O N SO L ID A TE D S T A T E M E N T .

Following is the consolidated statement showing the
condition of the 310 savings .and 235 state banks at
the close o f business September 15, 1902, as fun
nished by the auditor o f state:
assets—
Savings.
State.
Bills receivable . .$ 83,082,171.43 $47,614,685.43
Gold c o i n .............
768,658.90
644,676.00
Silver* coin . . . .
254,706.86
256,060.85
Legai tender, Nationai bank notes,
etc
...............
1,394,539.96
1,800,108.95
Credits oubject to
sight drait . . . .
11,640,867.82
8,214,928.70
Beal and personal
p ro p e rty ...........
2,097,163.36
1,041,660.69
O v erd ra fts...........
818,999.06
2,132,275.05


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

AND

PERSONAL

IN T E R V IE W S IN V ITE D .

HAVE IN C R E A S E D .

Total assets. . . .$100,464,030.37
'Liabilities—
Capital stock........... $
10,526,00
Due depositors . . . 36,348,479.43
Due banks, others.
234,495.08

STATEMENT, OCT. 13, 1902.

C A PITA L,

$61,297,472,69
$10,081,800.00
48,165,105.21
178,421.25

S u r p lu s .............
Undivided profits.

Loans and discounts................ $ 7,838,300.63
Overdrafts ..
4,294.76
B on d s....................
583,321.20
Cash and due from B an ks___
2,738,492.30
T o t a l...................................#11,164,408.89
L IA B IL IT IE S

Capital Stock........... ............. $ 1,000,000.00
Surplus.................................
200,000.00
102,961.45
Undivided Profits.......................
Dividends u n p a id ......................
405.00
Deposits ..
9,861,042.44
Total ............................... #11,164,408.89
Deposits, May 12, 1898 , ............. $ 3,658,689.22
Deposits, May 12, 1899
4,627,096.43
5,654,316.56
Deposits, May 12, 1900......
Deposits, May 12, 1901............... 8,280,521.73
Deposits, July 24, 1902............... 9,704,610.73

1,884,368.06
1,470,087.06

1,544,704.14
1,327,442.03

Total liabilities . $100,464,030.37

$61,297,472.69

ASSE TS A N D L I A B IL IT IE S .

The following is the consolidated statement of the
assets and lia entities of both state and savings banks;
Assets—
Tills receiv a b le ................................... $130,696,856.86
1,413,334.90
Gold c o i n ............................................
Silver c o i n ..........................................
510,767.71
-Segal tender national bank notes, etc
3,194,648.91
credits subject to sight d r a f t .........
19,855,796.52
O verdrafts............................................
1,860,659.75
Beal and personal p ro p e rty .............
4,229,438.41
Total assets.......................................$161,761,503.00
Liabilities—
Capital s t o c k ............. ..........................$ 20,608,400.00
Cue depositors................................... 134,513,584.70
Due hanks and oth ers........................
412,916.33
Undivided p r o fits ...............................
2,797,529.09
S u rp lu s ................................................
3,429,072.94
Total liabilities

$161,761,503.06

C O M P A R A T IV E S T A T E M E N T .

The foregoing statement made at the close of busi­
ness September 15, 1902, shows the following changes
in the condition of the banks as compared with their
statements made at the close of business June 18,
1902:
Assets—
Bills receivable, in crea se..................$
Cash and cash items, decrease...........
Credits subject to sight draft, de­
crease ..............................................
Overdrafts, in crea se...........................
Beal and personal property, increase
Total assets, in crea se....................$

4,615,049.95
226,471.99
3,450,128.00
71,678.02
38,807.36
1,049,835.35

November, 1902

TH E NORTHW ESTERN BANKER.

The Corn Exchange National Bank of Chicago. *
:S

1
?

A P R IL 3 0 , 1 9 0 2 .

Capital, $3,000,000.00.
Undivided Profits, $506,997.42.

J

Surplus, $2,000,000.00.
Deposits, $47,414,011.64.

O F F IC E R S :

7

f

|

|
8
8

5 ERNEST A. HAM ILL, President.
CHARLES L. HUTCHINSON, Vice-President.
CHAUNCEY J. BLAIR, Vice-President. «
:2
D. A. MOULTON, Vice-President.
JOHN C. N EELY, Secretary.
3
:jj
FRAN K W. SMITH, Cashier.
B. C. SAMMONS Assistant Cashier.
J. E D W A R D MAASS, Asst. Cashier.
8
A
5
6
2
2

D IR E C T O R S :
CHARLES H. W AC K E R .
E D W A R D B. BUTLER.
CLARENCE BUCKIN G HAM ,
ISAAC G. L O M B AR D ,
CHARLES H. HULBURD,
JOHN H D W IG H T .
E D W IN G. FO REM AN.
E D W A R D A. SHEDD,
JOHN C. W E L L IN G ,
CHARLES L. H U TCH IN SO N ,
ERNEST A. HAM ILL,
CH AUNCEY J BLAIR.
M ARTIN A. RYERSON,
FREDERICK W . CROSBY.

Capital stock, in crea se......................
Due depositors, in crea se....................
Due banks and others, increase . . . .
Surplus, in cre a se ...............................
Undivided profits, decrea se.............
Total liabilities, in crea se............. $
OUR T a x

405,000.00
821,120.28
71,176.77
117,463.21
364,924.91
1,049,835.35

ferrets.

(Address by Ellis D. Robb, Cashier Hardin County Bank Eldora, at the
Meeting o f Group Five, Mason City, Iowa, October 15.)

During the last two or three years much has been
spoken, written and published about taxes, tax rer
form, tax ferrets and tax dodgers. The habits of
many people in neglecting, declining and forgetting
to list with the assessor all of their possessions in this
world’s goods, not exempt from taxation have been
the means of causing all this talk, writing, publishing,
preaching, litigation .and law suits. As a result of
this confusion and chaos, tax reform was greatly
needed in Iowa and the tax ferret law was passed
and many o f the counties in this great common­
wealth have been enabled to receive much good by
having hired tax ferrets to ferret out tax dodgers and
bring them to justice.
This subject assigned to me, that o f “ Our Tax
Ferrets,” makes me feel assured that the banking
fraternity are in league with the idea of equal taxa­
tion, that they heartily endorse the tax ferret law
and as they have always been called upon to pay on
all they owned, will endorse the advent o f this new
institution, the tax ferret, into the midst of strenuous
commercial activity.
Having resided in a county where tax ferrets have
been employed and where they have worked and suc­
ceeded, and in a county where the wealth is about
as evenly distributed as it is in any county in Iowa,
and having been a “ looker-on” at the good results ob­
tained, I most heartily stand for and recommend the
tax ferret and am glad to testify as to the good results
he has so successfully accomplished.
In this paper I desire to just touch briefly on two
or three points.

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

8
O
Q
O
O

1st. The continual necessity of some kind of sys­
tem to get this unlisted property upon a tax-paying
basis. Every county experiences and suffers from
the tax dodger. For examplei, from 1897 to Febru­
ary, 1902, the total amount of taxes collected on
omitted property in Iowa alone was $1,076,954.80.
In Hardin county, with a population of about 23,000
tax ferrets were employed in 1900, 1901 and a part
of the time in 1902. In 1897 the total amount of
moneys and credits returned for taxation aggregated
about threerquarters o f a million dollars. In 1901,
after the employment of the ferrets for a year and a
half, the amount of moneys and credits returned for
taxation aggregated $2,322,229, or. an increase of
$1,525,309 over 1897. The amount of omitted tax
collected was $54,694.44.
As the result of this extra, ommitted tax coming
into the county treasury a lot of good came from it as
a consequence.
For instance, in Eldora alone a
couple of little items might well be worth mentioning.
Our streets, especially in the residence portion, were
lather dimly lighted the council was besieged by peti­
tion for more lights and better service but the levy
was at the limit, the street lighting fund was over­
drawn and the city dads were powerless. The tax
ferrets came and saw and conquered. Today Eldora
has the reputation of being the best lighted city for
its size in the state of Iowa. W e never overdraw the
account any more and the tax levy last August was
decreased for street lighting.
The same council
found no trouble in agreeing with Mr. Carnegie in a
contract to furnish $ 1,000 per year for the support
of a pretty public library we are building, and why
all tb«?e blessings ? From the fact that we have faith
that the ferrts have required the tax dodgers to list
more property which has scared the other fellow who
half-listed his property and having more moneys and
credits we get more tax collected and enjoy more bles­
sings.
2d. The educational results to the tax payer that
a lesson may be learned the dodger and he will have
to “ dig up,” to use the slang parlance of the street.

.8

TH E NORTHW ESTERN BANKER.

November, 1902.

SEHB0 HRO N a t io n a l B hnk
N e w Y o r k City.
C A P IT A L ,
S U R P L U S A N D P R O F IT S ,
DEPOSITS,
S. C . B A Y N E , P re s id e n t.
J. F. T H O M P S O N , C a s h ie r.

$
-

O F F IC E R S •

5 0 0 ,0 0 0
1 ,1 0 0 ,0 0 0
2 0 ,0 0 0 ,0 0 0

S. C . N E L S O N V ic e -P re s id e n t. |
C. C . T H O M P S O N , A s s ’t. C a s h ie r.

T h is b a n k is e s p e c ia lly w e ll e q u ip p e d fo r h a n d lin g a c c o u n ts of in te rio r b a n k s a n d b a n k e rs . J
C o rre s p o n d e n c e s o lic ite d .

Figures speak louder than anything else and it is said
they do not lie.
3rd. That banks are now, and have been for years,
contributing an undue proportion o f the public rev­
enue through being forced to pay upon all they had.
Being by law required to publish and file sworn state­
ments at regular intervals to the proper state and na­
tional authorities as well as file statements with the
assessor, they pay the lion’s share of the people’s taxes
and receive a small proportion of the benefit, for if
any business- has been assailed and mailgned and legis­
lated against it has been the banking business.
Bankers should most- certainly endorse the subject of
tax reform ‘ ‘without recourse” and with as much
enthusiasm as they paid the revenue tax. A promi­
nent writer upon tax reform has said “ Tax Reform
may be translated to mean the abusing of the public
conscience to meet a public need— a stimulation of
the officials .and tax payers to a conscientious dis­
charge of their duties under the law to the end that
taxes might be laid equally upon all classes of prop­
erty subject to taxation under the law, so that each
citizen and corporation shall pay equally in propor­
tion to its or his work.”
The work o f the tax ferrets, while very successful
iu Hardin county, was severely handicapped by some
serious mistakes which were made by some of the
county officers in contracting and agreeing to pay too
great a per cent o f compensation for the collection
o f the omitted tax. These mistakes innocently made,
did much to work up a certain feeling, in many in­
stances engendered by tax dodgers who had been
“ pinched” against the collecting o f the omitted tax,
but the figures, silent witnesses, being convincing and
truthful, counteracted much o f this disagreeable feel­
ing and now the people all endorse and point with
pride to the good accomplished during Hardin
county’s experience with the tax ferrets.
This tax ferret law at the present time is still very
crude and being yet in its infancy admits of much
abuse and irregularities which may be easily regulated
by amendments.
Such amendments as to require
the ferrets to make and file a complete detailed re­
port o f each and every notice sent out, o f all expla­

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

nations received, and an amendment requiring all
records to be examined by a committee appointed
by the board of supervisors would be in order. Upon
days set by the board the person aggrieved might ap­
pear before this- committee or board and show and
state wherein they had been wronged.
In fact- model this board of grievances after the
county board of review. Make- all the ferrets’ books,
reports, data, and statistics, public records and require
them to be preserved in the office of the county
auditor.
Not caring to tire you further on this subject par­
don me in quoting from the late Benjamin Harrison’s
famous speech in Chicago in 1898, upon the “ Obli­
gation of Wealth,” as follows:
“ Mr. Lincoln’s ' startling declaration that this
country could not continue to exist half slave and
half free, may be paraphrased today by saying that
this country cannot exist half taxed and half free.
Taxes are a debt of the highest obligation and no
casuist can draw sound moral distinction between
the- man who hides his property or makes a false re­
turn in order to escape the payment of his debt to the
state, and that man who conceals his property from
his private creditors nor should it- be more difficult
to follow the defaulter in the one case than it is in
the other. I f there is not enough perfect- virtue'left
in our communities to make tax frauds discreditable,
if there is not enough virility left- in our laws and in
the administration of justice in our courts to bring
to punishmeant- those who defraud the state and their
neighbors, is there- not- danger that crimes of violence
will make insecure the fort-unts that have refused to
contribute ratabily to the cost of rnaintaing social
order? I f we are t-o admit that the obligations. o f
public duty and personal veracity are so little felt by
our people and that our administrative and judicial
processes are so inadequate that- tax frauds cannot be
measurably restrained, hope for the country is
eclipsed.”
W a n t e d — A German with banking experience; a.
goo a mixer and a, hustler. Address Cashier X , caie
Northwestern Banker.

TH E NORTHWESTERN BANKER.

November, 1902.

9

zhe Des ]Moììic8 piattonai Banfe___
ARTHUR REYNOLDS, P resident,

$

F. M. HUBBLL, V ice-President.

c

HENRY MEYER, V ice-P residen t.

3

A. J. ZWART, Cashier.

^

#

1

The Des Moines National Bann
Solicits a Stiaro of Your Business
Upon m e Basis o f Sound and
Progressive Banking, Liberal and
Accurate Treatm ent.
CORRESPONDENCE

‘ CL CM

D E S

D M I O Z D T E 2 S , I C T s7 7 \ A .
(U. S D E P O SIT O R Y .)

ST A T EM EN T OF CONDITION SEPT. J5, 1902.
Loans,
.
.
U S. Bonds (at par) .
Overdrafts,
.
.
Banking House.
.
Other Real Estate,
.
Stocks and Securities,
Cash, and Due from Banks
Total,
.
.

. . . R ESOURCES . . .

.

.

$1,851,110.47
250,00000
14,510.27
<>3,536 85
1,430.00
4,712.00
670,038.29
$2,855,337-88

Capital,
.
.
.
.
.
.
.
.
Surplus,
.
.
.
.
.
.
.
.
Undivided Profit*,
.
.
.
.
.
.
.
Unpaid Dividend,
.
.
.
.
.
.
.
Circulation,
.
.
.
.
.
.
.
.
Deposits,
.
.
.
.
.
.
.
.
Total,
.
.
.
.
.
.
.

$300,000 00
60,000 Oo
5,457.23
90.c0
9o,ooc.c0
2,399,790.63
$2,855,337.88

.

.

.

.

.
.

.

.
.
.

.
.
.
.
.
.
.
.
.
- .
.
and U. S. Treasurer,
.
.
.
.

.
.

.
.

.

. . . L IA B IL IT IE S . . .

.

.
.

.
.

.
.

.

,
.

ings departments by national banks in violation of
and contrary to the Jaws of Iowa \
Second— Is the organization and operation of sav­
Attorney General Mull an, in an opinion of the
greatest importance to tliei banking interests of tne ings departments by state banks in violation of and
state, lias advised Auditor of State Merriam that contrary to the laws of Iowa r(
Third— Is the organization and operation of sav­
national, state and private banks may lawfully orga­
nize and conduct savings departments in connection ings departments by private banks, corporations,
with tlieir general banking business. H e also holds partnerships or persons engaged in business other than
that individuals, partnerships and private corpora­ banking in violation of and contrary to the laws of
tions may carry on a savings bank business. The Iowa \
These questions arise under section 1859 of the
only restrictions under which savings departments
so organized are placed are those imposed by section code, which provides:
“ Any bank, banking association, private banker
1859 of the code, prohibiting the use o f the words,
“ savings bank” and “ savings institution” in adver­ or person not incorporated under the provisions o f
this chapter, or any officer agent, servant or employe
tising their business to the public.
The question is one that has been agitating bank­ thereof, who shall advertise, issue or circulate any
ing circles of Iow,a. It became acute at Shenandoah card or other paper, or exhibit any sign ,as a savings
recently. Some o f the national banks in Iowa have bank or savings institution w * * , shall be
lately, it appears, been organizing savings depart­ guilty of a misdemeanor,” etc.
Before taking up the construction of this statute,
ments. This was done at Shenandoah.
County
it
is important to determine the right of persons
Attorney Sutherland took up the matter and threat­
ened action against President Reed of the Shenan­ within the state to conduct a banking business, and
doah National Hank for taking such a step. He tiie power of the legislature as to the control thereof.
At common law banking in .all of its branches is
advised with Attorney General Miillan, who coun­
seled against precipitate action and advised investi­ free to all.
State vs. Woodmanse, 1 N. D., 346.
gation o f the question oi the rights ot national banks
People
vs. Utica Ins. Co., 15 Johns., 358.
to organize savings departments. Auditor Merriam
Morse on Banking, sec. 13.
has also been beset with queries on the same propo­
Whether a state legislature has power to prohibit
sition and when lie requested the Attorney General
for an opinion that officer undertook a thorough in­ individuals from transacting: a banking business, and
vestigation o f the question which has not, been ad­ to confer such ritfht solely upon corporations, is a
auestion neon which the courts differ very widely,
judicated by the courts.
and as to which the adjudicated cases are wholly irT H E A T T O R N E Y G E N E R A L 'S O P IN IO N .
ieconcilabla
The opinion follows:
In the recent case of State vs. Woodmanse, supra.,
Sir: Y our favor requesting my opinion upon the the Supreme Court of North Dakota held that if
was within the power of a State Legislature to regu­
foi lowing questions is received :
First— Is the organization and operation of sav­ late the business of hanking, even to the extent of
IMPORTANT RANK DECISIONS.


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

TH E NORTHW ESTERN BANKER.

IO

S TA TE B A N K , 1 8 3 2 .

November, 1902.

N A T IO N A L B A N K , 1 8 6 4 .

The Western National Bank
O f Philadelphia.
C a p ita l...................................................................................... S 4 0 0 ,0 0 0
S u rp lu s .................-...................................................................
2 3 2 ,7 6 2
D e p o s its ................................................................................... 2 ,6 4 6 ,2 8 8
C. IN. WEYQANDT, President.
Accounts of Banks and Bankers solicited.

CHARLES P. WIGNALL, A ss’t Cashier.
Correspondence invited.
intrusted to us.

Prompt and careful attention to all matters

prohibiting private persons or partnerships from en­ ing association, private banker or person not incor­
gaging; therein. This decision is based upon the porated under the provisions of chapter 10 of title
authority of the early New York cases, and the text I X of the code from engaging in and carrying on
of Mr. Morse based thereon. An examination of the business of a savings bank, but does prohibit such
tpoao, oases discloses that the question, as to the right bank, banking association, ^private banker or person
rf: individuals to conduct a banking business, was no" not incorporated under such law from advertising,
the precise question upon which the decisions tumea. by issuing or circulating any card or other paper, or
' .Mi State vs. Scougal, 3 S. I).. 53, the Supreme
exhibiting any sign, that such bank, banking asso­
court o f that state held that it was not within the ciation, private banker or person is a savings bank
power o f a state legislature to prohibit private per­ or savings institution organized and transacting busi­
sons from engaging in the business o f banking, plac­ ness under chapter 10 of title I X of the code.
ing the decision upon the ground that it is not a con­
Ih e purpose of this statute is to prevent the pub­
stitutional exere.M o f the legislative power, under lic from being deceived as to the character o f the
the police power of the since, to deprive the citizen bank with which it may desire to transact business.
of the right to carry on the business o f banking, and I f a savings bank is conducted by private individuals,
to confer such privileges exclusively upon corpora
it can not seek the confidence or business of the publions organized under an act o f the legislature. Tba lie under the advertisement that it is a savings bank
position taken by the South Dakota court is upheld or savings institution organized under the laws of
by a very able and convincing opinion written by the state and subject to state supervision.
Corsen, judge.
A similar provision is found in section 1862 of the
A careful comparison of the opinion in the Scougal
code, which provides that no partnership, individual
case with that o f the Woodmanse case and the early
or unincorporated association, engaged in buying or
New York cases, inevitably leads to the conclusion
selling exchange, receiving deposits, discounting notes
that the doctrine announced by the South Dakota
and bills, or other banking businesses, shall incor­
courts is the more logical and sounder principle o f
porate or embrace the word “ state” in its name By
law.
this section the right or individuals and unincorpo­
Taking then the doctrine enunciated in the Scou­
rated associations to carry on the business of bank­
gal case as laying down the correct principle of law
ing is fully recognized, and they are simply prohib­
as to the power of a state legislature to prohibit pri­
ited from advertising, by incorporating the word
vate individuals from engaging in the business of
“ state” in their names, that they are organized
hanking, it follows that every person in the state has
under the banking laws of the state and subject to
the legal right, under the constitution o f the United
state supervision.
States, to engage in and carry on the business of
W hile there are no adjudicated cases upon the
banking, subject to such reasonable regulations as
ihe state legislature may deem it necessary to make identical questions under consideration, general prin­
in relation thereto. Such right necessarily extends ciples o f law have been enunciated by various courts
to all classes o f banking, and includes savings as and text writers, which are in harmony with the gen­
eral principle stated.
well as commercial banks.
In National Bank vs. Ferguson, 48 Kan., 739, it
S T A T U T E N O T P R O H IB IT IV E .
is said:
Apparently recognizing this right the state leg­
“ And a bank may certainly, as a parti of its legiti­
islature has not attempted to prohibit any bank, bank­ mate banking business, receive deposits, pay interest

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

November, 1902.

