[Volume XXVII
THE CHICAGO BANKER
26
Banker Wins Case
George W. Koontz of Iowa City, member of the Iowa legislature for several years, and a well-known central Iowa banker, has won his case in the courts of Washington, Pennsylvania. Along with seven other heirs, who live in Iowa City, Mr. Koontz has succeeded in obtaining $72,000, the amount which was left by Miss Nancy Koontz, an aunt who lived at Washington. Mr. Koontz was plaintiff in a case to oust the administrator, on the ground that he was not entitled to a large portion of the estate, and in this Mr. Koontz was successful.
Farmer Dies in Bank
Employees in the Citizens Bank at Pleasant-ville were startled at the sudden death of Scott S. Shoemaker, a well-known farmer living near by, which occurred in the bank building. Mr. Shoemaker was in the act of signing a paper, when he suddenly sunk down in his chair. Friends ran to his assistance, but apparently he was beyond recall.
Pioneer Resident Dead
Joseph Storms, a large stockholder in the State Bank at Iowa City, died of heart trouble and old age. Mr. Storms was a pioneer Iowa resident, and had lived in the state for sixty years. He was unmarried, and his escate, which is quite large, will go to his brothers.
Interested in Bank Cashier’s Trial
People of Northern Iowa are not a little interested in the trial of Robt. E. Coburn, formerly cashier of the First National of Carroll. His case is being tried in the United States courts at Des Moines. It is charged that Coburn made false entries which were discovered after the suicide of President Culbertson about a year ago. Attorneys for Coburn claim that Culbertson induced the defendant to make the false entries which were found on the books when Receiver Fowler was placed in charge of the institution.
Clearing House Report
The reports of the banks of the Des Moines Clearing House Association for the first half of November show an increase in deposits over October nth of $550,809. There is a decrease in loans of $235,628. Cash shows an increase of $971,240.
Banking Notes
The Valley National Bank building, Des Moines, had a narrow escape from fire when Mrs. A. W. Ryan, who lives in an upper floor, was the innocent cause of a gas explosion. Mrs. Ryan was very badly burned in the explosion. The building was set on fire, but was extinguished without serious damage.
The Citizens Bank is the title of a new institution being organized at Cordova. It will be a private bank, and articles will doubtless be filed soon.
The First National Bank of Cherokee will be altered throughout next year, and thoroughly up-to-date modern fixtures will be installed. The improvements will cost several thousand dollars.
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 23.—The discussion of the central bank, which has been prolific in Des Moines since the visit of Senator Aldrich to this city, as a guest of the Des Moines Bankers’ Club, took on a new lease of life when George E. Roberts of the Commercial National Bank of Chicago was in Des Moines last week, en route from Kansas City to his old home at Fort Dodge.
As is well known Mr. Roberts is one of the leading advocates of the central bank idea as a preventative of such panics as that which swept over the country two years ago. While in Des Moines Mr. Roberts called upon several bankers, and in practically every instance the conversation related to the central bank idea.
“The panic was directly chargeable to our crude and inflexible currency system,” Mr. Roberts said. “It is not my idea that this country should copy any foreign institution, but we should add to our present system, without impairing or diminishing the present banking facilities of the country in the slightest degree. We do not want a central institution that will take deposits or do business with the public, but my idea is for a central organization of the existing banks, which will stand behind all of the banks, with the power of note issue, and supply them with the lawful currency in time of need.” Statement Shows Loss in Deposits
The deposits in the Des Moines national banks, as compiled at the call of the comptroller for the condition on November 16th amounted to $14,087,841.42. Cash was shown to be $4,-262,219.68. These figures show a heavy decrease in deposits from the previous report on September 1st. This shrinkage is due to the demands of the country banks for money. The pasc season has seen an unusually heavy drawing upon the reserve to meet the demands of country depositors, who are waiting until they sell their crops. Des Moines bankers say that, had the call come a day sooner, it would have caught the bankers here a half-million dollars better off than to come upon the day it did. Although this decrease in deposits is heavy, bankers know that within a short time the crop movement will be over, and the money will be once more returning to the institutions.
Bold Robbery at Alleman
While citizens of the little station of Alleman, eighteen miles north of Des Moines, stood aghast, two bold robbers dynamited the bank at an early hour Friday morning of last week. They escaped with $1,600, stealing a rig from an elevator boy, in which they started for Des Moines. The farmers formed a posse and started in pursuit, but the robbers had too much of a start to be overtaken. The robbery was one of the boldest committed in this state ׳ in years. Eleven charges of dynamite were applied, and the citizens were awakened early in the game, but because of the desperate character of the robbers they dared not interfere.
Ware’s Case in Supreme Court
The case of Leroy Ware, cashier of the defunct Farmers & Merchants Bank at Seymour, has finally reached the supreme court. Ware has asked for his freedom on a writ of habeas corpus, and the supreme court has set the hearing for December 14th. Some question came up as to whether or not Ware should be committed to the penitentiary pending this hearing. The supreme court took an extra day to consider this question, and at the end of that time remanded Ware to Fort Madison.