The Minneapolis journal., 1902-08-26
AGREE WITH SHAW
Local Bankers Do Not Think Addi-
tional Funds Necessary to Fa- =
cilitate Crop Movement. ~
Small Country Banks Will Be Able
to- Take Care, Of Elevator,
Mems Credits.

The consensus of the Minneapolis bank
ers seems to be that the attitude Of Sec
retary of the Treasury Sha W in the matter
OF providing surplus of cash, to facilitate
the moving Of the grain crop, is a cor
rect one. There are but two United
States repositories in this city. the North
western National and the First National.
and the former at least. has expressed
it's willingness to receive additional de-
rosits secured by government bonds. if
it may be necessary to furnish such ad-
ditional cash.
The main consideration just now seems
to be the weather The cold and back
ward season has delayed the crop move
ment. SO that it's inception, which is just
being indicated, is at least ten days later
than usual. This has led to a congestion
Of farm work that will In all likelihood so
drive the work Of the farmer throughout
the northwest that he will have to delay
bringing his grain Immediately to market
1t is thought that the flax harvest will
crowd the wheat harvest, and that fall
plowing will be hurried after the fax har
vest, to get all the fall work accomplished
before winter sets In. Threshing how
ever can be done as we'll after frost AS
before.
Use Of Cash Partly Obviated.
Another element which this year enters
moro largely than ever before into the
calculations of the bankers, is the estab-
lishment of small banks all through the
northwest. State, private and national
banks have been established at almost
every shipping point along the great lines
of railway. Arrangements have been
made with these banks to care for the
purchases of grain by the elevator men
and instead of a direct payment to the
farmer Of the amount Of his sale in cash,
he receives his ticket, which is deposited
in the bank to his own credit, or used for
the. payment Of his note, or the purchase
Of additional land or for whatever purpose
the money may be designed. The small
banks draw on their Minneapolis CORES
pondents and the transaction is completed
and the use of so much actual cash is OBJ
waited.
F. A. Chamberlain, president of the Sc
curity bank, when asked about the crop
movement and the possible need of addi-
tional funds, said that he did not think
there would be any such need. He
thought the attitude of Secretary Shaw
was correct. The banks Of the northwest
were never in better condition than at
present. Crops were beginning to move
slowly, and cash was being forwarded TO
local banks every day. Unless there was
an unlooked-for congestion in the crop
movement, this money would soon find its
way back Such congestion was not
anticipa ted If it materialized there might
be some necessity Of borrowing tempor
arily
At the Northwestern National Bank.
Cashier E. W. Decker was much of the
same opinion. The present year, with
the wheat and the coarse grain would wit
ness the largest grain movement ever ex-
pertenced in the northwest. On account
of the unfavorable weather the movement
Of grain was somewhat slower than had
been anticipated The strain upon the
banks was hence not as great as it would
have been had the weather been fine, and
consequently the banks would need very
little assistance if any. The Northwest:
ern WILL however, take additional govern
ment deposits if It should be deemed
| necessary or expedient
Expects No Difficulty.
Cashier A. A. Crane of the Nationa
Bank of Commerce, did not anticipate any
| difficulty in the moving Of the crops. The
| establishment Of the small banks through
| out all the northwest would facilitate
| business, and much less cash was needed
| than formerly. The crop was just begin
| ming to move but the small local banks
| In the grain territory had agreed to cart
for the credits of the elevator men. Mr.
Crane thought it too early to anticipate
the action Of Secretary Shaw.
At the First National, the other govern
ment depository in Minneapolis, C. T. Jaf
fray cashier, stated that the question of {
possible stringency was one that depended
| largely upon the weather. So far it hat
been favorable to the moving Of the croI
| without difficulty, but continued fin
weather might prove an embarrassment
| He thought on the whole, however, tha
the crop movement would be without fin
| ancial embarrassment.