[Volume XXV
THE CHICAGO BANKER
26
versal suspension of payments. The remedy for the panic must lie in the direction George E. Roberts, of Chicago, points out. On the other hand any system of insurance of bank deposits must be in the nature of the Chicago Clearing House, or of a private bonding company, where the men most in interest can say on what terms banks shall be admitted to insurance. For the state to insure banks hit or miss on equal terms would certainly invite disaster, and if that is the Oklahoma plan it will be abandoned.”
The Marquardt Savings Bank
The Marquardt Savings Bank of Des Moines is trying a new advertising proposition. The bank has secured over 5,000 little tin pocket banks, each holding $5 in dimes. These have been mailed to taxpayers in the country outside of Des Moines. Each bank bears this inscription : “Iowa’s Mail Bank.” The bank has also distributed several hundred throughout the city.
The Des Moines Bankers Club
The Des Moines Bankers Club will take up the postal savings bank question at its next monthly meeting. The November meeting was devoted to an account by Arthur Reynolds of the Des Moines National of the recent A. B. A. convention at Denver.
Banking Notes
A new bank is being organized at Hiteman, and a fine new building has already been
Mountain Bank alone. Without any criticism of the officials connected with this case, I must say that my own judgment is, that assuming that the charges could be sustained the prosecutions ought to have been maintained. We have had too much tampering with banks in this state already and it is my judgment that persons who will disregard the trust reposed in them by depositors ought to suffer the penalty of the law. I did not know whether the charges against these people were such that convictions could have been had or not, and for that reason I am not disposed to pass criticism, but I do wish to state that I gave no encouragement to the action that was taken.”
Bank Examiner Stricken
People at Carroll were shocked a second time when National Bank Examiner E. B. Shaw, of West Union, was found dying in bed at his room in the Burke Hotel in that city, while there investigating the conditions of the bank following the suicide of President Culbertson. Shaw’s death was due to cerebral hemorrhage. He was unconscious when found and died in two hours. Mrs. Shaw and daughter arrived at Carroll to remain during the examination of the bank a short time after the death, all unconscious of the tragedy.
I. D. Fowler, a Southerner, has been put in charge of the bank by the Comptroller.
Mr. Bleakley to Succeed Carroll
Auditor of State Carroll is preparing to retire from that office, and become Governor Carroll instead. The auditor made a most successful run for governor at the recent election and practically led the ticket. His successor as state auditor is John L. Bleakley of Ida Grove, who was state senator for several terms and is well known throughout the state. Mr. Bleakley has been in Des Moines looking into affairs and planning upon the parcelling out of his assistants. Bankers are quite anxious to know who will be put in charge of the banking department.
Win Another Victory
Des Moines national banks have won another victory in the local courts against the city relative to paying taxes on government bonds. While the banks had formerly received opinions as to the illegality of such taxation, the city assessor assessed them for the past year just the same as always. This phase of the question was taken into court and Judge Brennan sustained the banks’ contention. The three banks which carried the case into the court were the Des Moines National, with bonds of $375,000; Valley National, $306,928, and Iowa National, $335,380.50.
Not Due to Weakness of Banks
Last year’s panic was not due to the weakness of the banks in the opinion of the Des Moines Register and Leader wrhich says: “There was no occasion for a panic because of weakness of the banks. The banks were never in better condition than when there was uni-
Des Moines, November 19.—Quite a discussion has arisen in Iowa over the final settlement of the affairs of the Green Mountain Savings Bank which failed when Cashier E. L. Collins skipped. Recently indictments against the officers were dismissed in the courts at Marshall County, and in return, the officers agreed to repay every depositor in full. The statement was made that this action was favored by Auditor of State Carroll who promptly came out with a counter statement in which he scores the conduct of the bank in these words : “I am glad to learn that the depositors will receive the amount which they had deposited with the bank, but I regard the officers of this institution as being about as reckless a set of people as I have ever had to deal with. Their operations were not confined to the Green
CLINTON, IOWA
Capital and Surplus, $500,000.00
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