USA > Iowa > Polk County > Des Moines > Des Moines, the pioneer of municipal progress and reform of the middle West, together with the history of Polk County, Iowa, the largest, most populous and most prosperous county in the state of Iowa; Volume I > Part 74
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Two well known city banks were consolidated on the 22d of January, 1899. The Bankers' Iowa State was merged into the Des Moines Savings Bank. The officers of the Des Moines Savings remained unchanged, namely: P. M. Casady, president ; James G. Berryhill, first vice president ; G. M. Hippee, second vice president ; Simon Casady, cashier ; Leland Windsor, assistant cashier. The re- tiring officers were: W. W. Lyons, president; A. O. Garlock, vice president ; J. R. Baxter, second vice president ; C. T. Cole, Jr., cashier.
The Grand Avenue Savings, (now the Iowa Trust and Savings) was the first local bank born into the business world in the Twentieth century. Its cap- ital stock was $50,000. It was officered by D. H. Kooker, president ; Wesley Juvenal, vice president ; G. W. Shope, cashier. It was reorganized in 1902. The name was changed to the Iowa Trust and Savings Bank, and the business was removed from East Fifth and Grand to the northeast corner of East Fifth and Locust. The reorganization brought to the front W. B. Martin, ex-secretary of state, as president; G. S. Gilbertson, ex-treasurer of state, vice president ; John McQuiston, cashier. On the departure of Mr. McQuiston to engage in the banking business in Idaho. A. O. Hauge, long cashier in the State Treas- urer's office, was elected cashier. The old bank experienced "hard sledding" for several years; but since the reorganization and change of location it has been prosperous. The present directory is: W. B. Martin, A. O. Hauge, J. C. Simpson, B. H. Thomas, G. S. Gilbertson, A. C. Hanger, E. T. Meredith, L. O. Larson and O. K. Olsen. Plans have already been drawn for a larger bank building on the present site, to be erected by H. E. Teachout in 1912.
In 1900, the University State Bank was founded by B. F. Prunty, on a basis of $50,000. The present officers are: B. F. Prunty, president; S. H. Holmes, vice president ; B. F. Prunty, Jr., cashier.
The Iowa State Bank was organized in February, 1901, with $50,000 capital stock, with James R. Baxter, president; E. H. Hunter, vice president ; George A. Dissmore, cashier : Arthur Reynolds, S. Weinstock. M. F. Kingman. William Steer, M. T. V. Bowman, J. M. Rockwell, James R. Baxter, E. H. Hunter and
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CITY OF DES MOINES AND POLK COUNTY
George A. Dissmore, directors. The bank is in the Equitable building, on Wal- nut street. Its present officers are : E. H. Hunter, president ; J. R. Baxter, vice president ; G. A. Dissmore, cashier ; J. R. Baxter, M. F. Kingman, E. H. Hunter, S. Weinstock, G. A. Dissmore, S. S. Still and George W. Mattern, directors.
When in the summer of 1903, a new bank, the Century Savings, was started in the quarters vacated by the old Citizens' National, conservatives said it could not win. But, nevertheless, it has won. Its first officers were W. G. Harvison, president ; E. R. Clapp, vice president ; H. M. Whinery, cashier ; W. G. Harvison, E. R. Clapp, R. M. McMullan, P. C. Kenyon, H. E. Teachout, J. B. Uhl, John B. Sullivan, J. W. Rudebeck and H. M. Whinery, directors. In 1910, Leo E. Stevens, an Ottumwa banker, reorganized the bank. He is now at its head, with L. E. Harbach, vice president and B. B. Vorse cashier. Its present directory is : G. M. Christian, W. G. Burnside, H. H. Teachout, L. E. Stevens, R. J. Bannister, W. W. Maple, C. A. Swanson, B. B. Vorse, and L. E. Harbach.
In 1904 Oak Park, north of the river, blossomed out with a bank, founded by Charles A. Holmes and others. It occupies a new brick building erected for its exclusive use. Mr. Holmes acts as president and cashier.
In May, 1904, still another bank was organized in this city of banks, namely : the Mechanics' Savings, in the Manhattan building, on Fifth street. Its first president was H. B. Wyman; vice president, John L. Carey ; cashier, G. E. Mc- Kinnon; directors, H. B. Wyman, Frank C. Waterbury, John H. Gibson, C. B. McNerney, Nelson Royal, G. E. Mckinnon, S. S. Still and John L. Carey. The success of the Mechanics' Savings has further demonstrated the demand for banks in Des Moines. The present officers are: G. E. Mckinnon, president; F. L. Walker, cashier; H. B. Wyman, C. B. McNerney, John H. Gibson, Nelson Royal, F. C. Waterbury, G. E. Mckinnon, R. R. Mccutcheon and H. F. Gross, directors.
