[:Volume XXVII
THE CHICAGO BANKER
26
to Bechtel as not to be able to accept the Chicago proposition, it was but a few hours until a representative of the Davenport concern had met the treasurer of Des Moines at a secret meeting in Chicago and the deal was completed, the $350,000 being deposited in a Chicago bank. This fund will be brought to Des Moines and deposited in ten local banks during the construction of the new city hall which starts at once.
W. F. Cox of Lehigh Dead
Cashier W. F. Cox of the First National at Lehigh died last week from rheumatism and stomach trouble after an affliction of several months. Mr. Cox was a native of Iowa, born at Winterset'in 1859. He had been engaged in the banking business for some time and for the past six years had been cashier of the Lehigh institution. Funeral services were held Sunday.
Favor Clearing House Examiner
Sentiment among Des Moines bankers is apparently favorable to the employment of a local clearing house examiner. This sentiment, as crys-talized by G. E. MacKinnon of the Mechanics Savings, seems to hinge solely upon the question of payment of a salary, for the bankers think that $3,500 should be given the examiner, whoever he may be. “The proposition is a good one and one that the banks cannot afford to neglect,׳’ said Mr. MacKinnon and this seems to be the view of the Des Moines bankers generally.
Take Lincoln Pennies for Gold Pieces
Burglars who broke into the Bank of Swan at Swan one night last week made their escape with 500 Lincoln pennies, supposing apparently that they were securing $5 gold pieces. The burglars blew open the safe and it is thought that one of their number was badly injured for a trail of blood was found the next morning leading to the railroad tracks where they escaped on a handcar. Apparently this accident put a stop to the robbery.
State Bank Examiner Resigns
I. M. Sproull, state bank examiner and perhaps as widely known among Iowa bankers as any man in the state, has resigned and has been made auditor for the Central National of St. Louis. Before his selection as state bank examiner, two and a half years ago, Mr. Sproull was the cashier of the Citizens Savings at Washington, Iowa. He first began the banking business in the Washington National in 1889 and in 1893 organized the Wayland Savings. His election to cashiership in the Citizens Savings at Washington was in 1900.
Iowa Left Out
State Treasurer Murrow after a complete investigation has discovered that Iowa will get no slice of the Harriman estate through the inheritance tax law of Iowa. It was first thought that the state could get a share of the estate through the collateral inheritance law. But as Mr. Harriman willed his entire estate to his wife and Iowa has no direct inheritance law, Mr. Murrow even has found that Iowa has no show whatever to collect anything from the Harriman properties operated in Iowa.
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 20.—Senator A. B. Cummins in addressing the Iowa Postmasters Association at its state convention in Des Moines, made it plain that he will oppose the Aldrich idea of establishing savings departments under government supervision in national banks and that the Iowa senator will make a fight for postal savings banks. Senator Cummins made the statement that there is an air of “aristocracy” about a bank that the common man wishes to shun. On that account, he said, the ordinary citizen would not take to a savings department with a national bank as he will to the postoffice bank.
Senator Cummins declared that the republican party must keep its Chicago convention pledge and establish, postal savings banks. He then gave several arguments as to why he favors these postal institutions, the first of which was that the wage earner would feel more at home there
J. G. ROUNDS
Elected President of the Des Moines Bankers Club
than “in a place surrounded by the pomp of financial influence.”
The speaker referred to the hoarding of money because of a distrust of banks and said there are now $2,800,000,000 out of circulation on this account. He referred to his amendment to the postal savings bank bill which provided for the deposit of the postal savings fund in the local national and state banks. He declared that the postal savings bank will result in inculcating habits of savings in the American people and said that such an inculcation is desirable.
The postmasters, before adjournment, passed a resolution favoring the inauguration of post-office banks.
City Hall Bonds Disposed Of
The city of Des Moines has had another setback in disposing of $350,000 city hall bonds but at last it is all over and the George M. Bechtel Company of Davenport has the bonds and has deposited the coin. The last flurry was caused by the Harris Trust & Savings Bank of Chicago which made a bid that would have saved the city $3,000 when it learned that Bechtel was slow in putting up the money although awarded the bonds Mr. G. A. Garrett, representing the Chicago bidder came to Des Moines and with Cashier Harry Blackburn of the Iowa National went before the council with his proposition. This brought Bechtel to time, however, for although the council ruled that it was so tied up