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• !Ji

Volume IL

Number 9.

D es Moines, I owa, September, 1897.




s100,ooo .


low A NATI 0 NAL










• .... .,. .... ~.... DES noINES, IOWA .

•------Des Moines, Iowa

Accounts of Banks and Bankers solicited
on favorable terms. School and Municipal Bonds negotiated . Collections
handled promptly. Designated reserve agent for National Banks.
S. A. Robertson, Pres't,
Jas. Cunningham,
Geo. A . Dissmore, Cash'r, Geo. S. Redhead,
H. A . Elliott,
Frederick Field,
E. H. Hunter,
H. R . Heath,
J. M. Goodman.
M. T. V. Bowman,
Dr. W. H. Dickinson,
E. D. Samson.
Theo. O. Sherwood,

- 16




- 18





- 100,000.00



- 17


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

- 21




Davenpo:rt Savings Bank.
... THE ...

- $ 250,000
Undivided Profits,
- 1,963,605

Bank ...




LOUIS HALLER, Vice-President.
HENRY 0. STRUCK, JR., Cashier.

~ e s Moines, Iowa.


A Sheuerman .

0 . H. Perkins .
.Martin Tuttle .

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


Adam Dickey. V. -Pres.


... .OFFICERS....

Martin Flynn, Pres.


J . A. Garver.
W. R. Warfield.
Mar t in Flynn.


C-~ ~~a.~~~~:.Cash~e~ .•• • .~:~~~~~~:.~~.~~~~~~~
Federal Reserve Bank of St. Louis

A. Burd ick, Louis Hall er, A. Steffen, W. 0 . Schmidt, F. R.
Hancock, J. F. Dow, H. Kohrs, W. H. Wilson,
H. U. Struck, Jr.









...CAPITAL, $1,200,000 .•• ·

September, 1897.

... The National Bank ...

I! National... Union Bank,; R E p u B L I C


Mutual _Life Building, 32 Nassau Street,


Staten1ent July 23, I897.















United Stfltes bolll1H ............ . .................. $ 600,000.00
Premium on same .. . . .. .. .. . .. .. .. .. .. .. .. . .. . . . . .
Other bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Time l oans on Poll It e ra! . . .. . . . . . . . . . . . . . . . . . . . . . . 3,157.171! .83
Hill s di;;couuted. . .. .. .................... , .. .. .. 3,714,125.16
D emand lou.n s 01 1 col lat crnl . . ......... $5,222,';'4:-i 26
Due from ban ks.... .. .................. ';'55,610.69
Exchanges for e learin!! house .. . ...... l,604,060.!l8
riepos it with Uuited States treasurer
Gold ................................... 1,838,192 50
Legal-tenders .... . . ... . ....... ...... ... 2,54782,554045.1000 12 068 "66 5._,
Silver, etc...............................
,. . - , ,,1 .....
97 724 5
' j
Capital stock .................... .. ... $1 ,200,000.00


... Directors...
J os.
H~: NDRIX , ..... ..... . . . . ............ .. . ... ... .. President.
G. G . HAVEN ................................... . Vice-President.
E 0. L EEC H . . . . . . . . . . . . . .. Second Vice-President and Cashier.










Circu lating notes.. ... .. . .... ...........
53 1, 120.00
Due d epllsitors; Indiv idu a ls ........ .. 12,807,363.89
Banks . ...... ... ... . . 4,828,481.39-17,635,845.28
$20,097,724.53 '<IS/




EUGENE H. PULLEN, Vice-President.
W. B. T. KEYSER , Asst . Cashier.




Accounts of Banks and Bankers Received.








oF NEw .voRK.
United Bank Build ing, Cor. -Wall Street and Broadway.

t~Jl:\~oiiii <less ·e~i>.· a·~ci- 1ia:x: ·pa."-> 1g&~gg gg _1,930,759.25 @



Buy and sell United States Bonds a1;1d make transfers and
exchanges in Washington without additional charge.



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 $r.50. (Sent to responsible parties upon approval. ) Write for Catalogue.




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 elsewh~re.
Federal Reserve Bank of St. Louis


September, 1897.

-----THE ----



- Best Bankers'

Corner rlonroe and Dearborn Streets,

CAPITAL, $3,000,000.

SURPLUS, $2,000,000.

1l tlegula:tr Banking Business T:transaeted.
TRAVELERS' CREDITS issu ed available in any part of t h e
CABLE and EXCBA GE DRAWN at c ustomary usances, on th e
principal cities of the United States, Europe, Japan, China and U1e
East Indies.
in. Constantly on hand and for sale at eurrent rates a full line of
GOVERNMENT BONDS, Municipal and Local Bonds, Choice Railroad Bonds.
Collections carefully made and proceeds promptly accounted for
on moderate terms. Accounts of banks and bankers solicited.

The Bankers' Magazine - oldest bankers' publication in
America. Established 1846. Term_s, $5.00 a year.
Has over double the circulation of any other bankers' pub/Jcat,on
in the United States.
Advertising Rates low considering the large circulation
Rhodes' Journal of Banking and the Bankers' Magazine have
been consolidated.
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.


S. M. NIOKERSON, President.
GEO. D. BOULTO , ~d Vice-Pres. RICHARD J. STREET, Ca.shier.
HOLMES HOGE, Asst. Cash.
FRANK E. BROWN. 2d Asst. Cas h.

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

You Get
the Profits



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

Acme 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


Our Interesting Offer
Acme Cycle Co., Elkhart, Ind.
Federal Reserve Bank of St. Louis


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




September, 1897.






And Well Equipped For Handling Country Accounts




W . L . MOYER ,


_0. C . DECKER ,




$1 ,000,000 .


..• THE •..





Cedar Rapids National Bank of Iowa






Transacts Strictly A ..
Commercial Business.

. .. CHICAGO ...

G. F. V ANVECHTEN, Vice-Prest.
A . T. AVERH,L, President.


1897 .


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

Undivided Profits, $30,000.

$3,495,650 87
75,000 00
174,838 . 62



1,389,790 87

2 185,628.25
$5,931,117 .7 4

Davenport National Bank,


80,000 . 00
22,583 . 07

$2,844 ,091. 80

$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.
S. L. ELY.



(Incorporated .)


Acts as Trustee and Transfer Agent for Railroads and other C<Jrjorations. Accepts Trusts created by J,Vi/1 or otherwise. Issues Interest
Bearing Certificates of Deposit Leg al Depository for Executors and
Trustees. Transacts a General Banking Business and S olicits Accounts
f Corporations, Firms, and Individuals. . . . . . . . . . . .


... CHICAGO ...

Bank Stationers
and Lithographers

• • et1&a1aea ·

Fine Russet . . . .
Leather Pass .. .
Books and Pocket
Check Books a ..





_ ........ '°'""""- And other Forms kept in stock.

Capital and Surplus
Additional Liability of Stockholders




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

Jas. Callanan,
J. S. Patten.
J. D. McGarraugh ,
M. . P. Turn e r ,
A. Holland,
J. A. T. Hull,
Leander Bolton,
Henrw~l~Re:~d .

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

Bankers' Mutual Casualty Company
CHAS. R. HANNAN, Cashier Citizens State Bank, Council Bluffs, a.
J. Ill . WOODWORTH, Cashier Com' 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. RODD, Cashier L. Rudd & Son Bank, Bronson, Mich.
M. D. WAGNER, President Huron County Bank, Sand Beach, Mich.


G. R. MOORE, President State Bank, Jackso n. Minn.
JOHN H. LEATHERS, Cashier Louisville Bankin g Co., Louisville, Ky.
C. F . SMITH, Cashier First National Bank, McGregor, Texas.
JAS . FERGUSON, V.-P . Northwestern Nat. Bank, West Superior, Wi s .
A. E. SPALDING;,._ Cashier Ainsworth Savings Bank, Ainsworth, Ia .
E. H. HRANCH. vmaha, Neb.
EDWJl'T GOODALL. Des Moines. Iowa.
li'. ELMORE, Cashier Bank of Winchester, Kansas .
J. D. GERLACH, Cashier First National Bank, Chester, Illinois·.

INSUR.ES against burglary and robbery of bank. Absolute security at actual cost. The safe delivery of money and
securities shipped by registered mail. Better, safer, cheaper than by express. Organized and conducted by bankers. Con. fines its business to banks. Correspondence solicited.
Federal Reserve Bank of St. Louis

~be ~ri==State l3anRer.


$2 . 00 PER ANNUM .



A mo nt hly ban ker s' J ournal d evoted to t h e i nterests of b a nker s
in t h e Midd le-West.
All comm unicatio ns a nd news items of local i nterest to b a nker s
in t hi s territory a r e req u ested.
Subscript ion , $2.00 per a n n u m; sin gle copies, 20 cents.
Adverti sing r ates on a pplicat ion.
Entered at Des Moines Postoffice as second cl ass m a tter.

THE social features of the annual convention of the
American Bankers' Association are becoming more
prominent year by year, the wives nnd daughters of
members attend in increasing number:; - a fact that
largely accounts for the increased enjoyment these
annual meetings afford .



WE CALL especial attention of Iowa bankers to the
banking bill printed in this number, which will become
a law on October rs t. This bill was introduced by
Senator Gilberts<rn ~ of Forest City, as a substitute for
the banking bill recommended by the CoJe commissioners . It passed both houses with few amendments.


THE annual convention of the American Bankers '
Association at Detroit was, as it was expected it would
be, the most successful in its his tory. The bankers and
citizens of that city were lavish in their hospitality
and welcome. The business proceedings of the convention were of unusual interest and importance. The
various papers presented were of a high order. No
one attended the convention who did not feel more than
repaid for the time and money expended.



THE nomination of L. M. Shaw for governor of Iowa
is a triumph of the rank and file of the Republican party
as ag ainst the machine and m achine methods. The
withdrawal of Governor Drake came so late that there
was little time for the manipula tion of county conventions in the interest of any q mdidate, and as a consequence the great majority of delegates were left to thtir
own judgment in the sele.ction of the nominees, with
the result that a candidate h as been nominated against
whom there cannot be urged-the slightest objection a man of large ability and high principles, with no
political debts or promi ses, a successful lawyer and
business man, a man of the common people. The
Federal Reserve Bank of St. Louis


A B ankers' Journal for the Middle- W est.


people of Iowa are to b e congratulated on the selection
of the Republican p.irty for the next governor.


WHAT is being done by the various gr,>Up chairmen
toward the organization of the groups and an acdve
campaign to interest bankers who have never joined the
state association? We have heard of one group where
the chairman already has eighteen new members more than the entire growth of the state organization
last year. There is much work to be done. The success or failure of the system will depend very largely
on the work of the various group presidents. Let all
the bankers co-operate to increase the interest and build
up the association.


To A CERTAIN class of people the word banker is
synonymous with wealth easily acquired by other and
more successful means than the close competition and
hard knocks experienced by most men in their attempts
to make headway in the great struggle of life. They
do not know of the early struggles, the lifetime of
effort, that has made the accumulated wealth possible.
They only see the result and therefore lose no opportunity to decry the banker and his money. Such people
would be surprised to learn that most western bankers
now over forty-five years of age have attained their
position from the lowliest walks of life and earned their
wealth by their own unaided efforts, many of them
starting life with no other help than a willingness to
work and a determination to succeed. These qualities
combined with good habits, goodjudgmentandeconomy
have been the foundation stone on which have been
built many of the fortunes of the west. Such a man
was A. R. Loomis, of Manchester, who at his death
was one of Iowa's wealthy bankers. Mr. Loomis and
G. L . Tremain, the well-known banker of Humboldt,
were once exchanging stories and incidents of their
early lives. Said Mr. Tremain : ' ' One of the happiest
moments of my life was when I found a certain merchant who agreed to let me have a new ax for making
him four hundred rai ls.' ' Mr. Loomis responded :
'' The happiest moment of my life was when a farmer
gave me my breakfast and closed a bargain with me to
pay me fifty cents a hundred and board for making
rails. "

No BETTER man could have been elected to the first
vice-presidency of the American Bankers' Association
than the gentleman on whom the· honor was conferred,
George H. Russell, of Detroit. However, his election



demonstrated again one weakness of the Association
that has yet to be remedied. The nominating committee, composed of representatives from each state, reported the name of one gentleman to the convention
for election to the vice-presidency, and another was
nominated from the floor of the convention anq elected.
On first sight this would seem perfectly proper and
just, but when we consider that the defeated candidate
was the nominee of a representative body and the suecessful nominee elected because the convention was
held in Detroit, and largely by the votes of delegates
from the immediate vicinity, the result can be looked
upon as neither proper nor just. The objection we
raise is not to the gentleman named by the convention,
but to t~e weakness that permits the local vote, that is,
the attendance on account of the location of the convention, to outvote the balance of the convention. Is the
precedent to be established that the city entertaining
the convention is to have the vice-presidency? If so,
it bars out every man from the two highest offices in
the gift of the association who is unfortunate enough
to reside in a city unable to entertain the convention.
It is the judgment of the writer that all questions in
the association to be decided by a vote should be voted
upon by a strictly representative body. Each state
should be entitled to a vote proportionate to the number of members it has in the National Association or
in its own state association.

