The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1899-08-09

of Eastern Cities-OutlOOk Cen
orally Considered the Most Fa-
vOrabIe of Amy of the Previous
Years-MilIions In Sight and
Ready for Call When Needed.
There will be no scarcity of money this
year with which to move the crops of
the Northwest. Such. at least. appears
to be the joint opinion of the bankers of
St Paul, and it seems to be Endorsed by
country correspondents. 1t is a recog-
nized fact that during certain years in
the past the few months succeeding har
vest have drawn heavily on banking re-
sources, East and West. At present,
however, so far as the West is con-
cerned, the condition appears to be the
exact opposite. All the St Paul national
banks are well supplied with money and
will not be obliged to call on the East to
any extent.
1t is possible that the demand for mon
ey to handle the present crop may not be
so urgent or so great as in years past
1t is we'll known that there is consider
able last years wheat in storage. and
in the farmers granaries, awaiting higher
prices sudden raise in grain values
might, Of course, cause a heavier and
more immediate demand for money But
no such condition is expected If it ex-
listed the present financial situation is
such that plenty of money is on hand to
supply the demand, more perhaps than
at any other corresponding season.
Cashier Joseph Jockey, of the National
(HoTD1a IA mo VII
that conditions with his institution, in
respect to money supply, were excellent
They have more cash this year than
last. In the East, as is usually the con-
dttion at this time of the year, there is a
Tightening of the money market and
rates have jumped up to ~ and per
cent. Mr.. Jockey said that he antici-
pated no trouble whatever in being able
to supply promptly all calls that might
be made on them for cash As a whole
he considered the outlook most favorable
and better, perhaps. than in any previous
year There would, he said, be no diff
Guilty in moving this years crop, and
that, too, without depending on Eastern
capital.
Mr.. A. c. Anderson, cashier of the ST.
Paul National bank, fully corroborated
ciaI conditions Of the Northwest he be-
feved to be ample for all demands that
might be made from grain shippers
Especially was this true with the st. Paul
National 1t was well supplied with
funds and would have no need of apply
ing to the East. At the present time he
believed that neither st. Paul nor Chi
cago were borrowers Of Eastern capital.
Some of the best Eastern securities had
been taken nv St hoO1xC nd
now held by them.
Mr. Frederick D. Monfort, cashier of
the Second National bank, substantially
agreed with Messrs. Anderson and Lock-
ey concerning the present financial stu
alton in st. Paul. The Second National
was well supplied with unemployed mon
ey, ample to meet any demands arising
from crop transportation. AS compared
with preceding years, the outlook was
much more fiattering, and such bankers
in the city as he had conversed with
agreed with him.
William NJ. Miller, cashier Of the First
National bank, said that there was no
strfngency whatever in the Western
money market Small bills had been
rather scarce, but this was a difficulty
that would soon be adjusted by the
United States treasury, which was pre-
pairing for an issue of gold certificates
and also for bills of smaller denomina-
ton. The system recently adopted by
shippers Of giving grain checks on ST.
Paul and Minneapolis would assist mate
rally in eXpediting the transportation of
grain. Concerning the scarcity Of small
bills, it was his opinion that the greater
portion of them were in the country
banks in readiness for the expected call
from grain shippers The First National
was amply supplied with funds, in the
shape of unemployed money, and need
have no recourse to Eastern financial in