The Minneapolis journal., 1902-08-06
Fine Picking for the Country Bank
ers Nowadays.
THEY ARE ALL MAKING MONEY
Land Business Helps a LOt-New
Banks Being Founded
49, Right and Left. E
rom a staff Correspondent.

From Staff Correspondent.
breckenridge, Mimi, Aug. 6.-Minnesota
and the Dakotas will show a considera-
BILE increase in the number of country
banks in 1902. The prosperity Of banks
generally is attracting much additional
capital into that field. -
" In some sections country banks have
made money from the sale of lands. In the
newer sections. of the Dakotas many
banks have added a horse department.
Horses are shipped in from Iowa and
Illinois and sold to the farmers either
for cash or on time; in the latter case
the banker receiving his profit on the
horse and the interest on the paper. The
security is usually in the shape OF real
estate mortgage, many of the bankers;
having had a severe experience With pure
ly chattel security in the squeeze of'93.
The banks have had an exceptionally
good opportunity to make money in land.
Many of them were carrying some land
when the rise in values began. Others
have handled it to some extent, as side
line. For these banks the past fiscal year
was one of exceptional prosperity. The
two banks Of one southern Minnesota
town at the last meeting of their di
rectors declared IL and Is per cent divi-.
dends, respectively, and placed good bal
ances in surplus. Another bank has now;
been organized and is ready to help di-
vide the melon. :. FL. ','y- ~ - .'.,s..-
|; I'm addition to the new banks organiz-
ing in the older sections there is a hustle
to establish banks in the newer towns.
Competition for the farmers loan is keen
and bank stock is again much respected
investment. rs1 =
There will be fully one-third more land
dealers in the northwest this fall than
there were a year ago. So many for
tunes have been made in land speculat ton
/ in the past two years as to attract large
number Of new men into the business. No
hamlet is too small to be without it's
one or more land dealers. In some in
stances statesmen have left regular mer-
chandise lines ito engage in the land
traffic. Iowa and Illinois men are tlocat-
ing in various sections Of the northwest
preparing toHattract their acquaintances
from 'tback home" into this field. The
land movement will get another vigorous
push as soon as this years crops are har-
vested and the farmer is ready to- invest
his surplus. 1t is probable that no busi-
ness in the northwest will contribute the
same number of rapidly made fortunes
within the next twelve months as 4 the
| land traffic. The fact that some of the
| individual leaders in" the northwest land
| movement have about reached the mil
| lionaire's list, and some of them from
poor financial circumstances of but few
years back, has added ginger to the trade
...- The Country Jobber, Too. ;-3t2
This Is good year for the country
| jobber. His sales have increased, and, g. Sc
far, the outlook is good for fall, colIec-
tions. ..,- ~.-.- >''' -- ,,o....,-, .,<
| With the development of the northwest
it is but natural that the smallel
jobbing houses should increase in NUM-
ber. Since 1898 several wholesale grocery
and fruit houses have been opened at
various points. In some instances hard
ware and small dry, goods houses have
been added to the list. Railroad building
and good crops this year have brought {
few more towns into the jobbing list, Bis
marck and ,Minot, N. D., 7Pipestone, MINI.
Huron, S. D., are new additions. The
proposition is also being discussed al
Larimore and jamestown, N. D. . '..~
Notwithstanding the increase : in the
number of houses in these lines the de.
mand for dry goods has Increased so thai
nearly every house represented in the
northwest has a good increase in bust
ness, in this field. While all, of the coun.
ttry jobbers are doing a very satisfaction,
business, Minneapolis houses are alss
showing a fine increase.
When the crop in North Dakota ant
northern Minnesota is beyond danger /
can be said that the merchants of ever,
part Of the northwest will be in the bes
condition in their history, able to tsett1
every obligation. Under those condition.
collections in all lines should come easy
South Dakota Is now almost on the SAT
side of the line. -~@. .'.t *-s L..
Merchants generally are encouragin
the development of the dairy industry. I
provides much ready money in the sum
mer months, relieving them of asking a
much credit of the wholesalers as form
erly.