The Mankato free press. [volume] (Mankato, Blue Earth County, Minn.) 1879-1924, 1907-07-19
Sleepy Eye Banker Presi-
dent Of State Society.
W. D. WILLARD IS A VICE.
Three Strong Addresses, Delivered
on Subjects of Interest to Men
of Finance.

st. Paul, July Ill zee SlIohS du
dresses were made before the bankers
yesterday. F. 1. Kent of Chicago, chair
man of the American Bankers associa-
ton special committee on express COM
pany money orders, and moving spirit
in the case against the companies which
has Just been laid before the interstate
commerce commission, was the first
speaker He discussed the subject thor
oily and showed why the express COM
panies are infringing on the rights OF the
bankers. Senator l.. 0. Thorpe of Will
mar spoke on Legislative Matters" ana
Public Examiner A. Schaefer on Bank
ing of the Future"
In his address Mr.. Kent said in part:
.'There are many serious dangers to
the people in the express banking bust
ness as handled today. The express
companies are in effect branch banks.
While holding tremendous amounts of
the peoples money, they are entirely
free from governmental supervision as
banks. With the growing power of the
express companies the people and the
bankers must secure their rights now.
Another danger is due to the fact
that the express checks, while supposed
to be payable anywhere, are in reality
payable nowhere. This means that
bankers must cash these checks and
furnish the money for so doing, or they
are worthless to the holders.
Bankers all over the United States
have continued to accommodate the peo-
pie, while knowing they are tieing up
g. le Of into
must ship currency at a further ex-
pense to get the money back.
''The bankers do this to accommo-
date customers and so accepted the I'M
position while it was small.
Secondly, where several bankers in
town have agreed not to cash express
orders without charge, some of their
number breaks his agreement to get de-
posits from his neighbors.
"The bankers are furnishing the cap.
ital used by express companies and have
cut down their banking power to that
extent.
"The committee of the American
Bankers association believes its case is
one of the people against the express
companies. not merely of the bankers
against Them
"We intend to make our work con-
structive by suggesting to the Amer
lean Bankers association means by
which the banks may get back the
business that belongs to them in way
that will give the people the facilities
they now enjoy without the danger
that surrounds the express system.
"The committee which has presented
the case before the interstate commerce
commission is not prosecuting the eX-
press companies to eliminate legitimate
competition. but that the competition
NAV come entirely from other bankers"
Minneapolis won the debate before
the Minnesota Bankers association in
st. Paul This makes the title to the
association silver loving cup permanent
in the Minneapolis chapter. Each chap
ter had won the cup once, and last year
it was captured by Minneapolis. The
debating teams were John G.. Maclean
and L. E. Wakefield for Minneapolis,
and G. NJ. Brack and j. A. Parsons for
st. Paul. The subject was the estab-
lishment of postal savings banks by the
government, Minneapolis taking the
affirmative. The judges were: L. d.
O'Brien, st. Paul; Granville S. Pease,
Anoka; ]. L. McCaul, Minneapolis.
Before adjournment the group secre-
taries made their annual reports, the
resolutions committee made its report
and officers were elected.
Five members of the executive council
were to retire this year, one has left
the state. and as the convention voted
to increase the council by one elective
member, the election of seven men was
necessary The result was as follows:
President, c. d. Griffith, Sleepy Eye;
vice president, Joseph Chapman of Min
neapolis; secretary, Ernest c. Brown of
Minneapolis; treasurer, A. c. Gooding of
Rochester; executive council, M. j. Dow
lin, seventh district; R. w. Akin, eighth
district; A. G. Wedge, ninth district;
| /. D. Willard, second district; at large,
F. L. Beach, Lyle; W. I. Prince, Duluth;
d. c. Powell, st. Paul.
]. A. Latta of Minneapolis was elect
ed to the council to succeed Joseph
Chapman, Jr., elected vice president.
President Griffith will name the dele
gates to the national convention.