St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-01-01

ton. But the Western banks are now
quite independent of the Eastern banks.
The recent great expectation of gold
from New York to Europe caused a
panic OIL Wall street; but the Western
banker felt no alarm, and continued to
transact business with his usual free
dom. Since 1890 banking business in
the West has undergone
A Wonderful Growth.
The Barring Bros. failure OF that year
taught the so-called first-class business
men of the West a great lesson. Up to
that time these gilt-edged Western men
had always made practice OF placing
their paper in the East, leaving their
home banks to exist upon the business
only of the so-called second-class bust
ness men. When the financial world
was disturbed by this failure the East
ern banks at once proceeded to take
care of their own home custom
ers, and left the Western fell
lows to shift for themselves.
They declined to further discount the
paper of the Western man, aud pro-
ceeded to demand immediate payment
on all the Western paper which they
had previously discounted. The West
ern men turned to their own home
banks for assistance, but the western
banks were looking out for their Gus
toners, and declined to help the men
who had ignored them and gone East.
A great number of Western first class
men went to the wall, while all the Sec
ond-claSs men rode on the high wave.
Now the Western men who do business
with Eastern banks are very scarce.
A number of ST. PauPS leading bank
ers have given interviews upon the
banking outlook and furnished some
interesting reading for this review.
Most of them speak strongly in favor OF
the repeal of the Sherman bill and in
favor of the suspension of the purchase
of silver bullion and the issue Of GER
tificates against it. Hon. William Daw-
son alone argues that the repeal Of this
bill might result in disaster. His inter-
view is very able and should be care
fully read in connection With what Gov.
Merriam, d. A. MonfOrt, Hon. Albert
Scheffer and the others say. Mr.. Daw-
son is in possession OF direct and
thoroughly reliable information con-
corning the great gold fields OF Africa,
which have recently been discovered
and are opening up in such great pro-
portions that many OF the great imam
cierS OF the world are expressing the
DelleI LndL SOlu MAY DcCUtlc neatly do
cheap as silver. These gold fields are
pronounced the greatest the world has
ever seen. However, the reasons given
by the others why the purchase OF sill
yer bullion should be suspended sound
very reasonable. Upon one thing the
bankers all agreed, and that is that with
the money standard definitely settled
and the tariff question disposed OF u pom
almost any reasonable plan, the
Banking Outlook rs as Good
as it ever was in the history of the
country. Notwithstanding the low price
of wheat the bankers consider the times
good. And Mr.. Dawson tells why. The
low price of wheat affects only those
localities where the farmers have not
yet learned to diversity their interests.
In localities where diversity of farm
ing prevails the tillers of the soil are
prosperous, for almost every product
except wheat is bringing good price.
Some time ago the directors of the
First National bank passed resolution
declaring that the undivided profits
should be left to accumulate until they,
together with the surplus, should equal
the capital stock. Last July the aim
was reached, the earnings and surplus
amounting to handsome sum more
than the stock. SO the directors on
Thursday last held meeting and de-
clared an 81 per cent semiannual divid-