TH E NORTHWESTERN BANKER.

it

S.w.COR.C H A M B E R S ST. & W E S T B R O A D W A Y

------

\

-------

Location in the

produce D istrict

JAMES ROWLAND, P r e s i d e n t
LEWIS E. PIERSON, V i c e -P r e s i d e n t
ROLLIN P. GRANT, C a s h i e r

O u r D e p a r t m e n t f o r handling B I L L O F L A D I N G Dr.
f e a t u r e o f o u r e q u ip m e n t
C orrespondence In v ite d

thereon, secure its depositors by bonds or any other the state law from maintaining savings departments.
lawful means, and loan the money which it receives
I have therefore reached the conclusion that sub­
as general deposits.”
ject to the restrictions of section 1859 of the code,
This was said with reference to the powers of a prohibiting the use of the words ’ ’savings bank” and
national bank.
“ savings institution” in advertising their business to
In Zane on Banks and Banking, section 122, it is the public, national, state and private banks may
said :
lawfully organize and conduct a savings department
u The power o f .an ordinary chartered bank to main­ in connection with their general banking business,
tain a savings bank department seems not to have and that individuals, partnerships and private cor­
been made the subject of adjudication. But since porations may, subject to the same restrictions, en­
the receiving o f deposits is a banking transaction, gage in and carry on a savings bank business. R e ­
and since the maintenance o f a savings bank depart­ spectfully submitted.
ment is merely one method of receiving deposits,
C has . W. M ullan , Attorney General.
October 31, 1902.
there ought to be no doubt in the mind of .any judge
that such a proceeding is within the corporate power
To Hon. Frank F. Merriam, Auditor o f State.
of either a national or a state chartered bank.”
The powers conferred upon national banks by sec­
tion 5136 o f the revised statutes of the United States
PR A IR IE CITY BANK ROBBERY.
are broad enough to cover the business o f conducting
a savings department of .a national bank ; and I find
The night of October 28th safe crackers, five in
upon inquiry that many national banks under this number, deliberately blew open the safe of the State
construction o f their powers have organized and are Bank of Prairie City and leisurely walked out of
now conducting savings departments.
town with the bank’s money amounting to about
In Western Rational Bank vs. Armstrong, 152 $4,000. The night watchman and a dentist witnessed
U. S., 316, it is said that all incidental powers neces­ the entire performance but were intimidated by the
sary to carry on the business o f banking are impliedly robbers and did not give the alarm. Eight charges
granted under the national bank act.
of dynamite and three hours’ of labor were required
P A R T OF B A N K IN G P O W E R S .
to open the vault, and safe. The press dispatches say
It is undoubtedly within the power of the state “ no posse was formed and no attempt, made to follow
to determine the class of business which shall be con­ and capture the gang until several hours later.” When
ducted by banks incorporated under chapter 1 of an effort was made to track the robbers the next day
title I X of the code, and to withhold from such in­ no clue could be discovered. Bloodhounds followed
stitutions the right to carry on ,a savings department a trail to a neighboring railroad station and it is sup^
in connection with their general banking business. nosed the robbers escaped this way. All of the ready
Such banks, however, are authorized, under the pres­ money of the bank was taken, even the silver and
ent law and charters conferred thereby to transact a pennies. The bank officials came to Des Moines the
general banking business which may properly in­ next day and got sufficient cash to carry on the busi­
clude a savings department, unless the right to con­ ness, The State Bank of Prairie City is one of the
duct the same has been withheld by the legislature strongest country banks in the state. J. K. Moller
under the provisions of chapters 11 and 12 of title is president, John Ryan— a brother of Judge Ryan—■
I X o f the code. There is no provision in either of vice president; A. R. Moller, cashier; and Aimie L.
these chapters which prohibits banks organized under Moller, assistant cashier. The last report of the bank.

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

12

November, 1902.

TH E NORTHW ESTERN BANKER.

THE NAUMAN COMPANY
Successors to

BECK,

NAUMAN &

WATTS

CO.

/*

M ANUFACTURERS OF

B a n r F ix t u r e s .
PLANS, SPECIFICATIONS AND ESTIMATES
FURNISHED ON APPLICATION.

We also Make All Kinds of Office and Store
Fixtures, Plate Glass Show Cases, Etc.

Write us, T H E N A U M A N C O M P A N Y , 3 1 5 - 3 2 7 Cedar Street, Wateroo, Iowa.

mad© at the time o f the state auditor’s regular call
on September 15, made the following showing:
Resources—
Bills re ce iv a b le ........................................... $126,412.08
O v erd ra fts..................................................
4 ,6 71.6 3
Bank and fix tu re s.....................................
7, 000.00
Cash and ex ch a n g e ...................................
48,445.12
Total ....................................................$186,529.43
Liabilities—
Capital s t o c k .............................................. $ 25,000.00
Surplus and p rofits......................................
6,172.98
D e p o sits....................................................... 155,356.50
Total ...................................................$186,529.43
IMPORTANT BANK T A X DECISIONS.

The case of the German American Savings Bank
vs. City of Burlington, which has just been decided
by the supreme court reversing the decision of Judge
Smythe, is o f vital interest for the reason that it now
fixes the correct method of assessing bank stocks.
Under the law, as it existed prior to 1897, it was
customary to assess the capital stock o f the hanks.
The German American Savings B'ank appealed a
case to the Supreme Court under this mode of as­
sessing, and the Supreme Court held that the banks
la d the right where their capital stock was directly
assessed to deduct the government bonds held by
them. In 1897 the law was changed so that the as­
sessment ran against the shares o f stock in the hands
of the individual shareholders and was assessed in
ease o f national banks directly to the individuals at
the market value less real estate, but in savings banks
the assessment was made after deducting the assess­
ment made on real estate directly to the bank in a
lump sum.
Up to 1900 there was no assessment made against
hank stocks, but in 1900 the city council sitting as a

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

board of review assessed the banks under the new
statute, but the National State and German Ameri­
can Savings banks thought they should be allowed to
deduct the amount of their capital invested in gov­
ernment bonds; the council took a different view and
assessed the shares of the National State Bank at
$160 per share and assessed the German American
Savings Bank at $84,000 exclusive of their real es­
tate. The German American Savings Bank took an
appeal from the. finding of the la ard and Judge
Smyth held that while the legislature attempted to
change the mode of assessing of bank stocks yet he
did not feel as if it could say that the statute was
sufficiently broad or clear so as to prevent the cor­
poration from deducting the amount of their capital
invested in government bonds and that there was
practically no difference in the shares of stock of a
corporation than the capital stock the shares in the
aggregate making up the capital. Erom his decision
the city appealed and from the reports in the news­
papers it seems the Supreme Court has adopted the
theory of the city council that the shares of stock
for assessment purposes only were one thing and the
capital of the bank was entirely different and that
the corporation could not offset its holdings of gov­
ernment. bonds against assessment on shares of stock
in the hands of the individuals. The National State
Bank also appealed their case and it was tried before
Judge Smythe and in this case he made the same
ruling as in the German American Savings Bank,
allowing the bank to deduct the amount, of govern­
ment. bonds held by them against the assessment
made upon the shares of stock held by the several
shareholders of the corporation. This case the city
also- appealed to the supreme court, but the case will
not be fully submitted until the January term.
From newspaper accounts of the decision of Judge
Sherwin City Solicitor Tracy thinks that the decision
o f the German American Savings Bank will be deci­
sive of the case of the National State Bank. The city
council have gone right on and made the assessment

November, 1902.

THE NORTHWESTERN BANKER.

13

l e w f l S t a t e N a t io n a l B a n k
Sioux City, Iowa.
,
D E P O S IT S ,

c a p it a l

-

-

-

$ 200,000
$ 1 ,8 9 9 ,1 4 0

. . . O F F IC E R S . . .

C E O . W E A R E , P re s id e n t.

H . A. J A N D T , V ic e -P re s .
H . A. G O O C H , A s s t. C a s h ie r.

J O H N M c H U C H , C a s h ie r.

T h is b a n k h as u n e xc elle d fa c ilitie s fo r th e p ro m p t a n d c a re fu l h a n d lin g of a ll b u s in e s s e n tru s te d to it.

for the years following as they did against the Na­
tional State and Savings Bank and then permitted
a temporary injunction in the German American
Bank case to be granted awaiting the decision of the
two appealed cases. These cases will now be redock­
eted and come on for final hearing.
The amount o f money that the city will derive
from this mode of assessment is quite large for in
1901 the shares o f stock of the First National Bank
were assessed at $100 a share. The Merchant’s Na­
tional at $100 and the National State at $150 a
share, the Iowa State Savings Bank $ 102,000 and
German American Savings B'ank at $91,000. All
the banks with the exception o f the German Ameri­
can Savings Bank paid the assessment as made by
the council; but paid it under protest. In 1902 the
council fixed the same values on the National bank
stock o f the several national banks, but made the
assessment of the German American Savings Bank
$121,979 and the Iowa State Savings Bank at $153,770. The tax lists in the County Treasurer’s office
show that- all o f the banks have paid the taxes of this
year with the exception o f the German American
Savings Bank, which has each o f the above years
taken an appeal from the finding o f the board.
From the County Treasurer we get the approximate
figures that, this will now pay into the county and
city treasury as .about $5,500 by the German Ameri­
can Savings Bank.
Under Judge Smythe’s decree in the German
American case, the bank would not pay any taxes
except on real estate, as .all o f their capital was in­
vested in government bonds.
In the National State Bank case after making de>duction for bonds, the assessment against the stock
would be about $82 per share, instead of $160 per
share, as made by the city council.
V IC T O R Y T O R

C IT Y .

City Solicitor Tracy was highly pleased when
shown the finding o f Judge Sherwin, by a news­
paper reporter. The decision means a considerable
increase in taxes to be paid into the city and county
treasuries.
Judge Power, attorney for the German American

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

Savings Bank, was not prepared to make a statement,
regarding the decision, until he had read the complete
opinion prepared by Judge Sherwin. E. S. Huston,
attorney for the National State Bank, is absent from
the city, as is J. T. Remey, President of the bank,
and their opinions on the decision could not, there­
fore, be obtained.
A similar case to that, of the German American
Bank was recently tried in the District. Court at Des
Moines, and the opinion rendered was in an exact
line with that of Judge Smythe’s.
REPORT OF NEBRASKA BANKS.

Secretary Ed R oy se of the State B'anking Board
has sent out his quarterly report of the condition of
state .and private banks, at. the close of business Sep­
tember 15. Mr. Royse has given out the following
statement and comparative figures:
“ A summary of the reports of the condition of
the 466 Nebraska banks under state supervision at
the close of business September 15, 1902, presents
a remarkable showing and a most satisfactory condi­
tion. It. must, be gratifying to the people of Nebras­
ka to know that at a time, such as the present with
rumors of financial stringency in the east and east­
ern banks are finding it. difficult, to maintain a legal
reserve, Nebraska banks were never in .a better con­
dition, never in the history of the state were they in
so good a position to meet any and all emergencies.
“ On September 15, 1902, Nebraska banks under
state supervision held a reserve of 36 2-3 per cent
of their total deposits. The amount, required by law
is 15 per cent, except in cities of 25,000 population,
or over, 20 per cent, reserve is required. O f this re­
serve, $12,015,977.87, or 26 1-6 per cent, is in the
banks’ vaults and with other banks west of the Mis­
sissippi river, and $1,418,969.09 or 10 1-2 per cent
is with banks east of the Mississippi river. So large
a reserve and so small a per cent, of it with eastern
banks, the financial stringency in the east can have
but little or no effect upon Nebraska banks, and
should remove any doubt from the minds of thè few
who are inclined to entertain any doubt as to the

November, 1902.

TH E NORTHW ESTERN BANKER.

H

W IT H A P A ID U P C A P IT A L O F $ 3 0 0 , 0 0 0 . 0 0

. . . D E P O S IT S O F O V E R $ 3 , 9 3 0 ,0 1 2 .4 7

A N D T O T A L R E S O U R C E S E X C E E D IN G $ 4 ,3 8 4 ,4 5 9 .3 1

Che peoples 'Crust and Savings Bank,
----,—

O L J IN T O IN , I O W A , — —

f

Offers its services to individuals and corporations having Banking business in the State of Iowa, promising
courteous treatment, prompt returns for collections, and the lowest rates consistent with sound and profitable
banking methods.
______________________ _____________

g

O F F IC E R S A N D D IR E C T O R S :

§

G. E. Lamb,
Chas. F. Alden ,
L . Lamb,

.................................. President
C. B. Mills,
.................................. Cashier
.
.
.
.
Vice-President
J. D. Lamb ,
T. M. Gobble,
D. Langan,
S. W. Gardiner,
A. M. Ingwersen.

banks of the state being amply prepared to furnish
sufficient funds to move Nebraska’s enormous crops.
It is the result o f a partial or total failure of crops,
rather than that of an abundant crop such as N e­
braska has been blessed with this year, that is viewed
with alarm by bankers. Y et it will be seen by the
following comparison that regardless of last year’s par­
tial crop failure, which was general throughout the
state, Nebraska banks kept right on growing until
they have reached the present high standard.
“ Since the report o f June 3, 1902, deposits in
banks under state supervision have increased $1,586,699.65; loans and discounts increased $2,080,710.50. Since the report of September 30, 1901, depos­
its have increased $1,896,582.88; loans and discounts
have increased $6,815,879.78.”
Abstract o f the condition o f the state and private
banks, including savings banks, of the state of Ne­
braska, at the close of business on September 15,
1902, total number of banks reporting 466 together
with the comparative statement of the 458 banks
reporting on June 3, 1902:
RE SOU R CE S.

Sept. 15, 1902. _ June 3, 1902.
Loans and discounts. $30,607,745.66 $28,527,035.16
373,153.82
377,097.24
O v erd ra fts...............
Stocks,
securities,
judgments, claims,
498,073.73
481,349.67
etc...........................
11,890.00
0. S. bonds on hand
Due from national,
state and private
banks and bankers 10,920,533.06 11,309,348.25
Banking house fur­
1,287,822.56
niture and fixtures 1,307,703.95
494,693.78
433,485.50
Other real estate. . .
Current expenses and
442,500.69
400,032.87
taxes paid ...........
Premium on U. S.
4,853.99
2,967.89
and other bonds . .
2,437,507.63
2,514,413.90
Cash on hand . . . .
109,238.91
94,812.15
Other assets ...........
Total ............. ..


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

$47,152,031.89 $45,484,228.52

|
5
|

L IA B IL IT IE S .

Sept. 15, 1902. June 3, 1902.
Capital stock paid
i n .......................... $ 7,671,300.00 $ 7,521,150.00
Surplus f u n d ...........
1,276,426.18
1,271,535.73
Undivided profits ..
1,392,084.30
1,467,909.06
Dividends unpaid ..
7,654.94
13,734.45
Deposits .................. 36,656,227.68 35,069,528.03
Notes and bills re­
discounted ...........
81,547.74
44,454.99
Bills p a y a b le ..........
66,791.05
95,916.26

Total ................... $47,152,031.89 $45,484,228.52
GILMAN, SON & € 0 . F A IL .

New York, October 16.— Failure of the banking
house of Gilman, Son & Co., of 62 Cedar Street, this
city, was announced late today. The liabilities, it
was said, are less than $ 200, 000, and it was added
that no other New York concern would be affected.
The business o f Gilman, Son & Co. was largely in
Western farili mortgages. The house was founded
m 1860 by Winthrop S. Gilman, who carne here
from. St, Louis and Alton, 111.
W S. Gilman died in 1884, and the business was
taken up by his sons, Theodore and Winthrop Gil­
man, Jr. The first is the New York correspondent
of some sixty Western state banks and private bank­
ing institutions, many of them in Iowa, For some
time tñe bank has done little business in this city.
It was said that the bank’s trouble was not due to
any unfortunate speculations. It is thought tnere
will be little, if any, loss.
THE NEW ORLEANS CONVENTION.

A ll arrangements for the twenty-eighth annual
convention of the American Bankers Association here
on November 11, 12 and 13, have been completed
and the official program has been announced. On
the first day, Tuesday, November 11 , the convention
will be called to order by the President, Myron T.

November, 1902

TH E NORTHWESTERN RANKER.

:

l S

i-4 ** » t*t »* ** it »4» t
C A P IT A L

t!3

$ 1 0 0 ,0 0 0 .

S U R P L U S , $ 7 5 ,0 0 0 .

E S T A B L IS H E D 1 8 7 0 .

Merchants National Banh
o f

B U R L IN G T O N . IO W A .

T . W, BA R H YD T, P r e s i d e n t .
W. E. BLAK E, V i c e -P r e s i d e n t .
J. L. EDW ARDS, C a s h i e r .
H. J. H CN GERFORD, A s s t . C a s h .

YOUR

Photograph o f Screw Door Safe Burglarized, in Taylor &
McClure’s Bank, A rrow Smith, 111. Contents Taken.

A LARGER STOCK
of Bank Safes Car­
ried than Any Other
House Outside of New
York City.

J. J. Deright & Co.,
SAFE DEALERS,

ACC O U ST

I1 S V IT E D ,

HENRY L. TOLM AN,

MICROSCOPIST.
Microscopical and Chemical Examina­
tions of Forged or Altered Documents; of
adulterations of Food, and of Blood Stains,
Textile Fabrics, Woods and Minerals. Pho­
tographs and Enlargements made when
desired.

O M A H A , NEB.
Tested by Buiglars and Experts
and Found to be
Long
Distance Phone No. 353.
BURGLAR-PROOF.

RO O M 9 2 9 , C H IC A G O O PERA H O U S E B U IL D IN G .

Herrick, of Cleveland, Ohio, and addresses of wel­
come will be delivered by Mayor Paul Capdeville,
of New Orleans; Gov. W. W. Heard and R. M.
Walmsley, President of the New Orleans Clearing
House Association. The reply to addresses of wel­
come and annual address will then be made by the
President of the Association. During three days’
session reports will be read and acted upon and many
interesting banking questions discussed.
On the
third day Congressman Burton, o f Ohio, will address
the convention as to the financial societies. An ad­
dress will be made by J. W. Brown, President Ra­
leigh National Bank, upon “ The New South.”
Elaborate plans also have been made for the enter­
tainment of the visitors.

a sum believed to be $5,000 was secured. The build­
ing was wrecked.
Oct. 30. The Exchange Bank of Garner, 111.,
was robbed at an early hour of the morning by six
masked men, who bound and gagged the town con­
stable, blew open the safe and carried away about
$4,000 in currency.
Nov. 5.— Robbers early today wrecked the vault
(if the Bank of Richards, Mo., with dynamite and
secured $1,500, all that it contained.
Nov. 1.— The Smithfield, Neb., Bank was robbed
of $ 1, 000, presumably two men who have been hang­
ing about for the last few days.
Nov. 4. — An Evening Wisconsin special from
Marshfield, Wis., says:
“ Robbers blew open the
vault in the bank at Greenwood last night and se­
cured $ 11, 000.”
N ov 6.— Robbers blew open the safe of the Tampa,
Kansas State Bank and took about $3,800 in curren­
cy, escaping on a hand car.

WHO’LL BE THE NEXT 2

October 28. Prairie City Bank robbed of over
$4,000. Robbers escaped. N o clue.
Oct. 29. Robbers wrecked the safe in the Bank
of Buffalo County at Gann Valley, S. D., that morn­
ing, but fled without securing any money.
Oct. 29. The vault o f the private bank of
Charles IT. Knapp at Sodus. N. Y ., was broken into
with dynamite by burglars early in the morning and

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

C

h ic ag o .

The frequent bank robberies throughout the
Northwest are1 leading bankers to think of putting
in an up-to-date safe. The Victor Safe and Lock
Company of Cincinnati are selling one o f the latest
and most approved patterns of screw door safes.

i6

TH E NORTHW ESTERN BANKER.

p O R Eighteen Y ea rs the S T

November, 1902.

P A U L N A T I O N A L B A N K , OF

ST. P A U L, M IN N ., under the same management, has w ith
open doors been Studying the Needs of its Correspondents, W e l ­
coming Suggestions, W elcom in g N e w Business, but N ot Neglect*
ful of the old.

Old Customers and N e w are Both M ade to Feel

at Home.

NEBRASKA NEWS AND NOTES.

F. L. Welpton will open a bank at Verdigre.
A National Bank is to be established at Decatur in
the near future.
L. T. Bryant is now Cashier of the First National
Bank o f Schuyler.
Some business men and farmers will soon establish
a new bank at Dannebrog.
The Bank o f Trumbull has received its new fur­
niture and got it in place.
The charter of the First National Bank o f Colum­
bus has been extended to 1922.
Graf is to have a new bank. The incorporators
are L. A., J. O., and W. A; Graf.
The State Bank of Cambridge will reorganize in
the near future as a First National Bank.
The Bank of Ogallala at Plainview with a capital
of $ 10,000 has been granted a charter by the state
banking board.
The Omaha. National Bank of Omaha, has been
appointed reserve agent o f the Anoka National
Bank o f Anoka.
The Western National Bank of New York has
been appointed as reserve agent of the First National
Bank o f Hastings.
The First National Bank of Lincoln, has been
approved as reserve agent of the Alliance National
Bank o f Alliance.
A certificate has been issued to the Anoka Nat­
ional Bank. W ill D. Forbs is President and S. A.
Richardson, Cashier
The Corn Exchange National Bank o f Chicago
has been selected as reserve agent of the City Nat­
ional Bank o f Lincoln.
The Farmers and Merchants Bank o f Henderson,
owned by Jacob Krocker, has incorporated with .a
capital stock o f $ 10, 000 .
Hugh Ralston will embark in the banking busi­
ness at Farnam. He has his bank fixtures ordered
and a charter applied for.

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

W. A. Reynolds has gone to Norfolk, where he
goes to take charge of his duties as assistant Cashier
of the N orfolk State Bank.
E.
A. Lucke has gone to Butte, Boyd county,
where he will take charge of a bank that he and his
father have recently purchased.
The First National Bank of Buchanan County,
St. Joseph, Mo., has been approved as reserve agent
of the Citizens National Bank of Tecumseh.
Philip S. Rino has been elected Vice President of
the Farmers’ and Merchants’ National Bank of Fre­
mont, in place of Arthur Gibson, deceased.
The United States National Bank of Omaha has
shown a most remarkable growth during the last
six years. The deposits are now $4,367,000.
The First State Bank of Ogallala, with a capital
stock of $ 10,000 has been incorporated by Malcolm
MiacLean, Geo. V. Snyder and Jennie Forsyth.
The Famer’s and Merchant’s Bank o f Henderson,
which has been operated as a private concern has been
granted a charter. It has a capital stock of $ 10,000.
Application has been approved to organize the
First National Bank of Atkinson. Capital $25,000.
Ed. S. Gallagher, of O’ Neill, T. F. Birmingham, and
others are the incorporators.
J. H. Sullivan, James Fox, Vincent Glaser, Thom­
as Sullivan and T. C. Cronin have incorporated the
Spalding City Bank. The bank will be ready De­
cember 1st. Capital $ 10, 000.
John Stewart of Elburn, 111., who is one of the
principal owners of the Bank of Gering, has been
there inspecting the handsome1 new bank structure
which is about ready for occupancy.
Application has been approved to organize the
First National Bank of Osceola. W. H. Myers,
of Osceloa, A. O. Monson, J. F. Monson, J. W.
Snider and A. P. Tilley are the incorporators,
J. H. Harris, Cashier of the defunct Farmers’
Bank at Broken Bow, has just been convicted of
making false report to the state banking board of
the condition of the bank. The penalty for this is
from one to ten years.

November, 1902. .

TH E NORTHWESTERN BANKER.

17

ARE YOU A BANKER?
If you are, you should be interested in Bank Pro­
tection, in view of the almost daily reports of suc­
cessful Bank Robberies throughout the country.
You know as well as we do that no safe or vault is
proof against the modern and educated cracksmen.
There’s only one sure way of keeping them away
and that is by a good electric system, properly
applied, such as our

Automatic Electric Safe & Vault Protection System
This system is conceded by everybody who sees it to
be the most practical and most efficient f rm of Bank
Protection in present use. No bank, large or small,
should be without it, as its price is within the reach
of all. It is simple, sure and easily taken care of.
Such is our faith in it that we give a positive written
guarantee that it cannot be defeated. — — — —
Our booklet, explaining it in detail, is free for the
asking. Or, better still, call at our office and see
it in practical operation.

