The Oskaloosa herald. (Oskaloosa, Mahaska County, Iowa) 1885-1919, 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
Acknowledgement DIM
cuities in Gotham as Squah-
bic Among Spectators.
United Press Dispatch.

United Press Dispatch.
Des MONIES, Oct. 2s.-Iowa has
nothing to fear from the turmoil in
New York financial circles, according
to leading Des Moines BankeFH, who
characterize the trouble in Gotham
merely as a wrangle Of frenzied spec.
ulators, whom they consider menace
to banking and business interests III
general The west GENERALLY and
Iowa particularly, is IN the best 6nans
ciaI condition ii has been In years ana
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 instis
tuition is directly interested TO any
large extent in the finances of Gotta
am. nearly all of the large accounts
being handled through Chicago nov.
Western prosperity is too firmly en-
trenched TO be injured by the furry
among spectators.
The developments in Now York IL
date, local bankers declare, are simply
steps in general crusade OF ven
geance by frenzied financiers who are
attempting to get even" 1t all start
ed with the onslaught of Standard Oil
upon Heinze. who a few years ago
did" the Rockefeller interests for be-
tween $15,O00,00O and $4,000, 900 in
copper deals. AT the time Heinze
was beyond the reach of vengeance, but
his trick was not forgotten. Some
time ago, when he was elevated to
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,O00 Just before he retired
from the presidency. week ago, the
deposits had shrunken to about s1I.-
100000. There is no apparent reason
for this big shrinkage, as tie iflstitsie
ton was sound beyond a doubt IL
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
erbocller Trust company and Morse
gone down. The three are alleged to
have been notorious SPECTATORS and
bankers generally claim that it viii be
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
squabble among spectators who ought
not to be in the banking business, said
Harry T. Blackburn of the Iowa Ma
tional bank yesterday. 1T may cause
lots of furry in the east. but the west
will not be 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 n
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 furry
in New York, Iowa banks are in the
best shape they have ever been and
will be among the last to feel any
financial stringeney 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 a basis as they are
at present.
Following the failure Of the Chit
cago National bank two years ago.
the Chicago Clearing House associa.
tion, 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 consequence 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 1t is promptly denied clearing
house facilities. The result has been
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.