September, 1897.

The course of the officers and members of the executive committee is now clear. Let a committee be
appointed to co-operate with Messrs. S. & S. to bring
the association to the highest possible standard of perfection.
Such brazen assurance marks The American Banker
as no amateur. It comes only after sixty-two years of

* * *

IN ITS iss_u e of August 11th, the American Banker
published a tirade against Bradford Rhodes, editor of
the Bankers' llfagaz ine, and in the same article
attempts to belittle THE TRI-STATE BANKER because it
spoke of Mr. Rhodes as "one of the most prominent
bankers of the country, and one of the earliest advocates of measures calculated to popularize the American Bankers' Association.'' These statements are not
misleading, nor were they due to the "writer's rather
limited knowledge of what has been going on in the banking world for several years." Mr. Rhodes is a practical banker, as well as editor of the Bankers' Magazine,
and while the banks of which he is one of the active
~fficers are not large when compared to the metropolitan banks, still we can truthfully say that his
identity for almost a quarter of a century with the
leading bank journal in America, and the active part
he has taken in the bank history of that time has certainly made him one of the best known and most
prominent bankers of the country. He is a practical
THE wonderful growth of the American Bankers' and successful banker, while Messrs. Stumpf &
Assodation during the last few years ha~ been re- Steurer, like the. writer, are only newspaper men. Mr.
marked on every hand. Many bankers have been led Rhodes has always taken a prominent part in the
to inquire the cause of such phenomenal growth in so annual meetings of the American Bankers' Association,
short a time. At last the cause has been discovered working with the other members for its greater usefulthe secret can no longer be kept. Messrs. Stumpf & ness and upbuilding. The prominent. part taken by
Steurer, publishers of The American Banker, with Messrs. Stumpf & Steurer has been limiteq to getting
characteristic modesty have confessed to the world that out advertising pamphlets. The truth of the matter is
they are responsible. It was thought, until this con- that Mr. Rhodes has not been making himself obnoxfession was made, that the protective feature was par- ious so much to the banking fraternity as to the
tially responsible for the increased usefulness and American Banker.
growth of the association. Some have even thought
The editor of THE TRI-STATE BANKER may be an
that the leaders in the association - the great bankers amateur, but he is willing to learn, and also to accord
from every section of the country - were in a measure to others a reasonable credit for their achievements.
responsible for this great growth ~ but this was evi- The bankers in this section of the west take very
dently a mistake. The whole matter was brought kindly to his journal, and the advertisers say, compared
about by a "c.r iticism " which appeared in The Amer- \ to the cost, it is one of the best bank advertising meican Banker in 1892. Said criticism slumbered a year diums to be had.
or two before its full import dawned upon the minds of
the banking fraternity, and the association began to
Judge Gaynor rendered a very important decision
have its remarkable growth . Not only have the afore- when he overruled the motion to strike in the Gross vs.
said Messrs. Stumpf & Steurer admitted that they Tompkins case. This decision means that the assess'' had the largest share in arousing the spirit which ment made by the rec;eiver on the stock of the Sioux
to-day animates the American Bankers' Association, ' ' City Savings Bank outstanding is valid and legal and
but they further assure the anxious bankers that '' so that it cannot be attacked on the ground that there
long as it persists in policies now more definitely formed was no necessity for it. The decision establishes a
it shall have the cordial and enthusiastic support of precedent that will likely be followed in all of the
The American Banker," thus lifting a great load from other bank cases and it means much to the depositors
the shoulders of those on whom the responsibility rests. of failed savings banks.

:.,: * *
Federal Reserve Bank of St. Louis

Sept em her, r 897.


Acts as Reserve Agents for National, State or Savings Banks



$300,000.00 ...• •••..•

. . . . . . . . . . Details . of Accounts Carefully Attended To.

BANK, OF DEs Mo1NES, lowA ...
... Correspondence Invited.


Substitute for senate file No. 12 and house file No.
19. By Gilbertson. An act to revise, amend and codify the statutes in relation to banks and banking institutions. Be it enacted by the general assembly of the
state of Iowa :



SECTION 1. Corporations, designated savings banks,
may be formed by not less than five persons of lawful
age, a majority of whom shall be citizens of the state,
and must be organized as provided in this chapter.
SEC. 2 . Savings banks may receive on deposit the
savings and funds of others, preserve and invest the
sam~, pay interest or dividends thereon, and transact
the usual business of such institutions, but shall not
have power to issue bank notes, bills or other evidences of debt for circulation as money.
SEC. 3. The articles of incorporation of a savings
bank shall be signed and acknowledged by the corporators before some officer authorized to take the
acknowledgment of deeds, and give the corporate
name, the object for which it is formed, the amount of
capital, the time of its existence which shall not exceed
fifty years, ·the number of its directors, the n·ame and
postoffice address of each person or officer who shall
manage its affairs until the first election, and the name
of the city, town or village, and the county, in which
the principal place of business is to be located. Such
articles shall be filed and recorded in the office of the
recorder of deeds of the county of the principal place
of business and in the office of the secretary of state.
Notice of its incorporation shall be given by publication in some newspaper published in the county
wherein the bank is located, for four consecutive weeks,
which notice shall state in substance the matters required to be given in the articles of incorporation.
• SEC. 4. The paid up capital of any savings bank
shall not be less than ten thousand dollars in cities,
towns or villages having a population of ten thousand
or less, nor less than fifty thousand dollars in cities
having a greater poJ?ulation. The corporation may
Federal Reserve Bank of St. Louis


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

commence business when its first directors or officers
named in its recorded articles of incorporation shall
have furnished the auditor of state proof under oath
that the required capital has been paid in and is held
in good faith by said bank, and he has satisfied himself
of such fact, for which purpose he may make a personal examination or cause it to be made at the expense
of such _bank, and he is also satisfied that the preceding sections of this chapter have_been complied with,
and has issued a certificate to that effect, naming
therein its first board of directors, notice of which certificate shall be given by the publication thereof for
four consecutive weeks in some newspaper printed in
the county where its articles are recorded, at the
expense of such bank, and proof of such publication
by the oath of the publisher or his foreman filed with
such auditor.
SEC. 5. The corpora tors and their s~ccessors shall
be a body corporate, with the right of succession for the
period limited, and shall have power :
1. To sue and be sued;
2. To have a corporate seal, and alter it at pleasure;
3. To purchase, hold, sell, convey, and rele~se from
trust or mortgage such real and personal estate as provided for in this chapter ;
4. To appoint such officers, agents, employes, and
servants as the business of the corporation shall require,
to define their powers, prescribe their duties, fix their
compensation, and to require of them such security as
may be proper for the performance of their duties ;
5. To loan and invest the funds of the corporation,
to receive deposits of money, to loan and invest the
same as provided in this chapter, and to repay such
deposits without interest, or with such interest as the
by-laws or articles may provide;
6. To make by-laws for the management and regulation of the corporation, its property and affairs, prescribing the CO!Jdition on which the deposits will be
received and interest paid thereon, and the time and
man'ner of dividing the profits, and for carrying on all
business within its power.
SEC. 6. The business and property of such banks
shall be managed by a board of directors of not less than



five nor more than nine, all of whom shall be shareholders, :-ind at least three-fourths of the directors must
be citizens of the state. No person shall be eligible as
director of any savings bank, nor can he qualify or
serve as such, unless he owns in his own right shares
of stock in snch bank, as follows : In those having a
capital of not less than twenty thousand dollars, one
share ; in those having a capital of twenty thousand
dollars or over, bnt less than thirty thousand dollars,
two shares; in those having a capital of thirty thousand dollars or over, bnt less than forty thousa~d dol, lars, three shares; in those having a capital of _forty
thousand dollars or over, but less than fifty thousand
dollars, four shares; in those having a capital of fifty
thousand dollars or over, five shares. Each director
before acting as such shall take ·an oath that he will
diligently, faithfully, and impartially perform the duties
imposed upon him by law, that he will not knowingly
violate or willingly permit to be_ violated any of its
provisions, that he is the bona .fide owner in his own
right of the number of shares of stock required to be
owned by him as provided in this chapter, that the
same is not hypothecated nor in any manner pledged
as security for any loan obtained or debt owing by him,
which oath ·shall be signed by each director and certified by the o_ffice1; before whom it was taken, and filed
with and preserved in the office of the auditor of state.
The call for the first meeting of the directors or trustees ·
shall be signed by one or more persons named in the
auditor's certificate, stating the time and place of meeting, and · be delivered to each director or published at '
least ten days in some newspaper in the county wherein
the principal place of business of the corporation is
located. At their first meeting, and as often thereafter
as the by-laws require, they shall elect from their number a president and one or more vice-presidents for the
ensuing year, and appoint a treasurer or cashier or such
officers and employes as may be required, who shall
bold their office during the pleasure of the board, and
give such security for the faithful performance of their
duties as may be required of them by the by-laws.
SEC. 7. · All vacancies in the board of directors shall
be filled at its next regular meeting after such vacancy
shall arise from among the stockholders, and the person receiving a majority of the votes of the whole number of directors shall be duly elected to fill such vacancy. . The directors to succeed those named in the
auditor's certificate shall be elected at the first annual
meeting thereafter, at such time and place, in such
manner, and upon such notice as sh~ll be provided by
the by-laws, and shall hold office until their successors
are elected and qualified, which shall be annually
thereafter. All such elections shail be by ballot, and
the person receiving the greater number of votes cast
shall be directors. If an election of directors should
not be held on the day designated, it, may be held on
any other day after giving the notice required by the
by-laws. A majority of directors shall constitute a
Federal Reserve Bank of St. Louis




quorum for the transaction of business, but in no case
shall a measure be declared carried unless receiving
three affirmative votes.
SEC. 8. At all stockholders' meetings and all elections held thereat each share of stock shall be entitled
to one vote. Any stockholder may vote upon his
shares in person or by proxy in writing; shares belonging to an estate may in like manner be voted by
the administrator thereof, and shares belonging to a
corporation, association or society may be voted by any
person authorized by its board of directors to do so,
but no stockholder shall be entitled to vote who owes
the bank any past due indebtedness.
SEC. 9. All savings banks organized under this chapter may receive on deposit money equal to ten times
the amount of its paid up capital, and no greater
amount of deposits shall be received without a corresponding increase of paid up capital, which capital
shall be a guaranty fund for the better security of
depositors and invested in safe and available securities.
The deposits so received shall be paid to such depositor or his representative when requested, with such
interest and under such regulations as the board of
directors shall from time to time prescribe, not inconsistent with the provisions of this chapter, which shall
be printed ana conspicuously exposed in the business
office of the bank, in some place accessible and visible
to all; and no alteration which may at any time be
made in such rules and regulations shall affect the
rights of depositors acquired previously thereto in
. respect to deposits or interest thereon.
'- Savings banks may require sixty days' written notice of the withdrawal of deposits, but when there are
sufficient fu11ds on hand the officers thereof may, in
their discretio?, waive this requirement. They may
close any account upon such written notice as may be
provided for in the by-laws directing a depositor to
withdraw his deposit, after which it shall cease to draw
interest : But nothing in this chapter shall prevent
such banks, in their discretion, issuing certificates of
deposit payable upon demand.
SEC. IO. All accounts upon which no dep9sit or
drafts shall be made for a period of ten years in succession shall be so far closed that neither the sum ·
deposited, nor the interest that ·s hall have accrued
thereon, shall be entitled to any interest after the expiration of the ten years from the date of the last
deposit or draft. This provision, however, shall not
apply to endowments for children, to trust estates, nor
to other cases where s·p ecial provision is made therefor
at the time of the deposit thereof.
SEC. 1 I. Each savings bank shall invest its funds or
·capital, all moneys deposited therein, and all its gains
and profits only as follows :
1. In bonds or interest bearing notes or certificates
of the United States;
2. In bonds or evidences of debt of this state, bearing

September, 1897.'


Capital, $ioo,ooo.oo ..

Surplus and Profits



The Iowa National Bank
A. P. DOE, Vice- Presi de nt.
CHAS. PAS CH E, Cas h ier.

