[Volume XXVII
THE CHICAGO BANKER
26
whether the state can weather the storm since in effect it must be the state itself and the task looks to me to be too colossal. In that event, it will be the end of the state bank guaranty plans. It seems to me that this is the crucial test of the law and incidentally it will determine whether national banks can longer exist in Oklahoma.” Dies after Confessing Burglary
After making a full confession that he was one of the four men who robbed the savings bank at Badger the night of April 20th, escaping with $1,200, C. W. Steele, alias Abner Hicks, died in the county jail at Rockwell City, Iowa, last week of tuberculosis with which he had been suffering for many months. Steeele refused absolutely, however, to give up the names of his three associates who were more fortunate in evading the officers than was he. It developed that Steele had served a six-year sentence for the robbery of the bank at Quimby in Cherokee county some years previous. He was buried at Denver by his sister, Mrs. J. M. Buchea.
Bank Clearings
Some evidence of the growth of Des Moines banks may be gained from the report of the clearing house for the month of September which shows a gain in clearings for this September of 30 per cent over the clearings for September last year. The total clearings for the month were $16,228,301.40. For the corresponding month last year, they were $12,001,360.48. The clearings for the week ending October 2d totaled $3,-816,348.43 a gain over the clearings of the corresponding week in 1908 of $670,384.74. Distributes Bank Shares
Eugene Borquin, owner of a large part of the New Hartford State at New Hartford, died recently at his home in New Hartford. His last will and testament when opened provided that fifteen shares of the bank should go to the widow ; thirty-five shares to a son, Louis Bourquin; fifteen shares to a son, Lucien E. Bourquin; fifteen to a son, Alfred E. Bourquin; fifteen shares to a daughter, Julia Graham. The deceased made other provisions for smaller bequests, among which was $500 for the Baptist Home Mission society of the Baptist church.
Bankers Club Holds Meetings
The Des Moines Bankers Club realizes that the play season is past. The first meeting following the summer was held Thursday evening, October 7th, at the new hotel Colfax at Colfax, Iowa, near Des Moines. The clearing house question was taken up and the discussion was quite interesting since bankers can usually work up as many interesting arguments on clearing houses as over guaranteed deposits or postal savings banks.
Sell City Hall Bonds
After some little difficulty the city council of Des Moines has finally wound up the sale of its $350,000 city hall bonds and the George M. Bechtel Company of Davenport gets them at 4 per cent at par. It had been hoped to get 4^2 per cent but bankers of the city, who were consulted, assured the city council that such a rate
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, October 7.—Estimates based upon crop reports of the state crop bureau, the government crop bureau and the secretary of the Western Grain Dealers Association indicate that Iowa’s crops will reach the valuation, total, of $400,000,000 for the season just closing. This is about $4,000,000 less than the accredited valuation of Iowa’s crops last year. The shrinkage is due to the falling off of the corn during the too wet spring and the too dry August when this crop, the best that Iowa affords, was badly damaged. Nevertheless, with the excellent yield of the year and the prospect for good prices for farm produce, there is no reason to doubt that there will be any shortage in prosperity in Iowa where so much depends upon the outputs of the fields and where conditions are dependent largely upon the yields of the farm and the financial status of the Iowa farmer.
Gives Important Decision on New Law
Attorney-General Byers has handed down an important decision on the new Iowa law, enacted by the last legislature, anent the depositing of public funds at 2 per cent interest on daily deposits. Several treasurers in various counties have reported to the attorney-general that the banks in their home counties refused to accept the deposits. They asked if they were permitted to place the funds in banks in other counties. The attorney-general ruled that county treasurers must deposit the funds as per the statute and if the banks at home will not accept the funds, the treasurer must look elsewhere until he finds banks that will take the deposits. It would be interesting to know what would happen if the banks should all refuse to take these tunds. Mr. Byers will shortly render an opinion as to whether treasurers who have contracts with banks to take the county funds must break those agreements so as to obey the new Iowa law.
Mourn Death of G. F. Van Vechten
Giles F. Van Vechten, president of the Security Savings at Cedar Rapids and vice-president of the Cedar Rapids National for years, died Wednesday of last week at his home in Cedar Rapids after a lingering illness. Mr. Van Vechten had long occupied a position in the front rank of Iowa bankers and his death was sincerely mourned throughout Iowa financial circles. His wife, Mrs. Emma Van Vechten, was formerly president of the Iowa Federation of Women’s Clubs. He was a native of New York where he was born August 4, 1827. When a young man he came west to Milledgeville, 111., where he lived until 1875, when he organized what is now the First National of Lanark, 111. In 1876 he removed to Cedar Rapids where he organized the private bank of G. F. Van Vechten. In 1887 he assisted in the organization of the Cedar Rapids National and soon thereafter the Security Savings. Mr. Vetchen was for fifty years actively engaged in the banking business. Crucial Test of Guaranty Law
Des Moines bankers, like those every place else, are interested in developments following the failure of the Columbia Trust Company of Oklahoma City and the effect of the Oklahoma bank guaranty law. J. F. Rochan, cashier of the First National of Fairfax, Okla., who was in the city last week, talked interestingly of conditions to Des Moines bankers. “If the state makes good the $3,000,000 losses, it will mean that the Oklahoma law has been vindicated and sentiment for state guaranty will spread over the other states like wild-fire,” Mr. Rochan said. “But I doubt
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