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November, 1910. THE NORTHWESTERN DAVENPORT BANKS PAY MUCH MONEY IN DIVIDENDS. There is on deposit in the Davenport banks over $24,000,000. That is going some, you say? Yes; but just remember Davenport is in Iowa, and almost any thing wonderful is possible in Iowa. Regarding “dividend day,” which was observed Oc tober 1st by the Davenport banks, the Times says: “Anyone who is a stockholder in a Davenport bank is feeling considerably richer today, and is realizing what a valuable thing a little chunk of stock in a Dav enport bank really is. The stockholders are especially calling to mind this fact today because it is dividend day for nearly every bank in the city, and the cashiers are paying out dividends to everyone who is present ing a coupon at the window. There is due as divi dends from the Davenport banks to the stockholders today $78,750, and it.is safe to say that the larger part of this amount will be drawn or placed to the credit of the individuals before the banks are finally closed this' afternoon. In every instance but one the divi dend is a semi-annual one. The German Savings is paying quarterly. “The German Savings Bank will pay out on this dividend $24,000. This is 4 per cent on the $600,000 capital, and represents a big sum of money for a quar terly dividend. “The Davenport Savings is not far behind in the amount to be paid out, for the 6 per Cent semi-annual dividend on its $300,000 capital stock amounts to $18,000, and this sum the stockholders will receive. “ Next in line comes the Scott County Savings Bank with its capital stock of $250,000. A 7 per cent semi annual dividend was declared a short time ago, due today, and the bank will place to the credit of the stockholders the sum of $17,500. “The Iowa National dividend will amount to $6,000, as it was a 4 per cent semi-annual on the $150,000 cap ital stock of the banking house. “The amount paid out by the Union Savings Bank will be $5,000, as a 5 per cent semi-annual dividend was declared and the capital stock of the bank amounts to $100,000. “The Farmers & Mechanics Bank will pay out a 4 per cent dividend on its $100,000 capital stock, and the sum that will go to the stockholders amounts to $4,000. “Next in line comes the Citizens Trust & Savings Bank with a 3 per cent dividend on its $100,000 capital stock, the dividend amounting to $3,000, and the Se curity Savings Bank with a 2^4 per cent dividend on its $50,000 capital stock, or a total of $1,250 to pay out. “The First National Bank is the only one up town that is not paying out any dividends today, and the reason for this is that the bank usually declares its dividend one month later than the other banks and it will pay on November 1st instead of October 1st. “The Home Savings Bank has not yet declared a dividend, as it is only a couple of years old and is de voting all of its capital to building up its business. However, the bank is a thriving one and stock in it is hard to get. “ Some little idea of the wealth centered in Daven port can be secured when it is stated that the total de posits in the ten banks in the city of Davenport amount to $24,392,000. This big sum represents the savings, of the people of Davenport, and it indicates that the city is in a prosperous condition and that its people are making money and are forging ahead. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3 BANKER Your Account Will be handled in the most careful and intelligent manner. Collection facilities excellent. THE NATIONAL CITY BANK OF CHICAGO OFFICERS DAVID R. FORGAN, President ALFRED L. BAKER, Vice-President H. E. OTTE. Vice-President F. A. CRANDALL, Vice President L. H. GRIMME, Cashier W. D. DICKEY, Asst. Cashier A. W. MORTON, Asst. Cashier W. T. PERKINS, Asst. Cashier HENRY MEYER. Asst. Cashier WM. N. JARNAGIN, Asst. Cashier R. U. LANSING, Manager Bond Department Capital $ 1 ,5 0 0 ,0 0 0 Surplus $ 3 0 0 ,0 0 0 TH E 4 NORTHWESTERN What Dubuque, Iowa Second National Bank Reserve Agents for National Banks. * and X Dubuque Savings Bank Combined Statement SE PT . 1, 1910 RESOURCES , LIABILITIES Cash................$ 572,797.26 Deposits....................................$1,891,683.98 Investments............. 2,188,653.26 Capital — . . . . . . . . . . . . 576,166.54 -------------Circulation................ 293,900.00 Total........$2,761,450.52 — ----------Total.......$2,761,450.52 D IRECTORS W. H. Day Geo. W. Ktesel H. B. Glover James M. Burch J. K. Dehning Chas. H. Bradley Frank Bell Ely-Norris Safe Co. ------------- DOUBLE COMPOUND D O O R -------------SPECIAL MANARD MANGANESE STEEL BANK SAFE THE STRONGEST SAFE IN THE WORLD Write for Catalogue J. J. D E R I C H T CO. 181 8 Farnam Street https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis BANKER Omaha, Neb. November, 1910. They A re Saying From their ads appearing in home papers we clip the following arguments as put forth by local banks in different parts of the state. W A P E L L O S T A T E S A V IN G S B A N K , W apello, Iowa. The good old Quaker once said to his boy: “Nathan, it is not what thee reads that makes thee smart; it is not what thee eats that makes thee fat; nor what thee earns that makes thee rich, but what thee saves.” The saving habit may be acquired through the steady use of a savings account in our bank. THE W O RTH CO UNTY STATE B A N K , Northwood, Iowa. Why a certificate of deposit in this bank is a good investment: Because, with the large assets and careful management of this bank behind them they are absolutely safe. Because they can be converted into cash without delay should it be necessary. Because they pay as liberal a rate of interest as can be expected of a safe short-time investment. Because they can he issued to you at any time you have a few spare dollars or more, and they begin to earn interest immediately. T H E S A V IN G S B A N K O F A F T O N , Afton, Iowa. “Unto him that hath it shall be given.” This is a scientific fact and sim ply means that nothing succeeds like success! All business success begins with money in the hank. Start now. The sooner you begin to save money the sooner you will have money. You cannot foolishly squander what you earn and also have it. Begin banking your money and you will find more pleasure in saving than in spending. F IR S T N A T I O N A L B A N K , Tama, Iowa. Put some money in the bank and you will defeat poverty. Everybody has a hor ror of poverty. There is only one way to insure against it, that is to cultivate a habit of thrift which you can easily do by putting money in the bank. F IR S T N A T I O N A L B A N K , Colfax, Iowa. There’s hut one road to wealth: Saving. It makes no difference what your income may be, unless you save a part of it you will never become independent. Saving is the essence of thrift; the foundation of future wealth. Systematic saving is an ideal habit. It has made more people rich than all other means combined. Spend less than you earn. Start an account with our bank and become one of the many who have started to get rich. F A R L E Y S T A T E B A N K , Farley, Iowa. No method of keep ing a record of receipts and expenditures is more convenient for the farmer than the check account. He deposits his money in the bank, and pays his hills by check. The extra minute taken to write on the stubs the deposit, adding the balance and subtracting the amount of the check, gives him accurate knowledge of his standing with the bank all the time and does away with a dozen or more different sized account books. You cannot afford to be without a check account—it costs you absolutely nothing. F A R M E R S S A V IN G S B A N K , Sac City, Iowa. Old age is not so very far away from most of us, and we will have to meet him face to face sooner or later. It is within our power and our solemn duty to make him comfortable when he does come. The best way to do this is by starting a savings account now. F IR S T N A T I O N A L B A N K , Sac City, Iowa. Depositors like to, feel that in bringing their business to a hank they are helping to build it up; in other words, they are giving something for what they receive. We want you to feel that way toward us. we are growing—grow with us. We want your account—want to make ourselves useful to you in any way pertaining to finance—and we can handle it with profit to you and to our selves. Our books are examined by national bank examiners under the supervision of the comptroller of the currency at least twice a year. Thrift is a simple thing, but it means a great deal. It is the foundation of financial success and con tentment. Save your money and put it away safely. Our savings department gives you all the advantages of a savings hank with the security of a national hank. F IR S T S A V IN G S B A N K , Sutherland, Iowa. Theodore Roose velt says: “The habit of saving money, while it stiffens the will, also brightens the energies. If you would be sure you THE November, 1910. NORTHWESTERN are beginning right begin to save.” You can start an account with this bank with $1, or any other amount. T H E P E O P L E S S A V IN G S B A N K , Cedar Rapids, Iowa. Ben jamin Franklin said: “If you would know the value of money, try to borrow some.” Do you know where you could borrow a few hundred dollars if sickness or misfortune should come to you? The time to save is while you have health and a good position. We invite you to open an account at this bank with $1 or more. Do it today. S L O A N S T A T E B A N K , Sloan, Iowa. Your money draws in terest on savings accounts at this bank on daily balances. If you’re on a trip, are sick, or laid up by an accident, your money here keeps accumulating interest at our regular rates. Dollars deposited here become artists, and chalk up pretty figures showing how money grows. Give us your account. T H E P R O V I D E N T S A V IN G S B A N K , Estherville, Iowa. Buy your groceries from the grocery store, your meat from the meat market, your shoes from the shoe store, your clothing from the clothing store and deposit your savings in a savings bank. We offer you inducement for your savings account which we know will interest you. C O M M E R C I A L S A V IN G S B A N K , Tama, Iowa. There’s anice little fortune due you which can be secured by small weekly or monthly payments. Invest a dollar in our .savings depart ment, add small amounts each week or month and you will find yourself rapidly gaining a comfortable income which will lead to fortune. Start the account—the rest is easy. L U C A S C O U N T Y N A T I O N A L B A N K , Chariton, Iowa. We appreciate the patronage of the women. Their banking with us is already large and is steadily increasing. If not a cus tomer, please consider this an invitation to become one. A little account with us helps to check expenses and to save up a neat sum of your own. E X C H A N G E S T A T E B A N K O F S T U A R T , Stuart, Iowa. If you are a young man a bank account will start you when you are ready to go in business for yourself. If a renter it will help you buy that farm that you have dreamed about. It gives you a standing that nothing else can. Whether it is a few dollars, a load of hogs, bank your money. We are ready to help you if you can make a start and show you can help yourself. B A N K O F T E R R I L L , T e rrill, Iowa. The best book a man can have in his pocket, the Bible alone excepted, is a bank book. Call at our bank today and get one. The check system is suited to all kinds of business and will assist you in holding onto the dollars. You can be saving and not a miser. Econ omy encourages all the better elements of manhood. It is easy to economize with money in a bank where you do not see it. If it jingles in your pocket there is a temptation to spend it. We will harness it up and put it to work earning interest for you. It is possible you have never felt the abso lute necessity of having a bank account. You might drift along and prosper without one, but it is much easier to forge to the front in a financial way if you have one of our neat lit tle bank books in your pocket. Do you know a prosperous business man who does not carry one? You are glad to fol low the example of the wise and prudent men in other re spects. Why not in this? Call today, make a small deposit as a starter, and you will step a little higher as you go home to your family with a bank book in your pocket. Try it just once. J A S P E R C O U N T Y S A V IN G S B A N K , Newton, Iowa. If you put your money in the bank you will have it when you need it. You keep your horse in a good stable, why not keep your money in a bank where fire nor burglars cannot harm it. Mayer Rothschild, born in Frankford, Germany, in 1743, and founder of the great Rothschild fortunes—the greatest on earth—peddled from house to house when a boy. He saved his money. Economy and interest, at low rates, made his great fortune. T H E B A N K O F C R E S C O , Cresco, Iowa. If the “forward and onward” spirit animates you why not take advantage of the power of a growing bank account? A growing bank account creates confidence; gives one standing and prestige in the community and it represents the “forward and onward” spirit of accomplishment. A. G. C A S E & https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Nashua, Iowa. Dollars fly Put them in the bank and they CO., B A N K E R , either from or toward you. BANKER o The Merchants Loan Trust Company A ll Branches of Banking INTEREST-BEARING CERTIFICATESJOF DEPOSIT CHECKING ACCOUNTS SAVINGS ACCOUNTS INVESTMENT BONDS FARM MORTGAGES. Also commercial letters of credit for importers, self-indentifying travelers’ checks and letters of credit, wills, trust agreements and trust services. Cor respondence invited. Capital and Surplus, $8,000,000 CHICAGO TH E C i t y National Bank OF CLINTON, IOWA Capital, Surplus and Profits............. . .$200,000.00 Deposits .............................................. $2,150,000.00 OFFICERS A. C. Smith, President C. M Curtis, Vice-President A. C. Smith, Cashiar Accounts of Banks and Bankers received on most favorable terms. Correspondence Invited. won’t fly from you. The flighty dollar—elusive and hard to hold—should be placed in the bank where it will be made to work for you, work for you day and night, 365 days in the year. S T A T E B A N K O F L A U R E N S , Laurens, Iowa. It may be that some time you will need the assistance this bank can render. If you are depositing your money here and transacting your business with us, you may be assured of our friendly consid eration at all times. Every man, today, has a good chance to lay up a competence in twenty-five years or less if he saves. An account with this bank will provide an excellent plan of laying aside that portion of your earnings not needed for immediate use. F A R M E R S S A V IN G S B A N K , Carlisle, Iowa. A bank account adds system to your business. Making money—to know where you make it, when you make it and why you make it—¡re quires business system. By having an account with this bank, you will be enabled to know all the why and wherefores of every expense. Your checks tell the story. 6 TH E NORTHWESTERN BANKER November, 1910. % (F THE CORN EXCHANGE N ATIO N AL BANK «//CHICAGO ^lumaSSiS&E aanaÿftti cullili I l ll I t l t l l f l M l l ! a a ia a a i i i x i t i i i i s i n n " ! “ ""! ■ ■ 'Hi!!“»¡¡1 The FIRST NATIONAL BANK CHICAGO «I Capital, Surplus, CAPITAL : : : $3,000,000 SURPLUS : : : 4,000,000 UNDIVIDED PROFITS 1,000,000 DEPOSITS = : : $60,000,000 $10,000,000 $10,000,000 Offers to its customers the advantages afforded by an official and clerical depart ment organized for the es pecial care of bank accounts. The business of conservative Banks and Bankers is cordi ally invited with the assur ance of a complete and sat isfactory service. OFFICERS ERNEST A . HAMILL, President CHARLES L. HUTCHINSON, Vice-Pres. CHAUNCEY J . BLAIR, Vice-Pres. D. A . MOULTON, Vice-Pres. B. C. SAMMONS,Vice-Pres. JOHN C. NEELY, Secretary FRANK W . SMITH, ca sh ie r J . EDWARD MAASS, A ss’t Cashier JAMES G. WAKEFIELD, A ss’t Cashier DIRECTORS Charles H. W acker Martin A . Ryerson Chauncey J . B la ir Edward B. Butler Charles H. Hulburd Clarence Buckingham Benjam in Carpenter Isaac G. Lombard Watson F. B la ir Edwin G. Foreman Charles L. Hutchinson Edward A . Shedd Frederick W. Crosby Ernest A . H am ill Division “F” (Banks and Bankers) FOREIGN EXCHANGE. LETTERS OF CREDIT. CABLE TRANSFERS AUGUST BLUM JOHN F. HAGEY Our facilities for handling: the accounts of Northwestern Bankers are unexcelled. % • - Vice-President - Assistant Manager E# LITHOGRAPHING c lo ESTABLISHED 1856 Iow a Lithographing Co., https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Des Moines, la, Bank and Commercial Stationery of Quality. T H E O L D E S T B A N K IN T H E U N IT E D S T A T E S (C H A R T E R E D B V C O N T I N E N T A L C O N G R E S S , 1781) TH E B A N K O F NORTH A M E R IC A NATIONAL BANK PHILADELPHIA, PENNSYLVANIA CAPITAL « SURPLUS UNDIVIDED PROFITS, DEPOSITS NOV., 1909 - - $1,000,000.00 2,250,000.00 349,000.00 - $14,000,000.00 President Cashier Asst. Cashier Assistant Cashier - - - H. G. MICHENER - SAML. D. JORDAN W .J. MURPHY - r . s. McKin l e y S O L IC IT S T H E A C C O U N T S O F B A N K S , F IR M S , IN D IV ID U A L S A N D C O R P O R A T IO N S The Northwestern Banker $2.00 P e r A n n u m American DES M O IN E S, IO W A , N O V E M B E R , 1910 20 cts. P e r Bankers Convention, Los October 2 —7, 1910 Angeles, About 1,500 delegates was the number accredited to the thirty-sixth annual convention of the American Bankers Association which was held in Los Angeles October 3d to 7th. The total number of visitors, in cluding those accompanying the bankers, was given as 3,000. It would seem, therefore, that Los Angeles must be given the credit for breaking the final record so far as attendance is concerned. The new officers elected were F. O. Watts, presi dent of the First National Bank of Nashville, Tenn., president; Wm. Livingstone, of Detroit, vice-presi dent; Col. Fred. B. Farnsworth, of New York, secre tary, and Arthur Reynolds, president of the Des Moines National Bank, treasurer. Chas. H. Huttig, of St. Louis, was elected chairman of the executive council. The convention presented the retiring president, Mr. Lewis E. Pierson, with a magnificent silver serv ice, and the incoming president, Mr. Watts, was pre sented with a beautiful loving cup by his Nashville friends. Mr. Watts, the new president, is a very popular banker, and is an able speaker and has been in demand in many state conventions throughout the South dur ing the past few years. Many prominent speakers were on the program. Among them were W. C. Puillon, vice-president of the Mercantile Trust Company of New York; E. O. Stan ley, vice-president of the Guaranty & Trust Company of New York, and H. P. McIntosh, president of the trust companies section. Deliberations of the convention occupied the entire five days assigned to them, and the Los Angeles bank ers outdid themselves in their efforts to provide enter tainment for the delegates, which consisted of trips to places of interest in and near Los Angeles, and the https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis C opy many social features which had been arranged by the entertainment committee were thoroughly enjoyed. LEW IS E. PIERSO N President Irving National Bank, New York Retiring President American Bankers Association One act of the convention which was highly ■ com mendable was the appropriation of $5,000.00 for the 8 TH E NORTHWESTERN relief of the families of the men who lost their lives in ™ L°s Angeles Times disaster. The explosion which destroyed the building and the lives of about twenty of the employes was believed to be of incendiary origin. Occurring as it did, just before the openmg of the convention, it cast a gloom over the people BANKER November, 1910. of the city and the assembled bankers as well. A number of the addresses made, as well as the reports of the officers, will be found in this issue of The Northwestern Banker. The address of the president, Mr. Pierson, we are glad to publish entire, it being an exceedingly comprehensive and able paper. Annual Address of President Lewis E . Pierson at the Los Angeles Convention A . B. A . In this beautiful city and state which have so hos hoped that congress will heed the unanimous warnpitably welcomed us, we are assembled to hold the an pings of our members as to the ultimate consequences nual convention of our association. Since the organi i °f a postal savings bank system and at an early date zation of the American Bankers Association thirty-six repeal the present law. years ago, and the subsequent organization of banking • Bill of Lading Committee. institutions in nearly all the states, the fruits of bank During the year the failure of two cotton houses ers’ meetings have been each year more clearly shown. The formation of friendships is eliminating local and and one grain concern revealed bill of lading frauds sectional jealousies and bringing bankers together to totalling nearly $10,000,000. This condition, long predicted by your bill of lading exchange experiences, correct mistakes and understand committee, precipitated a loss of confidence in this doc how best to strengthen the affairs of their own institu tions in a manner most helpful and beneficial to their ument as an instrument of value to the extent that foreign bankers, largely affected through these frauds, depositors and communities. passed resolutions announcing their determination to Postal Savings Banks. withhold acceptance of drafts drawn against cotton The past year has been an active one for our associa export bills of lading after October 31, 1910, unless the tion. Your postal savings bank committee strenuously American banks through whose hands they passed opposed the adoption of the law establishing such in would guarantee both the genuineness of the signature stitutions, but in spite of its efforts and the active work of the railroad agent on the bill and the receipt of the of its indefatigable chairman, Mr. Lucius Teter, presi cotton by the railroad. dent of the Chicago Savings Bank, congress enacted This stand no doubt was influenced by the failure such a law June 25, 1910, through the insistence of the of our senate to enact into law the Stevens Bill, drawn administration that the party’s pledge in its campaign to hold issuing carriers liable for bills of lading signed platform should be carried out. by authorized agents whether or not the goods had The opposition of our association was based upon been received, which bill, by a vote suspending the the principle that it is as improper for the government rules of the house, was passed by that body earlier in to extend its paternalism and enter the banking busi the session. ness as it would be to enter the grocery or any other In view of these conditions and the necessity for business ; that there would always be a temptation on action there have been numerous conferences between the part of succeeding administrations to regard the commercial bodies, representatives of railroads and deposits so received as revenue rather than obliga your bill of lading committee, and a special sub-com tions ; that such deposits, if accumulated to a vast mittee of New York bankers, that have resulted in an amount and payable on demand, would, in any future agreement upon a form of validation certificate, which war crisis, weaken the nation’s credit when that credit is now being attached to cotton export order bills of should be strongest ; that, while adopted in other coun lading by nearl)r all the cotton-carrying railroads. tries, it is a serious question whether its ultimate re By the adoption of this validation certificate it is sult there will not be found more harmful than ¡bene believed' that the protection sought by foreign bankers ficial ; and further, that with our country so complete has been attained without the necessity for the guar ly and effectively served by savings institutions— in antee stipulated in their resolution, as the use of the the East operated under state laws and supervision of certificate will tend to prevent forged bills as well as unquestioned stability, and in the West by savings the issuance of bills where no goods have been re departments in national and state banks— thus offer ceived, and, in the judgment of competent authorities, ing every facility and protection, such a departure by marks another step toward the solution of this vex the national government is entirely unnecessary. atious and important problem. While the law, as^ passed, places its operations in It has been my privilege to closely observe the en the hands of a committee somewhat as an experiment, ergetic work of your committee upon this perplexing it is reported^ that there is being exerted the political question, and I feel it but. proper to express an appre pressure for individual benefit predicted by our mem ciation of their services; particularly those of the bers and so repugnant to all principles of good gov able chairman, Mr. Clay H. Hollister, and the sub ernment. chairman, Mr. Walter E. Frew, as well as Mr. Jos. T. The attitude of our association has been fully justi Talbert and Mr. Fred I. Kent, for their active and un fied in its opposition to the bank guarantee heresy by selfish work. the reported failure of that proposition in the state of Protective Committee. Oklahoma where it originated, and it can only be In the report of the protective committee you will https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis November, iglò. TH E NORTHWESTERN BANKER 9 ing the splendid work of the institute by attending chapter meetings and the convention of the institute at Chattanooga, and are glad to report an intense in terest shown by the young men in their study courses, and to predict that the $80,000 contributed by this as sociation since the founding of the institute will return untold dividends to the entire country through the training of our future bank officers in both the science and technic of thejir profession. Consolidation of “Journal” and Institute “Bulletin.” notice that a change was made in their detective agents during the past year, resulting from the cul mination of unsatisfactory conditions existing for sev eral years between the former agency and the asso ciation. You will also notice in the report that since the ter mination of their service the former agents have spent many thousands of dollars in a campaign to secure support from our members for the maintenance of an organization avowedly and actively antagonistic to THE “OLD GUARD” American Institute of Banking. Photo at Pasadena, Cal., Oct. 7, 1910 Upper row left to right: F. M. Cerini, Oakland, Cal.—F. D. Brundage, New York—W. F. Pauli, Seattle— F. A. Crandall, Chicago—A. A. Benton, New York. Lower row left to right: B. C. Downey, Indianapolis—R. C. Wilson, Chicago—R. H. MacMichael, Pittsburg. our own protective committee in its present detective agency. In view of this situation your officers feel justified in suggesting that entanglements with any other serv ice will surely, precipitate a conflict in handling cases and tend to hinder continuance of the highly satisfac tory results which have been achieved by the new agents since their employment. American Institute of Banking. The institute of banking formed by this association ten years ago has more than realized the fondest hopes Of its staunchest supporters. Your officers have been much interested in observ- https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis As many advantages were found in its favor, the question of merging the “ Bulletin” published by the institute with the “Journal of the American Bankers Association” was taken up by the executive committee of the institute, which formulated and recommended a plan of consolidation to our executive council, that was formally approved, with authority to the officers to carry out its details so that institute and association matter might be departmentized, edited and published along the same lines as in the past. As a result the members of the association and those of the institute now receive under one cover â monthly “Journal” cbntaining the current features of both organizations. IO TH E NORTHWESTERN BANKER November, 1910. F o r t D e a r b o r n N a tio n a l Bank. C la r k a n d M o n r o e S tr e e ts C H IC A G O WM. A. TIL DEN, P r e sid e n t NELSON N. LAMPERT, J . FLETCHER FARRELL V ic e-P resid en t V ic e-P resid en t HENRY R . KENT, C ashier GEORGE H. WILSON, CHARLES FERNALD, A ss’t. C ashier A ss’t C a sh ier THOS. E. NEWCOMER. A sst. C a sh ier Capital — Surplus and Profits Deposits - $1,500,000 400,000 15,000,000 We particularly desire the accounts of Country Banks. The officer in charge is personally acquainted with conditions in your section. We know your wants and we wish to serve you. Heretofore the association “Journal” has frequently escaped the notice of the officers of our larger institu tions, and it is confidentially hoped and believed that the consolidation of these two important publications (the “Journal” and the “ Bulletin”) will result in cre ating a livelier interest in their contents on the part of all bankers. Travelers’ Checks. The splendid system of travelers’ checks initiated by your energetic committee has surprisingly proven its value to our members in the short time it has been in operation, as these checks are today readily accepted in every part of the civilized world. No committee of the association has ever done better work for our memtbers, and I feel that their labors and accomplishments are worthy of both your thanks and admiration. Civic Federation. During the winter the National Civic Federation j met with the governors of the several states in Wash■ ington, D. C., and in response to an invitation, your president, secretary and general counsel attended their j session, and, with others, recommended to the gover nors the passage in their states of. the commercial acts drafted by the commissioners on uniform state laws, • including the negotiable instruments act, the ware[ house receipt act, the bill of- lading act and the bulk | sales act. [ W e are glad to report that the civic federation has t recently taken up as part of its future activities the j organization of state branches to carry on the work of i securing this and similar uniform state legislation. Bank Supervision. In other countries bank supervision rests largely ,!with directors and shareholders through the employEment of public accountants as examiners and the main tenance of a permanent auditing staff. In our country the national and most of the state governments maintain strict supervision over banking institutions under their jurisdiction, and as our asso ciation has been a consistent advocate for better serv ice in this respect, it is with much gratification that we note the satisfactory results attending the efforts of recent years to bring about a highly developed system of supervision of hanking institutions throughout the country. In this respect the administration of the present comptroller of the currency, Hon. Lawrence O. Mur ray, is a conspicuous and commendable example of https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis - what can be accomplished in his office, and I feel that he is deserving of the thanks of the members of this Association for the high state of efficiency to which he has brought the present system of national bank su pervision. The clearing house section of our association has also successfully urged the employment of examiners by clearing houses to make regular examinations of the banks in some of the large cities, and we find an increasing number of 'banks each year employing out side auditors to make independent examinations for the benefit of their directors. All this work, I believe, would be greatly aided by the development of a uniform system of bank account ing, as advocated in his quiet way by the Hon. Pierre Jay, formerly commissioner of banking for the state of Massachusetts, and now vice-president of the Bank of the Manhattan Company, New York. Such a system would be invaluable to the smaller banks and could be utilized to advantage by the larger institutions and would provide a ready and sure means of verification by the bank examiners. I also believe that out of such a system there should be developed a proper method of ascertaining the cost basis for handling various .items and transactions in the banks. Manufacturers reduce to the smallest fraction the cost of each operation in producing goods, while bank ers have too long been prone to lump expenses and in come and take chances on coming out with a profit. 1 The expense end of any other modern business is under careful supervision, and in my judgment if bank ers were to work on a proper cost basis, as well as transit costs, they would not only find that their analy sis departments would reveal opportunities to insure amazing savings, but would be less eager to offer un usual inducements to secure new business. Commercial Paper. In recent years the sale of commercial paper and its purchase by bankers through brokers has grown to vast proportions. The purchase is made upon the representation of brokers, on statements of condition of the makers and upon credit information, obtained 'by purchasers from various sources, all tending to show the ability of the makers to pay. their borrowings promptly at maturity. Banks in the reserve cities also are asked to make large purchases for the account of correspondents, and November, 1910. TH E NORTHWESTERN much paper is sold on option by traveling salesmen of the brokers direct to the country banks. The large banks in the cities maintain for the bene fit of themselves and their correspondents extensive investigating bureaus, which, in many directions, are steadily working closer with each other in the ex change of credit impressions, so that nearly every name is always under a glaring searchlight. This method of determining the goodness of each name, while it has many advantages, is never surely correct, and on the other hand, out of the free ex change of opinions, unjustified prejudice often creeps in to the detriment of solvent concerns. It would, therefore, seem to be a decided advantage to devise a regular system whereby true conditions may be absolutely ascertained to justify both the sale' and the purchase of commercial paper and add to its availability as a desirable bank investment. The failures of several large concerns in recent il BANKER Continental and Commercial National Bank Capital a n d P r o fits $20,000,000 of CHICAGO $9,500,000 Northeast Corner Clark and Adams Streets OFFICERS George M. Reynolds, President Harvey C. Vernon, Ass’t Cashier Ralph Van Vechten, Vice-Pres. Geo. B. Smith, Ass’t Cashier Alex. Robertson, Vice-President Wilber Hattery, Ass’t Cashier Herman Waldeck, Vice-President H. Erskine Smith, Ass’t Cashier John C. Craft, Vice-President John R. Washburn, Ass’t Cashier James R. Chapman, Vice-President Ralph C. Wilson, Ass’t Cashier Wm. T. Bruckner,' Vice-President Wilson W. Lampert, Ass’t Cashier Wm. G. Schroeder, Secretary Dan Norman, Ass’t Cashier Nathaniel R. Losch, Cashier Frank L. Shepard, Auditor Frank H. Elmore, Ass’t Cashier H. Lawton, Mgr. Foreign Dept. Edward S. Lacey, Chain 1 of Advisory Committee Accounts o f Banks, Bankers, Manufacturers, Merchants and Individuals Invited. C o n tin e n ta l and C om m ercial T rust and Savings Bank Capital $3,000,000 Surplus $500,000 Trust, Savings and Bond Departments Corner Monroe and Clark Streets OFFICERS E. A. Potter, Chairman of the Board W. Irving Osborne, President John Jay Abbott, Vice-President Charles C. Willson, Cashier Frank H. Jones, Secretary Wm. P. Kopf, Ass’t Secretary The Capital Stock Of this Bank is Owned by the Stockholders of the Continental and Commercial National Bank of Chicago Hawkeye & Des Moines Fire Insurance Company OF DES MOINES, IOWA A Combination of Two Large, Strong Companies C. T . C O L E Hawkeye Insurance Co., Established 1865 Vice Pres. Valley National Bank. Elected Pres ident Des Moines Bankers Club at the October Meeting. Des Moines Fire lusurance Co., Established 1881 years have revealed statements of condition upon which the purchase of their paper was largely made to be erroneous, to say the least, and as a result losses aggregating millions and millions of dollars have been sustained by the banks, although scattered in moderate amounts among a large number of institutions. The Question, therefore, of regülating and making safer in some fair way the growing amount of commer cial paper has ibeen a live topic among bankers for some time. Many suggestions for the purpose of as certaining true conditions have been made, including the registry by clearing houses of the notes sold .ana examinations of the affairs of the makers: by "public accountants of known standing. These requirements would seem to be greatly de- https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis The L a rge st and Stro n ge st Fire In su ran ce Go. in the State C a p ita l........................