3. In bonds or warrants of any city, town, county or
school district of this state issued pursuant to the
authority of law; but not exceeding twenty-five per
cent of the assets of the bank shall consist of such
bonds or warrants ;
4. In notes or bonds secured by mortgage or deed of
trust upon unincumbered real estate in this state,
worth at least twice the amount loaned thereon ;
5. It may discount, purchase, sell and make loans
upon commercial paper, notes, bills of exchange, drafts
or any other personal or public security, but shall not
purchase, h old, or make loans upon the shares of its
capital stock;
6. -In all cases of loans upon real estate, all the expenses of searches, examinations, and certificates of
title, or the inspection of property, appraisals of value,
and of drawing, perfecting and recording papers, shall
be p aid by such borrowers ; if buildings ar~ included
in the valuation of real estate upon which a loan sl!all
be made, they sha_ll be insured by the mortgagor for at
least two-thirds of their value, in some solvent company,
and the loss, if any, under the policy of insurance shall
be made payable to the bank or its assigns, as its
interests may appear. When the mortgagor neglects
to procure the insurance as above provided the mortgagee may procute the same in the mortgagor's name for
its benefit, and the premium so paid therefor shall be
added to the mortgage debt.
SEc. 12. A savings bank may purchase, hold and
convey real estate only as follows:
1. The lot and building in which its business is carried on;
2 . Such as shall have been purchased at sales upon
foreclosure of mortgag~s owned by it, or upon judgments or decrees obtained or rendered for debts due it,
or such as shall be conveyed to it in satisfaction of
debts previously contracted in the course of its dealings
or such as it may obtain by redemption as junior mortgagee or judgment creditor and which shall be sold by
said bank within ten years after the title sha11 be vested
in it.
SEC. 13. N o dividends shall be declared or paid to
stockholders save out of the surplus on hand after pay
Federal Reserve Bank of St. Louis

New Business Invited
ing or setting apart sums sufficient for the payment of
all expenses in operating the bank and of interest to
depositors according to the rate rate fixed therefor by
the board of directors from time to time. The bank
shall pay interestto the depositors when due upon presentation of deposit book, or certificate.
SEC. 14. The capital of savings banks shall be
divided into sh.ares of one hundred dollars each, issued
or acquired only upon full payment of the sums represented by them, transferable on the b~oks of the corporation in such manner as s_h all be prescribed by law and
in its by-laws. Stock owned by any corporation, association, or society, may be transferred by any person
authorized to do so by its board of directors or trustees.
SEC. 15. Deposits made by a person as executor,
administrator, or in any other official capacity, shall
be payable to him as such official ; if personally nfade
by a minor, to him although he have no guardian, or
his guardian shall not have authorized such payment,
and the check, receipt or acquittance of the minor therefor shall be valid and binding.
If a deposit be made
in her own name by a woman, then afterwards married
payment shall be n:iade to her upon her check or receipt;
if made by any corporation, association, or society, to
any person authorized by its board of directors or
trustees to receive the same.
SEC. !6. No savings bank, its directors, or trustees,
shall contract any debt, or liability against the bank
for any purpose whatever, except for deposits and the
necessary expenses of managing and transacting its
business, and to pay obligations incurred for the purpose of obtaining money with which to pay deposits.
SEC. 17. T he capital of savings banks may be increased by an affirmative vote of two-thirds of the
shares thereof, at a stockholders' meeting called upon a
notice signed by the officers of the bank and a majority of its directors, specifying the object of the meeting,
its time and place, and the amount of the proposed
increase, published once a week for four consecutive
weeks before the time fixed, in some newspaper of the
county where the bank is located. If at such meeting
the required vote is given, a certificate of the proceedings showing compliance with the foregoing provisions,



the amount of capital paid in, the amount to which' it
is to be increased, and the manner thereof, shall be
signed and verified by the affidavit of the chairman and
secretary of the meeting, certified to by a majority of
the board of directors, and filed and recorded in the
office of the recorder of deeds of the proper county and
with the secretary of state, and a certificate shall thereupon be issued by him in the manner required in the
original organization of the bank. When this is .done,
the stock shall bP increased to the amount stated in
the certificate.
SEC. 18. Savings banks may be dissolved prior to
the period fixed in the certificate of incorporation by
the affirmative votes -of the stockholders holding threefourths of the capital, at a meeting of stockh_olders to
be called for this purpose in the manner and after publication of notice as required in case of the increase of
its capital. In case of dissolution of the bank or proceedings to close the sa e as authorized in this chapter, no receiver appointed thereunder shall be allowed to
sell the assets thereof at forced sale, but he shall collect
the same with all diligence and make distribution of
the proceeds from time to time to those entitled thereto.
SEC. 19. Any bank existing under any law of the
state may be reor~anized under the provisions of this
chapter by filing with the recorder ·of deeds of the
county in which the business is to be conducted articles of incorporation as required for the organization of
savings banks, or such amendment of its articles as
will comply with the provisions of this chapter, but
such articles or amendment shall be signed by a majority of the directors of such bank, acknowledged before
some officer authorized to take the acknowledgment
of deeds and recorded in the office of the proper recorder of deeds and secretary of state, as if original
articles, whereupon the auditor of state shall issue his
certificate as in the case of the original organization of
savings banks, which, when received and published as
in such cases required, shall authorize it to 'transact
business, and all the provisions relating to savings
banks shall apply to banks thus reorganized, and all its
securities, real estate or property may be then. transferred to such new organization; but sue~ reorganization shall not discharge the original bank, its
directors or stockholders from any liability to its
depositors or any other person ; arid such new savings
bank shall be liable for every claim or demand existing
against such former organization.
SEC. 20. Any bank, banking association, private
banker or person not incorporated under the provisions
of this chapter, or any officer, agent, servant or employe thereof, who shall advertise, issue or circulate
any card or other paper, or exhibit any sign as a savings bank or savings institution, and any savings bank
advertising in any way a greater amount of capital
than it has actually paid in, shall forfeit and pay one
hundred dollars for each day the offense is continued,
to be recovered in a suit brought in the name of the

September, 1897.

state by the county attorney, of and for the use of the
school fund of the county where such bank is located,
and in addition thereto shall be guilty of a misdemeanor for e8:ch day the same is done or continued.
SEC. 21. Savings banks doing a commercial business
located in towns having a population of not less than
three thousand inhabitants shall at all times k~ep a
cash reserve fund equal to fifteen per cent of their commercial deposits and eight per cent of their savings
deposits. and all such banks lqcated in cities and towns
having a population of three thousand or over shall at
all times keep a cash reserve fund equal to twenty per
cent of their commercial deposits and eight per cent of
their savings deposits. Savings banks doing an exclusive savings bank business shall at all times keep a
cash fund equal to eight per cent of their deposits.
Three-fourths of such reserve fund provided for in this
section may be kept on deposit subject to call with
other banks organized under state or national laws.





SECTION 1. Associations organized under the general
incorporation laws of this state, for transacting a banking business, buying or selling exchange, receiving
deposits, discounting notes and bills, other than savings
banks, shall be designated ·state banks, and shall have
the word '' state '' incorporated in and made a part of
the name of such corporation, and no such corporation
shall be authorized to transact business unless the
provisions of this Code have been complied with.
SEC. 2. No partnership, individual, or unincorporated association engaged in buying or selling exchange,
receiving deposits, discounting notes and bills, or·other
banking business, shall incorporate or embrace the
word "state" in its name, but this section shall not
apply to associations organized under the laws of the
United States.
SEC. 3. State banks may be hereafter organized by
not less than five persons of lawful age, prior to the
commencement of business, sign and acknowledge
articles of incorporation before s~me officer authorized
to take acknowledgments of deeds. Such articles of
incorporation shall state :
1. The object of the incorporation and the name by
which it shall be known.
2. The principal place of business.
3. The time of the commencement and termination
of the corporation, which shall in no case exceed
twenty years.
4. The amount of capital stock authorized; and the
times and conditions in which it shall be paid in.
5. By what officers and persons the affairs of the
corporation are to b conducted, and the times at which
they will be elected.
6. The highest amount indebtedness to which the
corporation may at any time subject itself.
7. Whether private property in addition to the liability fixed by law, shall be liable for corporate debts.

Federal Reserve Bank of St. Louis


September, 1897.





Fidelity and Deposit Compaiiy of Maryland,



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



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
H E RMAN E. BOSLE R, Treasurer.

8. The name and post-office address of each officer or
person who shall manage the affairs of the corporation
until the first election.
9. Such other provisions not contrary to law which
the corporation may adopt for the conduct of the business of the corporation.
rn. Such articles shall be filed and recorded, and
notice of incorporation given as provided in section
three of chapter nine of this title, in reference to savings banks.
SEC. 4. No state bank shall be organized under the
provisions of this chapter with a less amount of paid
up capital than fifty thou~and dollars, except in cities
or towns having a population not exceeding three
thousand, where such association may be organized
with a paid up capital of not less than twenty-five
thousand dollars. But no such organization shall have
the right to commence business until its officers, or its
stockholders, shall have furnished to the auditor of
state a sworn statement of the paid up capital, and,
when the auditor of state is satisfied as to tpat fact, he
shall issue to such association a certificate authorizing
it to commence business, and it shall cause said certififiate to be published in some weekly newspaper printed
in the city or town where th_e association is located, for
at least four weeks, or, if no newspaper is published in
such city or town, then in a weekly newspaper published nearest thereto in the county.
SEC. 5. The capital of state banks hereafter organized
shall be divided into shares of one hundred dollars
each, issued or acquired only upon full payment of the
sum repr~sented by them.
SEC. 6. The business and property of each state bank
shall be managed by a board of directors of not less
than five, all of whoTI? shall be sbareholders.
No person shall be eligible as director of any state bank, nor
shall he qualify or serve as such, unless he owns in his
own right shares of stock in such bank as follows : In
those having a capital of twenty-five thousand dollars
or over, but less than thirty thousand dollars, two
shares; in those having a capital · of thirty thousand
dopars or over, but less than forty thousand dollars,
three shares ; in those having a capital of forty thou
Federal Reserve Bank of St. Louis

$2 ,000, 0 00.

E DWIN WA RFIELD, President.

sand dollars or over, but less than fifty thousand dollars, four shares ; in those having a capital of fifty
thousand dollars or over, five shares. Each director
before acting as such shall take an oath that he is the
bona fide owner in his own right of the number of shares
of stock required in this chapter ; that the same is not
hypothecated nor in any manner pledged as security
for any loan or debt, which oath shall be signed by
each director and certified by the officer before whom
it is taken, and filed with and preserved in the office of
the auditor of state.
SEC. 7. All state banks. locat~d in cities and towns
having a population of less than three thousand inhabitants shall at all times maintain a reserve of not less
than ten per cent of their total deposits, and all such
banks locatad in cities and towns having a popula~ion
of three thousand or more shall at all times maintain a
reserve of not less than fifteen per cent of their total
deposits ; three-fourths of said reserve may be kept on
deposit subject to call with other banks organized
under state or national laws.

( OF

TI't'LE rx)



SECTION 1. The misnomer of any savings or state
bank in any instrument, shall not vitiate or impair the
same if such bank be sufficiently described to ascertain
the intention of the parties.
SEC. 2. Officers of savings and state . banks may
receive for their services a reasonable compensation to
be fixed from time to time in the by-laws or by vote of
the board of directors, but no director as sucp. shall be
paid for his services. No officer or em ploye of the ban'k
shall in any manner directly or indirectly, use its funds
or deposits or any part thereof, except for the regular
business transactions of the bank, and no loan shall be
made by it to them except upon the express order of the
board of directors, made in the absence of the applicant,
duly entered in the records of the board proceedings,
and only upon the same security as required by others.
Any officer or employe of the bank violating the provisions of this section shall be deemed guilty of embezzlement.



SEC. 3. The total liabilities to any savings or state
bank of any person, corporation, company or firm for
money borrowed, including in the liabilities of a company or firm the liabilities of the several members
thereof, shall at no time exceed twenty per cent of
the actually paid up capital of such bank, but the discount of bona fide bills of exchange drawn against
actuatly existing value and the discount of commercial
or business -paper actually owned by the person or persons, . corporation, company, or firm negotiating the
same shall not be considered money so borrowed.
SEC. 4. The board of directors of each savings and
state bank shall at its annual meeting appoint from its
members an examining committee of not less than
two, which shall examine the condition of the bank at
least every quarter, and report the same in writing
duly signed to the board, who shall cause such report
to be recorded in- the directors' minute book of the
bank. Members of such examining committee shall receive for their services a reasonable compensation to be
fixed by the board at its annual meeting, but in no
case shall such compensation exceeed· five dollars per
day for each day's actual service to each member.
SEC. 5. All savings and state banks shall make a
full, clear and accurate statement of the condition of
the bank, verified by the oath of the president, vicepresident, cashier, or assistant cashier, and attested by
the signatures of at least three of the directors, or verified by the oath of tw0 of its officers and attested by
two of the directors, which statement shall contain:
1. The amount of capital actually paid in ;
2. The amount of debts of every kind due to banks,
bankers, or persons other than regular depositors;
3. The amount due depositors, including sight and
time aeposits ;
4. The amount subject to be drawn at sight then
remaining on deposit with solvent banks or bankers of
the country, specifying each city and town and the
amoqnt deposited in each and belonging to such
s. The amount of gold and silver coin and bullion
belonging to such bank at the time of making such
statement ;
6. The amount then on hand of legal tender and
national bank notes and subsidiary coin ;
7. The amount of drafts and checks on other solvent
banks and other cash items not dishonored then on
hand and belonging to such bank ;
8. The amount of bills, bonds, and other evidences
of debt discounted and purchased by such bank and
then belonging to the same ;
-9 . The value of real or personal property owned by
such bank, specifying the am.o unt of each ;
10. The amount of undivided profits, if any, then on
1 I. The total amount of liabilities to such association on the part of the directors thereof, which statement shall be transmitted to the auditor of state within
Federal Reserve Bank of St. Louis

September, 1897.

