Full text of The Northwestern Banker : October 1897, Volume II, Number 10

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Volume IL

Number 10.

Des . Moines, Iowa, October, 1897.

ESTABLISRED 1876.
S. A. ROUERTS0N,

.President.
CAPITAL,
SURPLUS,

GEO. A. DISSMORE,

Cashier.

$100 1 000.
30,000,

ICITIZENS

EDITORIAL,

low A NATI 0 NAL

GROUP No. 9, low A BANKERS' Asso-

- IO

NATIONAL
BANK/~•
., .r ~, "".,.,.. .,. DES rlOINES, IOWA.

ANNUAL REPORT OF lowA STATE

-s.1>..a:ktllllll?ll►
•-----Des Moines, Iowa·

AND SAVINGS BANKS,

CHANGES IN lowA BANKS,

Accounts of Banks and Bankers solicited
on favorable terms. School and Municipal Bonds negotiated. Collections
handled promptly. Designated reserve agent for National Banks.

- 14

IOWA GROUP MEETINGS FOR OCTOBER,

Jas:Cunningham,
Geo. S. Redhead,
Frede:rlck Field,
H. R. Beath,
M. T. V. Bowman,
E. D. Samson.

..............~~·&A.A•·~. . . . . . .

CAPITAL,
SURPLUS,

$200,000.00
- 100,000.00

GENERAL NEWS AND NOTES,

- 14

MINNESOTA NEWS AND NOTES,

DIRECTORS:

S. A. Robertson, Pres't,
Geo. A. nissmore, Cash'r,
H. A. Elliott,
E. H. Hunter,
.J.M. Goodman.
Dr. W. H. Dickinson,

GROUP No. 2, -

CIATION,

BANK~ ·

NEBRASKA NEWS AND NOTES,
IowA NEWS AND NOTES,

•

J. G. ROUNDS, President.
A. LEDERER, Vice-President.
GEO. E. PEARSALL, Cashier.

- 17

ACCOUNTS SOLICITl:D .
~·~~- ♦

♦

.......

. .,

Cash Capital, $50,000. :
~

Surplus, -

$40,000 •

Davenpo:rt Savings Bank.
DAVENPORT, IOWA.

... THE ...

Capital, - - - $ 250,000
Undivided Pro.its,
81,000 I
Deposits, - - - 2·, 096,378

People's
Savings

Business

Bank ...

OFFICERS:

Solicited.

ANTHONY BURDICK, President.
LOUIS HALLER, Vice-President.
HENRY 0. STRUCK, JR., Cashier.
OTTO L. LADE BERGER, Teller.

~ e s Moines, Iowa.

""'

... DIRECTORS ...

A Sheuerman.
0 . H. Perkins .
.Martin Tuttle .

C.H . Martin.
C. c. Loomis.
A. Dickey.

J. A. Garver.
W. R. Warfield.
Martin Flynn.

""'

.. .. OFFICERS....

Martin Flynn, Prea.

Adam Dickey. V.-Pres.

DIRECTORS:
~

A. Burdick, Louis Haller, A. Steffen, W. 0 . Schmidt, F. H.
Hancock, J. F. Dow, H. Kohrs, W. H. Wilson,
H. U. Struck, Jr.

(

PER CENT INTEREST PAID ON DEPOSITS. MONEY LOANED
c~:::?~~~~~~~.~~.:~~:~~~~~~.:~~~~~~ 5 ON REAL ESTATE SECURITY IN THE STATE OF IOWA.

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

THE TRI-STA TE BANKER.

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OFTHE

Mutual Life Building, 32 Nassau Street,
... NEW YORK CITY...

Statement July 23, I897.

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ASSETS...

United States bond s ............................... $ 600,000.00
Premium on same . .. .. .. .. .. . . .. .. .. . . .. . . .. .. . .. .
::17,42!.66
Other bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
520,429.35
Time loans on collateral . . . . . . . . . . . . . . . . . . . . . . . . . . 3,157,178.83
Bills discounted .... .. . .. .. . .. . .. .. .. . .. .. .. .. .. .. 3,714,125.16
Demand loans on collateral. . .... ... . . $5,222,743 26
flue from banks ........... ......... -·... ';'55,610:'M
Exchanges for clearing house ......... 1,604,060.i:18
Deposit with United tates treasurer
27.000.GO
Gold . .................. . . : .. . . ... ... ... . 1,8::18,192.50
Legal-tenders ...................... .. .. 2,542,405.00
Silver, etc ...... ..... .. .... . ........ . ....
78,554.10-12,068,566.5::I
97 724 53
LIABILITIES .
$20.0 ' ·
Ca pital stock ................... ... . ... $1 ,200,000.00
Surplus . ... .... .... . ..................... 600,000.00
Undiv. profits (less exp. and tax.•pd.) 1.30,759.25-1,930,759.25
Circulating notes .......................
531,120.00
Du e depositors; Individuals .. ........ 12,807,363.89
Banks ... . .. ......... 4,828,481.39-17,635,845.28
$20,097,724.53

II " "

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@

... Directors...

SAMUEL D . BABCOCK,
JOHN D. CRlMMINS.
FREDERIC CRO M WELL.
• G, G. HAVEN.
R . SOMERS HA.YES.
.
Jos. C . HENDRIX.
Jos.

1 897.

... The National Bank ...

October,

HENDRIX . .

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~~~~- ~~..~: ~~. ~~~~: ... .. .._... Pres~dent.
1

G. G. HAVEN .. .......... . ...... .. .... ....... .. .. V1ce- Pres1dent .

OF NEW YORK .
United Bank Building , Cor. Wall Street and Broadway.

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. O. LEECH .. . . . . . . . . . . . .. Second Vice-President and Cashier.

®®®®®®®®®®®®®®®®®®

LAUGHLIN
FOUNTAIN PEN

REPUBLIC
$1,500,000.
SURPLUS,
500,000.

CA.PITAL,

OFFICERS:
OLIVER S CARTER, President .
EUGENE H . PULLEN, Vice-President.
CHARLES H. STOUT, Cashier.
W. B. T. KEYSER , Asst. Cashier.

AUGUSTUS D. JUILLIARD.
DANIEL S . LAMONT.
RICHA R D A . MCCURDY.
F REDERIC P. OLCOTT.
HENRY H. ROGERS.
H. McK. TWOMBLY.

@
@

Accounts of Banks and Bankers Received.
CORRESPONDENCE SOLICITED.

Buy and sell United States Bonds and make transfers and
exchanges in Washington without additional charge .

NEVER DRIPS

NOR SKIPS .

The best known, and known to be the best fountain pen in the world. Hard rubber reservoir holder
fitted with finest quality 14 K Gold Pen and guaranteed satisfactory in every respect, or money refunded.
Mailed to any address upon receipt of $1.50. (Sent to responsible parties upon approval.) Write for Catalogue.
Address
·

LAUGHLIN MFG.

co.,

DETROIT, MICH.

WE carry in stock all kinds of CHECK PROTECTORS.
Prices from $6.oo to $25.00. Have some bargains
in SECOND HAND MACHINES. Will exchange new for old.
Write to us before purchasing elsewhere.
ScHwAAB STAMP & SEAL Co.
MILWAUKEE, Wis.

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

THE TRI-STA TE BANKER.

October, 1897.
- - - - - THE - - -

FIRST,:. NATIONAL

.T he ·Best Bankers'
Publications.

The Bankers' Magazine - oldest bankers' publication in
America. Established 1846. Terms, $5.00 a year.

Has over double the circulation of any other bankers ' publ1cat1on
in the United States.

Corner rtonroe and Dearborn Streets,
CHICAGO.

CAPITAL, $3,000,000.

SURPLUS, $2,000,000.

R 1legu1att Banking Business Tttansaeted.
TRAVELERS' CREDITS issued available in any part of the
world. TRANSFERS OF MONEY MADE BY TELEGRAPH AND
CABLE and EXCB AN GE DRAWN at customary usances, on the
principal cities of the United States, Europe, Japan, China and the
East Indies.
All kinds of FIRST-CLASS INVESTME T SECURITIES dealt
in. Constantly on hand and for sale at current rates a full line of
GOVER MENT BO DS, Municipal and Local Bonds, Choice Railroad Bonds.
Collections carefully made and proceeds promptly accounted for
on moderate terms. Accounts of banks and bankers solicited.

Advertising Rates low considering the large circulation
guaranteed.
~
Rhodes' Journal of Banking and the Bankers' Magazine have
been cont,olidated.
The Bankers' Directory. Issued in January and July - corrected to date. Price with marginal index, $4 a copy ;
both editions, $7. Plain, $3 a copy; $5 a year.
Practical Banking (Methods and Machinery of). By Claudius
B. Patten, for many years Cashier of the State National
Bank of Boston.
" The best Book on Banking in the English language."
Price, $5 a copy, or to Bank Clerks $3. 50 a copy when
ordered in lots of ten copies and over.
The Bankers' Reference Book. Ratings of National and
State Banks, Private Bankers, Loan, Trust and Investment
Companies, Collection Agents, Brokers, etc., for confidential use. Terms on application.

BRADFORD RHODES & CO.,
Publishers.

BANK OFFICERS:
S. M. NICKERSON, President.
JAMES B. FORGAN, Vice-Pres
GEO. D. BOULTON, ~d Vice-Pres. RICHARD J. STREET, Ca.shier.
HOLMES HOGE, Asst. Cash.
FRANK E. BROWN. 2d Asst. Cash.

78 William Street, NEW YORK.__..........
NOTICE. Orders for tbe Bradford Rhodes & Co.'s Bankers' Publications received at publisher's rates by THE TRI-STATE BANKER,
Des Moines, Iowa.

a~~~~======~~~~~===~~~

You Get
the Profits

•••

Ohmer--~ •
Dust Proof .. . .. .
Filing Cabinets,

Of Dealers, Agents, Jobbers
and Middlemen by buying direct from the manufacturer.

For the preservation of Letters,
Documents, Checks, Signature
Cards, Blanks, Stationery, Bills,
etc., free from dust and ready
for instant reference, are the

No better wheel made than the

Every bank should have at least one suitable
cabinet. Write for Illustrated Catalogue and
Price List, and make a selection. Special
designs and estimates for

Ac~e Bicycle
Built in our own factory by
skilled workmen, using the best
material and the most improved
machinery. We have no agents
Sold direct from factory to the
rider, fully warranted. Shipped
anywhere for examination.

Bank and Store Fixtures.
@/""~
If you are erecting a new building, or
refitting your present rooms, write

WRITE FOR

Our Interesting Offer
Acme Cycle Co., Elkhart, Ind.

The

M. Ohmer's Sons Co.,
Dayton , Ohio, U. S. A.

r~ ~=-==========~=====~~~~:=i:::======~::=:~

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

THE

TRI-STA TE BANKER.

October, 1897.

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rE:::A:::nd===W~e=ll=Eq=~::::::::::::::::::R=: ==o~ L==:
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..

••• THE...

G. B. SHAW , PR ESI DENT .

W . L . MOYER ,

L. C. WACHSMUTH , 2D VICE - PREST .

0. C . DECKER ,

ASSISTANT
2D

CASHIER

ASST . CASHIER

CAPITAL, $1,000,000 .

LSTATEMENT.l

THE AMERICAN TRUST

Cedar Rapids National Bank of Iowa

AND

SAVINGS BANK ....

NORTHWEST CORNER LA SALLE AND f.llADISON STREETS ,

Transacts Strictly A ..
Commercial Business.

J . R . CHAPMAN, CASHIER .

JOY MORTON, VIC E- PRESIDENT .

. .. CHICAGO ...
STATEMENT OF CONDITION.

A. T. AVERIL. L, President.
G. F. VANVECHTEN, Vice-Prest.
RALPH V ANVECHTEN, Cashier.

AUGUST 2 , 1897.

RESOURCES.

Capital,

$200, 000 . . . . . . . . .

Undivided Profits, $30,000.

$3,495,650.87
75,000 00
174 1 B3B . 62

LOANS ANO DISCOUNTS,
UNITED STATES BONDS, OTHER BONDS AND STOCKS,
CASH AND CASH ITEMS,
DUE FROM OTHER BANKS,

795,837.38
1,389,790 87

2 185,628.25
$5,931,117 . 74

Davenport National Bank,
DAVENPORT, IOWA.

LIABILITIES .
$1,000 , 000 . 00
80,000 . 00
22,583.07

CAPITAL STOCK PAID IN,
SURPLUS FUND ,
UNDIVIDED PROFITS,
DEPOSITS , INDIVIDUAL ,
DEPOSITS , BANKS , -

$2,844,091.80
1,984 , 442 . 87

4.828 , 534.67
$5,931,117 . 74

Your Accounts and Collections Solicited.
General Commercial Business ..
Officers and Directors.
W. C. HAYWARD, President.
HENRY EGBERT, Vice-President.
s. D. BAWDEN, Cashier.
8. F. SMITH.
A. F. CUTTER.
J. B. PHELPS
M. J. EAGAL.
W. H . SNIDER.
JOHN W. BAI,LARD.
S. L. ELY.

PETTIBONE
(Incorporated.)

