27
THE CHICAGO BANKER
December ip, ipo8~\
In the author's second volume the tale of colonization is brought down to the dissolution and abrogation of the adventurers’ rights and privileges. The fur traders fought sturdily against slowly advancing civilization. No solitude, no furs.
Pioneer life in the Northwest was wrapped in red tape as nowhere else, and the author's concise and minute narrative presents incident after incident disclosing the tenets of formalism that kept out settlers for centuries. Where it once ruled is now the wheatfield and granary of the British Empire.
It is a romantic tale of feudalism, this record of a “gentlemen’s adventure,” which permanently changed the map of North America. Henceforward the tale must run on lines of commerce, soil tilling, mine discoveries, and real estate “booms.”
Published by the Outing Publishing Co., in two octavo volumes, in box at $5.00 net.
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Bonds Used in Banking
Of the $755,545,406 in value of bonds held in trust for national banks, by far the greater proportion is employed to secure circulation. There are thus utilized somewhat more than $618,000,000, or over 80 per cent of the total to secure circulation. The bonds which figure most prominently in this capacity are the consols of 1930, bearing 2 per cent, of which $552,-821,700 are held in trust, making 95.5 per cent of the entire underlying bonds for currency security.
In the securing of public moneys the consols are also easily the first, and comprise about one-third of the $128,000,000 bonds held at Washington. Next in order come the state, city, and railway bonds of which kinds there are nearly $37,000,000 in the entire collateral holdings for moneys deposited in national banks. Approximately one-third of the total amount of bonds held to secure public moneys consists of these issues of state, city and railroad securities. This is a fairly good proportion, in view of the low rate of interest for such issues as the consols and the Panama Canal loan, which has generally commended them to these fiduciary uses in the relations of the banks to the government.
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A New Lippincott Masterpiece
The new “Marcia Schuyler” is another Lippincott masterpiece in letter press and binding. It is by Grace Livingstone Hill Lutz, famed as the writer of taking novels.
The story of Marcia Schuyler has a unique plot, fragrant of lavender and rosemary.
It is a romance of simple life, yet thrilling with heart experiences, touched with humor, and shadowed by tragedy—but through it all Marcia wins her sweet way in spite of maiden-aunts and jealous rivals. The novel is set in the time of 1830, and the story of the introduction of the steam railway in New York forms an interesting, as well as important, part
Carries Coin for Filipinos
San Francisco, Cal., December 14.—The United States army transport Buford sailed for Manila to-day with 300 blue jackets and marines for the Asiatic station and twenty recent graduates from West Point, who have been commissioned as offices in the Philippine Scouts.
The Buford has in her treasure vault $1,300,-000 in new silver pesos and $900 worth of pennies from the mint in this city for circulation in the Philippines.
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J. L. Black Elected Director
John L. Black has been elected a director of the First National of Ashley, Pa.
Robert Thompson, president of the Cresco Union Savings, has become one of the purchasers of the Citizens’ National at Austin, Minn., and was made president of the latter institution.
The first course of terra cotta in the walls of the new Des Moines National has been laid and the work is progressing rapidly on the stone and marble pilasters.
Two Interesting American Books
Two of the newest and best books of the winter come from the Outing Publishing Co., and deal accurately and romantically with the early history of the Hudson’s Bay Company in all stages from beginning to present time. The two volumes are in quarto size, fully illustrated, beautifully bound, are by Agnes C. Laut, who wrote “Lords of the North,” and “Pathfinders of the West.” The present volumes deal exhaustively with “ The Conquest of the Great Northwest,” which, by the way, is the formal title of the volumes. The work itself furnishes many new pages for the historian’s record of the Canadian Northwest and the western states. It is a narrative, drawn from many sources, old and new, of those “Adventurers of England” known as the Hudson Bay Company.
This famous company of adventurers—their official title is “The Governor and Company of Adventurers of England, Trading With Hudson’s Bay”—were presented with a vast empire by that merry monarch, Charles II of England.
They owned the land from Hudson’s Bay to Alaska, and from Alaska to California. For two centuries and a half they exercised despotic and undisputed powers over the Northwest. It is scarcely forty years since the reorganized corporation relinquished its charter and exclusive rights in the Dominion.
No modern corporate organization ever yielded such boundless rewards as this adventure of Hudson’s Bay. In settlement of its claims the Dominion government paid $1,500,-000 in cash, one-twentieth of all the arable land and the land on which the forts of the company were built. The arable land, the company took care, was the best in the Northwest. As to the fort lands, they are now largely city lots in growing cities. At Winnipeg—the company’s old-time Fort Garry—it has 500 acres in the very heart of the business section of the new metropolis of the Northwest.