ten days after the receipt of a request or requisition
therefor from him and by him filed in his office.
SEC. 6. The auditor of state may, at any time he
may see proper, make, or cause to be made, an examination of any savings or state bank, or he shall call
upon it for a report of its condition upon any given day
which has passed, as often as ~our times in each year,
which report shall contain the information under the
preceding section, and the auditor shall cause it to be
published in one regular issue of some daily or weekly
newspaper printed in said county, and the expense of
such publication shall be paid by said bank.
SEC. 7. The auditor of state shall also have power
to call for special reports from savings and state banks
whenever, in his judgment, the same are necessary in
order to obtain a full and complete knowledge of its
. condition, which report shall be verified and attested
in the same manner as required in this chapter.
SEC. 8. The auditor of state may appoint one or
more bank examiners, to hold office at his pleasure,
who shall give bond to the state, conditioned for the
faithful discharge of their d~ties, in the sum of two
thousand dollan, which shall be filed with and the
sureties therein approved by said auditor.
SEC. 9. Each of such banks shall pay the expense
of its examination; which, when made by the auditor
of state, shall be his necessary expenses only ; when
such examination is made by an examiner, he shall
receive from banks having a paid up capital of fifty
thousand dollars or under, the sum of fifteen dollars ;
from banks possessing a paid up capital of more than
fifty thousand and under one hundred thousand dollars, twenty dollars ; from banks possessing a paid up
capital of one hundred thousand and under two hundred thousand dollars, twenty-five dollars; and from
banks possessing a paid up capital of two hundred
thousand dollars or over, thirty dollars.
SEC. ro. When it shall appear to the auditor of
state that any savings or state bank has refused to pay
its deposit in accordance ~with the terms on which such
deposits were received, or bas become insolvent, or
that its capital has become impaired, or has violated
the law, or is conducting its business in an unsafe manner, he shall, by an order addressed to such bank,
direct a discontinuance of such illegal or unsafe practices, and require conformity with the law. The auditor of state may appoint an examiner to investigate
the affairs of any savings or state bank, who shall have
power to administer oaths to any person whose testimony may be required on · such examination, and to
compel his attendance for the purpose thereof by
subprena or attachment in the manner now authorized
in respect to witnesses in the courts of the state, and
all books and papers which it may be found necessary
to inspect on the examination so ordered shall be produced, and their production may be compelled in like
manner ; all expenses thereof shall be paid by the
banks examined, in such amount as the auditor of

fixing the amount of assessment required, and the
board of directors shall, within thirty days after the
receipt of such order, cause such deficiency to be made
good by a ratable assessment upon the stockholders.
for the amount of stock held by them, by giving such
stockholders notice in writing, signed by the president
or vice-president, attested by the cashier· or secretary of
the bank under its seal, if it had one, and deposited in
the posto-ffice addressed to the last known residence of
~he stockholders, proof thereof to be made by the affidavit of the person so making the deposit, which
notice shc:1.ll state the entire sum to be raised and the
amount due from the addressed stockholder.
SEC. 12. Should any stockholder neglect or refuse
to pay his assessment within ninety days from the date
of mailing notice thereof, the board of directors shall
cause a sufficient amount of the capital stock held by
such stockholder to be sold at public auction to make
good the deficiency, after giving thirty days notice
thereof by posting the same in the bank, and publishing it in some newspaper of the county in which the
bank is located, which notice shall recite the assessment, the amount due thereunder from the stockholder
and the time and place of sale, proof of all which may
be made in the manner provided in the preceding section. After such deficiency is made good the balance
of the proceeds of said sale, if any, shall be paid to the
delinquent stockholder.

state shall certify to be just and reasonable, but costs
taxed as such shall not exceed those allowed for like
services in the district court. If any such bank shall
fail or refuse to comply with the demands made by the
auditor of state, or if the auditor of state shall become
satisfied that any such _bank is in an insolvent or unsafe condition, or that the interests of creditors require
the closing of any such bank, he may authorize a bank
examiner appointed by him to take posse~sion of any
such bank, whereupon the right of levy, of execution,
or attachment against such bank or its assets shall be
suspended, and the auditor of state may forthwith, with
the assent of the attorney-general, apply to the district
court or judge thereof for the appointment of a receiver
for such bank, and its affairs shall be wound up under
the direction of the court and the assets thereof ratably
distributed among the creJitors thereof, giving preference in payment to the depositors. Tbe auditor of state,
with the assent of the attorney-general, shall have authority to apply for the appointment of receivers of savngs and state banks, who shall be residents of the county
where the bank is located, and no general assignment
. for the benefit of creditors shall be of any validity.
SEC. I 1. Should the capital stock of any state or
savings bank become impaired by losses or otherwise,
the auditor of state may require an assessment upon
the stockholJ.ers and shall address an order to the several members of the board of directors of su·c h bank,

r~~••m•,•••no~••. • •.






ORGANIZED 1851 ...... ..

The National Bank
of North America.:

r . . . . . . .~~!"""'•~~·············~. . . . . . . .~•TY••~J
Conducting its business along legitimate
commercial lines, loaning money, in
moderate amounts to reputable business houses for mercantile uses only, the



offers its services to the business public,
expecting to receive a fair share of patronage.








. . . . . President
WILLIAM F. HAVEMEYER . . . . Vice-President
. Cashier
HEMAN DOWD . . . . . . . Assistant Cashier
,___ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _....;

L .~.~~~~-u ~~•~••~~~u•
Federal Reserve Bank of St. Louis

. 13


September, r 897.






......... m . ~ ~

LOUIS F. SWIFT, of Swift & Co.,
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.

HENRY SIEGEL, of Siegel,
Cooper & Co.
Rothschild & Co., Dry Goods.
E. B. STRONG , of the iate firm
of Foss, Strong & Co.
ALEXANDER MACKAY, President Globe Stone Company.

J. H. CAMERON,} AssT . CAsH ' RS
H . R. KENT,

L ... ♦♦





SEC. 13. Should the board of directors of such bank
having an impaired capital neglect or refuse to proceed
as above provided for a period of thirty days after
receipt of such order from the auditor of state, they
shall become severally liable for any deficiency, which
liability may be enforced at law by any creditor of or
stockholder in the bank, or receiver appointed to wind
up its affairs.
SEC. 14. It shall be the duty of the auditor of state
to communicate to the governor in .his biennial report a
statement of the condition of every bank from which
reports have been received for the preceding year, and
to suggest any amendments in the law relative thereto,
which in his judgment may be necessary or proper to
increase the security of depositors.
SEC. 15. All stockholders of savings and state banks
shall be individually liable to the creditors of such corporation of which they are stockholders over and above
the amount of stock by them held therein and any
amount paid thereon, to an amount equal to their
respective shares, for all its liabilities accruing while
they remained such stockholders, and should any such
association or corporation become insolvent its stockholders may be severally compelled to pay such deficiency in proportion to the amount of stock owned by
each, not to exceed the extent of the additional liability hereby created. The assignee or receiver of any
such corporation, or in case there is none, or of his
failure to act, any creditor thereof may maintain an
action in equity to determine the liability of the stockholders, and the amount to which each creditor shall
be entitled; and all parties interested shall be brought
into court.
SEC. 16. Should the whole amount for which the
stockholders are made individually responsible 8S provided by the preceding section, be found in any case to
be inadequate to the payment of all the debts of any
such association or corporation after the application
of its assets to the payment . of such debts, then the
amount due from such stockholders on account of their
individual liability created by said section, shall be distributed equally among all the creditors of such corp~ration in proportion to the several sums due them.

The Havill Deposit Ledger
Arranged with the Ledger Index Balance .Sheets .
( PA TENTE D N O V. 26, 1995.)

O~BI~ES the best poin!s of the ol~-style Dep?sit Ledger,
with its compact groupmg 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 so that a daily trial balance can be taken easily. For
circular, address

0 . H. HA VILL, St. Cloud, Minn.
Federal Reserve Bank of St. Louis

September, 1897.

SEC 17. No bank, banking house, exchange broker,
deposit office, firm, company, corporation, or person
engaged in the banking, brokerage, exchange or
deposit business shall when insolvent accept or receive
on deposit, with or without interest, any money, bank
bills, or notes, United States treasury notes, or currency,
or other notes, bills, checks, or drafts, or renew any
certificate of deposit.
SEC. 18. If any such bank, banking house, exchange
broker, deposit office, firm, company, corporation, or
person, shall rec<dve or accept on deposit any such
deposits, as aforesaid, when insolvent, any owner,
officer, director, cashier, manager, member or person
knowing of such insolvency, who shall knowingly
receive or accept, be accessory, or permit, or connive
at receiving or accepting on deposit therein, or thereby,
any snch deposits or renew any certificate of deposit,
as aforesaid, shall be guilty of a felony, and upon conviction shall be punished by a fine not exceeding ten
thousand dollars, or by imprisonment in the penitentiary
for a term of not more than ten years, or imprisonment
in the county jail not more than one year, or by both
fine and imprisonment.
SEC. 19. Any officer or officers whose duty it is to
make statement of the condition of its bank, and make
publication of same, who shall wilfully neglect or reuse to perform such duties imposed upon them or either
of them, shall be deemed guilty of a ·misdemeanor, and
on conviction thereof shall be punished by a fine not
less than one hundred dollars nor more than one thousand dollars, or by imprisonment not less than three
months nor more than three years in the penitentiary.
SEC. 20. Any owner, director, officer, agent, employe, or clerk of any bank who shall knowingly subscribe or make any false statements or false entries in
the books thereof, or knowingly subscribe or exhibit
false papers with intent to deceive any person authorized to examine its condition, or shall knowingly subscribe and make false reports, or shall knowingly
divert the funds of the bank to other objects than those
authorized by law, shall be punished by a fine not exceeding ten thousand dollars and .be imprisoned in the
penitentiary not less than two nor more than five years,
and be forever after barred from holding any office
created by this chapter.
SEC. 21. Any owner, dir~ctor, officer, agent, employe, or clerk of any bank who is guilty of intentional
fraud or of deceiving the public or individuals in relation to the means or liabilities of such bank, or who
aids, assists or consents to the payment of dividends
which leave insufficient funds with which to meet the
liabilities of the bank shall be punished by a fine of
not less than five hundred dollars, or imprisonment of
not less than one year, or both such fine and imprisonment at the discretion of the court, and such act shall
· cause a forfeiture of all the privileges of said bank and
the court may proceed to close the same in the manner
prescribed by law.

September, 1897.


SEC. 22. The president and cashier of every savings
and state bank shall cause to be kept at all times a full
and correct list of the names and residences.9f the officers,
directors, examining committee, and of all the stockholders in the bank, and the number of shares held by
each, in the office where its business is tran~acted. Said
list spall be subject to the inspection of all the stockholders and creditors of the bank during business hours
of each day in which business may be legally transacted. A copy of such list, verified by the oath of the
president or cashier, shall be transmitted to the auditor
of state within ten days after each annual meeting.
SEC. 23. No corporation shall engage in the banking
business, receive deposit-;, and transact the business
generally done by banks, unless it is subject to and
organized under the provisions of this title, or of the
banking laws of the state, heretofore existing-, except
that loan and trust companies may receive time deposits
and issue drafts on their depositories, but such companies shall be subject to examination, regulation, and
control by the auditor of state and any corporation violating this section shall forfeit its charter at the suit of
the attorney-general, and said corporation, its officers,
directors and agents, shall be punished by a fine of not
less than five hundred dollars, or imprisonment of not
less than two ( 2) years in the penitentiary, or by both
such fine and imprisonment at the discretion of the
court. Stockholders shall be liable to the creditors of
such companies· as provided in section 15 of this chapter for stockholders in savings and state banks. Provided that loan and trust companies organized under
the general incorporation laws of the state, which were
engaged in the banking business prior to the first day
of January, 1886, and have continued therein since said
date, may by the proper additions to their articles of
incorporation, become state banks within the provisions of this title, without incorporating the word
''state'' in the name of such corporation.




X Chicagof Illinois, X

Ifi;l~~ll @l l@l l@~l6rn~;;,,g,,1s111s11,;~,;,;,:~~~1~;~~~11

CAPITAL $1,000,000.


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






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

. $6,689,574 20

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



. . . . .

. $1,000,000
34, roo
. 5,537,684
Federal Reserve Bank of St. Louis


. $6,689,574 20
. $3,048,427 05 .