SPECIAL ATTENTION GIVEN TO ACCOUNTS
OF STATE AND PRIVATE BANKS . . . . . • .

Acts as Trustee and Transfer Agent for Rail-,,oads and other Corporations. Accepts Trusts created by Will or otherwise. Issues Interest
Bearing Certificates of Deposit. Legal Depository for Executors and
Trustees. Transacts a General Banking Business and Solicits Accounts
Corporations, Firms, and Individuals. . . . , . . . . . . .
WE SOLICIT CORRESPONDENCE

& ·co. CAPITALCITYSTATEBANK
DES MOINES, IOWA .

... CHICAGO ...

Capital and Surplus
Additional Liability of Stockholders

. . . .........I

Bank Stationers
and Lithographers

Fine Russet . . . .
Leather Pass ...
Books and Pocket
Check Books a . .
Specia lty ..
OU

LARGE ASSORTMENT OJ?

BANK REGISTERS
_ .........~.........- And other Forms kept in stock.

$115,000
$100,000

OFFICERS.

DIRECTORS .

A. HOLLAND . .. ... ...... .. .
. . .. . . .. . . .. . . .. . . . President
M. P. TURNER . ... ...... .. .
.............. . Vice-President
J. A . .McKINNEY ... . .... . .. .
...................... Cashier
M. .M. PATTEN .......... . . .
. . . . . . . . . . . . Assistant Cashier

Jas. Callanan,
J. S. Patten.
J. D. McGarraugb,
M. P. Turner.
A. Holland,
J. A. T. Hull,
Leander Bolton,
Henr\v~f;~Re:ad .

Under direct supervision and jurisdiction
of the Auditor of the State of Iowa
Interest Allowed on Special Deposits.
We Respectfully Solicit Your Patronage

Bankers' Mutual Casualty Company
DES MOINES, IOWA.
- - - - - -- ' - - - - - - - - -~
DIRECTORS:
CHAS. R. HANNAN, Cashier Citizens State Bank. Council Bluffs, Ia.
J. M. WOODWORTH, Cashier Oom'l State Bank. Marshalltown, Ia.
J.M. DINWIDDIE, Cashier Cedar Rapids Sav. Bank. Cedar l{apids.
J . •G. ROUNDS, President Citizens National Bank, Des .Moines, Ia.
A. U. QUINT, President State Bank, Scranton, Ia.
S. O'DONNELL, Pres. Citizens National Bank, New Philadelphia, 0.
WM. A. GRAHAM, Cashier Citizens Bank, Sidney, Ohio.
F. M . .RUDD, Cashier L. Rudd & Son Bank, Bronson, Mich.
M. D. WAGNER. President Huron .County Bank, Sand Beach, Mich.

DIRECTORS :
G. R. MOORE, President State Bank, Jackson. Minn.
JOHN H. LEATHERS, Cashier Louisville Banking Co., Louisville, Ky.
0. F. SMITH, Cashier First National Bank, McGregor, Texas.
JAS. FERGUSON, V.-P . Northwestern Nat. Bank, West Superior, Wis.
A. E. SPALDING, Cashier Ainsworth Savings Bank, Ainsworth, Ia .
E. B. BRANCH. Omaha, Neb.
EDWil'l' GOODALL. Des Moines, Iowa.
I!'. ELMORE, Cashier Bank of Winchester, Kansas.
J. D. GERLACH, Cashier First National Bank, Chester, Illinois.

INSURES against burglary and robbery of bank. Absolute security at actual cost. The safe d elivery of money and
securities shipped by registered mail. Better, safer, cheaper than by express. Organized and conducted by bankers. Confines its business to banks. Correspondence solicited.

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

~be ~rf==State l3anRer.
VOLUME

II.

A B anker s' J ournal for the M iddle- W est.

N UMBE R

DES MOINES, IOWA, OCTOBER, 1897.

$2 . C0 PER ANNUM.

THE TRI-STATE BANKER,
PUBLISHED BY

TH E TRl=STATE BANKER COMPANY
GEO . G. HUNTER, MANAGER.

M A N H ATTA N BUILDING, DES M O I NES , I OWA .

A mo nt hly b a nker s ' Journal d e voted to th e inte r est ::; of b a nkers
i n t h e Middle-West.
All communication s and n ews ite ms of local interest to bankers
in t hi s territory are r equ est ed.
Su bscription , $2.00 p er annum ; sin gle copies, 20 cents.
Advertising rates on application.
Enter ed a t Des Moines P ostoffice as second cl ass m a t ter .

THE populist theory that there is not enough money
in the country to handle its business properly is hardly
borne out by the logic of events. Indeed the logic of
events is playing sad havoc with most of Populism's
pet theories. If there was insufficient money to move
the crops at last year's low prices, how is it that this
year when agricultural products are worth from 25 to
50 per cent more there is enough and so much of a
surplus that there is a common complaint among bankers of largely increased deposits without corresponding
increase in loans ?

*:,:

THERE can be no surer index to the business of the
country than the bank clearings. The clearings of the
last month show almost without exception an increase
of from 20 to 70 per cent over last year, and in many
instances over any corresponding period during the last
three years. The greatest increase is shown in western
cities where the wonderful stimulus in agricultural
lines is making itself felt in all other lines. Business
activity is remarkable, and that the activity is permanent is known by the large amounts of money looking
for investment.

IO.

SINGLE COPIES 20 CENTS.

can be advantageously put out. This state of affairs
indicates that there is as yet little branching out into
new business or enlarging the old, but instead people
are liquidating the indebtedness of the last few years
_and not contracting new obligations .

***

Now that the hard times of the past four years are
over and an era of prosperity reasonably certain, it is
well to review from time to time the lessons that have
been so disastrously taught us, that we the more may
profit by them. If the American people have learned
but the one ltsson of economy, the hard times will
not have been profitless. If we can only be content. to
do business more on capital and less on confidence we
will have done something to prevent a repetition of the
g~oomy days through which we have passed . The
trouble is the American people are anxious to get
rich quickly. Safe business with smaller profits is
sacrificed for risky ventures which if successful mean
larger profits. With the gambler's recklessness we
cast the die and when the boom collapses we are looking for some one to restore confidence and take the heel
of the oppressor from off our necks. If we have learned
a much needed lesson in economy, have seen the advantage of living within our income and carrying- on business with a reasonable ratio of capital anci confidence ,
t he lessons of the past few years will not be repeated .

***

ANOTIJER lesson that ought to come home to those
who are commonly denominated the working people of
this country, is the necessity for the cultivation of
habits of economy and frugalit y . American workmen
are not as _saving as their brothers across the sea.
Here, too often , the laborer lives up to the limit of bis
earnings, in place of putting aside something for the
dark days. If he gets ten dollars a week , he lets his
expenses
run up to ten dollars a week. When be gets
*
DURING the the last six months bank deposits in the less, he cuts down his living. He takes no thought
west have been steadily increasing, without a corre- for the morrow. That is why, when the country is
sponding increase in the bank loans, until the amount prosperous, mills and mines and factories running full
of available cash held by the banks is greater than ever t ime, the American laborer, of all the laborers of the
before. In the state of Iowa alone, as shown by the world, seems the child of fortune- becomes the envy of
auditor' s report, there was an increase from June 30, his brother across the wa~er, and furnishes the material
1896, to June 30, 1897 of $1,476,100 in deposits, an for the grandiloquent peroration of the stump speaker
increase of $276,794 in cash held, an increase of $2,- · when enumerating the beatitudes of his party' s plat781,204 in credits subject to sight draft, while there has form.
True, other governments enforce frugality upon the
been a decrease in bills receivable of $2,094,223. The
situation has changed somewhat since July first, but people. But why the people of this country , with
not enough to materially alter the conditions. Deposits larger opportunities for earning w ages, can not be
are still increasing much more rapidly than the money taught to put aside part of the wages of prosperity to

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

THE TRI-STA TE BANKER.

tide over times of national adversity, and furnish a
home and competence for old age, is a question that
the students of the labor problem have long been trying to solve. If the wage-earners would exercise the
same business sense as do their employers, there would
be less talk of '' classes,'' '' the poor getting poorer
and the rich richer," and fewer strikes to block the
machinery of commerce.

***

THERE is an idiotic attempt being made by certain
newspapers in the state of Iowa to make the holding of
mortgages a political crime. It is urged as an argument against a prominent candidate for political honors
that he is a money loaner-a banker. That be is an
oppressor of the common people to the extent of loaning them money and taking mortgages as security
therefor. A fearful array of argument in the form of
long lists of such mortgages is paraded as reasons why
he is unworthy of the people's confidence. Such argument appeals only to the most ignorant voters, those
who look upon property owners as oppressors, overlooking the fact that the property was acquired by the
exercise o(good judgment, economy and correct business methods Fortunately, this class of people is very
small in the western states. Anarchy and socialism
have as yet gained no foothold on the prairies of the west,
and the holding and protection of property within the
limits of the law can hardly be accepted as even a
political crime.
OR.OUP NO.

Proceedings of the first meeting of Group No. 2 of
the Iowa St~te Bankers' Association, comprising the
counties of Lyon, Osceola, Sioux, O'Brien, Plymouth;
Cherokee, Woodbury, Sac, Ida and Monona:
Meeting called to order by Chairman 0. P. Miller,
president, of Lyon County Bank, Rock Rapids, who
outlined the objects o~ the association and this meeting,
noting that there are some I, 100 banks in the state of
Iowa. The total capital represented by banks in · this
district is about six millions.
Prayer was offered by Dr. C. H. Strickland; addresses
of welcome by J. M. Cleland, mayor of Sioux City,
and D. T. Gilman, president of the Sioux City Clearing House Association, and president of the Iowa State
National Bank. In the absence of J. W. Reed, of the
Baxter Reed & Co. Bank of Ida Grove, response to
the address of welcome was made by C. T. Tupper, of
the George, Iowa, Savings Bank.
C. T. Tupper was elected secretary and treasurer.
W. P. Manley, president of the Security National
Bank of Sioux City, stated that Hon. L. M. Shaw, of
Denison, Iowa, Republican candidate for governor was
in the city, and that the members were invited to meet
him at I I :30. Mr. J. F. Toy moved that the association
adjourn at II :30 "to meet the Governor." Motion
carried.

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

October, 1897.

At I I :oo A. M. the meeting adjourned and after
spending- a half hour in getting acquainted, repaired at
I I :30 to the parlors of the Mondamin Hotel to meet
L. M. Shaw, Republican condidate for governor of Iowa.
AF'.rERNOON l\lEETING-2 P. M.

Meeting called to order by Chairman Miller.
The members not having all arrived the question of
shipping currency by registered mail was brought up.
Discussion opened by W. A. Sanford, vice-president of
the First National Bank of Cherokee. Mr. Sanford
said his bank had peen shipping currency by registered
mail for some time, with satisfaction. They found it
much cheaper than shipping by express. They shipped currency in thi~ way _without having it insured.
The question was further discussed by E . D. Huxford of Cherokee; E. W. Hazard, of Hull, Ed C. Brown,
of Sheldon; J. F. Toy, of Sioux City ; Chairman Miller,
and others. The consensus of opinion seemed to be
· that it is just as safe and as prompt as by express shipping, and effects a great saving in transportation.
The convention then listened to an address on "Uniform Laws Governing Commercial Paper,'' by Hon. E.
H. Hubbard of Sioux City. Mr. Hubbard handled
this subject in an able manner. He discussed it as to
the uncertainty of our laws resulting from our system
of judge-made laws. To find what the law actually is
one must turn to the reported decisions of the courts,
made by countless judges in England, and the forty
sovereignties of the United States, contained in six
thousand volumes. Illustrating uncertainty, notice the
uncertainty with .relation to the effect of attorney fee
or exchange clauses in notes.
In South Dakota attorney fee clause renders the note
non-negotiable.
The law proposed and recommended by the American Bankers' Association is merely a compendium of
the law as it is.
It renders the law of commercial paper certain, uniform and easily understood. These matters interest
the whole business public. I't is especially interesting
to bankers. It is also interesting to the man that gives
the note. He should know what is in the note as well
as the man who takes it. This association can interest
itself in no better subject than this question of uniform
laws governing commercial paper.
Mr. E. D. Huxford, cashier of the Cherokee State
Bank, read an interesting paper on "Can Exchange
Charges be Made Uniform in the Territory Embraced
by Group Number 2 ?''
Mr. Huxford said that '' this paper was written with
the idea that it would be ripped up the back.'' He
hoped it would be and that some good would come
out of it.
E. B. HUXFORD'S ADDRESS.

Mr. Chairman,-! flatter myself that I have the
pleasure of addressing as intelligent a body of men
as exists in the territory embraced by Group No. 2 of

THE TRI-STATE BANKER.

October, r 897.

Acts as Reserve Agents for National, State or Savings Banks

TH~

$300,000.00 .........•

DEs M o1NES, low A ....

