[Volume XXVII
THE CHICAGO BANKER
26
Appeal to Supreme Court
The supreme court of the United States will be called upon to decide finally the case of A. N. Bort, chief banker for the Modern Woodmen of America, versus E. H. McCutchen & Co., private bankers of Holstein, Iowa. This case was recently tried in the federal court at Sioux City before Judge Read and involved about $140,000. Bort lost the case, the jury deciding in favor of the bondsman, who had signed Mr. McCutchen’s bond, but which had been supplied before the bond was completed. It is from this appeal is to be taken to the highest court in the land. Because of the prominence of the parties and the amount involved the litigation attracted wide spread attention all over Iowa.
Finds a Goodly Sum in Waste Baskets
Evidence that vast amounts of money are thrown in the waste paper baskets was discovered by the members of Hose company No. 4, of the fire department of Council Bluffs. Members of the company conceived the idea of papering a room in the fire department with postage stamps, and to secure the stamps, they collected quantities of waste paper from the. banks and business houses. In examining the envelopes that were thrown away, the firemen found $1,400 in checks, drafts, money orders, and other forms of commercial paper, which apparently had been thrown away through carelessness.
More Trouble Follows
The troubles of Carl M. Spencer, defaulting teller of the Des Moines National, whose sentence of five years for embezzlement was cut to three years by President Taft, were increased by a suit for $5,020.90 commenced against Spencer in federal court by the Fidelity and Deposit Company of Maryland. This company was surety on Spencer’s fidelity bond, given to the Des Moines National, and apparently it is seeking to׳ make good its loss from Mr. Spencer. Only the original notice has been filed. Petition is expected later.
Do Not Expect Market Improvement
Des Moines bankers are not looking for a great deal of improvement in the money market within the next few weeks. There is a large proportion of idle funds, however, which will be worked off very largely during the crop financing season which is now at hand. Reports show that most of the banks which have large sums deposited with reserve agents have more money in their vaults than they usually carry. This condition, it is expected, will put off the call which is usually made upon the reserve centers longer this year than usual. However, Des Moines bankers are taking an optimistic view of the situation.
Banking Notes
Des Moines architects are preparing plans for a one-story bank building to be built of brick, for the bank at Conrad, of which Holmes S. Miller has charge.
A. A. Leverton at Steamboat Rock has a piece of English copper money bearing date of
TO IOWA BANKERS
Please forward marked copies of your home paper to the Chicago Banker when it contains anythin¿ about Iowa Banks or Bankers. The favor will be appreciated.
Des Moines, Aug. 11.—The Farmers Loan and Trust Company at Sioux City, at its annual meeting placed the capital and surplus at $333,-333-33• The officers elected were : James F. Toy, president; W. P. Miller, vice-president; D. C. Shull, vice-president; J. Fred Toy, treasurer; C. C. Haas, assistant secretary; C. A. Bond, assistant treasurer. Following the meeting of the Farmers Loan and Trust Company, the stockholders of the Farmers Trust and Savings Bank held their meeting and elected the following officers: Tames F. Toy, president; D. C. Shull, vice-president; J. Fred Toy, cashier; Horace A. Barr, assistant cashier. The stockholders expressed their satisfaction at the excellent showing made in the thirty days that this bank has been in existence. The capital stock and surplus were left at $111,111.11.
Death of J. W. Cravens
Iowa bankers were shocked to learn of the tragic death at Anderson, Ind., of John W. Cravens, president of the First National at Spirit Lake, who with his wife was killed in an automobile accident. Cravens and his wife were
JOHN W. CRAVENS Late President First National, Spirit Lake
touring the East in an automobile when the machine collided with a traction car and both were fatally injured. By a former wife, Mr. Cravens left five children who were in Des Moines when the news of the tragedy was received. The deceased has long been prominent in Iowa banking circles and was interested in two or three Minnesota banks, so Des Moines bankers aver.
Trace Burglar by an Old Bank Note
An old bank note for $3, of the issue of 1864, resulted in the arrest at Marshalltown of William Bell, of Des Moines, charged with burglary. Miss Iva Childs, a bookkeeper, was robbed of her purse while walking along the street. She had placed the old bank note within the purse and gave a description of it to the chief of police at Marshalltown. Bell sold the $3 bill for $3.25 to a curio collector. Chief of police heard of this and by ascertaining who had sold the bill discovered Mr. Bell who was placed under arrest forthwith.