Ottumwa tri-weekly courier. [volume] (Ottumwa, Iowa) 1903-1916, 1908-10-03
EANkERs' CONVENTION WILL GO
ON RECORD OPPOSING THE
GUARANTEEING OF DEPOSITS;
THEORY HELD DANGEROUS.
STEVENS TALKS ON
IOWA'S GREATNESS
OTTUMWA'S DELEGATE SHOWS
SOUND COMMERCIAL CONDl.
TON PREVAILING; SAYS PANIC
DID NOT AFFECT THIS STATE.

| TON PREVAILlNG; SAYS PANIC
DID NOT AFFECT THIS STATE.
Denver. Oct. 1.-The closing SEES
sions of the American Bankers asso-
citation today were replete with Incl
dents full of interest. Besides the cleo
ton OF officers and the winding up of
the business Of the convention, reso
lutions that may have far reaching eff
feet were considered.
The question Of guaranteeing bank
deposits was brought Up squarely be-
fore the association in the report Of
the federal legislative committee,
which takes a decided stand in oppo-
sition to such action by either of the
federal or the state government.
No Authority for Bank Guaranty.
The report says guaranty fund
would be function wholly outside
any purpose for which the state or fed
eral governments are organized and
that the assuming of such trusteeship
would be misleading to the general
public as it is not a guarantee by
either the state Of the federal gov
eminent and that such law would
work detriment not only to the
banks, but to the depositing public
as we'll
A resolution was adopted by the
convention that the association is I'M
alterably opposed to any arbitrary
plan looking to mutual guaranty of de-
posits either by the state or nation
for the following reasons:
at is unsound In principle, i'm
practicable, misleading, revou-
tonary In character, subversve
to sound economics, will lower the
i standard Of our present banking
system, is productive of and en-
courages bad banking, unjustIy
Weakens the strong and unfairly
strengthens weak banks, discred.
its honesty, ability, conservatism,
the loss suffered by one bank
jeopardzes all banks, the public
must eventually pay the tax and
1t will cause and not avert panics."
Stevens on Program.
Leo Stevens, cashier of the Ottum.
wa National bank at Ottumwa. in re-
spending for Iowa in the roll call Of
vice presidents of the association,
said:
Mr. President, Ladies and Gentle
men:
1 One Of Iowa's leading life insurance
, companies, headed by former COVER
nor of the state, has adopted as it's
| slogan "In all that is good, Iowa af-
fords the best Each of us in respond
ing for our state will attempt to out
| boast our predecessor in the virtues of
our respective commonwealth But how
many OF you know or realize that
Iowa, the Hawkeye state, is one OF
the really great states of the union?
Did you know that she leads all other
states In number Of banks, now hav-
ing 1874 with an aggregate capital
and surplus of over S6S,00O.O0O and
deposits of over $500, 100000. This
means more banks than post Offices,
and the convenience of banking facil-
tiles at nearly every cross road, with
per capita deposit of about $3.50,
leading, I believe. every other west
ern state in this respect.
She also has the largest State Bank
Ing association, with a membership
Of over 1000 and Is represented at
| this meeting by the largest delega-
| ton Of any of the state associations.
But Iowa is justly noted for her farm
ing lands An old Iowa farmer was
on his death bed and though he had
never taken time to be much of a
religious man, the family called in a
minister Of the gospel to console him
in his last hours. Seating himself at
the head of the bed he asked the dy-
Ing man, Are you prepared for the
better land brother?" The old man
rallied lifted his head from the pill
low and replied: Look here Mr..
Preacher, there amt any better land
than Iowa"
lowa's Agricultural Greatness.
The products of Iowa farms In 1907
reached value of over 1888. 900 900
and the farms themselves, including
improvements, machinery and live
stock thereon aggregated value in
the remarkable sum Of over $2,627,-
000
Iowa ranks first among the states of
the Union in number of acres Of i'm
proved farm lands; first In value of
farm products; first In number and
value of hogs; first in acreage Of
cereals; first in acreage and pro-
duction Of oats; first in animals sold
and slaughtered; first in farm ami
mails owned and first in production of
butter. eggs and poultry. She ranks
second in value Of farm properties,
second in number and value of horses
owned second in value of cereals
grown; second in acreage, production
and value of corn; second in value of
oats grown and second in acreage
and production of hay. being exceeded
in each of these products by Illinois
4 only. The closer proximity of I'LL
nois to the markets gives her an adj