... Correspondence Invited.

the Iowa Bankers' Association. A body of men who
are as keen to their own interests and to that of their
clients as any other class of men in these United States.
Pardon me gentlemen if I am somewhat enthusiastic
on this subject, but I think you will agree with me,
bankers of the state of Iowa are as competent to manage
their own affairs as any other class or organization of
men in this country. They are men with an insight
into all other lines of business possessed of by no other
class of men. The relations which bankers sustain to
the general business public, in their regular and confidential capacities, places them in a position to gather
together the methods and machinery of business which
have proven successful in other lines ; and it is a strange
spectacle indeed to behold these self same, keen, shrewd,
intelligent bankers acting like mere children when it
comes to matters affecting their own material wellfare.
These giants in intellect become mere babes in applying that intellect to their own good.
As confidence is the basis of all financial and commercial transactions, we would expect to find this trait,
fully matured, and especially cultivated when it comes
to transactions affecting the success of our banking
institutions. We discount paper because we have confidence in the ability of the maker to pay same when
due, we advance money on collateral because we are
confident that the same will protect the owner's paper,
but let me ask how much of this confidence, how much
intellect, how much of this keen, shrewd characteristic
is utilized when it comes to the simple matter of
exchange charges ?
It is not necessary for me at this time to dwell on the
justice of a reasonable charge for work done, and for
furnishing to the public that which is i~ itself an
expense to every banking institution. I take it for
granted that no one will say that that which is an
actual expense ought to be given away, under the
excuse that competition makes it necessary. The
future historian looking backward over the period
through which we are now passing, will be amazed at
the multitude of trusts, organizations and societies,
fostered and founded by the different interests in every

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Federal Reserve Bank of St. Louis

Details of Accounts Carefully Attended To.

DES MOINES N AT IONAL
BA NK,

Capital,

.... OFFICERS ....
G. M. REYNOLDS, President, E. A. LYND, Vice-President, C. B. ATKINS,
Vice-President, ARTHUR REYNOLDS, Cash ., C. M. SPENCER, Asst. Cash.

line for the maintenance of prices, and he will ,won<ler
that the bankers are not in it. _S tandard Oil trusts
and even boot-blacks have been able to formulate agreements, and under these agreements reasonable prices
have been maintained.
There is a philosophy which says we are dependent
on the misfortune of others for our own prosperity ; but
it would seem that in the matter of exchange charges,
our misfortune is the pecuniary profit of our customers.
It is true that in the larger cities exchange agreements have been formulated by the clearing houses and
been maintained, and what has been done in the larger
cities ought not to be impossible in smaller places or
districts.
It has been my experience that that which is given
away is not generally appreciated. Many of our customers do not want to be objects of charity. No person thinks in these days that the express companies or
the United States ought to furnish orders or exchange
without the usual fee, and as they have thus been educated in this line they can be educated to respect the
same charges when t_hey purchase their exchange from
a banking institution.
I bad occasion in March of this year to direct inquiries to ten representative cities in this district to ascertain what were the usual rates charged for exchange
and collections, and the replies received from these
inquiries developed the fact that in only one of the
cities ad.dressed was there an agreement in force, and
the charge under that agreement was one-tenth of one
per cent. Without exception the answers received
admitted that the practice ought to be condemned, and
that some reasonable uniform rate should be established. Competition seems to be the excuse for this .
state of affairs, backed up by a lack of confidence that
any agreement formulated can be maintained. We all
know how it is, the First National Bank is afraid of the
State Bank and the State Bank is afraid of the First
National Bank and they are both afraid of the Private
Bank, while the customer keeps quiet, saws wood and
gets the profits.
The Hon. James H. Eckels in his address before the

THE TRI-STA TE BANKER. ·

October, 1897.

American Bankers' Association at Detroit, said, '' There there are three banking institutions-two national
is a point in competition between banking institutions banks with a capital of $100,000 each, and one savings
which lies beyond the danger line, and when touched bank with a capital of $30,000 . The national banks do
invariably results in complete collapse. If the banker not pay interest on deposits, the savings bank pays
reckles<:. ly loans to all who apply solely to have his 4 per cent, and these institutions have earned 15 per
funds employed he invites- disaster. When he aban- cent net sirice their organizations. Every d~aft that is
dons, on the plea of being pressed by his competitors, written and every collection made under an agreement
the gaining of legitimate profits of banking and enters between these institutions · must stand the regular
upon the practice of paying excessive rates of interest charge. Money is loaned only at the legal rate and
on deposits, fails to make a reasonable charge for there is no Peter robbed to pay Paul. The sentiment
exchange and collections and otherwise violates the antagonistic to our banking institutions which seems to
rules of sound banking, he is driven, that the share be so sweet a morsel for our populistic friends, would
holder may have dividends, to invest in 1.1ndertakings lose its fragrance if legal rates of interest were adhered
which have no proper place in the business of a com- · to, and legal rates charged for collection and exchange.
If our senators and representatives would spend some of
mercial bank. to the loss of all concerned.''
I am not unmindful of the fact that it is universally their valqable time in enacting laws that would add to
admitted that competition in a legitimate way is the the profit of our banking institutions, we are of the
life of all financial and commercial transactions, but opinion they would serve their constituents better and
when that competition reaches a point of annihilation, make the banks safer, than by treating bankers as prosit would seem that in justice to the general public pective criminals and enacting laws for their punishwhose confidence we solicit, that that competition ought ment.
We have customers who hand us collections on difto be relegated to the mausoleum provided for the
ferent points in this state and ask us what the expense
resting place of bankers' follies.
You, gentlemen who are addicted to the practice of will be, and we are obliged to answer that we do not
giving away your exchange, under the delusion that know. We send cash items for returns to different
that act is regarded with favor by your clients, or that places and the charges run all the way from ten cents
you are conferring a benefit to the community where on $5co to twenty-five cents on $r. Our customer bas
, you are in business, ought to stop and consider that been in the habit of getting- definite replies from us
the extra five or ten per cent you tack onto your inter- when it comes down to matters involving dollars and
est charges is made necessary by your generous action. cents, and these uncertainties and unequal charges
You must all admit that the borrower, be he larg or are somewhat of a mystery to him.
small, is entitled to the same consideration at our hands
Can we not turn some of our engines of war from
as the heavy depositor, and, sir, Iaskyou"ifwecancon- ·our competitor, enlist him in our company, and with
scientiously continue to give away our exchange and his aid, make a stated uniform charge to all our cusmake collections free to our heavy depositor and in fact tomers, and get a little profit for ourselves out of this
recover it by charging the small borrower a higher collection and exchange business?
rate? If the state of Iowa could have upon its statute
In the city of Atlanta, Georgia, the bankers conbooks a law which would make it compulsory for cluded that if they did not ''hang together they would all
every banking institut_ion doing business within its bor- hang separate ' ' and a uniform rate was agreed to. In
der, to charge a stated uniform rate to all, in furnishing order to protect this agreement and to bolster up the
exchange and making collections, would it not equalize lack of confidence which the parties thereto had in
the unjust burden now imposed on our small borrower? each other, a grievance committee was appointed who
We have an Interstate Commerce Commission to bad the authority to examine the books of every bank
regulate and equalize the long and short haul charges that was a party to said agreement upon complaint of
of our public carriers, and I submit that with equal any other bank. This agreement has given such satispropriety we ought to have a commission to regulate faction that only in one instance have the grievance
the unjust and unequal charges of our public banking committee been cailed upon to act, and in that instance
institutions.
it developed that the failure to charge was caused by
Our esteemed legislature at Des Moines has burned the carelessness of a clerk, no intent being shown.
the midnight oil, in an endeavor to make the banks of
If we could have an agreement to take effect at some
this state stronger and more impregnable by stating future date, get every bank in this district, whether
what they shall not do; ought they not now supple- members of this association or not, to sign same,
ment this by stating what they shall do?
appoint a grievance committee, I believe the result
As an illustration of the possible benefits of such a would be worthy of the effort.
law to the general public, as well as to the banks themselves, I _have in mind a county seat in this state with
Morton Wilber, cashier of the Sanborn State Bank,
a population of less than four thousand people in which discussed the question of interest on deposits. "The

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Federal Reserve Bank of St. Louis

THE TRI-STA TE BANKER.

October, 1897.

Capital, $wo,ooo.oo . . . . -.

Surplus and Profits

9
$15,200.00

The Iowa National Bank
DAVENPORT
CHAS. BEIDERBECKE, President.
A. P. DOE, Vice-President,
CHAS. PASCHE, Cashier.

banks,'' he said, '' are paying to much interest on
deposits. Five per cent for three months is an excessive
rate. In our own bank we pay no interest on any
deposits for less than a year. The first bank in Chicago
that quits paying interest will get our account."
Interest on time deposits further discussed by C. P.
Scott, of Doon ; E. W. Hazard, of Hull, and G. T. Gilman, J. F. Toy, and W. P. Manley, of Sioux City.
Hon. L. M. Shaw was then in~roduced, and spoke
briefly.
·
The question of interest on time deposits was further
discussed by Ed C. Brown, of the Sheldon Bank, Mr.
Gilman and others. Mr. Brown said a bank was a
quasi public institution, and the interests of the public
must not be overlooked. A bank ought to pay such
interest on deposits as it can afford to pay.
The following motion was carried : That the standing committee on uniform action is hereby instructed
to formulate an agreement as to rates of interest to
be paid on deposits, and rates to be charged on exchange
sold and collections made, and endeavor to have same
signed by every banker in this district.
The convention then proceeded to elect a chairman
for each of the executive committees.
The following gentlemen were nomimited and elected
by acclamation :
Arbitration, W. P. Manley, president Security
N:ational Bank, Sioux City; uniform action, E. D. Huxford, cashier Cherokee State Bank, Cherokee; reception and program, Ed C. Brown, cashier Sheldon Bank,
Sheldon ; protection against fraud, I. B. Santee, cashier Danbury State Bank, Danbury ; press and publication, Chas Creglow, cashier Doon Savings Bank, Doon.
On motion, vote of thanks was extended the members of the Euclid Club of Sioux City for the use of
their club rooms by the convention.
Members of the convention beinginviteH by the Sioux
City Clearing House Association to attend a banquet at
the Mondamin Hotel, convention adjourned to meet at
the Mondamin banquet hall at 7:00 P. M.
At the appointed hour the members sat down to an
elegant repast at which fun and good will abounded.

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Federal Reserve Bank of St. Louis

New Business Invited
After the last toast and while enjoying cigars, Mr.
Ed C. Brown offered the following resolution :
WHEREAS, 'rhe Sioux City Clearing House extended
a kind invitation to Group No. 2, of the Iowa State
Bankers' Association to -hold their meeting at this city
Resolved, That we, the members of said group,
do hereby extend our thanks to th.e Sioux City Clearing House Association for the entertainment provided
for our comfort, and the splendid banquet at the Mondamin Hotel.
Resolved, That we will honor their checks on us on
presentation without identification.
The question of shipping currency by mail was further discussed by James. F. Toy, Chairman Miller,
.
·w m. McFarlane, Chas. Creglow, and others.
James F. Toy moved . that it is the sentiment of the
meeting that the Bankers' Association of Iowa use its
influence and co-operate with other associations in
securing legislation for uniform laws on commercial
paper. The motion was adopted.
On motion the convention adjourned.
C. S. TUPPER.
S ecretary and Treasurer.
There were twenty-seven banks and bankers registered at the meeting, as follows :
Sanborn State Bank, Sanborn, Morton Wilbur,
cashier; Farmers Loan & Trust Company, Sioux
City, James F. Toy, president; First National Bank,
Rock Rapids, E. L. Partch, cashier; German Savings
Bank, Doon, C. P. Scott, cashier; First
ational
Bank, Cherokee, W. A. Sanford, vice-president;
Sheldon Bank, Sheldon, E. C. Brown, cashier; State
Bank of Hull, Hull, E. W. Hazard, cashier ; Little
Rock Bank, Little Rock, M. D. Bilsborough, president ; Doon Savings Bank, Doon, Chas. Creglow;
cashier; Cherokee State Bank, Cherokee, E. D . Huxford, cashier; Bank.of Northwestern Iowa, Alton, M.
D. Gibbs, cashier; Onawa State Bank , Onawa, C. H .
Huntington, cashier; First National Bank, Sioux City,
E. H. Stone, vice-president; Ca::;tana Savings Bank,
Castana, W. F. Day, cashier; Iowa State Bank, Hull,
E. H. Reimann, president; George Savings Bank,

THE TR.i-STATE BANKER.

George, C. T. Tupper, cashier; Merchants National
Bank, Sioux City, George P. Day, cashier; Iowa
State National Bank, Sioux City, D. T. Gilm~n,
president; Security National Bank, Sioux City, W. P.
Manley, president; Citizens State Bank, Sioux Center,
Jerry Kendrick, cashier ; Moville Bank, Moville, . W.
W. McElrath, cashier; Alvord Savings Bank, Alvord,
J. D. Stewart, cashier; Danbury State, Danbury, I.
B. Santee, cashier; Live Stock National Bank, Sioux
City, George H. Rathman, cashier; Lyon County
Bank, Rock Rapids, 0. P. Miller , president; First
National Bank, LeMars, E. A . Dalton ; Blencoe Bank,
Blencoe, Wm. M. Farlane.
OROUP NO. 9, IOWA BANKERS'

ASSOCIATION.

