Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1904-12-22
Nearly Every Banker Who Took His
Life Had Gotten the Speculative
Fever and Lost in the Game-Losses
Aggregate Large Sum = Private
Banks Should be Forced.
Special to Tlmes-repuhlican.

drive OGe-1Ourtn OIL lne CdSllSlS VI
these banks to dishonored graves by
suicide and scatter to the winds over
ST., 100000 savings of the people.
The report of the state auditor to
be made public in a few days will be
the most startling that Iowa has ever
known. The record of failures will be
about forty. But these records fail to
disclose the more astounding feature
that these failures have been attended
in many cases b.. suicide. Another
feature Of which the state keeps no
record lis defalcatons and forgeries,
which have been discovered in several
banks, but have not led to collapse.
The Soule case at Iowa Falls, where
the cashier is alleged to have made
away with $4,000. and the more re-
cent embezzlement OF $4,000 from an
official Of the Wapello bank are cases
in point. The shortage in each case
was promptly made good. Soule and
the Wapello official are serving their
time in the state penitentiary.
While actual figures have not been
given out by the state auditor, it Is
estimated that the losses in Iowa bank
failures aggregate. $12,500.000.
Practically every loss which may be
brought to mind, resulted from specu-
'lation In cattle. Almost every banker
who took his own life held cattle paper
which deprecated when the high wall
ues We're knocked out at the alleged
command of the meat combine.
List Of Failures.
Willard Cox, head of the banking
department at the state auditors Of
fee has compiled a complete list of
the bank failures. AS the state has
no supervision over national or private
banks not incorporated, it is difficult
to secure the figures on these. State
and savings institutions alone are reg
ulated. The following is Mr.. Cox's
startling list of failures:
Buck Grove-H. S. Green's bank,
private.
Dow City--H. S. GREEN'S bank, pri-
vate.
Grinnell- First National
Waverly - German American Loan
and Trust Company.
Pisgah - Bank Of Pisgah, private.
Curlew-Bank Of Curlew, private.
Gaza-Bank Of GAIA, private.
Little Sioux - Little Sioux bank,
private.
Tiffin = Corn Exchange bank, pri-
vate.
Emerson ~ Farmers bank, private.
Sheldon Sheldon State bank.
Ireton-Bank Of Ireton, private.
Germania4State bank.
Colfax-Bank of Colfax, private.
Royal-Bank of Royal, private.
Ireton-F. III. McKeever's bank, pri-
vate.
Providence - o. e. Miller & Sons
bank, private.
Linn Grove H. w. Mains bank,
private.
st. Citizens bank, private.
Victor-Iowa County bank, private.
Mt. Ayr-Citizens' bank, private.
Sigourney-Sigourney Savings bank.
Holstein-E. III. McCutcheon & Cos.
Corning Corning State Savings
bank, private.
Pella-People's Savings bank.
Coin-Bank Of Coin, private.
Garden Grove-Farmers' bank, pri-
vate.
Maquoketa Exchange bank, pri-
vate.
Pleasanton Royal Richardson &
Co.'s bank, private.
Dixon-Bank Of Dixon, private.
New Liberty-New Liberty Savings
bank.
Imogene- Citizens bank, private.
Birmingham--E. H. Skinner & Co.'s
bank, private.
Olin-Bank Of DIN, private.
Few National Banks.
Among the national bank failures
that Mr.. Cox recalls, from unofficial
were those of large in
,titutions at Grinnell, Storm Lake and
LeMars. The cashier Of a bank at
Lone Tree committed suicide without
causing the failure of the bank, and
he cashier Of a bank in a small town
rear Cedar Ra pids recently committed
suicide without impairing the banks
,apital. 1t is safe to assume that II
VT. Cox's memory served him perfect
y, the list of bank failures or crimes
md casualties that nearly resulted In
allure, would come nearer the fifty
han the forty mark.
When it comes to ascribfng the cause
opinions differ. Mr.. Cox. who will use
he foregoing material in preparation
e his portion of the forthcoming an
lual report of the state auditor, will
to show that the causes were
normal, altho the results were
St's ordinary. He resents the sugges-
ion that the beef trust had anything
o do with it and cites instances where
downright theft or speculation on the
'oard of trade We're responsible.
Il is Mr.. Cox's purpose to show that
he Iowa banking system is at fault.
IL is of the opinion that all private
'anks should be forced to come under
lie supervision Of the state auditor,
re compelled t. rlake reports and sub
nit to examination. In no other way
oes he believe the frequency of bank
ailures can he ave :ded
Beef Trust at Fault.
Many prominent public men and
ONE Of the leading bankers blame the
heat trust. Senator Lewis Of Page
ounty, prominent banker and
,ember Of the banking committee in
he legislature. shares this view. They
x the liability in this way: Those
lstitutions that have failed, in most
Instances, have been in small COM