The Mankato free press. [volume] (Mankato, Blue Earth County, Minn.) 1879-1924, 1905-05-12
Topics of Interest to tn
lie Are Discussed.
Senator A. O. Eberhart Explains
His Banking Bill.
Banquet in the Evening a Very
Pleasant Feature.
Especial to The Free Press.l


jackson, May 5.-The Second District
Group of the Minnesota Bankers associa-
ton held their third annual meeting at
the Masonic hall this afternoon with
about seventy banks represented.
The afternoon session was called to
order by c. T. Upper, president of the
group and cashier of the Citizens Ma
tional Bank of WOrthington, and the
address of welcome was made by Hon
T. j. Knox of jackson, who welcomed
the visiting bankers in fitting manner
and spoke in part of the progress of
this part of the state and increase in
number, prosperity and solidity of
banks in the second congressional dis
trct. He also referred to the old
grasshopper times, comparing the same
with the present and showing how the
southern part of Minnesota had prosper
ed.
Mr.. Upper Responded.
Mr.. c. I. Upper responded to the
address of welcome. He spoke of the
people of Jackson coming largely from
Norway and Iowa and of the Indian
outbreaks that they had experienced:
the difficulties they had in organizing
the country, organizing first in 1862 and
finally in 1865. How the county treas.
urer had been compelled to flee from In
dians. burying the funds in the woods
and returning later and securing them
without loss. He spoke of the we'll
known integrity of the professional mer
of Jackson county and what they
had done towards the development of
southern Minnesota. He believed that
the present conditions were very favor
able for a good crop, where the past
two or three years, it had been light.
owing to too much wet weather. That
there were l35 banks in the distric.
and during the past year there had beer
no failures. All but twenty eight of
those were tsemliers of the association
and he requested that if any who were
present We're not members that they
come forward and leave their applica.
ton for membership. He touched briefly
on the failures of the banks at Fair
bault, Milwaukee and Ohio, showing
that they were due to dishonest man
agement and that no good banker
should ever speculate or invest in a
get-rich quick concern with bank funds,
In closing he thanked the bankers and
~
welcome and insured them of the priv
ilege of being with them.
Senator Eberhart's Address.
Senator A. o. Eberhart OF Mankatc
addressed the convention on bank legis
lation. giving his reasons for introduc
ing the bank bill into the legislature
stating that in his belief some legisla
tion would be put into effect during tn,
next two years; that every bank do
ing business in Minnesota would be ln-
der either state or national supervis
ion. He also said that at the time thu
bill was framed he did not realize that
the proposed law would have the opposi
ton of 200 private bankers in the state
The paper was lengthy one, which
went into the matter of the private
bank bill before the legislature in de-
tail and showed thought and prepare
ton.
Mr.. c. d. Griffith of Sleepy Eye, who
has been spending the winter in the
south, gave an interesting talk on
banking in the south, but his main ad
dress was on "Fideity and Burglar In
surance," showing up the enormous
profits to the various fidelity companies,
ments. 1t is the opinion of Mr.. Grit
fifth that the bankers of this state
should incorporate fidelity company
to furnish guarantee or fidelity to the
bankers of this or any Other state, OF
to any other interpretations, firms or in
dividuals who may desire the same
1t was an excellent paper and the mat
ter will undoubtedly be brought to the
attention of the state association for
action at their next annual meeting.
Following this was a paper by Mr.
f. w. Thompson of the Merchants Loan
and STrust company of Chicago. giving
his experience as examiner and some
OF the causes of failures of banks, stat
ing the report of the comptroller of the
currency as to national banks. The
causes and percentage being as follows
Incapacity so per cent; dishonesty, SO;
general depression, III per cent; runs
on bank per cent. He also stated
that reports showed that about so pei
cent had been paid depositors by state
and private banks and 70 and a frac-
tional by national banks. He made a
plea for more careful attention to Their
duties by bank directors, also tae Sc
lection of examiners who should have at
least ten years banking experience. His
paper contained many other points of
interest to bankers.
State and National Bankers.
The closing paper of the afternoon was
by Mr.. f. w. Davis, president of the
Pipestone County bank, who spoke on
State and National Banking" He
stated that the early development had
10 10 ho tot
vate bankers, who in earlier days, before
the railroads had reached anywhere neal
jackson. had been of great assistance
in developing the then far west. He
spoke of the reservng cities and stat
ed that he thought the time had arriv.
ed when a change should be made Sc