A m erican
:::

The First National Bank of Genoa are pushing
their repairs toward completion as rapidly as pos­
sible, and when completed Genoa will have a bank
building fitted up second to none in the state.
The new national bank building at Osceola is ap­
proaching completion. Preparations are going ahead
rapidly to get the business started. It will be known
and designated as the first National Bank of Osceola,
The long talked of bank at Preston has material­
ized, and thrown open its doors for public favors.
'The inital officers are W. A. Margrave, President;
Levi Thacker Vice President, and W. L. Green,
Cashier.
The capital stock of the Franklin Exchange Bank
000. The many friends of this solid institution note
at Franklin has been increased from $10,000 to $25,with pleasure this substantial increase in the resources
o f the bank.
Decatur capitalists with plenty of money have about
decided to start a national bank. Am ong those inter­
ested are: Dr.J. B. Whittier, D. C. Griffin, F. J. Grif­
fin and J. W. McMullen.
There is already one
bank at Decatur.
The K nox County Bank of Yerdigre has filed
articles o f incorporation, placing its authorized capi­
tal stock at $20,000. Its incorporators! are D. B.,

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

B ank

P ro tec tio n

M IN N E A P O L IS , M I N N E S O T A

Co.,
:::

F. B. and S. S. Welpton, the first named being Presi­
dent and the second Cashier.
Rush H. Palmer has resigned his position in the
First. National Bank of Minden to assume the duties
of Cashier of the First National Bank of Fairbury.
Mr. Palmer went, to Minden twenty-two years ago.
In 1881 Kent & Palmer organized the Kearney
County Bank, the First Bank in Kearney county.
W. A. Campbell, receiver of the defunct Chamberiain banking house has received a letter from Charles
M. Chamberlain, the Cashier and alleged wrecker.
Without revealing his whereabouts, Chamberlain
says he is anxious to return to Tecumseh if given a
guarantee that he will not be prosecuted, and that
with his knowledge of the affairs of the Bank he can
save depositors many thousands dollars.
An attempt was made Saturday night October 11,
to crack the safe in the Bank of Dubois. The night
was dark and rainy, with much thunder, and the
explosion was not distinguished and the robbery was
not discovered until Sunday morning. Some watches
were taken from the vault, and the safe was found
on its face, but no entry had been made. Two men
have been placed under arrest as suspects.
Twenty years ago* the Merchants’ State Bank of
Fremont opened up for business. It had a capital

I

TH E NORTHW ESTERN BANKER.

--------- T H E —

National L ive S tock Bank
O F C H IC A G O , ILL.

AGGREGATE DEPOSITS DURINC PAST YEAR
OVER
O F F IC E R S :
S. R . F l y n n
President
R o s w e l l Z. H e r r i c k

Vice-President
Gates A . R y t h e r

Cashier

▼
D IR E C T O R S :
S. R. F l y n n
L e v i B. D oitd
Sa m u e l C o zzen s
J o h n A . Sp o o r
R o s w e l l Z. H e r r i c k
N e l s o n M o r r is
A r t h u r G. L e o n a r d
J a m e s H. A s h b y

Your attention is
respectfully called
to the fact that we
do a general bank­
ing business. Our
facilities for trans­
acting a general
banking business
are as good as those
of any bank in Chi­
cago. We can give
quicker action on
all cattle business
than any bank in
Chicago.

C A P IT A L :
S I ,0 0 0 ,0 0 0

SURPLUS
AND
U N D IV ID E D
P R O F IT S :

$1,231,000

We Solicit Your Account.
stock o f $25,000.
The Fanners’ and Merchant’s
National Bank, its successor, is still located at the
same place. The original bank had a capital of
$25,000, while that of the present institution is four
times as much. W. E. Smails is the only officer now
serving who was one o f those that began with the
Merchant’s Bank.
A local sleuth informed the Mirror that S. M.
Patterson, assistant Cashier o f the Arapahoe State
Bank, and E. E. Emmett, our state Bank Examiner
are both missing. About a week ago the bank placed
a hod full of hard coal in their1vault, having accept­
ed it as security on a large loan. The morning fol­
lowing the disappearance of Emmett and Patterson
it was discovered that the coal was gone. They were
followed to the Gosper county line where all trace
of them was lost.— Arapahoe Mirror.
Nebraska banks are bursting with money as an
over-ripe October burr with chestnuts but its owners
will not invest in eastern securities on account of
the large amount o f water in them. For a state that
continually harks with a two million prairie dog
power for irrigation works, to he helped along with
the the nation’s money, this seems an illogical posi­
tion to take. Since when has dry Nebraska, arid at
times as the desert of stony Arabia, been so despa
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

November, 1902.

rately afraid of a little water? But perhaps it would
rather have it in its wells and irrigation ditches than
in its investments.
M. D. Cameron, Vice President of the Schuyler
National Bank, has accepted the position of Cashier
of a new trust company and savings bank now being
organized in Omaha and will shortly move to that
city. The Omaha company is composed of R. C.
Peters, one o f the most successful real estate men] and
brokers in the wfest, and a number of Nebraska land
eastern capitalists. They will succeed the firih of
R. C. Peters and Company, a firm now having several
million dollars in loans on their books.
A suit is now in progress in Lancaster county bettween the stockholders of the Blue Valley Bank over
the assets of that institution. A dividend of 70 per
cent was declared, hut Mr. Gund’s share was not paid
to him owing to objections of Byron Lane and A. S.
Sands, who wanted the amount of a note signed by
Mr. Grind and W. L. ILayes deducted therefrom.
Mr. Gund’s share of the dividend is $6,930. The
amount Sands and Lane claim should he deducted on
mount of the indebtedness is $6,578.06.
Thomas Garrison has been kept busy for several
weeks looking after the banking interests o f the
Gothenburg National Bank. Mr. Dann has been in
the east most of the time lookng up a new location.
Since going there Messrs. Garrison and Dann have
consolidated the two hanks and later bought out the
interests of Mr. Hanna in the Gothenburg Bank.
They have, we are informed, sold out the hanking
business of the town to' Mr. Burson, who will take
charge the first of the month. Mr. Garrison will
ship his household goods next week.
A recent copy of the Chicago Record-Herald con­
tains the follow ing: J. C. M cNaughton,, assistant
Cashier of the Bankers’ National Bank, died
September 19th. at his home in Rogers Park,
aged 65. H e had been in poor health for sev­
eral years. Mr. McNaughton came to Chicago in 1892
from Nebraska, where he had been a state hank in­
spector for a number of years. The funeral will he
held tomorrow: Mr. McNaughton resided in Hastings
for several years and was connected with the E x­
change National Bank leaving there in 1892.
In all of the vast amount of evidence o f prosperity
of Nebraska there is probably nothing more convin­
cing than a comparison of the statements of banks
under the state jurisdiction. Never in the history of
Nebraska have the hanks been in such good condition,
enjoyed such good business or fared so well as in
the last few years. During the last ten years the
total deposits in all state banks was lowest in De­
cember, 1896, at that time bing only $10,227,537.
Now the deposits aggregate over three times ,as much
or $35,069,528 in exact figures. Until 1898 the total
of loans exceeded the total of deposits hut since that
year the deposits have kept, increasing, constantly

November, 1902.

WM. H. B R IN TN ALL,

TH E NORTHWESTERN BANKER.

19

THE DROVERS NATIONAL BANK.

P resid en t.

fOHN BROWN,
Vice-President.

u n io n

s to c k v ik d s , c h iu g o

Capital,
$ 2 5 0 ,0 0 0 .0 0 .

.

#■

Surplus

WM. A. TILD E N ,

AN D

Cashier.

T o B a n k s a n d B a n k e r s H a v in g M ore or L e s s L iv e S t o c k B u s in e s s ,
th is B a n k O ffer» E x c e p tio n a l A d v a n t a g e s , and S o lic it s C o rre sp o n d e n c e
as to T e r m s an d F a c ili t ie s .

widening the difference between the two items. It
is also notable that this year the total capital of the
institutions is less than in 1896, notwithstanding
the business is over twice as great.
“ Nebraska banks are gorged with money, the own­
ers of whch are afraid to invest in modern stocks and
bonds, because o f the vast amount of water which
has been injected into the securities,” said Secretary
o f Agriculture Wilson recently in an interview.
‘‘This money is deposited in banks .and transferred
to eastern cities, where the money kings invest it.
The western farmers and business men cannot find
safe investment except in lands, and that accounts
for the high and increased value of Nebraska and
Iowa lands. Western money is even going into Cana­
da to find investments.”
Twenty years ago the banking capital of Colfax
county was only fifty thousand dollars and there were*
only two banks. Today there are ten banks in this
county with a capital of $ 212,000 and a surplus and
undivided profits of $68,736.22. This speaks well for
the prosperity of the county and indicates in some de­
gree the great accumulation of wealth in that vicinity.
Below we give the Capital, Surplus and Undivided
Profits as published in the statement o f the banks on
September 15th last:
Surplus & Undivided
Name
Capital
Profits
First National B a n k .'..$
50,000.00 $ 2 Ì,973.46
Schuyler National Bank.
50,000.00
14,250.90
Bank’g House o f F. Folda
25,000.00
12,395.53
Colfax City Bank Howells
20,000.00
5,568.57
Farmers & Mer. Bk. Leigh
15,000.00
5,868.39
Howells State Bank.........
15,000.00
109.77
Schuyler Savings Bank.
12, 000.00
1,240.68
Maple Valley St. B. Leigh
10,000.00
3,573.00
3,004.92
Clarkson State Bank . . . .
10, 000.00
751.00
Bank o f R ogers..................
5,000.00
$212,000.00
Wabasha,
ant Cashier
died at the
Minn. H e
been in the
years.

$68,736.22

Minn., Oct 20 .— C. IT. Jihuson, Assist
of the First National Bank o f this city
home o f his w ife’s parents at Amboy,
was thirty-seven years of age, and had
employ o f this institution for fifteen


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

Profits,
$ 5 1 4 ,2 2 3 .2 4 .

MINNESOTA NEWS AND NOTES.

E. L. DePue has opened the Bank of Danvers.
F. L. Buell is the owner of the new Bank of
Sparta.
C. W. Gillam, is now Vice- President of the Windom National Bank of Windom.
IT. W. Eldred has been elected Vice President of
the First National Bank of Rushford.
The Farmers State Bank of Kasson has been
given authority to commence business.
F. L. Williams has been elected Vice President of
the Clarke National Bank of Minneapolis.
The Bankers’ National Bank of Chicago is now re­
serve agent of the Second National Bank of St. Paul.
A certificate has been issued to the First National
Bank of Ivanhoe. This was formerly the State Bank
of Ivanhoe.
The Lewiston Bank and Farmers’ Exchange Bank
have consolidated and the title of the bank is now the
First State Bank.
The Northwestern B'ank of Minneapolis has been
appointed reserve agent of the First National Bank
of Redwood Falls.
Enneval Monson has been elected Vice President
and George J. Pursol, Cashier, of the First National
Bank of Clearfield.
The First National Bank of Minneapolis has been
approved as reserve agent of the First National Bank
of Pelican Rapids.
The Wisconsin National Bank of Milwaukee has
been approved as reserve agent of the Citizens’ Nat­
ional Bank of Austin.
The First National Bank of Ortonville has elected '
John Mitchell, Vice President and O. L. Chamberlain, Assistant Cashier.
The Nicollet (M inn.) Bank, a, private institution,
owned by Messrs. Gutterson, Barnes and McGuire, of
Lake Crystal, 'has opened for business with W. F.
Siege as Cashier.
The First National Bank of Ortonville has been
granted a certificate. Richard Norrish is President
and E. James Weiser, Cashier. This is a conversion
of the Bank of Ortonville.

TH E NORTHWESTERN BANKER.

20

Accounts of Banks
and Bankers___
Solicited.....................

Officers
J o h n C. B l a c k , President.
G e o r g e M. R e y n o l d s , Vice-President.
N. E. B a r k e r , Vice-President.
I r a P. B o w e n , Assistant Cashier.
B e n j a m in S. M a y e r , Assistant Cashier.
W i l l i a m W. H i l l , Secretary.

S T A T E M E N T OF CONDITION A T CLOSE OF BUSINESS,
SEPTEM BE R

IS, 1902.

j
An.
--------Resources--------Loans and D i s c o u n t s , ...................................................... $26,255,620.60

Other Stocks End. Bonds,
.......................................
016 88^
%27 172
01
U. S. Bonds to secure C ir cu la te , . . . . .
9it),H»3-43 $27,172,513.03
Overdrafts..............................................................................
Woo* oc
Real Estate, .
,
.
.
.
la
Due from Banks and U. S. T r e a s u r e r , ............................... $ 0,108,314.55
...................................................... 6,484,394.67 15,592,709.22
Cash*
•
Total.......................................................................................................... $42,870,166.95

------- Liabilities_____

1

Capital Stock Paid i n , ..............................................................................$ 3,000,000.00
U nTividedTrAts, * . * . ’ . \
....................................... .......
'
'
g o ,000 00
Circulation.......................................................................................................................Solooo’.oo
DeP°slts- ............................................................................................... 38,693,937.17
Total- ................................................................................................. $42,870,866.95
A general foreign exchange business transacted.
issued, available in all parts of the world.

The Bank of Derby, (Guckeen P. 0 .) ,which re­
cently shaped in business is reported to have gone
into voluntary liquidation.
The Farmers State Bank o f Kasson, has opened
for business. Capital $15,000. II. IT. Brown, Pres­
ident; W . N. Parkhurst, Cashier.
Bank o f Hartland, organized in 1898 as a private
institution, has been chartered as a state bank by
J . C. Cheney and others. Capital is $ 10, 000.
The First National Bank o f Chatfield has been
organized. Capital, $25,000. The incorporators are
A. L. Ober, S. Burnap, II. S. Griswold, Joseph Un­
derleak and Geo. R. Thompson.
The First National Bank of Hendricks has been
granted a certificate. John Swenson is President and
L. M. Lerwick, Cashier. This was formerly the Lin­
coln County State Bank of Hendricks.
Application has been approved to organize the
Boyd National Bank o f B'oyd. Capital, $25,$00.
The organizers are Lloyd G. Moyer o f Montevideo,
O. H. Bye, O. J. Flaa and Hafton Saltnes.
The Hanley Falls Press of September 28th con­
tains the announcement o f the marriage of Mr. Wal­
ter E. Hanson, Assistant Cashier of the First Nat­
ional Bank of that place to Miss Myrtle N. Brazil of
Morton.
The National Park Bank of New York, The First
Rational Bank o f St. Paul and The Northwestern
National Bank of Minneapolis have been approved
as reserve agents o f the First National. Bank of
Ortonville.
Articles o f incorporation have been filed for the
Bank o f Lewiston. Capital $ 10, 000. This is a con­
solidation o f the Lewiston Bank, operated by J. W.
Rice, and the Farmers Exchange Bank, the property
of C. H. Neeb & Co.
Duluth, Minn., Oct. 17.— Several thousand dol­
lars worth o f diamonds and other precious stones were
stolen from a counter in the First National Bank late
Thursday. They were left by Mrs T. D. Merrill, a

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

November, 1902.

Travelers’ circular letters of credit

prominent society woman, who had just taken them
from the safety box. She left the building forgetting
to take the jewels with her and returning discovered
her loss.
The Bank of Madison Lake are at last settled in
their new building where they have all the modern
conveniences for trasacting business. They have one
of the best locations in town and a brick building 60
x75 feet, two stories high.
The Bank of Hartland has incorporated as the
State Bank of Hartland with $ 10,000 . J. C. Cheney,
Ft. Dodge, Iowa, as President; E. H. Stensrud,
Hartland, Vice President; and E. O. Nervig, Cashier.
The bank is a prosperous one.
The project of opening the third banking institu­
tion at Waseca has been abandoned.. The investors
interested have purchased shares in the Citizens State
Bank, and will soon convert it into a natonal bank
with J. B. Sullivan, of Arlington, S. D., as Cashier.
Minneapolis, Oct. 14.— Losses aggregating $40,000
are said to have been sustained by Minneapolis banks
through the operation of Edward T. Blow and Thom­
as Armstrong, arrested today on charges of forgery.
They have been posing as mill feed brokers, and have
negotiated drafts on far off customers, bills of lading
accompanying the drafts. It is now charged that
these bills of lading have been forged, and in at least
one case the men have admitted it. In the Munici­
pal Court today they waived examination, and were
held to await the action e f the grand jury.
The First National Bank of Minneapolis— the
largest bank in the Northwest— has had a splendid
year’s business. This institution ranks as one of the
most substantial banking institutions west of Chi­
cago and its rapid growth attests its popularity and
the confidence of the public in its management. The
First National holds the Minneapolis accounts of a
large number of banks throughout the Northwest.
Its officers are: John Martin, President; F. M.
Prince, Vice President; O. T. Jaffray, Cashier; D.
Mackerchar and Ernest C. Brown, Assistant Cashiers.

November, 1902.

TH E

N ORTH W ESTERN

BANKER.

21

I. C. E l s t o n , President.
G e o . H . R a t h m a n , Cashier.

Jije

Capital, Surplus
and Undivided

Seott

$ 3 8 3 ,3 15 .9 4

Profits,

Live Stock Nat’I Bank,
----------------------------

Çourçty

F . L . E a t o n , Vice-President
E . C. C u r r e y , Ass’t Cash.

LOCATED

AT

--------------------------- -

S IO U X C IT Y S T O C K Y A R D S .

Deposits,
$ 3 ,2 17,4 3 0 .8 9

Sauii}$$

Capital,
Surplus,

-

-

$100,000.00
84,000.00

J. H. SEARS,

B a i? K
Daverçport
loiua

President
H. F. PETERSEN.
Vice-President

S A V E TIME

AND M O N E V

B Y S E N D IN G S T O C K Y A R D S B U S IN E S S D IR E C T .

J. H. HASS,
Cashier

IO W A NEWS AND NOTES.

Every Iowa bank not now a member o f the State
Association should remit jive dollars to the treasurer, F.
Y. Locke, o f Sibley, and “ get i n f
As a matter o f
profit and loss in money you cant afford to stay out.

I. C. Elston,
F . L. Eaton,

D IR E C T O R S :
Samuel McRoberts,
W m. Milchrist,
Geo. H. Rathman,

F. W. Rathman,
E. C. Currey.

The Third National Bank o f St. Louis has been ap­
proved as reserve agent of the First National Bank of
Council Bluffs.
W ill Stuhr, cashier of the German-American Bank
at Minden was married recently to Miss Ethel Wishart o f that city.

G. W. Wiley, cashier of the Geneva Savings Bank,
reports that the bank building is completed and they
A new bank is contemplated at Ida Grove.
have moved in.
G.
R. Taylor is the new Cashier of Rice’s bank at. J. A. Cunningham takes W. R. Jeffrey’s place as
Smithland.
president of the Washington County Savings Bank
W. S. Hefling has bought the Bank of Brooks and at Washington.
will run the same.
C. E. Narey has been elected Cashier of the First
The First National Bank of Primghar has moved National Blank of Spirit Lake to take the place of
into their new building.
L. D. Goodrich.
The Lehigh Savings Bank has increased its capital
H. E. Christensen, the Sharpsburg banker, has
stock from $ 10,000 to $ 20, 000 .
offered to settle with the creditors of the bank for
A. H. Mieche has been elected cashier of the bank 73 cents on the dollar.
id Maynard in place of F. E. Blethen.
J. L. McLean has already opened a bank in ShamThe Ewart Bros, failure at Grinnell has caught a baugh, and now comes a Mr. Richie from Missouri
number o f banks in that section of the state.
to organize another bank.
M. W. Stover, President o f the Marengo Savings
Money is rolling into the State Treasury from the
Bank and a prominent citizen died suddenly.
different counties, being the State’s share of the
The National Bank o f North America is now re- second installment of taxes.
serve agent of the First National Bank of Sioux
The new furniture and fixtures for the First Na­
City.
tional Bank of Independence have been put in posi­
The Onslow Bank is to become a State Bank D ec­
ember 1st, with J. W. Rhodes of Wyoming, as
cashier.
The Des Moines National Bank has been approved
as reserve agent o f the First National Bank of
Waverly.
The Des Moines National Bank has been appointed
teserve agent for the Merchants’ National Bank of
Cedar Rapids.

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

tion and are very handsome.
H.
A. Sweigard, though retaining his interest as
Director in the Bank at Goodell, last week severed
his connection with the bank as Cashier and moved
to Klemme.
Rumor has it- that parties from Des Moines contemplate taking over the building of the Farmers
Savings Bank at Farmington and organizing a new
financial institution.

22

TH E NORTHW ESTERN

JINO. W . BALLARD, President

BANKER.

November, 1902.

BRED B. SHARON, Vice-President

S. L. ELY, Cashier

S. D. BAWDEN, Asst. Cashier.

THE UNION SAVINGS BANK
DAVENPORT,

C A P IT A L , $ 1 0 0 ,0 0 0

I O WA

P R O F IT S , $ 2 3 ,1 3 3

A C E N E R A L B A N K IN C B U S IN E S S T R A N S A C T E D

D E P O S IT S , $ 1 ,0 8 0 ,3 3 5
C O M M E R C IA L A N O S A V IN C S

3 1-2 PER C E N T IN T E R E S T P A ID ON D E P O S IT S

The Tootle-Lemon National Bank o f St. Joseph;,
Mo., has been appointed reserve agent of the Bed­
ford National Bank o f Bedford.
W. S. ILeiling, who started into the banking busi­
ness at Brooks a few months ago, has bought out G.
W. Blazier’s bank at that place.
A charter has been issued to the Bailey State
Bank o f Correctionville. The capital stock is $30,000. It succeeds the Sioux Valley Bank.
C. E. Richards from Ft. Hodge has taken posses­
sion o f the bank at Yetter purchased from Messrs.
Long. It will be known at the Citizens Bank.
th e First National Bank o f Essex has elected N.
C. Nelson, V ice President, in place o f H. I. Foskett
and G. J. Litjedahl, Cashier, place o f N. C. Nelson.
The National City Bank of New York has been
appointed reserve agent o f the Crestón National Bank
of Crestón and the First National Bank o f Coming.
The Woodburn Bank of Woodburn report their
“ business so far this year considerably better than
last and prospects ahead are good.”
C. A. Troyford is Cashier.
The United States Express office at Cedar Rapids
was robbed o f $2,000 consigned by a Cedar Rapids
Bank to a Chicago correspondent. The money hav
not been recovered
A charter has been issued to the Bailey State Bank
of Correctionville. The capital stock is $30,000, and
George A. Bailey is the Cashier. It succeeds the
Sioux Valley Bank.
Capt. L. E. Zachary, one of the old settlers oi
Jasper county and for many years one o f the promi­
nent bankers of Prairie City, died recently at the ad­
vanced age o f 83 years.
The amount of capital stock o f the new State Bank
of McGregor is $25,000. The officers are: President,
V . F. Daubenberger; Vice President, J. D. Bickel;
Cashier, J . . A. Ramage.
Homer A. Miller, Cashier o f the Des Moines Sav­
ings Bank o f Des Moines, has been in Chicago the

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

past six weeks at the bedside of his wife, who has
been under the care of Chicago physicians. Mrs.
Miller is now much improved and ILomer is back
again at his desk in Des Moines.
Articles of incorporation were filed this morning
with the Secretary of State for the Citizens Savings
Bank of Lettsville. Capital $ 20, 000 ; for the Farm­
ers’ State B’ank of Salix. Capital $25,000.
W ill H. Evans has commenced his work as Assist­
ant Cashier of the Savings Bank of ML Pleasant.
H e has had over four years’ experience in the bank­
ing business in a like position at Mediapolis.
The First National Bank of Gilmore has been or­
ganized with capital stock of $25,000. B. L. Willis,
of Webster City, Geo. Wombach, S. S. Bigelow, D.
E. Hamersly and Andrew Tefler ,are the organizers.
It is stated that Charles R. Hannan is promoting
the incorporation of a new national bank at Council
Bluffs, and it is probable the insttution will be known
as the Bluff City Nttional Bank with a capital of
$ 100, 000.

