[Volume XXVII
THE CHICAGO BANKER
12
preliminary work of investigating agricultural conditions in Minnesota the letter asks for suggestions on its work, and expresses willingness of the bankers’ committee to attend a meeting of the board of regents.
Outlines Three Money Reforms
Former Governor W. R. Merriam, now of Washington, visiting at St. Paul, outlines three money reforms: Authorization of national banks to issue currency based on commercial paper with safety fund; the Canadian plan of branch banks; the central bank plan so organized as to exclude political influence and that of great magnates. Incidentally he gave a synopsis of systems in use in Europe. He said: “A strong central bank would fix the current rate of interest, discount commercial paper for banks, buy and sell gold and silver, handle foreign exchange so as to control gold shipments, act as a depository for all treasury funds, loan to the government when necessary, and in times of acute panic discount and issue its notes in such amounts as might be necessary to allay public distress. It would carry a large gold reserve, pay no interest on deposit, be limited to dividends not exceeding 4 or 5 per cent after a large reserve had been created, and would prove a panacea for all the present financial ills and guard against trouble in the future.” Bank Clearings Gaining
Bank clearings are growing in the Twin Cities.
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. in. to 9 p. in.
134 WEST MADISON STREET, CHICAGO
way. The result is that the protective committee of the Minnesota Bankers Association will start a campaign of elimination at once, regardless of what the Interstate Protective Association of the five northwestern commonwealths will do. Manager Charles R. Frost is going to turn gay-cat and stake out a few deals by which the yeggmen will be captured. Mr. Frost’s attitude is that the yeggs have started something and that it will be a fight to the finish. The “soup” men were given due notice that the association was formed with the purpose of stopping bank burglaries in the proscribed territory. No attention was paid to the warning, so the bankers will get busy.
Mr. Frost says: “We are going to make them stop absolutely. At the meeting of the protective committee we threshed out the situation in Minnesota and I asked for latitude to go ahead and work out our plan regardless of the expense. We can make them stop. It is to be a fight to the finish. They have started something and we shall start something. There should be an increase of dues in every association in the interstate league and every state should organize the department. The associations have got to spend more money in the campaign.”
The Minnesota protective committee is secret, composed of four unknowns. It had not met for two years. Numerous robberies in the last few weeks have aroused the bankers to the necessity for action.
M. B. A. Offers Services
The agricultural committee of the Minnesota Bankers Association has offered its services in the appointment of a new dean of the agricultural college of the University of Minnesota, if needed. Secretary C. R. Frost of the state association, has written the president of the board of regents of what the bankers are doing for the advancement of the agricultural interests of the state and that in view of the importance of the appointment ¡proposed serious consideration should be given to the matter. After telling about the committee’s
Development of the agricultural possibilities of Minnesota and the elimination of the yeggman in the state are the two matters that are now engaging the attention of he Minnesota Bankers Association. The committee on agricultural development and education met Tuesday to prepare its report to the executive council following the resolution of the last convention which started the investigation as to why the farmer boy leaves home, and why there are vacant farms in the state. The committee found itself burdened with a great collection of evidence on the agricultural subject at its meeting and that it will take much time and labor to compile the replies received from the state and national bankers to a series of questions mailed by the bankers’ council.
As to the yeggmen—the expected series of crime as the crooks make their way back from the Seattle exposition has begun and is well under
In Pittsburgh
WING to industrial and financial conditions that are entirely peculiar to Pittsburgh, the banks of this great center lead the banks of all other American cities in earning capacity. These same conditions enable this bank to offer an unusually attractive proposition to Banks and Trust Companies everywhere to act as a Reserve Depositary and Collecting Agent for them. It pays liberal interest on deposits and gives banking service satisfactory to the most exacting.
Correspondence Invited
OLUMBIA
NATIONAL
BANK
OF PITTSBURGH
Surplus, $1,000,000.00
Capital, $600,000.00