The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1898-06-29

Profession-A. ID. Stephens and
G. Nj. Phillips Also Heard.
The ninth annual meeting of the Min
nesota Bankers association began yes
terday morning in St. Paul, and about
one-half of the banks in the state will
have to struggle along as best they
can without their official heads for
day or two. The meeting will be of
more than ordinary interest to bank
ers and men int, ested in financial
matters, from the fact that occasion
will be given the members to have
the new war revenue bill interpreted
and for the additional reason that the
association will make provision for the
extension of the protective system that
Is as yet in its infancy.
Among those who were present at the
opening session were:
President d. "A. Monfort, Vice Presi-
: lent II. D. Brown, of Albert
Lea; Treasurer George H. Prince. Secretary
Charles W. Folds, of Minneapolis; L. Whit
more, OF Wabasha; Cliff W. Gress of Cannon
rails; A. c; Anderson. A. A. Crane of Min
leapolis; Charles F. Leland, of Duluth; ]. w.
Wheeler, of Crookston; ]. F. R. Foss, of
Minneapolis; Walter Hurlburt, of Rochester;
q. Nj. Phillips, of Mortified; David R. For
A. D. Stephens, OF Crookston George W.
Burton, of La Crosse; Senator J. T Wyman,
Of Minneapolis; Thomas Veltum, Of St. James;
yonn W. Scott. of Austin; S. W. McNe1na, OF
Marshall; c. t. Jaffray, of Minneapolis; r.
f. A. Ma "s Of Minneapolis; George B.
heapolis; L. Quackenbush, of LIE Sueur; L.
Gilbert, OF Glencoe W. Evans. of Big Lake;
F; n. Thornton. Of Benson: G.. B. Ward, Ct
Smith. of Sleepy Eye; E. J. Grimes, of Heron
Lake; NJ. T. Dunn, of LIE Roy; H. R. Welles,
p Preston; a. S. Tower, of Chicago; A. L.
Ordean, of Duluth; A. L. Order, OF Duluth.
The sessions of the association began
yesterday morning in the ordinary of
the Ryan, and will continue through
today. The gathering Is essentially a
business one, but the fact that bankers
In sriall towns are largely interested
In local politics is demonstrated in the
fact that good many of the bankers
are very much pleased that the date
Of the association meeting was practi-
rally Identical with the Republican
state convention. A good many of the
members of the association neglected
the opportunity to attend the session
or yesterday afternoon, because thew
became interested in what was going
on in politics
Whlle business takes up all of the
formal sessions the bankers are not to
De permitted to suffer for want of
INVERSION They were the guests Of the
local bankers and business men at the
Minnesota club last light and they will
De the guests of the members of the
Town and Country club FOR luncheon
today
There were seventy-five members of
morning when President D. A. Mon
tort OF st. Paul, called the meeting to
order and spoke some few words oP
greeting to the members. He told them
that as a citizen of ST. Paul he was
grateful for the honor of welcoming
them to the city and then introduced
Vice President H. D. Brown, of AL
pert Lea, who told the members that
they had reason to be proud of the re-
ceptlon that had been prepared for
them, and, speaking for the associa
ton, he thanked the members of the
committee on programme.
Inc condition of the association was
SHOWN to be excellent in the reports
or the secretary and treasurer, which
were read by those officials Secretary
Z. w. Folds, of Minneapolis, said that
the association was progressing salts
1actorlly in the matter of mem bership
ana that at present about one-half of
the banks In the state had membership
IN the association. During the past
year alone there had been thirty-fiye
members added and there was every
promise that during the coming year
there would be very considerable adj
0ltiOn TO thn
extension of membership must be
Planned on the fact that the cities and
towns of the state We're practically all
represented now, and if the members
would see to it locally all the bankers
would come in. Mr. Folds recommend
ed that changes be made in the bv-
laws of the association which would
increase the size and probable useful
ness Of the executive council by in
creasing its membership and providing
for a rotation in office.
George H. Prince, of st. Paul. sub
mitted the report of the treasurer. If
was very brief and showed the ex
cellent condition of the treasury and
demonstrated that bankers did not
need much money to do business on
as body.
- On motion the chair appointed A. A.
Crane, H. R. Wells and F. B. Thornton
committee on resolutions. Then the
association settled down to the bust
ness OF the session, listening to papers
from men of experience on subjects
that would be of practical use to them.
The first address was given by A.
d. Stephens, cashier of the First Ma
tiOnal bank of CrOOkStOn Mr. Sto
phens spoke from notes and out of the
large experience he delivered an able
address on Collateral Securities and
Their FERNS for Practical Use.'
Mr.. Stephens practically attacked
the system so much in vogue among
bankers of taking absolute and un
qualified possession of securities and
using the collaterals as though thew
were absolute property instead of
pledges. He said in part:
This Is the most common form of
security, and it should be extended so
that the banker will always know
where he stands. When the borrower
puts up collateral he will not go be-
yond his ability to pay as a general
thing, and the banker should insist
on it whenever it is possible. But in
taking collaterals let the borrower
feel that he is interested as much as
You are in the proper disposition of
the securities
There should always be, it is abso-
iutely necessary, an agreement on the
collateral that is separate from the
notes. Make the memorandum in
duplicate and let the borrower under
stand what it means. The complaints
that are sometimes made that bank
ers take possession of collateral and
dispose OF uhe securities without no
r. Z hn1