The Winneshiek County Bank has added a Bur­
rows adding machine to their office equipment. By
its use much of the tedious work of balancing pass
books and similar computations are simplified and
shortened.
The Nauman Co. of Waterloo have
new Northwestern banks, with office
the year. They make a specialty of
some of the finest bank furniture in
product of their shops.

fitted out many
fixtures during
bank work and
the state is the

The First National Bank of La Porte has outgrown
their present quarters, which consisted of but a small
room in the front part of the building and are fitting
and furnishing the entire ground floor part o f the
building for their use.
T he directors of the First National Bank of Iowa
Falls recently at the close of the fiscal year declared
a dividend of 30 per cent on the capital stock. The
net earnings on the $ 100,000 capital for the year is
over seventeen per cent.
.
.

November, 1902.

TH E NORTHWESTERN BANKER.

T he National
B a n k of t h e

23

COUNCIL BLUFFS

5 f?e
C o m m e r c ia l

= IO W

A =

[tatiorçal
R

E

P

U

B

L

I

J. R . R e e d ......................................................P r e s i d e n t
L e w i s H a m m e r ............................... V i c e - P r e s i d e n t
F. C. L o u g e e ............................ 2 n d V i c e - P r e s id e n t
C. E . P r i c e ........................................................ C a s h ie r
C h a r l e s F . S n y d e r ......................... A s s t . C a s h ie r

C
Bardic

OF

C

H

I

C

A

G

O

Capital,

......... C A P I T A L --------TW O

MILLION

;•

$

COMMENCED BUSINESS JUNE 15, 1901.

DOLLARS
$

..- S U R P L U S
A

S

even

H

undred

T

100,000

housand

D

ollars

AT<ö‘

*

J? £
S’

July 15, ’01 ^
$ 14 2,7 42.19
^
Sept. 30,

$ 2 12 , 3 9 0 . 9 I
D e c e m b e r I O,

If Invites the accounts of responsible people,

o' .

F ebruary 2 5 ,

promising all the courtesies that are usually
?

extended by an obliging and carefully con­
&

ducted banking house.

$ 2 4 5 ,4 1 6 .5 5

& ^
£

T

A

$ 378, 864.89
July 16,

'a

$476,530.84

%

A delegation of Cedar Rapids bankers are going
to Davenport in the near future to examine into the
working of the clearing house association. There is
no clearing house in Cedar Rapids, but one is to be
organized.

Gasady’s new Bank at Norwalk has been com­
pleted at last and is open for business. This bank
room will compare favorably with any bank in Des
Moines. The room is finished in oak with oak count­
ers with marble base.

The new Winterset Savings Bank has opened its
doors for business. The officers o f the new bank are:
President, A. B. Shriver; Vive President, Luther
F o x ; Cashier, F. D. Campbell; Assistant Cashier, W.
F. Grismer.

The B'ank of Rowan, at Rowan; The Bank of
Lope joy at P opejoy; The State Savings Bank of
Goodell and the Farmers Exchange State Bank of
Dows are associated banks and controlled by practi­
cally the same set. of men.

The Farmers’ and Mechanics’ Savings Bank of
Davenport has declared a two-and-a,-half per cent
dividend, payable October 20, on account o f the
tenth anniversary o f the bank’s establishment on
October 19.
Application has been approved to organize the
First National Bank of Dolliver. Capital, $25,000.
The incorporators are J. P. Kirby o f Estherville,
M. K. Whelan, Henry G. Graaf, Emma G. Allen
and E. I Sondre1.

A good showing. The Farmers’ Bank of Massena,
of which A. F. Okey is President and D. P. Hogan
Cashier, has deposits of over $150,000. This is an
exceptionally fine showing in view of the fact that
the capital stock is only $ 10, 000.
The articles of incorporation of the Haskins Sav­
ings Bank have been filed. The bank is incorporated
for $10,000. The directors, are John Fletcher, Kent
C. Freeman, Martin Newcomber, Harry C. Buell
and L. Gerber, all of Cedar Rapids.

W. E. Potter has been appointed receiver for the
Citizen’s State Bank of Glidden, consolidated last
spring with the First Natonal Bank The business
has been virtually closed up long ago, the appoint'
ment being merely a formality made necessary in
order to comply with certain legal requirements.

The First National Bank of Sheldon has just fin­
ished a number of improvements. The interior is
equipped with elegant new fixtures, a beautifully
finished steel ceiling, berlap wall finish and tile
flooring. The entrance is finished with polished tile
and oak, which is very handsome. A new steam


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

TH E NORTHWESTERN BANKER.

24

November, 1902.

M IN N E A P O L IS , M IN N E S O T A

F IR S T
N A T IO N A L
BANK

CAPITAL,

O F F IC E R S .
J o h n M a r t i n , ......... .. P resid en t.

s

i

, 0

0

0

, 0

0

0

F . M . P r i n c e , .. V ice-P resid en t.
C . T . JAFFRAY,

.. —

D. M a c k e r c h a r , . . .

C ash ier.

A ss ’ t Cash.

E r n e s t C. B r o w n , . A ss’ t C ash .

SURPLUS

P R O F IT S,

a n d

n

D

e p o sit s,

$

o

n

1 0 ,0 0 0 , 0 0 0

We would be Glad to Hear from Banks who have Business in this Territory but no Direct Correspondent in

M IN N E A P O L IS , M IN N E S O T A
heating plant is being added. They have reason to
feel proud of their new home.
E. A. Keup has been elected Assistant Cashier of
the First National Bank o f Crystal Lake in place of
Ole Erickson.
Sioux City, la., Nov. 6.— Joseps Simpson, for fif­
teen years one of the leading financial men in North­
western Iowa and prominent in Sioux City during
the boom days, died today in Denver, Colo.
The Miles Exchange Bank of Miles has changed
hands, when Virtus Lund took possession, he having
purchased it of T. B. Emerson. Mr. Lund comes
highly recommended and we predict for him a pros­
perous business and a host o f friends.
It is announced that H. E. Fry had accepted the
position as Assistant Cashier of the First National
Bank as successor to S. J. Jayne. Mr. F ry has been
in the First National Bank before and is thoroughly
acquainted with the details of the work.
The big white safe that so long did service for the
Bank o f Dallas Center was loaded on a wagon and
taken to Dana where it was installed in Brenton
Brothers Bank at that place. A new safe has been
placed in the vault o f the bank at Dallas Center.
A t a recent meeting of the directors o f the Bailey
State Bank o f Correctionville, the following officers
were chosen: President, Geo. A. B'ailey; V ice Presi­
dent, E. A. H a ll; Cashier, E. C. Bailey. This now
completes the reorganization o f the old Sioux Valley
State Bank, which was determined upon some time
since.
The following Iowa banks bought Burroughs ad­
ding machines during the month o f O ctober: Farm­
ers National Bank, H am burg; Citizens State Bank,
Sumner; First National Bank, Webster City; First
National Bank, P erry; Castana, Savings Bank Castana; First National Bank, Council Bluffs, (second
machine.)
The Farmers and Merchants Bank o f Remsen
has been open to the public for one month and Mr.
Faber has reason to be proud o f the success he has met
with. Over $ 10,000 o f deposits have been received at

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

the bank in this short time, and the general bankingbusiness entrusted was larger than the managers had
hoped for.
J .F. Lake, Assistant Cashier of the First National
Bank of Shenandoah was married October 15th to
Miss Margaret Morse, the daughter of R. W . Morse,
a prominent resident of that city. After a short wed­
ding trip Mr. and Mrs. Lake will be at home in his
fine new residence which is almost finished and ready
for occupancy.
President Frasier of the state department of agri­
culture has been chosen cashier of the Bloomfield
bank with which he is connected. This explains
why he announced he would not be a candidate for
re-election as head of the department. W. W . Mor­
row of Afton, now Vico President of the department,
will succeed him.
The regents of the University of Iowa have elected
Wm. McChesney, of Iowa City First National Bank,
secretary of the university to succeed Judge Had­
dock, resigned. The choice gives general satisfac­
tion in the university circles. There were fourteen
candidates for the position, nearly every congres­
sional district having one or more candidates.
The Dickenson County Bank of Spirit Lake
shows a handsome increase in the business over the
former statement. On a capital of $50,000 they have
profits of. $10,600 and deposits of $ 202, 000. As­
sociated with this bank are the Superior Savings
Bank of Superior; The Farmers Bank o f T erril; The
Bank of Montgomery and the First National Bank
of Milford.
Salix is to have a new bank. Articles of incorpo­
ration were filed for the- Farmers’ State Bank of
Salix, with a capital stock of $25,000. The officers
of the new institutions are as follows: President,
Alexis Fortin, of Kankakee, 111.; Vice President,
Pierre Lacroix, Salix; Cashier, Herman Fortin,
Salix; Assistant Cashier, A. J. Granger, Salix. This
will make the second bank for Salix, the bank there
now being known as the Bank of J . C. Currier &
Sons.

November, 1902.

T H E N O R T H W E S T E R N BA N K E R ,

CAPITAL, STOCK, $200,000.00.

25
O FFIC ER S.

P. M. S t a r n e s , President.

D. G. E d m u n d s o n , Vice-President.
C a l v i n M a n n in g , 2nd Vice-President.
N E. C o f f i n , Counsel.

D e F o r r e s t B o w m a n , Secretary.
G e o , E. P e a r s a l l , Treasurer.

D IR E C TO R S.

Leslie M. Shaw, Ex-Governor of Iowa; P. M. Starnes, President, Des Moines, Iowa ;
Geo.E.Pearsall, Cashier Citizens Nat’l Bank; D. G. Edmundson, President Security
Loan and Trust Co., Des Moines, Iowa; N. E. Coffin, of Dudley & Coffin, Attor­
neys; E.E. Penney, Wholesale Coal, Cedar Rapids, Iowa; Dr. S. J. Patterson, Cashier
Dunlap Bank, Dunlap, Iowa; Lewis Haas, Cashier W oodbine Savings Bank, Wood­
bine, Iowa; A. S. Stults, Des Moines, Iowa; Hon. Calvin H. Manning, President
Iowa National Bank, Ottumwa, Iowa.
D O Y O U W A N T t o own a 10-Year Endowment Bond? D O Y O U V V A .IX T
to pay for it in installments? D O Y O U W A N T to have your unpaid install­
ments canceled at your death, and one-third more cash than you have paid given
your family or estate? D O Y O U W A N T an investment which will be as safe
as Iowa farm mortgages can make, held in trust by the state of Iowa, and which will
be guaranteed to you or your estate? IF? Y O U D O apply for a

10 -T E A R A C C U M U L A T IV E EN D O W M E N T BOND
FRO M THE

Insuranc« Man w ith Good Records w ill find it to their interests
to address the Heme Office,Crocker Bldg, Dos Moines,Iowa.

N A T IO N A L , L IF E

TR U ST

C O ., D

e s

M o in e s , Iow a.

An absolutely new contract in the field and one which it will pay you to examine.

H. A. Sweigard, Cashier of the Bank at Goodell
for the past seven years, has resigned to manage a
bank at Klemme. The resolution passed by the board
of directors .expresing their high appreciation of his
unusually able services and regret at losing him, and
the splendid financial standing of the bank itself
prove his sterling qualities as a banker and business
man.
C. H. and C. M. Keck of the Citizens’ National
Bank of Washington and S. E. Lehnen of Cedar
Rapids have bought 57 shares, a controlling interest,
in the stock o f the Farmers’ Savings Bank of Kalona. Mir. Lehnen will fill the position of Cashier.
S. E. Mannatt, who has been Cashier since the bank
was organized, about two years ago, will remain in
the bank for a short time.
A business deal at Albert City has been closed by
which Anson E. Wells becomes the possessor of half
interest of A. J. Wilson in the grain ,and banking
firm o f Wilson & D eW olf. In the deal is involved
seven grain elevators located at the following points :
Laurens, Marathon, Havelock, Albert City, Varina,
W ebb and Curlew. The Bank o f Curlew, opened
last year is also included in the deal.
The Citizens’ Bank at Storm Lake is making ex­
tensive improvements in the building it now occu­
pies. The front is to be taken out and replaced with
a large plate glass. The counting room is to be re­
modeled and refurnished with elegant furniture and
fixtures necessary for the equipment o f a modem
banking house. The improvements were necessary
to accomodate the increased business the Citizens’
Bank is enjoying.
The statement recently issued by the New Albin
Savings Bank o f New Albin, a town of less than 600
population in Allamakee county, shows a remark­
able increase o f business for so small a place. The
statement shows that on September 15, 1899, the
total resources were $72,627.71, and on September
15, 1902, $208,665.23. On September 15, 1899,
the deposits were $56,783.95, and on the correspond­
ing date this year they amounted to $190,070.01

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

AND

The New Commercial Bank building at Lohrville
has been completed. It is 21x36 with a fourteen
foot ceiling. The bank is fitted throughout with new
fixtures. The safety deposit vault is equipped with
a heavy steel nest of private deposit boxes. The capi­
tal of the bank is $ 10,000 with an individual respon­
sibility much larger. D. A. Evans, President, and
G. W. Evans, Cashier, have resided in the county
twenty-two years. Their character and business abil­
ity is well known.
On October 20th the Des Moines National Bank
shipped $ 2,000 in currency to the Bank of Irwin by
American Express. When the package was opened
at Irwin it was found to contain brown paper cut
to a size of bank bills and which had been substituted
for the money. The package showed signs of hav­
ing been tampered with en route and the express
company is now making an investigation. They will
probably be obliged to make good the loss of the
money to the Bank of Irwin.
Wm. M. Lamb will continue the banking business
of J. V. Hinchman at Glenwood under the firm name
of “ Wm. M. Lamb, Banker,” successor to the Bank­
ing House of Jos, V. Hinchman. Mr. Lamb has been
Mr. Hinchman’s manager and confident for so many
years that he has had practically the direction of his
active business and is a safe and conservative busi­
ness man. H e is genial and kind, yet firm, and we
bespeak for him a continuance of that large confi­
dence and patronage that the bank has enjoyed for
so long a time past.
The Supreme Court has granted a petition for re­
hearing in the noted case of Charles T. Officer ad­
ministrator vs. Officer & Pusey. The firm conducted
a private bank at Council Bluffs, which failed. Chas.
I'. Officer, as administrator, had funds on deposit in
the bank, and-he claimed these should not be consid­
ered in the light of ordinary liabilities of the bank in
settling up its affairs. H e took the ground that as
administrator he was an officer of the court and that
the funds were merely held in trust, The court did
not uphold his contention, but permitted a rehearing.

THE NORTHWESTERN BANKER.

26

SEGURITY
SAVINGS
BANK

OF IO W A

Cectaf Rapids
Capital, $100,000.
Surplus,
70,000.

Does no Commercial Banking, but offers for Iowa business the services
of a careful, competent and exclusive Savings Bank, paying interest on
deposits at the rate of

C. F. VAN V E C H T E N , P re s id e n t
E. M . S C O T T , C a s h ie r

Springville, October 30.— L. P. Crissman, one of
the leading bankers, merchants and politicians of
this place, has made an assignment for the benefit of
creditors. He has been taking charge of money for
farmers and paying 4 and 5 per cent when the banks
would not pay interest on deposits. Where he invest­
ed this money is not known. H e has always been
considered a safe business man and it is not believed
that he has been a plunger. E. D. Butterfield was
named as assignee.— Exchange.
Henry J. Nietert the Walker banker has just been
elected President of the National Butter Makers
Association at Milwaukee. H e is now serving his
second term as Mayor of Walker, and has previously
served three terms in the state legislature. H e came
to Iowa in 1854, and since 1878 has been engaged in
the mercantile and creamery business. In 1855 he
established the Exchange Bank, and is considered one
>f Iowa’s most substantial citizens. H e is an author­
ity on the creamery business and butter-making.
The banks of LeMars report a very strong demand
for money now on account o f the demand for cattle
to feed. It is generally anticipated that there will
be a lot o f soft com on account o f the early frost
and this has made great demand for feeding cattle.
The banks are loaning money to farmers and feeders
with which to buy feeding cattle. One banker said
a few days ago that not for two years has there been
such a demand for money. H e said he did not ex­
pect it to last any great length o f time, for as soon
as feeders were supplied the demand would probably
let up. There will be a lot o f cattle fed in North­
western Iowa this fall.
Long Brothers, proprietors of the B'ank o f Yetter,
have sold their banking business there to parties in­
terested in the Eort Dodge National Bank. The
new owners took possession October 21 and will in
future operate the bank at Yetter under the title of
Citizens Bank of Yetter with a capital of $25,000.
W e bespeak a good business for the new bank. The
parties interested are now successfully operating banks
at Knierim, Gowrie, Dayton, Fort Dodge, Humboldt
and other points. C. E. Richards, formerly Cashier

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

THE CEDAR RAPIDS
NATIONAL BANK

Capital and Surplus,$ 146,000.00
Deposits,
- 1,339,000.00

Per
C en t-

November, 1902.

UNITED
STATES
DEPOSITARY

O F F IC E R S A N D D IR E C T O R S
A. T . A v e r i l l , President
C h r is t ia n M ag n u s
G . F . V a n V e c h t e n , Vice-Prest.
P. E . H a l l
G eorge B. D ouglas
E d . H. S m it h
R a l p h V a n V e c h t e n , Cashier

U N E XC E L LE D CONNECTIONS THROUGHOUT IOWA
FOR HANDLING COLLECTIONS AND BANKERS’ ACCOUNTS

at Knierim, will move to Yetter and take charge of
the new bank. Mr. Richards is a thoroughly capable
bank man and will be an excellent citizen for Yetter.
The First National Bank of Maquoketa and the
Omaha National Bank are fighting for the posses­
sion of 110 cattle which are claimed to be covered
in two separate mortgages. The stock was owned
by Grant Howard, who gave a mortgage to the Cut­
ting & Willett Bank of Oto, now in the hands of
a receiver. The Omaha bank, which bought the
oote of the Oto bank, sued out a writ of replevin
and the Maquoketa bank sued out one against the
Omaha bank to recover possession, claiming it was
given to secure a note which it held against Howard
and which was indorsed by the Oto bank. The Ma­
quoketa bank also asks for judgment of $200 claimed
for alleged unlawful detention of the stock.
At a special meeting of the stockholders of the
State Bank of West Union held recently, it was unan­
imously voted to renew the charter for another
twenty years from January first, next. The capital
was fixed at $90,000, and the present surplus and
earnings will be carried forward to the new organ­
ization. W . B. Thomas was elected director and vice
president o f the bank to succeed G. H. Thomas, de­
ceased. Five of the original directors have held con­
tinuously since the organization of the bank, two
Lave died and two have parted with their holdings
and left the state. John Jamison, as president and
I'. Y . Whitmore, as cashier, have held their present
offices continuously for the past twenty years. Four­
teen of the original stockholders are dead and seven­
teen have been continuously with the institution since
it started.
The Birdsall boys “ grew up” in Wright county,
and they have proven themselves to be the right stuff.
One who knows the family writes to the Marshalltown
Limes-Republican. H e knew the father many years
ago, a kindly old man whose home was on the hank
of Wall Lake, and whose bam was free to the teams
of youngsters who drove to the lake on a fishing trip
or an outing of any sort. The boys all got the benefit
of a farm training. Ray, an exceptionally fine law-

November, 1902.

TH E NORTHWESTERN

yer, deserted his proffession for the banking business,
and is a trusted banker at Dows. Tom Birdsall’s
bank at Alden is one of the best known institutions
of its kind in northern Iowa. Ben was a successful
lawyer and took high rank in his judicial capacity.
The writer picks him out as the “ flower o f the flock ’7
and says he will make an even better record in con­
gress than his friends are predicting for^him.
State Bank Examiner Joe Whelan recently re­
turned to Des Moines after a, short trip over the state
in pursuance o f the duties of his office. Tie reports
the money stringency to be practically over, and that
the Iowa banks are now on “ Easy Street.” About
two weeks ago many o f the Iowa Banks were beginn­
ing to feel the closeness o f the money market in Hew
York city. They had loaned out all of their surplus
funds up to the very limit, and, feeling, that a crash
was coming, were closing up on all the money that
came in and were refusing to make loans. Although
the situation did not continue critical long enough to
alarm the depositors and cause any runs, any number
of Iowa banks would have been in a poor position to
have' withstood demands of their depositors for funds.
Now that Wall street has been supplied with money
by Secretary Shaw, the Iowa banks are breathing
easier and everything is getting back into.its normal
position. The failure of the bankng firm o f Gilman,
Son & Co., of New York city, announced through the
dispatches, caught a number of Iowa, banks for small
amounts according to Mr. Whelan. H e does not an­
ticipate that any o f the banks had large deposits in
New York city and that any failures will result in
Iowa. The Gilman banking concern was the Hew
York correspondent of a number of Iowa banks, and
the failure came unexpectedly.
Maryville, Mo., Oct. 31.— H. C. Christensen, Pres­
ident o f the Sharpsburg, Iowa Bank, was arrested at
the station platform yesterday afternoon on the
charge o f embezzling the bank’s funds. The amount
which Mr Christensen is accused o f taking is from
$25,000 to $50,000. The doors of the bank closed

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

BANKER.

