The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1899-06-20

bic to realize dividends upon their stock
commissions, and it is our duty to sound
a note of warning to the people of this
commonwealth that when the clouds clear
away and the time comes when these
things are figured up and put upon the
right basis that none of these surplus
stocks be found in the pockets or vaults
of the people of the state of Minnesota.
President Brown, of Albert Lea, re-
sponded for the bankers
The features of the report of the execu-
tive council touched the work Of the
legislative committees, the efforts to Sc
cure the adoption of an uniform credit
blank additions to the membership and
the excursions on the 500 line east and
west which are to follow the convention.
F. p. Welcome, OF Granite Falls, pre-
scented the report.
Secretary Charles Folds, In submitting
his annual report, was able to make a
most gratifying showing as to the men,
bership 1t was nearly a third larger
than year ago.
Higher Education of the Business Man,
and his paper not only analysed the
business man of To-Day, but entered into
summary of all education since the in
auguration of the century. There was a
local application to all that Prof. Folwell
said, for he laid before his hearers the
outline of commercial department for
to the present curriculum which he be-
lieves some day will be indispensable.
Committees were appointed as follows:
On topic for discussion, Messrs. Gress, of
Cannon Falls; Griffith, of eepy Eye,
and Sheldon, of Grand Rapids; resolu-
tons, Messrs Whitmore, of WaHas "a;
Prentiss, of Winona, and Grimes o!
Heron Lake.
In the afternoon the bankers, acting on
DR.. Folwells suggestion, decided to me-
morialize the state university regents to
establish department of finance. A
committee of five was named to present
the matter.
The text of the resolution was as fol-
lows:
Resolved. That the complicated rea-
tons of modern society and industry [e-
mand higher education for men of bus
mess Resolved, That com nittee of five
De appointed to wait upon the board Of
regents OF the state university and me-
moralize that body on the establishm ent
of college of commerce and finance in
the University of Minnesota, and report
their action and conclusions at the next
annual meeting of this a ,ciation.
The convention then listened to adj
dresses by Judge ]. w Lusk; of st. Paul !;
E. d. Hubert, of Chicago, and A. o.
Eliason, of Montevideo. Judge Lusk's
address was on Bills of Lading and
Warehouse Receipts as Collateral, and
banks had lost money by accepting ware
house receipts and wherein the trouble
with them lies 1.-The most important
thing in regard to warehouse receipts
he said, lis, the financial responsibility
of the warehouse. How can we secure
responsible warehouses? If the banks re-
fuse to lend on ordinary warehouse re-
ceipts their action will result in the es-
Enlistment of warehouses by responsible
parties. His address was a very COM
prehensive review of the subject.
In the evening the visitors were given
trolley ride and were guests at the
opening of the comic opera season at
Lake Harriet.
The bankers, who are among the most
prominent business men of the state
have decided to take a little outing in
connection with the convention, and two
excursions have been arranged for their
benefit. One leaving early this evening
will go via the 500 to the great lakes,
and will take in Toronto, Niagara Falls
and the Thousand islands. The duration
of the trip will be ten days. The other
excursion going westward will leave
Wednesday morning via the 500 Pacific,
and will go to Rossland, B. c.. and the
Kootenay mining district. Twelve days
will be required for the excursion.