7
THE CHICAGO BANKER
July II, 1908]
Michigan Banking Conditions
amount of ore that may be taken from our mines in this district, from the mines of Michigan and Minnesota. New ore bodies are constantly being discovered and I am firmly convinced that we have as yet but scratched the surface.
I11 addition to the iron, silver, and copper to be found in the upper peninsula we have large tracts of virgin timber scarcely touched with an ax. As was the iron industry fifty years ago, so to-day is the agricultural development of the upper peninsula. The virgin soil of exceeding richness will yield crops that will alone insure its prosperity. It is not my intention to burden you with a mass of dry statistics, but I feel a pardonable pride in the productiveness and progressiveness of the territory you are about to honor with your presence.
Marquette is to be congratulated upon your visit; the state upon this organization, always a power in the council of the bankers of the nation. The manner in which your conservatism and ability has brought this state through the recent financial crisis, one of the most
President L. G. Kaufman delivers his annual address on board the steamer " City of St. I^nace,” en route to Marquette, Tuesday morning. ::	::
Capital paid in
$200,000
Surplus
Fund
$1 15.000 Deposits over
$2,000,000
		Business Established iu 1879
	Depositary	The Central National Bank
	United	of Peoria
	States	Under distinctively sound and conserva-
		tive management
	ment	Especial attention given to accounts of banks and bankers
CEAEUES EATSELâ^
Commercial Paper
La! Salii® Sfare®! Oincaii®
Correspondence Invited
AT THE	THE NATIONAL STOCK YARDS NATIONAL BANK			AT THE
ST. LOUIS		Our especial equipment and close touch with every interest represented at the St.		ST. LOUIS
STOCK		Louis National Stock Yards enables usto eliminate expense and to assure the maximum of security and profit on all live stock business at this market entrusted to us.		STOCK
YARDS		NATIONAL STOCK YARDS - - ILLINOIS		YARDS
Peoples Sayings Bank & Trust Co.
Capital and Surplus, §200,000 Deposits, $1,854,834.59
Solicits Accounts and Collections from Banks, Firms and Individuals on Favorable Terms.
. LUNDAHL, CASH. AND SEC.
IELSON H. GREENE, VICE PRES.
. BUTTERWORTH, PRES.
First National Bank of Joliet
Capital and Surplus, $250,000 Solicits Collections from Banks
ANDREW H. WAGNER, Cashier
GEORGE WOODRUFF, President
from less than two thousand tons to nearly nine million tons a year. The total amount of iron ore shipped from the Lake Superior district in 1907 was 41,288,755 tons, having an approximate cash value of $200,000,000. Added to this is about $50,000,000 annually for copper and fully that amount for lumber.
As time goes on who can say what the development of the hidden resources of the upper peninsula may be. In an address delivered at the White House conference of governors, regarding the conservation of our natural resources, a statement was made that the amount of iron ore yet to be taken from the mines of the Lake Superior district would at the outside amount to about 1,500,000,000 tons. I desire to take exception to that statement. It is my belief that no man living can estimate the
Esteemed members of the Michigan Bankers Association, and honored guests. It is difficult for me to find words to adequately express the pleasure it gives me to welcome you to Marquette and the upper peninsula, a land, not of milk and honey, but of blood and iron— and untold possibilities. Since the day you honored me with the office of president, I have looked forward to the time when we could offer to you the hospitality of our home and our hearts.
Since last we gathered the world has moved rapidly. The pages written in the history of this glorious country are replete with events that will cause this period to stand out in bold relief as one of the most important since the birth of the nation. It is not my intention to cast the pall of sadness over this gathering, but it is fitting I should speak of the permanent space left among us by the passing away of the Grand Old Man of Marquette, Hon. Peter White. We who know him well, we with whom he lived, we upon whom he shed the light of his affection; we loved him best. In thus visiting the city so closely associated with his life you are paying a tribute to his memory. He died as he lived, doing good, he died as he wished to die, in the harness, thus closing a career that will forever reflect glory upon the upper peninsula, with the development of which he had so much to do. When over the rugged, pathless hills, and along the wave swept sands of Lake Superior, the father of Marquette carried upon his back the mails of the United States, there was imbued in him a prophetic faith in the future greatness of the upper peninsula and the state that now delights to honor his memory. He lived to see his predictions to a great extent fulfilled, and looked forward to the entertainment of this association and its guests with pleasure. It was his earnest desire that this convention be held in Marquette, and we feel that in carrying out the original arrangement we are doing as he would have wished us to do. Therefore in addition to the welcome of Marquette, the bankers of Megaunee, Tshpeming. and the upper peninsula generally, 1 add the posthumous, but no less cordial welcome of Hon. P'eter White.
I said this was a land of blood and iron, and I meant it. It was such blood as flowed through the veins of Robert J. Graveret and Mr. White that turned the eyes of the world upon us. The iron mines of Michigan furnish the ore from which are formed the ribbons of polished steel over which passes the commerce of a nation, drawn by engines also made from the iron and steel from the mines of Superior. Peter White lived to see the amount of ore taken from the mines of the upper alone, grow
JOYCE & COMPANY
(Incorporated)
GENERAL AGENTS
The Rookery Bids*. CHICAGO, ILLINOIS
ILLINOIS ADVISORY BOARD Charles G. Dawes, Resident Vice-President A. J. Earling	David R. Forgan	John A. Spoor
Walter H. Wilson	M. J. Kirkman
COUNSEL
Calhoun, Lyford & Sheehan	Winston, Payne, Strawn & Shaw
ILLINOIS BANKERS
Place your Burglary Insurance and Fidelity Bonds in the company selected by the Bankers Associations of Missouri, Iowa, Minnesota, Wisconsin and Michigan.
NATIONAL SURETY CO.
OF NEW YORK