27

last Monday, and at that time it was stated there was
a shortage. At the same time the President of the
institution disappeared. H e had not been seen until
his arrest just as he was getting off the train. There
was a run on the bank last Saturday when it became
known it was in a bad financial condition. There
was $34,000 on hand, and $20,000 of this was drawn
out. When the officials began to investigate on Tues­
day $300 was found in the safe. Christenson took
his arrest coolly, .and said he would return. H e said
be had property enough to make up the loss, and that
he would do this as soon as he got back. This state­
ment was made on the advice of an attorney. Feeling
against Christensen runs high in Sharpsburg, be­
cause many of the depositors may lose all their sav­
ings in the bank’s failure. A brother-in-law of Chris­
tiansen was arrested and brought back with him, to
answer to the charge of conspiring to assist in the
bank wreckage. Christiansen came to Sharpsburg
from Scott City, Kans., about six months ago. He
was well liked. H e told his Cashier that he had
been requested to take the funds of the bank to
Omaha and make a showing in order to get a higher
rating for his bank.— Exchange.
Another chapter was added to the celebrated Cren­
shaw bankruptcy case yesterday when Judge Smith
McPherson overruled the petition of the Omaha
National Bank asking that the $5,000 certificate of
deposit given by them as a, collateral by Crenshaw be
binding upon Gilbertson & Thompson, the owners
of the bank at Crystal Lake, which issued the certi­
ficate after Crenshaw had purchased the institution.
The case which is a, most peculiar one attracted
much attention on account of the Napoleon methods
of finance adopted by Crenshaw who prior to Feb­
ruary 3, 1902, was engaged in the grocery business
in this city, but whose present address is unknown.
Last February Crenshaw went to Crystal Lake, Iowa,
where he made negotiations for the purchase of a
bank owned there by Gilbertson & Thompson. The
deal w,as consummated February 12, when Crenshaw

28

^pirst

THE NORTHW ESTERN BANKER.

ational
DUBUQUE,

IOWA.

C a p ita l, $ 2 0 0 ,0 0 0 . S u rp lu s and P ro fits ,
$ 5 2 ,0 0 0 . D e p o s its , $ 1,1 0 9 ,0 0 0 .

November, 1902.

SESURITY
NATIONAL BANK,
SIOUX CITY, IOWA.
—ESTABLISHED 1884—

C. H . E I G H M E Y . P R E S ID E N T .
E . A. E N G L E R , V i O E - P r e s i d e n t
O . E . G U E R N S E Y . C A S H IE R .
B. F . B L O C K L i N G E R . a s s ’ t C a s h i e r .

United States
Depository.

Capital, $ 2 5 0 ,0 0 0
Surplus, 5 0 ,0 0 0

D ire c to rs.

C. H. Eighmey,
E. A. Eugler,
Geo A. Bruiieu,
M. M. Walker,
M. R. Amsden,
F. W. Coates,
Jas. C. Collier,
(J. E Guernsey.

agreeed to buy the bank, but not the bills receivable
or the assets. The same Cashier was to continue to
act under Crenshaw. N o money had been paid on
the purchase by Crenshaw, but the day on which he
assumed control o f the bank he had the Cashier is­
sue several certificates o f deposit in Crenshaw’s
name, which the latter afterward offered as a collat­
eral for a loan o f $5,000 at the Omaha National
Bank. After making some inquiry the Omaha Bank
advanced the money. Returning to this city Cren­
shaw withdrew his deposits from the banks in the
city and disappeared, no trace of him having been
discovered to date, though it has been reported he
went to Mexico. The creditors in this city hearing
ihat he had withdrawn his deposits from the banks
petitioned the courts for a receiver which vras granted.
An agreement was entered into Gilbertson & Thomp­
son and the creditors, that the contract for the pur­
chase of the bank was not made in good faith, that
it was void and that the creditors would make no
claim on the bank, and in turn Gilbertson & Thomp­
son were to have no share in the dividends of the
Crenshaw property.— Exchange.
The affairs o f the Oto bank, the recent failure of
which was attended with sensational features, have
reached the United States court. In a report filed in
the district court by Receiver I. B. Knudson an in­
ventory of the assets and liabilities are given, and it
is asked that the matter be transferred to James T.
M cVay, who lias been appointed temporary receiver
in bankruptcy, for settlement.
On October 20 a
petition in involuntary bankruptcy was filed in the
United States court against Cutting & Willetts and
the Oto Bank. The petitioners were the Mapleton
Bank, the Danbury Bank and J. S. Horton, three
creditors of the Oto B'ank. When the papers were
sent down to Judge Shiras, at Dubuque, he sent
them back with directions to take the matter up with
the referee in bankruptcy in Sioux City. Accord­
ingly the matter was submitted to 0. X . Joy, who
appointed Mr. M cVay last Saturday as temporary
receiver in bankruptcy. H e will serve for twenty
days, when the creditors will get together and de­
ride upon some one for trustee. The report of Re­


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

W. P. M anley , President.
C. L. W eight, Vice-Pres.
T. A. Black, Cashier.

ceiver Knudson was submitted to Judge Oliver. The
report shows the' assets of the co-partnership and the
liabilities to be as follows:
Assets—
1 h -.I d
Bills re ce iv a b le ............................................$10,300.05
Accounts d u e ................................................ 10,219.48
Total ...................................................... $20,519.53
Inabilities'—
Time certificates .........................................$12,155.00
Demand certificates ...................................
1,036.25
Accounts due by b a n k ............................... 37,383.17
Bills p a y a b le ........................
10, 000.00
Contingent liability (estimated) ............. 25,000.00
T o t a l .....................................................$85,574.42
As to the personal assets of the members of the
co-partnership, about which there has been so much
conjecture, the report is somewhat indefinite. The
personal property is listed as follows by the receiver:
One building known as bank building; one build­
ing known as Van Marel property; one building
known as Hallett Implement property; three-fifths
equity in the Oto creamery; forty acres o f land;
$4,000 life insurance (W illett) ; $ 12,000 life insur­
ance (Cutting) ; due from Weare Commission Com­
pany, $ 12, 000 ; one mining property in Cripple
Creek, C olo.; notes securing bills payable in Sioux
City, $13,000; notes securing bills payable in Chi­
cago, $5,000; one $5,000 life insurance policy
(Arthur) ; one $ 1,000 life insurance policy (Graybill) ; cash in First National Bank, Sioux City,
$ 1, 000 ; cash in P. G. Riedesel’s Bank at Oto,
$357.87; eighteen town lots; one team of horses,
with harness and buggy. The value of these per­
sonal assets may be guessed at.
When the work of a bank is well systematized it
not only can be done in much less time, but there
is less liability for errors and mistakes. I t is a no­
ticeable fact that the best and most successful banks
are those that are well systematized. The BakerVawter Co. of Chicago make a specialty of this line
of work.

November, 1902.

TH E NORTHWESTERN BANKER.

G er m an S a v in g s
B a n k , DÄYENP0RT, I0 W Ä
CASH CAPITAL $500,000.00.

29
STATEM ENT, SETP. 15, 1902.

ASSETS.
Loans............................................. - ................................ $6,846,800.11
Cash and Exchange........................................................ 661,526 40
Real Estate and Personal P roperty...........................
45.35o.97
Total Assets......................................................... $7,553,677-48

JENS LORENZEN, President.
CHAS N. VOSS, Cashier.
H. LISCHER, Vice-President.
R . ANDRESEN, Ass’ t Cashier.
E D . KAUFMANN, Ass’t Cashier.

LIABILITIES.

DIRECTORS.
F. G. CLAUSSEN,
JENS LORENZEN.
H. LISCHER.

CHAS. N. VOSS
H. O. SEIFFERT.
T . A. MURPHY.

H. H. ANDRESEN.
F. H. GRIGGS.
PAULO RODDEW IG.

DAKOTA NEWS AND NOTES.

P. Lee is now V ice President of the Second Na­
tional Bank of Minot, N. D.
Isaac S. Binford is now V ice President of the
Farmers’ National Bank of Brookings, S. 13.
F. A. Rising has been elected V ice President of
the First National Bank of New Rockford, N. D.
A new state bank has been organized at Trent,
making the second instution o f the kind in that town.
The Bank of Lamoure, N. D., has been converted
into the First National Bank o f Lamoure. Capital
$25,000.
The First National Bank of St. Paul has been
chosen as reserve agent of the First National Bank of
Northwood, N. I).
A certificate lias been issued to the First National
Bank of Page, N. D. L. B. Hanna is President and
W. J. Marrish, Cashier.
The First National Bank o f Bottineau, N. D.,
has elected W. R McIntosh, Vice President and John
T. Neville, Assistant Cashier
A certificate has been granted the First National
Bank of Omemee, N. D. F. W. Cathro is President
and James Wright, Cashier.
The Continental National Bank of Chicago has
been chosen reserve agent o f the First National Bank
o f Wessington Springs, S. I).
The Swedish-American National Bank of Minne­
apolis has been apponted reserve agents of the First
National Bank o f Crary, N. D.
The National Bank of Commerce o f Minneapolis
has been approved as reserve agent o f the First Nat­
ional B'ank o f New Rockford, N. D.
A certificate has been issued to the First National
Bank of Oakes, N. D. Capital, $25,000. Thos. F.
Marshall is President and H. Clay McCartney,
Cashier.
A
ional
Wm.
pell,

certificate has been issued to the Farmers Nat­
Bank o f Brookings, S. D. Capital $50,000.
A. Caldwell, President and Thomas L. Chap­
Cashier.


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

Deposits........... ............
-$6,717,738.75
Capital.............................- ............................................
500,000.00
200,000.00
Surplus_________________________________________
Undivided Profits.........................................................
135,938.73
TotalLiabilities..................................................

$7,553,677-48

A certificate has been issued to the First National
Bank of Forman, N. D. Capital $25,000. J. L.
Mitchell, President, and R. L. Himebaugh, Cashier.
The Western National Bank of New York and
the First National Bank of St. Paul have been ap­
proved as reserve agents of the First National Bank
of Omemee', N. D.
The Sioux Falls Savings Bank of Sioux Falls,
S. D., has deposits of $124,000 and undivided profits
of $35000 on .a capital of $44,000. H. R. Dennis
formerly of Iowa is President.
The First National Bank of Milbank has been or­
ganized with capital of $25,000. F. B. Roberts is
President and George C. Middlebrook, Cashier.
This was formerly the First State B'ank of Milbank.
Application has been approved to organize the
Milton National Bank of Milton, N. D. The incor­
porators are D. H. Beecher of Grand Forks, N. D . ;
Sidney Clarke, B. Prom, Jno. W. Ogren and C. F.
Sims.
The First National Bank of Omemee, N. D., has
been organized. Capital $25,000. The incorporators
are F. W. Cathro, of Bottineau, and A. R. Batie,
W. II. McIntosh, Donald McKinnon and James
Wright.
Application has been approved to organize the
First National Bank of Milton, N. D. Capital $25,000. H. G. Halverson of Mayville, George Plaine, *
M. L. Elken, W. W. McQueen and others are the
incorporators.
The Chase National Bank of New York City,
Commercial National Bank of Chicago, and the St.
Paul National Bank of St. Paul have been approved
as reserve agents for the Farmers’ National Bank of
Brookings, S. D.
The Importers’ and Traders’ National Bank of
New York City, the First National Bank of Minne­
apolis and the National Bank of Commerce of Min­
neapolis have been chosen as reserve agents of the
First National Bank of Milbank, S. D.
The North Dakota State Board of Equalization has
raised moneys in unincorporated banks ten per cent in
McIntosh, 20 per cent in Grove Park and Fosston, 25

30

TH E NORTHWESTERN BANKER.

per cent in Beltrami. Money other than that in
banks is raised 20 per cent in the village of Erskine.
Shares o f bank stock are raised 5 per cent in M cIn­
tosh, 10 in Fertile and 25 in Fisher.
The annual meeting of stockholders o f the Custer
County Bank at Custer was held recently. A dividend
of 8 per cent was declared. Officers were elected as
follows: Stephen H. Mills, President; D. W. W eb­
ster, V ice President ; T. AV. Delicate, Cashier.
A statement just made by the Flandreau State
Bank o f Flandreaux, S. D., shows a gain of $ 5,000
in deposits during the past three months and a gain
of $54,000 in deposits during the past year. The
aggregate in deposits o f the bank now amount to
$353,405.61.
A new banking institution, to be known as the
People’s Savings Bank, will soon be established in
Sioux Falls, S. D. The names o f those who will
start the new bank have not yet been made public.
The rooms in what is known as the Metropoliton
block, formerly occupied by a local bank, have been
rented for quarters for the new institution.
Sheriff Daniels, o f Buffalo county, and Deputy
Marshal Dave Kirkwood located and arrested two
bank robbers at Platte, S. D., October 30. A store
in Gann Aralley had been broken into and $30 in
money taken from the till.
The robbers then
cracked the safe in the bank, but when the charge
exploded the town was aroused and they fled but
were captured as above stated.
The State Bank o f Milton, NT. D., o f which David
II. Beecher of Grand Forks is President, ,and Mr.
B rynjolf Prom is Cashier, has decided to become a
national bank, and arrangements are already under
way to perfect the change. This bank has been under
the same management continuously for the past fif­
teen years and has enjoyed uninterrupted prosperity
and confidence, so much so that the officers feel that
Milton and its triubtary country now justify enlarged
capital. The new bank will be called the Milton
National B'ank.

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

November, 1902

The new banking house of the First National Bank
of Alexandria, S. D., is nearing completion. When
finished it will be one of the very best equipped
banking rooms in the state. The building is 51x100
feet, two stories high with full basement. Their
deposits at present are $ 180, 000 ; Loans and Dis­
counts $ 110,000 and Surplus and Undivided Profits
$13,000.00; this on a capital o f $25,000 makes a
creditable showing. They are the oldest bank in
Hanson County, and only reorganized and entered
the Uational system a year ago.
A holdup man recently arrested in Sioux City had
in his possession blank checks on the First National
Bank of Aberdeen, S. D., and a blank draft on the
Northern National Bank, of Aashland, Wis. In addi­
tion to these were two checks on the Sioux Falls Na­
tional B'ank, signed William Clark. They were with­
out number or date. In the body of one check was
written ‘ ‘ Six hundred and seventy-five dollars,” while
the figures read $6.75. In the body of the other
check was written “ One hundred and five dollars.”
The figures of this check were $1.05.
The authorities of Minnehaha county, S. D., find
themselves in a peculiar situaton. With over $80,000 in the treasury the county commissioners are un­
able to take up outstanding bonds, for the reason that
the holders decline to surrender them until they are
due. Some of the bonds will not become due for two
years, while the remainder will run until 1909. As
tho, holders of the bonds consider them such a good
investment that they will not permit them to be paid
until they become due, the county will be required to
keep- on paying interest in the face of having an over­
flowing treasury.
The First National Bank of Sisseton has recently
purchased the- Sisseton State Bank and is consolidat­
ing that institution with the First National. The
capital of the State Bank on August 21st- was $9,000
and surplus and profits $7,000. The deposits were
$143,000. The capital of the First National is
$35,000, surplus and profits $9,000 and deposits
$220,000. The consolidated instution will make one

November, I 902.

T H E NORTHW ESTERN BANKER.

B U R R O U G H S ’ A D D IN G
A U T O M A T I C A L L Y LISTS A N D

31

H A C H IN E

ADDS IN S T A N T L Y .

Used by 10,000 Banks. Saves Time, Work, Worry and
Money.
Does all the hard part— the Drudgery of
Accounting Work.
Its greatest utility to Banks is in
B A L A N C I N G PASS BOOKS,
L IST IN G C H E C K S , DEPO SITS

and

DISCOUNTS,
T O T A L IN G L E D G E R S
'

and

PRO VIN G A L L A D D IT IO N S ,

IT HAS

A. HUNDRED

W e will send a machine on 30 days’ free trial to any responsible bank or business house.

but

OTHER

USES.

W rite for New Booklet.

A M E R IC A N A R IT H M O M E T E R CO.,
ST. LOUIS, MO.

of the strongest banks in the state. The following
banks are under the same management: The St.
Ansgar Bank, St. Ansgar, Iow a; The Staceyville
Bank, Staceyville, Io w a ; and the Citizens State
Bank, W hite Rock, S. D.
Nashua, N. H ., October 22.— The trustees of the
debenture bonds of the Security Trust Company, one
of the several defunct banking institutions of this city,
announced that October 28 they will pay to bond­
holders certain dividends. In series A the dividend
will be 10 per cent, makng 80 per ceht paid in a ll;
series B, 16 per cent, making 85 per cent paid! series
C, 5 per cent, making 90 per cent paid A dividend
of 56 1-2 per cent has been declared in series D,
making the total paid 1 2 1 1-2 per cent. This is the
final dividend in this series. The Security Trust
Company failed in 1897 and funds invested by west­
ern people especially residents of Grand Forks, N.
D . , where the company had a branch were involved.
Minneapolis, Minn., Oct. 20 .— Geo. W. Smith,
general agent for an insurance company, received
information from Summit!, S. D., tonight that the
Bank o f Summit! had been blown up by robbers
and the vault looted of its contents. Loss $6,000.
The bank proprietors were fully insured against
robbers. From what can be learned it appears that
the robbers entered the building early in the morning

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

and used a quantity of explosives, which wrecked the
structure, and gained admittance to the vault. The
robbers escaped. It is said that none of the townsmen
knew of the attack on the bank until the robbers had
left it. Summit! is a little town of about 350 people
in Roberts county, some fifteen miles from Wilmot,
the county seat. The proprietor of the bank is C.
IT. Lien.
The First State Bank of South Shore has a splen­
did new bank building. The entire building is built
of brick and is 25x81 feet in size, two stories high.
The building cost $5,000. The bank was started in
August, 1900, with Cashier R. J. Sweet in charge,
assisted by Assistant Cashier and Bookkeeper E. B.
Sweet. Under their careful and prudent management
the bank has steadily grown. The bank when first
organized had a capital stock of $ 6,000 but it has
been increased twice and is now capitalized at $15,000
The business has permitted a ten per cent dividend to
be paid stockholders each year. A new department
“ Savings Department” has lately been added and is
also meeting with marked success. The officers of
the bank are as follow s: President, Chas. Anderson,
Mapleton, Iow a; Vice President, H. E. Perkins,
South Shore; Cashier, R. J. Sweet, South Shore;
Assistant Cashier E. B. Sweet, South Shore.

TH E NORTHW ESTERN BANKER.

32

November, 1902.

B a k e r - V a w t e r ?£JJ£TAc a S y s t e m s
Are absolutely trustworthy in every detail, providing a double check on
all receipts and disbursements. Being expansive throughout they meet
all requiiements of new institutions and growing establishments, f t

BAKER-VAWTER COMPANY,
A c c o u n ta n ts , A u d ito rs , Devisers o f C o m p le te B u s in e s s S ystem s,
Physical and Accounting Examinations.

9 6 0 “ Chamber o f Commerce, CHICAGO.

Audits and Appraisals with Certificates.

960 Central Bank Bldg., N E W YORK.

The only way
To obtain a satisfactory building is to pro­
cure well studied designs. In order to obtain
these results you must study buildings and
books of designs. OUR BOOKS will be o f great
aid to you in this respect.
Book o f nearly 50 Modern Country Bank
Buildings, costing from $3,000 to $25,000,
price $1.00.
Book o f Modern “ Hom es for All,” 150 pages?
1 1 x 1 5 inches, of dwellings costing $1,000 and
upwards, a large number between $3,000 and
$6,000, paper covers, $1.00; cloth, gilt top,
$1.25.
Book o f Churches, about 50 designs, lO cts.
© M E Y E R St T H 0 R I , A r c h i t e c t s ,
Design No. 896 “ Homes for All.”

GENERAL NEWS AND NOTES.

I here is the forger, for instance. H e is ever read^
to write a wrong.— Boston Transcript.
The Eredericktown Trust Co., ITedericktowm
Mo., nas just placed an order with the Victor Sale
& Lock Co., Cincinnati, Ohio, for twelve of their
patented screw door burglar bank safes,
Charles C. Willson and Charles Ewing have been
elected Assistant Cashiers of the Bankers7 National
±>ank. The former has been with the bank since its
organization. Mr. Ewing has been chief clerk for
some time.
George M. Reynolds, Vice President o f the Con­
tinental National Bank, has served notice that he will
not again accept the office of Treasurer of the Ameri­
can Bankers7 Association. H e has held the position
rive years.
“ The Battle for Pure Pood77 is the subject of the
leading editorial in the November What To Eat.
fhe poster cover is one o f the strongest and most
striking the magazine has yet had— a knight in
mor fighting a slimy octupus representing What To
Eat waging warfare against impure food which ia
poisoning millions o f people.

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

S t. Paul, Minn.

State Bank, Jackson, Mississippi.

The Thirty-fourth Street National Bank of New
York City has opened for business. Hon. Bradford
Rhodes of New York City is President and Curtis
J . Beard, Cashier. This makes the third hank or­
ganized by Mr. Rhodes and the third of which he is
President. The new bank occupies a position most
convenient to what will soon be the shopping and
hotel center of the city. Its success is assured.
In this age of specialism even many of the banks
show a growing disposition to devote their attentions
to particular lines of the banking business. The
New York National Exchange Bank has a special
department devoted to the handling of hill of lading
drafts. This bank is situated in the heart of the
produce district of New York City and gives bill of
lading drafts intrusted to it the personal and prompt
attention of experienced men and in this way often
times saving the shipper considerable money.
The
hank is having a large growth in its western business.
Promoters of the latest bank being organized in
Chicago have decided to call it the Mercantile N&
donah James G. Trainer, a local real estate broker,
/ind James W. Stevens, President o f the Illinois
.Life Insurance Company, are connected with the en ­
terprise. It is stated that Mr. Trainer may be the
first President. Other officers will probably be selected

November, 1902.

TH E NORTHWESTERN BANKER.

33

Bankers Should Protect Choir funds
with an

Improved Uictor Screw Door Safe...
M a d e o f B ro o k ly n Chrom e^Steek
I J K ^ s r " Y a le T rip le M o v e m e n t T im e L ock.
A u to m a tic L o c k in g an d U n lo c k in g D e v ic e s.

r P H E VICTOR PATENTS include the latest improvements in high-class
A Burglar-proof work. Don’t buy before writing us. Our Catalogues,
Bankers’ Testimonials and Prices will interest you.