~ Deposits July 23, 1896

l~~,.~~~~~~~~,~~~~~~~~:l:~I IS~~:':~:'~~:':~:l:~:':~:l:~:l:~:':~j

Fred Heinz, president of the Farmers & Mechanics
Savings Bank, of Davenport, reported Iowa as follows:
" When to-morrow's sun rises over the fertile soil of
Iowa, a soil now covered with the garnered g-rain of a
bounteous · harvest, and with the corn stalks as tall as
the black alluvial soil wherein they grow is deep, corn
stalks taller than our worthy president, and still growing and promising an abundant yield, it will find 1,043
bank cashiers, of which 1,042 are males and one a female, r_e ady to grasp the hands that bring the funds
that keep the machinery of the banks in motion.
Iowa has four kinds of banks, besides those known
to the navigator, namely: 201 state banks and 169
state savings banks under state control; 163 national
banks under national control, and 5 ro private banks
partly under the control of the state, the common law _
and the law of nature - being more banks in number

65 •
19 j
31 ~
61 '


E. S. LACEY, President.
D. B. DEWEY, Vice-President.
GEORGES. LORD, Second Vice-President.
JOHN C. CRAFT, Cashier.
J.C. McNAUGHTON, 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
Correspondence solicited with those contemplating a change or division of their Chicago
~ accounts.




than any other state in the Union, excepting p0ssibly
New York. According to the report of May 14, 1897,
these national banks had a capital of $r2,958,ooo; surplus, $3,000,000; undivided profits, $r ,326,000; deposits, $24,879,000; showing a decrease of the year
before of capital stock, $4-90,000, and of deposits,
. The state banks, according to last report, June 30,
1897, had capital stock, $9,135,000; surplus, $1,0001 000; undivided profits, $864,000; deposits, $16,857,000 ; showing an increase over a year previous in
stock, $271,000; in deposits, ·$1,121,000.
The state savings banks, according to report of
June 30, 1897, pad capital, $7, 15 r ,ooo; deposits, $28,585,000; showing a decrease over a year previous in
capital of $295,000, and an increase in deposits of
The private banks making no official reports, their
standing cannot be arrived at sufficiently to make any
statistics of value.
Since the above official reports have been made, however, there has been a noted increase in deposits, so that
it is fair to presume that the Iowa banks to-day have
at least $3,000,000 more dep~sits than as above stated,
and are holding large sums in excess of the legal requirements.
There have been about ten failures during the past
year, resulting with more or less disaster to the ones
interested, being loss to the depositors and stockholders, and a gain of a fixed term at the expense of the
state to some of the bankers . . It is believed, however,
that most of these failures were frost-bitten by the chilly
winds of 1893, and collapsed when warmed by the
dawn of prosperity; and now that prosperity for all is,
or is supposed to be, in sight, the next year will make
a better showing, especially in view of the fact that
the price of farm products is rising, and that our industries will be able to work full time, and that, too, with
no danger of the most important ones going on a
strike, more particularly meaning that trio of money
earners, the hen, the hog, and the cow."

H. W. Yates, pre~ident of the Nebraska National
Bank of Omaha, reported for the condition of Nebraska
as follows : '' In the apparent absence of any one else
to speak for Nebraska, I feel constrained to say something; and I .shall differ somewhat from the gentlemen
who have preceded me in speaking of the signs of approaching prosperity. They have spoken to you in
general terms. I propose to give you a few features.
Our state banking board has recently issued a statement, showing that our state banks have gained in
deposits during the past year $1,000,000. There are
very few state banks in the cities. In Omaha there is
not one. The loan companies doing business in the
state report that the farmers have paid within the past
Federal Reserve Bank of St. Louis

Sept_ember, 1897.

year $28,000,000 of their mortgage indebtedness. I
do not vouch for the accuracy _of these figures, but they
are, to a large extent, sustained by facts. Last year
we raised nearly 300,000,000 bushels of corn. This
year we confidently expect a crop of 350,000,000 bushels. We have more than double the wheat crop this
year, and Nebraska will, for the first time in her history, be in the front ·rank of the wheat-producing
states, with a total of 40,000,000 bushels. Our state
has large, diversified crops. I am informed by a gentleman who knows, because he is in a position to know,
that a careful estimate of the value of the crops raised
in Nebraska this year would be $300,000,000. More
than the product of all the silver mines in the world;
more than the total product of all the gold in the world.
For a state which for a number of years has been
drought-stricken, and to which only a short time ago
you consigned car loa~s of grain and food for the support of our famishing families, I think that is a pretty
good statement. One thing is certain, that the golden
glean from our ripening crops does not reflect the
calamity tint to which. the utterances of so many pubIle men, and of the vote of our state last year, seemed
to commit the state. I do not feel that I can take my
seat without referring to the Trans-Missouri Exposition, which will be held next year in Omaha. It is
believed that it will be second to none of recent years,
except, of course, the Chicago exposition. It has received the support of all the .states west of the Missouri
river, and of a number of those east; it has received a
large appropriation from the United States government
and I believe I am safe in saying that every one who
will visit Omaha next year will be well repaid for his

T he bankers of Minneapolis gave a dinner Saturday
evening, August 28th, in honor of James H. Eckels,
comptroller of the currency. Mr. Eckels was a guest
of friends in the city prior to a trip to the National
Those who acted as hosts were the officers of the Northwestern National; First National, Nicollet National,
Swedish-American National and Flour City National
Banks, the National Bank of Commerce and the Security Bank . The officers of these institutions did the
honors at the reception which preceded the banquet,
in the parlors of the Minneapolis Club.
After the s·u mptuous feas~ had been disposed of, J.
W. Raymond, as toastmaster, announced that there
was something still better to come. He paid a neat
compliment to Mr. Eckels in introducing him to the
assembled guests.
Mr. Eckels said in part : "I have been more than
plea~ed to witness upon all sides the evidences of prosperity that seems to be surely returning to this great

September, 1897.


and glorious northwest. The business interests of this
section of the c9untry are not entirely its own, however. This great Misssis'.)ippi valley and great northwest will always be an important factor in the making
of the wealth of the United States. It:::; interests are
and always will be largely determined by the business
interests of other parts of the country.
"Great as has been the prosperity of the west, we of
the west know that the business interests of this section are dependent upon the great wealth and resources
of the east. There is no room in the west for financial
heresy, no room for any doctrine on money that does
not coincide with that of the east and long settled and _
established countries. They make the financLl systems.
" It is only by the union of the ~urplus capital of
the east, and the undeveloped resources of the west,
we can expect prosperity.
'' Let the people of the west be ever mindful that
their ideas upon finance and currency must be such
that people have unbounded confidence in them ; they
must be sound and based upon actual business needs,
and must be like Cresar's wife, above suspicion.
'' Banking and commerce are interests indefiably
dependent upon one another, and both are subject to
the same rises and depressions. A distinguished economist has said that banking is the handmaid of commerce, and the history of both, from the foundation of
sound money principles, bear witness to this truth.
Bills of exchange, mediums of exchange found their
origin not in any action of a legally constituted legisla.:
tive body, but in the actual demands of commerce. It
was a necessity, and came as a matter of course.
"People who say that legislative bodies can make
and unmak~, by their enactments, standards of valu·e
and impose values upon material things are ignorant of
the history of finance and commerce.
wants and will only use a dollar which is worth one
hundred cents. Silver bas lost its value to finance. It
is gone, and can never be returned to its old position.
There is not strength enough in the United States, no,
not in all the nations of the world, to bring silver back
to its old value. Commerce destroyed it and will never
give it place again. The judgment of commerce is
'' The solution of the financial problem does not lie
in the direction of a metallic currency. The business
world demands only the best, and that which will
easiest meet the demands of their transactions and
transfers of property. It is not in the metallic money,
or even in the bank note, that the solution lies, but in
the check which has been devised by bankers as the
most convenient medium of echange. It was an enactment of the. banks. We have had a banking system
which gave us a safe currency, but the bank note has
not yet received the amount of attention which it
should have. Law-makers have not paid it the proper
Federal Reserve Bank of St. Louis


'' There should be a system of banking that would
allow the grain of the west to be handled without the
troublesome methods now resorted to. The northwest
needs a system of currency not based upon a depreciated silver dollar, but upon actual worth. Then the
west and northwest would be prosperous, and that condition would be felt all over the land.
'' If this prosperity which is bringing a ray of sunshine into the business world is to be profited by, it
does not lie in the province of the law to do that. We
must live within our incomes. Let every man live
within his income. It is the extravagance in private
and public life that has brought us to the ruin of the
past few years. A continued extravagance will lead
to inevitable destruction. A settling day will come
when matters must readjust themselves, and · then the
utter foolishness of private and public extravagance
will make itself manifest.
'' Who dares to say that in the ten years prior to the
disaster of '93 there was not an undue public and
private expenditure? It could result in nothing than
what we have witnessed to our sorrow. Let every
citizen, let every community do its duty, live within
its income, and make the hope of to-day the realization
of to-morrow. This country, the most highly developed the sun shines upon, will be then forever blessed.
You of the northwest do as you did last time, stand for
a dollar that is worth 100 cents at home and abroad
and your credit will then be unquestioned.''
Following Mr. Eckels came a long list of toasts, but
the various speakers thought that enough had been
heard upon the great question, and spoke briefly.
Good stories and repartee was the general order.
During the day, previous to the dinner, Mr. Eckels
was shown the sights of the city by Gilbert G. Thorne,
of the Northwe·s tern National Bank.

Mr. L. L. Bennett, president of the National Farmers Bank, Owatonna, reported for Minnesota a~ follows :
''When my colleagues from the state of Minnesota
requested me to respond for the state, I accepted the
invitation with pleasure, for if there is any subject on
which I love to dwell, it is upon the past, the present,
and the future of the state of Minnesota. We can produce more bushels of number one hard wheat, and more
tons of the richest iron ore in the world than any other
state, and we are close after any other state in the production of dairy products, of hog products, of cattle
products, and in fact, of every article that goes to make
up the immense volume of our diversified farming
interests; but you may suggest that I was to speak of
the banking interests of our state, yet I need not say
to any practical banker that this condition of our prosperous state, speaks in unmistakable language of the
actual banking condition of the state also.
banking interests of the State are in a sound and



solvent condition. In common with the rest of the
United States, for the last two or three years we had
our share of misfortune, but not a bank that was
founded on the rock of good banking principle moved
from its solid foundation. The banking interests of
Minnesota are now all right, and in the hands of
legitimate bankers will pay fair dividends on capital
invested, and make honorable records for the managers
having them in charge.''


Capital stock. '. ...... .. .. . ............ .. ...... $16,287,200.00
Due depositors ........... . .... .. . ..... . ....... 45.442.894. 16
Due banks and others. .. ........ ........... ....
Surplus . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . r,797.367.02
Undivided profits . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,941,247.20
$,65, 799,440.96

The above statements made at the close of business
June 30, 1897, show the following changes in the conditions of the banks as compared with the statements
made at the close of business June 30, 1896:


The auditor of state has issued a statement giving
the condition of the savings and state banks of Iowa
at the close of business on June 30. The statement is
made up from the semi-annual reports which have just
been made ·by the banks. The banks of the state are
shown to be in excellent condition, and the statement
also shows that the people of the state are making
money. The deposits have increased nearly one and a
half millions, and the cash held by the banks bas
increased over three million of dollars.
The statement given out by the auditor is appended.

Bills receivable .. ...... ...... . .. ...... . ........ $28,903,442.55
Cash and cash items .... , . . . . . . . . . . . . . . . . . . . . . 1,663,150.25
Credits subject to sight draft........ . ........... 5,309,077. 41
Overdrafts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Real and personal property.... . . . . . . . . . . . . . . . . . 1,536,948.91

Cash - increase . . . . . . . . . . . .... $ 264,794.23
Credits subject to sight draft-in •
crease ......................... 2,781,204.17
Real and personal property-increase...... . . . . .. . . . . . . . . . .
Total increase .... .. ....... .
$ 3,295,921.55
Less bills receivable- decrease .$ 2,094,222.91
Less overdrafts-decrea-;e . . . . .
Total decrease. . .......... .
Net increase of assets . .... .



Deposits -increase ........... . $ r,476, mo 37
Undivided profits-increase . . . .
Total increase . ." ........... .
Less capital stock- decrease .. . $
Less indebtedness to banks and
others- decrease . ......... .
Less ,surplus - decrease ....... .

$ 1,500,620.34

Total decrease ............ .



Net increase of liabilities ... .


I, 170,959.88



Capital stock ................................ . $ 7,151,500.00
Due depositors .... . . ... ..................... 28,585,654.74
Due banks and others. . . . . . . . . . . . . . . . . . . . . . . . . .
99,020. 61
Surplus ........ ...... ....... ........ ...... . : .
Undivided profits............. .... . . . . . . . . . . . . .
976,358 38

Bills receivable ...... ........ . ................ $19,988,r45.04
Cash and cash items... .... . ... ................ 1,727,769.84
Credits subject to sight draft .. .... . ......... .... 4,171,050.80
Overdrafts.......... . . . . . . . . . . . . . . . . . . . . . . . . .
347,5ro ..51
Real and personal property . . . . . . . . . . . . . . . . . . . . 1,968,270.09

Capital stock ............................... ... $ 9,135,700.00
Due depositors ................................ 16,857,239.42
Due banks and others .... . . ·. . . ................
Surplus . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,013,206.27
Undivided profits.... ... . ... .. . .... . ...........
$28,202' 746. 28

Consolidated statement of the assets and liabilities of
the state and savings ·banks :

Bills receivable ...................... . ......... $48, 89 r, 587. 59
Cash and cash items... . ....................... 3,390,920.09
Credits subject to sight draft..... . ....... . . . . . . . 9,480,128.21
Overdrafts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Real and personal property ~. .................. 3,507,219.00
Federal Reserve Bank of St. Louis

September, 1897.