$ 200,000 Net Surplus, over - - $ 300,000 Admitted Assets, over $1,500,000 H. R. Howell, President G. G. Hunter, Vice Pres. W. D. Skinner, Treasurer C. S. Hunter, Secretary R. S. Howell, Asst, Sec. THE BEST COMPANY FOR AGENTS THE BEST COMPANY FOR THE ASSURED TH E 12 NORTHWESTERN BANKER November, 1910. THE LIVE STOCK EXCHANGE NATIONAL BANK of CH ICAGO Volume of Business for Year 1908 Exceeded One Billion, T w o Hundred Million Dollars sired and perhaps would best be accomplished through Ia committee organized for the specific purpose of rec|ommending accountants, the method of their examina|tion and form of report and, with assistants, performj ing the function of registering each and every note : issued by concerns selling their paper in the open market. j change in the views of many bankers and the entire country on the question of banking and currency re forms. The wild-cat and yellow-dog currency issued before the war by banks whose activities were unrestrained Note Kiting. During the past few years members of our associa: tion have met severe losses as a result of a clever sys! tern of not kiting, which, in spite of publicity, seems ; to be increasing. The operations appear to be instigated and guided by people whose newspaper advertisements offering financial support catch many unwary, well-meaning and well-rated merchants and manufacturers, who, yielding to the tempting offers set forth, face inev itable bankruptcy, with shame to themselves as dupes and loss to their creditors. These dupes are advised to open accounts in desig nated banking institutions where the management may appear lax, or, more often, their own bank may be selected as a target, and for a while good balances are maintained, sometimes with funds furnished for the purpose. After confidence and credit have 'been established instructions go out to draw notes to the order of other concerns in proper lines of business in exchange for a like amount of notes made by others in a similar line of business, and from each the instigator of the ex change receives ruinous commissions. These apparently legitimate receivables are then of fered for discount, and, having all the appearance of business paper, bearing two rated names, are accepted by the bank; and so it goes on until the line of sup posed receivables creeps up and finally one of the , concerns goes under. The house of cards then tum bles ; those retaining some strength being carried down by the weight of their endorsements in addition to their own notes outstanding. In view of the insidious methods employed, it is es sential that our members be constantly on their guard against these operations and at the same time co operate with the protective committee in any manner that will secure certain punishment to those instigat ing and perpetrating this system of high finance. Banking and Currency Reforms. The last few years have witnessed a. remarkable https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis H. S. BUTLER Vice Pres. Iowa Nat. Bank, Elected Vice Pres. Des Moines Bankers Club at the Oct. Meeting. and without adequate supervision remain so vividly in the minds of our older bankers and merchants that until a few years ago all suggestions for currency based upon anything other than the full value of gold or government bonds met with immediate and unani mous disapproval. Likewise, the demonstrated sta bility of banks operating honestly under the national banking act proved a sufficient answer to arguments favoring any change in the system. The study of banking conditions by an increasing number of bankers and business men, stimulated by discussion of the causes and effects of the panics of November, 1910. TH E NORTHWESTERN 1893, 1896 and 1907, has, however, been fruitful in efforts to crystallize sentiment, so that it is now gen erally conceded that while our system of individual local banking units has proven ideal for the develop ment of the country, our great weakness lies in the lack of cohesion between these units, and our inability to retire the surplus volume of currency as loans con tract, and so automatically expand both currency and credit to tide over heavy seasonal and sometimes unusual demands. It is also conceded, and history clearly demonstrates, that a great weakness lies in our form of greenback and bond secured national bank currency, which, hav ing been generally proven unresponsive to the expand ing and contracting conditions of trade, may be well accused of being one of the prime causes of the finan cial panics since the civil war. The discussion and suggested reforms prior to 1906 led to the appointment that year by our association of a currency commission, instructed to prepare a con crete, workable plan, which plan was formulated and urged upon congress without result, although sup ported by the administration. BANKER 13 The Farmers* aridMechanics’ National Bank Of Philadelphia, Pennsylvania 427 Chestnut Street CAPITAL, . . . ( 2,000,000.00 SURPLUS AND PROFITS, DEPOSITS, - - - - 1,390,000.00 - 15,200,000.00 Organized January 17, 1807 DIVIDENDS PAID, - - - J12.987.000.00 UNITED S T A T E S , S T A T E aiti C IT Y D E P O SIT O R Y O F F I C E R S HOW ARD W . L E W IS . President HENRY B. B A R T O W , Cashier JOHN M A SO N . Transfer A gent O S C A R E . W E IS S , Assistant Cashier Accounts of Banks and Bankers Solicited. A. 0. HAUGE Cashier la. Trust and Savings. Elected Secy.-Treas. Des Moines Bankers Club at the Oct. Meeting. Following the panic of 1907, however, congress passed the AldrichVreeland bill with provisions which were not in accordance with the views of our commis sion and other members of our association, who in turn urged a provision which was finally adopted and created a monetary commission to study banking and currency conditions in this and other countries. Under the able guidance of its chairman, Senator Aldrich, investigations have been conducted, perhaps more exhaustive than ever attempted before upon any subject in this or any other country. These investi gations have been made from every possible angle in https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis our own, as well as every other important country of the world, and the results, where permitted, now be ing published, give us a library of authoritative bank ing and currency data which we have never before possessed. With these reference books now available to all, it would seem to be a duty to urge our business men to carefully study and freely discuss this great question which so vitally affects every man, woman and child in our country. The investigations reveal a few important points in the banking systems abroad which are lacking here, one of which is the method employed to avoid the im proper control of central and joint state banks, and accomplished by limiting the voting and stock trans fer power, often but one vote being allowed a share holder no matter how large the holding, while the transfer of shares requires consent of the board of di rectors, and, in the cases of continental central banks, a voice in their affairs is also exercised by more or less limited governmental representation. These provisions aim to prevent the entrance of speculative, political and other undesirable elements into the affairs and control of banks, and insure not only competent management, but the retirement of those whose conduct may be deemed improper. Other points include the centralization of reserve, its economical use, a system of rediscounting with its expansion and contraction of credit and currency is sues, to meet the varying requirements of trade; an ability to attract gold when most needed and a system of acceptance of time drafts by the joint stock banks and private bankers. 14 TH E NORTHWESTERN A Strictly : : : : Commercial Bank BANKER November, 1910. I r v i n g Na t i ona l Exchange B a n k Invite accounts of merchants, manufacturers and others seeking the prompt and courteous services of a strictly commercial bank giving special attention to the collection of Bill-of-Lading Drafts. RESOURCES OVER THIRTY MILLIONS OFFICERS: LEWIS E. PIERSON, Pres. ROLLIN' P. GRANT. Vice-Pres. JAMES E. NICHOLS, Vice-Pres. BENJ. F. WERNER, Vice-Pres. HARRY E. WARD, Cashier DAVID H. G. PENNY, Asst. Cash. RICHARD J FAUST, Jr., Asst. Cash. J. FRANKLYN BOUKER, Asst. Cash W EST BROADWAY A N D CHAMBERS ST., N EW YORK Upon the question of reserve, rediscounting and cur rency issues we have had much discussion, and I shall, therefore, only briefly allude to the acceptance system which forms the basis of the liquid investments of foreign bankers. Under this system foreign correspondents either draw direct or authorize others to draw drafts on their banking connections in the large cities at sixty and ninety days’ sight, or such other time as may be ar ranged— the drafts are accepted, in rare.cases on credit, but more often on collateral— and of what is then twoname paper much is sold in the market for account of the drawer through discount companies whose opera tions are somewhat similar to those of our note brokers. In this manner the larger banks leud their credit to their correspondents and by their acceptance complete an instrument commanding an international market through the ready sale of which the drawer is placed in funds without the acceptor being called upon for any funds in the transaction except upon rare default of the drawer at maturity. The constant, daily use of this acceptance function, therefore, permits the larger banks in thè centers to expand and contract credit facilities other than through direct loans, with the rising and falling de mands of trade, and at the same time provides in large volume an ideal form of short time investment for in stitutions both at home and abroad. In our country, upon every occasion when business has declined, we have been unable to retire any con siderable amount of currency, so that with our system of reserve centers deposits pyramid rapidly, and espe cially upon the banks in New York, Chicago and St. Louis, the three central reserve cities. Out of this condition the system of sharp call, Wall Street collateral loans has been developed for the em ployment and quick return of these surplus deposits, and as these funds accumulate and cannot be other wise used or disposed of, they are forced into such loans by banks in other cities, as well as New York, all aiding speculators to initiate wild transactions to be checked only when these stock loans are called to meet the withdrawal of deposits for trade purposes. This spectacle is regularly witnessed, and, as the deposits are withdrawn, competition for the use of funds is precipitated between legitimate commercial and speculative borrowers, with interest rates soaring at times to ridiculous heights, until timid depositors, https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis who cannot understand the newspaper comments, withdraw their deposits and hoard cash. Mercantile as well as speculative loans are then hard to obtain, trade is checked and failures quickly fol low. Labor is thrown out of employment and hard times come, accompanied by a shrinkage in the value of commodities as well as securities, entailing enor mous and unnecessary losses upon both capital and labor, rich and poor, but bearing down especially hard upon the small tradesman and wage earner, whose families then endure untold sufferings which in turn tend to breed socialism and anarchism. In framing the national bank act congress endeav ored to meet this situation by requiring banks in the reserve cities to carry a cash reserve of 12^ per cent against 6 per cent required by banks in the country districts, and further required the banks in the three central reserve cities, New York, Chicago and St. Louis, to carry a still larger reserve amounting to 25 per cent of their net deposits. The act also permits country banks to rediscount customers’ notes with their correspondent in the re serve city and. the reserve city banks to likewise re discount with their central reserve city correspondent, but utterly fails to provide any place where the cen tral reserve, city banks can turn for Rediscount in order to give proper support to their customers and corre spondents. Without an ability to convert their own resources and credit, no matter how conservatively the affairs of the central reserve city banks may be managed, there is always a point beyond which they cannot go, even with the larger reserve, when many millions of loans made by out of town banks direct to city borrowers are thrown back on the city banks and it is necessary to endeavor to shoulder these loans as well as borrow ing demands from the entire country. It is, therefore, at this juncture that a crisis is in variably reached and it is also plainly evident that at this point the cure should be applied. Call it what you will— preferably “The Bank of the United State's” — we surely need a large institution for rediscount and currency issue to perfect our otherwise admirable banking system. W e have many advantages over the systems of other countries, for we derive great benefit from our methód of bank supervision and the operation of individual local banking units, but these units have no ultimate cohesion, and are like an unorganized mob in time of November, 1910. TH E NORTHWESTERN BANKER T h e B -V B a n k L e d g e r Indiv id u al A c c o u n ts M ust be located quickly, k ep t accu rately, proved daily, checked m onth ly. T hese fe a tu res are b est secured by the adoption of the B ak er-V aw ter Com plete B ank A ccou n tin g System , w h ich is m uch more th an a L oose L eaf Ledger, a l thou gh th a t device is an im portant factor in its B i r | su ccess. W rite for Ml/ B a ll particu lars Savings A c c o u n ts M a d e a n d S o ld E x c l u s i v e l y toy B A K E R -V A W T E R CO M PAN Y C h ic a g o war, presenting in each emergency the same exhibition of an inability to obtain enough currency and credit to tide over intense situations and prevent the usual losses to worthy and solvent concerns. In every other nation of the world a banking and monetary system heading up to an institution of dis count and currency issue has demonstrated its bene ficial influence to aid in keeping business conditions steady and stable by conservatively controlling the expansion of credit through its rate of discount and automatically increasing and decreasing the volume of note issues with the requirements of trade. It, therefore, does not seem reasonable that our busi ness men can longer tolerate the handicaps under which their affairs suffer when they realize that the causes of these handicaps emanate from weaknesses in ou'r banking system which can be easily cured, and it is also hard to believe that congress will long be unmindful of the absolute necessity for a proper re vision of our banking currency system. My predecessor, Mr. George M. Reynolds, president of the Continental & Commercial National Bank, Chi cago, in his address to you last year, ably argued for a bank of discount and issue to round out our present system without disturbance of other existing condi tions, and I believe with him that a plan along the lines then proposed will fully meet the requirements and permit us to mobilize our banking resources in a manner which will achieve for our country the finan cial leadership of the world. It is true that many able bankers suggest the exten sion of clearing house operations to meet the exigen cies we so frequently face, but why-not try to make the cure complete,! and at the same time retain our clear ing house experience for additional protection, which we hope may never be necessary. I would suggest, however, the addition of an accep tance function to the banks in the central reserve cities, based upon collateral, and limited, perhaps, to a certain proportion of their capitalization. The legalized use of such a function by the reserve city banks would permit the utilization of their credit for the benefit of their correspondents, who, in turn, after acceptance, could readily obtain funds by selling in the open market on a favorable basis of discount the drafts they would draw. These drafts should command an international as well as a domestic market, and would, at the same time, increase the supply of short time liquid invest https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis N ew Y ork In Perpetual Ledgers are handled with economy of time. Users are not annoyed with dead accounts at every posting, figuring interest, “inking in” interest, extending totals, and taking trial balance. Interest-declaring periods lose their terrors. No more excuses for failure to balance. ments for banking institutions, and also create a sup ply of exchange on the centers, which would undoubt edly find its way at times into the hands of foreign bankers, thereby aiding the development of our inter national trade and permitting our large cities to as T. 0. HESTER Cashier Citizens State Bank, Anthon, Iowa sume their proper place as financial centers of the world. After marking time for three years, awaiting the investigations of the monetary commission of con gress, which are now before us, it seems opportune for this association, as well as other business organiza^ tions, to become active in this great question in-order that it may be solved before another crisis can come upon us. When our association created its currency comfHis- 16 TH E NORTHWESTERN G be Chase B a tfo n a l Bank © f tb c C ity o f Hlew H?ork U N IT E D S T A T E S D E P O S IT O R Y C L E A R IN G H O U S E B U IL D IN G Sept, l ] 1910 CAPITAL ........... .................................. $5,000,000.00 SURPLUS AND PROFITS, (earned) 7,706,779.00 DEPOSITS ................................................... 96,750,273.00 Officers A. BARTON HEPBURN, Pres. ALBERT H.WIGGIN.Vice-Pres. SAMUEL H. MILLER, Vice-Pres. HENRY M.CONKEY, Cash. CHARLES C.SLADE,Asst.Cash. EDWIN A. LEE, Asst. Cash. WM. E. PURD,Ÿ, Asst. Cash. A. O. ANDREWS, Asst. Cash. 2>irect*r* HENRY W. /CANNON,’ Ohm. JOHN I. WATERBURY JAMES J. HILL V i; ' GEORGE P. BAKER GRANT B./SCHLEY ALBERT H. W1GGIN A. BARTQN HEPBURN GEORGE P. BAKER, JR. FRANCIS L. HINE i — — sion, the importance of the membership being repre sentative was given careful thought, and a plan adopt ed by which the members of the executive council, by their individual votes, expressed preferences, leaving to the executive officers the final determination, based upon süch votes, with the result that the commission includes the best talent showing an active interest in the subject at that time. f7'. Since’then, however, bther bankers equally promi nent and in sections of the country now without rep https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis BANKER November, 1910. resentation on the commission, have shown an active interest in and comprehensive grasp of the subject and the suggestion, therefore, has been made that it might appear desirable, in order to strengthen the influence of the association in every possible manner upon this important question, that this convention authorize the appointment of a new currency commission, with a membership composed of those now serving on the present commission and a few additional members to be chosen in a manner similar to that previously adopted. Senator Aldrich has advised me that he has called a meeting of the monetary commission early in the ses sion and will arrange for conferences with the cur rency commission of our association and committees appointed by commercial organizations, so that it is our duty to be ready at the proper time to put forth our best efforts to secure safe and sane banking re forms. The past year has been an active one for our over ninety millions of people; the volume of clearings for the eight months past, according to Bradstreet’s, ex ceed those of 1909 by 5 per cent, and the percentage of idle railroad cars in the month of August is 66 per cent less than in 1909, all tending to keep our institu tions busy and fully employ the funds entrusted to our care. The nation’s increasing power of consumption with out an apparent corresponding increase in production has stimulated the cost of living, and especially the cost of food prices, and at the same time is tending to seriously weaken our export power, which, in every financial stringency heretofore, has quickly brought gold to relieve the strain. Throughout the nation we find waste everywhere, in the housewife’s kitchen, in the business man’s office and in the farmer’s field, and our extravagance in liv ing is tending to exceed income and encroach upon capital. As bankers I believe we owe a duty to our communi ties to encourage thrift and economy in every way pos sible. W e should get closer to our people, and encour age investment in safe securities, arranging whenever we can to have bond issues offered in denominations that will attract and meet the requirements of the smallest investors. Experience and observation place us in a position to give advice to deserving men, helping them avoid mistakes and to particularly escape the lure of the “get rich quick” schemes, through the advertisements of which so many millions are each year coaxed from and lost by small investors all over the country. These “get rich quick” schemes are an outrage on business decency, and it is hoped that the postoffice officials, will soon place more of these criminals in the penitentiary. Four years ago our executive council changed its policy of holding the spring meeting of one session in New York to meetings at some quiet place away from the diverting influence of a large city, three days being devoted entirely to meetings of committees and the executive council. The result has been that the im portant affairs of the association have since had free and full discussion and much new and valuable work has been initiated, as is shown in the detailed reports November, 1910. TH E NORTHWESTERN BANKER 17 Drovers Deposit National Bank OF C H IC A G O Capital and Surplus, $1,000,000 Has for twenty-five years rendered efficient and quick service to its correspondents Re s o u r c e s , E i g h t Mi l l i o n OFFICERS WM. A. TILDEN, V ic e -P r e s id e n t JOHN FLETCHER, V ic e -P r e s id e n t GEO. M. BENEDICT, C a sh ier J. C. MORRISON, A s s is ta n t C a sh ie r H. P. GATES, A s s is ta n t C a sh ier the sections and committees will make to this conven tion. These reports indicate a vast amount of important work which has been accomplished for your benefit during the past year, and it, therefore, is with a great deal of pleasure that I thank the members of the com mittees, as well as the officers of the sections for their loyalty and the valuable time they have so freely giv en in working out the problems entrusted to them, and only regret that time will not permit mention of the detail of their activities. I also wish to thank the officers of the association and the state vice-presidents for their support during the year, and particularly to acknowledge the highly efficient services rendered the association by your gen eral secretary, Mr. Fred E. Farnsworth, and your modest, industrious and able counsel, Thomas B. Paton. lit has been my pleasure to be closely associated with Mr. Farnsworth in the work of the association since he was elected secretary three years ago, and to have an opportunity to observe the faithful services which he has rendered to the association. During all that time he has intelligently adminis tered the affairs of his important office in an indus trious and painstaking manner, bringing its detail and organization to a high state of efficiency to effectually handle the immense amount of business now being transacted and at all times fully justifying your con fidence in his courtesy, fairness and ability. The office of general counsel was created by the https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Dollars DIRECTORS EDW ARD TILDEN M. F. RITTENHOUSE L. B. PATTERSON WM. A. TILDEN R. T. FORBES executive council three years ago, and the wisdom of that move, and the appointment to that office of Mr. Thomas B. Paton, has been amply demonstrated, as he has been of invaluable assistance to the various committees of the association in their work, and in view of his recognized expert knowledge of points on banking law, he has been freely consulted by members of the association, in some cases acting as arbitrator between members, thereby saving costly litigation. In conclusion, in addition to strongly urging active, energetic work for banking and currency reforms, there are a few recommendations which I would like to bring to your attention. First— That in co-operation with brokers selling com mercial paper an active effort be made to formulate a plan by which there may be ascertained the true con dition of concerns offering their notes in the market and providing for the registry of such notes before de livery. Second— That in co-operation with the National Association of Bank Supervisors and the comptroller of the currency there be an endeavor made to work out an effective, simple system for uniform bank ac counting which will provide all proper checks and safeguards. Third— Your federal legislative committee, savings bank section and National Association of Bank Super visors are recommending the segregation of savings deposits in national and state banks, and as a few of the states have enacted laws requiring such segrega tion of savings deposits and their investment in a cer- T HE NORTH WESTERN BANKER November, 1910. — 4f â i w i i ¡HÊg The Victor Spherical M a n ga n e se Steel Screw -D oor B an k Safe. H IG H E ST AW ARD, GRAND P R IZ E , ST. LO U IS W O R L D ’S FA IR Made of tough Manganese Steel. Jack-Screw power utilized in closing door. No holes through the door for locking or bolting spindles. Safe locked and unlocked by the Banker’s Dust Proof Triple Time Lock. Takes lowest rate of Bank Burglary Insurance. NO INSURANCE CO. HAS EVER PAID OUT A SINGLE DOLLAR LOSS ON THIS SAFE. The Victor Safe & Lock Go., Cincinnati, Ohio. N EV ER BURGLARIZED WRITE FOR CATALOGUE 104 M . tain and safe manner, it might seem wise at this time for our association to appoint a committee with a membership composed of representatives from all classes of institutions to carefully study this impor tant matter and report back their conclusions to our next convention. Fourth— I would also strongly recommend a meet ing between the officers and the several committees or their chairmen, soon after the adjournment of each annual convention, in order to carefully outline work for the ensuing year. Nebraska Bankers Convention, Omaha, September 27-28, 1910 This was the fourteenth annual convention of the Nebraska Bankers Association and proved to be a highly satisfactory meeting from every standpoint. The delegates from all sections of the state, as well as the visitors, spent two very profitable days in the metropolis of Nebraska, and expressed themselves highly pleased with the entertainment accorded them by the Omaha bankers, and local members of the as sociation. As usual, a large amount of the success of the con vention was due to the tireless efforts of Secretary W. B. Hughes, who was again honored with re-elec tion. In fact, the association ought to make Mr. Hughes’ election not only unanimous, but for life, as he is a decided success in his present office. The new officers elected are as follows: President, G. M. Seymour, president Elgin State Bank, Elgin; secretary, Wm. B. Hughes, Omaha; treasurer, J. C. French, cashier South Omaha National Bank, South Omaha; chairman executive council, P. H. Davis, vice-president First National Bank, Omaha. Members executive council: Arthur McNamara, North Platte; W. T. Graham, Laurel; Charles Mar shall, Douglas; W. A. Bucklin, Long Pine, and W. H. Bucholz, Omaha. Member protective committee: P. L. Hall, Lincoln. American Bankers Association officers: Member executive council, Victor B. Caldwell, Omaha; vicepresident for Nebraska, W. J. Welpton, Ogallala; member nominating committee, E. T. Kearney, Jackson. The resolutions were of very much interest and we give them herewith: We heartily commend the administration of Comp https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis troller Murray and his idea of establishing a national credit bureau in which the national banks shall list their credit loans, thereby preventing the man who has borrowed all he can at one bank from borrowing further at other banks or other cities. We view with pride the vast forward strides made by our South Omaha live stock markets and oui Omaha grain and produce markets, the value of all of which to our state can hardly be overestimated. And we congratulate the agricultural, commercial and financial interests of the state upon the bountiful har vest, the splendid comihercial situation and the sound condition of finance, and we heartily recommend con servatism to all business men in the exploitation of the vast resources at hand, remembering that it takes a better class of talent to “stand prosperity” than it does to simply be “prosperous.” The program was of unusual interest from every standpoint. The address by Hon. S. R. Barton, sec retary of state, was published in the last issue of The Northwestern Banker. The secretary’s report will be found in this number, also the paper on “ Banking and Agriculture,” by Jos. Chapman, Jr., vice-president of the Northwestern National Bank of Minneapolis, and the address on “ Banking and Currency Reform,” by Henry W. Yates, president Nebraska National Bank. Mr. Victor B. Caldwell, the new member of the executive council of the American Bankers Associa tion, elected at the convention, is the able vice-presi dent of the United States National Bank of Omaha, and Mr. J. C. French, who is to handle the finances of the association for the coming year is the cashier of the South Omaha National Bank of South Omaha. As will be seen by the secretary’s report, the mem- TH E November, 1910. NORTHWESTERN BANKER 19 The Seaboard National Bank Of the City of New York Capital $1,000,000 S. G. B A Y N E , President V Surplus and Profits (earned) $1,965,000 S. G .N E L S O N , V ice Pres. K . C L E V E R L E Y , A ss’t C ashier L. N . D E V A U S N E Y , A ss’t Cashier. C. C. T H O M P SO N , C ashier J. C . E M O R Y , A ss’t Cashier. O. M. JEFFERDS, A ss’t Cashier A c c o u n ts of Banks and B ankers fro m th e M iddle W e s t E specially S olicited o n m o st F av o rab le T e rm s bership of the Nebraska association has now reached 830, an increase of forty-three in the past year. Everything was done by the Omaha bankers that was possible to make the visit of the outsiders pleas ant and profitable in every way, and they succeeded, as they usually do. REPO R T OF TH E SECRETARY. Wm. B. Hughes, Omaha, Neb. To the Members of the Nebraska Bankers Association: Our association continues to grow both in members and work accomplished. The membership list today comprises 830 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis banking institutions, which is more than forty-three banks that were members in 1909. That list was forty-two larger than the 1908 total. Thus we have done better than last year, al though the list of non-members, out of which these new mem bers must in the main be recruited, is steadily growing smaller. Less than sixty banks in the state remain on the non-member list. The several departments of the association have been con tinued and enlarged. We have added three new departments. The purchasing department is one, of these, and through it a member may purchase adding machines at a good saving. Alarm systems may also be purchased through this department. Negotiations* are pending which I feel confident will add typewriting machines to the list. This department, in se curing the discount on an article purchased by a member, retains one-quarter of the saving for its own maintenance, and sends three-quarters of the saving to the banker.- The re ceipts of the association from this source are $172 for the time the department has been in operation, which means that the members’ share of the saving is $516, which certainly makes it a valuable addition to the work of the association. Since the last meeting of the association a legal depart ment has been established. Mr. Victor R. McLucas, in charge of this department, has had questions submitted to him and has given replies to each that have been highly satisfactory to those concerned. This is also a fine department for the association. What may be called a second-hand department has been started, which simply means that those members having any bank equipment for sale report to the secretary, who encloses a list of such equipment with the regular circulars going out from the association office, thus handling the matter at no further cost than the printing of the lists and circulars, and the work expended upon this department, which has not proved large so far. Although just started, this department gives indi cations of being very useful to the members of the association. Among the old departments of association work, the pro tective work continues to be foremost. Work in this line is being rapidly expanded and it is now covering ground that could not be thought of several years ago. The report of the protective committee will give the details of the work of this department. Another of the old departments is time lock cleaning. A great majority of our members are taking advantage of this department and are getting their locks cleaned for $7.50 per cleaning, including the cleaning of bolt work and automatics and a guarantee on the time lock, as against the usual charge of $11.50 in other associations for the same work. Thus nearly the whole annual dues are saved by this one depart ment. The association retains 50 cents per cleaning and the settlement made during the year added $304 to the associa tion’s funds from this source. The burglary insurance and bond department continue about as heretofore reported. The association now has so nearly all of the burglary business upon its books that the field from which to secure additions to the lines carried is rather limited in size. We have made a moderate growth in new business, however, and have lost none of our old business. The receipts from this department in the way of commissions on business written have built the protective fund up to TH E 20 NORTHWESTERN BANKER November, 1910. V A L L E Y N A T IO N A L B A N K D E S M O IN E S , I O W A Capital and Surplus $400,000.00 Surplus Increased $40,000.00 Jan. 11,1910 OFFICERS AND DIRECTORS R. A . C R A W FO R D , Prest. D. S. CH A M BERLA IN , Vice Prest. C. T . COLE, JR., Vice Prest. H . S. H O L L IN G SW O R T H , Asst. Cashier W . E. B A R R E T T , Cashier Thos. F . Stevenson, Attorney W . C . Harbach, Sec. & Treas. L . Harbach & Sons C o. C . W . Mennig, Prest. Mennig-SIater W . E . Tone, Treas. T on e Bros. Wholesale Coffees, T eas E . W . Stanton. V ic e P . Union Nat. Bank, A m es. Ia. r> d ^ ckl<; .W ork? U, r. Keinking, Investments Alfred Hammer, Prest. Alfred Hammer & C o., Druggists j q .,;,,.. p .. .. ■ H. M. H I' Rollins, Prest. Des Moines Hosiery Mills C o. Vinegar & We want every banker in Iowa to consider this a personal invitation to carry his account with us—and avail himself of our facilities« $10,358.02, notwithstanding the heavy expenditures of $2,458.53 for protective work. My report last year showed the total general receipts of the association outside of the protective department have been $4,363. For this year the receipts have totaled $5,391.31. The main items are, membership, $4,422; advertising, $553purchasing department, $106.77; time locks, $304. In addition to the above receipts, which have all been re ported to the treasurer, there are in the secretary’s safe not yet reported to the treasurer, $66 from the purchasing depart ment and $10 membership. The general expenses totaled $4,498.34. The several dif ferent accounts for which the expenditures were made were as follows: Postage ................................................$ 255.96 Salary .................................................... 1,120.00 Expenses of executive council........ 51.88 P rin tin g................................................. 853.41 Group expense .................................... 452.77 Membership committee expense....... 17.50 General expenses ................................ 1,746.82 To give further light upon the expenses of the association, will say that the item of postage includes only the postage of the general work of the association, not the protective work, for that postage is paid by the protective fund. An additional $100 was expended for postage in protective work. This gives an idea of the large number of mail items going out of the association office each year. \ The printing account includes the cost of the 1909 book of proceedings, $359, the programs and invitations and other cards for the 1909 convention, $154.50. The general expense account includes items of $240 cost of speakers at last convention, $115 for pins for the last convention and for the last American Bankers Association convention, rent $60, three business phonographs for use in the association office, $270, and $240 traveling expenses of the secretary. The season of group meetings during the spring of this year produced the finest set of meetings in the history of the association, all of them well attended and of much interest to the delegates. With indications of a more lively interest in the work of the association than has been shown by the members at any period during the last five years; with the finances of the association in such shape that we need not fear to attempt any work presented to the association; and with the new depart ments of th e . association offering an opportunity for expan sion, your secretary approaches another association year in full confidence that its record will outshine all those in the past history of the association. MEETING OF DES MOINES BANKERS’ CLUB. The monthly meeting of the Bankers’ Club, of Des Moines, was held early in October at the Savery House. The speakers were J. G. Berryhill, Mayor Hanna, Councilman MacVicar, Lafe Young and Harvey Ing ham. About fifty pf Des Moines’ financial men were present, with J. G. Rounds, president of the Citizens https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis National Bank, in the chair. The topic for discussion was the street car franchise, which is now attracting so much attention in Des Moines, that the bankers decided to devote their time to that instead of the dis cussion of financial problems. DEPOSITS AS PER AUDITOR’S CALL OF SEP TEMBER 14, 1910. Monticello State Bank, Monticello, I a ... .