The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1902-01-01

SAY PRINCIPLE IS UNSAFE.
Expressions From Men of Finance
on Legislation Proposed by
Congressman MCClcary for
Benefit of Banks.

parEcrs in st. Louis nre not In sympathy
with "A measure proposed by Congressman
J. T. M,Clrary of Minnesota which pro-
poses TO change the national banking laws
50 THAT banks in the smaller cities Of tho
United states. where the clientele is largely
rural. may loan Il portion of their resources
on real estate security.
President W. II. Thomson OF the Boat
mems Bank says that TO make such u
change as is proposed would weaken tho
baHklng laws. cause distrust in securities
ana encourage the operation Of wildcat
concerns which have for some time been
successfully eliminated from the banking
business.
1T IS a form OF asset banking that does
not promise any benefit to stable financial
conditions said Air. Thomson. and ] IN
dcrstard that Mr.. Shaw. the new Secretary
Of the Treasury. is opposed to any such
legislation in the sense that he has cx-
pressed himself TO the effect that he can
see no good that can come from such a
change. As far as we tankers are con-
ceEned. We are satisfied with the national
banking laws as they exist at present, and
no change Is desired in the direction that f.,
proposed b. Sir. McCleary. There is general
confidence in the manner of doing business
under the present conditions, and any re-
TAXATION OF the laws might give rise to a
feeling of dlstrust. which is always hurt
full"
views of President thompson.
President w. II. Thompson of the Ma
ttoHal Bank Of Commerce says that such a
chafiSe as Is suggested by the Minnesota
congressman is not desired by those who
principles. Nf'H '"io
hanks are not engaged in the real estate
BUSINESS ana do not wish TO lend their re-
sources out In that way, however safe the
49, may De- said Mr. 'rip.a.,cap
That Is u class of business that is for ths
,rust companies TO take care Of, and be-
longs III no way TO the bank that il con-
Quoted along careful and juuicious lines
PRESIDENT George y. Baker OF the Conti-
s'ab bamK Is not in favor of making ony |
SUN chdhse as Is proposed, because he does |
not thihk That ii would be wise for banks TO
renu their resources on real estate, and be-
vause there is no demand for them to 81
use their money. Such ii law as MIR. Nc. |
Sieary proposes. Mr.. Baker gays. would he |
oil no benefit to good bauking- ether in re-
hiiabI towns or large cities.
ateslaeht Charles Il. Parsons OF the State
ES aug ! Bank did not wish to give an off
considered OF considerable importance buf |
ne u, sald mat on the face OF it the proposi- |
uuh oid not look wise.
business of Realty Dealer, |
rooi mere are plenty of trust companies and |
leai estate niTns to take care OF rho rel |
estate loans, and 1 do not thlni, r. pood
pVnSy Tor banks to invest their money in
in RI. I'LL either III small towns or
In AZ cltieS. The same objection is aupIi-
Stnle TO both the city and country bantcr
nc Heeus no such law as the ons pronosed I
% n me banking business to lie benetited
II the only object or the measure 10 10 -
NIT the banker to lend the money intr,,sP,ad
prevent" "' laws no"
several Of tho bankers interviewed by III.
r,epuoho expressed the opinion that the
uerg Clause In the national banking laws
Nhich prevented the In discriminate jnve",.
H.ent OF BANK funds In real estate was ar,
% the safeguards which had helped ia nut
:. iitances OF the country upon the pres
~ sdIsIactory basis. and has made possl-
SIo IN era OF prosperity and Confidence in l
banking circles which the men engaged i'm
the haildilng OF money are not desIrorIs ~
having disturbed. u 81
intended for Country Banker.
congressman IcCioary. IN explaining IN.
ouJcct OF MS proposed bill. has made a
statement that seems to indicate that the
smaller towns, where many classes of buai-
ness nave TO be dealt with. He saws:
VI course, strictly commercial tanka
ehouId, 90 Tar as possible, keep their re-
toufsss IN the form OF quick assets. leav-
ing tho loans on fixed property to the saw
ings tanks and similar institutions. The
larger cities are provided with both kinds
or banks. 80 that the people In such com
, ,ha II can secure In the appropriate place
the klnd OF loans required.
But, In the smaller towns md Village.
these separate conveniences cannot he
found: The bank In tho necessity of ths
SITUATION, must perform both functions.
And they all do so. Since the requests re-
country bankers, IL would seem that there
might be something i'm tho propogItion |
worthy OF consideration"
"Gnrnet" birth Month Rings
For January. meaning Consistency" 81 50 to