At the close of banking hours September 19, 1904, the entire deposit business of the Security Trust & Savings Bank, amounting to more than one and a third million, was transferred to the Des Moines Savings Bank. This transfer was the largest single transaction recorded in the annals of banking down to date.
The remarkably successful career of Martin Flynn was suddenly brought to a close on the 18th of July, 1906. Mr. Flynn was president of the People's Savings Bank, and an extensive owner of real estate and of stocks in local cor- porations. Overwork was declared to be the cause of the break-down which resulted in his decease-at the age of 66. Charles H. Martin, one of the or- ganizers of the bank, was elected to succeed Mr. Flynn as president.
The retirement of P. M. Casady from active banking on the first of October, 1907, after more than thirty years of continuous service as bank president was a notable event in local banking circles. The venerable president of the Des Moines Savings was 89 years old, and had well earned the few years of rest which remained for him. His interests in the bank were assumed by his son Simon Casady.
In the spring of 1911, the merger of the two great banks of Chicago, the Con- tinental National and the Commercial National, both presided over by former residents of Des Moines, was an event of much interest to the bankers of the Capital city. George M. Reynolds, of the first-named bank, was long at the head of the Des Moines National, and George E. Roberts, as state printer for three successive terms and as the consolidator and owner of the Register and Leader, . was intimately known in Des Moines. The ultimate outcome of the consolidation was the return of Mr. Roberts to his former position, that of director of the mint, and the premiership in the middle-west of the young Iowa financier, Mr. Reynolds, whose firm place in the banking world is evidenced by his refusal of the Secretaryship of the Treasury tendered him by President Taft.
The Commercial Savings Bank changed hands on the 24h of July, 1911, a controlling interest in the bank having passed from G. D. Ellyson to A. L. Hager, H. A. Elliott and John A. Elliott. At a directors' meeting, on that date, A. L. Hager and John A. Elliott were added to the old directory. President Ellyson's
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resignation was accepted and Mr. Hager was elected to succeed him. Messrs. Ellyson and Witter were elected vice presidents, and Mr. Elliott was named as cashier. To accept the new position, the younger Elliott resigned the cashier- ship of the Mechanics' Savings Bank, which he had held since Mr. Mckinnon's promotion to the presidency of that bank. President Ellyson resigned be- cause of continued ill-health necessitating relief from active business. The in- coming president retains his law practice, leaving to his son-in-law, Cashier Elli- ott, the main burden of the bank's business. The new directory is made up as follows : A. L. Hager, John A. Elliott, G. D. Ellyson, D. F. Witter, E. H. Hunter, Johnson Brigham, Charles S. Bradshaw and Ellis C. Linn.
The Des Moines Clearing House.
The Clearing House was organized December 5, 1887, with the following banks included : the Citizens' National, the Des Moines National, the Iowa Na- tional, the Merchants' National, the Valley National, the American Savings, the Capital City State, the Des Moines Savings, the Polk County Savings, and the State Savings. Its first officers were: W. D. Lucas, president; A. W. Naylor and H. K. Love, vice presidents; J. G. Rounds, secretary and manager ; R. L. Chase, G. B. Hippee and F. W. Newell, committee of management. Represen- tatives of the ten banks had held informal meetings for several days prior to the formal organization and had cleared their checks. The first clearing, November 29, was $43,059.66. Compare this total with the clearings for September 22, 19II-namely, $639,018.43. Note also the growth of business as measured by years. The total of clearances, the first year, 1888, was $26,188,199. In 1898, the total was $59,601,735.48. The total clearings in 1910 were $205,895,999.01. The present officers are : R. A. Crawford, president ; John Hogan and D. J. Van Liew, vice presidents ; George E. Pearsall, secretary and manager ; clearing house com- mittee, J. G. Rounds, Simon Casady, Homer A. Miller, Arthur Reynolds and A. C. Miller. The Clearing House has had but two managers, namely: J. G. Rounds, 1887 to 1896; George E. Pearsall 1896 to 1911. The present member- ship includes fourteen banks as follows: Citizens' National Bank, Des Moines National, Iowa National, Valley National, Capital City State, Iowa Trust and Savings, People's Savings, Home Savings, Commercial Savings, German Sav- ings, Central State, Iowa State, Century Savings and Mechanics' Savings.