$1,583,804.01 Maple Valley Sav. Bank, Battle Creek, Ia. 236,722.55 The German State Bank, Dyersville, I a . . 613,701.66 Security Sav. Bank, Cedar Rapids, I a .. . . 1,783,861.33 Lovell State Bank, Monticello, Ia ........... 866,277.19 State Savings Bank, Fontanelle, Ia .......... 104,923.42 Farmers State Bank, Hopkinton, Ia ........ 114,802.64 Farmers Savings Bank, Keota, Ia ............ 304,841.80 Alburnett Savings Bank, Alburnett, Ia .. 126,389.27 Battle Creek Sav. Bank, Battle Creek, Ia. 319,934.68 Mahaska Co. State Bank, Oskaloosa, Ia.. 827,801.07 Exchange State Bank, Lime Springs, I a .. 210,907.62 Davenport Savings Bank, Davenport, Ia. 3,817,432.60 Ottumwa National Bank, Ottumwa, I a .. 874,077.53 Wapello County Sav. Bank, Ottumwa, Ia. 318,911.18 NATIONAL AND STATE BANKS ORGANIZED IN IOWA DURING THE PAST MONTH. The First National Bank of Parkersburg, Parkers burg, Iowa. Capital, $50,000. H. C. Brown, presi dent; H. H. Younker, vice-president; John Voogd, cashier. The Farmers National Bank of Crystal Lake, Crys tal Lake, Iowa. Capital, $25,000. H. R. Kluver, pres ident; Ed. Peterson and J. C. Nelson, vice-presidents; W. P. Jones, acting cashier. Burr Oak Savings Bank, Burr Oak, Iowa. Capital, $10,000. Officers: W. H. Emmons, president; F. E. Cratsenberg, cashier. CHAIRMAN REVISION COMMITTEE. Pres. Leo Stevens, of the Century Savings, Des Moines, has been made chairman of the committee on revision of the constitution and by-laws of the Iowa Bankers Association. C. H. McNider, of the First National of Mason City, is the other member, with E. D. Huxford of Cherokee. TH E November, 1910. NORTHWESTERN 21 BANKER THE DEN VER ST O C K Y A R D S B A N K Located in Live Stock Exchange Building, Denver Union Stock Yards, Denver OFFICERS CHAS. FLETCHER, JR., President C. K. BOETTCHER. Vice-President JOS. S. DAVIS, Cashier DIRECTORS CHAS. FLETCHER. Jr. HENRYGtBHARD C. K. BOETTCHER GEO. W. BALLANTINE A. H. VEEDER, Jr We receive accounts of individuals, firms, corporations, banks and bankers on favor able terms and shall be pleased to meet or correspond with those who contemplate making changes or opening new accounts. I! not already a customer we invite you to become one Located at the Denver Union Stock Yards, we are enabled to give close attention and quick action to business pertaining to shipments to the mark et. But our location in no way in terferes with business not of this na ture; our mail facilities enables us to give prompt attention to any business entrusted to us. S end Us Y o u r W e ste rn C o llectio n s Banking and Currency Reform By Henry W . Yates of Omaha, at the Convention of the Nebraska Bankers general principles and without regard to the manner in which the interests of banks may be affected. The right of the government to establish postal savings banks as one of the means for providing for its finan cial demands in the manner it is done in other coun tries, cannot be gainsaid. But a different question is presented, when it purposes of lending it out again. Money deposited is money borrowed— in the one case when the government receives it and in the other when the banks take it from the government. The bringing of the government into business operations of this character could never have been contemplated by its founders, and the principle involved if conceded, may some time be dangerously expanded far beyond its present application. The plan of depositing the funds with local banks was forced into the law for the purpose of meeting the most effective objection offered to its passage which was that the system would take capital from interior communities where it had originated and carry it to the money centers of the East. This will doubtless be the case as it is and the expedient will fail of its purpose. Under the most liberal construction of the Monetary Commission. The entire question of banking and emergency cur clause defining the securities to be supplied by the rency has been referred by congress to a monetary banks for the deposits, “bonds or other securities sup ported by the taxing power,” the volume of such se commission composed of its own members. Since its creation the commission has very properly curities held in the localities for whose benefit the ar been mainly engaged in an endeavor to educate them rangement was devised will be very limited and will selves and incidentally the public, in a subject more not absprb the deposits if they assume any consider abstruse than most of its members have had experi able proportions. Of course banks may purchase se curities for the purpose, but it is not reasonable to ence with. suppose that many will do this to obtain deposits upon Postal Savings. The effect upon the banking business of the postal which they must pay 2j 4 per cent interest. If not_ ab savings system when it is put into operation cannot sorbed in this manner the funds will be covered into be definitely forecasted, but it is not likely to be of the treasury at Washington and time alone will show much consequence for some time to come, owing to what will be done with them. the limited number of banks the appropriation made Banking and Currency Questions. will provide for. The great questions, however, affecting our banking Banks are supposed to have generally opposed this law, and the future may show the justice of their op and currency system, which have been discussed in position. This much may be said concerning it, upon almost every conceivable phase for years past, still Under the heading of “ Banking and Currency Re-p form” all legislation or proposed or suggested legisla-^ tion affecting banks and the currency is properly in cluded. The only important financial legislation since the so-called panic of 1907 has been the passage of the Aldrich-Vreeland emergency currency bill and the postal savings bank bill. The changed wording on the backs of recently is sued national bank notes and the occasional organiza tion of clearing house associations provided for in the law are all that we have to remind us of the existence of the Aldrich-Vreeland law. Notwithstanding the bitter criticism this measure received at the hands of high financial authorities, it will be found to perform an important function in our financial life, whenever the occasion arises for which it was provided. For tunately for the country nothing has occurred since its passage to call for its operation, and we may hope that such a situation will never again arise, but even if this should be the case it would supply no argument against the wisdom of the enactment. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis TH E 22 NORTHWESTERN remain undetermined, but are now being pressed to a conclusion which may be reached in the near future. This is a matter which vitally concerns the inter ests of every banker. An almost endless number of plans have been, of fered to the public as sure cures for the admitted de fects in our banking system, but judged’.'by .theiresults so far attained the public while perhaps not fully di gesting them, has leaned to the safe course and accept ed none of them. The currency plan of the American Bankers Association which engaged so much time and attention in bankers’ conventions, and in the prepara tion and presentation of which so much money of the association was expended, seems to have been com pletely dropped. We hear no more about it and the powerful financial influence which was formerly given to that plan appears to be concentrated in favor of a central bank. The central bank plan retains the unsecured bank note feature of other plans, but there is to be only one bank to issue notes, and this is also to be a great bank of deposit and discount. The question is, do we need either the unsecured bank note or the central bank of deposit and discount? Both are wide departures from our past banking ex perience and practice and in the endeavor to cure by their means the known weaknesses of our banking system may we not bring into operation greater evils than those of which we justly complain? Whatever steps are taken to relieve the situation should be the use of measures in harmony with out existing methods BANKER November, 1910. and practice and not the adoption of novel and revo lutionary schemes. Our Banking System. To properly discuss this question it is necessary to take a broad view of the origin and history of banking as it now exists with us. It is totally different from any system which has ever existed in any other part of the world. We here in the West know better than the people in the older states, how it has all happened. Many of us have seen the beginning of the little bank with the beginning of its town, and as towns have multiplied in number and grown in population, the banks have' grown and mul tiplied, so that at present we have in the United States 22,500 separate institutions, holding aggregate re sources of twenty-one billions of dollars. They came into being at first mainly with no law to authorize them and sometimes in defiance of law, but at present they constitute a great system under state and na tional control and supervision. This supervision is fairly effective and is being constantly improved, so that in time a condition may be reached in which un safe banking will be rendered practically impossible. Such a system and such a situation demand a different treatment from the banking systems of other coun tries. Defects in Our System. Now let us take a glance at the difficulties under which our banking system labors, and in the treatment of which remedial legislations is needed. This gigantic business has not been eyolved along E S T A B L IS H E D 1872 NorUuvestern National Bank M inneapolis C , “ H a v in g t h e la r g e s t n u m b e r o f a c c o u n t s o n o u r b o o k s fr o m b a n k s in t h e N o r t h w e s t , g iv e s us e x c e p t io n a l f a c ilit ie s f o r - h a n d lin g c o ll e c t i o n s , a n d a n u n e x c e lle d par lis t .” : : : I : Capital $ 3 ,000,000 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Surplus $2 ,0 0 0 ,0 0 0 November, 1910. TH E W. L M O N T G O M E R Y , V i c e P r e s H. G. W E A R E , V i c e P r e s . F. A . M c C O R M A C K , V i c e Pr es . NORTHWESTERN BANKER 23 H. A. G O O C H , C a s h i e r O. D. P E T T I T * A s s ’t C a s h . FRITZ FRI TZS AN , A s s ’t Cash. JO HN Mc H U G H , President F IR S T N A T IO N A L B A N K S IO U X C I T Y , IO W A Combined Resources Over $6,500,000 W e offer unexcelled facilities for the prompt and careful handling of all business entrusted to us any fixed and orderly lines. Each institution has been left to take care of itself, and the business has just “growed” like Topsy. But a period was long ago reached in which even the smallest institution lost its isolation and became a part of a most sensitive organ ization comprehending in its scope all the banks of the country. The fact has been repeatedly brought home to us, that it is a most unwieldy fabric and offers con stantly a condition which is a menace to our commer cial peace and progress. Any shock to confidence originating in any of our financial centers is conveyed at once to every portion of the system and produces a condition of unrest and uncertainty extremely harm ful to business. W e seem to stand over a volcano which may be quiescent for many years and then again may be stirred into dangerous activity at the most un expected periods. Something certainly is needed to give strength and support to the system at such times. have mainly to do with the currency.. It is asserted that the trouble is due entirely to our currency which in volume is rigid and inelastic, and that it should be Other Systems Differ From Ours. Other countries do not have these recurring periods of doubt and uncertainty. Credit for this fact is usu ally given to their strong banking systems, and while doubtless this concentration of banking into a few enormous concerns does have a steadying effect upon business, the real explanation lies in the difference be tween the banking systems. The basis of our system is deposits, which prac tically means money borrowed from the public. In other countries the deposit feature in banking is insignificant. A similar capital exists there which would go to form bank deposits, but instead of being deposited in banks it is largely invested in the public funds. In other words, the depositors in those coun tries loan their holdings to the government, while here they loan them to the banks. W e have no public debt in this country to absorb deposits and with all its weakness and imperfections our system is better for the public and the country than theirs. The gigantic development with us of commercial and industrial enterprises of all classes and kinds is largely due to our system of banking. This has en abled the capital of the country to be utilized in this development even to its smallest units, which would not have been done if this capital had been diverted or absorbed into the maintenance of a huge public debt. Plans Proposed. The many schemes offered and guaranteed to re move this admitted weakness in our money system https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis W . H . BU C H O L Z Vice-President Omaha National Bank Elected Member Executive Council Nebraska Bankers Association September 28, 1910 supplemented with credit bank notes which would ex pand at the demand of trade and contract as the de mand ceased. Money Elastic, Not Currency. It may be conceded that the volume of money should be elastic, moving automatically from market to market as required by the demand for it, but an 24 THE NORTHWESTERN BANKER November, 1910. BANKERS TRUST COMPANY 7 W A L L S T R E E T , N E W Y ORK Capital, $3,000,000 STEPH EN BAKER, President Bank of the Manhattan Co., New York SA M U EL G. B A Y N E , President Seaboard National Bank, New York E D W IN M. B U L K L E Y , Spencer Trask A Co., Bankers, New York JA M E S G . C A N N O N , Vice-President Fourth National Bank, New York E D M U N D C. C O N V E R S E , President, New York H E N R Y P . D A V IS O N , }. P. Morgan & Co., Bankers, New York W A LTER E. FR E W , Vice-President Corn Exchange Bank, New York ! . , B . S T R O N G J r . , V. P. F. N . B . C L O S E , S e c V . F R E D ’K T . H A S K E L L , V-Pres’t Illinois Trust A Savings Bank, Chicago A. BARTON H EPB U R N , President Chase National Bank, New York THOM AS W . L AM ONT, Vice-President First National Bank, New York EDGAR L. M ARSTO N , Blair A Co., Bankers. New York G A T E S W . M cG A R R A H , Pres’t Mechanics’ A Metals Nat’l Bank. N. Y« G E O R G E W . P E R K IN S , J. P. Morgan A Co.. Bankers, New York D A N IE L E . PO M ER O Y , Vice-President. New York W IL L IA M H . P O R T E R , President Chemical National Bank. New Y ork E. C. C O N V E R S E , Pres. D. E . P O M E ROY, ' V. p, H , W. D O N O V A N , Treas. elastic money system is one thing and an elastic cur rency as described in these plans is something entirely different. One is attainable, the other can exist only in the imagination. A currency once issued will stay in circulation so long as it can be profitably employed by those who put it out, nothing will bring it back ex cept doubt of its goodness. Money Versus Currency. The difference between money taken in its broad meaning and currency is plainly apparent to everyone. Currency, it is true, is money, but it forms an insig nificant part of it— that part which is the tool of com merce for carrying on the business of the country. Money embraces all the available capital of the coun try, shown largely in bank deposits, but is by no means limited in volume by the immense volume of deposits. The gain or loss of currency to a community, signi fies nothing of itself, but the loss of money is a serious matter. Should currency be shipped in large amounts from Chicago to New York, it would not follow that Chica go was thereby poorer and New York richer in money. The reverse may be the case. It is seldom that any greatly increased volume of currency is required to meet a money demand. Trade differences, of course, will always occur which must be settled in currency, but the amount required for this purpose is very small compared with the volume of the transactions. The annually recurring talk about money to move the crops, is not a demand for currency, but for the money or capital needed to handle the business. In practical operation the producer brings his grain or other produce to the shipping point and receives pay for it by check on a bank which he deposits in his turn and draws against to meet his wants. Even if he drew^ currency upon the check, the money would be paid into some store and would probably find its way back to the bank, the same day it was paid out. Currency Issues Would Impede Money Elasticity. To manufacture a currency to meet the demands of trade so far from supplying elasticity to our money https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Surplus and Profits, • $6,000,000 DIRECTORS D A N I E L G . R E ID , Vice-President Liberty National Bank, New York B E N J . S T R O N G , J r ., Vice-President, New York E D W A R D F . S W IN N E Y , President First National Bank. Kansas City G IL B E R T G. T H O R N E , Vice-President National Park Bank, New York ED W A RD TO W N SEN D , Pres’t Importers’ ATraders’ Nat’l Bank, New York A L B E R T H . W IG G IN , Vice-President Chase National Bank. New York SAM UEL W O O L VERTO N , President Gallatin National Bank, New York F. I . K E N T , V . P . H. F. Wl LSON Jr. % AsstSec'y system would have an effect exactly the reverse. It would interfere with and retard the elasticity which the money volume should possess. For example: Suppose the New York banks were at liberty to issue bank notes to meet an increased demand at a time that money was easy and plentiful elsewhere, would this not be an obstacle to the free circulation which money should possess to give flex ibility? The increased interest rate in New York should at tract money from other parts of the country to that market and the increased demand ought to be met in this manner and not by the issue of bank notes. Bank Resources Consolidated. What we need in our money system is something which will combine and consolidate a portion of the resources of the banks of the country in a way that they may be used where most wanted. This need is recognized in the demand for a central bank, and if it were practicable much may be said in its favor. But this country is too large and its bank interests too diversified to have its financial affairs dominated by one great financial institution. No matter how wise, honest and unprejudiced its managers might be, they could not deal satisfactorily with the thousands of banks whose wants they would be called upon to supply. What is needed is some arrangement which would be open to all banks upon the same footing without the possibility of preference or favoritism, and which could be put into immediate action, without the delay and uncertainty which would attach to the delibera tions of a board of bank directors passing upon appli cations for loans. United States Treasury as Trustee for Bank Reserve Fund. In my opinion the United States treasury may be utilized, by making it a trustee for a bank reserve fund and the purpose desired attained with little or no change in our existing banking practice. This fund I would obtain from that portion of bank assets represented in “ cash” on hand, and without in- TH E November, 1910. NORTHWESTERN 25 BANKER Davenport Savings Bank D A V EN PO R T , IOWA Officers :: A . Burdick Louis H aller A . Steffen Theo. K rabbenhoeft DIRECTORS J. F. D o w terfering with that portion of legal reserve which may be kept with reserve agents. . The requirement by law for the maintenance of a fixed cash reserve by banks is something unknown in other countries. < . It has been deemed necessary with us in dealing with our numerous independent banks, to require a stated reserve proportioned to deposits and no lessen ing of this reserve should be considered-—on the con trary it may be wise to increase the ratio of reserve. But the requirement to maintain a specified cash on hand, has led at times to the unnecessary locking up in bank vaults of a large part of the circulating medium. At the .time that reserves should be utilized in meeting extraordinary conditions, the queer result has been seen of every bank in the country increasing instead of using its reserve by piling up cash in its vaults, thus intensifying instead of relieving the situation. The reserve provided for is for the better security of depositors. It can be intended for no other purpose. The amount of actual cash needed in its business is something that every bank should determine for it self— more is required with some institutions than with others, but the interests of depositors would cer tainly be safeguarded to the same extent if instead of so much specified cash, a portion of the cash require ment should be held in segregated securities of well known worth and goodness, or in a balance due from the treasurer of the United States. Treasury Fund May be Secured. The point of my suggestion is to get into the United States treasury a bank fund, without interfering in the slightest manner with the reserve features of our ex isting law. This would be accomplished by permitting banks to count and report with their cash on hand any balance due them from the United States treasurer, in the same manner that the English banks report their cash on hand as “ cash” and “ due from the Bank of England.” . . .. In other words, instead of reporting add publishing on hand as is now done, so much “ gold, legal tender, silver, gold and silver certificates, nickels and pen nies,” the banks would report so much cash on hand and with the United States Treasurer in so many dol lars and cents. The amount of money this might put into the treasury as a bank reserve fund cannot be definitely estimated, but that it may-be a'very large sum is clearly shown from the following- figures https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis $ 300,000.00 - 320,000.00 3,945,000.00 Capital Undivided Profits Deposits JOHN F. DOW, President LOUIS HALLER, Vice President HENRY C. STRUCK, Cashier OTTO L. LADENBERGER, Teller \ :: 4 Per Cent Interest Paid on De posits: Money Loaned on Real Estate Security in the State of Iowa. :: H. Kohra W ! H. W ilson H. C , Struck Jno. W . C ilchrist Cash Holdings of Banks. The total cash holdings of all the banks in the United States in April, 1909, by the comptroller’s report were nearly one billion and a half of dollars. The 6,977 national banks held alone on September 1, 1:909, $936,853,848 or nearly one billion dollars. The reserve required by law figured $790,000,000, leaving an excess of $146,853,848. The larger portion of this excess was held by banks outside of the reserve cities. This enormous volume of currency is held by the banks not because they actually need it in their busi ness, but because it is obligatory and in order to main tain the. full reserve it necessarily follows that they must always carry an excess. The amount held by the national banks alone great ly exceeds the total volume of currency existing in the United Kingdom of Great Britain and Ireland, upon which the commerce of that great empire is easily transacted and which commerce is perhaps four times that of ours. From the figures given it will be seen that if only the excess over reserve were kept in the treasury it would provide a fund of $150,000,000, and naturally a larger sum than this could easily be maintained. The result would be the converting of dead cash held in bank vaults into an account that may be made ac tive, with the treasurer of the United States. How Fund May be Used. The next question will be in what manner can this fund be brought into active use? It could not be loaned out like ordinary bank funds, but it could be made available in a way that would have the same effect and give the same relief to the money market. There are in the United States a vast amount of se curities which are generally known and recognized to be extra good and safe, which have been tested by time and experience and in whose selection, no expert finan cial intelligence would be required. Such securities for instance as are coiitemplated by the Aldrich-Vreeland bill as security for circulation and by the postal savings bill as security for postal savings deposits. A large amount of this class of securities is now carried by many banks and while all banks would not have them and could not avail themselves directly of jthe treasury fund, the extra money supply would ease .the money market and enable these wants to be sup plied .thr'Qtfgb \h§ushal backing channels. This class 26 THE NORTHWESTERN ... D IR E C T O R S .... C. F. A L D E N L A F A Y E T T E LAMB C. E. L A M B S . R. S H A M B A U C H T . M. C O B B L E DANIEL L A N G A N L. C. E A S T M A N C. B. MI LLS J. H. I N G W E R S E N T h e o ffic e r s o f th is b an k a re n e v e r to o b u sy to a n sw e r q u e s t io n s o r to rep ly to letters. It is th e ir aim to m a k e th e b a n k o f real s e r v ic e to its fr ie n d s a n d p a tro n s. J. H. I N G W E R S E N , P resident C. F . A L D E N . L. L A M B , C. B. M IL L S , V ice F t c .id .n ta W . W . C O O K ,C a s h ier J L B O H N S O N . A ss t C ashier .*'* ♦a'PÇ' PEOPLES TRUST & SAVINGS BANK *v'V' .CLINTON, IOWA ■ •' / " ;;•... • J ! Capital ± $ 3 0 0 ,0 0 0 .0 0 Surplus - 2 3 5 ,0 0 0 .0 0 November, 1910. What We Do: A c c e p t b an k a c c o u n ts an d p ay In te r e st on a v e r a g e b a la n c e s . P ay 4 p e r c e n t In te r e st on S a v in g s A c c o u n ts, c o m p o u n d e d s e m i-a n n u a lly . IVIake c o lle c tio n s a s e c o n o m ic a lly a s a n y b an k in Iowa. A c c e p t a c c o u n ts s u b j e c t to c h e q u e . An Up-to-date, Conservative, Commercial and Savings v Bank that Makes a Specialty of Collections and Bank Accounts V* «y* Largest Bank in Clinton of securities should be the basis for the use of the treasury fund; a board of treasury officials passing upon them. The same board would manage other details connected with the arrangement. Banks depositing approved securities should be per mitted to draw in round sums the advance desired, which would be charged to an advance account and credited to the current account. The interest'to be paid would be fixed by the board from time to time— the rate increasing or decreasing with the condition of the fund, somewhat in the same manner as the discount rate of the Bank of England is changed from time to time. The income obtained after the payment of expenses should be credited to the banks upon their average credit balances. It is not probable that with this changing interest rate the demands upon the fund would ever go to the extent of embarrassing the treasury. This possibility, however, would be met by the banks taking out cir culation under the Aldrich-Vreeland bill when the in terest rate passed 5 per cent. The plan I suggest would in operation remove one of the constant objections made to the Aldrich-Vreeland measure which is, that it cannot be used for averting a panic and only goes into effect when a panic is on. This would be in action all the time and would only end when the emergency measure began. A Distinctive American System. Defects will doubtless be discovered by some in my suggestions and it will be otherwise criticised. I do not offer it as the only possible solution of our finan cial problems. But what I do urge upon our lawmakers is the con sideration of something besides credit currency plans and central banks. The resources of our banks are sufficient in them selves if combined even in a comparatively small way to meet any situation which may prevail. It is not necessary that we should further inflate our already inflated currency nor that for relief we should copy some foreign banking system. Let us have a distinc tive American system which will be in harmony with the genius of our free institutions and also with the distinctive banking system which has been built up as https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis BANKER W e w e lc o m e an o p p o r tu n ity to s e r v e y o u in a n y d e p a r t m e n t o f th e b a n k in g b u s in e s s the fruitage of years of infinite labor and costly ex perience. BIG INSURANCE MERGER. By the consolidation, during the past month, of the Des Moines and Hawkeye Insurance Companies, Des Moines now has one of the largest and strongest fire insurance companies in the, country. For years both the concerns have written a very large amount of busi ness, and have been well and favorably known every where, and their consolidation adds still more strength to the Des Moines claim of being the greatest insur ance center in the country. Mr. Geo. G. Hunter has been president of the Des Moines, and Mr. Hal How ell, president of the Hawkeye. BURDETTE RESPONDS. At the recent meeting of the American Bankers As sociation at Los Angeles, Governor Gillette was an nounced to respond to “The State of California,” but, owing to the fact that he was unable to be present, because of an extra session of the legislature, Rev. Bob Burdette was called upon, and replied, in part, as follows “Welcome to the middle of the world, and all there is of it. For it is east both ways from California. “Welcome to the original depository of all the gold out of sight in the United States, with more yet to come than has ever come, “Welcome to our mountains, whose summits have worn their crown of snows for a thousand year, and will wear that diadem of purity a thousand years to come. And welcome to the valleys nestling at their feet, which have never felt the light weight of a snow flake on their breasts. “Welcome to the state with water to soak and oil to.burn. Choose our,best gifts as you will— we have oranges for our friends and lemons for our enemies.” “ Finish every day and be done with it. You have done what you could; some blunders and absurdities crept in— forget them aS soon as you can. Tomorrow is a new day. You shall, begin it well and serenely,' and with too high a spirit to be encumbered with your old nonsense.” , TH E November, 1910. NORTHWESTERN KNAUTH, NEW YORK BANKER NACHOD & Bankers 27 KÜHNE LEIPZIG, GERMANY Make arrangements with Banks and Bankers enabling them to issue, over their own sig nature, Checks on allCommercial points of Europe and the Orient. : : : : Betters of Credit in Pounds Sterling, Marks, Francs and Dollars Travelers’ Checks in convenient denominations, available everywhere. Check forms and all stationery free of charge. C O L L E C T I O N S ................................ - - INVESTMENT SECURITIES Banking and A gricu ltu re By Jos. Chapman, Jr., V ice President Northwestern Nat. Bank, Minneapolis, at Neb. Bankers Convention. The subject of “ Banking and Agriculture,” on which salaries ranging from $1,800.00 to $2,500.00 a year, I have been asked to say a few words, is rather more while the products of the university itself are seeking comprehensive than can be covered in one address. positions which, at the best, would pay but $900.00 The subject of “ Banking” alone could not be treated per year, and my only reason for being here in Ne exhaustively during the entire session of this conven braska today is that I rather think the same condi tion and, I am afraid, no more could the subject of tions prevail in Nebraska, and, in fact, all over the United States. “Agriculture.” In a recent article in a Wall Street Journal the edi It is the relation between these two subjects that I tor made the remarkable statement (and I have no rea wish particularly to discuss, and in, doing so shall di gress from the subject and cover not only the subject son to doubt its correctness) that the farmers of the of “Agriculture,” but the broader subject of “ Edu United States earned 36 per cent last year of the total amount of money invested in farms, buildings, ma cation.” The bankers of Minnesota, realizing that the people chinery and live stock., This was against 13.6 per cent of the state were not getting the results, agricultur earned by all the railroads of the country on the total ally, which they had a right to expect, appointed a amount of their capital, including bonds and stock. The statistics being published in daily papers re committee, of which the speaker was made chairman, garding the population of different cities must be to investigate and learn what facilities the boy and girl in Minnesota had for studying agriculture_and striking to every thoughtful citizen. Our cities are why the boy and girl leave the farm to go to the cities, growing at the rate of from 10 to 62 per cent a decade. and our conclusions are reached after six months’ in When figures are published showing the growth in vestigation, which was as thorough as we could make rural communities, I feel almost certain that this growth will not anywhere near approximate the rapid it. Our findings in brief wefre: That the total acreage growth of our cities. This simply means one thing— of the state of Minnesota is 53,943,000 acres, of which that the; consumer is rapidly, if he has not already 3,608,000 acres is water. Of the total acreage, at least done so, outnumbering the producer, and why should 45,000,000 acres are suitable for cultivation, while only this not be so when our entire educational system puts a halo around city life and belittles rural life? approximately 18,000,000 are under cultivation. W e found in Minnesota that the teachers in the We find that the state is spending $14,000,000.00 a rural schools çome largely from the cities and are not year to educate 435,000 school children of all ages. Of these 435,000, oniy some 1,800 are taking the agricul in sympathy With rural life. It is plain to be seen the tural course in our agricultural schools and colleges. effect this would have on the boy and girl from the Less than 4-10 of 1 per cent of all the children in farm. Knowing these facts it did not take us long to find Minnesota are receiving an' education along lines, out one reason why the boys and girls want to leave which would tend to fit them for a career’that^would make them not only ’intelligent, prosperous citizens, the farm and gp to the city. They are being educated but would take them to a field that is not overcrowded away from the free, independent life of the farmer into and which offers the best advantages known 'today to the dependent community life of the city. I have made the statement, in talking over condi any young man or woman. *... The 432,000 other students in our schools are being tions as they occurred to me, that in contrast to the educated to be ladies and gentlemen, to toil not, products of the schools of Germany and France, where they are turning. out industrious, well-balançed citi neither to spin. The dean of the agricultural college in Minnesota zens by reason of the training received in the. public made the statement that they could not fill the de schools of those countries along agricultural and inmand for young men: graduates of the farm school at dustrial: lwieg, in contrast, we, in America, are simply https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 28 THE NORTHWESTERN BANKER November, 1910. E STA B LISH E D X865 P e a b o d y H o u g h telm g & C o. 181 L a S a lle S treet, C h ic a g o C o n se rv a tiv e In vestm en ts turning out educated loafers, unfitted by their train ing to fill any place in the industrial or agricultural life of the nation. That this may be a serious ques tion in this country before long cannot be doubted by anyone who will study the figures of our exports and imports. Up until the last few years, we have been a nation J. W . W E L PT O N , Ogalalla Retiring President Nebraska Bankers Association which could pay its debts by exporting raw material, but the population of this country is so great that we have almost reached a point where we consume all that we can produce, and the balance of trade against this country, brought about by the extravagance of o'Ur citizens, will have to be paid in some other way. The statement has been made that as a result of the https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis industrial training received by the children of France in its schools, France today receives more money from the sale of manufactured art products than the United States receives from the sale of its wheat crop. One of the most prominent of our American travel ers makes the statement that in the large city of Mon tevideo, South America, he searched three days before he could find any article made in the United States. The trade with South America is largely in the hands of Germany because Germany trains its children along commercial lines and we don’t get the trade of this great country because we don’t understand the people. The Germans make it their business to understand them. How long are the business men of America going to continue to allow the education of the children to be planned by theoretical people who live entirely within the covers of books? Is it not time that some attention was paid by thoughtful people to the most valuable asset a nation could have— its children— and to the future of those children ? On account of the multitude of cheap magazines and the enormous circulation of the daily press, we have come to be a nation of superficial thinkers, seem ingly well satisfied to let someone else solve the real problems. In the mad haste for the dollar, we forget to take time to consider theSe subjects; we forget that this is a nation still on trial among the nations of the world, and that the only way we can expect to have peace and plenty at home is to provide in an intellF gent manner for the future of the coming generations. I was greatly interested in reading an article pub lished recently by Col. Charles W. Larned, of the United States Military Academy at West Point, in which he severely criticised the methods in use in the public schools of this country, saying that “the true Scope of education is befogged by lack of an ob jective.” I believe this is perfectly apparent to anyone whcrthinks on the subject at all.’ President Wilson, of Princeton, has stated that “We all know the children of the last two decades in our schools have not been educated. With all our educa tion we have educated nobody; with all our training we have trained nobody. The courses in our schools have ceased to be courses at all and have degenerated into a mixed mass of subjects meant to serve other interests and other utility in life. The college has been the same patternless variety of makeup and pur- November, 1910. j . t,. S E V E R , P r e s i d e n t TH E NORTHWESTERN W . C. E a T O l'R E T T E , V ic e P r e s id e n t pose. There has been a general break-up of types and standards and all consistent plans have suffered a com mon dissolution.” If I were to ask you gentlemen which you thought more of, your money or your children, you would say your children. At the same time you devote nearly your entire time and energy to your money and leave your children for other people to educate as they may see fit. I do not want to be understood as criticising the in structors in this country for the condition which we are in, as I do not consider it is their fault. It is the fault of the fathers and mothers of America in not being alive to the conditions under which we are now living. It is a mistake to give an entirely intellectual edu cation in an industrial age, which does not fit nor prepare the boy to take his place in life, and it is ^all, humbug to say that good, practical work, where re sults can be seen, is not as good training for a man as the study of dead languages. What makes us so complacent today about educa tion is the fact that the people of this country have enjoyed an unprecedented season of prosperity, but let times come upon us such as have come upon Eng land, where at one time there were nine million men out of employment, a very large number of those being products of the public schools where they received practically the same education that we give in Amer ica, people fit only to use their heads, and again I must refer you to the fact that 4-10 of 1 per cent of the) school children is too small a number for the other 99.6 per cent to expect to live off of. It cannot be done. It would be useless to condemn any system of edu cation, destroying what already exists, without giving us something in its place which is better. I have received letters from many educators throughout the country since we began our campaign in Minnesota, encouraging us in our work and stating that the educators cannot hope to solve this problem unless they have the support of the business men of the country. Therefore, in Minnesota, we are planning to have a commission appointed, which shall make a study into the educational system of our state, ascertain what is being done in other countries, compare the results ob tained in Minnesota with the results obtained else https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis BANKER 29 J . I«. S E V E R , J r ., "Vice P r e s i d e n t where and decide whether or not the system of educa tion in use in our state is the one best adapted to the needs of the boys and girls, who are our citizens of tomorrow. We intend to use our efforts to have com pulsory education along agricultural lines in the rural schools, the same as was established some years ago in the state of Wisconsin, where very good results have been obtained. We are trying to get the people of our state interested in the subject of education; get ting them to think for themselves. It may strike you that up to date I have said very little about “ Banking.” There is very little that need be said, providing we fix it so that the coming genera tion are enabled, by a practical education, to take care of themselves. The banker prospers only when the people are pros perous. It is an absurdity, believed only by the edi tors of yellow newspapers, to think that the banker fattens on the adversity or poverty of his customers. Therefore, who should be more vitally interested in the broad question of education than the banker? If anything I have said here today should cause the bankers of Nebraska to take an- interest in this subject and look into it, I shall feel more than repaid for my brief visit with you. DEATH OF A. T. LUSCH, OF DUBUQUE. Commenting upon the recent death of A. T. Lusch, of Dubuque, the Waterloo Reporter says: “A. T. Lusch, for many years a resident of Water loo, died suddenly at his home in Dubuque Monday morning. This information was imparted in a tele gram received by former business associates in this city and caused widespread regret among his many friends here. “ Mr. Lusch was one of the pioneer bankers and business men of Waterloo. Nearly fifty years ago, in 1864, he formed a partnership with John H. Leavitt in the banking business, the private institution, known then as Leavitt & Lusch, being the parent of the pres ent Leavitt & Johnson National Bank. In 1871, Em mons Johnson became a member of the firm and the name was changed to Leavitt, Johnson & Lusch, which it remained until Mr. Lusch removed to Du buque in 1897 or 1898, to become vice-president of the Iowa Trust & Savings Bank of that city, which position he h£ld at the time of his death.” TH E 30 NORTHWESTERN BANKER November, 1910. The Mechanics and Metals National Bank OF THE CITY OF NEW YORK O FFIC E R S GATES W. McGARRAH, Pres. ALEXANDER E. ORR, Vice-Pres. NICHOLAS F. PALMER, Vice-Pres. ANDREW A. KNOWLES, Vice-Pres. FRANK 0. ROE, Vice-Pres. WALTER F. ALBERTSEN.VIce-Pres. JOSEPH S. HOUSE, Cash. I ROBERT U. GRAFF, Asst. Cash JOHN ROBINSON, Asst. Cash. CHAS. E. MILLER, Asst. Cash. Capital $ 6 ,000,000 Surplus $ 6 ,000,000 Depository of the United States, State and City of N ew York CALWELL ELECTED PRESIDENT. Chas. S. Calwell has been elected president of the Corn Exchange National Bank of Philadelphia to succeed the late Benjamin Githens. Mr. Githens had been in failing health for a number of months past, boy, his advancement has been rapid. Faithful in all things, able as a banker, and quick to grasp financial problems, the bank feels that, in the securing of Mr. Calw eirl services they have made no mistake. In 1889 he was made assistant to Mr. J. R. McAllis ter, who was then cashier. A t the time that Mr. Mc Allister became president of the Franklin National Bank, Mr. Calwell succeeded him as cashier of the Corn Exchange. Nine years later he was made vicepresident and early in the present year he was again advanced to the office of first vice-president. With a personality affable and courteous at all times, he has won his way to his present excellent position. The assets of the bank over which Mr. Calwell is to preside are now somewhat in excess of twenty-two million dollars. LIVE BANKERS OF FRANKLIN COUNTY. Newly Elected President Corn Exchange National Bank Philadelphia A recent issue of the Chronicle, published at Hamp ton, Iowa, contains on the back page, large display ad vertisements carrying the statements of the following banks of Franklin county: The Franklin County State and the State Savings Bank of Hampton, Brad ford Savings Bank, Chapin Savings Bank, Alexander Savings Bank and the Coulter Savings Bank. These banks occupied all but two columns of the last page of the paper, and the publication shows that the banks of Franklin county are alive to the value of advertis ing in their local papers. The deposits, as revealed by these statements, are as follows: Franklin County State Bank....................... $529,574.00 State Savings B a n k ................................... 146,297.00 Chapin Savings B a n k ........................ 76,243.00 Bradford Savings Bank .............................. 38,576.00 Alexander Savings B a n k ................. 80,113.00 Coulter Savings B a n k .................................. 85,713.00 during which time Mr. Calwell has been the acting head of this solid Philadelphia institution. Mr. Calwell is the youngest bank president in Phil adelphia, being a little under forty years of age, and has been with the Corn Exchange National since the beginning of his financial 'career. His elevation to the office of the presidency meets with the commendation of the entire local banking fraternity. Since his connection with the bank, some twenty years ago, when he entered their employ äs a mere At a recent meeting of the board of directors of the Scott County Savings Bank of Davenport, Mr. Edw. C. Crossett was made a director of the bank to suc ceed the late Major M. L. Marks, who had been on the directory board for many years, but who died Sud denly while on a European tour, some months ago. Mr. Crossett is president of the Crossett Timber Com pany. Congratulations are being offered the Scott County Savings Bank upon securing a man in Mr. Crossett’s standing as a member of the board. C H A S. S. C O LW ELL CROSSETT MADE DIRECTOR. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis THE November, 1910. NORTHWESTERN BANKER 31 FRANCIS B. REEVES, RICHARD L, AUSTIN, Vice-President. JOSEPH WAYNE, JR President. THEO. E. WIEDERSHEIM, 2nd Vice-President, Cashier. Tu€ liirarfl National r r i i ^ Ä f i n A « * J V a f i A i i a l b anK D A 1 1 1 7 PHILADELPHIA, PA. C A P IT A L , $ 2 , 0 0 0 , 0 0 0 . SU R PLU S ACCOUNTS OF and P R O F IT S , $ 4 ,3 1 8 ,0 0 0 . RESO U R C ES, $ 4 3 , 5 0 0 ,0 0 0 . B A N K S A N D B A N K E R S S O L IC IT E D “T o Satisfactorily H andle Y our B usiness, Y ou Need a P hiladelphia A ccount” ATTEMPT TO ROB McCLELLAND BANK. The Nonpareil (Council Bluffs) contains the fol lowing account of the recent attempt to rob the bank at McClelland: “ ‘Kid, it’s up to yo u !’ “ With this exclamation, Tom Kirby, of Oakland, Iowa, confronted Walter Julius in the bank at McClel land yesterday afternoon with a drawn revolver in an attempt to commit a daring robbery. Julius with rare presence of mind ducked under the counter, grabbed a gun and poking it over the counter, successfully pro tected the bank’s cash. Not content with saving the money he fired at the fleeing robber and closing the door joined in a successful chase which ended in the capture of Kirby after several shots had been ex changed and the prisoner slightly wounded. The sen sational attempt caused the greatest excitement in the little town and at the county picnic nearby, where sev eral thousand people were gathered. “Julius, who is a lad only sixteen years of age, was alone in the bank at the time. As Kirby entered he began to draw his gun and exclaimed: “ ‘Kid, it’s up to yo u !’ “Julius dodged beneath the cashier’s desk in front of him and reached for his gun, which lay on a shelf beside the money drawer. Keeping himself sheltered beneath the counter Julius reached his gun up over the counter and fired three shots. One of the bullets struck Kirby in the right forearm and ranged upward toward the Shoulder. Julius then raised up and found the robber retreating from the bank. He at once pur sued. Kirby, retreated to the street in front of the bank and then started east down a ravine, toward a cornfield. By this time several others had been attracted to the scene by the noise of the shooting and a crowd was quickly in pursuit of the robber. When Julius reached the street after Kirby left the bank he fired two shots at him as he was running eastward. He then returned to the bank for more ammunition as his gun was empty. As soon as he had supplied himself he re turned to the chase and was joined by several others. Kirby had gone but a short distance when the hur riedly gathered posse of citizens overtook him. He fired several shots in the direction of the crowd, but they pressed forward and when he had gone about a quarter of a mile from the scene of his attempted holdup he threw up his hands and surrendered.” https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis OPENING OF THE MUSCATINE STATE BANK. The closing days of September witnessed the open ing of the beautiful new building which, for nearly a year and one-half has been in the process of construe-, tion by the Muscatine State Bank. It occupies the old site where the same bank, formerly known as the Cook, Musser & Co. State Bank had been established for upwards of forty years. The guests of the bank were received by the board of directors, officers and employes, and were shown throughout the building. The new structure is fireproof, with massive vaults, protected by triple time locks, the directors of the bank having spared no expense to obtain absolute se curity, and also every facility for the convenient and prompt transaction of business. The ladies’ department is a new feature, the pri vate room being finished in white enamel and ma hogany. This room is for the exclusive use of the lady patrons of the bank, and a lady officer will be in charge of this department. The interior decorations of the bank are unusually beautiful. The side walls and ceiling are frescoed in oil on canvas. The furniture and fixtures are a com bination of Grecian marble with bronze and ma hogany. The officers are P. M. Musser, president; W. E. Bliven, vice-president; S. B. Cook, cashier.; R. S. Hoover, assistant cashier, and E. C. Stocker, manager of the savings department. In the issue of the Muscatine News-Tribune, under date of September 28th, the bank occupies one-half page display space in advertising the opening of the new building. ---------sa----------*----------- PRESIDENT SEARS, OF THE SCOTT COUNTY SAVINGS BANK CELEBRATES HIS EIGHTY-NINTH BIRTHDAY. President I. H. Sears, who has been for many years at the head of the Scott County Savings Bank of Dav enport, had a birthday on October 9th, when he round ed out his eighty-ninth year. Many congratulations were received from friends of the veteran bank presi dent on this remarkable, and to most men, unusual birthday. As far as is now known, Mr. Sears is the oldest bank president in the United States. In spite of the many winters which have withered his hair, he is still hale and hearty and is found at his desk at the bank regularly. We sincerely trust that he may complete the “century run.” TH E 32 NORTHWESTERN Tfte Northwestern Banker PUBLISHED MONTHLY A T 606-607 CRÖCKER BUILDING BY The Northwestern Banker Publishing Company DES MOINES, IOWA EMERSON DE PUY - > M anager “A CASHIER’S CHECK” For $2.00 is all that is required to secure the . monthly visits of the Northwestern Banker for an entire year. Each issue contains from 56 to 64 pages of mighty interesting matter pertaining to banks and banking interests in the territory covered by the magazine. “OUR CORRESPONDENTS” Every bank in the Northwest is invited to a place on this list. Send us items of local interest, tell us about your bank and its growth, prospects, etc., also any other financial news of interest to bankers in your section. W e are always glad to hear from our friends. “SIGHT DRAFTS” W e always carry a large “ Reserve” of good w ill and additional service, and w ill promptly honor drafts made upon same by any bank. This department is for your special benefit. It may be made of very great benefit to your bank. Do not fail to avail yourself of its privileges. “A CLEARING HOUSE” Our columns are a clearing house for all our readers. Express your views on any topic of in terest to the banking fraternity and submit same for publication. You do not have to agree with us, or w ith anycne else. W e learn things by an interchange of ideas, and people with whom we disagree often prove valuable teachers. W e shall be glad to hear from you. “NO PROTEST” Has ever been offered to the statement that the field covered by . . , the Northwestern Banker is the money producing section of the American continent, rich In hogs, cattle, corn, etc., and dotted w ith thousands of prosperous banks, all doing a good business, and the majority of them are readers of “ T he Northwestern.” “SURPLUS A N D UNDIVIDED PROFITS” Increase very rapidly w ith those b a n k s , whose advertisements appear regularly in the columns of this m agazine. Full information as and our special service,tiw ill be promptly furnished on application. Your business solicited and appreciated. T he Banker” has been fourteen years in its present field. “SECOND CLASS M ATTER” This journal is entered as second class , . m atter at the Des Moines postoffice. This is done m order to conform to the postal laws; everything pertaining to the journal, save this entry, being strictly first class. NOVEM BER, 1910 A n Im portant Topic. The paper on “ Banking1 and Agriculture,” read by Vice-President Chapman, of Minneapolis, at the Omaha convention is one that deserves most careful study. These two subjects are so closely interwoven that what affects the one is bound to influence the other. It may be almost said, in fact, that in this western country, at any rate, if there were no agriculture, there would be no banking. In his own state of Minnesota, Mr. Chapman and other members of the banking fraternity have made a close and careful study of the things which influence the agricultural conditions there, and are working in harmony with the agricultural colleges to the end that the soil pf Minnesota may be made to bring forth abundantly. The bankers in all western states may do likewise to advantage. Minnesota has set a good ex ample. President Welpton and Autom obiles, In his annual address at Omaha, the retiring presi dent had this to say regarding the “auto craze:” “A year ago the American people were traveling at a high rate of speed in a financial way. Especially was this true of Nebraska. Our customers were buy ing land, more cattle and horses, building better houses and barns and speculating in various ways, many investing in automobiles. “ I do not object, if those who can afford it, buy auto mobiles, but many have invested who could not afford https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis BANKER November, 1910. it. Others have gone wrong in a financial way, the cause of which can be traced, directly or indirectly, to automobiles. The fascination seems too great for some to resist.” That the desire to own an automobile has secured a firm grip on the imagination of the American people there can be no doubt, and many have purchased ma chines who should be using the money to pay mort gages instead. There is no criticism to be offered regarding those who can afford to buy. In this class it is practically safe to place bankers and farmers, but men engaged in other lines of business should go slow. Treasurer Reynolds. Members of the American Bankers Association and others who find themselves stranded when away from home will now communicate with Arthur Reynolds, president of the Des Moines National Bank, who was elected treasurer of the A. B. A. at its annual conven tion in Los Angeles. The association now has nearly 12,000 members and Mr. Reynolds desires, of course, that they will not all get away from home at one time if it is their intention to become dead broke while they are away, as it would keep him too busy supply ing the demand for money, but if they are in need, in sections, instead of simultaneously, he will be able to take care of them all right. The honor was well placed in the election of Mr. Reynolds. Although he was, in no sense, a candidate and did not make a campaign for the office, as soon as it became known that he would serve, if elected, no one else was thought about. He has been a member of the currency commission, and chairman of the legislative committee of the A. B. A. and has rendered able and efficient service in every capacity in his connection with the work of the asso ciation, and, therefore, his election to the office of treasurer of the greatest financial organization in the world followed as a natural consequence. The Bumper Corn Crop, An article on the above subject which recently ap peared in the American Banker of New York, and which we are glad to reproduce herewith, gives an idea of how the yellow crop this year is regarded by ah east ern financial journal. Of course we realize the handi cap that a man is under who lives in New York and tries to write about a crop which is principally raised in Iowa, but considering this handicap, the writer has produced an excellent article. ,In order to get the proper inspiration for writing an article on the great crop a man needs either to live in Iowa, or travel across the state, east and west and north and south, and then he gets some sort of a con ception of the magnificent crop which Iowa produces November, 1910. THE NORTHWESTERN year after year and which has made her the richest agricultural state in all the Union. Panics may come, and panics may go, speculations in stock may be rife or not, as the case may be, and there may be wars, and rumors of wars, but, year after year, along about Oc tober, the great black prairies of Iowa turn out the same magnificent crop of great long yellow ears, which are the basis of the wealth of this splendid mid dle western country. Experts estimate the crop in Iowa this' year to be the greatest in the history of the state. Along in the early part of the spring it was feared that the dry weather might injure the growth of the young corn, but, as usual, the rain came just in time to give it a splendid send-off and through June, July and August it grew at a tremendous rate, the weather being intensely hot, just the kind needed to push the corn on toward fullest perfection, and then, wonderful as it may seem for Iowa, the frost kindly held off until way along the latter part of October, giving the milk in the kernels plenty of time to dry out and the corn to mature in time for harvest. The Iowa farmer, therefore, goes into the winter with his ruddy countenance covered with the smile that has no chance to come off year in and year out, for just as soon as it begins to fade a little bit, at the end of one season, it begins again in prospect of an other splendid harvest near at hand. Small wonder, then, that Iowa has more banks than any other state in the Union, and that her bankers’ association has more members than any other state, and no wonder that some little towns of 2,000 inhabi tants have deposits in banks amounting to nearly two million and a half dollars, over $1,100.00 per capita, a record not surpassed in any other section of the United States. All hail Iowa and the Iowa corn crop! It is the basis on which wealth is built and built safely. The editorial referred to above from the American Banker follows: “In these days, corn is king. It attains this royal distinction because today corn, in point of value, far exceeds any other crop produced in this country. At one time, earlier in the season, it was anticipated that there would be a falling off from former records, but improved weather conditions as the season advanced changed the earlier gloomy anticipation into the pres ent optimistic sequel, and the announcement made by the department of agriculture is that the corn crop of 1910 will be the largest ever known in this country, reaching the enormous total of 3,046,016,000 bushels. Last year the crop reached 2,772,376,000, while the crop of 1908, the largest on record until now, was 2,927,416,091. At the present market price of Indian corn, the crop of 1910 will exceed a billion and threequarter dollars in value. “A decade ago, it was thought wonderful that the corn crop of the United States should be worth a bil lion dollars, but this grand total was soon eclipsed by the higher one of a billion and a quarter. At the pres https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis BANKER 33 ent grade of advancement within a few years the corn crop of this country will have a market value of over two bill,ion dollars. Such a vast total makes the fig ures for the wheat crop and all the other cereals as well as cotton seem small by comparison. It is the constant marketing of vast harvests like these that makes the wealth of the nation increase at a rapid pace. Last year, it was stated that the total crops of the country were worth eight billions, and so the corn crop will make almost a quarter of this enormous to tal. It is difficult to see how there can be financial stringency, dull trade, shortage of money, or any causes of panic in any quarter to disturb general busi ness. The bumper corn crop has been raised and will be gathered and sent to market, and the proceeds minus the cost of transportation to market and the charges for handling will go to the producers of the great West. Similarly the money realized on the yield of other cereals, and the cotton crop will enrich the farm ers and planters of the West and South, and add so much more to the purchasing power of these sections. Surely with such abundant resources at their com mand, the people south of the Potomac and the Ohio, and west of the Alleghanies, must be in a position to invest largely in manufactured goods, and thus keep the wheels of trade moving briskly everywhere. There should be no more hints of a lack of money to move the crops and the necessity that the banks should pre pare for the worst. How can any unfavorable condi tion exist with the bumper corn crop and the bright outlook for cotton, both in this country and abroad, borne in mind?” \ GETTING THE BANKS TOGETHER. A movement recently started by the Durant (Iowa) Savings Bank bids fair to be a pronounced success, so far as applying clearing house features to country banks is concerned. We understand, however, that the clearing house feature is only a part of it, that the banks represented in the organization feel that much advantage might accrue to them in various ways through a get-together proposition of this sort. The idea is most excellent, and could, we think, be adopted by banks generally throughout the country. A local paper contains the following regarding the new movement: ■* “A meeting of Cedar county bankers and others from nearby towns in Scott and Muscatine counties was held at Durant last Thursday evening. The meet ing was called for the purpose of taking preliminary steps toward the formation of a clearing house asso ciation similar to that maintained in the larger cities. “The banks invited to be represented were those of Cedar county and also those tributary to Durant. Thirty-seven bank officers responded to the call and the towns represented were Tipton, Wilton, Sunbury, New Liberty, Bennett, Blue Grass, Walcott and Du rant. “J. E. Burmeister, F. B. Yetter and Gus Stueben, of Davenport, were invited to be present at the meet ing and all of them were asked to address those pres ent, which they did, outlining the benefits that could 34 THE NORTHWESTERN BANKER November, 1910. THE EIES 1M01INES NATIONAL BANK D E S M O IN E S , IO W A j* ,' mm . . x---- itia u u i« w uu 115 .correspondents ana to C . render at all times the service which their needs demand and which our equipment insures An experience extending over a quarter of a century in catering to such needs has provided a broad Under standing of the requirements in this field. We cordially invite a share of your business J a n u a ry 3 1 , 1 9 1 0 Resoures (over) $5,6 0 0 ,0 0 0 .0 0 Arthur Reynolds, President John H. Blair, Vlce-Pres. be secured from such an organization. At the conclu sion of the addresses a committee was appointed that C. A. Barr, Cashier A. J. Zwart, Asst. Cashier under the auspices of the Union Savings Bank at W il ton, when the organization will be perfected. “ Preceding the business session at Durant a fivecourse banquet was served. “The Durant Savings bank, that started the move ment to organize is one of the substantial county banks of the community. It has a capital and surplus of $100,000 and deposits amounting to more than half a million. The officers are: President, William W u lf; cashier, F. C. Langfeldt; assistant cashier, Dr. T. h ! Meyhaus.” THE ILLINOIS CONVENTION. A R T H U R REYNO LD S President Des Moines National Bank Elected Treasurer American Bankers Ass’n, at Los Angeles October 7, 1910 will have in charge the formulation of the rules which will govern the proposed organization. “Another meeting has been called and will be held https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis This year, the Illinois bankers’ convention was held in the extreme southern end of the state, at Cairo. The dates were the 26th and 27th of October. The Cairo Opera House will be used as the convention headquarters with the registration room at the Halliday Hotel. Cairo made special efforts to entertain the Illinois bankers in a royal manner, and they unquestionably had a delightful time during the session. The outline of the program is as follows : Convention called to order in the Cairo Opera House at 9:30 a. m. by the president, Oscar G. Fore man. Prayer— Rev. F. A. DeRosset, rector “ Church of the Redeemer,” Cairo. Address of Welcome— Hon. George Parsons, mayor of Cairo. Response on behalf of the association— L. A. God dard, president State Bank of Chicago. Annual address of the president— Oscar G. Fore^ man. Address— “American Bankers Association,” F. O. Watts, president American Bankers Association, pres ident First National, Nashville, Tenn. Report of chairman of executive council— B. F. Harris. Report of secretary. Report of treasurer. November, 1910. THE NORTHWESTERN Gapiul $100,000.00 35 BANKER ESTABLISHED ,884 ^ $ 2 0 '0 0 0 '00 THE DUBUQUE NATIO NAL BANK DUBUQUE, IOWA Through the efficient co-operation of a growing list of Correspondent Banks, some of which have used our Facilities for the past Quarter Century, we are enabled to successfully Execute our policy of “Genuine Service99 FOR BANK S A N D BAN K ER S W H E N SE R V IC E IS P A R A M O U N T Report of standing committees. Appointment of committees. SECOND D AY. Convention called to order at 9:30 a. m. by the president. Address— “The Banker as the Guardian of the Soil. Dr. Cyril G. Hopkins, University of Illinois, Urbana. Address— “ Banking and Finance.” E. R. Gurney, vice-president First National, Fremont, Neb. Address— “A Few Side Lights on Surety Com panies and Their Relations to Banks.” R. R. Gilkey, American Surety Company, Chicago. Address— “A Discussion of Modern Methods of Protecting Banks.” W. J. Burns, president Burns & Sheridan Detective Agency, Chicago. Entertainment— First Day, October 26th. ? Morning (9 :oo a. m.)— Reception. The local ladies committee held a reception for the visiting ladies at the Halliday hotel, after which they attended the morning session of the convention. Afternoon (2:30 p. m.)— River excursion. A pala tial steamboat was. chartered to take visiting bank ers, ladies and guests for a trip on the Ohio and Mis sissippi rivers, the boat left Cairo at 2 :30. Barbecue— On the return trip the boat landed at a point opposite the Cairo Country Club grounds on the Ohio river, where a southern barbecue was served. Evening— The visiting bankers, ladies and guests was entertained by an illustrated lecture at the Cairo Opera House. Second day, October 27th— Thursday afternoon the visiting ladies were taken for an automobile ride, and upon their return were entertained with a luncheon in the grill room of the Alexander Club. The committees in charge of the convention were as follows: General arrangements— J. S. Aisthorpe, E. A. Buder, E. A. Smith. Entertainment—George Parsons, chairman; Chas. Feuchter, E. E. Cox, H. E. Halliday, H. S. Candee, E. G. Pink. , Registration— Herbert E. Steinel, J. H. Woodward, Jr., Carl Engler. . ■ _ .1 Reception— 'W. F. Grinstead, chairman, U. R. Ais thorpe, Thos. Boyd, Q. E. Beckwith, Thos. P Cotter, J. H. Galligan, Reed Green, W. P. Halliday, Oscar L. Herbert, Daniel Hartman, M. J. Howley, Wm. Kluge, https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis A SK F O R O U R T E R M S D. S. Lansden, P. J. Nassauer, C. V. Neff, W. H. Wood, C. O. Patier, Peter Saup, Paul G. Schuh, Frank Spencer, Thos. J. Smyth, F. Teichman, N. B. Thistlewood. Ladies’ entertainment committee—-Mre. E. A. Smith, chairman; Mrs. J. S. Aisthorpe, Mrs. H. S. Candee, Mrs. E. A. Buder, Mrs. C. O. Patier, Mrs. Chas. Feuchter, Mrs. W. H. Wood. NEW BLACKHAWK NATIONAL OPENS. The opening of the splendid new building of the Blackhawk National Bank of Waterloo occurred early in October and proved a red letter day indeed for that institution. Regarding the opening, under date of Oc tober 8th, the Waterloo Courier says: “Tonight the officers and directors of the Black hawk bank will lie down to pleasant dreams, after many weeks of worry and fret over the formal open ing and reception in the Blackhawk building, which was many times delayed. Commencing at 4 o’clock this afternoon, the visitors entered the building in great throngs, and it is expected the crowds this even ing will be even larger. The ladies were presented souvenirs in the form of miniature hand mirrors and the gentlemen received key rings. , “The banking quarters on the first floor had been specially decorated with potted plants and flowers for the occasion and all of the tenants in the building had made some special effort to please the visitors, who were free to roam at will. “The officers and directors of the Blackhawk Na tional Bank are: F. F. McElhinney, president; Dr. F. W. Powers, vice-president; A. E. Glenny, vice-presi dent; C. W. Knoop, cashier; E. A. French, assistant cashier; Lila Marcham, teller; H. J. Hess, Dr. W. B. Small, F. L. Northey, J. H. Woods, George F. John son, H. O. Bernbrock and James Loonan, directors. The directorate of the Blackhawk National Bank has long been recognized as one of sterling worth and it is a fact that the individual responsibility of the members is equal to that of any directorate of any bank in the city.” M IS SO U RI. Council Bluffs, Iowa.—The Charles E. Walters Company report continued activity in the confidential sale of banks. There is a strong demand from moneyed men desiring to en gage actively in the profession. Quick sales are the result. 36 TH E NORTHWESTERN BANKER November, 1910. 0 | | Tbe Iowa Bankers Association I 1 --------------------------------------------------- S o I <[ | ► Department Conducted by P. W. HALL, Secretary, 710 Fleming Bldg., Des Moines J0HN McHUGH, Pres. Stoux Clty G. E. McKINNON, V. P. Des Moines The secretary sent out Bulletins Nos. 3 and 4 to all members of the association October 15th. If it is pos sible that any bank has received none, kindly in form us. Visiting bankers are always heartily welcome at the secretary’s office, and we want you to take this as a cordial invitation to call. * * * Have you paid your dues? If not be sure and send the secretary a check for $5.00 as soon as you read this item. * * * Our office has been honoret by calls from many bankers the past month, among them being: E. R. Campbell, assistant cashier Commercial National Bank, Fort Dodge; J. H. Sullivan, manager Diebold Safe & Lock Co., Chicago; F. B. Kingdon, cashier Monroe National Bank, Monroe; A. G. Warner, as sistant cashier Monroe National Bank, Monroe; F. S. Young, special agent National Surety Company, St. Paul; G. W. Schee, banker, Primghar; F. M. Hopkins, vice-president First National Bank, Guthrie Center; P. MacKinnon, cashier Polk City Savings Bank; C. W. Yeager,, cashier Colo Savings Bank; H. M. Wilson, cashier Bank of Lacona; I. W. Manier, director First National Bank, Binghamton, N. Y . ; J. I. Mills, Bank of Lacona; E. L. Thompson, New Virginia, Iowa; L. W. Laughlin, cashier Farmers State Savings Bank, Mt. Ayr; A. A. Ingram, assistant cashier Farmers State Savings Bank, Mt. Ayr; F. H. Fitting, cashier State Bank of Dexter. * * * The members of the Iowa Bankers Association should remember that the low rate at which burglary insurance is now written was made possible by this association, and we feel that every bank should ibe loyal to its association and place burglary insurance, fidelity and depository bonds in the National Surety Company, as this will mean a benefit to both the bank and the association. We do not consider the burglary insurance depart ment of the Iowa Bankers Association is receiving all the patronage which it is entitled to receive from members. We realize that the competition is severe, and while we are placing considerable insurance, still the revenue is not large because of the reduced rates. Other states do not allow their members a share of the commission received, so that this association re turns to its members over $1,000 which in other states is added to the treasury. The revenue from this source goes into the protective fund, and if members could know just what is being done for their protection and see how the service could be improved and additional protection provided, by the use of additional funds, I am sure they would be more liberal in their patronage. