The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1896-11-08
EFFECT ON THE BANKS.
A Marked Change Followed Immed-
lately After Election.

1ateAy Alter Elcct1Ons
In banking circles the good results
Of the election were immediate, in that
a large amount of money was offered
for investment All the commercial
banks had been holding large amounts
of money. Most Of them had large
quantities Of money belonging to their
country exchanges, and without ex-
ception all that money has been called
for for immediate uses. 1t is the opin-
ion of all the bankers interviewed that
it will be some time before the good
results Of this loosening Of the money
market will be generally felt. 1t will
take some time for the money to reach
the people through the various revenues
of trade and manufacturing industries,
but that the revival of business has
already begun there is no question.
The withdrawal of money for bust
ness purposes followed Immediately
upon the announcement Of the result
of the election" said E. H. Bailey, CASH
Ter Of the First National bank I'm
our bank there was much money be-
longing to country banks and that is
being rapidly drawn for investment
Money is offered freely for investment
In wheat, and to assist in moving the
crops and in other ways the increased
interest Of capital in the affairs of the
business world is noticeable do not
think there was much boarding of gold
among our customers. Although our
deposits have been heavier since Tues
day than for some time past, and are
increasing, there has been little gold
offered. Less than $500 was offered
yesterday, and not more than 5000
today. We have always accommodated
our customers with gold, if they had
obligation to meet in coin, but we would
not previous to the election have know
ingly paid it to any one for the pur-
pose Of boarding. 1t will be some time
before the general effect Of the business
revival is felt, but that there are bet
ter times ahead there is no doubt"
NO one need expect a boom in bust
ness affairs" said ex-Gov Merriam.
president Of the Merchants National
bank, but there has been a restoration
of confidence in banking and business
circles that Is already making itself
felt. For four months the investors of
the nation have been waiting to hear
from the people, and now that the lat
ter nave spoken in no uncertain tone,
the moneyed men are opening their
reserves and there is plenty of money
to be had for any legitimate purpose.
Just as good credit will be demanded as
before, but there will De more money
seeking investment and soon all the
channels Of trade will be lively again.
1t will require some time for this
money to reach the pockets Of the peo-
pie, but immense quantities of it are
starting in that direction. In St. Paul
there was none Of that feeling of un-
easiness that manifested itself in other
cities by heavy Withdrawals from the
banks and from circulation, so that we
do not notice the influx of money into
trade so much as bankers in other cities
VIII. People who had money in the
banks were content most Of them at
least, to let it remain there. I think
there was very little withdrawn for
purposes Of boarding. We are paving
out gold to any one who wishes it. hut
do not think there is any demand for
II now that the people know they can
get 1t. There was a considerable de-
mand for greenbacks after the banks
stopped paying out gold but such de-
mands were not honored as we knew
that persons making such demands
wanted to present the notes to the
United States treasury and secure the
gold for the purpose Of withdrawing
it from circulation"
Thomas B. Scott, president of the
Northern Exchange bank. said the re-
vlval In business was instantly notice
able In the increased deposits ''There
is no doubt that thousands of small de-
pos1tors as well as men Of large means
were holding their money back await
Ing the result Of the election. If the in
creased deposits are any indication of
increased confidence in the future of
the business situation, then the revival
of trade has already begun. But it will
be some time-several months, perhaps
before the general effect of the re-
vtVai will be noticeable to the small in
weston. There has never been a lack
Of money-confidence only on the part
OF the people was wanting The cleo
ton has restored that feeling Of con-
fidence and the result Is already ap-
parent"
In the savings banks, too, the result
was instantly noticed. Every savings
bank in the city has opened new ac-
counts with many small investors since
Tuesday. At the Savings Bank Of st.
Paul there has been a noticeable re-
turn Of money withdrawn during the
previous four months by depositors.
But after ALL" said +. A. Prender-