[Volume XXV
THE CHICAGO BANKER
26
of the West Bend Savings to succeed L. A. Martin, resigned.
Sweeping Decision Rendered
Judge A. D. Bailie at Algona, rendered a sweeping decision in favor of John L. Haswell of New York, against J. S. Standring et. al. of the defunct bank at Corwith. Standring, who disappeared a year ago had loaned money for Haswell, made investments and transacted his real estate business for him. Eight years ago, Standring bought a quarter section near Corwith for Haswell. Without telling Haswell anything about it, Standring later forged his name to a deed and transferred it, receiving the money which he pocketed. Haswell, when Standring fled, learned of the deal and brought suit to recover. The defendants sought to show that Haswell and Standring were partners, and that one was bound by the forgeries of the other, but judge Bailie couldn’t see it that way and held that Standring was merely an agent for the New Yorker who could not thus be held for his actions.
G. E. Roberts Father of the Eaw
George E. Roberts of Chicago, formerly a well known Iowa financier and director of the mint, is being given the credit these days for the primary law which is now on the Iowa statute books and which gives all the people a chance to vote upon candidates for nominations. The Dubuque Times Journal, discussing the matter says: “By some Mr. Cummins has been called the father of the primary move-
to the senator elect was a wild goose, the present of P. S. Brown, assistant cashier of the Emmetsburg National. Mr. Brown killed two wild geese while hunting and forwarded one of them to Senator Cummins by express for the Thanksgiving dinner at the Cummins residence.
Preparing Bill
George L. Dobson, elected treasurer of Polk County at the recent election, is preparing the bill which is to be urged by Des Moines legislators when the general assembly meets providing for the placing of all public funds at interest. The bill provides that city, county, and school funds are all to be deposited in banks and that the interest shall go to the taxpayers instead of the treasurer. The bill will also provide that all of these funds shall be handled by the country treasurer. The school treasurers and' city treasurers will turn all money over to the county treasurer who will then place it in banks, some upon long time deposits, and the daily balances at a small rate of interest, say 2 per cent. The bill is expected to cause some little excitement when it is called up in legislative halls.
President Rounds Returns
President J. G. Rounds, of the Citizens National, has returned from Durango, Mexico, where he went on business connected with the wealthy James Callanan estate. Mr. Rounds tells of his experience in turning his good Des Moines money into Mexican coins, and then later turning it back into American money. At El Paso del Norte he was given two Mexican dollars for each 100 cents in American money, hence out of $100 in Des Moines money, he found that he had cleared just an even $100 in the exchange. But visions of rapid increase of wealth faded when upon the return he was forced to surrender $100 of that money for $50 in the United States. And then he says, he felt that after all, Mexico has the advantage of making a man feel wealthy.
Important Changes
Two important changes in the larger banks in the state have taken place. John McHugh, vice-president of the Iowa State National, at Sioux City, has been elected president of the bank to succeed the late George M. Weare whose death recently cast gloom over Iowa banking circles. Henry G. Weare was made vice-president to succeed Mr. McHugh; O. D. Pettit was made assistant cashier. Mr. McHugh has been connected with the bank since 1901, and is a successful financier. The other change is the naming of William H. Gehrman as director in the Iowa National, at Davenport, succeeding William O. Schmidt, who died not long ago. It is announced that the Iowa National will on December 28th increase its capital stock from $100,000 to $150,000. Among other bank changes in Iowa may be noted the election of John McGuire as cashier of the Victor Savings to succeed A. E. Stocker, resigned and the naming of A. L. Fry as cashier
Des Moines, December 3.—The election of Governor A. B. Cummins to the United States senate, to succeed the late Senator Allison, and the succession of Lieutenant-Governor Garst, to the gubernatorial chair, were events of greatest interest in Iowa. A special session of the legislature has been called for November 24th, at which time the candidate for senator receiving the highest number of votes at the state wide primaries was to be chosen. Governor Cummins was leader with a plurality of over 42,000, and his election was made unanimous by the republicans in the legislature, although the democrats cast their 35 votes for Claude R. Porter. Senator and Mrs. Cummins left for Washington, Wednesday of this week, and he begins his term in the senate when Congress opens. Among the remembrances sent
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