Group No. 9 of the Iowa Bankers' Association, comprising the counties of Washington, Louisa, Lee, Des
Moines and Henry, was royally entertained by the
bankers of Burlington, September 22d. Mr. James T.
Whitney, of Mt. Pleasant, is chairman of the group,
which at present has forty -seven members.
Chairman Whitney called the group to order in the
Citizens' Association rooms. Mr. J. J. Fleming, of the
National State Bank, delivered the address of welcome,
extending to the visitors the freedom of the city. They
were insured a hearty welcome and entertainment was
promised them for their stay. '' If you will only extend
your stay," said Mr. Fleming, "we will be glad to
grant you the customary three days' grace and afford
you entertainment for that time.'' The hearty co-operation of the local bankers was also assured in any
work undertaken, and the bankers were extended a
cordial 1.invitation to make Burlington their annual
meeting place, and in the near future the convention
city of the state association.
Mr. W. H. Bliss, of Salem, responded very briefly,
saying the meeting must result in good to those present
and commending the group system, as bringing the
bankers into closer touch.
Mr. W. E. Blake, of Burlington, was introduced and
gave a brief and concise explanation of the new taxing
law and its application to bankers. He gave a very
explicit and careful explanation of the taxing laws as
changed by the new Code. The paper will be · found
interesting and valuable to bankers all over the state.
We give it below in full :
NEW TAXING LAW AND ITS APPLICATION.

An eminent Omaha attorney, in an address this year
before the American Bar Association, in speaking of the
mode of listing and valuing property for purposes of
taxation, made use of this language : "Once a year
men are sent out under one title or another with more
or less authority to ascertain the value of every man' s
property, to the end that it may be taxed accordingly.
The inquiry he makes, or whether he makes any, is a
matter committed to his own discretion; and whether

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Federal Reserve Bank of St. Louis

October, 1897.

he acts upon the information at his hand or according
to his arbitrary pleasure, is a question for his conscience, if he have a conscience. The whole thing is
a secret and irresponsible process. The natural consequence is that the fees allowed by statute are a small
fraction of what he receives for reduced assessments of
the rich and excessive valuations of the property of the
poor. ''
I am not ready to accept the sweeping insinuation
and suggestion contained in this language. It seems to
me broader and more suggestive of fraud and wrongdoing than the facts warrant, at least in communities in
which we live.
Yet, something has induced our legislature to completely revise the mode of listtng and valuing property
for purposes of taxation in this state.
It is not my purpose to inflict upon you a dissertation upon the evils and inequalities so loudly complained
about by those who pay taxes ; and I thought it might
be of interest to us all to consider for a little while the
matter of taxes as affecting banks under the new taxa.:.
tion law.
You, of course, are familiar with the old method of
arriving at and fixing values upon the stock and assets
of banks. The Code of Iowa, which has received so
much attention for the last three years and which, as
finally adopted, goes info effect Octeber 1st of this year,
has made some marked innovations in the matter of listing and valuing bank stock and bank assets.
For the purpose of assessment of taxes, banks and
bankers are divided into two classes: (I) private banks
or bankers ; ( 2) corporate banks . and loan and trust
companies.
Under the heading of private banks or bankers, are
included all banks or persons other than corporations
receiving deposits subject to check, selling exchanges,
etc.
Under the heading of corporate banks are included
national banks, state and savings and loan and trust
companies.
The new Code requires the tax-payer to list and value
his taxable property. That is to say, the tax-payer
must furnish to the assessor a verified statement of taxable property, values, etc., and from this sworn statement and other information the assessor shall fix the
actual value of the property and also the value at which
the property shall be assessed for purposes of taxation.
As to private banks Private banks must furnish to the assessor a sworn
statement showing the following items as to assets. and
liabilities on January 1st:
1.
All moneys on hand, or in transit, or in the
hands of others, including checks or other cash items.
2.
The actual value of credits in the shape of bills
receivable due or to become due.
3. The amount of all deposits made with them by
others and of all bills payable.

THE TRl-STA TE lJANKER.

October, 1897.

SURETY

BONDS

FURNISHED

Fidelity and Deposit Company of Maryland,
HOME OFFICE, BALTIMORE , MD .
~s~~~~~,

IOWA GENERAL AGENTS.

Des Moines, T. W. Phillips.
Cedar Rapids, J. S. Anderson & Son.
Sioux City, Peters & Perkins Company.
Burlington, Hutchinson & Wesner.
Dubuque, Coates & Robinson.

i
'!)

@
@

ECOMES SURETY on bonds of bank officials and employes, also on bonds
for contractors and employes of mercantile houses and all others occupying positions of trust. Accepted as SOLE SURETY on bonds given in
Judicial Proceedings in Iowa. These bonds executed on application for same.

