[Volume XXVII
THE CHICAGO BANKER
26
law provides that all property going to collateral heirs be subject to this tax, even if it is held outside of the state, provided that the owner was a resident of the state at the time of his death. The question will probably go into the courts.
Question about Assessment Levied on Bonds
Judge W. H. McHenry in the district courts of Des Moines has handed down a decision regarding the assessment on government bonds of $1,329,520, which was held by the national banks of Des Moines. Judge McHenry held that national banks are entitled to the same exemption in this respect as our state and savings banks. At present the question is before the supreme court, but in this particular case the assessment was levied after the case was appealed to the higher court. The bankers signed a stipulation that in case the supreme court rules against them, the exemption decrees may be set aside.
F orger Breaks Parole
Miss Margaret Teisinger, of Waterloo, aged 17 years, who was arrested in Des Moines charged with forging the names of prominent Waterloo and Cedar Falls women to checks which she passed on the banks of those two cities has broken her parole. When the young woman was before Judge Platt at Waterloo, the court decided to give her another chance. Now that she has violated her parole, it is probable that she will suffer the consequences of the various forgeries.
School Funds Placed at Interest
John Hogan, cashier of the German Savings of Des Moines, has announced that beginning with January 1st the school funds of the city will be placed at interest. Mr. Hogan is school treasurer, and he states that he will be a candidate for re-election, basing his campaign upon his action in thus placing this money on interest. It is understood that the school funds in Scott county have been drawing interest from bankers for some time, so that Mr. Hogan’s action is not the first of its kind in Iowa.
First National of Corwith
Announcement is made that E. H. Rich of Fort Dodge and C. J. Naumann of Corwith have purchased stock in the First National of Corwith. It is said that this bank may be merged with the other bank at Corwith. This, however, will not be determined until the annual meeting in January. The consolidation would mean a large increase in capital stock. At present the purchase of the national bank stock will make no difference in the management of the institution.
Stanhope State Bank
The Stanhope State is now entirely in the hands of men in the vicinity of Stanhope. W. J. Covil retires as vice-president and director. His successor will be named early in January. The capital stock will remain unchanged and the directory will also remain as at present.
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, December 15.—Lucius Teter, president of the Chicago Savings and Trust Company, left a most favorable impression by his address to the Ad Men’s Club of Des Moines, upon banking credit and advertising. Mr. Teter was a speaker on one of the programs of the Ad Men’s lecture course, which was attended by a crowd of Des Moines business men. Mr. Teter seized the occasion to express his views upon business men and bankers working in harmony. He declared that there are two great banking questions, which appeal not only to bankers but to business men as well. They are, he said, the reformation of the present currency system and the postal savings bank. In speaking of the currency system Mr. Teter said: “It is unsatisfactory ; it is unscientific, the currency system that we have to-day. There are some who believe that a central bank is the solution of the question. Perhaps if we called it a central warehouse for banks and notes, many who oppose it because of the idea suggested by the word ‘central’ would favor it. I confess that I am not prepared to say that the central bank is the solution of our present currency question.”
In speaking of the postal savings bank, Mr. Teter said that the question had become political rather than economic. He said that in his opinion it would be wiser for the government to improve our present system of savings banks, rather than to add more machinery to it by having postal banks.
In speaking of advertising Mr. Teter said that bank advertising is a precisely proper method for the banks to tell people what they can do for them. He stated that the banker loans credit on the advertising name of the business man. Advertising, he said, whether it be local to a city, or as wide as the state or nation, should come to be an expression of the personality of the business which it represents. It is only in this way that the advertised name becomes of the greatest value as the basis for credit.
Annual Crop Report
The annual crop report of Dr. Geo. M. Chap-pel of the Iowa crop bureau, show's a decided falling off in the year’s crop of com as compared with the crop last year. In Iowa, where agriculture is the basis of wealth, this falling off would be considered serious, were it not that other crops make up the deficiency. Dr. Chappel places the total valuation of the crops produced in 1909 at $357,419,615. The corn crop is estimated at 269,812,000 bushels as compared with 301,000,000 bushels last year. The valuation of the crop was given as $137,-604,120. The falling off in this biggest of Iowa crops is due to excessive rainfall at critical times during the season.
Question Raised on Inheritance Tax
A nice question in regard to the payment of collateral inheritance tax has arisen in connection with the estate of E. F. Clark of Jones county, Iowa. The administrator of Mr. Clark’s estate refused to pay a collateral inheritance tax on some bank stock which has been kept in South Dakota. He declares that the collateral inheritance tax is paid in South Dakota, and that payment of the same in Iowa as well would be double taxation. Nevertheless State Treasurer Morrow has ruled that this tax is also due in Iowa. That the Iowa