Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1914-10-28
MUTUAL INSURANCE COMPANY
FOUND TO BE DOING BUSINESS
WITHOUT AUTHORITY.
m EXISTENCE TWENTY
YEARS WITHOUT LEGAL PERMIT
Application For Renewal Of Charter
Which Did Not Exist Brings About
Compliance With Law-offiesrs Did
Not Intend 70 Evads statutss-Hank-
ing Laws Of Iowa Look Good.

Special to Times Republican.
Des Moines, Oct. 28.-The Farmers
Mutual Aid Association of Tama
County was this week authorized to do
business in Iowa.
In view Of the fact that the company
is Il mutual insurance association Of
over forty years standing, with large
business and well managed, the an
nouncement is peculiar. The associa-
tioH4is one OF the oldest Of farmers
mutuals IN the state 1t commenced
business In 1874 and after twenty years
renewed its existence for another
twenty years. Rather the officers
thought they did; but so far as the
records Of the state are concerned
there is nothing to show that this was
ever done. So. when they came again
recently to renew for third period Of
twenty years 1t was discovered the
company was non-existent and had
been so far as the state records show.
for twenty years. Its legality had
been recognized at all times, however,
and it compiled with the law in every
respect save as to fling Its new ar
ticles..
The only thing TO do. was to entirely
re-'ncorporate and take over the bust
ness, which has been done.
The incident shows how badly def
cient were the laws and records Of the
state in former years. Nothing Of
the sort could happen now.
Just at present the banking laws Of
Iowa look mighty good to persons en-
Gagged in banking. All the trend is
toward taking refuge under these laws
Yesterday a character was issued for
the Shelby County Savings Bank, at
Shelby. with $4,000 capital, private
bank very strong coming under the
state laws
The Security State Bank, at Rad
life. just chartered, with s25.eoO capt.
tai. was a private institution made over
into state bank.
The Farmers Trust and Savings at
Pocahontas, with $4,000 capital has
Just been authorized to begin business
Durant Savings Bank has been re-
chartered for another period.
A big Job Of printing cards is ahead
for the state printer in preparation
for the census count of Iowa. There
viii be several million little cards
printed on hard manila paper and
each one will be designed to have the
name of one Iowa person and his per-
sonai record. They will be very much
smaller than the cards used ten years
ago and Just Of q size to At into a
standard steel card case, so that when
the final fling is made they will all be
50 that each one can be found at any
time. The forms OF these blanks have
Just been approved.
The apple rate case is being heard in
st. Louis this week and in this the
apple growers Of Iowa are greatly in
terested. What is demanded is an ad-
justment Of rates so that there will
not be SO much discrimination against
the shippers Of apples from the Iowa
Missouri fields in favor OF the ship
ments from Michigan and New York
into the south and southwest. The state
horticultural society took action in CO.
operation with the societies in Me-
braska and Kansas and Missouri.
Des Moines bankers are quite pessi-
mistic over the workings of the federal
reserve bank system. They are get
ting ready to put up about 100000 in
gold for the bank in Chicago in addt-
ton to the 100000 they will furnish
Wall street to send to Europe to settle
some debts there.
THE reason il has not been possible
to organize this system sooner" said
one of them. lis that the banks can
not afford to put up the cash for the
stock, and II they do pay for the stock
they are going to be left in bad con-
dition for homo business. The organ
iZation OF the reserve banks is not go
ing TO increase the total amount Of
money we have In circulation. 1t will
simply shift it from the towns to the
big cities. Now these reserve banks
are going to issue q lot of currency.
They will have to be in readiness to
pay on demand, and pay in gold, not
only all the banks together but each
bank will have to be ready to redeem
all the emergency notes presented. So
each bank will nave to be prepared,
virtually, to handle the business OF all.
Because Of the enormous demand for
gold to start these banks it is tick
lish situation for the banks. It would
have been better to have waited even
longer" lAa