Evening times-Republican., 1903-12-05
Banker Wood Denied Permis-
sion to State Banker to In
vestigate Colfax Bank
DEVELOPMENTS in THE CASE
Wood Wanted to Receive Deposits
From State Bank at Baxter From
It's Reserve Fund. Which Was Not
AllowabIe-Four Bank. Temporarily
cicsed.
to Times-Republican.

Special to Times-Rerublican.
Des Moines Dec. SIT developed
today that two weeks ago the late
George Wood, of the Colfax bank, re-
fused to allow the state bank examin-
er to examine his bank, when he asked
perm ission to receive deposit from
the State Bank at Baxter of the lat
ter banks reserve funds. He said he
needed more cash. 1t was found to
be against the law for the Baxter bank
to deposit in q private bank and tho
proposal was made that Wood permit
examination of his bank, but ne de-
clined. 1t now develops that Polk coun-
ty has between $4,000 and $4,000 in
the bank at Colfax. The banks at
Colfax, Mitchellville, Baxter and Ira
are closed and the one at Mingo Is
open.
The Polk county fund Is said to be
secured by a bond which is signed by
some OF the wealthiest and most re-
liable men in the vicinity OF Colfax
and there is no question as to its safe
ty under any possible circumstances.
Concerning the condition OF Mr..
Woods financial affairs, Assistant
Cashier @. G. Gill, Of Colfax. said: Il
am not prepared at this time to make
statement as to the condition of the
bank. But will say this, that every
deposftor will be paid dollar for dollar.
There is no question as to the ability
of the bank to meet every claim. Mr.
Woods estate and Alex Wood. his
uncle, who was partner with him, are
owners Of large land holdings and
there can be absolutely no question
as to the banks ability to meet Its
claims. The bills receivable exceed
the deposits"
1t IS commonly understood that worry
over his financial condition contribut-
ed to the cause of the suicide. Wheth-
er this was prompted by the actua.
condition Of affairs, or whether 1t was
the result OF mental depression, only
further investigation will determine.
Assistant Cashier Burdick Of the
Baxter bank, came to Des Moines yes
terday and went Immediately to the
Office of State Auditor Carroll. where
he talked over the situation. Auditor
Carroll Immediately ordered Examiner
Carl Carver to go to Baxter to look in
to the affairs of the Baxter bank. The
examination will be made today.
The condition of the Baxter bank is
regarded as satisfactory in every shape,
and there is no question as to Its solv-
ency. The officers of the institution.
however. did not wish to take any de-
posits until they learned the exact con-
dition OF affairs, and posted notice
on he doors that the bank would be
closed pending an investigation.
The last report OF the bank submit
ted 10 the auditor, September 8. showed
1t in healthy condition. Their reserve
was $4,000, or about $4,000 above the
legal requirement. The deposits
amounted to $151.000. The investments
were $139. 900 and the undivided profits
1881. The capital stock OF the bank Is
$25.l,00.
The bank is backed by some Of the
most substantial men Of Baxter and
vichlity, and there is no question as to
the solvency Of the institution.
Mr. r. A. Crawford. president OF the
Valley National bank, OF Des Moines.
spert the greater part Of yesterday at
Colfax, endeavoring to be of assistance
in settling the affairs of George D.
Wotld. Mr.. Crawford had been an inti-
mate friend Of the late Mr.. Wood for
more than twenty-five years. Speaking
of the matter last evening, Mr.. Craw-
ford said: II was never more dumb
founded in my life than when l was
callsd UP by telephone this morning
and told that George D. Wood had
committed suicide. In all my acquain-
tan.e with him, never even thought
of such an ending to what had been
very successful career
"tIeorge d. Wood was about As or so
years old. He had been resident OF
Col.ax about thirty years. When he
vert there, think he entered the
employ OF W. W. Lyons. who started
the bank which Mr.. Wood ultimately
secured. I think his uncle, Mr.. Alex
ander Wood. has been connected with
him in business way ever since he
entered business for himself.
"His uncle. Mr.. Alexander Wood ar
rived from Brooklyn. Iowa, yesterday.
did not get to see him. Judging from
the remarks of Intimate business men,
he had left the business almost exclu-
sively in charge of the nephew, making
only occasional visits to him.
mo one could even suggest that Mr..
Wood had been engaged in risky spe-
ulations. All any of them could say
was that he had invested in real es-
tate considerably. but all of his deal
ings appeared to have been good ones.
Every one seems to be at loss to
know motive"
THE DAVENPORT CRUSADE.