THE VICTOR SAFE AND LOCK COMPANY,
- — CINCINNATI, O H I O ---------

from the forces of other banks in the city. I t is un­
derstood that the stock lias been practically all taken
The institution will have $ 1, 000,000 capital anu
$250,000 surplus, the underwriting price of the
ihares being $125.
Ar their recent meeting the Chicago Bankers Club
elected the following officers: President, David B.
Porgan; V ice President, E. 1). H ulbert; Secretary
and Treasurer, W. D. C. Street ; Executive Commit­
tee, John C. Neeley and John J. Abbott. Among
the prominent bankers present were C. O. Austin,
d. IT. Cameron, C. S. Castle, J. C. Craft, It. L.
urampton, J. L. Edwards, W. T. Eenton, IT. S.
Henscben, F. P. Judson, E. S. Lacey, D. A. Moul­
ton, EL A. Miller, W . L. Moyer, J. C. Neely, I. N.
Perry, J. A. S. Pollard, G. M. Reynolds, G. A. Ryther and W. A. Tilden.
A Magazine thirty years old.
The Christmas
(Decem ber) number of The Delineator is also the
thirtieth anniversary number.
The book contains
over 230 pages with 31 full page illustrations, of
which 20 are in two or more colors. The magnitude
o f this December number, for which 728 tons of
paper and six tons of ink have been used, may be
understood from the fact that 91 presses running
14 hours a day have been required to print it; the
binding alone of the edition of 915,000 copies repre­
senting over 20, 000,000 sections which had to be
gathered individually by human hands.
Social, economic and political topics largely domi­
nate the Review o f Reviews for November. The
Editor, in “ The Progress of the W orld,” gives an
Exhaustive review of the coal strike, while Mr. Wal­
ter Wellman contributes a graphic account of the set­
tlement of the strike as viewed at Washington, and
Mr. Frank J. Warne writes of “ John M itchell: The
Labor Leader and the Man.” Col. Carroll D. Wright.
¡>f President’s Roosevelt’s arbitration commission, U
the subject o f a character sketch by Mr. H. T. New

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

ijomb. Mr. Charles A. Conant writes on
Growth of Trust Companies.”

“ The

Indianapolis, Oct. 22.— The Indiana Bankers’ As­
sociation began its sixth annual meeting here today
with the largest attendance in its history. The two
papers that commanded the greatest attention and
were followed by the most interesting discussions
were presented by O. C. Austin, Vice President of
the National Bank of North America of Chicago on
“ The Authority and Duties of Bank Officers,” and
by J. A. L. Pollard, Cashier of the Madison Savings
Bank of Fort Madison, Iowa, who discussed “ The
Octopus and the Bank.” It came out incidentally
during the discussions that Indiana bankers, almost
to a man, are opposed to the Fowler bill.
The following is a list of banks that have bought
the Hibbard-Rodman Ely Manganese steel safe from
J. J. Deright & Co., of Omaha, within the past
month: First National Bank, Osceola, N eb.; Bank
of Arcadia, Arcadia, Iow a; First National Bank,
Traer, Iow a; Bank of B'ellwood, Bellwood, N eb.;
Alpena State Bank, Alpena, S. D. ; First National
Bank, Stanton, Iow a; Underwood Savings Bank,
Underwood, Iowa,; Citizens’ State Bank, Ponca,
N eb.; First National Bank, Independence, Iow a;
Bank of Elliott, Elliott, Iow a; Farmers’ and Mer­
chants’ Bank, Sheffield, Iowa,; Security Savings
Bank, Sheldon, Iow a; First National Bank, Bur­
lington, Iow a; Mackshui'g Bank, Macksbnrg, Iow a;
First State Bank, Beaver City, Neb. ; and many
others.
An article on “ The Presidency,” by Theodore
Roosevelt, to be published in the November 6th
issue of the Youth’s Companion, will be of great pub­
lic interest. When the article was written Mr. Roose­
velt had not even been nominated for the Vice Presi­
dency. Nothing was then further from his thought
¿ban that he would so soon exercise the great powers

34

TH E NORTHWESTERN BANKER.

November, 1902.

-REPORT Oh"

THE SHÄSE NATIONAL BANK,
NEW

YORK

CITY,

AT CLOSE OP BUSINESS, JUEY I(VITI, 1902.
ASSETS,

B i l l s d i s c o u n t e d - - - - - - - - - .........................- ....................................................
T i m e loans on collaterals....................... ..............
D e m a n d l o a n s o n c o l l a t e r a l s ...................
$ 18 056 624 62

50,000.00
1,830,000.00
I2 ibi I2t 28
4 , 268 ^ 154.93
4 82a 8q5 ?8
’
^ '

Due trom banks
..................................
Exchanges for clearing-house.................
...........................
Legal tender notes.....................................
Ireasury silver certificates...... ............
G o ld ............................................................

37,555,950.46

U . S . B o n d s t o s e c u r e c i r c u l a t i o n ........................................................
U . S. Bonds to secure d eposits................. ......... ..............

U. b. and other bonds, and stocks......................................

F iv e p er ce n t, f u n d

1,59°,’ 883. 54
4,275 902 10
2*500 00
2,352’ 048'.00
918,307.00
10,359,685.00

$

$ 60,697,122.45
$ 60,697,122.45

which are entrusted to the President o f the United
States. In view o f the circumstances the article pos­
sesses an importance more than ordinary, and it will
be eagerly looked for. The number o f The Youth’s
Companion containing it, and all the subsequent
issues o f 1902, will be sent free to new subscribers
from the time their subscription of $ 1.75 is received
for the 1903 volume. The new subscriber will also
receive the Companion Calendar for 1903, litho­
graphed in twelve colors and gold. Full illus­
trated announcement o f the new volume and sample
copies o f The Companion will be sent to any address
free.
The Youth’s Companion, 144 Berkeley St.,
Boston, Mass.

SM ITH ’ S COUNTING HOUSE IN DEX D IA R Y.

Superior for Bank Tickler or other use for mer­
chants, corporations, attorneys, etc., opening d i­
rectly to any date. Write fot circular to L. F. Smith
Company, Des Moines, Iowa.
C H E A P R A T E S F O R L A N D SE E K E R S .
The Iowa Central R ’y will sell tickets to bona fide
landseekers at rate o f one fare plus $ 2.00 to points
in bomessekers’ territory in Minnesota and North
Dakota on any Tuesday, good for 21 days. F or
further particulars call on Iowa Central Ticket
Agents .— 12

S P E C IA L O N E -W A Y C O L O N IS T R A T E S ,
On the first and third Tuesdays of each month,
until April, 1903, the Iowa Central Railroad will
sell colonist tickets to points in Arkansas, Southwest
Missouri, Oklahoma, Kansas, Nebraska, South Da­
kota, etc., at extremely low rates. I f you are con­
templating a trip to any o f those sections, it will pay
yon to call on any Iowa Central ticket agent or ad­
dress A. B. Cutts, Minneapolis, Minn., for rates and
further information.
1-03

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

Capital S to ck ............................................... $1,000,000.00
Surplus... ....................................................
1,000,00000
Profits net...................................... .........
2,180,965.88
4,180,965.88
Circulation........................................................... ¿
D
50,000.00
Deposits, viz.
Individual ........
$16,509,184.31
Ban k s.
38,126,972.26
United States.....................................
1,830,000.00 $56,466,156.57

, R eceive accounts of Banks, Bankers, Corporations, and Firms on
favorable terms, and will be pleased to meet or correspond with those
who contemplate making changes or opening new accounts.

PROTECT YOUR BANK.

Ih e usual autumn epidemic of bank robberies bas
set in and almost every day records one or more banks
successfully burglarized and robbers escaped. Cer­
tainly it is the part of wisdom to see that your funds
are given the best protection possible. The best sys­
tem yet devised is the electrical protection system,
by which the least tampering with the vault starts
a gong that would wake up the people for blocks
around. We note that the American Bank protection
Company o f Minneapolis are putting their electrical
system into many banks. It affords thorough pro­
tection and the cost is comparatively small.

T O U R IS T C A R TO C A L IF O R N IA .
Expend the money yon would otherwise use for
coal this winter by living comfortably in California.
On every Wednesday the Iowa Central will run a
colonist tourist car to Los Angeles via the Santa Ee
Route. An easy and comfortable journey over a
southern route, in specially equipped cars, with an
attendant to attend to your wants.
The immense patronage of these California tourist
excursions fully attest their popularity. It is the
warm and sunny route and avoids the discomforts
and annoyances of winter travel over the mountains.
Through to California in less than four days. For
full information as to tickets and berth reservations
consult nearest Iowa Central ticket agent, or address
A. B. Cutts, G. P. & T. A., Minneapolis, Minn.
C H E A P E R T H A N COAL.
Go to California via the Chicago Great Western
Railway. Choice of three through tourist cars. Ask
any Great Western agent about particulars. W. H.
Long, City Ticket Agent, 514 Walnut Street, Des
Moines, Iowa.

November, 1902.

THE NORTHWESTERN BANKER.

35

EVERYTHING USED IN A BANK.
HE I owa L ithographic C ompany, of Des Moines, Iowa, respectfully
ask all Bankers in the Northwest to write them before placing orders
for Bank Lithographing, Printing, Blank Books, Steel Dies, etc., etc. We
furnish everything in the line of Financial Stationery. Estimates and
Samples sent on application. Write us. — — — — — — — —

T

THE IOWA LITHOGRAPH COMPANY,
DES MOINES, IOWA.
BANKS, SAFES AND F IX T U B E S FOR SA L E -P O S IT IO N S
[Reading locals in this column will be printed at a cost of 50c. a line
for first insertion; 25c. a line for subsequent insertions.]

F or Sale — In South Dakota, in Faulk county 160
acres; in Hyde county 320 acres. These lands are
owned by a non-resident and will be sold cheap.
Address, H, care of N orthwestern Banker .
W anted — Active interest in good western bank
Also, stock in few good country banks.
Iowa pre­
erred. Address, G. H., care N orthwestern B anker .

A banker of means and experience wants to buy
all or a controlling interest in a good western bank.
Address R. H., care of N orthwestern Banker .
F or Sale .— A new $100 Yost Typewriter. Firstclass machine. Will take $85 for it. Address Geo.
C. Carpenter; care N orthwestern Banker .
F or Sale .— A Smith No. 2 (double capacity)
Counting House Index Dairy, for making recording
maturity of bills receivable, bills paid, collections,
or any matters requiring ready reference. Publish­
ers price, $4; our price, S3, Also A-No-i at $2.50.

' We have had inquiry lately for second hand safes
and bank fixtures, and could probably find sale for
them if fully advertised. If you have anything of
the kind for sale write T he N orthwestern Banker
F or Sale or E xchange— A set of abstract books
and an established business in one of the best coun­
ties in west central Iowa. Will also sell home and
other income properties, or exchange all for stock
in good bank. Address W., care N orthwestern
Banker .

For Sale.— Bank counters and tellers cage. Sec­
ond hand Andrews outfit suitable for country bank
at a bargain. Apply to'T h e National Bank of Deca­
tur, Illinois.
W anted — rpsition in bank as Bookkeeper and
general workman. References, Danbury State Bank
and Bank o f W all Lake, Iowa.
Address, Oscar
Gootb, Box 306, Danbury, Iowa.

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

I would consider a change of business in December
or earlier. Have somewhat extended banking and
other experience, which has shown fair ability, in­
dustry and honesty. I invite correspondence and
full investigation. Address, “ E. B. B .” care North­
western Banker, Des Moines, Iowa.
W A N T E D — Two young men, Germans, of at least
two years’ banking experience, for positions in banks
in North Dakota. Give references and experience.
Address Allen S. Miller, Auditor, Carrington, N. D.
F or Bale — 890 acres of rich bottom land thre^
uuies from a good town in Cass County, Mo. 20-'
acres in cultivation, 40 acres fine walnut, hickory
.md oak timber, balance in hay. A good set of im
r,covements; water for 1,000 head of cattle. Onlv
00 miles from Kansas City and is one o f the bos';Stock farms in the State of Missouri. A bargain &\
$ 00.00 per acre. Address Wise & Stern, 18 E. 9th
Sr., Kansas City, Mo.

LO W R A T E E X C U R S IO N S F O R ITOMESE E K E R S .
On the first and third Tuesdays of November, D e
eember and January, February, March and April
1903, the Iowa Central Railway will sell excursion
tickets for homeseekers to points in the west, south
west, south and southeast at the low rate of one fare
plus $2.00 for round trip, limited 21 days from date
of sale. For full particulars inquire of any Iowa
Central ticket agent, or address A. B. Cutts, G. P
& T. A., Minneapolis, Minn.
12
H O M E S E E K E R ’ S E X C U R S IO N S .
Homeseekers’ rates +0 nearly all points on sale at
low rates by Chicago Great Western Railway on the
first and third Tuesday of each month, November
to April, inclusive. Available in the through tourist
sleeping cars. For particulars apply to W. H. Long;
Pity Ticket Agent, 514 Walnut Street, Des Moine£,
Iowa.
12

November, 1902.

TH E NORTHWESTERN BANKER.

36

C U R E S THAT TIRED FEEDING

Our

Back

Resters
1
THE

New
Twentieth
Century

E A S I LY

A D J U S T E D

Spring

Back

C H A I R S
FOR

F IR S T

GOLD

STENOGRAPHERS
BOOK-KEEPERS
OFFICE MEN
and the PIANO

M EDAL

At the Paris Exposition.

A rt C a ta lo g u e FR E E . S end fo r O n e .

JEWETT TYPEWRITER CO.

The adjustments are so easily made that the back can
always be placed just in the right position to bring ease
and comfort, while at work at the Typewriter or Desk.
K E E P S T H E B A C K F R O M B E C O M IN G W E A K A N D P A IN F U L .

The use of this chair makes work a pleasure. Satis­
faction guaranteed. Send for catalogue showing full
line with prices that are right, including High Chair
for Standing desk. : : : : : : : : : : : : :
THE DAVIS CHAIR CO.

Des Moines, Iow a, U. S. A.

L O W E ST C O L O N IST -RATES.
The Chicago Great. Western Ry. on the first ano
third Tuesdays of November and December will sell
one way second class colonist tickets to the west,
southwest and soutn at lowest rates yet offered. Eor
particulars inquire of W. II. Long, City Ticket Agt.,
514 Walnut Street, Des Moines, Iowa.

S. N. McCLOUD, Mgr.

MARYSVILLE, OHIO.

The new train service has many superior advantages
over other routes, and is in addition to the present
day train service, making two trains daily to St,
Louis. Eor further information apply to any Iowa
Central agent, or address A. B. Cutts, G. P. & T. A.,
Minneapolis, Minn.

N O T ON E
A M E R IC A N B A N K E R S A S S O C IA T IO N .
New Orleans, La., Nov. 11-13, 1902.
One fare plus $2.00 for the round trip via Chicago
Great Western railway. Tickets on sale November
6-9; good to return within ten days (or till Novem­
ber 30th, on payment of 50 cents extra.) For fur­
ther information apply to W. II. Long, City Ticket
Agent, 514 Walnut Street, Des Moines, Iowa.

N E W F A S T S E R V IC E TO ST. LOU IS.
Effective November 2 the Iowa Central inaugu­
rates a new through train sendee to St. Louis, M c%
via Marshalltown, Oskaloosa, Albia and Moberiy.
The train will consist of buffet sleeper, coach and
combination car and will run through without
change, arriving at St, Louis at 2 :00 p. m. daily.


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

But choice of three through tourist cars to Cali­
fornia is offered by the Chicago Great Western rail­
way. Ask any Great Western agent, about them.
\\. II. Long, City Ticket Agent., 514 Walnut Street,
Des Moines, Iowa.
12

INTEREST TABLES FOR BANKS.
We have received a copy of the Baker-Vawter Interest
Tables fo r Banks. The tables compiled by this firm are
conveniently arranged and absolutely reliable. They
show at a glance the interest on amounts from $1 to
$10,000—one day to five years — 2 per cent up. There are
60,000 computations whose accuracy is vouched or.
Bound in cloth, 128 pages, sells regularly fo r $1.50, but
the publishers have made a special price to banks of
75 cents. The Baker-Vawter Company, Chicago, or Atch­
ison, Kan.

TH E NORTHWESTERN BANKER.

November, 1902.

37

The Methods and Machinery of Practical Banking,
By G B, PATTEN, for many years cashier of the State National Bank of Boston.

THE SEVENTH EDITION OF THIS REMARKABLE BOOK IS N O W ON SALE.
The most prominent bankers o f the country say this is the best book published on practical every-d ay banking, and th at it ou ght to
be in the hands o f every one learning or desiring to become more proficient in the banking business. Many of the larger banks have given
each of their clerks a copy, as high as thirty copies having been bought by one bank and m any others purchasing from fifteen to tw enty-five
copies. It is not a book of theories of w hat the banking business ought to be, but what it is under present conditions. The following Syn­
opsis of the contents Avill give an idea of its value :
C H A P T E R I .— T h e B a n k C l e r k a n d H i s P r o f e s s i o n . Introduc­
to r y ..T h e education of bank officers. .A lw a ys be prompt. .F aith ­
fulness in w ork..G ood nature indispensable..R aise the standard
high.
C H A P T E R II .—T h e P a y i n g - T e l l e r a n d H i s C a s h . Form of p ay­
in g-te lle r’s book. .H ow to receipt for paym ent Of check. .P aying
part of a c h eck ..S m all certification. . " Good when properly in - !
dorsed,” Avith form ..C ou n t your m oney..C hecks presented after
drawer is dead. .M oney found outside the counter and what to do
with it. .Inside and outside the gra tin g :.T e lle rs as d etectives..
A bout raised c h e c k s ..If the teller is sh o rt..T h e teller and his
specie. .V a lu ab le points about the abrasion of coin. .U nited States
1 treasury notes, National bank notes and silver certificates.. Muti­
lated aud counterfeit paper money and Avhat to do Avith i t ., i
Branding worthless bank notes.
C H A P T E R I I I .—T h e R e c e f v i n g - T e l l e r a n d D e p o s i t o r s . Form of
his book. .Entries in, writing up, balancing, proving and delivery
of pass-book. .Form of London bank pass-book.
C H A P T E R I V .—T h e B o o k k e e p e r ’ s D e s k . H ow he should keep his
books, with practical form s..C ondition of the bank and how
show n..H ow to handle canceled checks, with simple form ..H ow
to make out reports and returns to Comptroller, with fo rm s..
The Skeleton Ledger, w ith form correctly ruled and printed.
CH APTER V . — T h e C o l l e c t io n D e p a r t m e n t a n d Me s s e n g e r .
Forms of note covers. .T h e collection record. .Different forms of
notifying parties. .A cashier’s notice in 1831..Duties of the m es|
se n g e r..W h y a drawee would not pay a d r a ft..W h a t to do with
perishable property. .W here there is doubt about drawee’s place
• of b u sin ess.. W hat " i n exch an ge” and "w ith e xch an ge ” m ea n ..
Interest upon grace ..W h e re draft has bill of lading attached ..
Should m oney be paid back. .How early in the day is a note due
. .N otes payable at b a n k .. Paying notes and drafts by check. .R e­
sponsibility for c o lle c tio n s .."T r a m p ” collection s..O ld and new
system s of collection.
C H A P T E R V L — T h e B a n k ’ s N o t a r y a n d P r o t e s t i n g . Responsi­
b ility of bank for Avork of n o ta ry . .P rotestin g..W h ere d raft is
sent by exp ress..L ost and m islaid paper..P rotest of join t n o te ..
Where no residence or place of business. .Accustom ed to being
protested.
C H A P T E R V I I .—T h e D i s c o u n t C l e r k a n d t h e L o a n . Discount
records with form s. .Responsibility of discount clerk, .M aturities
. .M em orandums and tickets with form s. .How to take care of the
notes. .Reckoning interest illustrated by various modes. .A m ark
of ownership. .C alculating tim e. .Discount tim e. .R ates to depos­
itors. .Dem and collateral notes, with fo rm ..T h e rate for lo a n s..
Buying paper. .T h e broker’s responsibility. .Business and accom­
m odation paper contrasted. . “ M anufactured” paper, .M any name
pap er..L on g and short paper..Influence of crops and tr a d e ..A
safeguard. .Discounting when bank’s reserve is not up. .N ation al
banks and real estate loans.
C H A P T E R V I I I . T h e B a n k ’ s C o l l a t e r a l s . H ow to file them,
with form s. .Responsibility for collaterals illustrated . .C ollateral
vs. personal security. .Specimen of ancient form of bank collateral
note.
C H A P T E R I X .—B o n d s a n d C o u p o n s . Registered bonds. .Destroyed
United States bonds.. H oav a young m an collected the money for
the ashes of burned bonds. .Stopping paym ent of bonds and cou­
pons. .H ow to handle coupons, with form . .A very bad practice.
C H A P T E R X .—T h e C a s h i e r a n d I I i s D u t i e s . Responsibility gener­
ally defined. .R elation between president and cashier. .H is special
duties. .H is signature. .T h e b a n k ’s correspondence. .T he cashier’s
record, with form . His daily memorandum, with fo rm ..T h e cash­
ier’s agenda and scrap b o o k .. About paying dividends, with m any
valuable hints.
C H A P T E R X I .—T h e St o c k — I t s O w n e r s h i p a n d T r a n s f e r . Form
of stock certificate and record b ook ..H o w to transfer s to c k ..A n
experience in a probate c o u rt..N o n -resid en ts’ e states..H o w a
treasurer tried to transfer shares. .H oav to transfer stock to dead
persons..H ow to treat lost certificates..F orm of b on d ..W h e n
shareholders change their names, Avith actual illustrations.
C H A P T E R X I I .—T h e B a n k ’ s C i r c u l a t i o n . Form ot circulation
record. .Stolen n o te s..R u le s for the redemption of m utilated
bank bills .Redeeming fragm ents of b ills..W h e re bank bills are
lo st..O v er-issu e of bank n o te s..T h e redemption bureau and its
workings.
C H A P T E R X I I I .—T h e M a i l a n d t h e T e l e g r a p h . The importance
of using both ju d iciou sly. .Form of letter record..R egistering
letters .. Correspondence by telegraph .. H oav to use the Avires
rightly. .C ertifying by wire .. How to wire money, with actual
illustration. .Cipher telegram s.