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis P. W. HALL, Secy. | <► D. B. ALLEN, Treas. Des Moines Arlington i ¡. We want to impress upon members the following statement: Other agencies in Iowa are deriving more than four times the revenue from the business fur nished them by our members than is derived by the Iowa Bankers Association. The National Surety Company does not have a sin gle contested burglary claim upon its books. Because of its liberal and non-technical policy, Mr. Dinwiddie and the former council were pleased to renew their contract with this company. * * * The Iowa Bankers Association has been signally honored by the election of Mr. Arthur Reynolds as treasurer of the American Bankers Association at the recent Los Angeles meeting. The Iowa Bankers As sociation stands for all things and measures furthering the well being of the state as a whole, and the Ameri can Bankers Association represents the crystallized financial sentiment of thé entire United States. No banker is better qualified to fill the treasurer’s chair than our Mr. Reynolds, a financier of national reputa tion, an eminent speaker, and proud to be called a son of Iowa. * * * A man called at a Des Moines bank recently who wanted to mortgage his automobile to buy a home. The banker has not yet recovered from the shock. * * * W hy is it some bankers are such big-hearted, genial men, that although the strings of the bank purse are carefully guarded, yet the latch string is always out and a cordiality extended that will make a customer of every visitor who has a dollar to deposit, while other bankers, no more conservative, give one the cold, clammy hand of misguided self-esteem, and haven’t enough warmth to hatch a porcelain egg? We are duly thankful that the latter class are fast coming into disuse and being replaced by the former, by intelligent, progressive boards of directors. . WARNINGS. The forger is abroad in the land. Look out for him. Arrest him and wire the secretary. Nothing seems to drive these crooks out of business except sudden death or the sheriff. Here are a few recent operators in Iow a: A man by the name of Arthur L. Hankins, of Shelby, Iowa, has left a trail of forged checks, some being drawn on the Crocker National Bank and some on the San Francisco National Bank, both of San Francisco, and some on the Farmers Loan & Trust Company of Sioux City. Through the efforts of Mr. Randolph Payne, president of the Bank of Kingsley, Hankins was arrested. »The secretary conferred with Pres. John McHugh, of Sioux City, and Attorney M. THE November, 1910. THE NORTHWESTERN BANKERS BANKER ACCIDENT D E S M O IN E S , O F F IC E R S A N D - 37 COMPANY IO W A D IR E C T O R S F. L. M IN E R , P resident C. H, MARTIN, V ic e -P re sid e n t ' E, C. BUDLONG, 2 d V ic e - P re s. Pres. Peoples Savings Bank J. A. KIZER, Secv Agency Manager G. G. HUNTER, N . T . GUERNSEY, G e n e ra l C o u n se l Pres. Des Moines Fire Ins. Co. D. W. SMOUSE. M e d ic a l D ire c to r E A. SLININGER, T re a s. Asst. Cashier Peoples Savings Bank E. C. FISHER, A u d it o r ALL FORMS OF ACCIDENT AND HEALTH INSURANCE WRITTEN P rofitable A g e n c y A rran g e m e n ts M ade W ith B ank O fficers o r E m p lo y ees L. Sears, of Sioux City, was sent to attend the prelim inary hearing of this man at Kingsley. He waived examination and was bound over to the Plymouth county grand jury on $1,500 bonds. He is wanted at Avoca, Dexter, Pierson and Sioux City. Some of his penmanship is as follows : We give a brief description, as other banks may be looking for this man : About twenty-five years of age, smooth shaven, brown eyes, dark hair, well-appearing, stockily built, has served in army and navy as mu sician. Claims to be traveling for some opera company. * * * A man giving the name of J. A. Moore was at Grin ned recently and forged a $5.00 check on the First National Bank of Iowa City. He claims to be a horse buyer. He may operate for larger amounts. We have no description of him, but watch for strange horse buyers. sk sk sk Twice before we have mentioned a man represent ing himself to be agent for the Western Loan & Trust Company of Los Angeles, Cal. He operated in Iowa last May and June, and we lost track of him until he commenced operating in North and South Dakota the past month. He is about fifty-five years Of age, smooth talker, good appearance, and gives various names. He presents typewritten checks, drawn on the company he claims to represent, generally for small amounts, and frequently succeeds in cashing them at banks without endorsers, after he has pursuaded the bank to place some farm loans with his company. This man has been operating for oVer a year. He uses the https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis names of S. S. Foster, T. T. Trimbal, J. E. Toner, and others. We present two specimens Of his penmanship : At present he appears to be following the Milwau kee road going west. Please keep a sharp lookout for him, as he is much wanted. * * * We are pleased to state that a forger who victimized a customer of a Marathon bank was captured at Crys tal Lake, 111,, and is now in the penitentiary. jjc jjc Be on the lookout for a man by the name of H. W. Kadel, who formerly represented the Brenard Mfg. Co., of Iowa City, He has been victimizing hotels in Idaho recently, various checks having turned up to which he forged the name of his company, and they were drawn on the First National Bank of Iowa City. sk >k * A man who has been operating in the vicinity of Tabor signs the name of Fred Johnston to checks as follows: He appears to be a small operator and the banks think he is a professional. W e do not have a descrip tion of this party. sk * sk A dangerous man has been operating in and around Keokuk, signing the name of Geo. Mason to checks on the Produce Exchange Bank of Kansas City. He at tempted to defraud the State Central Savings Bank, TH E 38 NORTHWESTERN BANKER November, 1910. THE MONROE NATIONAL BANK O F C H IC A G O T ry us on your collections. Prompt personal service assured. Accounts of Banks and Bankers solicited on most favorable terms. EDWIN F. BROWN, President T. C. NEAL, Vice President but they simply took his check for collection and Mason left town without his money before the bank could have him arrested. The bank has kindly given a description of the man as follows: About thirtyeight years old, five feet nine inches tall, smooth face, dark hair, broad shoulders, wore derby hat, weight about 170 pounds, pleasant, smiling, and fluent talker. Also used the following aliases: George Maloney, Martin Alverson, M. A. Mason. W e present the fol lowing specimens of his penmanship : QA1, <lA tc , '— * -— - * '/ i Wanted.—To purchase the controlling interest in a small bank, or get some stock and tin country banking. A. 1 refbank. Ten years’ experience he cashiership in a larger erences. Address 607 Court Block, St. Paul, Minn. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis buy an automobile in Omaha, and asked to have $200 added to the check in addition to the price of the auto mobile, as he desired that amount in currency. The automobile company ’phone King City and found that the man was a crook before closing the transaction. He is described as weighing about 170 pounds, thir ty-five years of age, five feet ten inches tall, high cheek bones, large ears, brown eyes, medium complexion, hands almost deformed, fingers very short. Claims to be a farmer and dressed accordingly. This is a very dangerous character. * The First National Bank of Davenport, Iowa, sent information October 226. regarding a very dangerous forger who has been operating in parts of Missouri, also in Chicago, Omaha and other cities. He has a forged letter of credit for a large amount purporting to have been issued by the First National Bank of King City, Mo. He uses the names of J. W. Williams and Geo. Moran. Parties bearing these names live at King City, and it is evident that the forger must have some acquaintance in that city. He has bought a motor cycle, typewriter, clothing, etc. He tried to J/fiA+tíl cf iffadsC L. C. WOODWORTH, Cashier * * A man giving the name of Fulton C. Van Camp en tered the employ of the Wragg Nursery Company, of Des Moines, a few weeks ago, and soon after forged the name of the company to one check of $100 and an other of $65. He succeeded in getting an endorser so that he secured most of the money from banks at Mt. Ayr. He is a dangerous -forger to be at large. He is an expert horticulturist and nurseryman, and will un doubtedly work in this same line of business in some other place. Be on the lookout for him and if he ap pears in your locality, have him arrested and wire the secretary. We are now hot on his trail in Chicago. He is described as being of medium height, slender, sickly looking, blind in left eye, left arm somewhat crippled, sandy complexion, and about fifty-five years old. He left Benton, Iowa, October 6th, and we have been unable to locate him since. £ **— Competent and reliable young lady with six years’ experi ence as bookkeeper and stenographer in country bank, de sires position. -Can furnish good references. Address “L,” Care Northwestern Banker'.' TH E November, 1910. NORTHWESTERN BANKER 39 Commercial N ation al B an k o f W A T E R L O O , IO W A Capital and Surplus $2509000.00 OFFICERS W. W . Miller, E L. Johnson, President Vice-President Cashier H. C. Schultz, A sst. Cashier E. W. Miller, DIRECTORS W. W. Miller Warren Brown E. L. Johnson J. S. Tuttiill F. C. Platt C. W. Illingworth H. M. Reed J. W. Krapfel Geo. E. Lichty H. C. Schultz Our facilities for handling the accounts of banks in Iowa are Unexcelled RESO LUTION S REGARDING T H E DEATH OF A. P. DOE. The Davenport Clearing House Association, at a recent meeting, adopted the following resolutions with reference to the death of A. P. Doe, president of the Iowa National Bank of that city: “Whereas, Death has called from our midst our honored vice-president, Mr. Alonzo P. Doe, “ Be It Hereby Resolved, By the clearing house as sociation of Davenport, Iowa, that by his death we have lost a valued and trusted friend and co-member, whose presence in our midst has always been a pleas ure, and whose kindly disposition we all loved, and whose ability we admired, and “ Be It Further Resolved, That a copy of these reso lutions be spread upon the records of the association and that a copy of the same be sent to his family. “ Dated at Davenport, Iowa, on this fourth day of October, A. D. 1910. J. E. Burmeister Henry C. Struck, Ed. Kauffmann, Committee.” A. J. Edwards YOUR ACCOUNT IS SOLICITED ED Mfg. Co., operating the world’s largest machine fac tory, and is connected with various other enterprises here. His election left the cashiership vacant and F. B. Yetter was elected cashier, and Louis G. Bein, as sistant cashier. That Mr. Burmeister will make a marked success FARM ERS SAVINGS BAN K OF SAC CITY. The statement published by this institution as to call of September 14th shows deposits at that time of $92,878, and total footings of $163,059.00. The bank closed a very successful year’s business on September 3d, with earnings a trifle over 10 per cent on an in creased capital of $50,000.00, a showing which must have gladdened the hearts of the officers and directors of this substantial institution. JULIUS BURM EISTER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Newly Elected President Iowa National Bank Davenport, Iowa as président of the Iowa National goes without say ing. Everyone who knows him likes him, his pleasin personality making friends for him readily whereve he goes. The Northwestern Banker desires to add its congratulations to the hundreds that have been pour ing in since the election of Mr: Burmeister was an nounced. ■ ' ’ ■ -, , -t crq YO U N G EST B AN K PRESIDENT. This is the title applied to Julius Burmeister, recent ly elected to the presidency of the Iowa National Bank of Davenport, to succeed the late A. P. Doe. Mr. Burmeister, who is thirty-three years of age, is believed to be the youngest president in the United States of a bank the size of the Iowa National. The total resources of the bank at time of last Call were $2,376,968. Mr. Burmeister entered the employ of the bank as a messenger seventeen years ago. He is a director of the Davenport Locomotive Works, of the Voss Bros. 40 THE The Left Hand Finds the Account The Finger in the notch opposite the name rests up on the account leaf wanted. With one turn of the leaves you reach the account. No account numbers to bother --no “thumbing” of the leaves --no excuse for misfakes. EASY—QUICK—SAFE. NORTHWESTERN BANKER X-RAY BANK LEDGER LeFEBURE LEDGER COMPANY ORIGINATORS—MAKERS-SELLERS CEDAR RAPIDS, IOWA "SEND TODAY FOR BOOKLET N ” November, 1910. The Right hand posts the Amount Here’s what one bank cashier says—“I have investigated many different kinds of bound and loose leaf ledgers and indexing sys tems, and your X-Ray method is the best of anything. It is con venient for the man who daily handles the books, and moreso for the officers of the Bank who only occasionally refer to the ledger.” (N a m e fu rn ish e d upon request) that in future all bills covering cotton exports should be guaranteed by American banks. Sir Edward Holden, who had been prominent in the European committee and the committee on the Ameri can Bankers Association, opened negotiations which led to the suggestion that a new guarantee company (Special Correspondence of the Northwestern Banker) assume the work of guaranteeing bills in place of the banks. This plan, as the only possible solution of the difficulty, will probably be carried out, although it has NEW Y O R K CLEARIN G HOUSE ELECTIO N . met with some opposition from southern interests. At the recent annual meeting of the New York The official statement of the result of the conference Clearing House, A. Barton Hepburn, president of the issued by William A. Nash, president of the Corn Chase National Bank, was elected president of that Exchange Bank is as follows: association to succeed William H. Porter; Edward “The members of the committee of the American Earl, president of the Nassau Bank, succeeded Sam Bankers Association and important cotton men, to uel Woolverton as secretary; William Scherer was gether with Sir Edward Holden, met in consultation, re-elected manager and William J. Gilpin, assistant and they came to the conclusion that the only possible manager. The clearing house committee is composed solution of this difficulty will be the creation of a of William A. Nash, president of the Corn Exchange guarantee company with an adequate capital to guar National Bank as chairman; Francis L. Hine, presi antee the validity of bills of lading and to safeguard dent of the First National Bank; William H. Perkins, against forgery, at the moderate cost of six to seven president of the Bank of America; Frank A. Vander- cents a bale. We believe that when this company is lip, president of the National City Bank, and James formed its guarantee will be acceptable to the ex G. Cannot|t, president of the First National Bank. change buyers here and will be made in the form re Other committees were named as follows : Confer quired by European acceptors.” ence committee: Richard Delafield, Alexander Gil Failure of New York Cotton Firm. bert, Frederick B. Schenck, William Woodward and The failure of the firm of Argo, Jester & Co., cotton Samuel Woolverton. Nominating committee: Albert brokers, was lately announced on the New York Cot H. Wiggin, Casimer Tag, Lewis L. Clarke, Henry A. ton Exchane. A period of thirty days is allowed to Smith and Christian E. Tietjen. send in all claims, and until that it is impossible to The report of the association for the year recently state the amount involved, but it is believed to be near ended showed total transactions of $106,749,253.36. The $50,000, of which $35,000 may be secured by margin average daily clearings were $338,461,911 in compari deposits. The firm is comparatively new, having been son with $326,505,468 in 1909. The largest total admitted to membership to the Cotton Exchange in transactions on any one day were $764,133,942, while February, 1909. the smallest total transactions fell to $138,027,036. Bankers to Enter Railway Board. Cotton Bills Dispute Ended. According to present plans three of the largest bank The difficulty between American and European ing institutions ,in New York, consisting of J. P. Mor bankers over the financing of export cotton bills of gan & Co., the First National Bank, and the National lading was settled recently, the foreign bankers agree City Bank, will receive direct representation in the ing to extend the final date for the negotiation of bills Interborough-Metropolitan Company in the future. It is understood that the firm of J. P. Morgan & Co. from October 31st to December 31st pending the or ganizing of a guarantee company to certify to the bills is largely interested in the Interborough Rapid Tran of lading. The dispute over cotton bills arose from the sit Company, which owns the subwavs and controls failure of two southern cotton operators, thereby caus the elevated lines under lease. The Morgan firm, to ing a loss to European bankers of nearly $7,000,000. gether with the First National Bank and the Citv Na The foreign bankers at onc’e combined and demanded tional Bank, has handled nearly all of the financing of Banking News From New York City. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis November, 1910. THE S A M U E L W . A L L E R T O N . Capitali.» FRAN K R. GREEN Formerly Secretary Chicago C ity R ailw ay Company C A L V I N P- K IN G Formerly Cashier H avana N at. Bank, H avana, 111. M A S O N B. S T A R R IN G Pretident Northwestern Elevated R . R . Company N E W T O N C . K IN G President H avana National Bank, H avana, 111. NORTHWESTERN ALLERTON, GREENE & KING The Rookery, Chicago W. K. HOAGLAND, Manager the Interborou^h Rapid Transit Company during the last few years. According to the present plans it is proposed to elect a representative from each of these institutions to the board of directors of the traction company. Bank of England Increases Discount Rate. The Bank of England has advanced its minimum discount rate from 3 per cent to 4 per cent. An ad vance in the bank rate is customary at this time of year, the Bank of England having reduced its rate from 4 per cent to 3 per cent last June. The reason for the advance is the large demand for funds for Europe. In addition to 900,000 pounds of South African gold, sold in the open market, the Bank of England shows a loss of gold in one week of 1,700,000 pounds. Chamber of Commerce Honors Memory of J. Edward Simmons. The recent monthly meeting of the Chamber of Commerce was devoted to memorial services for J. Edward Simmons, the late president of the organiza tion and of the Fourth National Bank of New York. The Hon. Joseph Choate, vice-president of the Chamber, and James G. Cannon, president of the Fourth National Bank, addressed the meeting, givmg a brief outline of Mr. Simmons’ life, of his integrity and usefulness, both public and private. The follow ing resolution was adopted: “ Resolved, That the Chamber of Commerce of the State of New York place on record its appreciation of Mr. Simmons’ long, faithful and valuable services to it and to the business community, that it conveys to the family of the deceased its sympathy in their great bereavement, expressing the hope that the memory of his noble and stainless life may be to them a. source of continued comfort and consolation, and be it further “ Resolved, That a copy of these resolutions be suit ably engrossed and sent to the widow and that the en tire proceedings of this meeting, together with ^the letters of sympathy received from other organizations and from representatives of our own and foreign gov ernments be printed in a memorial volume. Noted Steel Men Meet. The American Iron and Steel Institute recently held their first annual convention in New York and was at tended by over thirty representatives of European steel companies, among them being Baron von Bodenhausen, head of the peace department of the Krupp Steel Works. . . . The foreign representatives were invited to attend by Ex-Judge H. Gary, chairman of the board of direc tors of the United States Steel Corporation, who has on several occasions been entertained by the steel manufacturers of England, and by this means return ing the courtesies offered to him abroad. “I have two principal beliefs in business,” says ExJudge Gary. “ One of them is in publicity and the https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 41 BANKER G O VERN M EN T BONDS M U N IC IP A L B O N D S R A IL R O A D BO N D S C O R P O R A T IO N BO N D S List on Application other is in co-operation. I believe that one works out by the aid of the other, and my belief in co-operation is so firm, that I think it will not be many years be fore we see practical co-operation among the nations of the world. “My theory is that the same principal can be worked out in international competition. We can get together and talk things over and prevent cut-throat business. There are some countries that do not produce steel, and these are the natural markets of steel-producing countries. W e can talk that over, and we can talk over the ways of going into neutral markets that are open to all, and we can open our mills to the inspection of foreigners.” A special train will take Mr. Gary and his guests, which also include 255 American steel men, to Buf falo to inspect the plant of the Lackawanna Steel Com pany. From there they will visit Gary, Ind., Chicago, Pittsburg and Washington, where they will be re ceived by President Taft. National Park Bank Dividend. The National Park Bank has declared the usual quarterly dividend of 4 per cent on its stock, payable October 1st, to shareholders of record September 20th. On May 10th the stockholders authorized an increase in the capital stock of the bank from $2,000,000 to $5,000,000, and this is the first dividend declared upon the increased capitalization and is maintained as in the past, at the rate of 16 per cent per annum. B. H. Scheftels & Co. Raided. The office of B. H. Scheftels & Co., at No. 24 Broad street, was recently raided by federal authorities in conjunction with the central office officials. The raid resulted from information gained by the Department of Justice; the principal members of the firm were ar rested charged with conspiracy to use the mails in furtherance of a scheme to defraud. The evidence in possession of the department tends to show that Scheftels & Co. have been engaged in The Packers National Bank You can depend upon The Packers NationaljBank to work with you in every way that will do good for your business, or your customers. It is here for that work. S ou th Omaha, N ebraska THE 42 NORTHWESTERN Iowa Life Insurance Co. Offices: Third Floor of Syndicate Building Waterloo» - CAPITAL. PAID UP SURPLUS . • - Iowa - $100,000 25,000 ornccRS F. F. McElhinney, President; C. W. Mullan, Vice-President; F. A. Ferguson, Secy, and Gen. Mgr.; E. D. Clithero, Superintendent Agents; F. W. Powers, M. D., Medical Director. D IR E C T O R S C. W. Mullan, W . R. Jameson, F. W. Powers, 0. L. Kingsley, G. B. McWilliams, J. D. Easton, Geo. S. Momin, F. F. McBJlhlinney, ▲. N. Odenheimer, C. A. Wise. CO U N SEL Mullan ft Pickett Oourtright ft Arbuckle the promotion of the sale of mining stock of question able Value, the price of which has increased as a result of exaggerated and fictitious statements made by per sons in the company, that they have been operating a bucket shop and in a number of instances they have converted money and stock belonging to their cus tomers. New Trust Company for Madison, N. J. A new trust company under the name of the Madi son Trust Company, of Madison, N. J., has recently been incorporated in accordance with the laws of New Jersey with a combined capital and surplus of $200;ooo. Edgar H. Towar, of Marquette, Mich., who for many years has been prominent in banking circles, has been elected president. The other officials are James H. McGraw, of the McGraw Publishing Company, vice-president, and Theodore B. Morris, of the wellknown banking house of Morris & Holden, secretary and treasurer. Among the other incorporators are: Alfred G. Evans, of Arnold Constable & Co.; John W. Skeele, of the Lehigh Valley Coal Company; T. Towar Bates, of Shoemaker, Bates & Co., bankers; Charles Scribner, of Charles Scribner Sons; Albert H. Wiggin, vice-president of the Chase National. Bank of New York, and Major A. White, president of the City of New York Insurance Company. J. T. Howell, President of Carnegie Trust Company. It has been announced that Joseph T. Howell, pres ident of the Fourth National Bank of Nashville, Tenn., has resigned that position to succeed Joseph B. Reichmann as head of the Carnegie Trust Company. Mr. Howell has for thirty-one years held the position as president of the Fourth National Bank of Nashville, which is regarded as one of the strongest financial in stitutions in the South. Mr. Reichmann was elected president of the Carne-1 gie Trust Company to succeed the late Mr. Dickinson in December, and it is now understood Mr. Reichmann will be chosen to act as chairman of the executive com mittee of that institution. He is a member of the ex ecutive committee and director of the Corn Products Refining Company, and was until recently president of the National Starch Company. Madison Trust Company. Announcement is made that the Van Norden Trust Company of New York, whose offices are at Fifth A v https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis BANKER November, 1910. “The Bank of Stability and Progress” BLACK HAWK $200,000.00 ÌIATI0NAL BANK C apital an d S u rp lu s Savings Department Commercial Department F. F. McElhinney Prest’s Dr. F. W. Powers, Vice-Pres. Chas. W. Knoop, Cashier E. A. French, Asst. Cashier Waterloo : : : : : : Iowa Owing to unexcelled avenues for loaning upon approved collat erals with very.conservative margins but upon a profitable basis, we are enabled to offer any unusually attractive proposition to Ran ira anywhere to act as their correspondent. Let us submit our terms and particulars NOW .—We want items on Waterloo and vicinity. enue and Sixtieth street, will in the future be known as the Madison Trust Company. The officers of the company are: Watkins Crock ett, president; Bradley Martin, Jr., vice-president and treasurer; W. W. Robinson, secretary, and George H. Bartholomew, trust officer. The directors are: Henry F. Shoemaker, Bradley Martin, Jr., Tompkins Mcllvaine, of Parsons, Closson & Mcllvaine; Edward R. Finch, of Finch & Coleman; W. J. Cummins, president Tennessee Packing & Stock Yards C q. ; Martin J. Condon, president American Snuff Company; J. B. Reichmann, president Platt Iron Works; SamuelH.Kress, president S. H. Kress & Co.; Charles A. Moore, Jr., vice-president Manning, Max well & Moore; Gustav Baumann, proprietor Holland House; Watkins Crockett. Death of Financial Publisher. William B. Dana, founder and senior editor of “The Commercial and Financial Chronicle,” and president of the William B. Dana publishing company, died recently in New York in his eighty-second year. Mr. Dana was born at Utica, New York, in 1829 and was graduated from Yale in 1851, after which he prac ticed law in Utica for six years and then came to New York and purchased “ Hunt’s Merchants’ 'Magazine,” a monthly which was afterwards made a weekly and called “The Commercial and Financial Chronicle.” Mr. Dana on his arrival in New York in 1859 bought a large tract of land on the Palisades near Fort Lee, and there made his home for many years. INSTRUCTIONS FOR NATIONAL BANK EXAM INERS. By the national bank act of June 3, . 1864, the comp troller of the currency, before issuing a charter to any bank desiring to operate under the national banking laws, is required to make a preliminary examination of such bank, whether it enters the system by primary organization, succession or conversion. Complete instructions to the examiners have now been issued, setting forth in detail the points to be covered by these preliminary examinations. These in structions will result in the examiners rendering to the comptroller’s office uniform reports of examinations of this character. TH E November, 1910. NORTHWESTERN BANKER 43 In All That is Good Iowa Affords the Best LIFE INSURANCE ant GOOD BANKING Among the bankers who are policy holders:— George E. Roberts, Leslie M. Shaw, Ralph Van Vechten and TWO HUNDRED and FORTY OTHER BANKERS in IOWA Homer A. Miller, President of the Iowa National Bank, Des Moines, Iowa, was insured for $2,000 for twenty years, paid in premiums total $1192, had the option of a cash settlement of $1596, giving 20 years insurance and $404 profit. This Company Makes Results—Not Estimates FRANK D. JACKSON, President SIDNEY A. FOSTER, Secretary Royal Union Mutual Life Insurance Company, Correspondence Solicited - Des Moines, Iowa. Agents Wanted Annual Report of Secretary Farnsworth at the Los Angeles Convention A . B. A . It is with, much pleasure that I submit herewith my report as general secretary of the American Bankers Association for the fiscal year ending August 31,1910. With the present large membership in the association, the activity of the various departments, the growing and prosper ous sections, the active, alert and resourceful committees, it would not be possible in the short space of time allotted to me to do full justice to the vast machinery which now moves the wheels of this organization. I can only allude briefly to the- salient points in our work, and point out that the past year has distanced the preceding year in growth, activity and results, in distinction, and to the satisfaction of the large membership. Executive Council. The report of Chairman Livingston deals generally with what has been accomplished by the council. The May meet ing of the council was largely attended, and the business transacted by the committees as well as the council occupied three full days’ time. The amendments to the constitution passed at the May meeting, which were recommended to the association for ap proval, will place our committees on a much more sound basis and will bring them closer to the main body and the executive council, and avoid conflict between the sections and the asso ciation in the future. Sections. This has been a successful year for the sections. The membership of the association having been so largely in creased has also increased the membership of the trust com pany and the savings bank sections. The new set of “Trust Company Forms,” which has been completed during the past year, has met with general approval by members of the sec tion and has been liberally purchased. The savings bank section continued its fight, through its special committee, against “postal savings banks,” and though active and aggressive and carrying on an extensive educa tional work, the measure became a law; not so much, how ever, through its merit as the fact that it was a party measure, a political expedient and had to become a law to redeem party pledges. The clearing house section has made rapid strides during the year in its limited field, and the various measures, pro posed in the past, have met with approval in many quarters. The American Institute of Banking section, which repre sents the Institute, has now about 10,000 members and fiftysix chapters. The action taken by the council at its last meeting in con solidating the “Journal” and the “Bulletin,” and in providing for an associate membership has proven a wise move, bring ing as it did this great educational body closer to the parent organization, and will evolve educational features which can now be extended to the clerks of country banks. The foresight of bringing the various sections together https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis into offices in conjunction with the general offices is more apparent each day. The advantages of having the annual proceedings of the various sections combined with the general proceedings of the association have been many times apparent since the inaugu ration of this plan last year. The members of the parent or ganization in this way are apprised of the workings and ac complishments of the sections, to which they are entitled, and on the other hand it is a convenience to have the complete convention proceedings in one volume. I wish to commend the work of the section secretaries— Messrs. Babcock and Hanhart—and that of Educational Di rector Allen. During the year just closed there has been hearty co-operation between these departments and the gen eral offices, which has been of advantage to all concerned. Currency Commission. There was no occasion for the currency commission to be active during the past year, pending the outcome of the work of the National Monetary Commission of congress. When this monetary commission begins its deliberations, for future banking and currency legislation, without doubt our currency commission will be called into conference. Standing Protective Committee. When sixteen years ago, the association, with a small membership and in its swaddling clothes, took up the work of protecting the banks of the country from criminal operations, it was a far-sighted, keen and business-like action; and at that time the promoters could scarcely realize what its future, might bring forth. The wisdom of this movement is now ap parent and has been for some years. It is one of the impor tant features of the association’s work, and one which is probably more appreciated by the general membership than any other. The year’s work has been successful; the change made/ in the detective agency has proven a decided advantage to the association and its membership. The exhaustive report of the standing protective committee will enlighten you fully on this subject. The Standing Protective Committee, which has just com pleted its year of service, has responded to all calls for meet ings, and for the consideration of matters which have required its attention. The members of this committee have been painstaking and careful in the performance of their duties, and have on each and every occasion given of their valuable time to the interests of the important work entrusted to them. It is gratifying to report that, regardless of the malicious attacks made by the Pinkerton Agency, after the severance of our relations, and their untiring efforts to establish their own agency and to withdraw the support of the members of our association, our membership has steadily increased; there have been no complaints of the action taken in making the change, and only the heartiest approval of the work of the Burns & Sheridan National Detective Agency; and in the col- TH E 44 NORTHWESTERN lection of annual dues, commencing with the 1st of Septem ber, 1910, the Treasurer has received a much larger sum, in fact very nearly three times as great, as during the same period one year ago. Committees. I do not believe there has been a time in the history of the association when we have had so many live, active and pro- TALK NO. 9 The Cashier Says:— At the recent Bankers Con vention held in Birmingham, Alabama, I had the honor of addressing the distinguished assembly on the subject of ‘Handling the Routine Work in a Large Bank.* Of course I made it a special point to say a good word for the B urroughs A dding Machine. One of the strong points which I endeavored to impress upon them was the fact that ‘If they could spend with their customers the time ordinarily spent in making records of them they could make more money.* The Burroughs A dding Machine will save from one to two hours a day for any city Banker and he can make good use of this additional time in extending to the depositors those little courtesies which strengthen the business ties of any concern. The Burroughs people are always glad to suggest ways and means for reducing the time work and worry problems of your business. Let them make a practical demonstra tion to you. No expense, just tell themthatyouare interested. Burroughs A dding Machine Co. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis BANKER November, 1910. gressiv© committees, the members of which have been willing to give the necessary attention to the requirements of com mittee work. Great results have been obtained, and to these committees the association owes a vote of thanks for their loyalty, interest, and for what has been accomplished. State Associations. We now have in the Union forty-isix state associations. There are three states without associations—New Hampshire, Rhode Island and Delaware. I have followed closely the reports of the state associa tions; I have been in correspondence with the various state secretaries, and .1 have attended conventions or meetings in the following states: Washington, D. C., Texas, Oklahoma, Kansas, Iowa, New York and Pennsylvania; and from infor mation gained from all sources I am convinced that the state associations have been most successful, and have held better conventions this year than at any other time in their history. The successful group meetings, which have been held every where, the splendid state conventions, and the great interest on the part of members all have a strong tendency to create a greater interest in the American Bankers Association. Having been identified with the Organization of Secretaries of State Bankers Associations as its secretary since it was founded, I have been brought very closely into contact with the state secretaries and know what firm friends of our own great 'organization they are. I wish to state most emphat ically that I believe this organization should be made a sec tion of the American Bankers Association, with a representa tion of one member on the council, and that the secretaries should be recognized as delegates to our annual conventions. At the present time they have no standing, and unless they are bankers and can come representing their banks, they can not sit with their state delegations, but must take seats in the gallery. This proposed amendment would bind the two organ izations together and form a link which would be invincible. Legal Department. Our legal department is now firmly established, and is more and more appreciated each year by our members who take advantage of the excellent legal advice furnished by General Counsel Baton, whose opinions are published in our “Journal.” Mr. Baton's services are also invaluable to our sections and committees, and he is earnest and interested in every phase of the work. “ Th e Journal.” The “Journal” completed its second year on July 1st. Its popularity has increased monthly. It is one of the important features of association work and we are having continual evi dences of the appreciation of this feature by our large mem bership. Its consolidation with the “Bulletin” will make it an even more valuable publication than it has been in the past and will keep our members informed as to the institute as well as the association. Association Offices. The register in the general offices shows that there has been an increase in the number of visiting bankers during the past year. I wish to impress on our membership that we maintain at hearquarters in New York City a library and reading room which is at the disposal of our members at all times. The headquarters have also been frequently used for com mittee meetings, and for this purpose it has proven not only convenient, but desirable. To provide for the increase in departments and the neces sary work the association now occupies a suite of fourteen rooms and employs some twenty people. Routine W ork. During the fiscal year just ended, there have been sent out from the general offices about 236,000 circular letters, docu ments, codes, etc. This does not include the several thousand letters of our regular correspondence. We have introduced at this convention a new system of registration which we believe will prove much more conven ient and efficient than that used in the past. We are also issuing each day a complete registration list, conveniently arranged, which can be carried with ease for reference purposes. As has been my custom, as general secretary of the asso ciation, I attended the annual convention of the American In stitute of Banking in Chattanooga in June last. This conven tion, like the former annual meetings of this body, was first- TH E November, 1910. NORTHWESTERN CONDITION OF THE First National Bank of Dubuque, Iowa AT CLOSE OF BUSINESS JANUARY 31, 1910 CAPITAL SURPLUS AND PROFITS - $200,000.00 122,226.45 45 BANKER SECURITY National Bank S IO U X C IT Y , IO W A $250,000.00 185,000.00 C apital, C. H. EIGHMEY, President. E. A. ENGLER, Vice-President. B. F. BLOCKLINGER, Cashier A. A. KOESTER, Assistant Cashier class in every respect, well handled and the business of the convention transacted with the ability of veterans. During the year I have also attended some of the Chapter meetings and Chapter banquets. The new forms of credit blanks which were published in the May “Journal,” and which were prepared by a special committee, headed by James G. Cannon, of New York, have created wide interest, and very many of them are being used by our membership in obtaining statements from their cus tomers. Membership. Aug. 31, 1909. . , . ...................................................... ............ 