The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1905-06-21
BANKERS GET
MUCH COUNSEL
THREE AUTHORITIES ADDRESS
THE CONVENTION.
Professor McVey and Senator Nelson
Discuss Pertinent Questions and
Henry clews Sends an Article on
Banking Method DIS Bankers Leave
Tomorrow on Jourwney to the Pacific.

. "a full digest Of Senator Nelson's speech will
be found on III
Three. elaborate addresses were deliv-
cred today before the convention Of the
Minnesota Bankers association at the
Tonka Bay hotel. Professor r. L. Nc
Vey of the University of Minnesota
spoke of the relation Of banking to the
volume Of business; Henry M. Clews Of
New York treated of the necessity of
an elestic currency system and the de-
STABILITY of more efficient methods Of
public auditing; also a remedy for gold
exports; Senator Nelson considered the
bankruptcy law at length.
. The reports of committees were re-
ceived and the convention closed with
the election of officers and member of
the council. Thursday at 9:45 am. q
large part of the bankers will leave over
the 500 Canadian Pacific road for the
coast. W. B. Chandler has arranged an
itinerary which will take ten days or
more. i,
Elasticity of Credits.
Professor McVey said that under the
present system, elasticity Of purchasing
ness interests demand elasticity of
credits. A bank must have capital ade-
quate to the demand of it's community
| for credit accounts. Capital is the real
support Of banks credit obligation.
| The difficulty at present is that demand
| obligations of banks are too large rela-
tive to the capital. Elasticity Of &C
counts, therefore, must rest on capital
sufficiently large to meet all demands.
Capital must be invested in actual re-
gree pt than now practiced. This makes
possible an elasticity equal to any
legitimate demand Of the community
| I So1 fEo,,1
ties prevailing i'll some distant money
center, but fully in the hands of the
banks Of each locality.
A.. L. Ward, Fairmont, commented
| on the action Of several bank conven-
tions asking repeal of the Nelson bank
ruptcy law, and inquired if creditors
were not to be considered
asked Senator Nelson, "when he finds
that commercial men on one side and
bankers on the other depend on his
judgment9'
I When Mr.. Ward became insistent
Senator Nelson retorted he had come
against his will to explain the bank
/. ruptcy law and not to be drawn into q
running fire Of argument. Amid, ap
7 plause he sat down. & SIs #,.fr@ !, !.
Chapman Boom Starts.
The convention ordered committees
on timelocks and on the formation Of
to the national convention to work fo1
the election Of Joseph Chapman. Jr.
cashier Of. the Northwestern Nationa
. bank, as member Of the executive
council.
The association recommended the US
} of the American Bankers association
. money order; reaffirmed it's opposition
RI
the formation of surety company an
, an extension Of groups to all districts 0
the state.
. Congressman Loren Fletcher, accom-
: Epanying Senator Nelson, says they hav
!, co1ne out to learn what the banker
9 when I get to Washin gton," added til
congressman. New officers were electe
3 as follows: President, Cliff w. Gross
r Cannon Falls; vice president, William
8 e. Lee, Long Prairie; secretary, Josep
: Chapman, IT,. Minneapolis; treasure
9 George Oh. Prince, MINNEAPOLIS; men
f Winona; @. D. Griffith, Sleepy Eye;
Q G. Schmidt, Mortified; R. W. Akin
Anoka
/ Bankers on Rollers.
The entertainment last night col
r sisted Of roller skating in the pavilio
J, and vaudeville performance in tn
l. hotel dining room. This was followe
by a genuine Dutch lunch on the VI
J randas, which were made bowers {
J foliage, with limbs cut from the fores
t W. l. Nolan was the main attractio
Of the vaudeville performance. One {
the colored walters gave buck-an,
e wing dance and, with a quartet, col
3. tributed some fine music. Joseph Chal
man, Jr., presided and did a stunt
& himself. G. B. Mills Of Clinton, low
cial train returning to the city W;
U we'll loaded, while the Tonka Bay an
Excelsinr hotels took care of those WI