The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1896-11-08

CAST, president of the bank, there was
less fear on the part Of investors in
small banks than one would imagine
There were comparatively few accounts
closed because of the financial depres-
sion or for fear of the instability of
the banks. In many, if not most in
stances, the depositors were out Of en-
ployment and needed their savings. OF
course there were some who closed
their accounts and put their money in
safety deposit vaults and other places
for safe keeping The usual effort to
banks and most of the money is now
coming back to us in rolls of bills that
the depositors have had boarded in sec
ret places since its withdrawal Less
than $780, 900 was Withdrawn In this way
during the past four months. Most Of
1t has returned, the balance will sooner
or later, and we are opening new ac-
counts with new depositors hourly
There are many who are holding back
until they are quite certain that the
election of Mckinley means a stable
money market, and then they will come
in again, also. The future is bright
with the prospect of business re-
vival.'
Eastern capital is already seeking
investment in Minnesota" said C. W.
Eberlein, secretary Of the st. Paul
Trust company, land the election of
Gov Clough means as much to the
people of Minnesota as the election Of
Mckinley to the nation. The money
lenders Of the East have had eXper-
fence with the Populist states Of the
West and they are shy Of placing their
money in such states. If Minnesota
had been so unfortunate as to be under
the reign Of a Populist governor, 1
doubt if the Eastern men could have
been persuaded to send their money
10
freely There will be plenty of money
offered now to move the crops and that
is the basis Of our business in this
country The good effects Of the cleo
ton will be felt in every channel Of
trade within a short time. 1 have had
little opportunity to judge whether
there was much boarding or withdraw
ais from the banks, but do know. that
while there was plenty Of money, none
could be borrowed while the uncer-
tainty concerning the financial policy of
the nation existed. Now there is no
more money, but there is freedom of
movement and willingness to invest.
There is already noticeable in the bust
ness of this company more prompt
payment Of interest, and rents and
other accounts that have been neglect
ed during the past four months. There
is no question but that the tide has
already turned and that good times
Will follow on the neelS OF the general
feeling of confidence"
One banker cited as an instance of
the general feeling that the election of
Mckinley would have a beneficial eff
feet on the money market, the fact that
customer Of the bank, who had
500, 900 in gold on deposit, loaned half
the amount the day after election, be-
fore even the official figures had been
limited at 'tMcKinley's elected, and
that's all I want to know" said the
man with the 500 900 and he was given
the sum he wanted to loan, which went
at once into the grain business of the
Northwest. This man was but single
instance Of the many whom the bank
ers cite as evidence that only con-
fidence in the stability of the money
system was needed to restore that
measure Of confidence that insures sue
cess in business circles.
Some men, large holders Of ready
capital, too, were anxious to secure
their deposits from the banks in gold.
This was denied them, as the bankers
knew that the men had no place to
lend money, but sought to withdraw 1t
simply for the purpose Of placing 1t IN
safety deposit vaults. Frustrated in
| their designs some Of the depositors
| bought drafts and in this way secured
their gold from the subtreasuries. But
all that money is finding it's way back
into the banks and will soon be oll1ng
the wheels of commerce.
President Albert Scheffer, Of the AL
lemannia bank, said that as the result
Of the financial agitation, business had
been practically at a standstill during
the campaign, and that the results vi
the election had been effective In re-
storing that measure Of confidence
necessary to a free interchange OF
business. "Within a short time" said
Mr.. Scheffer, business generally will
be very much improved because the
people Of this country and of Europe
now realize that the great American
people will never repudiate any por-
| ton Of their Indebtedness"