The Oskaloosa herald., 1907-10-24
NEW YORK FURRY
ENO DANGER TO IOWA
FINANCIAL TROUBLES IN EAST
WILL NOT AFFECT WEST.
LATTER HAS MUCH MONEY.
Leading Bankers Think Prosperity
d--characterize Diff
cuIties in Gotham as Squab-
bic Among Speculators.
United Press Dispatch.

| 81
|
United Press Dispatch.
Des Moines, Oct. 2s--lowa has
nothing to fear from the turmoil in
New York financial circles. according
to leading Des Moines bankers, who
characterize the trouble in Gotham
merely as wrangle OF frenzied spec
ulators, whom they consider d menacs
to banking and business interests iii
general The west generally aud
Iowa particularly, is IN the best finan
cial condition il has been in years aSltl
consequently able to withstand any
little furry that might be caused BY
news from New York. So far as can
be ascertained. no Iowa banking ins1i
tuition is directly interested to any
large extent in the finances Of Goth
am, nearly all of the large accounts
being handled through Chicago now
Western prosperity is too flrtnly en-
/ trenched TO be injured by the furry
among SPECTATORS.
! The developments in New York 10
date, local bankers declare, are simply
steps in a general crusade OF ven
geance by frenzied financiers who are
attempting to "get even" II all start
ed with the onslaught of Standard Oil
upon Heinze, who few years ago
did" the Rockefeller interests for be-
tween sl5,000.000 and s20,000.000 in
copper deals. At the time Heinze
was beyond the reach of Sengeance,b but
his trick was not forgotten. Some
time ago, when he was elevated 20
| the presidency of the Mercantile Ma
tional bank, there were hints that it
might prove his undoing. That was
about ten months ago. and then the
deposits OF the institution were about
$23, ,000,0 900. Just before he retired
from the presidency. week ago, the
deposits had shrunken to about s1ir
/ 100000. There is no apparent reason
for thiA big shrinRage. as the iiistitO.
tion was sound beyond doubt 1t
is generally believed by bankers that
Standard Oil influence quietly brought
about this reduction which caused
Heinze's retirement and disgraced him
in the eyes of bankers and business
men at least.
Good Thing For Business World.
| Likewise have Barney of the Knick.
erbocker Trust company and Morse
gone down. The three are alleged to
have been notorious SPECTATORS aud
bankers generally claim that it viii he
a good thing for the business world to
have them eliminated from positions
OF power in banks or trust companies
~ he New York trouble is simply q
squabble among speculators who ought
not to be in the banking business, said
| Harry r. Blackburn of the Iowa Ma
tional bank yesterday 1T may cause
lots of furry in the east, but the west
will not lie affected by It. 1t used to
be that the whole country trembled
when there was a little agitation
among New York spectators, but this
is no longer true"
Iowa viii Have Money.
Iowa will have more money this
winter than it has had In years and
should not suffer in any way from a.
nancial disturbances in New York
City," said Simon Cassidy president
of the Des Moines Savings bank We
had lots of money last year, but we
will have more this year The crops
are not quite so large but the prices
of grains are so much greater that
more money will be brought into the
state. There is no reason for any
one to become alarmed over the fiany
in New York. Iowa banks are in the
best shape they have ever been aud
will be among the last to feel any
financial stringency thst could sweep
over the country"
| Chicago in Splendid Shape.
Chicago, Oct 23.--The officials Of
the banks of this city are unit IN
declaring that never in the history Of
the city have its financial institutions
been on as sound basis as they are
at present.
| Following the failure OF the Chi
cago National bank two years ago,
the Chicago Clearing House associa-
ton, dissatisfied with the state and
national inspection OF banks appointed
an inspector of its own at a salary
double that paid by the government for
similar work. The inspectors bureau
has the power to audit any bank at
any time, and as consequences all OF
the banks know exactly every day the
condition of the other banks. When
a bank demurs to the work of the aud-
itor il is promptly denied clearing
house facilities. The result has beens
in the last two years that number OF
weak institutions have been compelled
to liquidate, and that the banks OF
this city are stronger today than they
have ever been.