Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1910-06-17
BANKERS SEE RELIEF
MEN HIGH IN FINANCE TELL US
BETTER TIMES ARE
COMING.
RELIEF IN MONEY MARKET WILL
COME WHEN CROPS MOVE
George M. Reynolds, of Chicago, and
President Stevens, Of State Associa-
ton, Bring Cheer to All Business
Needing Funds-Teo Much Lard
Speculation and Extravasanees.
TO rimes-Republican-

and an easing up Of the money marke
was predicted by George NJ. Reynolds
president of the Continental Nationa
Bank of Chicago, who is attending the
conven ton of the Iowa Bankers Asso-
citation, and by the retiring president
Of the association, L. z. Stevens, OF
Des Moines. Mr.. Reynolds said there
is less pressure for money than there
was when he was here SIX months ago
and that retrench1n ent seems now to De
the order OF the day.
There seems to be less pressure Tor
money than there was two months
ago" he said. "Retrenchment seems
to be the order of the day now which,
I believe, has had a great deal TO do
in easing up the money market. Alrho
the money market Is still tight. 1t has
eased considerably tn the last few
weeks. do not anticipate any percep-
tible easing up this summer, but with
good crops everything will turn out
satisfactory.
The people seem to understand the
conditions and the situation now better
than they did two months ago. The
bankers are preaching conservation
and discouraging extensive industrial
EGNleIlSiOuS anu SpSSuAdl1o1I- L iFSA .
need be no alarm, but it Is imperative
that we. tho optimistic, be prepared to
head off any strtngency.
iowa, with its great physical re-
sources and the United States with its
kuntold ability to produce wealth, can
easily overcome condition now con-
fronting the nation Over speculation,
higher living and industrial extensions.
! with usual conditions affecting crops,
have brought on the unusual demand
| for money, but I can see no serious
| trouble in the future
with the Iowa farmer blowing and
! cultivating steadily, the sun making his
| crops grow and sufficient rain and
! moisture to aid 1t. Iowa can overcome
! most any financial difficulty"
( Mr.. Reynolds came TO Des Moines
after notifying the local bankers that
\ he would not be here. He attended the
! opening session of the convention az
! the Auditorium and when 1t was learn
7 ed that he was in the hall there were
cries for him to talk. He did not touch
upon the financial situation,
Hawkeye States Influence.
''Of course il is pleasure and an
honor for me to be here among YOU"
he said. Tt IL like coming back home
and I often pride myself on the fact
that I am a native of Iowa AS such
! sometimes wonder II Iowans appreci-
ate their relation to the business world
and what effect their influence exerts
in the nation.
Inasmuch as the resources OF this
state have increased so rapidly In the
span Of one mans life, it is irnposs fble
to tell what the future holds forth.
Iowa today holds a comman ding posi-
tton in the financial world and you
bankers are playing an important part
/ can not impress upon you too strong
ly your responsibilities TO the public.
You hold in the palm of your hands
the destiny Of this great state. Your
duty is not TO receive and hand out
money, but It Is TO encourage leeiti-
mate industrial development and en-
courage the enterprises affecting your
community"
Stevens Sees Relief,
High living, land speculation. short
age OF the corn crop last fall and poll
tics are assigned as causes for the
tight condition Of the money market
by L. Z. Stevens, president of the Cen
fury Savings Bank and acting presi-
Dent of the Iowa Bankers Association
III his annual address before the con-
wention yesterday. He also attrib-
utes the mad desire for automobiles az
contributing to the ttgtnness as well as
expansion OF trade and manufacturing
Relief will come with the naarketin 2
OF corn and small grain stored in the
country, the extent OF which Is prob
lem attcal, but believed to be quite
large, and the harvesting of the new
crop" he declared. when field work
let's up. it is thought that the farmers
will commence to move what market
able stock and grain they have and re-
lieve the situation"
That a state could Withstand the
drain made on the finances of Iowa and
still show prosperity, he said. was re-
1narkable. He declared that the adop-
tfon Of a postal savings bank law
would be a menace to the prosperity
of the nation, and urged the bankers
not to be reckless. aftho they are, and
and the country is prosperous "Pros-
perity begets extravaganza" he said.
Following the recommendations
made at last years convention, 1t is
quite probable that we will this year
select secretary who shall maintain
an office for the association and de-
vote all his time to it's affairs and I
think that the time is ripe for lis to
take this advanced step
AT the same time, I can not re-
train from saying that we will never,
in my opinion, have another officer
more faithful to his trust than has been
our present secretary. For over twenty
years he has iabored INCREASINGLY in
the interests OF the association, giving
services that can not be paid In money.
To him more than any other person Is
due our present high standing among
the state associations, and his work
should be recognized In some fitting
way at this convention.
Why Money 10 Tight.
iowa Is the twenfy~second state in
the union in point Of size, but first
place in number Of banks. We have
S65 state and savings, 322 national, and
$50 private banks, total Of 1886 banks
! at last report. Their banking capital,
1 not including the private banks, was
| $75.012.66017, and their total assets
over $500 .0oe. 900.
These figures are from the last
andftors and comptroIler's reports and
| do not include the 36s private banks.
| which do not report
There has not been q failure Of q
national, state or savings bank IN Iowa
for over two years. which IL an evil
dance Of the careful management and