12	THE CHICAGO BANKER	[Volume XXV
The Swedish-American cashier is to be busy next week watching his young men take the shekels in at the gates of the Minnesota state fair grounds. This means more than $100,000 has to pass through the hands of Mr. Mattson as treasurer of the Minnesota State Agricultural Society. Alex Ostrom, assistant cashier, will have returned by that time from a long trip to Alaska and through the Northwest. Capital National of St. Paul
The Capital National of St. Paul has bid in $50,000 city bonds at $50,528, the highest bid for that city’s bonds for two years. Other bids were as follows: First National, Chicago, $50,-275; McDonald, McCoy & Co., Chicago, $50,-131; R. L. Day & Co., New York, $50,045; Perry, Coffin & Burr, Boston, $50,005. E. H. Rollins & Sons, Chicago, have accepted the $250,000 Minneapolis sewer bonds, recently declared legal by the supreme court.
Minneapolis real estate men have been to International Falls to look over the water power there and the northern wilds of Minnesota. The International Falls business men begged assistance in securing state drainage of swamp lands in the vicinity, to add thousands of acres of fine soil to the state’s wealth. On the way back the following Bemidji bankers intercepted and entertained the real estate men: A. P. White, president of the Lumbermen’s National; W. L. Brooks, cashier Lumbermen’s National; A. G. Wedge, vice-president First National.
Honor to Whom Honor, Etc.
J. A. Latta, vice-president of the Swedish-American National, quoted in The Baxkkek two weeks ago on the express money order situation, modestly affirms that the words put in his mouth were those of the Onarga banker who addressed the state convention at Duluth. ]Mr. Latta simply indorses the expressed sentiments ; does not claim them for his own.
The creditors’ committee to assist in the settlement of the affairs of the Pillsbury-Wash-burn Flour ]Mills Company, Limited, is as follow's: E. W. Decker, vice-president Northwestern National; G. G. Thorne, vice-president National Park Bank; C. W. Folds, Charles Hathaway & Co., New York and Chicago; F. A. Chamberlain, president Security National; C. T. Jaffray, vice-president First National. Minneapolis.
The Farmers’ State of Hayfield, Minn., and the First State of Mantorville, are two new banks with $15,000 capital each, which were formerly private institutions.
V*
The interest of E. J. Weiser in the Farmers & Merchants Bank of Sherwood, N. D., has been acquired by C. J. Weiser.
territory, where the express charge is less than $2.00, the rate to Chicago, offering to ship our silver to them free of cost, and in this way we have gotten rid of quite a quantity.
“Fractional currency is still to be shipped free, so there will be no dearth of small silver currency.
“While the ruling will unquestionably work to our advantage, still in Omaha, Kansas City, and in the coast states and in the mining states of Montana and Colorado, it will probably be not so well received.”
C. W. Carey Quoted
Optimistic utterances regarding his .section of the country were uttered this w'eek at St. Paul by C. W. Carey, cashier of the National Bank of Commerce of Wichita, Kan. He said: “We don’t know there has been such a thing as a panic down in our country. The farmers have just harvested a good crop, and are well supplied with money. So long as the crops are good, it makes little difference to us what goes on in Wall Street. Business in all lines has been as good as usual in Kansas all summer. Building projects are going ahead as before. The merchants are doing a good business and our bank clearings, week by week, show' an increase over the corresponding periods of the preceding year. I have a report from our vice-president that the movement of the crops in Kansas is well under way. I am not well posted on the political situation, but you may be sure that Taft and the entire republican ticket will carry the state with as good a majority as usual.” Mr. Carey and a party of Kansas capitalists have been on the Pacific coast.
Edgar L. Mattson Returned
Edgar L. Mattson, cashier of the Swedish-American National, has returned from a trip with his family to Isle Royale, Port Arthur, and Fort William. ]Mr. Mattson was impressed with the changes in the latter two places since his last visit. They are the points where the bulk of shipments throughout the Western Dominion are broken for reshipment East. At Port Arthur is a grain elevator with 6,000.000 bushels capacity and the Grand Trunk. Mr. Mattson discovered, is to build one with double the capacity. “They are two very promising young towns,” says ]Mr. ]Mattson.
Five per cent is the bottom rate for money in the Twin Cities to-day. Money demand is not active to-day, but the anticipatory demand is good. Grain men are inquiring about rates, but to date are using their own money. The banks are paying grain drafts already and are making currency shipments to the Northwestern country banks. Bankers expect money to be easy this fall. Grain is of good standard, and the prices paid for it are high.
A. A. Crane Quoted
A. A. Crane, vice-president of the Northwestern National, says of conditions: “We are expecting an excellent fall and winter. By the first week in September I think it is reasonable to look for the new era of prosperity. The crops are very good and the prices are at the top. This means the farmer is to do well, and since the prosperity of the Twin Cities depends in a marked degree upon agriculture, it is safe to believe that we are on the verge of a most prosperous year.
George W. Prince Quoted
While silver dollars have been gradually giving way to one dollar national notes in the Twin Cities, the new order discontinuing the prepayment of express charges on shipments from subtreasuries to national banks is expected to roll the rest of them out of circulation soon.
George H. Prince, vice-president of the Merchants National, says: “In so far as this section of the country is concerned, the new ruling will work to the advantage of the banks, for the reason that the government has flooded the country with silver, which naturally worked back to the city banks and had to be got rid of. The Merchants National is obliged to ship a large quantity of silver dollars each week to the subtreasury in Chicago at a cost of $2.00 per $1,000. I am very glad that the government has at last decided to withdraw the ruling providing for the prepayment by the federal treasury department on shipments of silver to and from the subtreas-uries, because it will result in the quick withdrawal of silver dollars and the substitution of paper dollars in their place, which are much more satisfactorily handled by the banks.
“Heretofere we have followed the practice of sending circulars to country banks in our