The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1901-09-26
WANT ASTATE BANK
WEST SIDE BUSINESS MEN PLEDGE
THEMSELVES TO SUP
PORT ONE
ADDRESS BY GEN. POPE
Meeting of West Side Improvement
Club Largely Attended Last
Night Committee Is In
structed to Act.

The prospects for the establishment of
bank in West st. Paul appear at the
present time very bright
At meeting of the West Side Improve
ment association at the West Side opera
house last night about seventy-tive mer-
chants and manufacturers met and after
listening to very interesting addresses on
the banking business in general by Bank
Examiner Pope and his successor-to-be
in office, T. w. Johnson, discussed the
plans for bank and displayed consider
able enthusiasm in the proposition
Mr.. Pope and Mr.. Johnson confined
their remarks principally to the merits
of the national and state banking system
and explained lat some length the ad-
vantages and disadvantages of both sys-
TENS.
Mr.. Pope expressed himself as in favor
OF a state bank and gave a number of
substantial reasons, compiled from the
records of his Office, in support of his
preference. His remarks were heartily
Endorsed by Mr.. Johnson.
1t would appear that when a bank is
organized there, it will be state insti-
tuition. A number of business men and
manufacturers expressed themselves as
in favor bank and pledged their sup
port as far as possible when the plan
should materialize.
The idea will be to make it an indus
trial affair for the accommodation of
merchants and manufacturers. The
former will be accommodated inasmuch
as they will be able to make loans, giving
warehouse receipts as security, when
the same are protected by insurance, and
thus will be able to buy for cash at ad-
vantageous seasons of the year. Mr..
Pope stated that in his opinion there
was no better collateral security in the
world than warehouse receipts and there
is no limit by law of the amount of these
that bank can handle. The only limit
lies in the discretion of the directors
and officers of the bank.
An effort will be made to distribute the
stock among local people and thus create
an interest in the enterprise that would
be lacking if outside parties owned and
controlled the bank.
The argument was also put forth that
the laboring people and mechanics would,
if they had a local bank make deposits
there and buy their goods on the West
get their checks caShed and when they
are there they usually make their pur-
chases, thus shutting off considerable
trade from the smaller merchants.
Among the business men who were call
ed upon and responded were: Mr.. PrUden,
of the Pruden Stove company. and Mr..
Watereus, of the Waterous Fire Engine
company. A number of other West SIDE
business men spoke and expressed their
faith in the project and promised the as
ISOLATION their hearty support and CO.
operation, in maintaining the bank when
established
Acting upon the suggestion of Mr.. Pope
the committee of the association in
charge of the bank proposition will visit
the officials of the st. Anthony Falls
bank in Minneapolis. and have a talk
with them upon the merits and methods
of the business as that bank occupies
about. the same relation to East Mime
apolis that. the proposed bank would to
West St. Paul.