23
THE CHICAGO BANKER
September 18, !pop]
The
Des Moines National Bank
Des Moines, Iowa
offers its services to all seeking a desirable connection for handling Iowa business. Its central location and large list of correspondents afford facilities unexcelled in this field.
Resources Five and a Half Million Dollars
C. A. BARR, Cashier
A. J. ZWART, Assistant Cashier
OFFICERS
ARTHUR REYNOLDS, President J. H. BLAIR, Vice President
Session of the Savings Bank Section
03. During the year we have sold thirty-five books, and we have now on hand forty-four bound and one hundred unbound books.
On the first of May, last, the offices of the section were moved to the headquarters of the association at ix Pine Street, where the library, nev s-papers, services of stenographers, etc., are alwa /s at the disposal of our members, who are invited to call when in New York, and who will ah jay« be very welcome.
Very respectfully,
l	Wm. Hanhart,
Secretary.
The Committee on Auditing Savings Banks
In our last report this subject was brought to your attention and the recommendation was made that all savings banks able to do so have their books and accounts audited by an audit company or by professional outside accountants. “Pass books are the hotbed of defalcation, and the hardest item to audit, owing to the practical impossibility of having all pass books exhibited at bank during the same year, or other reasonable period.”
A large bank in New York, which is periodically examined by a firm of accountants, employs the following system in addition to regular auditing: Once every year for a period of a week, or sometimes two weeks, all pass books coming to the bank, either for deposit or withdrawal or entry of interest, are required to be viseed by one of these outside accountants then present in the banking rooms, and this accountant or auditor then and there compares the pass book carefully with the ledger account. This, of course, does not bring about the complete comparison of the (Continued on page 43)
bers and have lost sixty-four through mergers, failures, and non-payment of dues, thus giving us a net increase in membership of 113 members. This increase, while fairly satisfactory, is not what it should be; there is no question but that our membership should be at least 2,000. Many of our vice-presidents have worked energetically and successfully to increase our membership, and I would respectfully urge every one of our members to endeavor to bring in additional members. Please do not forget to mention to your neighbor non-member banks that membership in the savings bank section involves no additional dues beyond the regular annual dues to the general association and that its membership is open to every institution receiving savings deposits, whether mutual or capitalized savings banks, or national and state banks and trust companies with savings departments.
Appropriations amounting to $9,600 were made during the year by the executive council of the association. This amount was larger than usual owing to the extraordinary work and expenses of the postal savings bank committee. All expenditures were kept within the lowest possible limit, and economy was used in all our expenses.
As regards the book of printed■ forms, the total sales amount to-day to $7,368.10, the cost so far being $6,032.07, leaving a net balance of $1,336.-
THE MARKET CHART COMPANY S
INVESTMENT SPECIALISTS	/
259 LA SALLE STREET, CHICAGO	j
We have no securities for sale, but cooperate with ) { Bankers and Brokers in examinations and reports. j
The Savings Bank Section held a well attended meeting on Thursday in the Auditorium ball room. President John H. Johnson of Detroit, presided with Wm. Hanhart, secretary, close at hand. The program was an interesting one as will be gathered from the following symposium, including the chief addresses. The section was welcomed to the city by Henry S. Henschen, cashier of the State Bank of Chicago, in an address notable for its brevity.
The committee on savings bank laws reported that its work was progressing finely. The policy of the committee, as reported by Chairman Allen W. Johnston is in the favor of segregating and safeguarding deposits as has been done in Michigan.
The report concluded with this:
As so great an interest is centering in the present convention of the American Bankers Association, your committee has deemed it advisable to await the developments of the informal discussion of the various phases of safeguarding savings deposits, which have lately been brought anew to the attention of state authorities and bankers throughout the Union, feeling assured that the progress already made and that which is in prospect will enable the law committee of the savings bank section to report at the spring meeting of the executive committee of the savings bank section in 1910 that the draft of a skeleton banking law for the safeguarding of savings deposits is ready for its consideration.
Secretary Hanhart Reports
I beg to report that the membership of our section on the first of this month amounted to 1,636; last year at this date the membership was 1,523. During the year we have enrolled 177 new mem-