10,682 Erased from the rolls, through failure, liquidation, con solidation and withdrawal ............................................ 781 Sept. 1, 1909, Membership .................................................. 9,901 Aug. 31, 1910, Members joined during year, including regained ..................................................................... . • •• 1,504 Aug. 31, 1910, Total membership............. ........................11,405 A net increase for the fiscal year of................. ............ 723 A net loss for the year in failures, consolidations, etc.130 A net loss for the year in delinquents.......................... 168 Total net loss.................................................................. 298 Making the actual gain in new and regained members.. 1,021 A ddition al Statistics on Mem bership Report. for the Secretary’s Surplus and Profits, W- MANLEY, President C. W. BRITTON, Cashier T. A.iBLACK, Vice-Pres. D. M. BROWNLEE Ass’t. Cashier tucky, 150; Louisiana, 147; Maine, 89; Maryland, 164; Massa chusetts, 246; Michigan, 354; Minnesota, 342; Mississippi, 144; Missouri, 379; Montana, 147; Nebraska, 329; Nevada, 29; New Hampshire, 47; New Jersey, 250; New Mexico, 48; New York, 903; North Carolina, 131; North Dakota, 210; Ohio, 501; Oklahoma, 254; Oregon, 128; Pennsylvania, 792; Rhode Island, 49; South Carolina, 124; South Dakota, 190; Tennessee, 125; Texas, 309; Utah, 49; Vermont, 61; Virginia, 184; Washington, 242; West Virginia, 144; Wisconsin, 303; Wyoming, 60; Can ada, 10; Cuba,-16; Hawaii, 9; Isle of Pines, 1; Porto Rico, 2; Mexico, 22. Total, 11,405. Mem bership of States and T e rrito rie s Having Less Than 100 Members. [As of August 31, 1910.] 49 Alaska ...................................15 Utah ......... 61 Arizona .................................54 Vermont ............. Delaware ..............................32 Wyoming ............................. 60 District of Columbia.......... 35 Canada .................................10 Maine ......... ......................... 89 Cuba .....................................16 Nevada .................................29 Hawaii ....................................9 New Ham pshire..................47 Isle of P in e s ......................... 1 New Mexico ....................... 48 Porto R ic o .............................2 Rhode Island ......... 49 Mexico ..................................22 628 Total Appreciation. It would not be possible to conduct so vast an organization as ours successfully, and to progress as an association of this The delinquent loss is the smallest in the history of the kind should progress, if your general secretary did not have association in proportion to the membership—less than 1% the hearty support of his associates, and I desire to express per cent. my sincere thanks for the uniform courtesy and able assist The aggregate capital, surplus and deposits of our mem ance received from the executive council, the vice-presidents bership amounts to almost $14,000,000,000. of the various states and the secretaries of the state associa The membership and resources of the association have lin- tions, as well as from the officers of the associations, and creased as follows: especially Treasurer Kauffman, who has always co-operated Paid Membership Annual Dues with us in handling efficiently the finances of the association. September 1, 1875 1,600 $ 11,606.00 He has been an energetic and enthusiastic official. To all September 1, 1885 1,395 10,940.00 those above enumerated is due largely our handsome increase September 1, 1895 1,570 12,975.00 in membership. To Assistant Secretary Fitzwilson and to our August 31, 1905 7,677 127,750.00 efficient office force much credit is also due for expeditious August 31, 1906 8,383 137,600.00 work and their willingness at all times to contribute to the August 31, 1907 9,251 150,795.00 success of the administration by faithful services and uniform August 31, 1908 9,803 162,507.00 courtesy. August 31, 1909 10,682 175,352.00 With this convention President Pierson ends three years August 31, 1910 11,405 (estimated) 187,042.00 of active service as an official. Mr. Pierson was elected chair Interest on bonds and corporate stock........$4,650.00 man of the executive council when I was first elected as your Interest on bank balances (estimated)........ 1,280.00 5,930.00 secretary. It is with keen regret that our official relations are now to be severed. For the past two years the chairmen Making the total income...................... ......................$192,972.00 of our executive council residing in western cities has made it necessary for Mr. Pierson to act as a resident representa Mem bership by Years. of the chairman. During all of his administration he has In 1899, 3,915; 1900, 4,500; 1901, 5,504; 1902, 6,354; 1903, tive shown utmost interest in the association and its work; he 7,065; 1904, 7,563; 1905, 7,677; 1906, 8,383; 1907, 9,251; 1908, has been indefatigable in his labors; he has shown the inita9,803; 1909, 10,682; 1910, 11,405. tive; is resourceful, energetic and conservative yet broad, and Division of Banks in Association August 31, 1910. through all of this period of time perfect harmony has pre vailed. Added to all of this is Mr. Pierson’s service as chair Alabama, 141; Alaska, 15; Arizona, 54; Arkansas, 151; California, 453; Colorado, 186; Connecticut, 158; Delaware, man of the bills of lading committee for a number of years, 32; District of Columbia, 35; Florida, 110; Georgia, 311; Idaho, the work of which committee is now being brought to a suc 117; Illinois, 807; Indiana, 350; Iowa, 411; Kansas, 390; Ken cessful culmination. Now that the bond and the close ties https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 46 TH E NORTHWESTERN Peoples Savings Bank DES MOINES, IOWA Established 1890 CAPITAL (Paid in) - $50,000.00 CAPITAL (Earned) - 50,000.00 $ 100,000.00 SURPLUS and PROFITS (Earned) 120, 000.00 DEPOSITS over 2,000,000.00 C. H. M ARTIN - - - . F. P. F L Y N N ..................... E. A. SLININGER - - GEO. Y. HARRITT - - President Vice President Cashier Asst. Cashier Accounts of Banks and Bankers Solicited are to be broken and our relations are to be severed officially, I can look back on these three years with unalloyed pleasure. Prospective. It is only recently that some new history became known through Mr. James T. Howenstein, formerly of St. Louis, Mo., in connection with the organization of the American Bankers Association in 1875. A short time ago Mr. Howenstein gave me the facts which led up to this action. He said: “It was women who gave us the inspiration. At that time the bankers of the country were very much depressed over conditions. Mr. Breck (also of St. Louis) and myself were on our way home, and passing the auditorium noticed crowds of women coming out of the building. It was a suffragists’ meeting. The idea came to me that if women could get together to heal their sorrows and woes, why couldn’t bankers get together to shoo their sorrows?” Mr. Howenstein issued the call for the preliminary meet ing which was held in New York City May 24, 1875, and from this meeting of seventeen bankers emanated the call for the convention at Saratoga in July, 1875. It is a fitting tribute to this great organization and to our bankers that with each succeeding convention the attendance of ladies increases. We are just entering the deliberations of our thirty-sixth annual convention. Months of preparation on the part of the local committee of bankers in Los Angeles, and the executive officers of our association have culminated in what bids fair to be the most successful convention in the history of the association, entertained as we are going to be in the beautiful city of Los Angeles—the pride of the western coast; a city of prosperity and energy; of wonderful growth and resources. I would like to take this opportunity to pay a tribute to the manner in which the various committees have arranged the details of this convention and the entertainment which is in store for us. This convention with its unqualified success, which I know will be the verdict when it will have adjourned, is the forerunner of what we can expect in the future. To stand still means to retrograde. We are bound to advance, and with the increased interest of our members our future cannot be other than most brilliant and promising. R E P O R T O F T H E T R E A S U R E R O F T H E A. B. A. Mr. P. C. Kauffman. You will find my financial report as treasurer printed on page 12 of a pamphlet which has been distributed throughout the hall. There is no necessity, therefore, for my reading the report in full, but I wish to call your attention to a few of the most important items. The cash balance on hand September 1, 1909, was $2,107.86. The total receipts for the current year were $186,021.47. Owing to the increasing activity of the association in all lines, the expense of operation for the year was $186,850.43 leaving a cash balance September 1, 1910, of $1,278.90. On August 6, 1910, the secretary forwarded to the treas urer for collection, 10,987 drafts on account of the current membership dues, amounting to $178,297.50. These drafts were at once sent out for collection, and up to this writing https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis BANKER November, 1910. E xclu sive lines of Grain, Milling, Lumber and Jobbing Paper of M in n eapolis, and St. Paul Especially suitable for Northwestern Banks Offerings on application STEVENS-CHAPMAN & CO. Commercial Paper and Investment Bonds Northwestern National Bank Bldg. MINNEAPOLIS State Savings Bank Bldg. ST. PAUL over $125,000 has been collected, and the treasurer expects to have the collection completed by the last of October. For investment, the association holds the following stocks and bonds, which are deposited' with the Bankers Trust Com pany of New York, as per instructions of the executive coun cil. Interest on these securities is regularly collected by the Trust Company and forwarded to the treasurer, and by him credited to the association account. The securities are as follows: $10,000 government 4 per cent bonds of 1925. 30.000 Atchison, Topeka & Santa Fe 4 per cent bonds of 1995. 50.000 Chicago, Burlington & Quincy Illinois Division 4 per cent bonds of 1949. 1 30.000 New York City Registered Corporate Stock, 3V2 per cent, due 1940. I sincerely trust that every member of this association, certainly every member present, will analyze the treasurer’s report carefully, especially the financial statement appended thereto, showing the appropriations made to and expendi tures made by the several sections and committees, as it is only by a careful perusal that you will be enabled to gain a clear insight into the activity of this great organization, and appreciate fully the magnitude of the work it is doing. In my report at Chicago last year I explained fully the manner in which the financial accounts of the association are kept, and I would like that portion of last year’s report, which is found on page 99 of the report of the Chicago convention, to be considered in connection herewith. It is difficult to see how any improvement could be suggested, as the work is so thoroughly systematized. Tllis being my last term as treasurer, for I take it that the unwritten law of two terms” will prevail at the convention, I will turn over the cares and responsibilities of my office to my successor, whoever he may be, congratulating him that on account of the splendid organization that prevails in Sec retary Farnsworth’s office in New York, he will find the cares of the office to be but few and the responsibilities light. I desire to express my sincere thanks to Secretary Farns worth and the assistants in his office for the uniform cour tesy I have received from them during my tenure of office. It has been pleasant indeed to have been associated with such competent officials. To the members of the American Bankers Association, who have twice honored me by election to the high office of Treasurer; to the officers of the association .and of the several sections; to the members of the executive council, collectively and individually, I desire to express my deep appreciation of the high honor conferred upon me, assuring you that one of the happiest and pleasantest experiences of my life has been my official connection with this great association, and I am sure it will ever remain one of my brightest recollections. ARKANSAS. Council Bluffs, Iowa.—The Charles E. Walters Company, of .Council Bluffs, Iowa, is continuing its unsurpassed services’ in the behalf of bankers desiring to sell their interests, and others desiring to buy. The demand is strong and those on either side of the market will do well to get in touch with this company. November, 1910. THE NORTHWESTERN THE G E R M A N 47 BANKER SAVIN GS BANK of D a v e n p o rt, Io w a <1 With adequate equipment and exceptional facilities for handling business in every depart ment of Banking, The German Savings Bank is in a position to give its patrons the best ser vice. CLIf you contemplate making a change in your banking connections, or think of open ing a' new account, w e would be pleased to ■confer with you in person or by letter. Commercial A ccounts CHAS. N. VOSS. Prei. SEIFFERT, Vice.Pnes. Capital Stock $600,000.00 Surplus 450.000.00 Undivided Profits 305,000.00 Savings D eposits ... OFFICERS... DAVID H. McKEE, Vice-Pres. ED. KAUFMANN. Ca»hier. F. C. KROEGER. A»«'t C uhier The Protective Department of the A . B. A . Report by L. W . Gammon at Los Angeles Convention I have the honor to submit this, my first annual report, con taining a summary of the work of the protective department during the fiscal year ending August 31, 1910, as submitted and approved by the standard protective committee. The arrests made by our former detective agents, our pres ent detective agents, and other qualified officers in cases where members of this association were interested number as follows: Forgers and swindlers ................................... 173 Sneak thieves .......................... 2 Hold-ups ....................................................................... 7 Burglars ............. 17 Total.......................................................... 199 Of the above total (199) forty arrests were made during the period prior to November 22, 1909, and in the closing days of >the work of our former detective agents, and 159 arrests have been made during the period covered by our present de tective agents. Of the arrests above mentioned ninety-eight were convict ed, fifty-seven are awaiting trial, twenty-seven acquitted, thir teen are fugitives from justice, four were killed or committed suicide. Financial Statement. From Sept. 1, 1909, to Aug. 31, 1910, inclusive. Sept. 17, 1909, By appropriation of execu tive council ..........; ........................$25,000.00 May 3, 1910, by appropriation of executive council :................................... 12,000.00 May 3, 1910, By appropriation of executive council ...................................... 25,479.35 --------------$62,479.35 By refund of Pinkerton’s National Agency........ 49.42 By amount received from Merchants National Bank, Indianapolis, Ind. j .................................. 4.41 $62,533.18 Disbursements. Bent ......................................... . . . . . . . . $ 416.60 Salaries .......................................................... 4,953.93 Telephone, telegraph and cablegrams---262.93 *Pinkerton’s National Detective Agency account special work............................ 15,837.77 fPinkerton’s National Detective Agency, account retainer ................................... 16,425.95 Burns & Sheridan National Detective Agency, Inc., account special work.. 16,483.60 Burns & Sheridan National Detective Agency, Inc., account retainer........... 6,295.88 Establishing agencies ................................ 531.96 Books, stationery and printing................... 141.70 Extra help .................................................... 39.75 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Executive Council Meeting at Atlantic City, N. J ........................................... 25.00 JTexas Bankers Association, Austin, Tex., account pro-rating .............................. 112.08 Department’s expenses—ice, water and 18.65 towels .......................................................... Sundries, storage chests, press clippings and witness fees ........................................ 45.95 $61,591.75 August 31, 1910, Credit Balance... ? 941.43 fThe disbursements on account of the work of the Pro tective Department from September 1, 1909, up to and includ ing August 31, -1910, amounted to $61,591.75. Of the $16,425.95 retainer fee paid the Pinkertons, $9,758.00 was paid for the months of May, June, July and August for the fiscal year ending August 31, 1909. *Of the 15,837.77 paid the Pinkertons for special work, $9,154.37 was on account of special cases (unpaid bills) con tracted for during the fiscal year ending August 31, 1909. JThe amount paid the Texas Bankers Association, $112.08, was in connection with pro-rating a case contracted for prior to the close of the fiscal year ending August 31, 1909. The total of the amounts mentioned above, which were in curred during the fiscal year ending August 31, 1909, but paid during the present fiscal year, is $19,024.45. Prior to this year such items as rent, salaries, books, sta tionery, printing, telephone, telegraph, traveling expenses, extra help, etc., were always paid by the general secretary’s office, and were not charged against the work of the protective committee. These items amount to $5,904.51 this year. The protective department was established under my man agement September 1, 1909. At that time the Pinkerton’s National Detective Agency were our detective agents. On November 22, 1909, a. change was made by the standing pro tective committee and the general officers of the association, and a new contract was entered into with the Burns & Sheri dan National Detective Agency, Inc. The Pinkertons con tinued to investigate all cases that had been previously taken up by them prior to November 22d until December 20th, when they ceased to investigate any oases for this association. Upon assuming the management of this department the first instructions I gave our detective agents were that all daily reports should contain itemized daily charges for each day’s operations. My object in issuing such instructions was primarily to decrease the possibility of excessive or improper charges that might be incorporated in the bills when pre sented at the end of each month. Formerly there was prac tically no way of checking the bills as rendered, and by hav ing the charges embodied in each day’s reports it is a very simple and sure method to determine if the charges were in curred or not, and if they were legitimate; also if any errors occurred they could be rectified at once. In this way it facili- THÈ 4$ NORTHWESTERN Public Accountant and Auditor _ , . OdVOfipOftf lOWSi J. C. FRENCH Cashier So. Omaha Nat. Bank. Elected Treas. Neb. Bankers Association, Omaha, September 28, 1910. the chances of reports being misplaced, and facilitated the handling of same and in keeping track of the progress made in each case; not to mention the amount of time saved. The various cases are filed alphabetically by states, cities and towns in the states, and banks in the cities and towns. During the year this department received 13,997 reports W. DEAN H ig h est G rade C o m m e rcial P ap er C o rresp o n d e n ce In v ite d https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis FIRST NATIONAL BANK C a p it a l a n d S u r p lu s $ 2 0 0 , 0 0 0 , tated the checking up of bills at the end of each month and saved a great deal of time as well. At the beginning of the fiscal year, September 1, 1909, a new system of filing was inaugurated, whereby each case re ported to the department received a separate jacket with the proper notation thereon, showing the name of the bank report ing same, and the nature of the case. In this way it lessened FRED 1910 . OF DAVENPORT, IOWA. B a n k s a n d C o r p o r a tio n s A u d ite d ■% November, A. Burdick, Pre*. Joe R. Lane, Vice Pres. John P. Van P atten, Vice Pres Lew J. Yaggy, Cashier W ill J. Housman, Ass’t Cashier C. A. Mast, REFERENCES: BANKS IN DAVENPORT BANKER Send us your Davenport business. T he first National Bank in operation in the U nited States. from our former and present detective agents, and each report was read over, and the charges embodied therein were checked up. In addition to the reports there were received 1,443 letters, telegrams and cablegrams; and 4,439 letters, telegrams and cablegrams were written in connection with the work. The above figures do not include communications received from state bankers associations throughout the coun try, as well as police departments, local authorities, sheriffs, etc., such as circular letters, warnings, notices of reward, etc. Under our former detective agents this association did not receive the photographs of criminals with the exception of those contained in the bulletins which they issued quarterly to our members. Since our present detective agents have taken up the work this association has received photographs of all criminals who have operated and are likely to operate against our members, with a result that we now have 1,197 photographs in our gallery, none of which are “dead ones.” This gallery will hold approximately 6,000 photographs. Addi tional photographs are being received daily which are of great value. A complete record is kept of each photograph by hav ing a numbered card corresponding to the number of the photograph, as well as a criminal card giving the description and complete history of each criminal. In addition, a com plete card record is kept of the operations of all persons re ported by our members, irrespective of whether a member has been operated on, or a depositor or individual. In that way a record is kept and we can determine that although a person may be responsible for a depredation on a member of this association, the evidence is not sufficient to secure a convic tion for that particular crime, we have our detective agents try and arrange for his surrender to other authorities in con nection with some other crime. All matters for the monthly “Journal” which are reported by our detective agents are verified by the protective department before being published. For a more detailed statement of the results obtained in each individual case, I respectively refer you to the monthly “Journal of the American Bankers Association,” published with the “Bulletin of the American Institute of Banking.” There are two points that I especially desire to call your attention to: First.—As to the so-called “Yegg” burglars, which our former detective agents predicted would commence their op erations when they learned that the Pinkerton Agency were no longer the detective agents of the American Bankers As sociation. Second.—The prediction that the rates for burglary insur ance would be increased. These predictions have not come true, and it can be read ily seen that predictions of this nature are only problematical, and to say the least, dangerous. Of the burglaries and attempted burglaries, which number twenty-six during the fiscal year just ended, under our former detective agents, covering a period of eighty-three days (from September 1, 1909), there were nine cases, all being profes sional with one exception. They made no arrests, directly or indirectly, in any one of these cases. One arrest was made by the police of St. Louis, Mo., after the association had sevGapital $100,000 Merchants National Bank S io u x City, Io w a Accounts of Banks and Bankers Solicited O F F IC E R S Scuritv B ank B ldg., M IN N E A P O L IS , M IN N Surplus and Profits $75,000 E. W . RIC E President E. B. S P A L D IN G , V ice-President G . N . S W A N , C ash ier November, 1910. TH E NORTHWESTERN S E C U R I T Y SAVINGS BANK CED A R R A PID S IO W A E. M. SCOTT, President J. R AMIDON, Vice-President C. D. VAN VECHTEN, Vice-President FRANK FILIP, Cashier ered relations with, the Pinkertons. The man arrested was trying to redeem a watch from pawn which was identified as being part of the loot taken by those who burglarized a bank member at Stronghurst, 111. This man was returned to that place for trial, and later acquitted. Under our present detective agents’ contract, covering a period of 283 days (from November 22, 1909), there have been seventeen burglaries and attempted burglaries, eleven of which were professional and six amateur. Fifteen arrests have been made in eight cases during this period by the Burns & Sheridan National Detective Agency, Inc., who are entitled to the full credit for ten arrests in five cases. ’ (This includes one rearrest.) The local police and other officers are entitled to full credit in three additional cases, with a total of six ar rests. So out of a total seventeen cases sixteen arrests have been made in eight cases, and the prospects are very good for other arrests. It has been determined who the responsible parties are in the above cases with the exception of three, and it has so far been impossible to secure any results in these three cases, for the reason that no one could identify the parties implicated in those cases. In the matter of arrests, I'wish to state that they were made in connection with operations against members of- this asso ciation. Formerly the number of arrests included all those made in connection with investigations made for the various state bankers’ associations, surety companies, etc. While the report as formerly submitted was misleading, inasmuch as a large number of arrests were reported and carried on the rec ords when, as a matter of fact, they had nothing whatever to do with this association, as a number of these arrests were on account of operations where our members were not inter ested. They were carried under the title of “General;” very few of our members understood the distinction between the titles of “Special” and “General.” Our present detective agents, in making their annual report, only report the cases where our members are interested, and do not include private cases that they have investigated. For some time back the protective committee did take up amateur cases where the persons implicated were apt to be come professional. In the past year we have devoted a great deal of time and expense to investigations of amateur cases. Of course this broad view taken by the protective committee is meeting with the approval of our members. Heretofore the amateur cases were not investigated by this association, and if one was made the expense had to be borne by the bank member interested; this year no member has been called upon to pay for any investigation of a case they reported to this department where they had the necessary warrant sworn out and agreed to prosecute the culprit should he be apprehended. I hardly consider it necessary to call your attention to any particular case, as mention has been made of the various cases under the protective department in the monthly “Journal.” In connection with legal matters appertaining to the pro tective department I have had the able assistance and hearty co-operation of the general counsel of the association. The protective department is connected with the Burns & Sheridan National Detective Agency, Inc., by private tele phone, thereby avoiding delays in transmitting messages and insuring secrecy from the public. This department has all the reports that have been ren dered to the standing protective committee by our former de- https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 49 tective agents for the entire period of their retention by the association (fifteen years), and they are being arranged in keeping with the present system of filing. In conclusion, I wish to thank the members of the standing protective committee, special protective committee, the gen eral secretary, and various officers of the association, as well as individual members, police and federal officials for their hearty co-operation and assistance rendered to me during the fiscal year just ended, in furtherance of my efforts to obtain the best results for the interests of the American Bankers As sociation. REPO RT Capital and Surplus, Q uarter M illion Dollars Deposits $1,825,000.00 BANKER OF C O M M I T T E E ON E X P R E S S C O M P A N I E S A N D M O N E Y O R D E R S A. B. A. Your committee on express companies and money orders beg to report that since the last meeting of the association in Chicago we made the following report to the executive council concerning the status of the case of the American Bankers Association versus the Express Companies: “The decision of Commissioner Clark on the two points which have been passed on by the commission places the asso ciation in a most peculiar position. The commission admits jurisdiction in the case and has refused to dismiss it as de manded by the attorney for the express companies. It recog nizes that the association has proved that discrimination ex ists of a kind which should estop the express companies from doing a banking business, provided the extent of such discrim ination is sufficient to warrant such action. The commission then puts it up to the association to prove the extent of such discrimination in dollars. “The association had presented unrefuted evidence to the commission by witnesses from the states of Illinois, Minne sota, Wisconsin, Kansas and Arkansas that discrimination ex isted in those states. It also presented written evidence that such discrimination existed in every state in the United States and in practically every county of one state, namely, Kansas. This was as far as the Association could go without access to the books of the express companies, as the total amount of the banking transactions of these companies could only be obtained from the express companies’ books. “In order to get such information the attorneys for the association asked the commission to have the books of the express companies presented for examination. The commis sion refused this request of our attorneys, probably .because they did not have sufficient money to carry on the desired in vestigation of the express companies’ books. Whatever the reason may have been, it put the 'association in this position: Its right of action is admitted; the discrimination claimed by it is admitted, and it is only asked to state the extent of the known wrong actions of the express companies in order to win its case. It is then refused permission to go to the only source from which the information demanded by the commis sion can be obtained, and such refusal is given by the commis sion itself. “Under the circumstances our attorneys, Messrs. John S. Miller and George Packard, of Chicago, advise us that it will, in their opinion, be useless to spend money in prosecuting the case along the lines originally planned. Your committee has E V E R Y B A N K E R SH O U LD U SE EM BOSSED S T A T IO N E R Y Steel Die Embossing produces Letter Heads, etc., vastly finer than printing or lithographing. Send for samples, sketches or prices. The only plant in Iowa making letterheads “The Better Way’’. D. E. M OON P r in tin g a n d E n g r a v in g 702 M u lb e r r y S t., D e s M o in e s Co. 50 TH E NORTHWESTERN BANKER November, 1910. unanimously concurred in their judgment and recommends M U N IC IP A L PU B L IC IT Y . that their advice be followed and that the suit be dropped for the present.” Detroit Enters the A dvertising Field. Also, we beg to report that at the spring meeting of the We have received at this office a copy of the first number council instructions were given this committee to submit a plan, by which the banks of this country could issue a do of the “Bulletin of the Detroit Board of Commerce,” which mestic and foreign money order similar to that now being will be published monthly in the interest of the beautiful sold by the government and the express companies. We ex “City of the Straits” and are glad to note that another of our pect within a short time to submit such plan-to the banks for great cities has entered the fold of those who believe that their approval, and upon securing the agreement of a suffi it pays to advertise. That Detroit has entered the list is, no doubt, largely due cient number of banks to adopt such a system we expect to present a contract to the executive council at its spring meet to the personal efforts of the editor of The Bulletin, Mr. E. St. Elmo Lewis, the well-known advertising manager of the ing for its approval, after which it will immediately put the Burroughs Adding Machine Company, and president of the system into use. The plan favored by your committee is to have the Bank %National Association of Advertising Managers, who, together ers Trust Company of New York act as the fiscal agent for with four of the advertising managers of Detroit concerns, the banks wishing to issue such orders, just as it now acts as constitutes the publicity committee of the board. Mr. Lewis has addressed many commercial bodies over agent for those banks that issue the association travelers’ cheque, and the system will be operative along similar lines' the country on this hobby of his and his influence has been to that now in use in the travelers’ cheque. You will appre potent in the establishment of many of these bodies of pub ciate the amount of work required to get such a system into licity boards which have accomplished much good for their operation, when you realize that the business now transacted respective municipalities. If we nay judge from an article in The Bulletin by W. M. by the express companies and the government in the foreign and domestic orders amounts to more than seven hundred mil Stocking, on the growth of the city in the last decade, Detroit lions of dollars ($700,000,000) annually. This amount is made has fared well indeed and we shall expect great results to follow a publication to the world of the many advantages of up of money orders, whose average amount is under $10.00. Due to the tremendous detail involved, we are not in posi the city as a place in which to live and earn money. The increase in her population from 285,704 in 1900 to 465,766 in tion to guarantee that the trust company will accept the proposition, but the council having instructed us to arrange 1910 or 63 per cent shows a greater percentage of growth with them if. a mutually satisfactory contract can be drawn than for any other large city in the country. The automobile up, it is our intention to,-continue our negotiations with the industry has undoubtedly been the largest single factor in the growth of Detroit during the past ten years. But there are hope of inducing them to undertake this project. Since the last meeting of the association in Chicago the others. The great stove companies have all increased their work of introducing the American Bankers Association trav capital and have made large additions to their buildings, the eling cheque has proceeded to the entire satisfaction of your oar shops have added many acres, a new ship-building com committee. At that time we reported some 1,300 banks as pany has put Detroit at the head of the ship-building ports on having adopted the system and that some $2,400,000 Of the the Great Lakes and the manufacture of Malleable iron and steel has grown amazingly. cheques had actually been put into circulation and cashed. The removal from St. Louis to Detroit of the Burroughs We now have to report that some 1,980 banks are issuing the cheques, not including some 400 or 500 branch offices where Adding Machine Company has added over 2,000 men to De cheques are being sold, with the result that since the estab troit’s industrial forces and put the city ahead of all other lishment of the system $10,000,000 of the cheques have been cities combined in the adding machine field. Not only have put into circulation and been cashed by the trust company. new industries such as this added largely to the population These cheques have circulated and passed current in all sec and prosperity of the city, but almost every industry that was tions of the world to the entire satisfaction of the traveling in existence at the beginning of the decade employs a much public. We hear now only at long intervals where anyone larger force than it did then. Banking capital and surplus has grown from $9,815,100 to carrying an American Bankers Association traveler’s cheque has any difficulty whatever in cashing it, no matter where he $18,410,000 or 88 per cent; deposits from $69,555,414 to $134,may happen to be, and we have reason to believe that com 682,958 or 93 per cent; which shows that the growth of popu plaints of this character have been less with respect to the lation has been attended by an even larger growth in wealth. A very interesting article on “Welfare Work in Detroit American Bankers Association travelers’ cheque than with any similar system, no matter how long it has been estab Factories” deals with a subject which is receiving much at tention these days and publicity given to the work of such lished. We bespeak the continued co-operation <3f the members of concerns as are caring for the creature comfort of their em the association in giving their customers what we believe to ployes will do much to create interest and cause emulation be the best medium of exchange ever offered to travelers by on the part of others. The Bulletin is a fine example of the publisher’s art, its any bank or any association of banks in the world. We think it is a matter of congratulation to the American thirty-two pages are filled with interesting articles copiouslybankers that this system has been installed in banks in Great illustrated. The citizens and the city will be greatly benefited Britain, on the Continent, South America, West Indies, India, by its publication and we hope that the spirit of civic pride China, Hawaii, the Philippines and other foreign lands as the which inspires it will spread to other cities. We heartily most perfect paper for travelers that has yet been devised. , commend the Detroit Board of Commerce in the new venture. Your committee wishes at this time to express its deep sense of obligation to the untiring efforts m ^ifested by a KANSAS. former member of our committee, who, owing to stress of Council Bluffs, Iowa.