The crops are still in the hands of the farmer and
the prices are going up every day.
Better times are beginning with the class of people
whose prosperity means the prosperity of all.
The savings banks of New York state have 36,000
more depositors and $26,000,00·0 more deposits than
they had a year ago.
The demand on the banks for money is steadily growing. This fact, when coupled with the increased bank
clearings, bespeaks better times.
The prairies of the west are covered with the b~untiful harvests for which there is a demand sufficiently
s~rong to pay the farmer a handsome profit.
Have you noticed the decrease in business failures for
the month past? There can be no better proof that
general business is improving all along the line.
There seems to be a great conspiracy, with n2.ture,
the farmers and the majority of the American people as
chief conspirators, to bury forever the heresy of a need
for dishonest money.
Even Kansas, the home of calamity bowlers, bas
money to loan. The banks there are holding open the
doors until 9 o'clock P. M. to accommodate the farmers
who desire to make deposits after selling their wheat.
The bank clearings in almost every city in the west
show an increase of 5 to 35 per cent ~or the month of

September, 1897.


August as compared to the corresponding month last .
year. What does this mean? Does it mean that there
is more money in circulation? That there is more business being transacted? That people are paying their
debts? That we are beginning another era of good

A second dividend of ten per cent has been declared
to the creditors of the Columbia National BJ.nk.
The delegates to the Detroit convention from Minnesota, were J. C. Hunter, of Duluth ; George H.
Prince, of St. Paul, and S. McKinnon, of Marshall.
J. C. Hunter, of Duluth, was elected to the executive
council at the Detroit convention. Minnesota now has
two representatives in the council ; A. C. Anderson is
the other one.
The Washington Bank of Minneapolis, insolvent,
will declare another roper cent dividend for the benefit
of depositors in October. The city had $260,ooc in the
bank at the time of the failure.
The German societies of St. Paul have appointed a
committee of twenty-seven, to act with the executive
committee of five, to organize and incorporate a savi13gs
b:mk under the state law. 1'he societies represented
were the Sons of Herman, Druids and Workmen.
The rec~ivers of the Bank of Minnesota have
arranged a compromise with the bondsmen guaranteeing the money deposited by the city in the failed bank.
The basis of the compromise is that the bondsmen pay
the city the amount of the general deposit, $26 1 939,
and be released from all further liability.

been served, and denies any legal liability for any part
of the $127,000 demanded by the city. The answer
sets up that the defendants are not liable b~cause there
were changes in the bond, made without their consent
or knowledge ; that the bond was not approved, and
that no new bond was demanded or given when a fresh
proposal from the Allem::innia Bank was accepted by
the city in November, 1896.
The whole story of the failure of the Bank of New
England has been told at last, and the result is that
not a creditor will receive one cent from the wreck.
The state of Minnesota had a preferred claim of $6r ,000, which was paid, but there remains an item ot
interest of $2,475 yet unpaid. The assignee has left
in his hands, after paying himself and his attorney,
$353.30. This is turned over to the state, which leaves
the state still short $2, roo, its preferred claim, and
nothing for the other. creditors. . The estate is closed
up and the bondsmen of the assignee released.-E.x.
The report of the condition of the national banks of
Minnesota at close of business on July 23, inclusive of
St. Paul and Minneapolis, has been received by the
comptroller of the currency and compared with the last
previous report in May. Healthy increases are noted
in the average reserve held by the banks and in the
individual deposits, while a shrinkage is shown in loans
and discounts. The report in May showed individual
deposits at that time to have been $14,324 310, which


The following changes have been made m the
Nation~! Citizens Bank of Mankato: W. G. Hoerr,
president in place of J. F. Me,i.lgher; Lorin Cray, vicepresident in place of L. Patterson ; John B. Meagher,
cashier in place of W. G. Hoerr; W. C. Henlein, as~istant cashier in place of John B. Meagher.

strictly visible
writing and
direct inkingPrints
like a press.

New 1897 Models Numbers


and 3.


Colonel Albert Scheffer, president of the failed Allemannia Bank, on trial on an indictment charging him
with embezzlement because of an alleged overdraft in his
accounts with the bank, has been acquitted. It was
shown that the overdraft was a matter of bookkeeping
and that the checks in the case were drawn to pay the
debts of the bank and were not personal.
Federal Reserve Bank of St. Louis



The safe in the Farmers' Bank of·Waconia, which
robbers attempted to loot August 5th. was opened by
experts from Minneapolis and the money and papers
found to be all right. There was $3,000 in the safe,
and the expert says that one more shot would have
given the robbers access to the money. Loss to safe,

The ans,ver of fhe suretie.;; on the Allemannia Bank
bond, to the suit brought against them by the city has


First-class agents wanted in Iowa and Nebraska.
for New Catalogue and sample of work.



New York, 273 Broadway.
Chicago, 152 La Salle St.
Cleveland, 23 Euclid Ave.
Boston, 147 Washino-ton St.
Dallas, 283 Main St.
San Fran<'isco, 508 Ola.v St.
Denver, 3:!1 Sixteenth St.
Atlanta, 16 o. Pryor St.
Philadelphia, 1019 l\larket St.
London, 104 Newgate St.
Montreal, 200 Mountain St.



--------- ~



September, 1897.

treasurer's statement, and refer of course only to
money tied up since he came into office. The granq
total, representing suspended banks in the Twin Cities
and elsewhere over the state, is $270,586.05, and of
this sum there has been paid to date $201,244.05, leavThe Bank of Minneapolis, at Minneapolis, bas closed ing a balance uncollected of only $69,341.20. It is
its doors for a few days and will probably go out of significant that of this amount $28.565. r 1 is owed by
business. The bank has a capital of $roo,ooo, and its banks outside of Minneapolis and St. Paul, showing
liabilities consist mostly of deposits, which aggregate that the city banks have proportionately done better by
about $150,000.
The closing of the bank has been the state than those in the country. Since Mr. Koerexpected for over a year. The other bankers of the ner came into office there has been tied up in the St.
city say that the clo~ing was inevitable, as the invest- Paul banks$r57,188.19, of which $r30, rr2.70 has been
ments of the concern were unproductive and that tbe paid, leaving a balance of only $27,075.09. The Mindeposits had almost ceased. As a matter of fact the neapolis suspended banks had a total of $57,687.83 state
institution had been undergoing a process of dissolu- money, of which $43,987.03 has been paid, leaving a baltian for several years, the capital having been reduced ance of only $13,700.80. Outside the cities the amount
from _$ 300,000 to $100 ,000, and the deposits from of state money tied up in suspend . . d banks was $55,$500,000 to about $150,000. As .a well known mem- 709.43, and of this sum $27,144.32 has been paid, leavber of the clearing house said, the corporation found it ing still to be collected $28,565.11.-Ex. [It is very
unprofitable to carry on the_ business any longer and doubtful if all the money still tied up can be collected,
quit. Officials of rival concerns predict that the cred- but even if it could, what is to be said of the 1oss to the
itors will be paid in full, or very nearly so, as the bank public on account of funds tied up, expense in collecbad not failed in the ordinary sense of being bankrupt. tion, etc., etc.? Most of the money tied up ought
never to have been given to the banks. However,
sound business judgment does not always enter into
State Treasurer A. T .. Koerner has compiled a state- public business.-En.J
ment showing the amount of money the state bas in
suspended banks, and it is highly gratifying. He says
that every dollar of this money will be collected before
The Security Savings Bank of Wellman is now
his term of office expires. This will be good news, for transacting business in its new quarters. The new
at one time, and as late as last winter, it was generally rooms have been fitted throughout with new counters
understood that the state would eventually lose quite· and furniture, all modern in style. The room is finished
heavily. The figures given below are totals from the in oak. The floors are of tile.
increased to $14,984,732 in the current statement, and
the average reserve has also increased from 34. 11 per
cent in May to 37 .22 per cent: The loans and discounts decreased from $13,244,941 in May to $13,2u,437 in the present report.

We Make a Specialty of_ ____

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



We recommend for Bankers' use The National Safety Paper. This paper
has be,en 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.
Federal Reserve Bank of St. Louis

September, 1897.




CHAS. F. ALDKN, V.-Pres.
G. E. I,AMB, Asst. Cash.


Chas. F. Alden .
S . W. Ga rdiner.
T. M. Gobble.
A. M. Ingwersen.
A. Lamb,
C. Lamb.
L. Lamb,
Daniel Langan.
P. S. Towle.


The foundation is being laid for a new bank building
at Corydon.
Donellson is endeavoring to organize a bank among
local capitalists.
The Security Savings Bank of Wellman have moved
to their new banking rooms.
The Bennett Savings Bank has been incoporated
with a capital stock of $20,000.
Fred Daley, cashier of the Dickinson County Bank,
Spirit Lake, bas returned from California.
The Citizens Bank people of Decorah expect to get
into their new building about the 1st of September.
A bill raiser was captured at Sheldon a few day ago .
. He had succeeded in passing several of the raised bills.
Banker Wm. Briggs, of the Savin~s Bank of Primghar, is taking a vacation and visiting at Clinton and
other points.


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

Receiver F. B. Goss says there are about one hundred and twenty-five depositors in the Sioux City Savings Bank who have not yet called for their dividend
The ·new Security Bank of Maxwell, Dewel & Gridley, proprietors, opened up for business August 4th.
The bank has for its home a fine brick building -just
Ed Herwig has taken a position in Darrow Bros.'
Bank, of New Hampton, as bookkeeper. He is an
excellent accountant and a young man well known to
the business element of that community .
Receiver Lewis, of the defunct Wyland Bank at
Harlan, has paid to County Treasurer Pritchard, by
order of the court, $14,275.81, the amount of the
county funds on deposit when the bank failed.
Henry Bruhns has retired as assistant cashier of the
State Bank of Germania, and Mr. Finn took his place
at once. Mr. Bruhns has launched out into the real
estate business and expects to remain in Germania.

The auditor 01 state has authorized the Farmers SavThe Farmers Bank of Packwood went out of existings
Bank of Packwood, in J 1::fferson county, to comence August 15. It was succeeded by the Farmers
business at once. The bank capital is $10,000.
Savings Bank.
A. RyD?an is the president and T. Z. Gillette the
Banker Slocum, of Minburn, is now located in his
new quarters. He now has one of the best looking
George H. Rathman, cashier of the Live Stock Nabanks in the state.
tional Bank, Sioux City, returned August 20th from a
Donnellson is to have a savings bank. Mr. Mac two weeks' trip to Coloraclo and Utah points. Mrs.
Leish, a son-in-law of J. W. Lease, of Mason City, is Rathman will remain in the west for a few weeks' visit
a candidate for cashier.
with relatives.
Banker Steckel, of Bloomfield, a'r rested on charges
Capt. E. B. Soper, of Emmetsburgh, has been elected
of fraud, has been given preliminary hearing at Har- to the presidency of the First National Bank of that
lan and released on $7,000 bail.-Ex.
place. Capt. Soper is one of Iowa's foremost citizens

J. E. Greenfield, vice-president of the Bank ~f Manso1J has made a proposition whereby the people of Manson will most li!fely secure a park and a race track.
T. W. Brown, of Anita, a candidate to succeed himself, is the nominee for county treasurer. His faithfulness to the county during the Cass County Bank
troubles won him the nomination without opposition.
Federal Reserve Bank of St. Louis

and the banking fraternity are glad to welcome him
into the fold of active bankers.
C. B. Reinhart, of Gowrie, has ordered a large new
safe and a fine desk and will now go into the banking
business on a larger scale. He has for some time been
selling drafts on Chicago and will now make this a
leading feature of his business.



Mrs. Brown, of Sheldon, has accepted the cashiership of the Larchwood Bank.
Frank J. Finn, of .Radcliffe, is the new assistant
cashier of the State Bank of Germania.
J. B. Santee, a banker of Danbury, Woodbury
county, has been nominated for representative.
The Citizens State Bank of Grand Junction has
filed article of dissolution with the secretary of state.
Ackley Hubbard, the banker of Spencer, was one of
the active campaigners at the Cedar Rapids con_v ention.
Articles of incorporation of the Farmers Savings
Bank of North English have been filed. The capital
stock is $10,000.
Plans have been accepted for Cass' new bank building at Sumner. When finished it will be the finest
building in that city.


John Gray, late cashier of the Exchange Bank of
Exira, has fitted up a neat office and will run a private
bank on a small scale.

T. E. Johns, of the Keswick Bank, is touring
Europe. His folks received a cablegram announcing
his safe arrival at Liverpool.
Cashier Wilson, of the First National Bank of Mal-·
vern, and family, are spending their vacation with relatives and friends at Rome, Ill.
Miss Tena Rasmuson has resigned her position in the
Commercial Bank of Britt. Wm. Erwin succeeds her
as assistant cashier in the bank.
G. H. Wilson & Son, of Iowa Falls, have made an
assignment to the State Bank of that place for the benefit of their creditors. Their line is agricultural implerqents.
A den of counterfeiters has been broken up just
across the line in Ringgold county, and the members
placed under arrest. The coin was circulated in southern Iowa and northern Missouri.
Knowlton is about sure now to have a bank, as $2,000
have been subscribed to its stock in the town alone.
Mr. Read, of Des Moines, is working the matter up
and is well pleased with the prospects.