Cash Resources, Over

~~~~~~~~~~~~

HER.MAN E. BOSLER., Treasurer.

4. Actual value of bonds and stocks of every kind
held as an investment or in any way representing assets,
specifying the same, including all claimed exemptions.
5. All other property pertaining to said business,
including rea estate and value of the same ; the real
estate, however, to be listed and taxed separately.
From this verified statement, the assessor making
use of the same and such other information as he deems
reliable, must determine the aggregate actual value of
money and credits 9f !-aid private bank, [lfter deducting
deposits and debts owing by the same, and the aggregate actual value of bonds and . stocks, after deducting
the portion thereof exempt, and the actual value of any
and all other taxable personal property, and assess the
same at 25 per cent of the actual value thereof.
In short, the private banker pays taxes on his real
estate just as other real estate is taxed, and bis personal
property is assessed for the purposes of taxation at onefourth of its actual value."
As to corporate banks and loan and trust companies:
( a ) The shares of national banks are to be assessed
to the individual stockholder at the place where the
bank is located, the officers of the bank being required
to furnish a list of such stockholders and the number
of shares owned by each.
( b) Shares of stock of state and savings banks and
loan and trust companies are to be assessed to sue~
banks or companies and not to the individual shareholder.
( c) These corporations, z". e., national banks, state
and savings banks, and loan and trust companies,
through their offieers must furnish to the assessor a
sworn statement similar to the statement required of
private bankers, and which statement must show separately the capital stock, the surplus, and the undivided
earnings.
( d) The assessor from these statements and from any
other information derived from the auditor of the 5tate
shall then fix the total value of such shares of stock
and list them accordingly ; that is, in national banks to
the shareholders, and in state and savings banks and
loan and trust companies to the corporations.

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Federal Reserve Bank of St. Louis

$2,000 , 000 .

{f)

EDWIN W A R.FIE LD , Preside nt.

( e) In fixing the total value of shares of stock any
portion of the capital of such corporations invested iu
real estate shall be deducted and such real estate shall
be assessed as other real t-state.
It would seem at first glance as though there was
sonie confusion or inequality betweeu the taxing of this
and other property, but another section of the new Code
of general application corrects it by declaring that all
property subject to taxation shall be valued at its actual
value, which shall be entered opposite each item, and
shall be assessed at 25 per cent of such actual value,
which shall be taken and ~onsidered as the taxable
value of the property. Actual value is defined to mean
its value in the market in the ordinary course of trade.
T hus it will be seen that banks pay taxes on real
estate just as other real estate is taxed, and also pay
taxes on other taxable assets j 11st as other property is
taxed.
In deducting the real estate from the total in deter-mining ac~ual value of shares the real estate is to be
deducted at its actual value as fixed by the assessor
and here there may be apparent discrimination, but it
is as likely to diminish as it is to increase the assessed
valuation of the shares of stock.
EXEMPTION.

The new Code is corrected so as not to conflict with
the federal law and in terms omits from taxation United
States bonds.
MODE OF COLLECTION.

The legislature did not propose to allow any taxes to
go uncollected, at least if owed by a bank corporation
or shareholder , and to make sure of this the new Code
provides that such corporations shall be liable for the
payment of taxes assessed to stockholders. It provides
quite a lot of law machinery for such purpose, such as
giving the corporation a lien on the stock, on the unpaid
dividend of the shareholder, and provides a summary
remedy of selling the shares on thirty day notice, etc.
This hasty sketch is simply a statement of the law as
it is without note or comment. It seems, however, to
be a long stride towards equal taxation for all kinds of

THE TRI-STA TE BANKER.

property and will surely be a relief from the e~tremely
onerous burden which some banks in this state have
been carrying.
The address .was followed by a number of questions
in regard to the bankers' -laws, which Mr. Blake readily
answered.
After reading the call, Chairman Whiting announced
the election of a treasurer to be in order.
Mr. W. H. Colton, of Wapello, was elected by acclamation, and on motion the office of secretary was combined with that of the treasurer.
.Mr. A. E. Spalding, of Ainsworth, made a short
address, saying that the association needed to .work to
increase the membership. At present, he said , the
bankers had no system of collections, bookkeeping, or
anything, and success depends on the bankers themselves.
Mr. Whiting appointed a committee, consisting of T.
W. Barhydt, S. A . White, of Washington, and M.
Hanchett , of Fort Madison, to nominate the executive
board. The meeting then adjourned until 2 o' clock.
A FT E RNOON SESSION.

The afternoon' s session did uot convene untll 2 :45.
Mr. J. T. Brooks, of Hedrick, chairman of Group No.
8, delivered a very pleasing address.
The following were reported and elected to serve on
the ex ecutive board: J. J. Fleming, National State,
Burlington; W. E Blake, Merchants National, Burlington ; Geo. M. Hanchett, Lee County Savings, Fort
Madison ; A. J. Mathias, Keokuk Savings, Keokuk ;
R. R . Boland, Washington National, Washington.
At 3 :30 the convention adjourned to the Nautilus
and barge. Here they were given a pleasant cruise on
the broad Mississippi and enjoyed the beautiful scenery
which has made Burlington famous. Chef Hensley, of
the depot dining hall, served a splendid banquet on the
barge.
THOSE IN ATTEN DANCE.

A. E. Spalding, Ainsworth ; H. G. More, Wellmore ; R. R. Boland and S . A. White , Washington;
E. J. McLurkin, Morning Sun; W. H. Colton,
Wapello; Wm. Harper, Mediapolis; W. H. Bliss,
Salem ; J. T. Bro6ks, Hedrick; George M. Hanchett ,
Fort Madison ; W. P. Foster, First National Bank,
Burlington; John Fleming, National State Bank, Burlington; Ryman Edwards, T. W . Barhydt, W. E.
Blake, N. S . Young, Merchants National Bank, Burlington; Chas. G. Mauro , Iowa State Savings Bank,
Burlington.
FoR SALE.- Complete outfit of bank furniture and
fixtures and burglar-proof safe, all in first-class condition. Will be sold at a great reduction. New banks
and those needing better improvements should investigate. For information address A. J. Zwart, care of
Des Moines National Bank, Des Moines, Iowa.

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Federal Reserve Bank of St. Louis

October, 1897.

ANNUAL R.BPOR.T OF IOWA STATE AND SAYINOS
BANKS.

-)
STATE OF IOWA,
OFFICE OF THlt AUDITOR OF STATE,
DES MOINES, August 5, 1897. )
To the General Assembly of Iowa :
GENTLEMEN,-In compliance with the requirements
of section 24, chapter 60, laws of 1874, I have the
honor herewith to present statements of the condition
of the savings banks, and of the state banks, so called,
which were under the supervision of this office June

30, 1897.

The present report contains a statemenf from 166
savings banks and 206 state banks. It will thus be
seen that there has been a decrease of three in the
n umber of savings banks and an increase of five in the
number of state banks, or a net increase of two in the
total number of banks under state supervision during
the past year.
The following tables present a synopsis o f the assets
and liabilities of the savings and state banks at the
close of business June 30, 1897 : [The synopsis above
referred to was given in the September number of Tmt
TRI-STATE BANKER--Editor.J
Since the publication of my last report, one year ago,
the following banks have been placed in the hands of
receivers :
The Iowa Savings Bank of Sioux City, iowa, failed
November 9, 1896, and W. P. Manley, of Sioux City,
was appointed receiver, November IO, 1896. He
resigned March 2, 1897, and A. D. Wighton was duly
appointed and qualified in his stead, March 16, 1897.
The Sioux City Savings Bank of Sioux City, failed
November 19, 1896, and F. B. Goss, of Sioux City,
was duly appointed receiver of the same.
The Harlan State Bank of Harlan, Iowa, was reported, by the bank examiner, to be in an insolvent
condition, and, upon application to the district court,
L. C. Lewis, of Harlan, was appointed receiver on
December IO , 1896.
The German Savings Bank of Des Moines, Iowa,
made application for a receiver January 23, 1897, and
H. T. Blackburn was appointed such receiver on the
same day.
The Commercial Savings Bank of Leeds was closed
on February 12, 1897, and Willard L. Frost, of Sioux
City, Iowa, was appointed receiver.
The Citizens Savings Bank of Ireton, Iowa, made
an assignment on February 25, 1897, and W. S. Short,
of Orange City, was duly appointed assignee of the
same.
Of the above named banks, the German Savings
Bank of Des Moines succeeded ·in effecting a re-organization, with a paid-up capital of $roo,ooo, and was
duly authorized to re:sume business June 5, 1897. Due
credit for the success of this re-organization should be
given to the old stockholders of the bank, as well ~s to
many of the depositors.

THE TRI-STA TE BANKER.

October, r 897.

The assets of the Commercial Savings Bank of
Leeds, Iowa, have been sold for a sufficient sum to pay
all its depositors in full, as well as the court expenses
attending the receivership.
·
The receivers of the other banks are acting under
the direction of the district courts of their respective
counties and, as they are not required by law to make
reports of the progress of their receivership to this
office, I have no definite information as to the progress
of their work.
The present report indicates beyond question, not
only the return of full confidence in our banking and
financial institutions, but also an ease in the money·
market such as this state has not experienced for several years. The increase in available cash held by
the banks over that of one year ago amounts to $3,045,998.40, and the increase in deposits amounts to $r ,476,roo.37.
The following- table shows the percentage of deposits
held by the banks as available cash for a series of years :
1892 ............. 25 per cent
1893 .............. 19 per cent
1894 ..... . ........ 29 per cent

I 1895 ............ : . 21 per cent

1896 .............. 22 per cent
1897 .............. 28 per cent

It will be seen from the above that the banks at the
present time bold a larger percentage of available cash,
as compared with their deposits, than they have held
at any previous time during the past six years, with
the exception of the year 1894, when the panic com-

♦♦♦♦♦♦♦♦♦♦♦

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Conducting its business along legitimate
commercial lines, loaning money in
moderate amounts to reputable business houses for mercantile uses only, the

pelled them to fortify themselves with cash in order to
prevent suspension on account of sudden withdrawals
of deposits.
The reduction of the over drafts and indebtedness to
banks and others is another indication of the improved
condition of the banks as compared with one year ago.
The Twenty-sixth General Assembly revised the
banking laws of the state, whic.h revision takes effect
October rst of this year. Among some of the more
important changes are the following:
Providing that directors in state and savings banks
must be the owners of a certain number of shares of
stock.
Making more explicit provision when and how dividends in a savings bank may be declared.
Fixing a minimum cash reserve for state and savings
banks.
Providing that state banks may not be organized
with less than five persons of lawful age.
Requiring directors of state banks to take an oath of
office.
Providing for an examining committee of savings
banks and fixing the compensation of the members of
such committee in both state and savings banks.
Giving the auditor of state power to call for special
reports from state and savings banks.
Giving the auditor of state power to direct the bank
examiner to take possession of a state or savings bank

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NEW LINE LOCKING DEVICE

OFFICERS AND DIRECTORS.

LOUIS F. SWIFT, of Swift & Co.,
Packers.
JOHN A. LYNCH, of Thos.
Lynch & Sons, Capitalists.
FRANK 0. LOWDEN, Attorneyat-Law.
H. S. DURAND, of the Home
Insurance Co.
J. B. GREENHUT, Peoria, Ill .

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Federal Reserve Bank of St. Louis

New 1897 Models Numbers

- - - - - --

THE TRI-STA TE BANKER.

October, 1897.

which is violating law, and suspending the right of . is at the present time the utmost confidence on the
attachment or levy against such bank during the time part of our people in the ability, integrity and conservatism of the men who conduct the business of the
it is in the hands of such examiner.
Giving the auditor of state, with the assent of the state and savings banks of Iowa, and I have every reaattorney-general, authority to apply for the appoint- son to believe that this confidence is not misplaced.
C. G. McCARTHY,
ment of a receiver.
Aud-itor ef State.
Giving the auditor of state power to require an
assessment upon the -stockholders of banks whose capital is impaired.
CHANOES IN IOWA BANKS.
Providing for the punishment of any owner, director,
officer, agent , clerk or employe of a bank who knowThe First National Bank of Montezuma-J no. Hall,
ingly makes false statements relative to the bank or its Jr., cashier in place of Geo. W. Kierulff; E. D. Rayaffairs.
burn, assistant cashier in place of Jno. Hall, Jr.
Making loan and trust companies which receive time
deposits and issue drafts, subject to regulation aml conIOWA OR.OUP MEETINGS FOR OCTOBER.
trol by the auditor of state.
The above are the more important changes or addiGroup No. 1.-James A. Patton, of Council Bluffs,
tions in the law. I believe that all of them are. for the chairman, will hold a meeting at Council Bluffs, Octobetter protection of the depositors as well as for the ber 12th. It is earnestly requested that every bank in
security of the banks themselves.
this district send at least one representative.
In addition to the above, . I would most respectfully
Group No. 2.-C. H. McNider, Mason City, chairrecommend that legislation be enactad limiting the man, will meet in Mason City October 12th. An interd.mount of real estate that a state or savings bank may esting program and a good time is assured, a large
hold, and providing for an early disposal of such real attendance is desired.
estate as a bank may be compelled to acquire in order ·
Group No. 7.-E. M. Scott, Cedar Rapids, chairman,
to protect itself from loss by reason of bad debts. I will meet in Cedar Rapids Tuesday, October 13. A
urge this recommendation for the reason that the real special rate of one fare for round trip has been secured.
estate account of our state and savings banks is yearly A good program provided. A large attendance is
increasing, and experience has demonstrated that this expected.
class of assets is always slow to realize from whenever
a bank is compelled to do so.
OENERAL NEWS AND NOTES.
Owing to the depression of business in general and
Carl W. ·Dahlberg, of Des Moines, has been elected
the consequent dangers that have threatened all financial institutions during the past four years, I have been assistant business manager of THE TRr-STATE BANKER.
compelled to give much care and personal attention to
Comptroller Eckels reports the per capita banking
the bank supervision. It has been my special endeavor ·capital of the United States to be $37.14. For Iowa it
to give more system and efficiency to the examinations. is $20.48; for Minnesota it is $29.88 ; for Nebraska it
