[Volume XXVII
THE CHICAGO BANKER
26
banks; none but a perfectly sound and well conducted bank can obtain a guaranty and the public confidence which will immediately be inspired in the bank which is guaranteed. It is all coming about in the old, old form of mutual insurance of bank deposits. The attorney-general has just held that this form of insurance is entirely legal. Insurance of bank deposits will accomplish the same security for depositors as government guaranty and be much more business-like in its operation and far less paternalistic.
Consolidation at Shenandoah
One of the largest bank mergers of the year has been consummated at Shenandoah in the consolidation of the Shenandoah National and the Commercial National of that city. The merged institution will take the name of the Shenandoah National and President Bogart will continue as president of the new bank. The present officers of the Commercial National will be officers of the new institution. The new building recently built and equipped by the Shenandoah National will be the home of the new bank. The Shenandoah National had deposits of $341,373.98 and the Commercial National had deposits of $335,-189.26. The united deposits are $676,563.24.
Becomes State Bank
The transformation of the Butler County Bank of Clarksville to The Butler County State Bank marks an epoch in Northeastern Iowa banking. The old institution had for thirty-eight years been under the management continuously of Louis Slimmer. Mr. Slimmer is president of the new institution but he is given an opportunity for a needed rest and expects to retire from active banking to travel extensively. C. H. Ilgenfritz is vice-president; O. C. Perrin, second vice-president; Fred Seitz, cashier; W. L. Asher, assistant cashier. The directors embrace the strong business men of Clarksville.
Banquet Senator Aldrich at Des Moines
More than ordinary interest was attached to the visit o'f Senator Nelson Aldrich to Des Moines as guest of the Des Moines Bankers Club and the Commercial Club Thursday night of this week. Senator Aldrich spoke upon the currency question. Covers were laid for 300 and the banquet which was given at the Savery proved to be a delightful affair. Many bankers from over Iowa were in attendance. Arthur Reynolds of the Des Moines National, conceived the idea of getting Senator Aldrich to visit Des Moines while he was en route from Omaha back to Chicago and the East.
John Beresheim Dead
John Beresheim, president of the Council Bluffs Savings Bank, died suddenly of heart disease at his home in Council Bluffs last Saturday. Mr. Beresheim was a pioneer western Iowa banker and he will be missed at the gatherings of the Iowa financiers where he was always prominent. Deceased was born in Pfalz, Germany, in 1830. He came to America in 1853 and to Council Bluffs in 1856. Since that time he has resided in Council Bluffs continuously.
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, November 11.—The bank call issued by State Auditor Bleakly for the condition of state and savings banks and trust companies on November 3d finds these Iowa institutions in excellent condition. Although this is the “between season” for Iowa bankers, Des Moines institutions show slight gains in deposits as compared with the condition on August 10th when the last preceding call was issued. The Central State has moved up about $150,000 and now reports deposits of $2,524,361.16 and is second to the Des Moines Savings which has deposits of $2,658,276. The People’s Savings shows a good increase of some $50,000 and now has deposits of $2,044,745.12.
The condition of the Des Moines banks is considered eminently satisfactory and indicative of first class showings in all the cities of the state. There is a constant draw on the deposits and reserves of all banks especially by the farmers who need funds to move the crops or who need money to tide them over until they sell. It is ex-
pcted that business will slier■: lv r>’< "׳.1 :>־
money will be rolling into the banks of the state instead of rolling out.
Gain in Clearings
As indicative of the condition of the Des Moines banks, the clearings for the week ending November 6th show a gain over the corresponding week last year of $1,425,110.51 which is one of the largest gains reported for some weeks. The total for the week was $4,792,552.04. Last year the clearings for the corresponding week were $3,367,241.52. The clearings on Monday alone totaled $1,044,698.58.
Decision of Attorney-General Causes General Awakening
It is apparent that the recent decision of Attorney-General Byers to the effect that banks may insure their deposits with insurance companies providing it is done as banks and not individuals, is going to result in a general waking up along this line. The decision was obtained by the Iowa Bank Deposit Company, but since the attorney-general handed down to the ruling, another company has applied to the state insurance department for permission to incorporate in Iowa for the purpose of insuring bank deposits. This company is to be organized by J. C. Pickering, a well-known insurance man of Kansas City. Bankers say that as yet the decision has not been taken advantage of by them to any appreciable extent.
Bank Swindlers Arrested
The arrest by Chicago detectives of West and Hardebeck, supposed to be bank swindlers has created quite a little interest among Des Moines financiers. It is strongly suspected that one of the two men is the same man who under the name of King, mulcted the Citizen’s National of Des Moines out of $500 upon showing a fake telegram from Omaha several months ago. The case it will be remembered, is now in the courts where the Citizen’s National is seeking to collect the $500 from the Western Union Telegraph Company. West was arrested upon complaint of bankers at Davenport who charge that he swindled, them.
Bank Guaranty Bound to Come
As indicative of newspaper comment, here is a clipping from the Council Bluffs Nonpareil, a leading western Iowa daily newspaper:
“Guaranty of bank deposits is coming. It is going to be entirely voluntary on the part of the