C H A P T E R X I V .—E x c h a n g e a n d L e t t e r o f C r e d i t . T he practical
workings of exchange e xp la in ed ..L etter of credit and circular
note, with fo rm .. H oav a letter of credit is used..Identification
not necessary ..T h e author’s interesting experience.
C H A P T E R X V .—A C h a p t e r o n C h e c k s . W h at a check is and is not
. . H oav checks should be d raw n..C hecks to order of one or two
persons. .Safeguards against fra u d . . Errors in check-drawing,
how treated. .A d vice of checks drawn. .Issuing duplicate checks
..F o rm of g u aran ty. .W h a t certificates of deposit are..Stam ped
endorsements. .Endorsem ents by treasurers illustrated by good
and bad form s. .Guaranteeing endorsements. .Qualified endorse­
m ents. .Stopping paym ent of ch eck s..H ow to cancel checks.
C H A P T E R X V I .—N o t e s a n d D r a f t s . Explanation o f a l l im portant
fe a tu re s .. How to write them correctly. .D rafts and acceptances,
Avith form.
C H A P T E R X V I I .—T h e P r e s i d e n t a n d D i r e c t o r s . Their duties
a n d responsibilities..M eetings and records .Directors in their
relation to the officers of and dealers with the bank. .T he selec­
tion of d irectors.. Types of bank presidents..Endorsem ent by
president.
C H A P T E R X V I I I .—S o m e W o r d s o n M a n a g e m e n t . Moods of busi­
ness men. .Dealings with strangers. .T h e bank d octor.. Proper
division of labor. .B ankingconveniences of to -d a y . .K eep up with
the tim es. .Overworking bank officers. .Salaries of bank officers.
The question of bank clerks and m a rriage..A b ou t vacation s..
Banking hours. .Curious petition of Boston bank c le r k s .. Luuch
in the bank. .B ank attorneys. .W h en the bank examiner c o m es..
Bank defalcations. .Sunday bank work. .N o t a m odel bank, illu s­
trated.
C H A P T E R X I X .—O n P e r s o n a l M a t t e r s . The relation of the d if­
ferent d ep artm ents.. Bank officers should be uniform ly courteous
..H o w leisure tim e should be e m p loye d ..A b ou t handw riting..
Signatures. .Pen p a r a ly sis.. Death of an officer.. W here bank offi­
cers should reside. .B ank clerks’ investm ents. .T h e bank’s secrets
. .Studies of bank clerks.
C H A P T E R X X .—B u s i n e s s a n d P l e a s u r e . R usty clerks. .H ab its of
s tu d y .. Bankers’ institutes. .T h e vacation and how to spend it.
C H A P T E R X X I .—B o n d s o f S u r e t y s h i p . Moral value o f a b on d ..
Fidelity companies and their in qu iries..T ak in g the oa th ..O ffi­
cers’ bonds with extended N ational banks. .R enew al not neces­
sary.
C H A P T E R X X I I , — C o m m o n p l a c e C a r e s . Location o f banking
room s..In tern al arrangem ent..C are of waste p a p e r..B a n k lo c k s
and va u lts. .K eeping old books and papers.
C H A P T E R X X I I I .—T h e C l e a r i n g - H o u s e S y s t e m . F ull descrip­
tion of its w orkings.. Loans between b an k s.. Return of dishonored
c h e c k s..A personal exp erience..H ow returns are made, with
form.
C H A P T E R X X I V .—O u r E n g l i s h C o u s i n s . How banking is d o n e in
England. .Operf and crossed checks described .H ow a bank is
started in London. .B anking profits. .Some practical deductions.
C H A P T E R X X V .—T r u s t C o m p a n i e s . W h a t they are and their
practical A v o rk in g s .
C H A P T E R X X V I . — T h e S u f f o l k B a n k S y s t e m .— G r a p h i c account
of i t s A v o rk in g s, Avith pictures of some of the officers..Personal
reminiscences.
C H A P T E R X X V I I .—E v e r y d a y Q u e s t i o n s a n d O t h e r M a t t e r s .—
The charity question .. Small accounts. Special d ep o sits..D is­
closing depositor’s accounts. Forged endorsements .In k respon­
sibility. .L egal and illegal h o ld in g s..W h a t is a legal sig n atu re..
Signing by m ark. .V a lu ab le signatures. .Proper use of banking
term s, .T he reserve question. .W om en in banking. .M ethods of
identification.. Breasting a p an ic. U ltra vires. Banks and clergy­
m en. .T he am usem ent question. .Canadian banking.
S U P P L E M E N T A L CH APTERS.
C H A P T E R X X V I I I .—I n s i d e W o r k i n g s o f a B a n k . How to m ake
exam inations and know they are correct. .A quick m ethod of dis­
covering crooked book-keeping. .T ellers’ differences and how to
remedy them . .Journal entries and charge tick ets. .B est m ethod
of opening ledgers, Avith ruled and printed form , showing how to
do i t . . Stopped checks and how to handle them , etc.
C H A P T E R X X I X . —L a a v f u l M o n e y R e s e r v e o f N a t i o n a l B a n k s
Complete tables and examples showing how reserve is computed
..F u n d s available for reserve under the law now in fo rc e ..
Form of report subm itted to the Comptroller of the Currency —

fa csim ile.

C H A P T E R X X X . —A C h a p t e r o n S i g n a t u r e s . H ow s o m e b a n k
o ffice rs Avrite t h e ir n a m e s ( w ith fa c s im ile s ).. B lin d s ig n a t u r e s a n d
p la in w r it in g c o n t r a s t e d . .F o r g e r y p r e v e n t e d .

This book gives a great deal of practical information which no man can learn through everyday experience, except at a
of money as well. Bank officers of many years’ experience commend it as

great loss of time, and, in many cases, a loss
well as those just learning the banking business.

“ P atten’s Practical Banking is a m ost excellent work, and one th a t maj- be read with profit by any banker
in the land, no m atter Avhether he has had years of experience or is sim ply a junior clerk. Many tim es experience
The Avriter of this book has evidently worked his way p atiently, and with his eyes open,
through every departm ent of a b a n k ."

is an expensive teacher.

For Sale

at Publisher’s Price, $5.00.


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

THE NORTHWESTERN BANKER, Des Moines, Iowa.

THE NORTHW ESTERN BANKER.

38

November, 1902.

Special List of Real Estate Firms

Lands of Corn
and Hogs :::::

TV 7 E have 250,000 acres of R ed River Valley

Special prices made to investors on lands
in Aurora, Hand, Faulk and Edmund
counties, South D a k o t a ..................Write

vv land for sale on easy terms in Polk, Marshall,
and Kittson counties. We can always furnish first
class first mortgage loans at six per cent interest.
For excursion rates and further particulars, call on
or address

IOWA LAND OFFICE

SHUMWÄY & T H 0 MHS

Of JOHN H. BOYD
C ro o k s to n , M i n n .

P l a n k in t o n , S o u t h D a k o t a

I £1 jU r \ Is the Basis
L / i I i L/ of all Wealth
If you have some idle money why not put it in
E A S T E R N SOUTH D A K O T A L A N D , which is
equally as good as Iowa, and is sure to double in
value.
For map, list and descriptions address

e H 21S. B. KENNEDY
M ad ison , S . Dak.

P r e s id e n t M a d iso n S ta t e B a n k

6 per cent
T H O S . A. C U R T IS ,

SA LE

-

O nly A b s tra c t Books in C o u n ty

Successors to C ark County Abstract
Company—
---- Established 1882

CLARK
S o u th D a k o ta
Send for List N.

Choice City Property

Law

— ------------- ------ ------DEALER IN -------------------------------

and

PE R S O N AL INSPE C T ION OF E V E R Y LOAN
FO R

ToJ* <ß

WOOD THOMPSON

Years Active
Real Estate

FA R M S

A b s tra c to r o f T itle s
o f C la rk C o u n ty

First Class Farms a Specialty

Southeastern North D akota
Seventeen

Farm Lands and
Ranches^ ^First
Mortgage Loans.
All Real Estate
Business Attended

W. A. SH A R P

-

C rfE A P

REAL

ESTATE

B R O O K IN G S , S. D.
N o section in the West offers safer and better inducements
to the Home-eeker and Investor than Brookings County,
South Dakota. For particulars, write

Lis b o n , N. D.

WOOD THOMPSON, Brookings, S. D.

Have You Money to Invest? WILD AND IMPROVED LANDS
FOR SA LE—

—

I will find the opportunity

I IN T H E

W e will divide the profits

That will produce a good rate of interest on the investment
each year.
Cass C o u n ty , N o r th D a k o t a , has n o t been
boomed.

Real Estate bought and sold ^Abstracts and choice loans

RED

RIVER

V A. E E E Y

Values are not flu c t u a tu g .

Write us for free maps and descriptive lists.

E L L S W O R T H & JE N K IN S
C. D. TID R 1C K
U. S. Commissioner


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

CHAMBERLAIN, S. DAK.

Fargo Nat. Bank Bldg.

F A R G O , N. D.

TH E NORTHWESTERN BANKER.

November, 1902.

The Land of Big Red Clover O U R

SPECIALI Y

IS F A R fifl L A N D S
T I M B E R LANDS
'"»S T O C K R A N C H E S

I 0 0 , 0 0 0 a c re s of ric h fa r m la n d s , s itu a te d h a lf
w ay b e tw e e n S t. P a u l a n d M in n e a p o lis , an d
D u lu th a n d S u p e rio r, th e g re a te s t m a rk e ts in
th e n o rth w e s t.
: : : : : : : : :

Unsurpassed for the production of grasses of all kinds—
timothy and clover growing wild. Drouths and hot winds
are unknown, on account of the numerous lakes and streams
for which the district is noted. Hardwood timber for fuel
and building purposes. Rich clay loam with clay sub soil
specially adopted for all kinds of grains and vegetables
Write for descriptive maps and prices, to

We are owners, not agents 200.000 acres
of fine lands for investors and settlers.
Write for maps and propositions
==

BURCHAFD■HULBURT INVESTM ENT CO.
7 0 5 -7 0 8

C E. STEVENS,
Crookston, Minn.

FR ED G. W ELLS
Grand Forks, N. D ’

The C. E. Stevens Land Company
Grand Forks

— —North Dakota
(i n c o r p o r a t e d )

PAID UP CAPITAL, $100,000.00

Buys and Sells Land in the Red River Valley in Minne­
sota and North Dakota.
We have a large list of wild and improved lands in Polk
County, Minnesota, and Grand ForksCounty, North Dakota.
Write for Circulars and Lists.

F. A. R EYN O LD S,
KliVIBALrL,, SOUTH DAKOT A.

M AN HATTTAN

B U IL D IN G

ST. P A U L , M I N N . =

M . E. R U T H E R F O R D & C O ., M o r a , M i n n .
THOS. A, W AY,
Mason City, la.

39

Red River Valley
Land For Sale
We have 20 000 acres of choice improved
land for sale in the vicinity of Larimore,
in Grand Forks County, N Dak., at $15 00
to $30.00 per acre We can sell in quarter
sections or in 5,000 to 10 000 acre blocks.
If you are interested write us what \ou
want, and we will send you maps and
prices.

The Elk Valley Bank
L a r i m o r e , No. D a k .

Real E s t a t e =

— F arm Lands

Splendid Opportunities ior Investors

Dealer* in

Deputy Cass County Surveyor

Conveyancing'

Tine South Dakota Lands
Special Deals in Stock Ranches one-half Sections
and Separate Tracts.

W .
STAPLES,

H.
-

P O O R E
-

M IN N E S O T A

Correspondence and Personal Interviews Invited.
SOUTH DAKOTA
W e are operating extensively in the northeastern portion of South
Dakota, and are reasonably certain we can suit you if you are looking for an
investment for a home or a speculation. Lands will advance from 50 to 100
per cent by this fall, and you should take advantage of this fact now.
The CREAM ERY and DAIRV business has increased 1,000 per cent
In the last seven years, and South Dakota produced more wealth than any
other State in the Union the past three years in succession.
The HIGHEST G E N ERAL CROP AVERAGE for the year 1901 of
any State was awarded to South Dakota.
The above statements are correct and are taken from the report of the
United States Secretary of Agriculture, Hon. J. T. Wilson of Iowa.
W E HAVE FOR SALE
Many improved farms and thousands of acres of prairie lands in South
Dakota at low prices, and on easy terms We have branch offices at
ABERDEEN , F R E D E R IC K and HECLA, all in Brown county; and
NOR TH V ILLE , Spink county, S. D .; and at ELLE N D A LE , Dickey
county, and RUGBY, Pierce county, N. D. Also at RED L A K E FALLS,
Red Lake county, and M ONTICELLO, Wright county, Minn.
Write for maps, excursion rates and prices.
Good soliciting Agents wanted. Address

EUWOOD LAND COMPANY
St. Paul, IViinn.

Corner Sixth and Jackson Streets
-----

TH E

-----

N a t'l Land and Credit Association)
( in c o r p o r a t e d ,)

OF

RLDFIELD, S.

D.,

Will buy your lands or sell you lands in Spink, Vane
or Faulk counties, S. D. Will look after renting of
your lands, and see that your taxes are paid. Selling
price of lands, from $10 to $30 per acre.

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

2 0 0 ,0 0 0 AcreT a™.Lanlls
BOSTON & DULUTH FARM LAND GO.
O F D U L U T H , M IN N .
Situated in Carlton and St. Louis counties.
These lands are traversed
by the Northern Pacific, Great Northern, Duluth, Mesabe & Northern and
the Duluth & Iron Range Railroads and a-e directly tributary to the markets
of Duluth and Superior, and only a few miles from these fast growing cities.
Prices range from $4.00 to $6. 50 per acre, easy terms.
A liberal dis­
count from prices where large tracts are taken. For full information, write
for maps, circulars, etc., to

Boston & D u lu th F a rm Land C o m p a n y ,
4 3 0 W e s t S u p e rio r, D U L U T H , M IN N .
Please mention this paper when you write.

THE

R E D R IV E R V A L L E Y
Land C om pany
=

Crookston, Minn., report the sale of the 24,000 acres west of
Winnepeg, advertised in May issue.
They now offer the following very attractive bunch of fine
improved farms, all well located, and rented on basis of
one-third crop on the land plowed. The majority of the
farms have excellent blue grass pasture, nicely fenced. The
soil is a rich vegetable mould; overlying a clay sub-soil. Sur­
face is a fine undulating prairie, having natural drainage.
The water supply is excellent.
There are about 5,000 acres
in the lot, and is one of the best investments in the entire
Northwest.
Price $15,00 per acre You will not be
disappointed in this land. Call on or write to

RED RIVER VALLEY LAND CO., Crookston, Minn.

4ó

THE NORTHWESTERN BANKER.

Steele County, North Dakota.

November, 1902..

F . I*. A L L E 1 S
A tto rn e y at L a w

A . E. JO N ES

ALLEN & JONES

We have no WILD lands for sale—the land in this
locality is all too good in quality to remain un­
cultivated—but we have an attractive list of such
desirable improved farms that we can sell to any­
one who will look the properties over. What we
want is a personal inspection of these lands, and
when we get this, we have always found a buyer.
We handle all classes of land matters for non­
residents and others................................................

(ESTABLISHED 1882)

F A R
1 U lY

C fll F *
I L L *

01

F i R S T m o r t g a g e f a r m l o a n s ::
WI LD L A N D A N D I M P R O V E D F A R M S ' ,

■■3!it
Twenty Years’ Experience in Perfecting Titles and *
Examining Securities.

The First National Bank of Hope, North Dakota,
L IS B O N , N O R T H

J A M E S D. B R O W N , Cashier.

FARM LOANS
The Best on Earth

»FOR SALE«
C O IN E

W E never have had a fore­
closure on loans placed
by u s , although we have
loaned hundreds of thousands
of dollars. Write us for our
plan of investment for non­
residents. We guarantee lands
to net at least eight per cent.
We deal in fine farms.

D R Y D E N ,

Windom, Cottonwood County. Minnesota.

* se

—

O

a y

T I C

E

S t a t i o n

J. A . M A G E E ,
Real Estate

Agent,

Yorkton, Assiniboia, Ganada

I O W A ’S L E A D IN G B A N K

SUPPLY H O U SE.

P r in t in g C o m p a n y ,

BANK O U T F IT T E R S ,
G e n e r a l , P r in t e r s , Lit h o g r a p h e r s ,
Bla n k B ook Ma k e r s .


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

R a i l m

N

p R I C E S ARE LOW, but advancing all the
A
time. Investors in this District have all
made money. Land selling at $10.00 per acre
returned $30.00 in crop last year. The crop
of 1902 is better. Correspondence invited.

In the Future Granary of the World

io w a

of

R T

Commencing September 1st, 1902, all Northern
Pacific M AIN L I N E passenger trains will arrive
at and depart from the Union Station, Minneapolis,
instead of the “ Milwaukee” Station, as at present.
Bear in mind all “ Duluth Short Line” trains will
continue to use the “ Milwaukee” Station, as at
present.
C h a s . S. F e e ,
Gen’l Passenger Agent.

150,000 Acres for Sale

t h e

P O I R T M

C h a n g e

Assiniboia, Ganada
—

I I W

D A K O TA

^

W E are the oaly concern in the State fully equipped
to PROMPTLY supply you with everything in
the Stationery line. Write us for illustrated catalog
and samples.

I O W A P R IN T IN G C O M P A N Y , D E S M O IN E S , I O W A .

November,

T H E NORTHW ESTERN BANKER.

1902 .

41

S P E C IA L LIST O F IO W A

BANKS.

A L P H A B E T IC A L L Y A R R A N G E D BY T O W N S .

Showing Name o f Bank, Town and County, Capital, Surplus and Undivided Profits, Names o f 0fleers and
Special Facilities for the Transaction of Business intrusted to their care.
First National Bank.

ALGONA,

C a p i t a l , * 5 0 .0 0 0 00.
S u r p l u s $ 1 0 ,0 0 0 .0 0 .
m bo r o s e A . C a l l , P r e s i d e n t
Kossuth County ................. '. AA m
D .H
H u t c h in s , V ic e -P r e s id e n t .
W in . K . F
1 e r g u s o n , C a s h ie r .
O ld e s t N a t i o n a l B a n k in
\ C . A . P a lm e r , A s s is ta n t C a s h ie r .
K ossu th C ou n ty .
P r o m p t a t te n tio n p a id t o a ll b u s in e s s e n t r u s t e d t o us.

CASEY,

|Farmers Bank.

FAIR FIELD ,

(First National Bank.
C a p i t a l , $ 1 0 0 ,0 0 0 .
/
S u r p l u s , $ 3 0 ,0 0 0 .
\ B . S. M c E lh in n y , P re s id e n t.
I R o llin J . W ils o n , V ic e -P r e s id e n t .
'F r a n k L ig h t , C a s h ie r .
S. L . D a n a , A s s ’ t C a s h ie r .

Jefferson County

O n l y n a t i o n a l b a n k in J e f f e r s o n c o u n t y .
n ess.
P r o m p t a tte n tio n to c o lle c t io n s

HUMBOLDT,

E s t a b l i s h e d , 1886.
. .................( A b r a m R u t t , P r e s i d e n t a n d O w n e r .
j S. L in c o ln R u t t , C a s h ie r .
I I n d i v i d u a l R e s p o n s i b i l i t y o f o v e r $ 1 0 0 ,0 0 0 .

Real

E s ta te L o a n s .

a

gen era l

b a n k in g

b u s i'

(The Peoples Bank.

I

Guthrie County

D oes

Humboldt County.

I
\

C a p i t a l , $ 1 0 0 ,0 0 0 .
S u r p l u s , $ 2 5 ,0 0 0 00.
G . L . T r e m a in , P r e s id e n t.
(W . W . S te r n s , C a s h ie r .

C o lle c t io n s r e c e iv e p r o m p t a t te n tio n .
A l l b u s in e s s g iv e n g o o d a t t e n t io n .

The Castana Savings Bank.

CASTANA,
Monona County

G e n e r a l b a n k in g b u s in e s s .

C a p i t a l , $ 5 0 ,0 0 0 .
S u r p l u s $ 1 0 ,0 0 0 . U n d i v i d e d P r o f i t s , $ 1 ,5 0 0
W . T . D a y ,, P r e s id e n t ,
S. D . W illit s , V ic e -P r e s id e n t .
. C . T . H a n s e n ,C a s h ie r .

••

CHARITON,

C a p i t a l , $ 5 0 ,0 0 0 .
S u r p l u s a n d U n d i v i d e d P r o f i t s , $ 5 4 ,0 0 0 .
S. H . M a llo r v , P r e s id e n t
J o s e p h B r a d e n , V ic e -P r e s id e n t .
F . R . C r o c k e r C a s h ie r .

Lucas County
in

a ll its

{First National Bank.
C a p i t a l , $ 5 0 ,0 0 0 .

Hardin County

N e g o t ia t o r s o f c h o i c e I o w a fa r m lo a n s .

First National Bank.

B a n k in g

IOWA FALLS.

C o lle c tio n s p r o m p tly m a d e .

KEOSAUQUA,
Yan Buren County.. . .

bran ch es.

/Peoples Trust and Savings Bank.

CLINTON,

C a p i t a l , $ 3 0 0 ,0 0 0 .
S u r p l u s a n d u n d i v i d e d p r o f i t s , $ 1 0 0 ,0 0 0 .
G . E . L a m b , P re s id e n t.
C h a r le s F . A ld e n , V ic e -P r e s id e n t .
J . H . I n g w e r s e n , C a s h ie r.

Clinton County

C lle c tio n s

a s p e c ia l

fe a tu r e .

MONTICELLO,

C a p i t a l , $ 1 0 0 ,0 0 0 .
S u r p l u s , $ 1 0 0 ,0 0 0 .
S. S . F a r w e ll, P r e s id e n t.
j F r a n k M . H ic k s , V ic e -P r e s id e n t.
I H . M . C a r p e n t e r ,C a s h ie r .
' H . S. R ic h a r d s o n , A s s is t a n t C a s h ie r.

M o n e y to lo a n o n

Adams

I o w a fa r m la n d s .

/Corning State Savings Bank,

C a p i t a l , $ 5 0 ,0 0 0 .
S u r p l u s , $ 1 0 ,0 0 0 .
County....................... i P r o f i t s , $ 3 ,1 0 0 . D e p o s i t s , $ 2 6 5 ,0 0 0 .
1 F . L . L a R u e, P r e s id e n t,
I E . A . S c h o lz , V ic e -P r e s id e n t .
\ W . H . C la r k , C a s h ie r .

J

G e n e r a l b a n k in g b u s in e s s t r a n s a c t e d .

F arm

Hancock County

-

i.

(Marengo

MARENGO,
Iowa County

C a p i t a l , $ 5 0 ,0 0 0 .
O . H . S t ils o n , P r e s id e n t .
E . L . S tils o n , V ic e -P r e s id e n t .
J . H . S t a n d r in g , C a s h ie r ,
B e n . U . S t a n d r i n g , A s s ’ t. C a s h ie r .

S u r p l u s , $ 1 0 ,0 0 0 .
C o n d u c t a g e n e r a l b a n k i n g b u s i nMe .s sW
. . PSrtoom
v eprt, aPtrtee sni tdieo nn t .g i v e n t o c a i l e o t i o n s

MARSHALLTOWN.
Marshall County.

b a n k in g a n d c o l le c t io n b u s in e s s t r a n s a c t e d .

DAYENPORT.

/First Natioual Bank.

