St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1884-07-06
The Financial Center of the North
west With 81, 100000 Bank
ing Capital.
Exceeding All Else of Minnesota and
all Wisconsin, and Nearly
Equal to Iowa.
An Indispensable Evidence of the Perma-
nent Business and Real Estate
Values.
Average Summer Sales of City Property,
Notwithstanding the National
Holiday.

Notwithstanding the interference of the
great nstional holiday, the total transactions
of the week were fully up to the average
sales. tThese sales embrace all kinds of
property, though residence sites are rather
more numerous in the list than any other
kind, which is only one of the many evil
dences that very large addition is being
made to the population of ST. Paul. AS
matter of course, the most snowy and eX-
pensive as well as the most costly residences
are on st. Anthony hill. This is very natu-
raj and the reasons why this is so are hume
rous, and well known. In spite of all this
preference for st. Anthony Hill, Dayton's
Bluff and West st. Paul come in for large
share of building this year, and the indica-
tons are that next year these last named
locations will come in for still larger share
of building even than they have this season.
In regard to building those that are in pro-
cess of construction are progressing as rapid
ly, as possible, and most of the large ones
are well under way and are sure to be so
nearly completed as to be fully under cover
before winter sets in.
THE FINANCIAL CENTER OF THE NORTHWEST.
One of the first things that the observant
business man notices when he comes here to
st. Paul, is the fact that this city is the great
| financial center of the whole region around.
This fact shows itself in great many differ
ent ways, and forces itself upon the attention
in a perfectly natural and necessary manner
It is remarkable fact that while
this city is not quarter of century old its
banks carry the trade of a large scope
of country than those of any other Ameri-
can financial center. The natural conse-
quence is that there is concentrated in st.
Paul an enormously large capital. If this
was not the fact st. Paul could not begin to
handle the business she does to-day. The
resources of the National banks of Minnesota
greatly exceed those of Wisconsin, Texas,
Maryland, Missouri, Kansas, California,
Georgia and twenty other states and terri
tories, while they nearly double those of
California, and are twenty-five times greater
than the resources of the National banks of
Mississippi or Florida. We may go even
further and state that the National banks of
| st. Paul alone, exclusive of all other towns
and cities in the state, held, on the LIST of
January, 1884, s16,0S1, 1862 against only
$40, $4,000 for the entire state or California,
! 81, 1854, S31 for Kansas, 50, 1875, 1886 for
Georgia, and largely exceeded the resources
of the national banks of any one of the
nineteen other states and territories.
There is another remarkable feature in re-
gard to st. Paul banking development that
is calculated to attract attention and that is
| +1,o i'm cd unit nf al no
past year. The 0fiSial showing on this point
demonstrates beyuua any question st. Paul's
supremacy over any other town or city in
the state, and over all the other towns and
cities in the state, as financial center, and
shows that it is more rapidly developing in
this direction than any other city on the
continent.
According to the official report of Hon. J.
]. Knox, comptroller of the currency, for the
year 1888, Minnesota led every state in the
Union, with the single exception of Illinois,
in the amount of capital of national banks
organized during the year. The amount
thus credited to Minnesota is 50, 910,0 900,
and of this sum no less than 49, 500, 600 is
represented by the increase of capital of st.
Paul national banks. This showing is to the
effect, then, that the national banking capt.
tai of the city of st. Paul increased more
during the year 1888 than did that of the
banking capital of any entire state, except
| ing Illinois. In other words, the national
banking capital of st. Paul increased more
than 100 per cent. during 1888, and the in
crease was over five times that of all the
balance of Minnesota com bined.
The capital of the National banks of st
Paul is not only larger than the capital Of
the balance of the Minnesota banks COM
bined, but it actually exceeds the entire
national banking system of Wisconsin, and
is very nearly two-thirds as great as the
total national bank capital of Iowa. To form
any adequate idea of tile Importance of st.
Paul as financial center, however, it must
be born in mind that the extent to which
banks serve the business of any locality
is correctly indicated by the volume of loans
and discounts and individual deposits, as
| by the amount of exchange. 1t is certainly
a remarkable showing which st. Paul pre-
sents in this regard, for thereby it is seen
that the business of all the national banks in
| Wisconsin mbined is less than a fourth
! greater than those of st. Paul alone, while
that of all the national banks of Iowa does
not exceed those of st. Paul by over so per
cent. In making these comparisons the
reader must remember that Iowa and Wis
consin are ranked among the most prosper
! Gus states in the union, and far exceed
! Minnesota in population, yet Minnesota eX-
ceeds either of her sister northwestern states
in amount of national bank capital or bust
| ness.
But individual deposits go great way in
| Il
| it will be noted that the deposits of the St.
Paul national banks exceed those of all the
balance Of national banks in Minnesota
combined, by the splendid total of
1909, 1924.
These statistics prove beyond question that
the banks of the city of St. Paul are carrying
a vast business that extends far beyond the
confines of Minnesota; that in fact the trade
and commerce of the entire northwest has
made st. Paul its financial hacker. Now, if
| this city has attained a position which gives
| it rank among the chief financial centers of
the country-about ninth among the cities of
| the United States-what are its possibilities
when the empire tributary achieves develop
ment equal even to that of Wisconsin and
Iowa! Even with far less proportionate
wealth and population (which at the present
rate will be attained by the northwest within
ten years. ST. Paul will easily take third
place among the money centers, acknowl-
edging only New York and Chicago as super
iors. 1t requires no argument, in these
days Of money power, to convince the intel
ligent business man that wherever the fnan-
cial center of district is located, there also
4 must concentrate the trade and manufacture
ing interests of the same region. In other
words, st, Paul's acknowledged position as
the moneyed power of the northwest insures
beyond any question its future and perman-
ent supremacy in all other lines that con-
tribute to the up-building of mighty me-