Mrs. L. E. Bopp, wife of
cashier in Bopp Bros.
Bank at Hawkeye, dieq recently after a brief illness.
The remains were taken to Union, Iowa, for burial.
Six brothers of the bereaved husband acted as pall
. Look out for counterfeit $ ro bills on the Marine
National Bank of New York City and the Union
National Bank of the same city. These are being
worked off in Iowa at the present time and they are
such good imitations that detection is.difficult. They
are slightly smaller than the genuine and the paper is
of a somewhat inferior quality.
Federal Reserve Bank of St. Louis

September, 1897.

The Phillips Bank building of Sheil Rock, has been
purchased by L. E. Sherwood for $50,000 from the
assignees. , Sherwood will have the building fitted up
and used for the post-office during the present administration.
The dire~tors of the Hardin County Bank, of Eldora,
have elected Mrs. Alice D. Hubbard, of Marshall,
Michigan, their vice-president. This woman has the
distinction of being the only female bank vice-president in America.
D. K. Harbert, a young banker of Shellsburg, has
no opposition to the nomination for representative from
Benton county to succeed Byron McQuinn. Mr. Harbert is a graduate from Cornell. He will give Benton
county a strong representation.
Articles of incorporation of the Farmers Savings
Bank of North English have been filed. The capital
stock is $10,000. The directors are Henry Goodman,
John Axmear, Adam Greenlee, Theodore Wagner,
J. W. Brown, John Kelly and J. J. Bushman.
The Stockyards Bank, of Walnut, a local concern,
suspended • payment owing to the speculations of the
bookkeeper who decamped with the funds during an
altercation between the president and the cashier as to
which one of them should cash up the checks.-Ex.
The First National Bank of Waterloo recently
received two forged checks which had been cashed, one
by a bank at Hampton and the other by a bank at
Prairie du Chien. They were drawn on the bank in
Waterloo for small amounts and evidently by the same
Receiver Wigton, of the Sioux City Savings Bank,
has begun action aiainst the resident stockholders of
the failed bank. The suits are based upon that section of the statute which provides for double liability
of a stockholder of a savings bank. The law has
been tested and upheld.
A. F. Gunther, of Ft. Dodge, president of the Ft.
Dodge National Bank, and president of the Craig Coal
Company and Pleasant Valley Coal Company, died
August 24th in Baden, Germany, where he had gone
to take medical treatment. He was a man of wealth
and was widely known in the ::itate.
The illustrated souvenir number of the Washington
Gazette publishes a sketch of J. A. Young, cashier of
the Washington National Bank. It also contains a
good advertisement of the First-National Bank of that
place, and also an interesting history and description
of the Security Savings Bank of Wellman .

In the case of First State Bank of Hawkeye vs.
McGoon, being an action on a note with a counter
claim of between $4,000 and $5,000 which was submitted tq Judge Fellows upon written pleas, the Judge forwarded his decision giving plaintiff judgment for full
amount of claim, not allowing any of counter claim.

September, 1897.
Prominent among
Mr. P. D. Minick,
private capital than
Mr. Minick

Villisca's representative men is
who probably represents more
any other one man in southern
makes a specialty of gilt edge

Iowa. bankers are feeling very happy. They have
made no money in the last four years and now that the
farmers are doing better, money is getting easier and
they are expecting a payment of debts and a reasonable
A sharper tried to swindle one of the Story City
banks the other day, by forging the name of a couple
of farmers to a note for $450.
The bank declined to
He then tried to buy a threshing_
casµ the note.
machine with another forged note, but failed again.
The marriage of Miss Edith Maxwell and Mr. Frederick Schutt occurred at the home of the bride's parents in Minneapolis, August r rth. Mrs. Schutt is the
daughter of Mr. Geo. E. Maxwell, formerly an Iowa ·
banker and now promi11ent in the banking circles of
Mr. F. F. Jones, cashier of the Farmers Bank of
Villisca, has just returned £'rom a two-weeks' fishing
and hunting trip at Shandy's Bridge, Missouri. This
is a famous resort for lovers of the sport,- and fish
stories of prodigious size are floating on the zephyrs in
that lively little city.
J. A. Bradley, of Centerville, one of the proprietors
of the Bradley banks in southern Iowa, told the writer
they were sparing neither time nor money in hunting
down the criminals who burglarized their bank at
Eldon. Hereafter criminals will doubtless give the
Bradley banks a wide berth.
Five years ago Henry Wirth, assi stant cashier of the
Battle Creek Savings Bank, traveled through Alaska,
following the Yukon river up way beyond the rich gold
finds of the last year.
He says he was all over the
Klondike fields, but the rich finds seem to be no temptation for him to make the trip again.
The large safe in the Rock Island depot at Oskaloosa
was blown open Monday night. The huge door was
thrown through the building thirty feet away and every
window in the building was shattered and yet it did not
awaken the police. This safe was larger and stronger
than many of the safes we have seen in Iowa banks.
Bankers ought not to be a day without burglary insurance.
Cedar Falls ,bankers and merchants were recently the
victims of a flood of counterfeit bills. Four of the
fraudulent pieces of paper were detected. They are
each of the denomination of $ro and ·a re very clever
imitations of regular national bank bills. One of the
spurious bills was on the Marine National Bank and
three on the Union National Bank of New York. It is
believed the bills are being circulated by local parties.
Federal Reserve Bank of St. Louis

In regard to the Iowa State Bank of Hull, the Index
of that place says : · '' This banking house is one of
the sound financial institutions of northwest Iowa, and
has long enjoyed the full confidence of the people.
During the months of fearful strain on such institutions, the Iowa -State Bank pulled through without
even an odor of the fire of disaster about its transactions. ;'
The Iowa State Fair promises to be the best ever
held by the association. Secretary Fowler has been
tireless in his efforts to promote its success and the
officers report unusual interest manifested in each of
the ·departments. The great Seni Om Sed carnival
will add very largely to the attraction and interest.
Special low rates on all railroads. No Iowan can
afford to miss the 1897 State Fair.

In the district court yesterday the Dorr Cattle Company, with headquarters in Des Moines, and feeding
grounds in Calhoun county, renewed its damage case
against W. W. Lyons by filing a new petition, in
which it asks to be allowed judgment against Lyons
for $25,000. This suit is the outgrowth of business
troubles between the company and Mr. Lyons, who· is
at the head of the Bankers Iowa State Bank- D es
Moines L eader.
The First and Commercial National Banks of Waterloo have discovered several petty forgeries on their
checks. One forged check was sent to the First
National from Prairie du Chien and another from
Hampton, both for small amounts. The Commercial
National Bank has had a similar exJ:1erience, three
forged checks coming from Shelbina, Mo. The latter
forger has just been captured at Shelbina . He gave
his name as Watson.
A statement received from the Bank of Hopkins,
Hopkins, Missouri , shows that bank to be in fine condition. Mr. E. C. Wolfers, the cashier, informs us
that the banking business in his state is decidedly better.
The state law enacted by the legislature of that state
two years ago requiring the examination of private
banks caused a sudden winding up of a number of the
private concerns, which has added materially to the
standing of this class of bankers.
An abstract of the reports from one hundred and
sixty national banks in Iowa, exclusive of Des Moines,
of their condition on July 23d has been made public
by Acting Comptroller of Currency Coffin. The principal items are as follows: Loans and discounts,
$27,819,516; due from banks, national and state,
$2,098,009; reserve in banks and deposited with
reserve agents, $8,715,766, of which $1,639,589 was
gold; total reserve, $47,989,292. Liabilities: Capital
stock, $12,220,000; surplus fund and undivided
profits, $3,947,802 ; due to banks, national and state,
$4,832, r 50 ; deposits, $23,41 r, 650.
The average
reserve was 34.48 per cent.

The Eldora bank robber was positively identified by
a secret service man who claimed . to know the crook
well, and picked him out of a gang of twenty prisoners.
On the other hand, Sheriff Stodgill and Dick Dodd,
one of the robbers, who went from Ottumwa, failed to
identify the man.
A man giving his name as Watson recently got possession of some checks on the Commercial National
Bank of Waterloo, and has been cashing them in Missouri. He was captured recently at Shelbing, Mo.,
where be had negotiated a check. He had passed one
at Boondlle for $20.
The boys have something of a joke on L.A. McMurray, president of the Hamilton County State Bank. A
friend presented him with half a· dozen prairie chicken,
and the chicken season not having been formally
opened by Uncle Sam, Mr. McMurray had to pay for
his friend's indiscretion.
The gang of counterfeiters unearthed in Harrison
county, Mo., near the Iowa line, have been apprehended and are now in custody at St. Joseph. A complete set of counterfeiters tools were found in their possession, and the spurious dollars, half dollars and dimes
now in circulation in Harrison and adjoining counties
show to what extent the fraud bas been successful.
The counterfeit national bank bills are in circulation
in many Iowa towns. They are fine imitations, the
only possibility of detection being in the size, and this
fault none but educated eyes would notice. The en
graving and quality of paper is almost identical with
regular issues of national banks. It is thought they
will be circulated in other towns. Look out for them.
The Farmers Bank of Packwood is being reorganized by Packwood. and Fairfield people, at least onehalf of the stock being retained by Packwood parties.
The president, cashier, assistant cac;;hier and a majority
of the board of directors will be residents of Packwood
and vicinity. The bank will be incorporated as a savings bank under the state law, with a paid up capital
of $rn,ooo, and will be known as the Farmers Savings
Bank of Packwood.
The First National Bank's statement appears in this
issue. All should read it to learn and know bow substantial an institution Albia is honored with. J. H.
Drake, Tom D. Lockwood and Roy Alford, who may
be seen every day conducting the business of the
bank, are earnest workers and courteous gentlemen
with whom it is a pleasure to transact business. Their
amibility and integrity bring a large and well deserved
patronage.-Albia Republican.
Frank Novak, who it is claimed burned his store and
in it bis friend, Edward Murray, February last, was
arrested at Dawson City, Alaska, July 12th, by detectives acting under the direction of County Attorney
Tobin and Sheriff Metcalf, of Benton county. and officers are on the way after him and in a few days he will
Federal Reserve Bank of St. Louis




be in jail to await trial for murder. Novak was for
several years a well known merchant, stock and grain
dealer and later a banker at the town of Wal ford m
Benton county.
The remaining assets of the defunct First National
Bank of Redfield were sold at public sale by Receiver
Bourne. The entire assets were sold in gross to L . C.
Issenhuth, a banker, as agent for Henry A. Taylor, of
Lafayette, Ind., brother of W.W. Taylor, .for $10,860.
There were two other bidders. The amount realized
will be sufficient to pay the remaining rn per cent dividend and complete full payment to all depositors of
principal and interest, substantiating Taylor's claim
when the bank closed that the bank would pay dollar
for dollar.
Two of the banks at Waterloo have been haviug
some experience with light weight coins as well as
counterfeit bills. One of them took in a silver quarter
which resisted all acid tests to tell whether it was silver, yet it was considerably below weight.
examination disclosed the fact that the piece had been
sawed "in too thin pieces and had been hollowed out ,
making only a thin shell of each . The two thin pieces
were then stuck together. The bank was of the opinion that this was simply a test of some genius to ascertain if the same method could be used to shave gold
coins. The work was so expertly done that it was
next to impossible to detect where the pieces were fitted together.
Suit in the federal court has been commenced by the
Keene Five Cent Savings Bank against Lyon county,
which involves $35,000 worth of Lyon county bonds
issued by the county between the years 1885 and 1889.
The suit is similar in every respect to the old Lyon
county bond cases which have been pending in the
United States courts for ten years. The claim in this
case is based on facts similar: in effect to the allegations
made in the Ashuelet National Bank petition which
was some time ago decided in favor of the plaintiff.
The bonds have been repudiated b:y Lyon county.
The Farmers Savings Bank of Emmetsburgh began
business August 1st with a capital of $25,000. The
stockholders are prominent farmers and business men
of that vicinity. The bank starts out under the most
favorable auspices and will undoubtedly be successful.
Col. Ormsby, who is president of the new institution,
has been engaged in the banking business for twentyfive years. He has taken a prominent part in the
development of the state and is to -day one of her best
citizens. His many friends am01;1g the bankers are
glad to know that .the Colonel will remain in the banking business.
The announcement is made that the Cattlemen's
Bank, located at Council Bluffs has gone into voluntary liquidation. The bank, and the building in
which it is located, are owned by W. L. Kerney, and

September, 1897.


the withdrawal from the banking business is not made
necessary by any financial embarrassment. Mr. Kerney explains that there was simply not . enough business to justify him in tying up the large capital necessary to operate the bank, especially when he could
use it in other ways more profitably.
All of the
depositors of the bank will be paid promptly in full upon
presentation of their checks. The bank is the youngest financial institution in the city.
Mr. Kerney
announces that he will hereafter confine himself to a
straight loan business.
The Des Moines Savings Bank has bought one of
the best business corners in the Capital City, the Good
Block. Tne building is . now being remodeled. The
floor, which is now about five feet above the walk, will
be brought down to a level with the walk and the basement lowered. The front will be torn out and remodeled and a plate glass front put in, and an entrance
made which will be at the corner and will be on a level
with the sidewalk. The front of the building will be
entirely new. The bank will occupy the first floor
when completed, and the upper floors will be divided
into office rooms. The Des Moines Savings Bank
people are to be congratulated on securing one of the
most desirable locations in the city.
The Fayette County National Bank of West Union
has put in an electric burglar alarm which will make
it absolutely impossible to raid the bank either by day
or night. Should a bank robber present a gun and
order the cashier to throw up his hands, his hands can
go up while his foot touches a button that rings a bell
in some adjacent store. Other buttons, artfully concealed in different parts of the bank, accomplish the
same object. Should _raiders get behind the counter
and force the occupants of the room into the vault - as
has heen many times done in the history of bank raids
- an electric button inside the vault sets the bells to
jingling. At night, should any one be incautious
enough to approach the safe, an electric alarm will set .
a bell ringing that will arouse the town.
On Sunday morning, August 12, the residence of
. Clarence Rice, cashier of the City Bank of Boone, was
entered by burglars. They gained an entrance by forcing a window on the south side of the house and were
having things t~eir own way when they made a noise
which awakened Mr. Rice and he bounded out of bed
when the fellows went out of the window head-first and
sought safety in flight. On looking about Mr. Rice
discovered that his gold watch was gone and with it a
few dollars in money which had been left in a conspicuous place. Had he not been awakened they would
probably have made a big haul.