—The Charles E. Walters Company, business and large responsibilities placed upon him, has felt of Council Bluffs, Iowa, has increased its corps of active offi it necessary to retire from our committee. The banks of this cers. Those in daily charge of the business are now C. E. country owe a great deal to the energy and ffielp of Mr. Fred Walters, president; C. A. Chapman, vice-president, and R. W. I. Kent, without whose efforts it would not have been possible Walters, secretary. Very active sales are the result of their to have worked out the happy solution reached in the Ameri system, and they are making a special effort to meet the can Bankers Association travelers’ cheque, strong demand for good Kansas banks. Very truly yours, Joseph Chapman, Jr., Chm. O KLAH O M A. M. E. Ailes. Council Bluffs, Iowa.—This lit? town in Iowa is used as Thornton Cooke. headquarters for a very large business in the sale of banks E. D. Durham. and bank stock throughout the United States. Thq Charles J. T. Talbert. E. Walters Company has been engaged in this active business for more than six years. “Nature keeps books with the individual. Her jus tice consists neither in the debit nor credit side of her ledger— but in the difference, the net, the balance, the equity.” https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis “You cannot dream yourself into a character; you must hammer and forge yourself into one.”— James Anthony Froude. TH E November, 1910. NORTHWESTERN BANKER 51 IOWA NATIONAL BANK FLEMING BUILDING, DES MOINES, IOWA STATEMENT SE PT . 1,1910 ASSETS. L o a n s.................... $4,923,166.54 Overdrafts .............................................. 34,658.02 TJ. S. and other b onds............................ . • $716,013.13 Furniture .................................... $16,000.00 Cash and due from banks......................... 2,325,819.99 $8,015,657.68 Total ................... LIABILITIES. Capital .............. $,1,000,000.00 306,749.93 Surplus and undivided profits................. Circulation ..........— *................................ 605,350.00 Deposits ............................. 6,103,557.75 T o ta l...................................................$8,015,657.68 ¿8 HOMER A. MILLER, Pres. Officers H. S. BUTLER, Vice Pres. Largest National Bank in Iowa. Makes a speci alty of farm loans for its correspondents. Write for rates. £3 H. T. BLACKBURN, Cashier. Mr. Sears is the oldest active banker in the state of Iowa. The Traer State Bank, of Traer, with a capital stock of $60,000, has amended its articles of incorporation, ex tending the life of the institution twenty years. Malcom V. Bolton & Co., of Cedar Rapids, have en K. K. Keith, of Eagle Grove, has recently been elected gaged A. R. Collins, formerly for eleven years cashier of president of the First National Bank of Coleman, S. D. the Bank of Oelwein, as salesman and general assistant. Earl S. Kiernan has taken up his duties as assistant J. M. Logan, formerly cashier of the First National bookkeeper at the State Savings Bank of Hornick. Bank of Elliott, died after a lingering illness. He had Miss Mabel Fletcher, formerly of Cherokee, was mar been suffering for two years and the last eight months in ried in Fort Dodge to Ezra Moore, of the First National a hospital. He was a Methodist and a prominent Mason. The statements of the Mechanics Savings Bank of Des Bank. The officers of the First Trust & Savings Bank of Mus Moines shows that it has total resources of nearly threecatine have issued a notice of the increase of the stock of quarters of a million dollars, all of which the deposits rep resent $642,693.82. that organization from $80,000 to $100,000. President Homer A. Miller, of the Iowa National Bank D. Davenport, president of the Iowa State Savings Bank of Creston, recently suffered a slight stroke of par of Des Moines, who with Mrs. Miller has been making a brief tour of England and Germany, arrived in New alysis, but is slowly recovering. York City recently and is now at home. Joel E. Carlson, of the First National Bank of Boone, Madison Klotz, Jr., has accepted a position in the Lou has departed for Denver for a visit with his sister, Mrs. isa County National Bank of Columbus Junction. Mr. John S. Doud. Klotz is a young man of industry and worth and will make The board of directors of the Iowa National Bank of good in this position. Davenport have adopted resolutions on the death of the Mr. F. W. Paulger, cashier of the Security Savings late president, A. P. Doe. Bank of Cedar Falls, who recently went with his family Frank Leverman, of Alton, has purchased an interest to Eureka Springs, Kan., in order that he might rest and in the Bank of Brunsville and will assume the position of regain his health, is reported much improved. cashier. An attempt was made to rob the bank at Haskins, but John Lande has accepted a position with the Farmers failed. The robbers were evidently frightened away, as and Merchants Bank of Ireton as bookkeeper, ■ and will they blew off the lock of the vault and had soaped the safe enter upon his duties in the near future. door, but nothing was taken. The Farmers State Bank of Charter Oak has filed S. H. Archibald, of Wapello, has been tendered the amended articles of incorporation renewing its charter for cashiership of the People’s State Bank, the leading bank twenty-five years, or until July 1, 1935. of West Liberty, and has accepted the position, his duties L. S. McCracken, a former Hamburg boy, but now- to begin November 1st. cashier of the bank at Imogene,.has purchased property Mrs. M. E. Jones, wife of the cashier of the Crawford in Imogene and will build a home in that village. County Bank of Denison, has been called to Chicago by I. H. Sears, president of the Scott County Savingsthe serious illness of her mother, Mrs. Miles. The recov Bank of Ottumwa, will soon be eighty-nine years of age. ery of the mother from her trouble is hardly expected. IOWA NEWS AND NOTES https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 52 THE NORTHWESTERN BANKER November, 1910. bank has been a decided success from the start and much of the credit is due Mr. H. E. Oldaker, the able cashier. H. D. Smith has sold his residence property in Primghar preparatory to making his removal to Marcus where he will take the position of cashier of the National Bank of that place. The name of the purchaser has been with held for the present. IOWA NEWS AND NOTES At the annual meeting of the stockholders of the Stockport Savings Bank the following officers were elected : Peter Nelson, president; Newton Stonebraker, vice-presi dent; J. H. McCarty, cashier; Floyd Johnston, assistant cashier. The officers and directors of the Citizens Trust and Sav ings Bank of Davenport, the Buffalo Savings Bank and the Bettendorf Savings Bank were entertained by the officers and directors of the Stockmen’s Savings Bank at Long Grove. J. A. Hanley, of Clinton, acted as toasL master. John Hogan, cashier of the German Savings Bank of Des Moines, has left for an extended trip through the eastern states. Most of his time, however, will be spent in New York City. He is expected to be gone about two weeks. L. J. Palda, manager of the foreign department of the People’s Savings Bank of Cedar Rapids, leaves soon for Cleveland, Ohio, on business and also to see his old friends and relatives in that city, which was his first American home. Then it was a place of about 80,000 inhabitants and now it has over half a million. Early in the season the Cedar Falls National Bank set its mark at a million dollars and on October 8th the total resources were above $950,000, . making the largest amount ever attained by that bank. Ever since the big crop outlook the resources of the bank have been on the increase and if the present advance continues it will not be long until the million dollar mark will have been reached. This is certainly a fine showing for this hustling institution and it is a record in which the bank can take commendable pride. A bank at Ulmer, to be known as the Farmers Savings Bank, has been recently organized. At a preliminary meeting the following officers and directors were elected: President, M. M. Heptonstall; vice-president, Chas. O. H ill; cashier, C. H. Townsend. Among the improvements in progress in Marengo the most important is that of the German Savings Sank lo cated in the Masonic Block. The bank is expending about $3,000 in remodeling the rooms and putting in an up-todate equipment. The officials in the Bank of Conray at their last annual meeting found it necessary to employ a helper to assist m transacting the institution’s growing business. The THE Cedar Rapids National Bank CEDAR RAPIDS, IOWA U N ITED S T A T E S D EPO SITA R Y Established A sa Private Bank 1877 As a National Bank 1887 55 Years of Continuous, Conservative and Successful Ba n k ing OFFICERS: f M ™ ...................................President i r i n t X p D ^UG LAS....................... . Vice-President KENT C. F E R M A N ...........................I........ ............Cashier RALPH VAN VECHTBJf, F ir st V ice-P resid en t Com m ercial N ational Bank, Chicago. GEO. B. DOUGLAS, D o u g la s & Co., Starch M anufacturers. ED. H. SMITH, Secretary F arm ers Insurance Company. J. M. RISTINE, P h ysician and Surgeon. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis LOUIS VISHA.......................................... M ARTIN NEW COM ER A. R. SMOUSE .Asst. Cashier .Asst. Cashier ...........Auditor DIRECTORS C. D. VAN VECHTEN, G eneral A gen t N orth w estern M utual L ife In su ran ce Company. J. H. INGW ERSEN, P resid en t P eop les Trtíst Bank, Clinton, Iow a. and GLENN M. AVERILL, Secretary and G eneral M anager R apids Gas L ig h t Company. Unsurpassed facilities for the handling of accounts of Iowa banks. RESERVE AGENTS FOR NATIONAL BANKS Savin gs Cedar November, 1910. TH E NORTHWESTERN O F F IC E R S J . E. BURMEISTER, President J . D. BROCKMANN, Vice-President ' BANKER 53 Capital Stock • $150,000.00 Surplus • - • 150,000.00 Undivided Profits = $18.897.95 Deposits » = $1,919,124.78 F. B. YETTER, Cashier L. G. BEIN, A ssistant Cashier. IOWA NEWS AND NOTES Theo. L. Youngers has resigned his position with the LeMars Savings Bank to take a more lucrative position. He has secured the assistant cashiership of the First Na tional Bank at Hudson, S. D. Mr. Youngers has made many friends in LeMars during his stay there and they wish him well in his new surroundings. The four national banks of Des Moines have on hand $1,828,000 in excess of the legal requirements for reserve. The law provides that the national banks shall keep on hand at all times not less than 25 per cent of their depos its. The national banks of Des Moines carry 38.3 per cent, or nearly 14 per cent more than the law demands. Bank Commissioner Roberts has left for Washington, D. C., where he will attend the annual meeting of the supervisors of state banks: The main question under dis cussion at the meetings will be supervision and examina tion. The meetings will be held in the office of the na tional comptroller of currency. The transfer of the controlling interest in the First' State Bank of Nashua held by Nathan Friend, of Chicago, was purchased by C. D., A. E. and Melvin Ellis and H. M, Walleser, of Charles City. The institution is one of the oldest in northern Iowa and was organized by Lipman Loser in 1870. The bank will be under the direct control of H. M. Walleser. The First National Bank of Cherokee has opened for business in its new quarters. The remodeling and refur nishing of the bank building have been in progress since spring and the work has been thoroughly done. The new quarters are among the best planned, most elegant and substantial in that part of the state, being model both in convenience and in security. Mr. H. E. Myrah, who has been connected with the banking interests of Roland for the past score of years, first in the capacity of cashier of a private bank and later as president of the Farmers Savings Bank, has tendered his-resignation to the directors of that institution. Mr. Myrah, who has long been considered one of the most active business men and politicians of the county, will https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis We invite your business. move onto a large farm which he recently purchased near Forest City, in Winnebago county. The quarterly statement of the First National Bank of Adair has been published and a most excellent showing is made. Starting five years ago with almost nothing to build ujibn, Mr. R. R. Welton and his associates have made a rapid and substantial advancement, so that today they may look upon an achievement that should afford pride to any banking institution. The Harris Trust & Savings Bank of Chicago has pur chased $22,000 of Lucas county’s bridge bonds at 4^2 per cent interest at par, payable at the county treasurer's office in Chariton, they paying the accrued interest. The county either has the privilege of furnishing the blank bonds or paying for them as it chooses, this to be reckoned in the expense account. John Burd, aged fifty years, committed suicide at his home in Osceola by drinking carbolic acid. Death fol lowed in a few, minutes. He was generally considered quite wealthy, but had recently lost several thousand dol lars as bondsman for a defaulting cashier at Afton. His wife and daughters are well known socially in Osceola. Adolph T. Lusch, aged seventy, vice-president of the Iowa Trust and Savings Bank of Dubuque, and formerly employed with John Leavitt, banker at Waterloo, later becoming a member of the firm, and in 1884 serving as cashier of the Bremer County Bank at Waverly, died at Dubuque of heart trouble. He was a native of Germany and had been in Iowa for fifty years. As an inducement to the Marshall county farmers to take an interest in the coming exposition and corn show of the Iowa Corn Growers’ Association, which is to be held in Des Moines, December 5th to 7th, the People’s Savings Bank of Laurel has offered a special prize of $10 for the Marshall county farmer who shows the best single ear of corn at the show. R. E. Coburn, cashier of the defunct First National Bank of Carroll, was indicted by the grand jury at Coun cil Bluffs for falsifying the records of the bank. A mes sage was sent to Muskogee, Okla., where Mr. Coburn is employed for his arrest. His trial will take place at the present term of court. Mr. Coburn was released from trial before the supreme court in May for lack of evi dence. W. Culbertson suicided just before the failure of the bank was discovered. 54 THE NORTHWESTERN BANKER November, 1910 . Statement of Condition The Merchants National Bank CEDAR RAPIDS, IOWA Sept. 1, 1910 UNITED S T A T E S R eso u rces Loans and Discounts O verdrafts U n ited S tates Bonds and other Bonds Prem ium on Bonds R eal E state, F u rn itu re and F ix tu re s C ash on hand, due from B an ks and U. S. T reasu rer D E P O S I T O R Y Liabilities $2,744,014.30 685.98 369,705.79 NONE NONE 1,522,650.15 $4,637,056.22 Capital Stock Surplus U n d ivid ed Profits, N e t . . . R e se rv e d for T axes, u n ea rn ed discount, etc. , Circulation . D eposits - $200,000.00 200,000.00 16,889.10 - 15,000.00 200,000.00 4,005,167.12 $4,637,056.22 A PROGRESSIVE COMMERCIAL BANK, CONDUCTED ALONG CONSERVATIVE and MODERN LINES chosen were H. S. Butler, of the Iowa National, vicepresident; A. O. Haughe, Iowa Trust & Savings Bank, secretary and treasurer; JVC. Rounds, of the Citizens Na tional, and J. H. Blair, of the Des Moines National, mem bers of the executive committee. The First National Bank of Sac City has received a cer The grand jury caused the release of Blackie Miller tificate from the office of the comptroller of the currency who was arrested in Sioux City, on June 15th, and lodged at Washington extending its charter twenty years, or un in jail as being suspected of having part in the Imogene til October 6, 1930. The First National Bank was or bank robbery of March 19th. Walla, the only one of the ganized in 1890 by D. E. Hallett and H. H. Allison, who trio who has been apprehended, was brought to Sidney had previously conducted the Citizens Bank. The bank from Anamosa to identify him, but failed to give suf is enjoying a very healthy growthy today, as it has in the ficient proof of his identity to warrant prosecution in hold years past. ing him. C. N. Brones, for the past ten years or more the cashier The late H. S. Hoover was a member of the board of of the Farmers Bank of Forest City, has been tendered directors of the First National Bank of Waverly from the the cashiership of the Farmers State Bank of Crystal Lake time of its organization up to the day of his death. One and will accept and begin his duties for the new institu of the most important labors of his life was an atlas con tion about the first of next month. Mr. Brones is a thor taining accurate and complete township maps and plats ough business man, strictly honest, painstaking, and will of Bremer county and a condensed history of the county. fill the position to which he has been elected with honor Such was the value of this atlas that it is still consulted to himself and the institution alike. as the most accurate authority to be had on such matters. The new Bohemian Savings Bank of Protovin has been The annual meeting of the Magnolia Savings Bank of opened for business. The institution starts out with an Woodbine was held recently. Under the able manage ample cash capital, a capable and popular set of officials ment of Cashier Frazier, earnings aggregating upwards and with the unanimous backing of the community in of 38 per cent were shown. R F. Latta was chosen as which it is located, than whom there are no thriftier citi director and Wm. Herman, vice-president, and other di zens in the county. As a result the bank commences busi rectors remaining the same. This is one of the most pros ness with a good sum of deposits and will rapidly take a perous banks in the county and deserves the patronage prominent place among the banks of Howard and adjoin of a large clientage. ing counties. The board of directors of the Scott .County. Savings Frank Leverman has accepted a position as cashier of Bank of Davenport, at its recent annual meeting elected the Bank of Brunsville. W. C. Bosler, president of the Edward C. Crossett a director of the bank. Mr. Crossett German American Savings Bank of Le Mars is one of succeeds the late Major M. L. Marks, who had been a the principal stockholders in this new institution. Mr. director of the bank for many years, when, he died while Leverman is a fine business man, well versed in insurance on an European tour some months ago. Mr. Crossett and real estate business, a gentleman and a thorough busi brings to the bank business connections and business ex ness man. Mr. Leverman will take charge of the new perience which commend the choice, made by the Scott County board. He is president of the Crossett Timber institution in the near future. Company, second vice-president of the Jackson Lumber C- T. Cole, of the Valley National Bank, was. named president of the Bankers Club of Des Moines at the an Company and a director of the Fordyce and. Crossett Tim ber Companies. ^For some years he. has been connected nual business meeting held recently. The other officers with.the active direction of these companies. IOWA NEWS AND NOTES https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis November, 1910. TH E NORTHWESTERN IOWA NEWS AND NOTES BANKER T H E M w J p D U C E BANK • OF • CLARK A private telegram received in Des Moines stated that Arthur Reynolds, president of the- Des Moines National Bank, had been elected, without opposition, treasurer of the American Bankers’ Association which recently closed its annual meeting at Los Angeles. The absence of all opposition to Mr. Reynolds’ candidacy is considered a fine tribute to his worth by the members of the great conven tion. The stock has been sold for a new bank at Lidderdale, The bank will be known as the Farmers Savings Bank with a cash capital of $10,000. The officers of the bank will be W. W. Beal, president, of Waterloo; D. Borcherding, vice-president, and George D. Bartels, of Carroll, cashier. The plans have been drawn for a new building and as soon as the contract can be let the work will begin. Henry I. Johnson, formerly assistant cashier of the First National Bank of Hudson, S. D., is now cashier of the Massena Savings Bank, being also its largest stock holder which he became when he bought the stock of President Jas. E. Bruce. Mr. Henry was at Lawton, Iowa, as cashier of the bank there for some years and he has emphatically made good. He is a good business man who has always believed in the square deal for the other fellow, as well as himself, and he is well liked wherever he is known. The First National Bank of Crystal Lake has been closed and is in the hands of a bank examiner. A lot of bad and worthless notes is the cause of the failure. The stockholders were made to come across with an amount which will be sufficient to pay the depositors. A number of farmers and business men have got together and sub scribed stock for the starting of a new bank and there will be two banks there, as formerly. It will be known as the Farmers National Bank and has since been author ized to begin business with a capital of $25,000. Following a lingering illness of diabetes, William Arts, pioneer business man afid banker of Carroll, died at his residence on South Main street recently. Mr. Arts, who was prominently identified with grain and mercantile firms and who was president of the German-American Bank, which institution, together with his two sons he founded, leaves a fortune estimated at_over $100,000. He is survived by a widow and eight daughters and three sons. While at work in the basement of the First National Bank building, W. B. Pancake discovered a large snake. He moved a piece of timber preparatory to. doing some plumbing, and there lay the snake, big, brown and mot tled. The snake looked up at him and then raised up a few feet to be petted, but Pancake misunderstood the at titude and seized a board and soon dispatched thé snake. The snake evidently escape from the snake show that was held in the building during fair week. The workmen who .measured it said it was six feet and six inches long. ■ • G. E.'MacKinnon, vice-president of the Mechanics Sav ings Bank of Des Moines, has been made a major in the -United States Army— a social major. Mr. McKinnon re ceived his appointment from Congressman J. A. T. Hull,' ..chairman of the committee on military affairs in the lower ■ house of congress, and the one who'was honored this year https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 55 AND | | | | i| | | ^ I l l ' l l III ¡111 CHICAGO LAKE S T R E E T S C a p ita l $ 2 5 0 ,0 0 0 S u r p lu s $ 5 0 ,0 0 0 D e p o s its $ 1 ,9 4 5 ,3 1 2 .3 1 1 OFFICERS EDWIN L. WAGNER, Präsident JOHN W. LOW, Vice-President RALPH N. BALLOU, Cashier H. B. AHRENSFELD, Asst. Cashier Out of town accounts are solicited, and we will give every consideration as well as terms, that is consistent with good banking. by the tournament camp being named after him. Major MacKinnon had charge of the “open house” maintained at the Chamberlain for the army officers and he did the job. so;well that Captain Hull believed it proper for him to receive military recognition. There came near being a miniature tragedy in A. G. Case & Co.’s bank at Nashua not long ago. R. E. Went worth had been cleaning his .22 caliber repeating rifle and, after putting in some shells, began pumping the weapon to see that it worked all right. It worked to perfection, much to Mr. Wentworth’s surprise, when there was a report and a piece of the plate glass at the side window of-the counter was shattered in one corner. To say that Cashier W. G. Getch, who was working near the window was surprised, would be putting it mildly. He imme diately sat up and took notice of things and considered himself lucky in not being any nearer the window than he was. The Citizens National Bank of Des Moines recently appeared as plaintiff before Judge Brennan of the district court seeking to recover the sum of $500 from the West ern Union Telegraph Company. Some time ago the bank paid $500 on a telegram purporting to be sent from the United States National Bank of Omaha. The telegram was sent by an accomplice of the man who secured the money in Des Moines. The local banking concerns avers that the telegraph company should have exercised more care before it sent the message. The Holbrook & Bro. Bank which was organized in 1858, is being organized and incorporation papers have been filed with the secretary of state. The new bank is to be known as the First Trust & Savings Bank with C. H, Holbrook, president; P. K. Holbrook, vice-president, and C. R. Nixon, cashier. The directors are C. H. Hol brook, P. K. Holbrook, C. R. Nixon, J. R. Murphy and E. C. Moen. The larger portion of the stock will be owned by P. K. Holbrook and the Holbrook, estate. The capital stock of the new bank will be $50,000, fully paid up. The business of the Holbrook & Bro. Bank will be transferred to the new bank as quickly as possible, but with the large amount of work connected with the incor porating of the new bank, some time will be consumed in making the change. The Holbrook & Bro. Bank is one of the-oldest banks 'in the state and has been conducted for more than- fifty years under the name of Holbrook & Bro. The .change has been brought about by the death of B. D. Holbrook. THE 56 Correspondence invit ed with a view to bus iness relations with the banks of Western Iowa Nebraska, Colorado, Wyoming, South Dakota and the Northwest : : NORTHWESTERN BANKER November, 1910 . Capital, Surplus and Profits $1,312,547.59 Reserve Depository for National Banks president; J. L. Eastman, vice-president; E. E. Arnold, Jr., cashier; E. A. Opfergelt, assistant cashier. A new cafetiera is about to be opened in the basement of the new City National Bank Building of Omaha, by J. W. Welch, of Des Moines, proprietor of the Boston C. H. Collett, of Crete, has accepted a position as aslunch rooms. sistant cashier of the First National Bank of Havelock. The Stockmans and Farmers Bank of Harrison has re The First National Bank of Ord has made application ceived a charter from the state banking board. The bank has a capital stock of $25,000. The officers are Albert L. as a depository for postal savings bank funds. Schnurr, president; Wilber F. Shepherd, vice-president; The First National Bank of York is tearing down its Edward F. Pintius, cashier. old building and will erect a new, more modern structure Thomas Ashton, president of the State Bank of Haigler at once. and vice-president of the Bank of Benkleman and First The new Farmers State Bank of Cortland is open for National Bank of Wray, is lying ill at his ranch, west of business, with Edw. Pothast, of Lincoln, a former Cort Haigler, with typhoid fever. His condition is not serious land resident, in charge as cashier. enough to cause apprehension. George N. Seymour, of Elgin, Neb., was elected presi A deal was consummated not long ago whereby W. M. dent of the Nebraska Bankers’ Association at the meeting Harding came in possession of the old First National held in Omaha recently. _ Bank Building now occupied by H. W. Howe and rumor Postmaster J. H. Logan, of Ponca, has sent an appli has it that another banking institution will soon be estab cation for a postal savings bank to be established at Ponca lished in the city. and has named the Security Bank as a depository. The Bank of Lorton has just received a new 3,500Omaha’s increase in bank clearings for the week end pound safe to replace the one recently blown up with ing October 15th, as shown by the report 88, was $927,- dynamite. The thieves secured about $2,500 for their 862 over the $16,554,282 clearings for the same week last trouble, but there will be no danger in the future from year. cracksmen, for the new safe is burglar proof. The First State Bank of Kenesaw has filed amended The new fire-proof Bankers Life Building at Lincoln articles of incorporation increasing the capital stock to will soon be ready for occupancy. The contractors having $25,000, signed by H. A. Redman, Charles M. Redman the building in charge have a large force of men on and P. A. Redman. equally large buildings in a number of cities and they are already illustrating what organization in building con H. B. Waldron has sold his bank at Murdock to Henry Guthman and father. The transfer has already been made struction means. and Henry Guthman is cashier of the consolidated insti Samuel Waugh who, for four years was vice consul to tution. Germany and for several years a well-known banker of The safe of the State Bank of Tobias was blown Open Nebraska, died at his home, 2503 O. street, Lincoln, re by burglars who secured about $150 not long ago. The cently. For the last three years he had been a victim of men used nitro-glycerin in the work. The robbers left progressive paralysis, and his death was not unexpected. no clues and no arrests have been made. Andrew Beckman, founder and president of the First Mr. E. L. Lundquist, who has been one of the leading National Bank of Oakland, has sold out his interest in that business men of Hendley, has accepted a position as institution and resigned from his position as president. cashier of the First National Bank of Carroll, where he Mr. Beckman, together with Mr. C. K. Cull, founded the bank in 1888 and Mr. Beckman was the president from will take up his residence in the near future. the first. He was the first real estate man in Oakland and Some changes have been made in the First National was instrumental in colonizing a large part of the terri Bank of Campbell. The officers now are: H. C. Arnold, tory east of that place. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis November, 1910. THE THE OMAHA NORTHWESTERN BANKER 57 NATIONAL BANK O F O M A H A , N EBRASKA STATEMENT. SEPT 1,1910 RESOURCES. Due from U. ,S. treasu rer . . . 37,500.00 Loans and d isc o u n ts........... $ 7,190,564.98 O verdrafts .......................... vi»;!!®:®? Total.........................118,128,165.95 U. S. bonds for circu lation 678,064.55 Stocks and b o n d s.................. B an k in g house and sa fe ty LIABILITIES. 200, 000.00 dep osit v a u lts .................. U. S. bonds for C apital ..................................... $ 1,000,000.00 d eposits ........... $ 416,237.50 Surplus fund ........................ 200,000.00 Due from U ndivided profits ............... 357,615.18 ban ks and ............................. 750,000.00 C ircu lation approved re D ep osits .................................. 10,821,150.77 serve a g e n ts 2,451,526.71 Cash on han d. 1,369,293.81 T o ta l............... .................$13,128,765.95 J . H. MILLARD President WM. WALLACE. V. President W. M. BURGESS. V. President W. H. BUCHOLZ, V. President J . De F. RICHARDS. Csshier WELL ORGANIZED COLLECTION DEPARTMENT. ITEMS ON OMAHA AND ALL NEBRASKA POINTS SOLICITED. NEBRASKA NEWS AND NOTES FRANK BOYD. Asst. Cashier P. F. Luchsinger, of the First National Bank of Colum bus, has left for an extended visit in Europe, the greater portion of his time to be spent in Switzerland. The trip is both of pleasure and business, and as Mr. Luchsinger has not seen his native land in sixteen years, the trip will be an enjoyable one for him. He expects to return to Columbus about the first of the year. It is a wise suggestion of the comptroller of the cur rency that the state and national bank examiners co-oper ate to drive dishonest bankers out of the business and thatThe Bank of Lorton was blown open recently and an a blacklist be kept and constantly revised from which amount of money estimated at $2,200 taken. The cracks banking authorities can determine previous character of men entered the building by the rear window and blew grafters who try to organize new banks. the door off the vault with nitro-glycerin. Over $1,000 »$Archibald A. Scott, paying teller of the First National was overlooked by the robbers. A reward of $1,000 is Bank of Lincoln, died at his home in that city from ty offered for the apprehension of the cracksmen. phoid fever after an illness of four weeks. He had been The comptroller of the currency has issued an ulti in Colorado on a vacation and came home sick. He had matum to the weak national banks of America. Those by been with the bank for about twenty years. His wife and which the report of September 1st show weak conditions one son survive him. he says, “ Strengthen your position during the next three The State Bank of Nora was burglarized recently by months or get out of business.” That is a method of af probably the same men who robbed the Bank of Lorton fording protection to the public which will protect. The not long ago. The robbers, it is believed, occupied an bank that is not strong enough to be “dead sure” it can automobile that sped out of town ten or fifteen minutes make good has no business to touch other people’s money. after nitro-glycerin shattered the door of the safe. They The board of directors of the City National Bank of secured $3,200 and detectives from Omaha are now at Omaha have elected John A. Miller, president of the work looking for the robbers. Citizens National Bank of Mount Sterling, Ohio, cashier The Antelope County Bank of Oakdale was entered not of the City National. W. S. Hillis, who holds the posi long ago and the vault wrecked by an explosion. The tion of secretary and treasurer and also secretary of the robbers gave up the attempt to open the manganese safe City Trust and Safe Deposit Company, has been acting after hammering it, and escaped without any money. as cashier since the reorganization of the savings bank Some private papers were badly mutilated. There is no into a national bank. Mr. Miller has had seventeen years clue of the robbers. of experience in the banking business. The MERCHANTS NATIONAL BANK of O M A H A, N E B R A S K A 2775 — Luther Drake, President F. P. Hamilton, Cashier ACCOUNTS SOLICITED. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Frank T. Hamilton, Vice Pres. B. H. Meile, Assistant Cashier - U. S. DEPOSITORY Capital Surplus - - - Undivided Profits - - $88,365.63 Deposits - $500,000 $400,000 $6,332,615 THE 58 NORTHWESTERN Getting Ready------------In preparing for the organization of the new Stock Yards National Bank, by a consolidation of our busi ness interests with those of the South Omaha Nat ional Bank, we are getting ready for three things: 1st. To handle the business of our old and valued customers in a more prompt, thorough and satisfactory manner than ever before. 