The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1902-09-27
NOT THE WHOLE THING
Western Bankers and Brokers
!, Pleased at the Turning Down
of Wall Street.

Washington, Sept 27-Secretary Shaw
Is not worried over the criticism OF his
conduct Of the treasury by the Wall
street people. He is daily receiving from
the west kilograms and letters approving
his course, and he has the approval of
the president. The Western brokers are
pleased to have a secretary of the treas
ury who considers the whole country IN
his financial policy. .....
A prominent western banker who has
been in Washington said that the atti-
tude of Wall street toward " Secretary
Shaw is the same as the attitude OF that
section toward the president. Wall street
has been trying to dictate to both and
has failed. Mr.. Morgan is hostile to the
president because the president proposes
to enforce the law, even though Mr.. Nor
gan should prove to be an offender
against the law. Mr.. Morgan and his
friends are also against Secretary Shaw
because he will not allow them to run the
treasury. e,s.... j..
Here is the financial situation said
this western banker. 'We2,have large in
Gustrial enterprises in the west which
have for years borrowed heavily from the
western banks. In my town is a glucose
factory which borrowed from my bank
100000. We loaned the money at the
same rate that they would have had to
pay in New York There were other
glucose factories in other western towns
that borrowed from the western banks.
But the glucose factories have been COM
bined in trust and the promoters of the
trust are in New York. They borrow
all this money in New York now. We of
the west have plenty Of money-more
than we can profitably use except in the
crop season. We have had large deposits
in New York. Our correspondents in New
York say thank you,' when we send them
our deposits, and though they know full
we'll that we need it in the crop season
they say 'd-n you when we call for our
own in the interest Of a wise policy to
furnish money for the movement of crops.
The New York bankers regard our money
as their own when they get it and they
are selfish enough to howl when they
can't continue the use of 1T In specua-
tive enterprises because we need it for the
crops. They have been encouraged in
their policy Of concentrating all financial
operations in New York. They promote
trusts to make all the industrial enter
prises in the country dependent on New
York for capital and then they expect all
the outside banks to send them their own
profit. Their agitation for branch banks
is in harmony with this general scheme
If they can induce congress to leg1slate
so as to create branch banks we shall
have all the parent banks in New York
with all other banks in the country as
~
| ing the money Of the country into Wall
street will be complete and simple
'Secretary. Shaw has not approved the
plans of Wall street. He has not inter
! fered with the New York bankers but ir
| his financial policy he has considered the
| whole country and not simply New York
| That is the secret of New York hostility
and from Wall street came the rumors Of
| Shaws resignation and his friction witt
| the president. But the west believes iI
Shaw as it believes in the president, be-
cause they are both broad enough to rec
| ogn1ze that they are administering the
government for all the people and no
| alone for Wall street. Mr.. Morgan ant
| the Wall street men will discover afte
awhile that New York Is only one place
| on the map of the United States and tina
there are 100000 people in this coun
try who don't live and do business in Wal
| street."