[Volume XXVII
THE CHICAGO BANKER
26
nafenna
®y W, JÄMMÄOT
DJ
P)r3’
H@wa
Iowa City there is some $60,000 of county funds in the treasurer’s vaults. He is considering putting this on deposit in banks outside the county, but if the refusal to accept money on these terms should become general over Iowa, it is difficult to see just where the new deposit law will end.
Des Moines Clearings
Des Moines bank clearings show a gain for the week ending July 31st of 50 per cent over the clearings for the corresponding week last year. The total clearings were $2,966,111.61. Clearings for the month of July totaled $14,-434,591.02 as compared with $11,515,021.25 for July, 1908, a gain of $2,939,569.77.
Best Farmer within City Limits
Cashier A. O. Hauge of the Iowa Trust and Savings, Des Moines, is making boasts that he is the best farmer within the city limits. He has been cultivating a patch of potatoes near his residence in East Des Moines and was elated the other day to dig forty-two potatoes out of a single hill. Cashier Hauge claims this is the record.
Doing Well in New Mexico
John B. Enfield, son of Mrs. L. M. Enfield of Clarinda, is making a mark for himself in New Mexico, according to reports received by his friends in Iowa. Two years ago, he entered the Bank of Artesia as cashier. He is a director in the Bank of Dayton at Dayton, and of the First National at Hope. Mr. Enfield is well known among Iowa bankers.
First National of Clearfield
The First National of Clearfield has been organized. The capital stock is $25,000. The incorporators are:	Grant McPherrin, C. W. Ed-
wards, J. S. Walton, W. M. Long and J. F. Oedaker.
P. V, Hand Dead
P. V. Hand, for four years cashier of the Farmers Savings at Emmetsburg, is dead in Colorado Springs where he went a month ago in hopes of improving his health. At one time, Mr. Hand was considered a promising candidate for state auditor.
The State Savings Bank of Farrar
The State Savings at Farrar has filed articles with the secretary of state. The capital stock is $10,000. The incorporators are: W. G. Tail-man, FI. S. Fleagle, R. M. Mount, J. C. O’Donnell, and A. E. Noble.
Visit Des Moines in Automobile
Cashier Thomas Watts of the Citizens Bank at Grand Junction and wife, and President S. C. Culbertson of the First National at Jefferson and wife came into Des Moines in their automobiles last week. A rainstorm caused them to go home by railroad.
Strange Accident
Fred B. DeWitt, assistant cashier of the Griswold National, was showing a party of friends the workings of the time lock in that institution when he accidentally touched a spring and the bolts shot out so rapidly that the second finger
TO IOWA BANKERS
Please forward marked copies of your home paper to the Chicago Banker when it contains anything about Iowa Banks or bankers. The favor will be appreciated.
Des Moines, August 4.—Not a little interest has been attracted in Iowa by the entrance of the Illinois Traction Company of which Congressman William B. McKinley of Champaign is the head, into the Iowa interurban field. This syndicate has purchased the electric light company in Des Moines and is negotiating for the street car company's plant, a total investment of some $2,000,000. It is generally known that the Bank of Canada of Montreal is financially interested, and in fact T. B. McCaulay of Montreal, said to be connected with that institution, was in Des Moines last week looking over the city. Des Moines financiers regard Iowa as a most satisfactory field for interurban investments, and believe that the entrance of the McKinley syndicate into this field means much to the general advancement of the state in this direction. Because of troubles over its franchise, the Des Moines street car company has had difficulty in securing funds or disposing of its bonds, and it is known that the McKinley syndicate has no such trouble as this.
Why Iowans Go to California
In a recent issue of a Des Moines paper appeared an interview with Cashier Nichols of the California Savings Bank at Los Angeles as to why people from Iowa remove to Los Angeles. The California banker advanced two reasons: one, the desire for a milder climate, and the other the tax laws of Iowa. The tax ferret law in Iowa is especially referred to and, Cashier Nichols says, there are at least 200 deposits in his bank from Iowans who went West because of the Iowa tax ferret law. There seems to be little effort to tax mortgages and credits in California, while California municipal bonds are non-taxable thereby offering an investment to the wealthy Iowan who goes West to invest his money where it will bring him in the best returns.
Considering Issuance of City Bonds
The city council of Des Moines is considering the issuance of city bonds of a half million for the purpose of making improvements of various kinds. One proposed improvement will be a river boulevard along the classic Des Moines stream which is to be thoroughly diked and made flood proof. Another half million for paving in front of parks and for damages for a new viaduct is proposed. The councilmen have not determined exactly what steps will be taken in the bond issuance, but will take the subject up soon. City of Des Moines Better Off
The first report of the city of Des Moines since the city passed into the hands of a commission of five men has been issued and the actual merits of the Des Moines plan of city government have thus became known. The report shows that the city is $182,949.65 better off than it was at the close of the last year under the old ward system which was ousted to make room for the improved form of government. The actual saving over and above the income was $48,439.03.
Banks Refuse County Funds
Johnson county banks are considering a declaration of war against accepting the county funds on deposit and paying the county for the use of this money 2 per cent, as the new Iowa law which went into effect on July 4th provides. The Johnson county bankers declare that they do much free work for the county and, besides, the uncertainty as to the length of time the money is to remain in the banks makes this class of business unsatisfactory to the financiers. In