2 nd. To add to our list a large number of customers whom our increased facilities will enable us to serve to our mutual satis faction. 3 d. To transact all lines of legitimate bank ing with the facility and despatch which has characterized our specialty—the hand ling 0! live stock business. LET US TELL YOU MORE ABOUT OUR PLANS---- ----- Union Stock Yards National Bank SOUTH OMAHA, NEBRASKA C a p ita l S u rp lu s D e p o s its - E. F. FOLDA, President F. W, GLARKE, Cash. Organized 1886 - - BANKER November, 1910. The Oldest National B a n k in Nebraska ORGANIZED IN 1857,.AS KOUNTZE BROS. NATIONALIZED IN 1863 CHARTER NO. 209 This Bank strives to give to every customer and to every department that careful and thorough service which is the result of over 52 years of growth and experience, combined with the close personal attention-of its officers. OFFICERS: C. T. KOUNTZE. Pres. F. H. DAVIS. Vice-Pres. L, L. KOUNTZE. 2nd Vice-Pres. T. L. DAVIS, Cashier I. ALLISON. Asst. Cash. G. T. ZIMMERMAN. Asst.Cash $300,000.00 60,000.00 4,000,000.00 R. J. DUNHAM, Vice-Pres. EPES CORY, Asst. Cash. Nationalized 1891 considered somewhat of an undertaking for various rea sons. The new cashier, however, according to the verdict of the patrons of the bank, made good. The new home of the Pender National Bank is one of the best and prettiest buildings of its kind in northeast At a meeting of the board of directors of the First Na Nebraska. It is built of brick and Bedford stone and is tional Bank of Humboldt thé written resignations of C. L. finished in oak and marble. It is modern and up-to-date Hummel, as vice-president and director, and C. M. At in every particular, having steam heat, electric lights, hot wood, director, was presented and accepted. During his and cold water and other conveniences. The lower story connection with the bank, Mr. Hummel has been active will be used for banking purposes and the upper story for in its management and in appreciation of his services the offices. board extended to him a vote of thanks. Hereafter the An unsucessful attempt was made to rob the Meadow operations of the bank will be under the direct supervision Grove State Bank by unknown parties. The outer doors of J. F. Walsh. of the safe were blown off, but the robbers were evidently W. A. Carmen, of Munden, Kan., purchased thé major frightened away before the inner doors were forced. In portion of the stock of A. W. Riekman in the Citizens making their escape the robbers stole a team of valuable State Bank and was elected president. Mr. Carmean has horses and a buggy which were later abandoned out in been in the banking business for the past eight year&. He,' the country. Two suspects were taken into custody at expects to devote his entire time to the Citizens. Stated Oakdale and one at Norfolk by the officers. It is thought Bank. His banking experience will no doubt serve him. that the robbers are the same who recently tried to rob and his business associates well and be of value to the the bank at Oakdale and secured a diamond stud. patrons of his bank. Interests identified with the First National Bank of After several weeks in the hospital as the result of an Grand Island have purchased the Ravenna State Bank. encounter with the holdup men in Omaha, W. A. C. It is announced that C. N. Davenport will be retained as Tohnson, the popular cashier of the Packers National president of the bank, and'that R. M. Thomsen, at pres Bmk of South Omaha, is once more back at his desk. ent an employe of the bank, will be assistant cashier under Many of the warm friends whom the young . man has the .new, management. The capital of the state bank is made since he has been in South Omaha called at the :$25,000. Grand Island men who are interested in the pur bank to shake his hand and express their gladness at see chase are S. N. Wolbach, L. M. Talrnage, J. H. Harrison, ing him out once more. Mr. Johnson went to South John Reimers, A. C. Meyers, R. *R. Horth and B. H. Omaha from St. Paul some month ago to accept the posi Paine. It is understood that J. H. Harrison is to be tion of cashier in the Packers National. The job was cashier. NEBRASKA NEWS AND NOTES https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis November, 1910. TH E NORTHWESTERN BANKER SECURITY NATIONAL BANK MINNEAPOLIS CAPITAL AND SU R PLU S 52,750,90«. MINNESOTA NEWS AND NOTES 59 OFFICERS F. A. CHAMBERLAIN, President PERRY HARRISON, V-Pres. E. F. MEARKLE. - V-Pres.; J. S. POMEROY, Cashier FRED SPAFFORD, - Asst. Cash. GEORGE LAWTHER, Asst. Cash. STANLEY H. BEZOIER, Asst. Cash. W. B. Cheshire, cashier; A. A. Latendresse, assistant cashier. Minnesota still leads in requests to be made depositories of postal savings bank funds. More than 1,000 banks of the country and nearly 600 postoffices have made requests to be designated as depositories of the postal savings bank system soon to go into effect as a national policy. Of the banks, sixty-eight are in Minnesota. Mr. R. C. Lily has been elected assistant cashier to take the place of Mr. Geo. W| Ekstrand. The position left vacant by Mr. C. Shaad, former viceA new organization known as the First National Bank president of the First National Bank of Three Rivers, has of Crosby is now ready for business, with a capital of been filled by Chas. W. Cox. The Scandinavian National Bank of Minneapolis has $25,000, and officers as follows: Isaac Hazlett, president-; been approved as reserve agent for the First National j. J. Meyer, vice-president; S. G. Latta, cashier. The First National Bank of Minneapolis has been approved as Bank of Little Falls. reserve agent for this bank. The Corn Exchange National Bank of Chicago and St. Paul banks this year are proving their ability, to the Fort Dearborn National Bank of Chicago have been approved by the comptroller of the currency as reserve finance the crop movement without outside assistance. The demand for money at this season of the year is the agents for the Second National Bank of St. Paul. largest of all seasons, and it has been usual for the cash J. C. Abeln, of St. Cloud, has gone to Holdingford reserve to drop to a low point. This year the reserve is where he will take up his duties as cashier of the Security holding close to the 25 per cent required for national State Bank of Holdingford, which will soon open its banks. doors for business. For the convenience of the laboring people who are A meeting of the bankers of the Twin Cities will be forced to do their banking at the noon hour, the First held in the near future to perfect plans of organization National Bank and the International State Bank of Inter under which advantage may be taken of the Aldrich- national Falls have entered into an agreement to change Vreeland currency bill which provides for the issue of the banking hours. Hereafter the banks will be open emergency currency should the necessity arise. from 9 a. m. to 3 p. m. except Saturday when the hours The 647 state banks of Minnesota were never in better will be 9 a. m. to 1 p. m. The banks are now closed dur or more satisfactory condition according to the showing ing the noon hour. of the tabular report of the state superintendent out re Six checks issued by Johnson, Rogers & Curtis, Soo cently. Gross figures have gone up to $121,587,151.30, railroad contractors on the First National Bank of Bagley, an increase since June 30th last of $2,119,127.90. were raised from $20.40 40 $50.40 each. The work was A. A. Crane, vice-president of the Northwestern Na done by an expert. The checks were cashed at Grand tional Bank of Minneapolis, was selected by the Minne Forks and with local merchants. The work was so well apolis Clearing House Association to represent it before done that they escaped the attention of the bank on which the clearing house meetings at the convention of the they were issued and. were only discovered by the firm in American Bankers Association at Los Angeles. checking over with the bank. More than half a million dollars is on deposit in the E. J. Simons has tendered his resignation as cashier of two banks of Red Lake Falls. This is certainly a fine the Biwabik First National Bank to enter the lumber busi showing for a city the size of Red Lake Falls and is in ness with his father at Chaska. A. W. Lanquist, now dicative of the abundant prosperity of the people in the cashier of the First National Bank at Stanley, N. D., has adjoining territory. been chosen as his successor. Mr. Simons has held the The Farmers National Bank of Red Lake Falls, Minn., position for the past three years and a half. Mr. Lan has been organized with a capital of $25,000. The of quist is a Minneapolis man, having worked up from mes ficers of the newly-organized bank are L. C. Simons, senger boy to the position of head teller of the Hennepin president; Sam E. Hunt and E. Fayolle, vice-presidents; County Savings Bank. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6o Capital, Surplus and Und. Profits TH E NORTHWESTERN BANKER F IR S T N A T IO N A L $4.350,000 BANK M I N N E A P O L I S , M IN N . C*We have facilities for handling business prompt ly, in Minnesota, North and South Dakota, Mon tana, and the entire North west. November, 1910. Deposits $ 21,000,000 SEN D US YOUR C O L L E C T IO N S ESTABLISHED IN 1864 MINNESOTA. NEWS AND NOTES a manganese steel safe which they are now busy install ing. Mr. O. C. Attleweed, formerly'assistant cashier of the First National Bank of Beach, N. D., has been elected cashier to take the place of Theodore Maanum. The American Bankers- Protective Association which In the First National Bank of Linlon, F. J. Pietz has operates in connection with the American Bankers Asso been elected vice-president to take the place of A. A. Lud ciation, will open an office in Minneapolis soon. W. J. wigs and Mr. M. T. Bargar now occupies the position of Burns, head of the secret service department, was in Min neapolis recently and was so impressed with the location cashier, formerly held by Mr. Pietz. of the city for covering- the western field that he said that The First State Bank of Bowie, S. D., with a capital on his return from the convention in Los Angeles he stock of $25,000, has made application to the comptroller would stop at Minneapolis and complete arrangements for of the currency at Washington to be converted into the the opening of the branch office. First National Bank of Bowdle. During the absence of Cashier Leknes, of the Bricelyn The Merchants Bank of Woonsocket is busy installing State Bank, Clerk Ross Davis who has the makings of a the fine new set of fixtures in their banking house. The future captain of industry, was in temporary charge of style of the work is much different from the ordinary, be that institution, when a handsome young lady tripped ing of unfinished fumed oak, and makes a very nice ap lightly up to the bank window and presented a check at pearance. the cashier’s window for payment. Ross looked at the The American Exchange State Bank has made applica check which seemed to be regular in proper form, and in tion to the government for a charter and the privilege of his quiet and urbane manner requested the young lady to endorse it. “Well, my husband sent it to me, and I know operation under the name of the American National Bank it is all right,” she expostulated. Ross was almost ready of Sioux Falls. The capital of the bank has been in to telephone for help at this stage, but he gently informed creased to $100,000. the young lady that it is customary to have all checks t Paul H. Black, of Oskaloosa, Iowa, has accepted a posi endorsed to serve as a receipt that the bank has paid the tion as assistant cashier of the Citizens State Bank of money to the right person. She finally acquiesced and, Armour. Mr. Black is a veteran in the business, having taking the pen which Ross obligingly dipped in the ink occupied similar capacities with the National Bank and for her, she wrote across the back of the check, “My dear the Union Savings Bank of Oskaloosa. Jack. Your loving wife, Myrtle.” In his haste, Ross A new bank to be known as the Peoples Trust & Sav came near overpaying the check. He afterwards stated ings Bank will open at Belle Fourche some time during that he was prepared to make good the whole amount if the coming month, the building being in course of con the check proved bad. struction now. The bank starts off with a capitalization of $15,000 and is backed by prominent capitalists of the state. DAKOTA NEWS AND NOTES. The Anamoose National Bank, of Anamoose, N. D., The Caldow Bank Building at Nunda, S. D., is com has elected F. A. Samels vice-president. pleted and presents a fine appearance. It is a credit to The Farmers Savings Bank of Gann Valley, S. D., will the town and to its enterprising owners who deserve to be rewarded for their push and progress. In the face of open for business in the near future. the opposition they encountered the Caldows have Harry Merriman has been elected president of the First made a splendid success of their undertaking. National Bank of McHenry, N. D., to take the place of H. A. Barnes. Four men recently wrecked the Bank of Henry, S. D., in an attempt to blow up the safe. After binding and Robert Driscoll has resigned his position at the First National Bank of Lead, S. D., and will rest for a while g'aggJ*ng' the night watchman they demolished the side of the vault with tools stolen from a section house, but the until he goes to Ann Arbor. nitro-glycerin blasts failed to open the safe. The men The Citizens State Bank of Minot, N. D., has received stole a team and an old buggy to get out of town. Posses https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis November, 1910. TH E NORTHWESTERN KENNETH CL,ARK, Pres. G. H. PRINCE, Vice-Pres. BANKER H. W. PARKER, Cashier 61 H. VAN VEECK, Ass’t. Cashier G. W. EKSTRAND, Ass.. Cash. The Merchants National Bank of Saint Paul, Minnesota Charles P. Noyes Louis W. Hill V. M. Watkins Surplus, - $675,000 United States Depository Capital, - $1,000,000 W. B. Parsons Geo. H. Prince L. P. Ordway DIRECTORS Crawford Livingston J. M. Hannaford F. B. Kellogg Ambrose Guiterman Kenneth Clark Thomas A. Mariow C. H. Biglow J. H. Skinner E. N. Saunders D. R. Noyes C o rresp o n d en ce an d P erso n al In te rv ie w s In v ite d Monthly Financial Letter Issued by the National City Bank of Chicago There is good reason to believe that this last quarter of the year will be by far the most interesting of the whole twelve-month period. Political uncertainty is still holding up trade ventures, and indecision is re flected in many quarters that are ordinarily active at this time. But an offsetting influence which is bound to become more influential as the season advances is the certainty of a great corn crop— perhaps the largest ever harvested— and a cotton crop at least equal to that produced last year. The total crop production, therefore, is likely to reach an unusually high valua tion. Within the next three months various important financial operations that have been held back by the peculiar complications incident to the prolonged liqui dation in securities and the unsettlement in general business will be put through. Many of the railroads are in need of funds, and although the disposition still is to borrow as little as possible pending more settled developments, some financing will, in all probability, have to be arranged for in the near future if the im portant systems are to equip themselves to handle the larger business which will offer later on. It may be doubted, however, whether these requirements can be fully satisfied through the facilities of the short-term loan market. Fortunately for the banks, speculation is virtually at a standstill everywhere.’ The general public is not in the mood for it, even if the banks would provide the funds with which to finance speculative operations at this time. The figures filed with the comptroller of the currency in response to the call for a statement of condition as of September first last show that prog ress has been made in some sections toward reducing the loan account that was such a troublesome factor to deal with a few weeks ago. But the reserve per centages reported by many states are still sufficiently below those shown at the corresponding date last year to indicate that deposits are everywhere pretty ac tively employed in spite of the undeniable falling off in general business. That suggests a fairly active money market during the 'balance of the year, for the https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis banks are now entering upon a period when loanable funds usually bring very good returns. We look for no sensational advance in rates, but for a good, healthy market, with a supply of commercial paper somewhat in excess of demand. Europe, in a way, holds the key to the situation in the United States, so far as the money market is concerned, be cause of the altogether phenomenal showing of our foreign trade. The whole story is told in the fact that for the first time since 1895, for the eight completed monthe ending with last August, the United States showed an import excess of $913,569. The really startling disclosures of these figures will be appre ciated when it is recalled that for the same period of 1909 our exports exceeded imports by $59,482,000, while for the same months of 1908 the unprecedented export excess of $391,000,000 was reported. Such a showing suggests inevitably large gold ex ports later on unless the foreign demand for our se curities enlarges or commodity prices in the United States decline to a level at which Europe will again become a large buyer. The recent fall in wheat and cotton prices and the gradual readjustment that has taken place in other quarters show that the situation in this respect is bettering and that a favorable turn in foreign trade affairs may be near at hand. The dis pute between American and foreign bankers over the guaranteeing of bills of lading issued against cotton shipments will probably be adjusted in the near future so that the threatened withdrawal of foreign lenders from operations having to do with financing the cotton crop may be avoided. This is fortunate as these re quirements are very heavy, and if the New York banks were compelled to finance the entire burden alone there might be some inconvenience experienced, since the heaviest payments come in the season when the demands of the western crop-moving centers, as well as the usual financing which has to be attended to in the closing months of the year, call for very large ag gregate outlays. After the congressional elections are held a better tone to general business may be expected to develop. At the moment business men everywhere have been unsettled by the complications in national politics and the uncertainty that usually arises when the possibil ity of tariff revision is under discussion. Within the next four weeks also the crop situation will be suffi ciently advanced to afford better basis for accurate estimates as to the total yield. The progress of the (Continued on page 63.) 62 TH E NORTHWESTERN BANKER November, 1910. R EPR E SEN TA TIV E IOW A BANKS These Banks have special facilities for handling collections and any other business entrusted to them AD EL— Adel Sta te Bank. FO N D A — The Fairburn State Bank. M A R S H A L L T O W N — Marshalltown State. Capital, $50,000. Undivided Profits, $15,000. Deposits, $325,000. S. M. Leach, Pres., Robt. Leach, Cash. Capital, $100,000. Surplus and Profits, Capital, $60,000. Surplus, $10,000. Un $50,000. D eposits, $1,100.000. divided Profits, $2,544.30. Deposits, $197,A. F. Balch, Pres., G. A. Turner, V-Pres., 258.17. P. S. Balch, Cash., 0. 0. Trine, Ass’t Cash. E. H. Fairburn, Pres., Frank A. Fairburn, Vice Pres., A. S. Wood, Cash., Will C. W o o d , Ass’t Cash. M O N TICE LLO — The Monticello S t. Bk. A L G 0N A — F irst N ational B a n k . Capital, $50,000. Surplus and Undivided Capital, $100,000. Surplus and Profits, Profits, $13,000. Deposits, $350,000. $225,000. D ep osits $1,533,000. Wm. F erguson, Pres., E. B. Connor, H. M. Carpenter, Pres., Wm. Stuhler, Vice Pres., 0. A. Palmer, Cash. V -P res., H. S. Richardson, Cash., P. H. GLADBROOK— First N ational Bank. B eeker, A. Cash. Capital, $50,000. Surplus, $10,000. Un divided Profits, $22,500. Deposits, $300,- M A R E N G O — F irs t Nat. Bk. & la. Co. A F T 0N— Savings Bank of Afton. 000. Capital, $20,000. Surplus and Undivided L. & Sav. Bank. William Mee, Pres., M. H. Rehder, Vice Profits, $2,000. Deposits, $90,000. Combined Capital and Surplus $94,500.00. Pres., Martin Mee, Cash., Frank Kelley and S. H. Blackwell, Pres., A. B. McDaniel, Deposits, $530,000.00. E. W . Branch, Ass’t Cash. Vice-Pres., W. R. De Lay, Cash. Frank Cook, Pres., Thos. Stapleton, V. P., James Delaney, V. P., S. E. Rowland, Cash. BOONE— Boone National Bank. G U T H R IE C E N T E R .— Citizens National Capital, $100,000. Surplus, $25,000. Un Bank. divided Profits, $10,000. Dep., $600,000. E. E. Hughes, Pres., John Cooper, V-Pres.. Jno. W. Foster, Pres., F. R. Jones, Cash., T. L. Ashford, Cash., A. M. Burnside, A. C. Carl S. Foster, Ass’t Cash., R. M. Sayre, Ass’t Cash. C H E R O K E E — First National Bank. C LA R IO N — Bank of Clarion. C A S E Y — Abram R u tt National Bank. Capital, $25,000. Surplus, $17,000. Un divided Profits, $1,600. Deposits, $231,433. Abram Rutt, Pres., Wm. Valentine, VicePres., S. Lincoln Rutt, Cash., Harlie E. Smith, Ass’t Cash. GEORGE— George Savings Bank. Capital, $16,000. Undivided Profits, $10,500. Deposits, $110,000. Chas. Shade, Pres., C. J. Locker, VicePres., F. W. Wohlenberg, Cash., Ed. M. Freerks, Ass’t Cash. G RISW OLD — Citizens Bank. C L A R IN D A — Clarinda T rust & Savings Bk. Capital, $75,000. Surplus, $8,000. De posits, $330,000. Wm. Orr, Pres., H. R. Spry, Vice-Pres., A. F. Galloway, Cash. Capital, $50,000. Surplus, $5,000. J. H. Alexander, Pres., H. M. Reinig, Cash., D. Eppelsheimer, Ass’t Cash. Capital, $50,000. Surplus, $25,000. Undi vided Profits, $1,200. Deposits* $489,000. Capital, $25,000. Surplus, $1,500. De A. Hydinger, Pres., 0. D. Butterfield, Viceposits, $69,000. Pres., E. A. B rittain , Cash. Chas. Hart, Pres., J. F. Whitmore, VicePres., G .F. Mitchell, Cash., F. E. Rubey, Ass’t Cash. COIN— Farmers & Merchants Sta te Bank. IN D E P E N D E N C E — Com. Sta te Bank. Capital, $40,000. Surplus, $7,000. Undi vided Profits, $2,400. Deposits, $190,000. J. A. Lindberg, Pres., M. E. Curtis, VicePres., E. M. Lundien, Cash. E LD O R A — First National Bank. Capital, $50,000. Surplus and profits, $50.000. W. J. Murray, Pres., W. J. Moir, VicePres., W. E. Rathbone, Cash., A. W. Crossan and H. S. Hammond, Asst. Cashiers. U. S. Depositary. E M M E T SB U R G — Emmetsburg N ä t’l Bk. Capital, $50,000. Surplus and Undivided Profits, $7,725. Deposits, $429,374.41. M. L. Brown,, Pres., Geo- E. Pearsall, Vice Pres., W. J. Brown, Cash., P. S. Brown, Ass't Cash. F O R E S T C IT Y — Forest C ity N a f l Bank. Capital and Surplus, $65,000. G. S. Gilbertson, Pres., W. 0. Hanson, V.-P., C. H. Kelley, Vice-Pres., 0. A. Isaacs, Cashier, M. J. Johnson, Asa’t Cashier. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Capital, $15,000. Undivided Profits, $700. Deposits, $98,000. John Van Zandt, Pres., S. A. Bengtson, Vice-Pres., F. H. Graves, Cash., G. C. Carl son, Ass’t Cash. M AD R ID — .Madrid S ta te Bank. Capital, $25,000. Surplus, $10,000. De posits, $175,000. Oscar Oakleaf, Pres., Peter Cassel, YicePres., S. B. Williams, Cash. M U S C A T IN E — Hershey State Bank. Capital, $150,000. Deposits, $1,200,000. P. W. Francis, Pres., Henry Jayne, Vice Pres., L. G. Burnett, Cash., L. C. Day, Ass't Cash. N E V I N V I L L E — N evin ville Savings Bank. Capital, $10,000. Deposits, $81,000. R. H. Gregory, Pres., W. B. Haskins, V. P., C. A. Haynes, Cash. N E W T O N — First HAM BURG— Farmers National Bank. D A Y T O N — Farmers Sta te Bank. Capital, $25,000. Undivided Profits, $4,351.59. D eposits, $316,473.43. Arthur M. Vette, Pres., J. B. Murphy, Vice Pres., J. E rvin E vans, Cash., W al ter M acGregor, A ss’t Cash. M AD R ID — Farmers Savings Bank. Capital, $50,000. Surplus, $50,000. Un G R IN N E L L — Merchants N at. Bank. divided Profits, $15,000. Deposits, $700,000. N. T. Burroughs, P., W. A. Sanford, V.-P., Capital, $100,000. Surplus, $40,000. Un R. H. Scribner, Cash., O. Sullivan, Ass’t O. divided Profits, $15,000, Dep., $670,000. S. A. Cravath, Pres., E. W. Clark, Vic# Pres., L. F. Parker, 2d Vice Pres., Geo. H. Hamlin, Cash., W. C. Staat, Ass’t. Cash. Capital,' $50,000. Geo. W. Voung, Pres., E. A. Alexander, Cash., W. H. T row bridge, A ss’t Cash. M AR EN G O — Peoples Savings Bank. N at. & Newton Sav. Capital, $80,000. Surplus, $37,500. De posits, $500,000. W. C. Bergman, Pres., H. B. Allfree and C. Sloanaker, V. Pres., R. L. Arnold, Cash. N E W T O N — Jasp r County Savings Bk. Capital, $100,000. Surplus, $10,000. Un divided Profits, $3,111.76. D eposits, $620,661.91. J. M. Woodrow, Pres., F. M. Woodrow, Vice Pres., A. E. Hindorff, Cash. Capital, $100,000. Surplus, $20,000. Un divided Profits, $29,845. Deposits, $343,818. O. M. Gillett, Pres., A. G. Shellito, V. Pres., C. E. Purdy, Cash. N EW T O N — Citizens Sta te Bank. Capital, $60,000. Undivided Profits, $6, 000. Deposits, $300,000. F. L. Maytag, Pres., Joe Horn, Vic# K L E M M E — State Savings Bank. Pres., Lee E. Brown, Cash. Capital, $15,000. Surplus, $15,000. U n divided Profits, $2,500. D eposits, $140, 000. W. R. Bloom, P., D. D. Ross, Wm. Katter, V. P .’s., P. M. Griesemer, 0., F. J. W enck, A sst. Cash. M ASO N C IT Y — First National Bank. Capital, $150,000. Surplus, $150,000. De posits, $1,800,000. C. H. McNider, Pres., W. G. C. Bagley, 0. A. Parker, Ass’t Cashier. M A S O N V IL L E — Masonville Savings Ban Capital, $10,000. Undivided Profits, $1,500. Deposits, $45,000. G. W. Taylor, Pres., M. Nolan, Sr., Vice Pres., M. J. Nolan, Cash. N O R W A Y — Benton Co. Savings Bank. Capital, $15,000. Surplus, $15,000. Un divided Profits, $1,700. Deposits, $143,000. H. L. Uthoff, Pres., Lorenz Brecht, V. Pres., J. H. Pickart, Cash. N E V A D A — First National Bank. Capital, $75,000. Surplus, $25,000. Un divided Profits, $10,000. Dep., $400,000. J. A. Fitchpatrick, Pres., W. P. Zwilling, Vice Pres., Edgar John, Cash., E. A. Faw cett, Ass’t Cash. O SKALO O SA— Mahaska County S tate Bank. Capital, $100,000. Surplus, $80,000. Un divided Profits, $10,000. Deposits, $925,000. W. R. Lacey, Pres., H. S. Howard, Vic# Pres., R. W. Boyer, Cash. TH E November, 1910. NORTHWESTERN BANKER 63 Representative Iowa Banks [Continued] O SK ALO O SA— Oskaloosa National Bank. R E D O A K — Farmers National Bank. Capital, $60*000,. Surplus, $1,000. D e p osits, $250,000. L. D. Goodrich, Pres., J. F. Brown, VicePres., J. B. Stair, Cash. Capital, $100,000. Surplus, $50,000. De posits, $700,000. W. H. Kaibach, Pres., H. L. Spencer, VicePres., 0. E. Lofland, Cash., H. D. Lane, A. 0. V ICT O R — Farmers Savings Bank. Capital, $25,000. Surplus and U ndi vided Profits, $30,000. D eposits, $550,- 000. Levi L ew is, Pres., W. E. H akem an, V. Pres., H. L. M ussetter, Cash., F lo r ence M ussetter, A sst. Cash. O C H E Y E D A N — Bank of Ocheyedan. Responsibility, $1,000,000. John Porter, Pres« James Porter, Vice Pres., W. M. Roth, Cash., Dick Wassmann, Ass’t Cash. SIO U X C IT Y — Live Stock N at. Bank. Located at Sioux City Stock Yards. W A U K E E S A V IN G S B A N K , Waukee, la. Capital, $100,000, Surplus, $75,000. H. L. Leonard, Pres., J. M. W eil, V iceGeo. S. Parker, Pres., F. L. Eaton, Vice-P., Pres., A. A. Leachy, Cash. Capital, W. P. Dickey, Cash., C. D. Van Dyke, A. 0. $10,000. D eposits, $35,000. O C H E Y E D A N — Ocheyedan Sav. B a n k . Capital, $25,000. Undivided Profits, $2,000. Deposits, $110,000. W. M. Smith, Pres., W. D. Shuttleworth, Vice Pres., 0. R. Richards, Cash. SH EN A N D O A H — Shenandoah N a t’l Bank. Capital, $100,000. Surplus, $30,000. U ndivided Profits, $10,000 D eposits, $700,000. Geo. B ogart, Pres., H. J. F o sk e tt and A. W. Murphy, V ice-P res., J. F. Lake, Cash., F . M. Schneider, A ss’t Cash. P A N O R A — Guthrie Co. N atl. Bank. Capital, $50,000. Surplus, $10,000. Un divided Profits, $6,000. Deposits, $330,000. M. M. Reynolds, Pres., H. L. Moore, Vice Pres., Wade Spurgin, Cash. P A N O R A — Citizens S ta te Bank. W IL T 0N J U N C T I 0N— Farmers. Sav. B k . Capital, $20,000. Undivided Profits, $2,000. Deposits, $125,000. Chas. O. Kaufmann, Pres., Fred Maurer, Vice Pres., F. O. Wiekes, Cash., A. J. Wacker, Ass't Cash. W IN T H R 0P— W inthrop State Bank. SC R A N T O N — Bank Capital, $25,000. Deposits, $115,000. S. 0. Culbertson, Pres., M. M. Head, Vice Pres., H. M. Culbertson, Cash., G. A. Goetzman, Ass’t Cash. of Scranton. Capital, $25,000. Surplus, $26,000. D e posits, $240,000. Chas. Boflnk, Pres., H enry H aag, V ice Pres., W. W. Anderson, Cash., A. E. Adam s, A ss’t Cash. W E B S T E R C IT Y — First N atT Bank. P E R R Y — Citizens Bank. Capital, $50,000. Surplus, $15,000. Un divided Profits, $2,500. Deposits, $380,000. S, S. Dilenbeck, Pres., S. M. Thornley, Vice-Pres., B. C. Dilenbeck, Cash., J. E. Hambright, Ass’t Cash. P E R R Y — F irst National Bank. Capital, $25,000. Surplus, $15,000. Ondivided Profits, $5,000. Deposits, $210,000. Geo. Elliott, Pres., Geo. Spangler, Vice Pres., E. Brintnall, Cash., H. E. Brintnall, Ass’t Cash. S P E N C E R — First National Bank. Capital, $100,000. Surplus, $20,000. Un divided Profits, $14,215. Deposits, $285,000. Chas. McAllister, Pres., H. N. Smith, Vice Pres., C. P. Buckey, Cash., Chas. R. Howe, Ass’t Cash. Capital, $100,000. Surplus*' $66,000. L. L. Estes, Pres., W. J. Covil, Vice Pres., E. F. King, Cash., W. O. Pyle, H. O. Cut ler,. Ass’t Cashiers. Reliable Real Estate Deal ers of Iowa Capital, $50,000. Surplus, $10,000. Un divided Profits, $6,000. Deposits, $510,000. D. J. Pattee, Pres., Allen Breed, VicePres., H. M. Pattee, Cash., W. H. Pattee, Ass’t Cash. S T U A R T — First National Bank. Capital, $25,000. Surplus, $5,000. Un M A N S 0N — Griswold Land & Credit Co. divided Profits, $8,000. Deposits, $240,000. C IT IZ E N S S A V IN G S B A N K , Qulnby, la. Farm Land & Farm Loan Broker. Jno. W. Foster, Pres., Jacob F. Blackman, We always have good investments for those J. H. G roves, Pres., E. D. H uxford, Vice-Pres., A. O. Curtis, Cash., J. P. Mc who have idle money. V ice-P res., C. C. H arshbarger, Cash. Laughlin, Ass’t Cash. Write and tell us what you want. Capital, $15,000. D eposits, $61,000. M. W. Fitz, President. P O M E R O Y— Pomeroy S ta te B a n k . Capital, $25,000. Surplus, $2,500. Undi S T U A R T — Stuart Savings Bank. vided Profits, $1,500. Deposits, $175,000. Capital, $25,000. Undivided Profits, $1, 500. D eposits, $125,000. J. H. Lowrey, Pres., M. P. Mullen, Vice Pres., John F. Gutz, Cash., R. 0. Berry, M. S. Kile, Pres., Chas. M. Burke, Vice Pres., F. M. Kile, Cash. Ass’t Cash. (Continued from page 61.) railroad freight rate inquiry and the support given the roads by the unions suggest that a compromise settle ment may be arrived at ultimately which will be ac ceptable to all parties. It seems idle, however, to expect any definite announcement from the Interstate Commerce Commission for several months to come, as the investigation now under way has developed a great many questions of broad significance which can be only adjusted after the most painstaking work that has ever been expended upon such subjects. One of the most favorable developments is the bet ter tone shown by the bond market, which has lately reflected increased inquiry from institutions that have long deferred purchases. The fact that many highgrade issues are now obtainable at prices which show a remarkably advantageous investment yield indicates that the absorption from such sources will enlarge, with the result that the whole bond market will show definite improvement before long. The fact that no https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis LO G AN — Almor Stern. Farm Loans, Real Estate Abstracts of Title First Mortgage Farm Loans for sale. Harrison County. heavy flotations have been attempted within the last two months has in a way relieved the congestion that the market showed in July when the reinvestment of semi-annual dividends was expected to enlarge the inquiry. The situation at the moment is much more satisfactory than it was then, and it seems reasonable to expect a better inquiry from investors in Europe as well as here in the not distant future. After a pro longed interval of depression such as the security mar kets have reflected for several months past, any sign of renewed public interest is almost invariably felt first in the bond market before it appears as a strength ening factor in the stock market, and this is as it should be. C IT IZ E N S S T A T E B A N K , Earlham , Iowa. Did you ever lose money out of your pocket and feel badly about it after ward? Did you ever spend money foolishly and “kick” your self because you did? Put it in the bank and you will do neither. You will find it more enjoyment to save than to spend. Ó4 TH E NORTHWESTERN BANKER SALE OF BANKS CONFIDENTIAL November, 1910. EXCLUSIVELY IF YOU WISH TO BUY OR SELL BANKING INTERESTS ANYWHERE—W RITE US PUT YOUR BANK IN OUR HANDS SALE OF BANKS B A N K O F F IC E R S A N D C L E R K S D E B an k s m ust be sold at proper tim es e x a c tly as an y other property. Such occasion s com e quickly. There is no opp ortu nity for preparation in advance. B an k s are un usual property. U n u su al m en ow n them . Men of un usual sk ill, experien ce and equipm ent are re quired to conduct them. T he opp ortu nity to se ll is an un usual opp ortu nity com in g u su a lly in an u n u su al w ay. The rig h t m an m ust be found. U sual m ethods do not find him . H is w a n ts are private and con serva tive. H is b u sin ess natu re averse to the racy character of ordinary sa le s m anship. H e does not come in response to shouts, dodgers or new spap er ad ver tisin g. Through the rig h t channel he is to be reached. W e fu rn ish th a t channel. W e are in close touch w ith Thousands of th ese purchasers. T hey are prac tica l bankers. T hey have the funds, the experien ce, the record and resp on si b ility. T hey are r ely in g upon us to find them choice ban ks and w o rk in g in te re sts in banks. Our m arket is a l ready created and w a itin g . Q uick a c tion, privacy, str ic t confidence, personal n e g o tia tio n s are the ch a ra cteristics of our m ethods. The sa tisfa c to ry 'fillin g of bank po sitio n s is th e h e a v iest trial o f the banker. The m anager o f the bank is not a c tin g for h im self alone; there are big th in g s a t stak e. There is the n e c essity for depend ability— w ill the new mar. carry his load. W ill he m easure up to th e n ecessary standards o f ban k in g conduct? T hese are qu estion s, th e y m ust be answ ered. The first m an w ho ap p lies is not a lw a y s the man. You m ust have opp ortu nity for se le c tion. W e g iv e you th a t opportunity. W e are in touch w ith the b est bankm g talen t, both ex ecu tiv e and c le ri cal. W e have m en for an y position, w e are w e ll acquainted w ith th eir g e n eral and sp ecial qualifications. W e have our la rg e lis ts a lw a y s in read i ness and orderly system for in sta n t seiection . W e pu t good m en in touch w ith you for a final tryout. W e are a t your service in th is m atter. T his se r v ice is w ith o u t exp en se to the banks. T ell us your w an ts. W rite us, call ïiPOIî person ally or if in a hurry use th e telegrap h or telegrap h ic “n ig h t-le t ter. N ext m ail” is the rule in our correspondence departm ent. P U R C H A S E R S SHOULD W R IT E US. To th ose w ho are con tem p latin g the purchase o f a bank w e sa y w rite us freely. No ob lig a tio n r esu lts from in quiry excep t confidence. In qu iries re ceive “n e x t m ail" a tten tion . W rite or W E CAN SELL. Y O U R B A N K . PARTM ENT. TO TH O SE D E S IR IN G BANK PO SI TIONS. W rite us for our blan k A-27. W e are co n sta n tly b ein g req uisition ed by banks th rough out the U nited S tates for good bank ex ec u tiv es and clerk s w ith or w ith ou t capital. T H E CH ARLES E. W A L T E R S CO., In c o r p o r a t e d : _ tJIIt v L n a t io n a l LOCK DRAWER c l e a r i n g -h o u s e Y_________ , ______ of b a n k in g s o p p o r t u n it ie s . COUNCIL BLUFFS, IOWA. *Tke Fidelity & Casualty Company 97 to 103 Cedar Street. NEW YORK CITY Assets ....................................................................................................................... $ 8,649,885.66 Capital and Surplus ...................................................................................... 3,011,834.00 Losses paid to January i, 1909 ................................................. ...... .............. 29,195,835.85 This Company grants insurance as follows: Bonds of Suretyship for persons in positions of trust, Fidelity Bonds, Burglary, Plate Glass, Steam Boiler, Fly Wheel, Employers, Public, Teams, W orkm en’s Collective, Elevator and General Liabil ity, Personal Accident, Health and Physicians Liabilty. O F F IC E R S : George F. Seward, President Robert J. Hillas, V. Pres. & Sec. Frank E. Law , and A sst. Sec. Henry Crossley, A sst. Sec. George W . Allen, 3rd A sst. Sec. DIRECTORS: William P. Dixon, Dixon & Holmes Alfred M. Hoyt, Banker Aurelius B. Hull, Retired Merchant Geo. E. Ide> Pres. Home Life Ins. Co. Wm. G. Low, Counsetor-at-law John G. McCullough, Erie Railroad Co. William J Matheson, Merchant Henry E. Pierrepont, Retired ' Anton A. Raven, Atlantic Mutual Ins .Co. John L. Riker, of J. L-4and D. S. tRiker ? n , t>. W. Emlen Roosevelt, Banker Dumont Clark, Pres. American Exchange Nation il Bank Alexander E* Orr, Retired Merchant George F. Seward, President s https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
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