[Volume XXVII
THE CHICAGO BANKER
12
FISK & ROBINSON
BANKERS
Correspondence invited regarding Government, New York City, Railroad, Municipal, and Corporation Bonds
Members of the New York Stock Exchange
Commereiai National Bank Building
NEW YORK	CHICAGO	BOSTON
Western Trust and Savings Bank
Chicago, Illinois
Capital, One Million Dollars
ESTABLISHED 1873
Is thoroughly equipped to handle all business pertaining to banking and invites the accounts of banks, corporations, firms and individuals
surance was given the Minnesota congressmen by Assistant Secretary Norton of the treasury and members of the tariff conference committee.
First National of Mott
The First National of Mott, N. D., has been authorized to begin business with $25,000 capital. The Dairymen’s National of Sheboygan Falls, Wis., which was in the hands of a receiver on June 25th, has resumed business.
New Banking Department in Working Order The new banking department of Minnesota began work August 2d. For a time the eight examiners will work in pairs, as only half the men are former members of the public examiner’s banking department and accustomed to the work. H. B. Hill, W. R. Devine, E. F. Kendrick, and_D. D. Devine are the old members of the force.' J. B. Galarneault, the new superintendent of banks, held his first conference with his men on July 30th and assigned them to their districts. D. D. Devine will look after the Twin Cities, and E. F. Kendrick after the building and loan associations.
The counties of the state and banks in each have been assigned as follows:
A. M. Becker—Lincoln county, 5; Pipestone, 6; Rock, 5; Lyon, 10; Murray, 8; Nobles, 12; Redwood, 17; Cottonwood, 6; Jackson, 4; Brown, except New Ulm, 8; Watonwan, 9; Martin, 7. Total, 97.
GRAMM & 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
“With these crops assured and the tariff problems adjusted on a fairly satisfactory basis, I believe business throughout the whole United States is going to steadily improve and that we may expect a very good year during 19x0.
“I believe conditions generally are very healthy, and see no reason whatever why we here in the Northwest particularly should not be reasonably optimistic for the immediate future. The affairs of the government are in good, safe hands, where all interests may expect fair treatment.”
Increase in Money Rates Expected
Upon the probable increase of money rates in the Twin Cities from one-half to 1 per cent, Kenneth Clark, president of the Merchants National, says: “An increase in the interest rates is always expected at this time of the year. The banks of the Twin Cities, Chicago, and other money centers, participate in funding the movement of the grain, and the excessive demand has increased the rates in all previous years. The amount to be used depends on several things. The demand for grain for export has considerable to do with it. If the grain is sold in the East soon after the harvest and is kept moving, it will not take much money to do the work. The receipts from the Eastern buyers will help to keep the farmers supplied. But if the grain is allowed to accumulate in the elevators, near the farms, a large sum will be necessary.” The loan rate now varies from 4^2 to 5 per cent.
Panama Bonds will Not Depreciate Other Bonds
Assurance has been received by the protesting Twin City bankers that Panama 3 per cent bonds will not be issued in sufficient quantities to depreciate the 2 per cent bonds with which the banks secure circulation. In case the 3 per cent bonds are issued in any quantity the present tax of one-half of 1 per cent on circulation secured by 2 per cent bonds will be removed. This action will prevent depreciation to any great ejctent in the value of the 2 per cents. The as-
E. W. Decker, vice-president of the Northwestern National, feels sanguine over the financial and crop conditions prevailing. The outcome will be commercial rejuvenation. Mr. Decker says:
“The business outlook in the Northwest, and in fact throughout the whole country is, I think, exceptionally good. We are about to harvest one of the largest, if not the largest, cereal crops in the history of the Northwest, on which the farmer is sure to get a very satisfactory price; in fact, all farm products are bringing an unusually high price, which bespeaks good times for the whole country, particularly Minneapolis and the territory from which it draws its business.
“It will undoubtedly require a very large amount of money to move this crop, and I have no doubt interest rates will harden considerably in the next six weeks. Five per cent, I believe, will be the minimum rate for that purpose.
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 !®NATIONAL 1^4 BANK
OF PITTSBURGH
Depositary oj
United States, State of Pennsylvania, City of Pittsburgh