The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1905-03-22
BANKERS DECLARE
FOR THE IUND BILL
Those Of the First District Have Profita-
bic Session at Winona
special TO The Glohe

Special TO The Globe
WINONA. Mimi. March 21.-The bank
ers OF the first district group met i'm Wi
mona today and had a very profitable
convention. close TO a hundred bankers
being present. The local banks closed
this afternoon so that all could attend
the session The first address was by
Hon II. II. Dunn Of Albert Lea on Evils
OF the Bankruptcy Law" Mr.. Dunn was
severe in his denunciation of this law,
declaring IL TO be a disgrace TO the coun-
try MIR. Culver. former national bank
examiner. complimented MinneSota's
banking laws. which he said provided for
national banks. The banking laws of
Minnesota and Wisconsin. he said. were
the best TO be found in the union Former
Bank Examiner S. 7. Johnson also spoke
bank supervision was politics.
Inc Exchange Question From the
City Bankers Point OF View was consId-
cred by Otto Nelson. assistant cashier OF
the First National hank of ST. Paul. He
considered the adoption of any general
plan for uniform exchange TO be imprac-
tlcable. He thought charge OF 10 cents
for amounts of 500 and less and one
tenth OF per cent for amounts over that
sum was reasonable.
The Exchange Question From toe
Country Bankers Point of View was pre-
sented by Z. c. Gooding of-Rochester. He
was OF the opinion that the clearing house
question would work itself out along the
llne or least resistance. Mr.. Knapp of the
Citizens State bank of ST Charles pre-
sented a paper on Bank Money Orders. -
toe paper having been prepared by Presi
dent PfefferkOrn Of that institution.
President G. 3. Kellar invited the con-
Venton TO meet next year at Albert Lea.
and the invitation was unanimously ac-
Resolutions offered by p. II. Evans of
Owatonna were adopted. in which ii was
declared that per cent was high enough
rate OF interest 10 pay on time certifi-
Gates OF deposit, and , per cent was
safe rate There are banks in the first
district paying higher rates.
The bankers met again this evening.
and an hour and half was devoted TO a
round table conducted by Joseph Chapman
Jr-, secretary of the Minnesota Bankers
association. One of the topics discussed
was the Eberhart bill relating TO privafe
banks. Sentiment generally was in favor
OF the Din. but il was opposed by o. II
Havill of St Cloud, president of the Min
nesota Bankers association, who favored
amending the present banking Jaw so that
a capitalization of s., 600 would be suffi-
Gent In towns of 500 or less. He would
also remove the Limitation as to the
amount OF loan TO any one person where
such loan Is secured by a farm mortgage
not over 90 per cent Of the value of the
land which is occupied by the owner
Other topics considered AT the round IN l,io
were Negotiable Instruments Law"
Gaines Clear Currency Bill and some
group banking questions
After extended debate, in which the oppo-
sition We Ted by the veteran private banker
Judge II. r. Wells OF Preston. the bankers
this evening by vote of "a TO - de-
clafed in favor OF the Lund bill as a sound
and reasonable banking measure and
voiced unalterable opposition to the sub
stitute bill recommended by the senate
banking committee. A resolution was also
ADOPTED declaring for an appropriation OF
sufficient funds TO properly carry on the
work OF bank examination in Minnesota
The following officers were elected:
President. L. Wnitmore, Wabasha. vice
president, George Pfefferkorn. st. Charles:
secretary treasurer. ID. c. Armstrong. AL
bert Lea; xecutive committee. L L Ben
nett. Owatonna: o. NJ Green. Winona.
nemoer OF state executive council, A. w
Laird. Winona =
At o'clock an elaborate banquet was
served followed by toast making. at which
ID NJ Kinney acted as POSTMASTER.