Beginning with the story of Hudson’s four memorable voyages, the author treats of the organization, in 1670, of the “Adventurers,” their imperial powers, efforts to extend trade, conflicts with hostile natives and foreign invaders—a region of literary romance this where truth far outruns fiction.
The Hudson’s bay adventurers overcame barriers of mountains and statecraft, pushed far over regions of eternal ice in search of a northwest passage and took toll of the wilderness in cargoes of precious furs outvaluing any tribute heretofore laid by conquerors. Their wildwood rovers swept south in pack-horse brigades of two and three hundreds from the Columbia to Monterey.
Where Utah railroads now run, their trappers found the trail. Where goldseekers toiled to death across Nevada deserts, Hudson’s bay trappers had long before marched in dusty caravans, sweeping the wilderness of beaver.
Where San Francisco stands to-day, the English adventurers once owned a 1,000 acre farm. By a bold stroke of statecraft, they had hoped to buy up Mexico’s bad debts and trade those debts for proprietary rights in California. The story of why they failed is theme for novelist or poet, rather than historian.
Iowa Ranks Sixth
Iowa bankers are delighted at the report of the Comptroller for November, showing that Iowa ranks sixth in number of national banks. Pennsylvania, Texas, New York, Illinois and Ohio only exceed Iowa. There are 317 now in operation in Iowa. Moreover since 1900, Iowa has organized 170 national banks with a total capital of $6,200,000. Fifty-two of them have capital of $50,000 or more, nineteen have between $25,000 and $50,000 and ninety-nine have $25,000 each. Iowa ranks seventh in number of new banks .organized since 1900 with Texas, Pennsylvania, Oklahoma, Illinois, Minnesota and Ohio leading her.
A Des Moines Visitor
E. J. Curtin, president of the Citizens Savings at Decorah and one of the most popular bankers in the state, was in Des Moines attending the session of the State Agricultural Board. He was elected on the board, succeeding R. M. St. John of Riceville. Mr. Curtin is a recognized authority on stock and he took occasion at the meeting to declare that the Iowa state fair, as a stock show, surpasses the International, which closed at Chicago a few days ago. Mr. Curtin asserts that there are more horses and cattle at the Iowa show in August than in Chicago in the winter show and that their quality is fully up to the Chicago standard.
Banking Notes
G. E. MacKinnon of the Mechanics Savings has been doing a good Christmas business in dispensing the new $2.50 gold pieces for Christmas presents. Mr. MacKinnon imported 100 of the new coins and sold them to his patrons, who in turn expect to use them for gifts. The entire 100 lasted but a few hours, so popular w ere they.
Two Des Moines banks were successful in getting some of the Panama 2 per cent bonds.
Simon Casaday, recently resigned from the Iowa National and Des Moines Savings, has returned from Chicago where he attended a banquet as a guest from Iowa, given in honor of J. Pierpont Morgan. Mr. Casaday was the only Des Moines citizen honored with an invitation.
The Eddyville Security has organized the Eddyville Savings, taking over the business of the Security.
The Farmers Savings at Martelle has filed articles with capital stock of $10,000. Incorporators F. Hoffman, A. R. Weaver, C. J. Mur-field, Allner Lacock, J. E. Barner, S. C. Batch-elder, A. J. Baird.
The Hiteman Savings at Hiteman has filed articles, capital stock $10,000. Incorporators, W. B. Bonnifield, Wm. Abegg, J. A. Canning, O. L. Canning, H. L. Waterman, G. H. Ribbing, P. FI. Waterman, S. W. Corey.
C. A. Baker of the State Savings at Fon-tanelle and A. Dixon of the First National at Cedar Rapids, took in the sights of Des Moines last week.
Al. C. Miller of the Home Savings, who attended the National Rivers and Harbors congress, was made one of the committee on resolutions. Mr. Miller has asked for $50,000 for a preliminary survey of the Des Moines and Cedar rivers with a view to making them navigable.
Des Moines bank clearings totaled $3,017,-003.47 for the week ending December 12th. This exceeds the clearings for the same week last year by $451,769.84.
Frank P. Flynn, vice-president of the People’s Savings, Des Moines, has been quite ill with pneumonia.
The German Savings at Odeboldt has moved into a handsome new structure and now has one of the finest bank homes in the state.