The Iowa plain dealer. [volume] (New Oregon, Howard County, Iowa) 1867-1895, 1889-01-10
THE CREsCo UNION SAVINGS
RANK.

AN1AAW 49,
The statement Of the condition OF
this bank, published in another col
umn, renders it proper that some
thing more be said concerning the in
stitution. Something more than .
year ago a movement was set on foot
for increased banking facilities in
Cresco, and some forty Of the leading
business men Of the county, together
with a few wealthy capitalists Of 9TH
er places, organized the Cresco Union
Savings Bank.
The necessity for home in which
to transact it's business soon led to
the purchase OF the eligible lot
where Is erected the present bank
building. This structure, practically
four stories, substantially built, in
modern style Of architecture, In, per-
haps, not excelled in any inland town
in Iowa. The entire structure Is
steam heated. The basement con-
tains the steam heating apparatus
and coal bin in the center, the front
being finished up for and occupied
as barber shop, while In the rear is
large and commodious room, well
lighted, suitable and well adapted for
q work shop In leather manufactures.
At present it Is unoccupied, but it
presents fine opening for some en-
terprising man who desires to engage
In the manufacture Of boots and
shoes or similar work in an enterpris-
ing town among go-ahead people.
The first floor above the basement
il occupied in front by the bank and
and it's abstract books. On this floor
is q large double vault, strongly built
and absolutely fire-proof, together
with Office fixtures, desks and furni-
ture Of the bank. The floor is Of tile,
thus giving security against fire from
cigar stubs or matches carelessly
dropped. In the rear, on this floor,
is the law Office Of w. X. Barker,
County Attorney, who has q fine con-
sultation room. With him is the JUS
tice office Of II. NJ. Moon.
The report Of the condition of the
Bank is made In pursuance OF q law OF
the State requiring Savings Banks
to report and publish their condition
that the public may know their right
to it's confidence. As required by
law, the Auditor of State called for
this report as will be seen from his
letter below:
DIES MoINEs, Jan. 4, 1850.
To Cresco Union Savings Bank:
Dear Sirs,-Will you please make
statement Of the condition Of your
Bank at the close Of business on the
29th day Of Dec. 1883, and mail to me
as soon as convenient. l enclose
blanks herewith,
Very truly yours,
Auditor Of State.
These reports are to be made under
oath not less than four times each year.
Not only this, but at such times a.
the Auditor Of State may deem 1t
necessary, they are subject to person
81 examination by him or an expert
that he may appoint.
This Is q wise precautionary meas
ure taken by the State for the protect
ion and security Of depositors, who
beside this information thus obtained,
have 500, 900 capital absolutely paid
in by the stockholders, who are per-
sonally liable in double the amount
Of their stock. which gives another
500, 900.
The capital and other funds Of the
Bank are invested largely in real es-
tate, which il worth at least twice the
amount Of the loan, and also in other
approved securities, all OF which are
held and are liable for the safety Of
depositors. This IL the security de-
positors have that they will be paid
by the Cresco Union Savings Bank,
in addition to the well established
character Of it's managers for integri-
ty and business capacity.
In Nebraska, owing to the recent
failures Of several private banks, q
bin has been introduced into it's
Legislature to compel private banks
receiving deposits, to make state.
ments Of their condition, and also sub.
jecting them to examination and sus-
pension, the same a. State or Nation
al banks. A similar bill, will proba-
bly, be introduced into the next Legis.
lature Of Iowa, and should become q
law. Every man who is reliable as .
private banker will concede the right
Of depositor to know what security
he has for the return Of his deposit
at the time agreed. These reports
and examinat ions will compel them
to show the security they offer de.
positors rs guarantee Of payment
for deposits amounting in some In
stances to several times their capital
which, il the public knew their act
tual financial standing, they would
!, not be entitled to the confidence they
nSw have.
The next floor above the bank |,
Arranged for suites Of Offices; the
front one with its double rooms arr
occupied by John McCook, one o.
the leading attorneys Of this portior
OF the state and perhaps the mos'
suocessful collector In the country
Thsns. - two 1Ghas AoaAas olDss
which = present ~ sAses1pied.
| The upper story occupying the on
tire door, 36x60 fest, with suitabl,
, preparation and and ante rooms i
, finished up as q Masonic Hall, an,
!, will be occupied by the fraternity Ii
n few flavs The ceiling and wall