The Des Moines Clearing Thougr Association
OMISES TO PAY TO THE BEARER ON OR BEFORE THREE MONTHS FROM THIS DATE , THE SUM OF 12508 A ONE DOLLAR
$ 1.00
This certificate 's secured by the deposit of approved securities with the clearing house committee of the Des Moines Clearing House Association, and it is also issued upon the credit of the banks of the city of des Moines, iowa, members of said Association, and will be received by any of said banks on deposit of payment of ary obligations due them. "Dated at Des Moines, Iowa, this 28th day of October, A.D. 1907.
DES MOINES CLEARING HOUSE ASSOCIATION.
OT VALID UNTIL ENDORSED THE PRESIDENT OR CASHIER A DES MOINES CLEARING
BY
Lowriseand
XPUSE BANK
$ 1.00
DES MOINES CLEARING HOUSE COMMITTEE
President.
No. 574
Che Des Moines Clearing House Association promises to pay the bearer on or before three months from this date, the sum of ONE THOUSAND DOLLARS, without interest.
This certificate is secbred by the deposit of approved securities with the clearing house committee of the Des Moines Clearing House Association, and it is also issued upon the credit of the banks of the City of Des Moines, Jowa, members of said Association whose names are printed on the back hereof, and will be received by any of said bank's on deposit or in payment of any obligations due them.
Dated'at Des Moines, lowa, this 28th day of October, A. D. 1907.
07
DES MOINES CLEARING HOUSE ASSOCIATION,
$1,000.00
Des Moines Clearing House Committee
Facsimiles of Des Moines Clearing House certificates issued October 28, 1907, in denomi- nations of one, two, five, ten and twenty dollars of one form, and of five hundred and one thousand dollars of the other
CHAPTER II.
"A CALL FOR CONVENTION OF IOWA BANKERS.
The creation of a state association of bankers had long been the subject of conversation among the leading bankers of the Capital City. Finally there was general agreement that the time had come to act. Accordingly they united with several prominent bankers of the state in a call for a meeting to be held in Des Moines July 26 and 27, 1887. The call was published in the State Register of June 22, of that year. It reads as follows :
"A CALL FOR CONVENTION OF IOWA BANKERS.
"It being manifest by and through the general business of banks that imper- fections exist in the usual system of some of the branches, and believing that a full, thorough and more uniform system should be adopted to facilitate the com- mercial interests of the state and county, and believing that an interchange of views of the several bankers of the state will inure to the benefit of the bankers and stockholders, as well as the business interests of the country, and, realizing the fact that a state association is the only effectual medium through which the personal ideas and views of the state can be mutually and profitably exchanged ;
"Therefore, We, the undersigned bankers, for the purpose of effecting an organization to be known as the Iowa Bankers' Association, would most respect- fully call a convention of the bankers of Iowa and those interested therein, to meet in the city of Des Moines, Iowa, on the 26th day of July, 1887, at which time all and any questions of moment in relation to said organization and its motives may be considered."
Of the twenty-eight bankers who signed this call, the following were bank- ers in Des Moines : Geo. G. Wright and A. J. Zwart, Polk County Savings Bank ; P. M. and Simon Casady, Des Moines Savings ; A. W. Naylor and George W. Baker, Capital City State; John Wyman, J. G. Rounds and W. E. Hazen, Des Moines National; J. J. Town and W. D. Lucas, Valley National; J. H. Merrill and J. W. Geneser, State Savings; H. K. Love, Iowa National; H. J. Ranson, Merchants' National and E. S. Harter, American Savings.
Sixty-nine bankers responded to the call, and the Iowa Bankers' Association was organized. The meeting was called to order by George H. Maish. Coming together at 2 p. m. Secretary Henriques proposed an adjournment to 3:45 to attend a ball game, and no objection was recorded! Constitution and by-laws were adopted. John Nollen, of Pella, the oldest banker in Iowa, entertained the convention with reminiscences. After a general discussion of exchange on checks, etc., the convention adjourned to an evening banquet at the Aborn House.
In 1894, June 14-15, the association celebrated its seventh anniversary at the place of its birth. The panic of '93 had retarded the growth of the organiza- tion, but the benefits of association and the pleasure found in fellowship had become apparent. The panic was discussed in all its phases, and measures of bank protection and cooperation were considered. There was a grim humor run- ning through the discussions, as members related recent experiences with timid depositors. To the address of welcome by Vice President Casady, response was made by Charles T. Cole, of Corning. Among the addresses delivered was one on
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"The Banker in Law" by Judge George H. Carr, then of Emmetsburg, now promi- nent in legal circles in Des Moines. Major Hoyt Sherman told the story of the old State Bank of Iowa. In the evening, the bankers of the city and their families. entertained their guests at Cycling Hall, with refreshments, music and dancing. On the following day among the papers read was one by Col. D. F. McCarthy of Des Moines, on "Various Modes and Plans of Banking." It is interesting to note that the old and yet ever new subject, "An Elastic Currency," was threshed out on the second day. Simon Casady was elected president of the association.
