[Volume XXV
THE CHICAGO BANKER
2 fi
The Farmers and Drovers Bank
Judge Towner at Corydon has approved of the final settlement of the well known suits involving־ the defunct Farmers & Drovers Bank at Seymour. It was this failure coupled with the sudden incarceration of Cashier Leroy Ware that caused much talk among bankers a year ago. The stockholders will pay the $80,-ooo assessment on the capital stock and $40,000 on the unpaid stock. This includes all except the $1,000 owned by Ware who is not financially able to make good. After all expenses are paid there will be about 70 per cent left for the depositors. The court stated in a lengthy opinion that this basis of settlement might not be entirely satisfactory at present but would be regarded as the best thing possible as time passes.
Traer has started an interesting discussion on what Iowa farm land will be worth twenty-five years from now. Secretary of Agriculture Wilson contributed the first letter placing his estimate at $200 per acre. But J. L. Bracken, president of the First National at Tama, thinks that Secretary Wilson is too low. He has contributed an interesting article. in which he places the value per acre at from $300 to $400.
President Bracken goes into a discussion of the ratio of the increase of the human race and incidentally dips into race suicide a trifle. But he thinks that in 25 years there will be 140,000,-000 people in this country. All of the new lands are now discovered. Hence he figures it will be necessary to divide up the land to accommodate the people and he reasons from France where an average farm is twenty acres worth from $500 to $1,000 per acre, that similar conditions will obtain here. Just to show that his figures on increase of people are not exaggerated Mr. Bracken says he knows of a Tama county family which forty-five years ago consisted of only husband and wife has now developed into a family of forty-two.
“You know the president recommends large families and I believe the younger generation will be inclined to ‘stand pat’ with the president in his views on this subject” says President Bracken. “In the older countries to-day the rate of interest on money is just about what their consols bear, which is two and one half to three per cent and the same conditions will in time exist here and who among us that has the money would not invest in land instead of loaning at those rates? The man who buys land to-day is a sensible man and he will have more money twenty-five years from now, if he keeps it, than he will by selling it and undertaking to do any kind of business. Land is the stuff and if you have it, keep it.”
The Producers’ Savings Bank
The newly organized Producers’ Savings at Green Mountain is ready to begin business within a week or fortnight. The bank is a reorganization of the Green Mountain Savings which was not successful and finally became defunct. The new institution is incorporated for twenty years with a capital stock of $15,-000. The incorporators are William Shipton, A. F. Balch, E. A. Hill, J. B. Classen, George A. Turner, William A. Davis, I. A. Lay and Herman Mericle. The officers chosen are president, William Shipton of Green Mountain; vice president, W. A. Davis of Marshalltown; cashier, Minnie E. Lincoln of Liscomb.
Senator Allison’s Will
The will of the late Senator Allison was filed for probate disposing of property estimated to be worth from $75,000 to $100,000. The senator divided his property among relatives and public institutions. The heirs will pay to the state collateral inheritance tax of $5,000. No tax will be paid on the bequests to the Carnegie library, the Dubuque Y. M. C. A., the Finley Hospital and the Limvood cemetery association.
CLINTON, IOWA
Capital and Surplus, $500,000.00
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Des Moines, August 20.—Arrangements are complete for the opening of the new Iowa Savings, Marshalltown's new bank. It is expected to open for business October 1st doing both a savings and commercial business. The bank starts out with a paid up capital of $50,000. The incorporators are B. F. Cummings, J. P. Cooper, N. A. Evans, W. B. Beeson and W. H. Arney of Marshalltown; J. J. McGuire of Lake Crystal, Minn.; C. D. Williams of Hampton. B. F. Cummings will be president, Mr. Arney vice-president, Mr. McGuire, cashier and County Treasurer Cooper, assistant cashier. Mr. McGuire is not a stranger to Iowa bankers ah though he comes from Minnesota. For sixteen years he has been cashier of the First National at Lake Crystal although for the first years of that institution it was conducted as a state bank.
An Interesting Discussion Started
Editor Taylor of the Traer Star Clipper at