St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1891-03-15

from the financial centerS of the cOun-
try, and that unrestricted rates may be
obtained, yet that the rate has steadily
decreased from 80 TO 80 per cent per year
TO e to 10 per cent i'll 1891, should be suf-
ticitnt argument for other states to en-
act similar laws. LII advised and I'M
wise legislation, or attempted leglsla-
ton, every two years IN this state con-
corning interest and mortgages does US
more harm than all the business unions
and similar bodies can counterfeit in the
same fine. We are community of bor-
rOwers, and it is of the greatest impOr-
lance that money shall flow uninter-
ruptedly into our borders"
Kansas City has for years been re-
markable for her unusually large bank
clearnss, which have indicated her i'm
portance as commercial city. To find
her banks presenting every appear
ance of thrift, and business of
large proportions. was consequently
banks, with capital of S7,UGO.u00
and surplus of S1,250,0O0, state and saw
ings banks with a capital and surplus
of S1,116,000, and deposits of nearly
$1,000, 000-a total of SIG, 600, show
the Importance of the banking business
of that city. Rates of interest, both
bank and mortgage, are about the same
as in Minneapolis.
Omaha's banking buildings average
better in appearance than in any city
visited. There are nine national and
two state banks. An unusual number
of savings banks, even for city of
much greater size, are there eStab-
liShed. There are no less than seven,
though nearly all do general banking
business as we'll. The entire deposits
OF the seven banks is S2,GS6, 900, being
less than One-half of that of one savings
bank in Minneapolis. They pay 8 per
cent interest.
Sioux City's financial interests have
kept pace with her rapid growth. There
are nine national banks, with capital
OF three millions, deposits of four mill
ions; eight state banks, with capital
Of one and half millions. and deposits
of one and quarter millions.
making total OF seventeen banks, with
aggregate capital and surplus of four
and half millions, and total deposits
of five and a quarter millions. Interest
rates are about the same as in Minneap-
oils or Omaha.
Mr.. Phelps made this comparison.
''In comparing the banks Uf the other
cities with our own it is found that the
ratio of state banks in this city to the
national banks present decided con-
traSt. In Denver, Omaha and Kansas
City the state banks are compare
lively few, the deposits being but
small portion of the total;
thirteen state banks and six national,
and fourteen millions of our twenty
three millions Of deposits are fould in
the vaults of our state and savings
banks. We also have in our two saw
ingS banks more money than in the
savings banks combined of all the other
cities visited"
Barnes on Duluth.
w. A. Barnes was sent up to visit the
lake cities. He said this of Duluth:
duluth has rugged site on which to
build city. There is little room for
railway facilities near the business cen
ter, which must make the handling of
freight slow and expensive. The resi-
dence portion lies northeast of the bust
ness center. The surface is rolling and
cut here and there by ravineS and slopes
toward the lake, making it, like the
business portion, expensive to prepare
it for building purposes. The section
devoted to manufacturing purposes lies
southwest of the business center, and is
mostly low and marShy land, and in
order to make it available it must be
piled and filled, which requires large
OUTLAWS of money. TO offset these disad-
Vantages, Duluth has its bay front with
its many docks to accommodate its eX
tenSiye shipping. Its broad gauge
sharp, shrewd, energetic citizens have
an abiding faith in the future greatness
of their city: We find the business men
united and working together har-
all the interests of the city.
We also found advertising matter, eX-
planning the advantages of Duluth,
corded up in piles in the chamber of
commerce, Which is constantly being
drawn on to send out over the country.
After looking over the business of Du
luth pretty thoroughly, we. made up
our minds that her manufacturing es-
adjustments were the great factors
which had increased her population
from 5000 in 1880 to $4,000 in 1890"
Of Superior he said it was prodigy
but four years old, and its prosperity
was due to push and advertising. He
concluded:
I'VE believe that the lesson to be
learned from our visit to Duluth and
Superior, our neIghbOring citiS, is this:
That Minneapolis should at once put
forth all her energies by united effort
of all her citizens in the establishment
of varied manufacturing industries, and
should advertise it to the world"
Thorpe and snyder.
James Thorpe read paper on mil
waukee," he having been requested by
the B. NJ. U. to stop there OH his return
from the East, and inquire how that
city works to secure new manufacturing
enterprises. There is an organization
there similar to the B. NJ. u, the secre-
tary of which receives 50, 1000 per year.
1t has not been the practice of Milwau-
kee to pay bonuses, but to subscribe for
stock IN new industries. He found that
Milwaukee is, every year, becoming
more of satellite of Chicago. 1t will
never, he thought, become an aggressive
manufacturing competitor of Minneap-
oils.
Fred SNYDER read a paper on the
Minneapolis stock yards at New Bright
on. His paper was largely of an his
tOrieal character, detailing the incep-
ton and organization of the stock yards
enterprise. Established but recently,
the stock yards have already grown to
/ be one of the most important of the
business ventures fostered by Mime
apoliS business men and Minneapolis
money. He thought that glue factories,
soap factories, tanneries, etc., would
soon be added to New Brighton's in
QuStrleS.
President t. B. Walker read paper
on the objects and accomplishments of
the Business Mems union. He covered
the St. Louis park scheme and enumer-
ated the industries which the union has
been instrumental in locating in Mime
apolis. j. L. Wyman delivered an adj
dress suggested by the reports which
had been read. 1t was devoted to a
general resume of the advantages of
Minneapolis and to painting its brilliant
future.
Will Not Advertise Him.