Manchester Democrat. [volume] (Manchester, Iowa) 1875-1930, 1903-01-28
Iowa Rich.

In.ten years deposits in Iowa state
banks have increased from $42,0OO,OOO
to Sl20,O00,0OO. The national and pri-
vate banks in the same period have had
like experience. Deposits of the three
classes at the close of 1902 are given as
$3.50, 900, against S85, 100000 ten
years before. This multiplication of
bank deposits by four in decase, in
which population Increased only II per
cent 1880 to 1900 has had an impor.
tant effect in finances. 1t loans money
where it once borrowed. When Wall
street feels panicky and offers fancy
rates for money Iowa cities can send it,
and in the last two years they have sent
immence amounts of 1t. Iowa has not
very many rich men, and few poor
ones. There are more banks in this
state than in any other. Even the en-
pire state, with four times Iowa's popu.
lation, has 200 less banks than Iowa.
Every CROSS road in Iowa, almost, has
bank; village of 600 will have two
of them; and Des Moines, with 65, 900
people, has fourteen banks, besides trust
companies and insurance concerns.
Davenport, with $1,000 people. has the
largest per capita of bank deposits of
any city in the United States.
One bank there has over SS,0OO,OOO; al
together the Davenport institutions
hold about $18,OOO,OOO.
Having paid its own farm mortgage
and saved some money, Iowa has lately
been seeking Investments. Naturally
Iowa money, coming from the soil, Jocks
TO the soil for new investments. Out
side of Wall street 1t may be doubted If
there is population anywhere in the
country more devoted to speculation
than Iowans. They know land and
land buyers by instinct. Iowa money
can be counted to get in new agri-
cultural region ahead of the boom. In
the last three years Iowa has invested
millions in South Dakota; more in Min.
nisota. In Nebraska and Kansas Iowa
people and money we're pioneers for a
decade. In the last year and Lslf lowe
money has found new investment
field in Manitoba and the Northwest
territory. Alberta and Assinsboia have
drawn Iowa people by train loads and
money by the hundreds of thousands.
The movement seems destined to reach
the proportions of a migration unless
changing financial conditions dlscour
age 1t.
OF this there is ample present sug-
gestion. The December bank statement
shows about $5,OOO.OOO decrease in de-
posits, the first reduction in ten years
Bankers say that great drain of money
for investment in new lands, togethe
with the crop shortage the past yea
and the great loss of corn by frosts, ha,
made the state shorter of cash thar
since 1896, while the demands to NEE
land payments, etc., are far greater thai
ever. During,the recent extreme strin
gency in Wall street q leading low
banker said: "Wall street isn't an
harder pressed for money than the aver
age country banker in Iowa. BetweeI
land speculation and the purchase o
western cattle to eat Iowa's frost. biddel
corn, the state has used all the none
1t can get hold of, and is in for har
times until another crop is harvested
Iowa is richer than ever, but 1t has ha
q speculative experience that will nc
be forgotten for long time. don't b,
lieve there is another state in the coun
try where so large q proportion of tt
people speculate. Why, 1 know or
town of 2,5ooo people that sent owe
100000 to Alberta the past SUNNI,
for investment, and 1t wasn't exceI
tional, either. Chicago Chronicle.