Frank Crocker and family went from Detroit to
northern Michigan for a two weeks' outing.
Federal Reserve Bank of St. Louis

Mr. and Mrs. E. D. Huxford may always be
depended upon to be at the national convention of
T. E. Stevens, cashier of the Blair State Bank,
Blair, Neb., attended the convention and met most of
the Iowa boys.
Iowa bad twenty-five bankers at the Detroit convention, the largest delegation she has ever sent to the
national convention.
The Iowa banker bachelors, Messrs. Whiting and
Edwards, expected to take a vacation among the summer resorts of northern Michigan before returning
C. B. Mills, of Sioux Rapids, was missed from his
accustomed place in the Iowa delegation.
C. B.
intended to go but was obliged at the last moment to
forego the pleasure.
Calvin Manning met with much encouragement
among the officers and executive committee in his candidacy for appointment as one of the commissioners to
the Paris exposition in 1900. The bankers ought to
be represented and Cal Manning is the man.
His honor, Mayor S. F. Smith, of Davenport, was
elected vice-president from Iowa for the ensuing year.
The boys have something of a joke on Mr. S. in connection with his election and the prominent part his
bank has heretofore taken in the American Bankers'
The Iowa delegation were placed under many obligations to the American Trust & Savings Bank of
Chicago for the courtesies extended by the officers of
that institution to their party while in Chicago. That
bank was made._Chicago headquarters for the party and
its officers devoted considerable time to the entertainment of the visitors and in directing them about the
The Bankers Mutual Casualty Company of Des
Moines killed two birds with one stone by arranging
a meeting of their board of directors at Detroit during
the national convention. This company has had a
wonderful growth during the past year, and as it is a
company of bankers doing business at the lowest possible cost for bankers, it is destined to a still larger
Two eastern bankers with whom several of the Iowa
party became acquainted were Mr. Geo. B. Baker,
president of the Third National Bank, and Mr. William Marriott, assistant cashier of the Western National
Bank, both of Baltimore, Md.- the city where bank
failures are unknown. A great deal of grain and other
northwestern products are exported from this point and
as a consequence the banking business between the two
sections is growing.



In all the Iowa party numbered thirty people. Some
of the delegates were accompanied by their wives and
daughters. The [names of those in attendance are:
Mr. and Mrs. E. D. Huxford, of Cherokee; Mr . .and
Mrs. J. M. Woodworth, of Marshalltown; Mr. and
Mrs. A. U. Quint; Mr. and Mrs. Fred Heinz and
daughter, of Davenport; Mr. and Mrs. G. W. Payne,
of Carroll; Mr. and Mrs. G. M. Reynolds, of Des
Moines; Messrs. Frank Crocker, of Chariton; J. H.
Inguerson, of Clinto~; A. E. Spaulding, of Ainsworth ; C. R. Hannan, of Council Bluffs ; James A.
Patton, of Council Bluffs ; Geo. E. Pearsall, of Des
Moines ; W. W. Lyons, of Des Moines ; J. K. Deming, of Dubuque; S. J. Patterson, of Dunlap; J. A.
Bradley, of Centerville; J. F. Whitney, of Mount
Pleasant; S. F. Smith, of Davenport ; Calvin Manning, of Ottumwa; J. L. Edwards, of Burlington;
R. A. Crawford, of Des Moines ; F. R. Davis, of
Atlantic; J. T. Hackworth, of Ottumwa ; 0. P. Miller, of Rock Rapids, and Geo. G. Hunter, of Des

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 first-class references.
Address Cashier, -care TRI-STATE BANKER.

The attorney-general, Mr . Milton Remley, has just
submitted an important opinion relative to the taxation
of national banks which will be of general interest.
Mr. Remley holds that the assessment made against a
national bank is illegal, and that the individual stockholders are the one's to be assessed. His opinion is
given below in full :
"M. W. HERRICK, Esq., County Attorney, Monticello, Iowa : .
"Dear S£r,-Your favor of the 30th ult. at hand, in
which you make the following statement of facts:
"For several years the Anamosa National Bank bas
been assessed as a bank ; no assessment has been made
against the individual stockholders for the stock owned
by them. Until the present year the tax has always
been paid by the bank. About the 8th of January last
some of the stockholders transferred their stock to other
parties. The bank as now constituted has paid a portion of the tax of 1896, viz., the portion thereof assessed
against the stock of those who did not sell their stock,
and refuses lo pay the balance. · On this statement of
facts you ask :
'Wa.:;, the assessment against the bank
Federal Reserve Bank of St. Louis

September, 1897.

"Second. ' If illegal, may the county auditor now
assess the individual stockholders for the stock owned
by them on January r, 1896, for the year 1896, under
the provision of section 1322 of McClain's Code?'
'' Third. ' May · the auditor assess the individual
stockholders on the stock owned by them January 1,
1897, for the year 1897 ? '
'' I think all three of your inquiries should be answered in the affirmative. There is no question that
the assessor had no authority to assess the capital stock
of the bank to the bank itself. It should be assessed
to the individual stockholders (sec. 1279, McClain's
Code; National Bank vs. Hoffman, 93 Iowa, 119).
"An assessment under such circumstances of the
national bank at Oskaloosa was held to be void. This
case has been approved by subsequent decisions.
'' The theory of our law is that all property not exempt from taxation should be assessed. If the assessor
fails to make an assessment vf property subject to taxation, and the auditor knows thereof, he is required to
make such a~sessment (sec. 1322 of McClain's Code).
It is likewise the treasurer's duty to assess any real
property subject to taxation which may have been
omitted by the assessor.· He may make sucli assessment within two years after the tax list shall have been
delivered to him for collection, and not afterward.
There is no express limitation of time in which the
auditor may make an assessment or correction of an
assessment, nor is he limited to correcting errors in
regard to real estate.
"The tax levied for the year 1896 is payable in 1897.
The sale for delinquent taxes does not occur until
December, 1897. Section 1322 of McClain's Code
contemplates that the auditor may correct errors, which
includes making an assessment of property omitted,
even after the tax books have passed into the treasurer's
hands, and I am clearly of the opinion that at any time
before the time fixed for the sale of property for delinquent taxes the auditor has authority to make such
correction::; as he sees necessary to carry out the policy
of the law.
"No injustice or wrong is done to those who owned
stock in the Anamosa National Bank on the 1st · of
January, 1896, and also the rst of January, 1897, by
changing the assessment of stock from the bank itself
to the stockholders. By so doing they are required to
pay no more than their just burden of taxation.
'' It cannot-be disputed that there·was an error in the
assessment. The stock was assessed, but assessed in
the wrong name. To correct this error is clearly within
the power of the auditor given by section 1322, and has
been sustained by the supreme court in Parker vs. Van
Steenburg, 68 Iowa, 174; Fuller vs. Butler, 72 Iowa,
729; Ridley vs. Doughty, 77 Iowa, 226.
"The case last cited holds it was his duty so to do.
"Yours respectfully,
''Attorney- General.''


September, 1897.

The Leading Hotel in Iowa.

_9a'1erQ ~ose.


_ I___R_a_t_e_s_$_2_.s_o_to_$_4._s_o_p_er_~_,_.__ ,
.. .. W. L. BR.OWN, Manager.

CAPITAL $300,000.00.


Des Moines Savings Bank


Des Moines, Iowa.
P . M . CASADY ,






ASS ' T CA o HI E R .



State Bank of Burhngton
t Oldes t E s tablished Bank in Iowa.)
CAPITAL , $ 1 SO , OOO .




G. P . & T. A. , C HICAGO




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


J. T. REMEY, President.

JOHN J. FLEMING, Cashier'.
J . w. BROOKS, Ass't Cashier.


C. E. P e rkins.
J.C. Peasley .
Ohas. W. Rand.


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

NouRSE,.............0..Architect of
Oity Bank,
Union National,
Ames .
Citizens Na tional,
Knoxvill e.
First National,
Ne vada.
Stilson 's Bank,
Citize n s State,
Eagle Grove.
Hamilton County,
Web st e r City.
Fi rs t Na tion a l.
Ft. Dod~e. Ia.
Citizens State.
Goldfi eld, Ia.
. . . I NVI T ED


Federal Reserve Bank of St. Louis


Elegant Equipment, Pullman Service, Chair Cars Free.

Through Service to California in the Pftillips ' Tourist Cars .
Do you want a farm in Kansas, Oklahoma or Texas? Send
to address below for our new Emigration Folder.
A lso, Descriptive Folder, giving full particulars as to rates,
etc., to Colorado and California, sent on application .
A ddress JOHN SEBASTIAN, G. P. A.,




September, 1897:

The A. H. Andrews Co.,



Wabash Ave.,


CAPITAL, $1,250,000.

Designers and ...
Manufacturers of


Pine Bank Fixtures


. .. and ..•

JAMES w. RAYMOND, Vice-Prest.



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

Gold and Silver Coin ....... . . . ..... .... ..... ..... $ 508,298.24
U.S. & Nat. Bk. Notes. .... ..... ....... ......... .. 310,374.00
Cash Balance with Banks ................... . ... 1,594,717.06
U.S. Bonds ........................ . . .... .. . .................. .

~lstoc:°k~:: .. :: :.:: :: :: ::::: :::: ::: :·:: ::: .::::
Overdrafts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .... . .. . ... .



Bills Discounted ... . ..... ...... . .. . ... . . . .. ... . ...... ........ .


Capital Paid up..... . .. . ........ .. . . ......... . ... $1,250,000.00
Surplus.. ........... ... .. . . . . . . . . . . . . . . . . . . . . . . . . . .

Undivided Profits . . . . . . . . . . . . . . . . . . . . . . . . . . . . ..


Total Liabilities to Stockholders .... . . . . . .
Notes in Circulation.... . ............. . . . . . .. . . . .
Due to other Banks. . . . . . . . . . . .. . ... . .. . ..... 1,323,071.81
Demand Deposits .. . .. . .. ....................... .. 2,442,698.23
Total Liabilities to the Public..... . .........

$5,477, 7:M.39

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

BANK • • • • •


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
b est banks in the United States. .. .List sent on application.

It's all Fol-de-rol t..

to think that because we
make ' the BEST desks, we
can not beat them all In


We use only
honest ma-


terials and ...




Report 9f the Condition of the

At the Close of Business, Friday, July 23, 1897.

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. . . . . . . . . . . . . . . . . . . . . . . . . 45::J,207 70
Due from other Banks . . . . . . . . . . . . . . . . . . . . . . . . . . . 67,550 34
Cash on hand . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9!.460 76
Redemption Fund .... .. .. . .. . . . . . . . . . . . .. . . . . . .
2.250 00- 617,468 80
Total . ... ..

J. J. TOWN, President.

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


Office Furniture..... .

. $300,000.00.

$l,728,025 40


Capital Stock............... .. .......... . . . . . . . . . . .
Surplus Fund ................ ........ . .. .... ...... $ 68,000
Undivided Profits .... . .. ... ..... ,.................. . 3,494
Circulation.............. . ........ . . .. .. . . . . . . . . . .
Deposits (Individuals) ... ... . . . . ..... ..... ......... 6~2,679
Deposits (Banks) .. . . ... . .. . ......... . ............. 548,850
Total .................. ... .. .. ... ...... .

$400,000 00

71 ,494 g6
45,000 00
82-1,211,530 44


Accounts of Banks, Firms and Individuals
solicited, and will receive. careful
Federal Reserve Bank of St. Louis

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