In this effort I have been promptly and loyally sec- is $20.20
onded by the gentlemen- who represent this office in the
Bankers in need of any kind of check protectors, percapacity of bank examiners. Advice, suggestions and
forators or stamps should address the Schwaab Stamp
even criticism have been freely given to banks and
and Seal Co., Milwaukee, Wis. This company is
bank officials, and these have invariably. been received
strictly reliable and bankers can save money by patronin the same spirit in which they were offered. There
izing them. They also manufacture all kinds of metal
signs.

The Havill Deposit Ledger
Arranged with the Ledger Index Balance Sheets.
(PATENTED NOV. 26, 1895 .)

OMBINES the best points of the old-style Deposit Ledger,
with its compact grouping of debits and credits and daily
balances of accounts, rendering the examination of an
~
account in all its details easy and satisfactory, with the
advantages of the Boston System, in its grouping together the
accounts in alphabetical order and the arrangements of the
balances s_o that a daily trial balance can be taken easily. For
circular, address

0. H. HA VILL, St. Cloud, rlinn.

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Federal Reserve Bank of St. Louis

The Bankers Mutual Casualty Company of Des
Moines have just reason to feel highly elated over
the recent conviction and sentence of Bob Meeks to
the penitentiary of Idaho for a term of thirty-five years
for complicity in the robbery of the Bank of Montpelier
just about a year ago. The incident is but additional
evidence to the value of bank insurance against burglary and holdups, and that when such a crime is committed the perpetrators are followed for years if necessary, without regard to expense, until they are finally
brought to justice. Professional bank robbers understand this and usually keep clear of any' bank that bas
the sign signifying that they are insured. The Bank-

October, 1897.

THE TRI-STA TE BANKER.

ers Mutual Casualty Company has been very energetic
in capturing and convicting criminals who had robbed
any of their policy-holders. In every case punishment
has followed the criminal. In the case of Meeks it was
thought an attempt would be made to rescue him, as he
belonged to a large band of desperadoes. The sheriff
and fifteen deputies all armed to the teeth took him to
the penitentiary. It is thought that only this show of
force and the extra precautions against surprise prevented a rescue.

Frank Leslie's Monthly contains an article of interest
to the many patrons of the Fidelity & Deposit Company,
of Maryland. The article is as follows : '' Perhaps no
other financial organization in the country ever had a
more interesting history than the Fidelity & Deposit
Company of Maryland. The business of this company
is confined exclusively to that of becoming surety upon
bonds, guaranteeing the honesty of individuals, and the
faithful completion of contracts, etc. When its founder,
Mr. Edwin Warfield, proposed its organization in 1890,
he was mildly ridiculed, and it was broadly hinted that
no such corporation could exist, especially in the south.
This theory was based on the fact that the universal
custom in the south had been for one gentleman to
become surety for another, and it was hard to convince
people that anyone would pay for something he could
secure for nothing. It was with no little difficulty that
he finally secured subscriptions to $500,000 capital
stock. The company began operations in a very
modest manner, occupying but one small room. Almost from the first it met with success, and from small
beginnings it has advanced, until it is today as strong,
if not stronger, · than any other surety coll).pany in
existence, its cash assets amounting to $2,225,000,
which includes a capital of $r ,000,000, . and surplus
reserve and undivided profits ofabout $r ,225,000. The
capital has recently been increased from $750,000 to
$r ,000,000, the $250,000 being placed at $roo per
share, the par value being $50. The company's home
in Bal ti more is one of the landmarks of the city, and is,
beyond question, one of the richest pieces of office
building architecture in the country. It has branch
offices in every prominent city in the union.''
MINNESOTA NEWS AND NOTES.

There is no truth whatever in the rumor of any consolidation of Minneapolis banks.
WANT~n-A situation as bookkeeper. Best references and experience. H. Y. Basham, Fulton, South
Dakota.
The State Bank of Watkins, a small town on the
Soo road, incorporated September 13th with a capital
stock of $10,000.
On October 1st the directors of the N'orthwestern
National Bank, Minneapolis, declared their usual quarterly dividend of two per cent.

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Federal Reserve Bank of St. Louis

[ STATEMENT.]

I THE BANKERS
NATIONAL
BANK,

X Chicago. Illinois. X
CAPITAL $1,000,000.

~··

...................................................... .....................................1
~

~~lll@Ol@lll@lll@lll§!llgfl)§lllg))lalllt=tlll$111@111@111$11l@lll@ffim~

Report of the Condition at the Close of Business on
the 23d Day of July. 1897,
X
RESOURCES.

Loans and Discounts . . . . . . .
Overdrafts . .
.
.
U. S. Bonds and Premium thereon .
Other Bonds (Chicago Drainage 5s)
Stocks and Securities . . . .
. .
Real Estate, Furniture and Fixtures
Cash and Sight Exchange .

.
.
.
.
.

Total . . . . .

. $3,094,019
5,7°3
331,625
124, r9r
3,253
26,938
3,103,842

46
98
00
65 •
19 j
3r ~
6r ,

. $6,689,574 20
LIABILITIES.

Capital Stock paid in
. . .
Surplus and Undivided Profits
Circulating Notes
Deposits
Dividends Unpaid

. $1,000,000
116,697
.
34,100
. 5,537,684
1,092

~
Total . . .
[ Deposits July 23, 1896

oo
08 l
oo
62
50

. $6,689,574 20
. $3,048,427 c5

[~~~l::l~l::l~l~~.~~.~~~$11.~111$~~~~~~~~-~~-~:li~.II~

OFFICERS,
E. S. LACEY, President.
D. B. DEWEY, Vice-President.
GEORGES. LORD, Second Vice-President.
JOHN C. CRAFT, Cashier.
J . C. McNA UGHTO , Asst. Cashier.
FRANK P. JUDSON, Asst. Cashier.

The accounts of Banks, Corporations, Firms
~ and Individuals received upon the most favor-

able terms consistent with safe and conservative
banking.
Correspondence solicited with those contemplating a change or division of their Chicago
accounts.
A

.m"' . . ~;"' . . m

·~ ~

.m.
"'

m~i~a
1~i~■ ·~ ,:i~&B~r■
1,1 .
1,1 .
li~I
.
1i,1 .
..

THE TRI-STATE BANKER.

The Bank of Minneapolis has gone into the hands of
a receiver. Frank M. Nye has been appointed receiver.
His bond was fixed at $250,000.
The Hanover National Bank of New York City has
been approved as reserve agent for the National German-American Bank of St. Paul.
The Merchants National Bank of New York City
has been appointed as reserve agent for the National
Bank of Commerce, Minneapolis.
The state board of equalization has agreed to reduce
the bank assessment from 60 to 50 per cent on capital,
surplus and undivided profits. The IO per cent reduction was at the same time abolished.
A GREAT BARGAIN.- Complete outfit of bank furniture and fixtures, and burglar-proof safe. All in good
condition. For information address A. J. Zwart, care
of Des Moines National Bank, Des Moines, Iowa.
The St. Paul Trust Company, as trustee under the
will of the ]ate Norman W. Kittson, has brought an
_action against William Kittson, one of the heirs of
Alexander Kittson, for an allowance of its final account.

October, 1897.

The Security Savings & Loan Association of Minneapolis went into voluntary liquidation September 14,
under the law of 1897, chapter 250. The assets of the concern are placed at $1,202 1000.79, of which $602,803.29
was in real estate. The stock liabilities were $r ,008 ,184.581 and it owed $129,000 on mortgages and $799.02
in miscellaneous accounts.
The Jackson County Bank at Black River Falls, that
resumed business August 30, after being closed for a
period of eleven months, elected nine trustees at a
meeting of the stockholders, held September 29. They
elected the following officers for the ensuing year :
Frank F. Oderbolz, president; George F. Cooper, vicepresident ; John H. Mills, cashier.
W. C. Briggs, cashier of the Fin~t National Bank of
Pipestone, has recently returned from a visit in England. He says times never were better in England
than they are to-day. Money is seeking for investment
at any rate of interest wherever values are actual and
not inflated. According to Mr. Briggs, a brighter era
for the United States also is at hand.

The state board of equalization on September 20th
W. H. and W. A. Patten opened the Farmers & decided to make a still further change in assessing the
Merchants Bank at Le Sueur, September 10th. They banks of the state, and will base the assessment on 50
are among the first business men of the town, having · instead of 55 per cent of the invested capital. The
been in the general mercantile business there for nearly board was waited upon by a delegation of Minneapolis
bankers, headed by J. F . R. Foss, of the Nicollet
forty years.
National Bank. Mr. Foss acted as spokesman.
Gustave Willius, president of the Germania Bank
W. F. and Wm. Bickel have been dropped from the
of Minneapolis, and Mrs. Willius, recently celebrated
board
of directors of the Minnesota Savings Bank. It
their silver wedding. Mr. and Mrs. Willius were the
is
expected
that the remaining trustees will be ousted.
recipients of many handsome silver pieces. The celebration was a quiet one, only relatives being present. In the meantime it is probable that the vacancies caused
by the dropping of the Bickels will be filled by the
Three men in jail at Billings, Mont., have been posiappointment of a couple of the creditors. Ultimately
tively identified by the cashier of the Butte County
there will be an entire new board of trustees.
Bank, at Belle Fouche, S. D., as members of the gang
Judge Williston, on September 14th, made an order
that robbed the bank July 28, getting several thousand
dollars and severely wounding some of the bank people. winding up the affairs of Seymour, Sabin & Co. The
Windham County Savings Bank claim, which had preThe comptroller of the treasury has declared dividends vented Receiver 0. M. Hall from previously applying
in favor of creditors of suspended banks as follows: for a distribution of the assets, was presented and
Ten percent, the Union National Bank of Minneapolis; allowed and soon afterward an order was made
disIO per cent, · the Marine National Bank of Duluth,
- charging the receiver from all further duties and liabilMinn.; 12 per cent, the Huron National Bank of ities.
Huron, S. D.
Judge Crosby has entered an order denying the
At the annual election of officers in the Aitkin motion for a new trial in the case of the Bank of ZumCounty Bank, Aitkin, there were several changes made. brota, and the appeal to the supreme court has been
Warren Potter being succeeded by F. R. Foley as pres- made. The creditors appeal from the decision, which
ident and J. B. Galrumorudt being elected as cashier relieves the new stockholders, so-called, and permits
succeeding F. E. Krec.h, who was elected last spring in them to share as creditors, while the old stockholders
place of F. Hense, resigned.
appeal from the decision ordering judgment entered
against
them under the double liability act.
The city council of Brainerd has accepted the bid of
J. W. Hayes & Sons, of Cleveland, Ohio, for the purThe report of Receiver Scofield of the assigned Bank
chase of $25,000 twenty year 5 per cant bonds of the of Zumbrota from May r, 1896 1to January 1, 1897 , just
city of Brainerd. The bonds were sold at a premium filed with the clerk of court, shows collections during
of $1 1402.50, and the amount will be used to redeem that period amounting to $8 ,664.33 and disbursements
outstanding bridge bonds due October 1.
of a total of $3,690.60, leaving a balance of $4,974.73.

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Federal Reserve Bank of St. Louis

October, 1897.

THE TRI-STATE BANKER.

He holds besides secured notes of a total of $4, 7-4-0,
unsecured notes amounting to $7,033.73, overdrafts
aggregating $614.35, and real estate of an estimated
value of $5,500.
It is rumored that a well known St. Cloud man is

considering the advisability of starting a state bank.
He has had the plan uoder consideration ever since the
German-American and Merchants National Banks
were consolidated. It is said that two wealthy St. Paul
people stand ready to invest $5,000 each in such an
enterprise, the capital stock to be $25,000. While no
definite plans have as yet been decided upon, it is quite
likely that the deal will go through.
A clever counterfeit bill has just been detf>cted in St.
Paul. It is a $2 silver certificate of the series of 1891,
bearing the portrait of William Windom, check letter
C, plate number 19, and the signatures of J. Fount
Tillman and D. N. Morgan as register and treasurer,
respectively. It is the same as the Windom portrait
counterfeit note that appeared in 1894, except that that
one bore the chlck letter B, plate number 14 and the
signatures of Rosecrans and Nebeker as register and
treasurer. The paper in the present bill is of fine
quality, and about the only imperfection is in the vjgnette of Windom. The right eye bulges a little in the
· portrait, whereas it is normal in that on the genuine
bill. The upper lip is also made a little heavy, giving
him a soft expressio~ instead of the firm, determined
look in the original. The binding on the coat and the
line between the coat and vest are indistinct, whereas
they are very clear in the original.

It is probable that the Allemannia Bank of St. Paul
will reopen during the latter part of October. Judge
Willis signed the order approving the plan of reorganization and as soon as the conditions of the order are
complied with the final order for the reopening of the
bank will be signed. The date set for the signing of
this order is October 18. The plan ofreorganization provides for the payment of all preferred claims, the payment of objecting creditors at once and the settlement
of all other claims in five equal annual payments, the
first one to be made one year from the date of the opening of the bank. The officers of the bank must present
a certificate of the superintendent of banks to the effect
that the bank has an unimpaired capital of $100,000
and that there is on hand cash to the amount of 1,100,000. The president and cashier of the hank are not to
receive combined salaries amounting to more than
$5 ,000 a year, and no other offic~rs, except those giving
all their time to the clerical work of the bank, are to
receive any salary. There is no provision for the repayment of the money on deposit by the city and county,
further than that the order states that some arrangement, satisfactory to all parties, is to be made, and that
both the city and county shall preserve all their rights
in the matter. One provision, which was not contained
in the plan on which the. Germania Bank was reorgan
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Federal Reserve Bank of St. Louis

ized, is that all the certificates of deposit for the creditors are to be drawn up and placed in the hands of the
receivers of the bank before the bank reopens.
The first report of the receivers of the Bank of Minnesota, of St. Paul , which failed December 22, 1896,
with liabilities of $2,325,522.33, was made September
28. It shows that the creditors of the bank probably
will receive about 60 per cent of their claims. The
receivers have asked permission to declare a 10 per
cent dividend. The report tells in detail what has been
done by the receivers. They have collected since the
suspension of the bank, December 23, 1896, $422,664.71, and now have $183,229 .96 cash on hand.
Claims to the amount of $1,629,483 .07 have been
allowed, $36,422.98 have been disallowed, and $26,780.44 have not been passed upon. Other claims
aggregating about $11 ,ooo were presented since the
expiration of the time to file claims, and applications for
their allowance are pending in court. An application
of the city of St. Paul to be paid the sum of $22,480.81
