[ Volume XXV
THE CHICAGO BANKER
12
Bankers Association nullified its action against the bank deposit guaranty by voting down the postal savings bank plan too. He says they should have united their energies against a doctrine which is pernicious and vicious in principle, and which is made such a feature in the democratic campaign instead of also voting down a subordinate feature of the republican platform, which has been successfully applied in foreign countries. In other words, he believes the bankers voted against the deposit guaranty in the resolutions offered for economic reasons, and then voted against the postal savings bank resolution for selfish and personal reasons.
Preparing Replies
National bankers have received the list of questions from the National Monetary Commission authorized by the Aldrich-Vreeland bill, and are preparing replies to the voluminous document. Inasmuch as the bankers of the Twin Cities were unanimous in the opinion that Congress should pass no new currency legislation until a commission had been appointed to obtain the views of the bankers of the country on the subject, they are eager to make replies. As to the placing of the examiners on a salary and civil service basis the answer will undoubtedly be in the affirmative from St. Paul and Minneapolis.
Personal Mention
A. A. Crane, retiring treasurer of the American Bankers Association, came home from Denver by the way of Mexico.
J. A. Latta, the new member of the executive council, went east to Detroit, his former home, and will return with Mrs. Latta, who has been visiting in Michigan.
C. R. Frost as Usual—“Busy”
Charles R. Frost, secretary of the Minnesota Bankers Association, and in charge of the protective committee work, found his hands full of work on his return to Minneapolis. With the card announcing two more bank burglaries he urged again that through the yegg season banks employ a night watchman to prevent attacks on the vaults. ]Minnesota has the high record for individual burglaries, but yields the palm to Missouri for total amounts removed from the bank safes.
V
Back from Europe
E. A. Potter, president of the American Trust and Savings Bank of this city has returned from Europe. His observations abroad were substantially the same as those made by other Chicago bankers to the effect that business in Europe has been much depressed and that trade over there is awaiting a revival of business in the United States.
time of the year than at any other period. Cash resources are stronger. Money is unusually plenty and is comparatively cheap.”
Reports Gratifying
E. M. Prince, president of the First National said: “The report ־of the banks of Minneapolis in answer to the fourth call of the Comptroller of the Currency will be most gratifying to the public. The increase in deposits will be marked. The early movement of crops has been accountable for this. This institution will show an increase of deposits of $5,500,000.
Gilbert G. Thorne Gives the Eastern View
Gilbert G. Thorne, vice-president of the National Park Bank of New York, formerly of the Northwestern National in Minneapolis, who is chairman of the creditors’ committee of the Pillsbury-Washburn Flour Mills Company, limited, said when in Minneapolis at the first meeting of the committee last week:
“Back East we think that the West has been and is in the best condition of any part of the country since the crisis of last October. I do not think conservative bankers would say that the A est is independent of the East. We must all work together. That statement would be ridiculous. But the West can take care of itself as well as any part of the country.
“In the East business is flat, and I do not see any prospect of any change until after the election. or until spring.”
Joseph Chapman’s Views
In the opinion of Joseph Chapman. Jr., president of the ]Minneapolis Bankers Association, who attended the Denver meeting, the American
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Address “A” - Care Chicago Banker
Deposits in the Twin Citv banks reached the highest mark in the banking history for report on the condition at the close of business on September 23d. Northwestern banks outside the Twin Cities show the same state of affairs. At the St. Paul the First National led with $10,800,-000. The National German American was second with $10,298,000 deposits, and the Merchants’ National was third with a total of $9,-853,979• The president of one of the biggest nationals in St. Paul says: “The producing section of the Northwest was never in better condition. The people are regaining confidence and money that was hidden is beginning to find its way to the banks and to the merchants for supplies. The people are evincing an optimistic tone and I look for a healthy resumption of business enterprises, with the launching of new concerns on a sound basis which will begin a long era of prosperous conditions. Of course if the election should prove unsatisfactory to business interests it might create a chaotic condition for a few months.”
Gains in Deposits Tremendous
In Minneapolis banks the gain in deposits and in total resources since the former call was tremendous. In loans and discounts the gain was $4,963,553; in deposits, $15,532,508, and in resources, $16,155,611. The totals for both national and state banks were; loans and discounts, $50,-079,208; deposits, $76,535,042: resources, $93.-614,368.
The Northwestern National
The statement of the Northwestern National places it ahead of all banks west of Chicago, except in St. Louis. Its loans and discounts were $16,869,518, its deposits were $24,120,541, and its resources were $29,899,923. Deposits in the First National reached $19,852,467, in the Security National they were $17,247,708, in the Swedish American National they were $4,005,-661 and in the Minnesota National, $927,879. Grain Moving Rapidly
E. L. Mattson of the Swedish said:
"The situation, as near as I can tell you, is due to the fact that grain is moving more rapidly this year than ever has been known, and the activity resulting from it means more business and larger deposits.
“The increase is largely that of the balances of country banks, which are always larger at this