The Mankato free press. [volume] (Mankato, Blue Earth County, Minn.) 1879-1924, 1914-12-25
Action Taken at the Meeiirg
Held In st. Paul
DECIDE on NEW InsTITUTIuEs
Large Attendance Of Financiers; The
Dissenting Vote Registered; W.
e. Lees Proposition

Bankers Of the state In session In
ST. Paul yesterday Endorsed the fol-
lowing propositions:
Legislation enabling state bank
membership In the Federal Reserve
association.
. Legislation authorizing the superin-
tendent of banks to refuse charters
where deemed advisable, subject 70 an
appeal clause.
Legislation requiring an increase
In the minimum capital Of state banks
and increasing the reserve require
ments.
Amendment OF taxation laws pro-
vidfns that the bank capital tax be
levied against the corporation and
not the holders of Its stock.
st. Paul. December 23.-Six hun
dred representatives OF Minnesota
state banks In convention at The
Saint Paul yesterday went on record,
with but one dissenting vote, In favor
of the enactment by the legislature
OF a law giving to some board or
commission the power to refuse bank
charters when in its opinion the or.
ganiLation of such bank or banks
would be detrimental TO the best in
terests of the people.
The vote was taken at the request
of Albert II. Turrlttin. state super
intendent OF banks, after a resolution
had been introduced by NJ. T. Dunn,
president OF the Citizens State Bank
Of Brainerd. This resolution contem-
plated giving to the superintendent
the power to grant and deny chart
ers at his discretion, but Mr.. Turrit-
tin and others objected to this as
giving authority to one man.
Suggestion BY w. e. Lee.
William Z. Lee, Long Prairie. late
republican candidate for governor,
suggested that all charter applica-
tons be passed on by by a commits
sion composed of the superintendent.
public examiner and attorney gen
eral.
Francis A. Gross of the German
American State bank. Minneapolis,
wanted separate commission ap-
pointed by the Governor. Mr.. Lee OBJ
jected TO this on the ground that the
state already is overwhelmed with
boards. His suggestion was favorabiy
received. The matter finally went to
the resolutions committee for a re-
port later after the convention had
gone on record as to the general idea
involved.
The convention was the largest
assemblage of state bankers ever
held in Minnesota.
NJ. J. Bowling, president OF the
State Bank of Olivia and former
speaker OF the Minnesota house, was
unanimously chosen permanent chair
man. o. J. Shoemaker Of the Droy-
ers State bank, South st. Paul, was
chosen secretary.
Names Resolutions Committee.
The committee on resolutions, one
from each OF the ten congressional
districts. follows; Kelsey Chase.
fourth district. chairman; first, 7.
l.. Prentiss, president Deposit bank,
Winona; second. Martin s. Dossett,
cashier State Bank of Madelia; third,
George A. DuToit, president Carver
County State bank, Chaska: fifth, A.
A. MGase. cashier South Side State
bank. Minneapolis; sixth, NJ. T.
Dunn, president Citizens State bank,
Brainerd; seventh, G. s. Orwell,
president State Blnk OF Clarkfleld;
eighth, F. b. Myers, president State
Bank of Aurora; ninth, A. G. Ander-
son. cashier Scandal State Bank of
Fergus Falls; tenth, F. A. Gross,
president German American bank,
Minneapolis.
The first resolution discussed pc
titioned the legislature to pass a law
enabling state banks to take member
ship In the Federal Reserve associa-
tion and that they be permitted TO
hold stock in the Federal reserve
bank. II was introduced by Mr..
Gross, who explained that under the
present state laws a state bank
could not hold the stock Of another
bank as en- asset. -.
Matter 10 Being Considered.
I Mr.. Turrittin read a letter from @.
L. Rich. federal reserve agent. Ninth
district, saying that the Federal re-
serve board has now under considera-
tion a set OF rules under which state
banks can be admitted. II the Mime
sofa legislature adopts the law de.
sired, said Mr.. Turrittin. any other
matters concerning eligibility must
be passed on by the reserve board
and not by the state.
Henry Won der Weyer. vice presi-
dent Merchants National bank, st.
Paul. was called upon by Mr.. Bowling
as the IMAM best posted" to give
Information concerning the workings
!, OF the new system.
Il advise any one who has a
state bank to look on and see what
happens before joining the assoeia-
ton" he said. I'VE OF the national
banks were compelled TO join. We
are trying TO find out how the thing
works. The expense Of the Ninth
district banks win be about 100000
year. II there Is something left
from the profits we win get It. But
the chances are that the expenses
A