[Volume XXVII
THE CHICAGO BANKER
26
O
W. C. JAràAOTI
By
Dickson is vice-president, and E. E. Guthrie is cashier.
Abandon Contemplated Savings Department
The Des Moines National Bank has abandoned the idea of establishing a savings department in connection this year as had been announced. This is due to the expectation of the bank to increase its capital stock to $500,000 this fall, perhaps at Christmas time. At present the institution has a capital stock of $300,000. It has a surplus of $100,000, and it was proposed to put $60,000 into the new savings bank. By putting the surplus and $60,000 together and adding $40,000, the half million would be reached. As The Banker stated some time ago there is a growing movement on foot to prevent the location of state and national banks in the same buildings, but the action of the Des Moines National is in no way affected by that fact.
Taft Refuses Pardon
There was some little interest in Iowa in the announced refusal of President Taft to pardon W. S. Harlan, formerly of this state, who was sentenced to eighteen months in a federal prison for peonage in Florida from the fact that Harlan’s brother is a leading banker at Indianola. The latter ■personally interviewed the president and was at least successful in getting the sentence commuted to six months’ imprisonment. It is understood here that a $5,000 fine has been wiped away, too.
Citizens State Savings Bank
C. H. Rosenbaum has purchased an interest in the Decatur City Citizens State Savings and some important changes have been made. William Woodard, president, sold his stock and retired as president, to be succeeded in that capacity by James Cresswell. H. T. Rauch remained_ as vice-president, and E. W. Townsend as cashier. It was announced that Mr. Rosenbaum had acquired the controlling interest, but this was declared to be incorrect by other officials. Littleport Savings Bank
The Littleport Savings at Littleport has filed articles of incorporation with Secretary of State W. C. Hayward. The capital stock is $11,000. The incorporators are George Ruegitz, Henry Ortman, F. C. H. Reimer, W. E. Meyer, Charles Piehl, Henry Prist, J. C. Fleniber, J. M. Pollard, J. J. Buck, James Sullivan, and Henry Wenk-stern.
Stockholder in New Interurban Line
T. F. Flynn of the People’s Savings of Des Moines is one of the heavy stockholders in a new interurban projected from Des Moines through Adel to Council Bluffs and eventually to Fremont, Neb. The line is capitalized at $7,500,000. Big Gain in Bank Clearings
Des Moines bank clearings showed one of the biggest gains in months at the close of the week ending August 25th. The total clearings for the week were $3,136,761.19, a gain over the corresponding week last year of $1,033,685.01. Banking Notes
The First National at Clearfield announces
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, Sept. 2.—According to Des Moines bankers the commercial activity prevailing in Des Moines and all other banking centers in Iowa during the past two or three months continues to employ the loanable funds of the banks close up to the legal reserve limit and the balance of the year should be satisfactory in every way. There is plenty of money in Iowa banks and the fear that there might be trouble in securing funds for moving the crops seems to be baseless. There has not been a bank failure in Iowa for so many months that the state banking department feels lonesome on the subject. Iowa has been afflicted with a serious drouth the latter end of the summer and there has been a great deal of concern expressed about the corn crop. Figures formulated by crop experts place the crop at considerably less than a year ago in total yield with the hot winds and continued dryness adding to the decrease each day. Bankers say though that deposits continue to keep close to the high water mark and with funds well loaned the Iowa banker has little to complain about, except the heat.
State Treasury Richer than Previous • Year
One of the biggest single checks that the state of Iowa has handled in many a day was turned over to Secretary of State Hayward by J. Pier-pont Morgan as payment of filing fees for the reorganized Chicago & Great Western Railway Company. The check was for $96,000 and was drawn on the Park National Bank of New York. State Treasurer Morrow reports that there is $175,000 more in the state treasury this year than last year, without including the $96,000 from Morgan. This is explained by the larger collections from corporations and from larger collateral inheritance tax collections than usual.
Sues to Recover Money Lost by Forgery
The People’s Savings of Des Moines has begun action in the courts of Polk county to secure $2,650 on a forged note signed by Charles and Mary Brady. Brady was found guilty of forgery and was sent to the penitentiary at Anamosa to serve an indeterminate term. The bank makes Mrs. Brady the defendant in the suit.
Favor Postal Savings
Two conventions in Des Moines last week passed resolutions favoring the postal _ savings bank. But as one was the Iowa Association of Iowa Postmasters and the other the Iowa Rural Carriers’ Association, this action was perhaps to be expected. Both conventions declared that the government should at the first opportunity establish these savings institutions.
Reserve Agent for Many Banks
The Commercial National of Chicago was named as reserve agent for the following Iowa banks: Union of Ames, Atlantic National of Atlantic, First of Charter Oak, First of Chelsea, First of Clear Lake, First of Colfax, First of Corwith, First of Cresco, Citizens of Des Moines, Citizens of Grinnell, State of Iowa Falls, City of Mason City, National State of Mt. Pleasant, First of New London, First of New Sharon, Farmers of Osage, First of Prairie City, First of Rock Valley, First of Sioux City, Citizens of Spencer, First of Sumner, Black Hawk of Waterloo, First of Wesley.
First Savings Bank of Norwalk
The First Savings of Norwalk has filed its articles of incorporation with the secretary of state. The capital stock is given at $10,000. J. C. O’Donnell of Des Moines is president, W. R.
DES MOINES NATIONAL BANK
DES MOINES, IOWA
Resources (over) $5,000,000.00
State of Iowa—Our Direct Field
Excellent Collection Facilities
ARTHUR REYNOLDS, Pre«ident J. H. BLAIR, Vice-President	C. A. BARR, Cashier
CLINTON, IOWA
]. H. INGWERSEN, President C. F. ALDEN, L. LAMB, C. B. MILLS, Vice Presidents W. W. COOK, Cashier J. L.BOHNSON, Asst. Cashiei
PEOPLES TRUST & SAVINGS BANK
Capital - $300,000.00 Surplus -	235,000.00
An Up-to-date, Conservative, Commercial and Savings Bank th#t Makes a Specialty of Collections and tiank*-Açcounts V* V*
Larges! Bank in Clinton County
UNITED STATES DEPOSITARY
The Cedar Rapids National Bank
Cedar Rapids, Iowa
Continues to offer to Iowa Banks and Bankers the services of a progressive and conservatively managed bank, having adequate facilities and thoroughly equipped in its every department.
OFFICERS
A T. Averill, President	Kent C. Ferman, Cashier
G F Van Vechten, Vice Pres. Loots Visha, Ass t Cashier Ralph Van Vechten, Vice Pres. Martin Newcomer, Ast. Csh. A. R. Smouse, Auditor
THE
OTTUMWA NATIONAL BANK
OTTUMWA, IOWA
Capital, $100,000 Surplus, 75,000
Will render genuine service to all those having business in Ottumwa and vicinity.
J. B. MOWREY, L. E. STEVENS, R. W. FUNK, President	Cashier	Ass’t Cashier