In 1900, the fourteenth anniversary of the association was also celebrated in Des Moines. Convened in Foster's Opera house June 13, they were welcomed by Lafayette Young of the Daily Capital. President Charles H. Martin deliv- ered the annual address. Among the other addresses of the day was one from Judge Charles A. Bishop of Des Moines, a semi-humorous paper entitled, "My Friend, the Cashier." This time, the bankers held their afternoon session first, and attended the ball-game afterwards. The group system, early put into ope- ration, was by this time found to be effective. G. D. Ellyson recommended the division of group 4, which then included twenty counties. The recommendation was acted upon. In the evening a reception was tendered the visitors at the Savery. On the second day, Arthur Reynolds read a suggestive analysis of "Our New Currency."
The sixteenth annual convention was held in Des Moines, May 21 and 22,. 1902. The association was welcomed by Sidney A. Foster, secretary of the Royal Union Insurance Company. The question of a permanent location for the association was raised. In the evening, the local bankers entertained the visitors at the Grant Club. On the second day, the principal feature was an address by Charles G. Dawes, ex-comptroller of the currency, in opposition to. asset currency and branch banking. There was general agreement with Mr. Dawes' views. Homer A. Miller, then cashier of the Des Moines Savings Bank, now president of the Iowa National, was elected president of the- association.
The eighteenth convention, June 15-16, 1904, also held in Des Moines, shows the trend of thought in financial circles. Congressman (now Justice) Walter I. Smith of Council Bluffs, chose as his theme: "Should the Silver Dollar be made redeemable in Gold?" While there was much question in other circles, there was little among Iowa leaders, even in '94, as to the relative 'status of the two metals. An informal luncheon closed the session. On the second day a. committee report in favor of a system of bank money orders with a general guaranty, also the question of insuring bank deposits, engrossed the attention of the members. The convention took a stand against the bankruptcy law, ask- ing the Iowa delegation to work for its repeal.
The nineteenth convention, June 7-8, 1905, was held in the Elks' Hall, Des Moines. Auditor (afterwards Governor) Carroll gave his experiences and ob- servations in the auditor's office relative to Iowa banks and banking. On the after- noon of the 7th all visited Fort Des Moines, where, by special courtesy of Colonel (now General) Thomas, the Eleventh U. S. Cavalry gave a parade, review and exhibition drill. In the evening, the visitors took their choice between vaude- ville and Sothern and Marlowe in "Romeo and Juliet."
Next day the convention took another turn at the bankruptcy law and at the insurance of deposits. The insurance scheme received its quietus by a vote of 116 to 94 against, and in favor of a request that the American Association inves- tigate it. A large minority favored holding the convention regularly in Des Moines, but the measure was not pushed. The abolition of the private bank was urged by President Hubbard, bringing the private bankers to their feet.
By this time the number of groups of Iowa banks in the association had grown to sixteen, of which Des Moines was-and still is-in group 7, of which J. A. Mckinney, cashier of the Capital City State Bank, was and still is chair- man.
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The latest meeting of the association in Des Moines was on June 15-16, 1910, the largest thus far held. It marked the beginning of a new system-an open headquarters at the Capital,1 with a paid secretary who would be expected to give all his time to the business of the association. Leo E. Stevens, presi- dent of the Century Bank, Des Moines, was acting president, owing to the death of the president of the association. There was a spirited contest for the secre- taryship, in which P. W. Hall, of Sheldon, was elected. Secretary Dinwiddie, of Cedar Rapids, had served for many years; but, with a membership of about 1,500, the draft upon his time had grown too great. The first day's sessions were held at the auditorium, and in the evening the delegates were given pos- session of the theater at Ingersoll Park. The second day's sessions were held at Hyperion Club House, where a bounteous lunch was served by the local bankers. The afternoon session was made doubly interesting by the presence of ex-Secretary Leslie M. Shaw, who delivered a characteristic speech abounding in humor, yet permeated with a serious trend of thought on financial questions of the hour.
This convention, the seventh time the association had assembled at its birth- place, was a record-breaker in attendance. The record of attendance is as fol- lows: 1887-69; 1894-135; 1900-205; 1902-365; 1904-380; 1905-500; 1910 -- 840.
1 Headquarters in the Fleming Building, Des Moines.
4
CHAPTER III.
THE BANKERS' CLUB.
