CHICAGO BANKER.
A Weekly Paper Devoted to the Banking and Financial Interests of the Middle West
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Entered as Second-Class Matter January 15, 1903, at the Post Office at Chicago, Illinois, under Act of March 3, 1879
JULY 25, 1 908
Minnesota Bankers at Duluth
open with the reports of the various committees, after which the delegates from the Minneapolis, St. Paul, and Duluth-Superior Chapters of the American Institute of Banking, will deliver fifteen-minute addresses. During the Saturday morning session the officers for the ensuing year will be elected. It will also be necessary at this time to elect four members to the executive council of the state association, to succeed Messrs. О. M. Green, of Winona; Geo. C. Power, of St. Paul; J. G. Schmidt, of Northfield. and W. D. Willard, of Mankato, who retire this year, and one member to the executive council of the American Bankers Association to succeed Joseph Chapman, Jr., of Minneapolis.
To-morrow afternoon the Duluth bankers have planned to give the visiting bankers and ladies an automobile ride around the city.
The following bankers constituted the program committee: C. D. Griffith, president, First National, Sleepy Eye; Joseph Chapman, Jr., vice-president, Northwestern National, Minneapolis; D. S. Culver, chairman executive council. National German-American Bank, St. Paul; Geo. C. Power, Second National. St. Paul, and W. I. Prince, City National, Duluth.
Those on the entertainment committee were: W. I. Prince, chairman, City National; J. W. Lyder, Jr., secretary-treasurer. Duluth Savings Bank; W. J. Johnson, First National; W. G. Hegardt, American .Exchange Bank; C. W. Riston, St. Louis County State Bank, and !.. R. Clark, Western State Bank.
Following the adjournment of the conven-
E. c. BROWN
Minneapolis, Minn.
tion, an excursion to Isle Royale will be in order. The steamer “America” will leave Duluth at 10 o’clock Sunday morning, July 26th, reaching Port Arthur, Ontario, early Monday (Continued on page 19)
have a goal set for them in the record of Washington with 98 per cent of the banks of the state members of the association, and Missouri with only 11 bankers in the state not members of the association. Of the 893 banks in Minnesota 607 are state banks, 261 are national, 14 are savings banks, four are trust companies and—though there is a private bank law in the state—seven are private institutions. The total capital of these banks is estimated at $32,750,000 of which the capitalization of the nationals is $20,660,000 and the state banks $12,000,000.
Treasurer Gooding's report showed the association to be in excellent financial condition. At this session Joseph T. Talbert, of the Commercial National of Chicago, delivered his address on “Commercial Paper.” Mr. Talbert handled this subject very successfully. Following Mr. Talbert’s address A. G. Wedge, Jr., of Bemidji, spoke on the subject of “The Cor-
F. E. HOLTON Minneapolis, Minn.
respondence Chapter of the American Institute of Banking.”
This afternoon the delegates, with their ladies and friends were guests of the Marshall-Wells Hardware Company. All thoroughly enjoyed the steamboat ride on the St. Louis River and Lake Superior.
This evening the I Ion. F. C. Stevens, of St.• Paul addressed the convention on the subject of “Currency Legislation.” after which the fiery orator of Illinois, E. D. Durham, of Onarga, one of the members of the committee on express companies for the American Bankers Association, explained the purposes and progress of the litigation between the American Bankers Association and the express companies. The evening session was concluded with an address on “Wit and Wisdom,” by the Hon. J. Adam Bede, of Pine City.
To-morrow morning the convention will
Duluth, Minn., July 24.—The nineteenth annual convention of the Minnesota Bankers Association was called to order at the Lyceum Theatre, this city, to-day at 10 o’clock, by President C. D. Griffith, of Sleepy Eye. A
C. D. GRIFFITH Sleepy Eye, Minn.
proper balance has been ])reserved between business and pleasure in the preparation of the program. The number of formal speeches has been judiciously restricted, and their quality is high, and the subjects pertinent. After President Griffith had delivered his annual address, Assistant Secretary Frost showed that the association had made material progress in several directions since the eighteenth convention. The most important of these steps has been the establishment of the assistant secretary’s office on a salary basis; the inauguration of a department of burglary and fidelity insurance, and the beginning of a vigorous campaign against the yeggmer! and other criminal offenders against the banks. Although the assistant secretary’s office dates back only to April 1st, a reasonable degree of success has already attended its efforts against the criminal element. However, the efficiency of the campaign against the yegg׳ is linked with the success of the insurance department. It is all a question of money. If the insurance department receives the support it merits, the revenue thus produced will make it possible to practically eliminate the business of bank burglary and kindred attacks on banks in Minnesota. If this does not the protective work will be just that much less adequate.
The membership of the association nuvv is 785 out of a total of 893 banks in the state. Sixty-four new members have been secured since the last convention, although losses by consolidations and liquidations reduce the net gain for the year to 48. Minnesota bankers