as a preferred creditor has been denied by the court.
An application of the State Savings Bank to be paid its
claim of $15,142.79 as a preferred creditor is still pend·
ing and undetermined by the court. Judgment was
entered in favor of the Fort Dearborn National Bank
against the receivers on July 31, 1897, for $5,823 .09,
from which the receivers appealed to the supreme court.
The receivers haye already paid $658,834.41 of the
bank's indebtedness. The total indebtedness of the
bank as shown by its books when it suspended was
$2,325,522.33.
This amount was increased by the
necessary expenses of the receivers to $2,374,617.21.
The present bank value of the assets and the cash on
hand is $2,559,628.28.
As stated above, the total
indebtedness is about $1,600,000.
NEBRASKA NEWS AND NOTES.

Fred Homeyer, of Nebraska City, Neb., is no longer
assistant cashier of the Merchants National Bank of
that place.
The Nebraska National Bank of York, Nebraska,
bas gone into voluntary liquidation by resolution of
its stockholders, dated August 2 I, I 897.
Now that the banking business of the state has
resumed its normal activity it is hoped that the State
Bankers' Association will be resurrected.
FoR SALE.-Complete outfit of bank furniture and
fixtures , and burglar-proof safe. All in good condition. Will sell at a great bargain. For information
address A. J. Zwart, care of Des Moines National
Bank, Des Moines, Iowa.
A Nebraska bank has recently gone out of business
because it had more money than it knew what to do
with. A bank, of course, depends for its income upon
loaning its funds ; but this year the people of Nebraska

THE TRI-STA TE BANKER.

are so flush from the sale of their crops at high prices
that they do not need to borrow any money-or at
least very little-and so the banks are having hard
work to make expenses. This doesn't look as if the
country needed a large increase in the volume of currency.-Ex.

October, 1897.

IOWA NEWS AND NOTES.

A new bank is talked of at Aurora.
Donnellson is to have a new savings bank.
J. W. Beatty, of Cascade, is an editor as well as a
banker.

The dep sitors of the German Savings Bank of
A bank building is being put up at Bennett for the
Omaha are being made happy by the distribution of a · new bank.
ro per cent dividend on their deposits. Stockholders
The Security Bank of Maxwell has opened its doors
of the bank who were also depositors ate not permitted
for
business.
to participate in the dividend.
The Blairstown Bank has been making improvements
E. C. Tourtelot, as receiver of the Grand Forks Secin
their bank building.
ond National Bank, which closed its doors some time
ago, has brought suit against the wholesale firm of
Nash Bros. for $3,000, on the ground that the firm
drew that amount from the bank just before its close,
knowing that the bank was iasolvent and the amount
necessarily an asset of the bank . The case is one that
is entirely new in this state. The suit is brought under
the national banking laws.

Lipman Loser, of Nashua, has put in new bank com~ters and other furniture.

Nebraska banks propose to have an interest in the
Alas_k an gold discoveries. The Bank of Dixon, the
Lanrel State Bank of Laurel, the Security and Halstead Banks of Ponca and the State Bank of Coleridge
have pooled interests and engaged J. C. Ecker and E.
W. Closson of Dixon to visit the Klondike, investigate
the truth of the rumors from there, and if they deem it
advisable, locate claims for their employers.

Plans have been drawn for a new bank building at
Popejoy. J. H. Corcoran will be the banker.

The assets and liabilities of the defunct Nebraska
National Bank of York have been assumed by the City
National Bank of that city. The depositors, with but
very few exceptions, have agreed to the proposition
whereby they receive payment of deposits in four installments of six months each, the first payment to be made
six months from date. The City National will occupy
the buildmg which the other bank occupied. The
consolidation of the iuterests of the two seems to meet
with general approval.
The increase in bank clearances for the week ending
Friday, September 24, was exceptionally large all over
the country, and Omaha "led all the rest." Five of
the smaller cities with totals of from $roo,ooo to $600,000, two of them, Lincoln and Fremont, being Nebraska cities, showed a larger percentage of increase,
but among the cities with clearances running up into
the millions, Omaha led the way. Only seven out of
eighty-seven cities showed a decrease in clearances,
and_the cause in four of them, among them New Orleans, was without doubt the yellow fever scare. The
average percentage increase,_including New York, was
60.6, and excluding New York, which had an increase
of 65.6, the average percentage of increase was 28.2.
The Omaha increase was an even 77 per cent-.-Ex.
The Nicollet National Bank of Minneapolis bas been
approved as reserve agent for the Iowa State National
Bank of Sioux City.

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Federal Reserve Bank of St. Louis

Omar Parker ha::, taken a position in the First
Nathnal Bank of Sanborn, Iowa.
G. W. Curtis, Jr., of Redfield, bas been appointed
assistant cashier· of the Bank of Redfield.

Jerry Kendrick cashier of the Citizens Bank of
Sioux Center, was recently married to Miss Iris Endicott.
The Iowa National Bank of Sioux City is contemplating moving to the old home of the Iowa Savings
Bank.
Fred Leland, assistant cashier of the Toledo Savings
Bank, is enjoying a well-earned vacation in Minnesota.
The Hartley State Bank is presenting its customers
with a neat souvenir card with thermometer attach- ·
ment.
The Packwood Bank, a private institution, is soon to
go out of existence, and will be reorganized as a state
bank.
WANTED. - A situation as bookkeeper. Best references and experience. H. Y. Basham, Fulton, South
Dakota.
L. T. Button, of Humboldt, was recently married to
Miss Mable Swain, daughter of J.B. Swain, of the Peoples Bank.
Geo. Horredge is president and C. 0. Harrington
cashier of the newly organized Farmers National Bank
of Vinton.
It is said that A. D. Clark, of Algona, will start a
bank at Swea City, and R. M. Richmond will establish
one at Burt.
I

Fred Whinery, of Arthur, is one of the latest bankers to increase his liabilities and assets by taking to
himself a wife.
R. M. Richmond, of Swea City, is contemplating putting in a bank at Burt to be run as a branch of his
Bancroft Bank.

October, 1897.

THE TRI-STA TE BANKER.

PEOPLES TRUST&,,,,
X SAVINGS BANK CLINTON.
IOWA.

O FFICERS.
Pre!:>'l.
F. ALDEN, V.-Pres.
J. H . INGWERSEN, Cash .
G. E. LAMB, Ass t . Cas h.
ARTEMUS LA MB,

CHA S.

DIRECTORS.
Chas. F . Alden .
S. W. Gardiner.
T. M. Gobble,
A. M . Ingwersen.
A. Lamb,
C. Lamb.
L. Lamb,
Daniel Langan .
P. S. T owle.

Joe Stair is taking the _place of Leslie Goodrich in
the First National Bank of Spirit Lake while the latter
is on his vacation.
Simon Casady, the popular Des Moines banker, ·has
been enjoying an outing among the fishing grounds of
northern Michigan.
Ed W. Burch, of the Security Bank, Rockwell City,
with his wife has been visiting in Buffalo, Quebec and
othtr eastern points.
Z. S. Barrett, the Wesley banker, has been appointed
postmaster of his town, the announcement being made
in Monday's papers.
T. F. Ward, vice-president of the LeMars National
Bank, had his left leg broken below the knee in a runaway September 22d.
Deposits in Iowa savings and state banks on June
30 last were a million and a half dollars larger than on
the same date in 1896.
J as. B. Locke, of Des Moines, has begun suit at Vinton , asking a receiver for the Farmers Loan & Trust
Company of that place.
l\j:ark M. Shaw, banker, formerly of Garden Grove,
has now located at Van Wert, where all communications should be addressed.
The comptroller of the currency has approved the
Des Moines National Bank as reserve agent for the
National Bank of Decorah.
The bank clearings of Sioux City for September,
1897, amounted to $3,343,894.15, the large::;t monthly
clearings for nearly four years.
The Bank of Lost Nation, D. D. and C. W. Comstock, is one of the most enterprising and successful
smaller banks in eastern Iowa.

CCOUNTS of Responsible
Banks, merchants and
corporations solicited. X
Business conducted strictly along the
lines laid down -by the Iowa Banking
Laws. X X X X X X

and First National Bank of Nevada and the State Bank
of Story City.
A counterfeiting outfit, w~th which it is thought
spurious nickels have been made, has been unearthed in
the brush near a Council Bluffs cemetery.
H. H. Hammond, cashier of the New Sharon State
Bank, and one of the prominent young bankers of Iowa ,
died on September 15th at New Sharon.
The comptroller"" of the currency has been notified of
the selection of M. F. Dayton as vice president of the
Cedar Falls National Bank of Cedar F.alls.
The Citizens Bank of Decorah opened their doors for
business in their new building September 14th. Decorah
has reason to be proud of her banking in"s titutions.
Homer Fickel, the former cashier of the Citizens
Bank of Henderson, has been employed by Coats &
Wilkinson to take charge of their elevator at that place.
One of the daughters of Banku Wash. Lewis, of
Rockwell City, will teach in the Morningside College,
of Sioux City, and two other daughters are students at
the same institution.
· J. A. Patton, cashier of the First National Bank of
Council Bluffs, is again at his desk after a visit in
Indiana, where he went after attending the bankers'
convention at Detroit.
Chas. A. Blossom, president of the Citizens National
Bank, Belle Plaine, Iowa, has returned from a month's
pleasure trip to his old home in Vermont; Old Orchard
Beach, Maine; and Lenox, Mass.
The Iowa Savings Bank of Ruthven has greatly
improved the appearance of their banking room by
painting and papering. There is no neater looking
banking house in northwest Iowa.

C. S. Terwilliger, treasurer Hancock county, and
J. W. Knadler, have just been elected directors of the
Farmers Savings Bank of Garner.

One of the Davenport banks is installing a new safety
vault, which includes a huge outdoor gong. This, on
the least disturbance of the waifs of the vault, is
expected to awaken the whole town.

The board of supervisors of Story county ordered
that money should be deposited in the Farmers Bank

E. E. Lyday, cashier of the Fir:,t National Bank,
Newton, accompanied by his wife and three children,

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Federal Reserve Bank of St. Louis

THE TRI-STA TE BANKER.

are home from Lake Okoboji, where they had camped
out for a month, fishing and hunting.
September 22d, Julius Hasler took charge of the
position of teller at the Davenport National Bank until
recently held by Louis Haussen. Mr. Hasler was form~rly teller for the Scott County Bank.
The auditor of state has authorized the Farmers
Bank of North English to commence business at once.
The institution has a capital of $10,000. John Axmear
is president and George E. Swain cashier.
A. C. Miller, cashier of the Home Savings Bank of
Des Moines, with others, demon::itrated the usefulness
of the wheel by the pursuit and capture of a thief who
had snatched a lady's pocket-book from her hand.
In accordance with the agreement between the
attorneys for the state and those for Isaac Dickerson,
sometime since, all the indictments against Dickerson
for fraudulent banking, except one, were dismissed.
The new bank building of Solon, has received the
finishing work upon its furniture and the work of moving in and arranging has been completed. The name
will be ' 'The Solon Bank," Ulch Brothers being the
proprietors.
The auditor of state has authorized the Bennett
Savings Bank, of Bennett, Cedar county, to commence
business at once. The capital of the new bank is
$20,000.
Frank Haller is president and M. G. Blackman cashier.
L. R. Brown, a wealthy farmer and money lender of
Epworth , was assaulted at home by burglars who demanded that he open his safe. The time lock prevented , but he was badly beaten over the head. The
burglars escaped.
The business men of Aurora and a number of the
farmers ' in the vicinity, are making an effort to establish
a state bank at that place, with an authorized capital of
$50,000, one-half of which is to be paid in before commencing business.
The Davenport Savings Bank, with a capital of

$2 50, ooo and a surplus of $8 1, ooo, now has deposits
aggregating $2,100 ,000. This institu6on is one of the
staunchest in the state. Its growth gives evidence of
its good management.
Sioux City stockholders in the defunct Iowa Savings
Bank have been sued for a 100 pe:r cent assessment
under the double liability law. The actions aggregate
$126,800, and will be followed by other suits . against
non-resident shareholders.
The Farmers Bank of Rockwell City have put in a
It is shelved to hold almost unlimited
·new vault.
quantities of books and papers. Already there are over
56,000 canceled drafts stored in it, the accumulation of
thirteen years' banking business, but there is shelf room
provided for twice as many more .

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Federal Reserve Bank of St. Louis

October, 1897.

Mr. Ed Plumb has severed his connection with the
Calhoun County Bank of Manson, with which institution he has been connected since February, ·1892. The
management of the bank has secured Mr. Rudolph Balstead to take Mr. Plumb's place.
·
Cashier Henry Haag, of the City Bank of Jefferson ,
bought a fine eighty-acre farm recently, the consideration being $37.50 per acre. Mr. Haag handles considerable land and is firm in the conviction that it will
soon advance far ahead of any former prices.
The Farmers Savings Bank ofEmmetsburgh, Col. E.
S. Ormsby, president, has been in business but six
weeks but they already have 170 depositors, $25 ,000
deposits and $30,000 loans and discounts. The bank
will certainly be a paying institution from the start.
At a meeting of the directors of the Cedar Falls
National Bank, held September 25th, M. N. Dayton was
elected second vice-president. Both the president, J as.
Miller, and the vice-president, Judge Tollerton, being
away on account of ill health, this action was found
necessary.
MARRIED:-At St. Joseph ' s church in Parnell on
Wednesday, August 25, 1897, at 9 o ' clock A. M., Mr.
John J. Hogan and Miss Anna L. Sheridan. The
bride is a daughter of Mr. B. Sheridan, president of
the Parnell Savings Bank, one of the financially strong
men of his county.
As an evidence of increasing business the Savings
Bank of Schaller has found it necessary to add an additional section of steel boxes to the large number put in
when they moved into the new building. They are for
the use of individuals who call for these boxes to keep
their private papers in. ·
A $30,000 cash deposit was recently made in a bank
at Webster City, and it was announced in an evening
paper that this is the largest individual cash deposit
ever made in a Webster City bank. An examination
of the books of the First National Bank show that L.
L. Estes at one time deposited in that bank $57,000 in
cash.
Miss Anna Hanner was acquitted of the charge of
forgery at Red Oak, September 20th. Her defense was
mistaken identity. Last May a young woman obtained
$75 from the Bank of Elliott, twelve miles away, on a
note which was soon found to be a forgery. Suspicion
centered upon Miss Hanner and a constable arrested
her.
Isaac Dickerson, vice-president of the defunct Cass
County Bank, charged with illegal banking iu connection with the failure of that institution, will not be tried
at this term of court at Council Bluffs, and it now seems
doubtful if he will ever stand trial again. Saturday
Judge Macy granted his application for the continuance, whic~ was made on the · grounds of the dying
condition of his daughter aud his own precarious state
of health.

October, 1897.

THE TRI-STATE BANKER.

WANTED.-A gentleman, at present officially connected with a bank in northwestern Iowa, wishing to
make a change in his business location, would entertain a proposition from any bank needing an experienced bank man. Twenty years' experience and firstclass . references. Address Cashier, care TRI-STATE