The Bankers' Club of Des Moines was organized January 12, 1905, with a charter membership of fifty-seven, representing fourteen banks, all of which were members of the Clearing House Association of Des Moines. The avowed object of the organization was the promotion of the social, friendly and busi- ness relations of its members.
The club's annual meetings are held on the first Thursday after the first Monday in October. Its regular meetings are held once a month for six con- secutive months, beginning with October. Its programs are arranged by the executive committee. This committee consists of the officers and two addi- tional members chosen by the club. The regular club meetings have been held in the hotels of the city, each meeting preceded by a dinner at an early hour in the evening.
The Bankers' Club has realized even more than was hoped for it. Its meet- ings have brought the officers and directors of the leading banks of the city together in closer relationship, and have socially developed cordial and even fraternal relations between representatives of rival banks, softening the asper- ities of competition for business and broadening the general view as to the du- ties and opportunities of banks and bankers collectively in a progressive and fast-growing city.
The first meeting of the club was attended by forty-two of the fifty-seven charter members. It was called to order by Homer A. Miller, president of the Clearing House Association of Des Moines. J. D. Whisenand was elected to the presidency, A. C. Miller vice-president and C. T. Cole, Jr., secretary. The paper of the evening, by Mr. Ellyson, presented the question of "Fidelity In- surance."
Without following the programs of the club through the years, it is interest- ing to note the range of topics discussed at its meetings. At one meeting, Mr. Harvison raised the question: "Has a bank authority to charge to a customer's account a note of such customer made payable at said bank?" The question led on to further question as to the liability for damages in case such a note is not paid. Other subjects considered at other meetings were:
"Proposed changes in the law relative to lost certificates ;" "Note payable on Sunday-or holiday-what day payable? Can interest be collected including the following day as last day of maturity ?" "A better city government for Des Moines," by James G. Berryhill; "The proposed currency reform bill," by Ar- thur Reynolds; "The two plans for currency reform" --- that of the New York Chamber of Commerce, and that of the committee of the American Bankers' Association of which Mr. Reynolds was chairman; "Bills of lading as collat- eral," by Judge T. F. Stevenson; "The legality of loans to savings banks," by W. G. Harvison; "The ideal clearing house for Des Moines," by Simon Casady ; "Protest of bank items and negotiable paper," by C. T. Cole, Jr .; "The banker in literature," by Johnson Brigham; "Uniform negotiable instrument law," by George F. Henry; "The Washington meeting of the American Bankers' Asso- ciation in 1905," by Simon Casady; "Insurance of bank deposits," by L. T. Richmond, of Albia, Iowa; "Certain significant features of the convention of the American Bankers' Association at Denver in 1908," by Arthur Reynolds : "The development of waterways," by 'A. C. Miller; "The postal savings bank,"
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by J. D. Whisenand; "Clearing house rules," by J. G. Rounds; "The Carter savings bank bill," by Henry C. Wallace in the affirmative and J. G. Berryhill in the negative; "Taxation of mortgages," by W. B. Brown in the affirmative, W. E. Coffin in the negative; "The importance of an immediate settlement of the street car question," by Harvey Ingham, editor of the Register and Leader; "How it happened"-remarks on the election of 1910, by Lafayette Young; "The relation of banks to legislation," by Senator James U. Sammis, and "The tax ferrit law," by ex-Senator G. N. Titus, of Muscatine.
In 1907 A. C. Miller was elected president; J. H. Blair, vice-president; W. E. Barrett, secretary and treasurer.
In 1908, G. D. Ellyson was chosen president; J. G. Rounds, vice-president ; W. E. Barrett, secretary and treasurer. In 1909 the club chose J. G. Rounds, president ; C. T. Cole, Jr., vice-president; A. O. Hauge, secretary and treasurer. In 1910 the officers chosen were : President, C. T. Cole, Jr .; vice-president, H. S. Butler; secretary and treasurer, A. O. Hauge.
The specially notable events which have occurred in the club's history are the following :
On March 2, 1905, at the Chamberlain Hotel, the hospitality of the club was extended to Group 7 of the State Bankers' Association. Governor Carroll, Auditor Bleakley, and other guests delivered addresses.
On May 26 of the same year, at a .two o'clock luncheon at the Savery Hotel, Hon. Leslie M. Shaw, Secretary of the Treasury, was the guest of the club and spoke informally on the financial questions of the hour.
On February I, 1906, at the Grant club-house, a dinner was given in honor of Group 6 of the State Bankers' Association. Hon. August Blum, vice-presi- dent of the First National Bank of Chicago, was the speaker of the evening. His address covered a wide range of themes. Senator John T. Brooks, of Hed- rick, spoke on "Surety Bonds."
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