[Volume XXV JI
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
Commercial 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
sota Loan & Trust Company placed a half million dollar loan for a Canadian elevator company. Several important Canadian issues have been underwritten in the two cities. The chamber of commerce $500,000 building bonds were placed by the Minnesota Loan & Trust Company and the cost of its new annex was taken by the Wells-Dickey Company. Local banks and Eugene M. Stevens & Company negotiated the financing of the great power developments at International Falls.
No Private Banks in Minnesota
“And finally brethren” the last private bank in Minnesota has gotten under cover. The last unsupervised institution, the Security Bank of Pipestone, has incorporated as a state bank, with $35,000 capital. Three years ago the legislature passed a law providing that the word “bank” could be used only by state or national supervised banks. In accordance with the law the private banks have drifted into one fold or another.
Big Business Day in Minneapolis Banks
On October 4th the Minneapolis banks had one of the largest business days in their history. The First National handled $10,500,000, which is one of the heaviest days that it has had. At the Security there was a big mail business and the Northwestern National had nearly $4,000,000 in drafts and checks in the mail and handled
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
clearings were $6,086,960, the largest single day record since January, but counting from January 1st the Minneapolis clearings have been $680,-000,000, or $58,000,000 lighter than a year ago.
Regarding the high clearings lately Perry Harrison, manager for the Minneapolis clearing house association, says: “It is impossible to tell what the activities of the succeeding weeks will be, or whether the bank clearings will continue at the high water mark throughout the month. The record for the week is high, it is to be hoped that business activity will keep clearings up for some time to come.”
Against Central Bank Plan
Lydell Baker of Portland, publisher of the Pacific Banker, said in Minneapolis on his way home from New York, that the central bank idea, the plan that would create a bank of issue, or large central institution to do business with other banks only, is gaining favor in the West, and the Pacific coast bankers would favor it, Mr. Baker said, provided the proper safeguards were put about it.
The states of Oregon, Washington and Montana have never favored the bank guaranty plan, Mr. Baker continued, and are watching the Oklahoma developments. It is the belief of nearly all of the bankers of Seattle, Tacoma, Portland and Spokane that the plan is impracticable, and the Pacific coast country is against it. Lumber trade is improving in the West and there promises to be a big business in 1910. Many of the mills closed in 1907 are opening again and production will increase as demand increases.
Financing Large Undertakings
In the financing by Minneapolis banks of an issue of $1,500,000 5 per cent gold bonds by the Red River Lumber Company the city has again shown its ability to furnish the money for large undertakings. Of the issue more than $800,000 was placed by the underwriters with the Twin City banks. The bonds cover 187,500 acres of pine timber lands. A year or two ago the Minne-
From October 3d to October 6th the grain-ship-ping country drew on Minneapolis for $10,600,-000. On this business $8,500,000 was in grain drafts and $2,100,000 in currency shipments out from the banks. One significance is that the Duluth grain is being financed largely from Minneapolis. Grain firms are having heavy demands for money. In the early days of the season the grain movement, 10,000,000 to 12,000,000 bushels, was sent to the railway stations, but not sold. Selling of this grain later called for a heavy shipment of money into the country. Lighter receipts are due in part to the farmers withholding sales and partly to the fact that grain is being shipped East by way of Duluth and the lakes. From September 1st to October 6th the receipts of wheat in Minneapolis had been 15,832,630 bushels as compared with 20,-974,450 last year. On October 6th the bank
/ 5 Carloads a Minute
is the estimated amount of Pittsburgh’s mine and mill products. The financing of these immense industries gives Pittsburgh banks a large earning power. Because of its large volume of business and extensive connections, this Bank can offer attractive inducements to banks and trust companies everywhere to establish connections with it.
Correspondence Invited
OLUMBIA
NATIONAL
BANK
OF PITTSBURGH
Surplus, $1,000,000.00
Capital $600,000.00