BANKER .

N. W. Beek, mayor of Hampton and vice-president
of the Citizens Bank of that place, took an active part
in the convention which nominated Mr. Shaw for governor. Mr. Carhart, of Sheffield, a graduate of Cornell College and cashier of the Sheffield Bank since 1ts
organization, was also active in the convention that
nominated his fellow alumnus.
The Farmers Bank of Nevada will have an important change the first of October, when J. G. Dutton.
now of Perry, will succeed, by purchase, to a part of
Mr. Briggs' interest and will share with Mr. Mills in
the management. Mr. Dutton has also purchased the
Briggs mansion, now occupied by Otis Briggs, Jr. Ed
F. Briggs will remain as clerk in the bank.
. In the United States circuit court at Boston September
9 1 Judge Brown, after a brief hearing, granted an injunction enjoining the defendants in the case of the Sioux
National Bank of Sioux City, Iowa, vs. Fred Lawton
and other assignees of Harriet M. Spaulding, of Lowell,
from paying out property until the final determination
of this suit, which is brought to collect assessment on
National Bank stock.
The Ossian Bank has received a few Cuban dollars
for distribution. They make a nice souvenir and in
case of Cuba's success in obtaining their independence
will be worth $1. On one side is" Patria Y. Libertad,
1897, Souvenir," the goddess of liberty set in the center. On the reverse side around an em bossed shield
appear the words '' Republica de Cuba, ' ' 900 fine and
six stars. The coin presents a better finish than the
American dollar.
State Bank Examiner H. A. Miller is said to be
looking over the ground in northern Iowa with a view
to becoming a candidate on the_republican ticket for
state auditor. During his career as a bank official Mr.
Miller has made hosts of friends in northern Iowa,
who will gladly assist him in the efforts to secure the
nomination, as well as the election to this high office in
the state. He is meeting with hearty support in all
sections. -Ex.
Judge Dewey in the Mahaska county district court
has given a decision in the case of the Mahaska County
State Bank vs. McIntyre Bros. and Wilson eta!., in favor
of the bank, allowing full amount of their claims$12,000 . The point in law was between the bank and
J. V. Farwell & Co. , of Chicago, to establish precedence
of mortgages. The best legal talent in the country
was employed on the case. The remaining creditors
of McIntyre will receive pro rata claims.

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Federal Reserve Bank of St. Louis

The First National Bank of Montezuma has undergone a change of officers and reorganization. G. W. Kierulff has resigned as cashier and John Hall, Jr. , has
been chosen to serve in his stead, with Edward Rayburn as assistant. Mr. Kierulff has been connected with
that institution since its organization and has been faithful in the discharge of his duty. Mr. Hall, the new
cashier, has come up thruugh long and satisfactory service as assistant, and enters upon this new position with
·the prestige of thorough training and an excellent
knowledge of the banking business.
F. J. Eighmey, of Waterloo, has been laid up with a
pair of badly poisoned eyes. The poisoning was sustained from the handling Saturday of a large quantity
of currency. Mr. Eighmey while counting the currency several times wiped the perspiration from his face
with the back of his hand, and thus some of the dust
from the coins was thrown into his eyes. All day Sunday he was obliged to keep the injured members bandaged. The handling of coins necessitates the utmost
care on t~e part of those who do the counting, as it
contracts dangerous poison from all manners of places
where it is hoarded for safety.
The police of Des Moines are still looking for the
bogus check individual who was successful in obtaining about $50 from local firms last week. His plan of
operation was rather a new one, and was to go to a
store and say that he wanted to pay a bill. For
instance, at one place he called for Mrs. J. S. Polk's
bill, and when it was presented, amounting to $55 1 he
gave a check of $140 on the First National Bank of
Ottumwa in payment. He was given in return a check
for f,50 and $35 in cash. At another store he obtained
$15 back after giving in a check of $30 to pay Mrs. C.
C. Prouty's bill of $15. He is described as a smoothfaced man, having a hare-lip.
The group division of the Iowa Bankers' Association of which Cedar Rapids is almost the geographical
center embraces twelve counties from Scott and Clinton
on the east to Tama on the west and Johnson on the
south. Ed M. Scott, cashier of the Security Savings
Bank of Cedar Rapids, is chairman for this division and
has called a meeting for October 13 at Cedar Rapids.
~rhe one-fare rate to the carnival is the inducement for
bankers to attend, and it is the belief of Mr. Scott that
not less than 100 will be in attendance at that time.
The visitors will be entertained in the Cedar Rapids
way. Every banker in this district should notice the
date and arrange to send at least one representative.
An item has gone the rounds of the state press stating
that '' Banker Steckel, of Bloomfield, arrested on the
charge of fraud, has been given preliminary hearing at
Harlan and released on $7, ooo bail." In the first place
there never was any preliminary hearing at Harlan. It
was at Shelby. Secondly, at the close of the preliminary
hearing Mr~ Steckel was promptly discharged and exon-

THE TRI-STA TE BANKER.

erated by the justice without argument by his counsel,'
and after two hours' talk by the state's attorneys at the :
close of the taking of two days' evidence. The trial was
set for Friday, August 13th, and by mutual consent of
attorneys on both sides and the justice the case was
postponed without action till Monday, and in the meantime bail was given for $7,000 req~ired by the justice,
but not after the preliminary hearing. Mr. Steckel
was fully exonerated and there appears to have been no
foundation for the arrest in the first place.
The Eldon bank robbers, those who have been captured, have been disposed of as follows: Jesse K.
Hamilton of Chicago; indicted for complicity in the
robbery, was fonnd guilty and sentenced to eighteen
months' imprisonment. He was, however, granted a
second trial , at which he was acquitted. Thomas
Murray, of Chicago, was found guilty and sentenced to
nine years in the penitentiary. The surprise of the
trial was the verdict of the jury in the case of Charles
J. Stevens. The Eldon city marshal, Stevens, is the
man who planned the bank looting, engaged the robbers, and helped them do the job. He practically
made no defense, only pointing to his previous good
record, and the jury brought in a verdict of" attempting to break and enter," and he was sentenced to but
three years in the penitentiary. Dodd has not been
tried yet. He is being used as a witness, and will be
held until others connected with the looting are caught.
Mr. Bradley has spared neither time nor expense in
bringing the robbers to justice, and the matter will not
be allowed to drop until all the robbers are apprehended,

Octob~r, 1897.

The Iowa Federation of Building and Loan Associations held a meeting in Des Moines two weeks ago.
Eleven companies and fourteen represent_a tives were in
the meeting. The gathering heard the address of
Retiring President John D. Vail of M_arshalltown, discussed the building and loan business of the state,
elected officers for the ensuing year and adjourned.
The officers elected are: President, V. P. Twombly,
Des Moines; vice-president, J. S. Crooks, Boone ;
secretary, F. H. Carrell, Des Moines; treasurer, I. K.
_Wilson, Des Moines.
The companies represented in the meeting and their
representatives were as follows:
National Building & Savings Association of Boone
- J. S. Crooks.
Holstei?- Association-R. J. McCutcheon, of Des
Moines.
Iowa State Business Men's Association of Marshalltown-}. D. Vail.
Equitable of Ottumwa-B. L. Hoge.
Hawkeye Savings & Loan-I. K. Wilson, of Des
Moines.
Northwestern Savings & Loan-C. M. Chittenden,
of Des Moines.
·
Home Building & Loan of Des Moines-C. L.
Keeler.
Iowa Deposit & Loan-J. S . Brooks.
Co-Operative Bank of Des Moines-T. B. Moore and
W. L. Shepherd.
Iowa Central Building & Loan Association George A. Quimby and F. W. Craig.
Iowa Savings & Deposit of Des Moines-F. H.
Carrell and Oce B. Jackman.

We Make a Specialty of _ _~

Capital $50,000.00.

Bank Printing and
Lithographing.........

THE

JowA PRINTING CoMPANY
DES MOINES, IOWA.

We recommend for Bankers' use The National Safety Paper. This paper
has been in the market for twenty-five years and is the only sure protection against
fraudulent alterations.

Don't send your work out of the state until you have first .given us an
opportunity to submit samples and prices.

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Federal Reserve Bank of St. Louis

THE TRI-STA TE BANKER.

October, 1897.

The Leading Hotel in Iowa.

DES MOINES, IOWA .

Rates $2.50 to $4.50 per day.

. _ __
1-

.... W. L. BROWN, Manager.

CAPITAL $300,0.00.00.

FAST LINE
BETWEEN

CHICJ\GO
DUBUQUE
ST. PJ\UL
MINNEAPOLIS
WJ\TERLOO
CEDJ\R F J\LLS
MJ\RSHJ\LL TOWN
DES MOINES
ST.JOSEPH
KJ\NSJ\S CITY

Des Moines Savings Bank
Des Moines, Iowa.
P. M. CASADY ,

SIMON CASADY I
CASHIER .

PRESIDENT .

LELAND WINDSOR,

ASS ' T CASHIER .

F. H. LORD, G.

P . & T . A., CH ICAGO

NATIONAL

St t B k

a· r

a ~Oldes?E.ablish~~ Ban~Ylo!~9 on

To COLORADO
AND

CALI FO RN IA

SURPLUS AND PROFITS :

CAPITAL, $150,000.

$160,000.

Take the (C.R. I. & P. Ry. )

OFFICERS:

J. T. REMEY, President.
UHAS. STARKER, Vice-Pres .

JOHN J. FLEMING, Cashi er.
J. W. BROOKS, Ass't Cash ier.

DIRECTORS:

C. E. Perkins.
J.C. Peasley.
Chas. W. Rand.

J. T. Remey.
Chas. Starker.
. J. W. Brooks,

International
Dictionary

GREAT
ROCK
ISLAND

ROUTE

A THOROUGH REVISION OF THE UNABRIDGED,
J~oevfs}~~t ~~~t~hf~/tJ>a~l¥ur~~g~E1ay nia;~r:
tisement, but the due, judicious, scholarly ."thorough
0
~g~f~irifs lbFaiii~a~1ti~;~~~~l
ttt;fi~o~fa~~
confidence of scholars and of the general public.
It is the Standard of the U. 8. Supreme Court
all the State Supreme Courts, the U. S. Government
Printing Office, and of nearly all the Schoolbooks.

Elegant Equipment, Pullman Service, Chair Cars Free.

lj~g;~:

it~~l, a~~~~~~gu~or:~trno~f~~~~~t~~e~~

The International is invaluable in
the household, the schoolroom, and to the teacher,
scholar, professional man, and self-educator.

IT IS THE BEST FOR PRACTICAL PURPOSES, BECAUSE

Words are easily found * *It< Pronunciation is easily ascertained,
Meanings are easily learned * * * The growth of words easily traced
and because excellence of quality rather than superfluity of quan~
tity characterizes its every department. * * * GET THE BEST.
..,-Specimen pages sent on application to
G. & c. MERRIAM co., Publishers,
Springfield, Mass., u. s. A.

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Federal Reserve Bank of St. Louis

IT IS THE BEST LINE TO COLORADO.
Through Service to California in the Phillips' Tourist Cars.
Do you want a farm in Kansas, Oklahoma or Texas? Send
to address below for our new Emigration Folder.
Also, Descriptive Folder, giving full particulars as to rates,
etc., to Colorado and~California, sent on application .
Address JOHN S EBASTIAN, G. P. A.,
Chicago.

THE TRI-STA TE BANKER.

JHE

The A.

NORTHWESTERN NATIONAL BANK,

300

October, 1897.

Andrews

Wabash Ave.,

Co.,

Chicago.

CAPITAL, $1,250,000.-

Designers and ...
Manufacturers of

SURPLUS AND PROFITS, $500,000.

Fine Bank Fixtures

MINNEAPOLIS, MINN.

. .. and ...

GEORGE A. PILLSBUHY, Prest.
JAMES w. Ho.AYMOND, Vice-Prest.

GILBERT G. THORNE, Cashier
WILLI.AM COLLINS, Asst.Cash

CONDENSED STATEMENT OF" THE NORTHWESTERN NATIONAL BANK, 01' MINNEAPOLIS, MINN ., AT CLOSE OF"
BUSINESS, JULY 23, 1897 . COMPTROLLER "S CALL ••• • • .

If you are erecting
a new buildiug or
·refitting your present banking room

ASSETS.
Gold and Silve r Coin ..... .. ...... .. ... . .. . . . .. ... $ 508,2~8.24
U . S. & Nat. Bk. Notes ....... .. ... .. . .. .... .... . . . 310,374.00
Uash Balance with Banks .... . . . ..... .... ... .... 1,594,717.06
U. S. Bonds ...... .. .. .. . . ... . .. .. . . . ... . .. . . .. . ........ . .... . . .
Redemption Fund .. . . . . . ... .. ..... . ... . . . . ... .. . . ... . ....... .
Other Bonds and Stocks .. ... .......... . .... . ..... .. ... . .. .
Overdrafts . ... . .. .. .. ..... . ... . .. . ... .... . . . . ·... .. . . . . .. . . . . .
Bills Discoun ted .. ... .. . . .... . . . .. . .. . . .. . . . . . . ... . . .

$2,413,389.30
60,000.00
2,250.00
153,046.21

None.

2.859,038.88
$.'i,477,724.39

LIABILITIES.
Capital Paid up . .. .. . .... .. ... ..... . .. . ... . . . . . . . $ 1,2.'"i0.000.00
Rurplus ... . ....... . .. . ... . . . .. . . . . . . . . . . . . . . . . . . . . . 250,000.00
Undivid ed Profits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 201,104.35
Total Liabilities to Stoc kholders .. .. . . . . . .
$1,701,104.35
Notes in Circulation . ... . . . . . . . . . . . . . . . . . . . . . . . .
10,850.00
Due to otber Hanks . . . . . . . . . . . . . . . ... .. . .. .. . 1,323,071.81
Demand Deposits .. . . . .... . .- . . .... .. .. . .. : ........ 2,442,698.23
'l'otal Liabilities to the Public .... . .... . .. .. .

Office Furniture ..... .

3, 1111,620.0,
$.'i,477,724.39

Two per cent paid to correspondent banks on
balances averaging over $1,000.00. . . . . .

VALLEY
NATIONAL
BANK • • • • •
OF DI:S MOINI:S.

J. J. TowN, President.
0. H. DILWORTH, Vice-Pres't.
R. A. CRAWFORD, Cashier.
W. E. BARRETT, Ass't Cashier.

-Write Us
and we will be ..
pleased to have one
of our expert specialists call on you.
We have furnished,
with complete equipments, more than three thousand of the
best banks in the United States. . .. List sent on application.

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to think that because we
make the BEST desks, we
can not beat them all In
LOW PRICES. TRY

us.

terials and ...

construction.

;i;

Report of the Condition of the

SECOND NATIONAL BANK
OF DUBUQUE, IOWA,
At the Close of Business, Friday, July 23, 1897.
RESOURCES .

Loans and Discounts . . ... .. . . .. ... .. ........ .. . ... $855,016 12
Overdrafts . . . . .. . . ... .. . . . . ..... . .... , . . . . . . . .. . . . .
260 08
U.S. Bonds, 4 per cents. .. . .. .... . ...... . .... . . . .. .. 60,000 00
Other Bonds ............ . ... . ... . . .. . .... . ... ... .... 200,280 40-$1,105,556 60
Furniture and Fixtures.. . . . ... .. . .. ........ . .. . .
5,000 00
Due from Reserve Agents ........... . .. . ... . ... . .. 453,:!07 70
Due from other Banks . . . . . . . . . . . . . . . . . . . . . . . . . . . . 67,550 34
Uash on band . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9~.461) 76
Redemption Fund . . ..... . . . ._ . . .... . ... . . . . . . . .
2.250 00617,468 80
Total . .. ... .

$l,728,0:!5 40
LIABILITIES.

Capital Stock. . . . ... . .. . ... . .. . .. ... . . . . . . . . . . . . . . .
Surplus Fund . . .... . . .. .. . . . . . ......... .. . .. ...... $ 68,000
Undivided Profits.. ... . ... . . . . .. ... .... . ............ 3,494
Circulation..... . ... . . . .. ... .. ... . . . . . . . . . . . . . . . . . .
Deposits (Individuals) .. . .. ... . .. .. . . ......... . .... 6t\2,679
Deposits (Banks) ...... . ... .. ...... . ... ... . . .. .. ... 648,850
Total...... . .... . .. . .... . . . . . . . . . . . . . . . .

CAPITAL AND SURPLUS .

We use only
honest ·ma-

$400.000 00
00
96-

71 ,494 ll6
45,000 00
62
82-1,211 ,530 44
$1,728,025.40

. $300,000.00.
OFFICERS .

Accounts of Banks, Firms and Individuals
solicited, and will receive careful
attention.

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

J. K. DEMING, Vice-Pres. and Cashier.
GEO. B. BURCH, President.
HERM ESCHEN, Asst. Cashier.
DIRECTORS.

GEO. B. BURCH,
WM. L. BR.ADLEY.
W. H. DAY,
H.B. GLOVER,
F. A. RUMPF,
GEO. w. KIESEL.
J . K. DEMING,

Full text of The Northwestern Banker : October 1897, Volume II, Number 10

FRASER