12	THE CHICAGO BANKER	{Volume XXV
rency system of the United States, I believe in the plan of a main bank of issue. The system as used in Germany and France would prove successful, I am sure. Whether the country is ready for it at this time is another question. Those who have gone into the question fear politics might enter into the system, which is not at all likely, if the bank is properly organized.”
J. E. Bell, ¡Hennepin County Savings: “I am in favor of a main bank of issue. It is the best thing yet offered to remedy the ills of the present currency system.”
George F. Orde, First National, and J. A. Latta, Swedish American National, favor the plan. Mr. Orde says that so long as it is possible to secure circulation on high grade government bonds, a main bank of issue is unnecessary, however.
J. E. Bell, president of the Hennepin County Savings Bank, says of the postal savings measure: “There is not a question of doubt but that the postal savings law, as proposed, will be harmful to small country banks. The patrons in these institutions would withdraw their money and deposit it in the postal savings banks. The result would be undoubtedly disastrous to the country banking institutions. Good, careful banking is all that can be asked and desired for the protection of depositors in the banks of the country.”
First National of Belle Plaine
Dr. F. FI. Wellcome of Minneapolis is to be president of the reorganized First National at Belle Plaine, Minn. The Union Investment Company, of which Dr. Wellcome is the head, is reported to have put up $64,000 to take the place of doubtful paper held under the management of the late John G. Lund, former head of the bank. Depositors are to have credit for full amount of deposits.
V*
Bank Closed Doors to Test Guaranty Law
Coal Gate, Okla., Oct. 21.—A report has been made by the grand jury in the failure of the International State Bank that the bank closed its doors in order to make an exhibition of results of the depositors’ guaranty law. The bank officials are exonerated from blame. The grand jury recommends the removal of State Bank Examiner Smock.
V*
The Farmers State Bank of Rock Lake
The Farmers State Bank of Rock Lake, N. D., will soon open for business. W. J. Lichty is president, H. B. Gray, cashier.
V*
The Milford (la.) Savings has been granted a charter to organize as a national.
H. Van Vleck of the Merchants’ National, St. Paul, says that last spring his bank made weekly shipments of $10,000 in silver dollars to the Subtreasury to get rid of the money. Under the new rule this has become unnecessary, the smaller banks absorbing the supply where dollars are used for circulation purposes. The bank has still $60,000 in silver of all denominations.
IT E. Hallenbeck, of the Capital National, reports that the order is a boon to bankers. Last spring the bank shipped $30,000 to Chicago. Since the order by the government went into effect the bank has been saved the expense.
Some of the banks have been putting in circulation brand new bills of the 1908 currency issued by Eastern banks.
Bankers Sure to Win
Joseph Chapman, Jr., of the A. B. A. express committee, says of the outcome of the case pending before the interstate commerce commission : “I am certain that the bankers are going to win. They have an excellent case and were prepared for the hearing. Since the express companies are under the supervision of the interstate commerce commission as common carriers, they should not be permitted to maintain a branch banking system without capital.”
Crop Outlook
A. A. Crane, vice-president of the Northwest-ern National, says of general financial conditions : “Poor crops for two or three seasons is the only thing that could do any great harm to the present prosperous condition of the Northwest. Generally speaking the only thing we need concern ourselves about in the future, is the crop outlook. The depressions in other countries of the world will have little, if any effect upon us, at least at this time.”
Central Bank Interviews
Central bank of issue interviews have been given out by leading Minneapolis banlSrs: F. A. Chamberlain, president of the Security National, says: “I am in favor of a large central bank to be owned by the national banks of the country. The most feasible plan has been formulated by E. B. Walker, president of the Canadian Bank of Commerce, Toronto.”
A. A. Crane, Northwestern National: “From the standpoint of a remedy for the present cur-
J. B. Forgan, president of the First National at Chicago, has been visiting the Twin Cities. On Monday evening he was the guest of honor at a home dinner given by E. W. Decker, vice-president and manager of the Northwestern National, the other guests being members of the bank’s executive committee, and former associates of Mr. Forgan. They were : President W. H. 1 )ur.woody, Vice-President M. B. Koon, Vice-President Joseph Chapman, Jr., Directors O. C. Wyman, T. 13. Jammy, J. S. Bell, and George W. Porter. Interesting records of the bank when Mr. Forgan was cashier and manager, and Mr. Decker was messenger, in 1888, were dug up and formed the basis for a fund of reminiscence. The tremendous growth of the leading Twin City banks in the last five years was discussed. Mr. Forgan had intended leaving for Chicago early Tuesday evening, but was persuaded to wait for a late train so as to attend the annual meeting of the Twin City Bankers’ Club, at the Minnesota Club in St. Paul. He was informally the guest of honor and was presented to seventy-five of the bankers of St. Paul and Minneapolis. D. S. Culver presided. E. W. Decker was advanced from vice-president to president. George F. Orde has been serving as acting secretary because of the continued illness of Secretary Ernest C. Brown.
Mr. Forgan said : “This guaranty deposit law-does not contain a single sane thought. It makes my blood boil to think that our people should even have such a measure under consideration. It would not pass Congress in the first place, and if it did could not be made practicable. I can say that I am friendly to the postal savings bank measure. The success of the central bank of issue in relieving financial ills—the currency problem, for instance,—is exceedingly doubtful in my mind.”
One and Two Dollar Bills
Twin City bankers notice the rapid substitution in circulation of one and two dollar bills for silver in the Northwest since the government ruled that it would not pay express charges on shipments of silver dollars to the banks. Edgar L. Mattson, of the Swedish American National, who is treasurer of the state fair association, says the small bills were for the first time noticeable in the receipts, at the fair which just closed. They amounted to $10,000.