[Volume XXVI1
THE CHICAGO BANKER
12
than last year will be required to handle it. Interest rates are, of course, regulated by supply and demand, and although there has not been any extensive call for some time there is no doubt that surpluses in banks here will be circulated in various parts of the Northwest as soon as the grain is ready for market.”
Court Order Issued
An order has been issued by the district court in Hennepin county restraining officers of the First National at Hopkins, a suburb of Minneapolis, from voting stock or doing any other acts to prejudice the interests of the plaintiffs. The application is made by H. D. Reed of Chisago City, Minn., and S. J. Forbes of Marshall, Minn., W. G. Shaffer, A. M. Shaffer and F. W. Brown, partners in business at New Hampton, Iowa, and holders of 146 of the 250 shares of stock, are defendants, with Cashier F. E. Dix and Trustee Paul Swenson, who holds some stock. The plaintiffs allege that they contracted to buy the stock from the Iowa men and interest in the postoffice property for $17,250. Objection was made to the mortgage which secured a $5,000 note involved as part of the transfer. When the correction was made of the irregularity it is alleged that the defendants could not be found to pay them the money. On the other hand, the plaintiffs declared the deal off because payment had not been made on time. The plaintiffs are
GRAHAM & SONS
Bankers
Insurance & Agents
Established 1857—52 Years
Interest on Deposits — Accounts Solicited Money to Loan on Real Estate
Open Evenings — Hours 9 a. m. to 9 p. m.
134 WEST MADISON STREET, CHICAGO
circulation secured by the two per cent bonds should be removed.”
Continues to Invest in Minneapolis Stock
James A. Patten of Chicago continued his stock buying in Minneapolis financial institutions on Tuesday by purchasing at auction sixty, shares of Minneapolis Trust Company stock at $200, the former price having been $170. It is an exhibition of the strength in local securities deve’oped in the last ten days. Mr. Patten’s former investment amounted to $185,000. At the opening of the stock exchange on that day Todd W. Lewis bid up First National to $245, presumably for Mr. Patten, and offered $150, a new high price, for Minnesota Loan & Trust. Northwestern National was bid at $255, but there were no offerings. The jump of $30 in Minneapolis Trust is charged to the recent advance in dividend rate from 6 to 8 per cent. President E. M. Stevens of the stock exchange says that the continued advance reflects expectation in part of a good crop and much financial activity in Minneapolis, but that the book value, aside from other consideration, warrants the prices being paid. Since early in the year Northwestern National has advanced $15 to $255, Security National $10 to $300, First National $15 to $240, and Minneapolis Trust $35 to $200.
Special Bulletin
In its special bulletin on the country’s industries the government recognizes the Twin Cities, embracing 115 square miles, as one commercial and financial center. It makes the district the eleventh manufacturing division with a capital of $108,-209,964, an annual output of $161,803,453, representing 1,506 industries.
More Money Needed to Move Crops
C. F. Wyant, cashier of the Metropolitan National Bank, says of money and the crop movement : “There may be an advance of 1 per cent within the next two weeks. When the crop movement begins it is probable that even more money
National banks in the Twin Cities and the Minnesota Bankers Association have protested to Washington against the issuance of $300,000,000 Panama Canal bonds expected to be authorized by congress. They fear the heavy issue of 3 per cent bonds will depreciate the value of the 2 per cent bonds, held by national banks as security for note issues. Messages have been sent to the congressmen signed by the First, Northwestern and Security national banks and by Secretary C. R. Frost of the association. Mr. Frost’s message read:	“The Minnesota Bankers Association, in-
cluding about 250 national banks, earnestly protests against action of the conference committee looking to the authorization of $300,000,000 three per cent bond issue at this time, thus putting the two per cent bonds now held by our banks at a discount. If it is absolutely necessary to make such authorization at this time, the tax on bank
If Your Vacation
should lead you to or through Pittsburgh, the officers of this Bank will consider it a great favor if you will call and allow them to show you the points of interest in our city, or to add in some way to the pleasure of your visit We hope that bankers everywhere will consider this a personal invitation.
/COLUMBIA f# NATIONAL !®*A BANK
OF PITTSBURGH
Depositary of
United States, State of Pennsylvania, City of Pittsburgh