C a p i t a l , $ 20 0 ,0 0 0 .
_
,
_
I
S u r p l u s a n d U n d i v i d e d P r o f i t s , $ 7 0 ,4 8 4 ,
Scott County ........................... ( A . B u r d i c k , P r e s i d e n t .
I J . L . D o w , V ic e -P r e s id e n t .
G e n e r a l b a n k in g b u s in e s s
C . A . M a s t, C a s h ie r ,
tra n sa cted .
\ G e o r g e H o e h n , A s s is t a n t C a s h ie r .
T h e fir s t N a t i o n a l B a n k in o p e r a t i o n in th e U n it e d
b u s i n e s s J u n e 2 0 , 1 86 3.

J. N . W . R u m p le , V ic e -P r e s id e n t .
A . M . H e n d e r s o n State
, C a s h i eBank.
r.
Marshalltown
FCr a pn ikt a C
, ,0
A0s0s. i s t a n t C a s h i e r .
l , o$o1k0 0
S u r p l u s a n d P r o f i t s , '$ 5 0 ,0 0 0 .
A . F . B a lc h , P r e s id e n t .
G e o . A . T u rn e r . V ic e -P r e s id e n t
P . S. B a lc h , C a s h ie r.
\C. C . T r i n e , A s s ’ t C a s h i e r ,

P r o m p t a n d c a r e f u l a t t e n t io n g iv e n a ll b u s in e s s e n t r u s t e d o u r c a r e .

’

MT. PLEASANT,
Henry C ounty..

S ta te s c o m m e n c e d

First, National Bank.
C a p i t a l , $ 1 0 0 ,0 0 0 .
S u r p l u s , $ 2 0 ,0 0 0 .
T J . V a n H o n , P r e s id e n t.
W . E . K e e le r , C a s h ie r .
H . J. T w in t in g , A s s is ta n t C a s h ie r .

D o e s a g e n e r a l b a n k in g b u s in e s s .

DECORAH,

¡ Winneshiek

C a p i t a l , $ 1 0 0 ,0 0 0 .

R e s o p n s i b i l i t y , $ 3 0 0 ,0 0 0 .
T h e m o s t c a r e f u l a t t e n t i o n g i v e nC c J
o l. l eWc teiios n
e rs ,. P r e s i d e n t .
E . W . D , H o lw a y , C a s h ie r,
H . B . H u s tv e d t, A s s is ta n t C a s h ie r .

Winnebago County.. . .

MT. AYR ,
Ringgold County.

a tte n d e d to .

M t. Ayr Bank.
R e s p o n s i b i l i t y $ 1 5 0 ,0 0 0 .
G e o . S. A liy n , C a s h ie r .
J n o . H . A lly u , A s s is ta n t C a s h ie r .

G e n e r a l B a n k in g b u s in e s s t r a n s a c t e d .

{ First

NEWTON,

F a r m lo a n s , re a l e s t a t e a n d a b s tr a c t s

National Bank.

C a p i t a l , $ 5 0 ,0 0 0 .

/Forest City National Bank.
surplus, m S o .
I C . J . T h o m p s o n , P re s id e n t.
V G . S. G ilb e r t s o n , C a s h ie r .

S u r p l u s a n d U n d i v i d e d P r o f i t s , $ 2 0 ,0 0 0 .
C h e s te r S lo a n a k e r P r e s id e n t.
E . E L y d a y , C a s h ie r .
L e e E . B r o w n , A s s is ta n t C a s h ie r .

G e n e r a l b a n k in g b u s in e s s tr a n s a c t e d .


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

C o lle c t io n s

County Bank.

Winneshiek County...

FOREST C ITY,

Savings Bank.

C a p i t a l , $ 5 0 ,0 0 0 .

lo a n s a s p e c ia lt y .

First State Bank o f Corwith.

CORW ITH ,

Ag e n e ra l

( The Monticello State Bank.

T
„
,
J
Jones County ........................I

A c c o u n ts o f b a n k s a n d b a n k e rs a s p e c ia lty .

CORNING,

S u r p l u s a n d U n d i v i d e d P r o f i t s , $ 5 0 ,0 0 0 .
E . S. E llw o r t h , P r e s id e n t.
J . H C a r le to n , V ic e -P r e s id e n t.
#
W . H. W oods, C
a s h i e r .Bank.
(Keosauqua
State
C . H . B u r lin g a m e , A s s ’ t C a s h ie r .
I
C a p i t a l , $ 2 7 .8 0 0 .
C! o r rUe ns p
e r os foiltisc,i t$e4d,7. 0 0 .
d iovni d
d ee n
d cP
\ H. H . T r im b le , P r e s id e n t.
IJ . N . N o r t o n , V i c e P r e s id e n t.
\J. L . T h e r m e , C a s h i e r .

G e n e ra l b a n k in g
t io n .

b u s in e s s

tra n sa cte d .

C o lle c tio n s

r e c e iv e

s p e c ia l

a tte r

TH E NORTHWESTERN BANKER.

42

S P E C IA L

NEW HAMPTON,
,

L IS T

O F IO W A

( First National Bank.

Chickasaw County.

/

B A S I L S -C o n tin u e d .

SPENCER,

C a p i t a l , $ 5 0 ,0 0 0 .
S u r p l u s , * 7 ,5 0 0 .
A . E . B ig e lo w , P r e s id e n t.
J . W . S a u d u s k y , V ic e -P r e s id e n t.
T im . D o n o v a n , C a s h ie r .
G r a n t M . B ig e lo w , A s s ’ t C a s h ie r .

,,

November, 1902.

/The Citizens State Bank.

_

Clay

I
« C a p i t a l a u t h o r i z e d , $ 5 0 ,0 0 0 .
County.....................r C a p i t a l p a i d u p , $ 2 5 ,0 0 0 . S u r p l u s , $ 1 , 0 0 0
J F r a n k lin F lo e t e , P r e s id e n t .
I A n d r e w R . S m ith , V ic e -P r e s id e n t .
V A c k le y H u b b a r d , C a s h ie r .

A ll b u s in e s s e n t r u s t e d to o u r c a r e c a r e f u ll y a n d
O n ly N a t io n a l B a n k in th e C o u n t y . A g e n e r a l b a n k in g b u s in e s s
a cted .

ONAWA,
Monona County

SIDNEY,
Fremont County

Holbrook & Bro.
E s t a b l i s h e d 1858.
P . K . H o lb r o o k , C a s h ie r .
G e n e r a l B a n k in g B u s in e s s t r a n s a c t e d .

W e m a k e a s p e c ia lty o f p ro m p tn e ss
g a g e s fo r s a le .

in fu r n is h in g a b s t r a c t s .

F arm m or-

(Fremont County

J. H . M c D o n a ld , P r e s id e n t.
S p e c ia l fa c ilit ie s fo r c o lle c t io n s .
H . H . M c D o n a ld , C a s h ie r .

First National Bank.

STORM LA K E ,
Buena Vista County...

C a p i t a l , * 5 0 ,0 0 0 .
S u r p l u s , $ 1 0 ,0 0 0 .
W . E . B r o w n . P re s id e n t.
L . J . M e tc a lf, V ic e -P r e s id e n t .
J . B . A le x a n d e r , C a s h ie r .

O n e o f th e s p e c ia l fe a tu r e s o f
d ep a rtm en t.

C a p i t a l , $ 5 5 ,0 0 0 .

W e o w n a fu ll a n d c o m p le te set o f a b s tr a c t b o o k s fo r C la r k e C o u n ty .

f Mahaska County State

Mahaska County.

I
I

A

C o lle c t io n s r e c e iv e s p e c ia l a t te n tio n .

(Oskaloosa National

OSKALOOSA,

is i t s c o l l e c t i o n

and

fa rm

lo a n

C a p i t a l , $ 5 0 ,0 0 0 .
S u r p l u s , $ 5 0 ,0 0 0 .

(

Bank.

J . L . B r a c k e n , P r e s id e n t.
T . L , W illia m s o n , C a s h ie r.
D . E . G o o d e ll, A s s is ta n t C a s h ie r ,

g e n e r a l b a n k in g

b u s in e s s

WATERLOO,
...

D o e s a g e n e r a l b a n k in g b u s in e s s .

bank

Bank.

C a p i t a l , * 1 0 0 ,0 0 0 .
S u r p l u s a n d u n d i v i d e d p r o f i t s , $ 3 2 ,0 0 0 .
W . R . L a c e y , P r e s id e n t.
H . S. H o w a r d , V ic e -P r e s id e n t .
J o h n R . B a r n e s , C a s h ie r .

1

th is

First National Bank.

TAM A,
Tama County
OSKALOOSA,

Bank.

C a p i t a l , $ 2 5 ,0 0 0 .

OSCEOLA,
/ Simmons & Co., Bankers.
Clarke County...............
\

p r o m p tly tra n sa cte d .

tra n s­

. .

,

_

tra n sa cte d .

( The First National Bank.

)

Blackhawk County ---------[

C a p i t a l , $ 1 5 0 ,0 0 0 .
S u r p l u s , $ 25 . 000 .
I H . B . A lle n , P r e s id e n t.
' F . J . E ig h m e y , C a s h ie r .

M u n ic ip a l, c o u n t y a n d s c h o o l b o n d s b o u g h t a n d s o ld .
F a r m lo a n s n e g o t ia t e d a t lo w e s t ra te s .
P r o m p t s e r v ic e .

C a p i t a l , $ 5 0 .0 0 0 .

W A YE R LY,
/Herman American Loan and Trugt
’
Co.’ s Bank.
Bremer County ..................../
C a p i t a l , $ 25 , 000 .

Mahaska County.

,
S u r p l u s , * 1 5 ,0 0 0 .
I W . C . H o lt, P r e s id e n t.
J u lia n R u d d ic k , C a s h ie r .

A g e n e r a l b a n k i n g b u s i n e s s t r a n s aS cutrepdl .u s a n d U n d i v i d e d P r o f i t s , $ 4 4 ,0 0 0 .
W . H . K a lb a c h , P r e s id e n t.
H . L . S p e n c e r, V ic e -P r e s id e n t
C . E . L o fla n d , C a s h ie r.

POCAHONTAS,
f City Exchange Bank.
Pocahontas C o u n ty ...-!
W ill D . M c E w e n , P re s id e n t.
1.
C o lle c tio n s a s p e c ia lt y .

H . C . D o y le , C a s h ie r .
B a n k in g a n d R e a l E s ta te .

A g e n e r a l b a n k in g b u s in e s s tr a n s a c t e d .

W APELLO,
/The Wapello State Sayings Bank.
Louisa County............... / C a p i t a l S t o c k , $ 3 0 .0 0 0 . S u r p l u s , $ 6 ,0 0 0 .
) J o h n O tto , P re s id e n t.
I F . M . O n g , V ic e -P r e s id e n t.
t W . H . C o lt o n , C a s h ie r .

G e n e r a l b a n k in g b u s in e s s t r a n s a c t e d .

RED OAK,
j Red Oak National Bank.
Montgomery C ou n ty... , c,‘ ’ g i ' B
5 la l»

J

C o lle c t io n s r e c e iv e s p e c ia l a t te n tio n .

ROCK R A P ID S ,

Fayette County.
O n ly N a t io n a l B a n k
a tte n tio n .

/Lyon County Bank.

in tr u s t e d to u s.

[ Fayette County National Bank.

W EST UNION,

I H . C . B in n s , V ic e -P r e s id e n t.
(.P a u l P . C la r k , C a s h ie r .
G e n e r a l b a n k in g b u s in e s s .

P r o m p t a t te n tio n p a id to a ll b u s in e s s

in

.............

|

C ou n ty .

C a p i t a l , * 8 0 ,0 0 0 .
S u r p l u s , $ 6 ,6 0 0 .

s. B .

Z e ig le r , P r e s id e n t.
H . B . H o y t, V ic e -P r e s id e n t.
E . B . S h a w , C a s h ie r.
C o lle c tio n s

r e c e iv e

ca re fu l a n d

I M il l e r & T h o m p so n .

Lyon County

)

(O . P . M i l l e r , J . K . P . T h o m p s o n . )
\
C a p i t a l , $ 1 0 0 ,0 0 0 .
1
U n d i v i d e d p r o f i t s , $ 3 0 ,2 0 0 .
1 M . A . C o x , C a s h ie r .
' F . B . P a r k e r , A s s is ta n t C a s h ie r .

I f y o u w a n t so m e c h o ic e fa r m
us fo r d e s c r ip tio n s o f sa m e.

SAC CITY,
„

Sac

„

lo a n s

d r a w in g

5 per cen t,

in te r e s t , w r ite

/F irst National Bank,
,

I
County ................................ p
1
I
\

C a p i t a l , $ 5 0 ,0 0 0 .
S u r p l u s a n d P r o f i t s , $ 2 5 ,0 0 0 .
. E . H a lle t t , P r e s id e n t .
E . C r is s , V ic e -P r e s id e n t .
H . H . A llis o n , C a s h ie r .
H . S . B a r n t , A s s is t a n t C a s h ie r .

T r a n s a c t s a g e n e r a l b a n k in g b u s in e s s .


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

W IN TER SET,
Madison County

¡First

National Bank.

C a p i t a l , * 5 0 ,0 0 0 .

S u r p l u s , $ 2 0 ,0 0 0 .
G e n e r a l b a n k in g b u s in e s s t r a n s C
a c. t D
e d. . B e v i n g t o n , P r e s i d e n t .
W . S . W h e d o n , C a s h ie r .

prom pt

TH E NORTHW ESTERN BANKER.

November, 1902,

43

S P E C IA L LIST O F M IN N E S O T A B A N K S .
A L P H A B E T IC A L L Y ARR A N G E D BY T O W N S .

Showing Name o f Bank, Town and County, Capital

, Surplus

and Undivided Profits, Names o f Officers, and Special

Facilities for the Transaction o f Business instrusted to their care.

GLENCOE,

I Bank

of Glencoe.

REDWOOD FALLS,

C a p i t a l , 8 5 0 ,0 0 0 .

McLeod County

Redwood County..

B a n k in g b u s in e s s t r a n s a c t e d .

MONTEVIDEO,

1 0s,0p0e0c. i a l t y .
F aSr u
mr pl ol ua sn, s $ a
G. K . G ilb e r t , P r e s id e n t.
A . J . S n y d e r , V ic e -P r e s id e n t,
. W . G i l b eState
r t , C a s hBank.
ie r .
fL
Citizens
I E .C H
a .p iCt aa lr,s o1 n
3 0, ,0A0s0s. i s t a n t C a s h i e r .
D e p o s i t s a n d P r o f i t s , 1 1 4 0 ,0 0 0 .
E s t a b l i s h e d 1879.
In co rp o ra te d
C . D . G r iffith , P r e s id e n t .
M . E . T it u s , C a s h ie r .

Chippewa County

/First National Bank.
A u t h o r i z e d C a p i t a l , $ 5 0 ,0 0 0 .
P a i d U p C a p i t a l , $ 2 5 ,0 0 0 .
S u r p l u s , $ 4 ,0 0 0 .
A . C . B u r m e is te r , P r e s id e n t .
H . D. B a ld w in , V ic e -P r e s id e n t.
, H . A . B a ld w in , C a h ie r .
O . W . M c M illa n , A s s ’ t C a s h ie r .

G e n e r a l b a n k in g b u s in e s s t r a n s a c t e d .

1890

W e o a n f u r n is h fir s t m o r t g a g e fa r m lo a n s r u n n in g f lv e y e a r s , in t e r e s t F I V E
p er cen t.
I o w a a n d W is c o n s in in v e s to r s w r ite u s .

R E P R E S E N T A T IV E IO W A L A W Y E R S .
DAVENPORT,

( Heinz & Fisher.

Scott County................... J

A g e n e r a l la w b u s in e s s .

R e fe re n ce :
)
A n y D aven p ort ban k ,

HARLAN,

Cullison & Robinson.

Shelby County

R e fe r s F ir s t N a t io n a l B a n k , H a r la n .
L a w in a ll it s b r a n c h e s w it h s p e c i a l a t ­
t e n t io n to c o m m e r c ia l a n d b a n k in g la w

R e a l e s ta te m o r tg a g e e b o u g h t a n d s o ld .

MASON CITY,
DES MOINES,

( Chas. L . T o w el.

l R e fe re n ce s :
................ D e s M o i u e s N a t i o n a l B a n k .
j
G u th r ie C o . N a t io n a l B a n k , P a n o r a , la .
(
G eo. M . R e y n o ld s , c a s h ie r C o n tin e n ta l
N a tio n a l B a n k , C h ica g o ,
S p e c ia l a t t e n t io n g iv e n t o c o m m e r c ia l b u s in e s s , a n d c o l le c t io n s .

Cliggitt, Rule & Keeler

Cerro Gordo County . .

Polk County,

FAIR FIELD ,

( Rollin J. W ilson.

Jefferson C o u n ty ....

, J
)

G en era l A tto rn e y .
R e f e r s to a n y b a n k in c o u n t y .

S p e c ia l a t t e n t i o n t o c o m m e r c i a l la w .

OSKALOOSA,

J. F. & W . R . Lacey.
R e fe re n ce :

Mahaska County

O s k a lo o s a N a t io n a l B a n k .
M a h a s k a C o u n ty S ta te B a n k .
P a r c t ic e in a ll c o u r t s .

1 m a k e a s p e c ia l fe a tu r e o f C o m m e r c ia l a n d

R e fe r e n c e s b y P e r m is s io n :
F ir s t N a tio n a l B a n k .
C ity N a tio n a l B a n k .
Io w a N a tio n a l B a n k .

D o a g e n e r a l la w b u s in e s s .

B a n k in g L a w .

EÛUITABLE TURKISH BATH ROOMS
AND BAR BER SH OP.
Equitable B u ildin g, Borner S ix th and Locust

OPEN DAY AND NIGHT

Clean, Comfortable Sleeping Apartments,^*Expert Bath Men from the Great Northern, of Chicago

tnrRish, Russian. Electric Eight. Electric, Plain and Plunge Baths,
M arble Finished Room s,


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

Mutual Phone 1366. Iowa Phone 107,

B EN J. F . P A R K E R , Manager,

T H E NORTHW ESTERN BANKER.

44

Northwestern National Bank,
Sioux City,

November,

TJ. S. DEPOSITORY.

B general Bank­
ing Business
transacted. j*

Iowa.

Capital and Surplus,
Deposits,

Qitizens

$127,000.00
734,000.00

Capital, $300,000,
Surplus, 100,000

National
A bel A n derson ,

President.

J ohn Scott,

190 2 .

Officers?

C. E. H o f l u n d , Vice Prest.

F. H. Griggs, Pres.
Jens Lorenzen,
Vice-Pres.
Aug. A. Balluff,
Cashier.
F. C. Kroeger,
Asst. Cashier.

Bank«««

J r ., Cashier.

SPECIAL ATTENTION GIVEN TO SIOUX CITY COLLECTIONS.

Davenport, Iowa.

We Solicit Accounts of Individuals, Firms and Banks.
jw v /

n

THE

First N ational Bank ,
OF SIOUX CITY, IOWA.

.

»1

i

»

t

» -L L .

S T A T E M E N T OF C O N D I T IO N OF T H E

State Security Bank
/§ioux Baptba, 3nraa.

C APITAL, $ 2 0 0 ,0 0 0 .0 0 . SURPLUS AND PROFITS,
$ 5 0 ,3 1 8 .1 2 . D EPO SITS, $ 1 ,5 0 1 ,2 0 0 .3 5 .

Accounts of Banks received on liberal terms. A large
list of par points in Iowa, Minnesota, Dakota, and
Nebraska. Collections carefully and promptly made.
JAMES F. TOY, P r e s i d e n t .
A. GRONINGER, V i c e - P r p s i d e n t .
C. N. LURES, C a s h i e r .
J . FR ED T O Y , A s s t .

April 5, 1902.
RESOURCES.
Loans,
Cash and in Banks,
Real Estate,
Total, ' -

C

a s h ie r

LIABILITIES.
Capital,
- $ 30,000.00
Surplus and Profits,
16,271.15
Deposits,
272,286.89
Total,
£318,558.04
C. B. M IL L S , V

ic e

-P

r e s

.

A D E L B E R T TYMESON, J r ., C a s h i e r .
R. G. H U L E T T, A s s ’ t C a s h i e r .

.

O F D E S M O IN E S

REPORT OF THE CONDITION OF THE

SECOND NATIONAL BANK

Condensed Statement of Condition Sept. 15, 1902'

OF D U B U Q U E , IO W A .

*—-k—Comptroller’» Call.-*5
!'-—»

At the Close of Business, Wednesday, Sept. 15 , 1902.

RESOURCES.

Loans and Discounts
- $ 1,235.978.40
Overdrafts,
785.70
Stocks and Bonds,
35,214.62
Premiums,
10,108.50
Banking House and Fixtures, 43,000.00
Other Real Estate and Mortgages
owned,
26,872.45
U. S. Bonds, . . .
300,000.00
Cash and Exchange,
394 474.35
$ 2,046,434.11
L IA B IL IT IE S .

Capital Stock,
$ 200,000.00
Surplus,
100,000.00
Undivided Profits, Net,
28,630.01
Circulation,
198,927.50
Deposits,
1,357,976.60
R e d i s c o u n t s .............................................. 160,900.00
Total,

27,468.20 i
13,2^6.05
I318 558.04 ’

J. H. McCORD. P r e s i d e n t .

l/alley jtatiopal Bapl^

Total,

><

$277,833-79 ,

RESO URCES.
Cash —

On Hand .....................................- ..........................$108,936.77
With Other Banks.................................................. 197,783,39
With U S. Treasurer ............................................ 2,500.00$ 309,220.16In v e s t m e n t s —

L oa n s.......... ....................- .............. ........................ 743,215.36
Bonds and Other Securities.................................. 240,195.00
Overdiafts....................................
56.65
Banking House and Real Estate........................... 61,200.00 1,044,667.01
Total

$1,353,887.i7
L IA B IL IT IE S .

D e p o s it s —

Individuals.........- .................................................... $426,008 05
Banks....................................................................... 396,519.37
United States.......................................................... 100,000.00$ 922,527.42

C a p it a l —

Paid in..... ................................................................ 300,000.00
Surplus and Profits................................................ 81,395 75

38t,359.75

C ir c u l a t io n ...............................................................................................

50,000.00

T ota l..................................................................................$1,353,887.17
This bank transacts a commercial business only, and pays no interest
except on balances of other banks.

2,046,434.11

R. A. CRAWFORD, President.
C. H. DILWORTH, Vice-President
W. E. BARRETT, Cashier
Accounts of Banks, Firms and Individuals solicited, and will
receive careful attention.

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

OFFICERS:
J. K. D e m in « , Pres.

W. H. DAT, V ice-Pres.

H e r m . E s c h e n , Cashiei

D IR E C T O R S .
W h . L, B r a d l e y ,

J a m e s M. B u r c h ,
W . H. D a y .
F. A. R u m p f ,
G eo. W

J. K. D e m in g ,

H. B. G l o v e r
.

K ie s e l .