The Calumet news. [volume] (Calumet, Mich.) 1907-1938, 1914-04-06
LOCAL BANKERS
NOT SATISFIED
Would Prefer to Be Allied With
Chicago Reserve Center

Calumet bankers and officers siren
uously object 10 the action Of the fed
eral reserve hank organization commit
/ tee in naming Minneapolis. Mimi. as
/ the reserve city, for the banks of the
upper peninsula OF Michigan Their
attitude reflects. il is said the senti-
ment OF every banker in the territory.
/ Officials Of several copper country
banks were asked their views on the
matter today, and i'm every ease a pro-
test was voiced. The chief objection
rs that Minneapolis is not conveniently
situated Mail service To that city IS
much slower than TO Chicago, which
was the choice OF all Of the upper PEN
insula as the place OF location of the
regional bank To which they should oe
assigned,
The only plausible explanation Of
this action by the federal board seems
To be that it was necessary 10 include
the upper peninsula territory, from the
500 10 the west in the territory Of the
Minneapolis regional bank in order to
The Minneapolis regional bank is TO
serve a district made up Of mining.
numbering and agricultural interests
stretching from the 500 as far west as
Montana and wyoming. Collectively,
IL is not a bad district by any means,
but because it is so widely scattered,
the districts on the extreme ends nat
Wally will suffer in their business re-
lations. The Chicago regionally dis
tIict naturally was strong without up
Der peninsula affiliations, while the
Minneapolis reserve needed this terri
tory TO add to its streneth.
The heaviest banking business of the
upper peninsula goes TO the south and
a good share Of il is carried on in the
eastern states. Western business is Of
least Importance, and the bankers be-
iieved that much Inconvenience VIII
result from their being assigned to the
Minneapolis regions bank.
Several months ago, when the COM
mittee was first considering the new
currency system, the upper peninsula
bankers teIegraphed requests to the
federal board meeting in Chicago that
that city be named as the regional
bank for this district.
one Calumet banker said today:
Minneapolis is not the natural bust
ness center for The banks of this part
of the state, and don't believe that
there is one banker i'm the upper pen
insula who will be satisfied to have it
as his reserve city. For years. i'm fact
ever since the beginning of the lumber
ing and mining industries in northern
Michigan, the banking business has
gone TO the south and east. Very little
Is carried on with the west"
1t would he more satisfactory for
the banks of iIoughton county to have
Boston as the reserve city for this dis
trict Copper country banks will of no
necessity he forced TO continue their
banking relations with Chicago be-
cause that city is a natural trade GEN.
ter for this district and those which
have come under the reserve plan will
have on deposit at the reserve bank in
sums Of money which
cannot be reached as conveniently as
they could is deposited in the Chicago
reserve bank
There is talk in the upper peninsula
Of protest AGAINST having assigned to
federal reserve bank at Minneapolis,
but it is doubtful Of any results can be
Obtained. Under the law, the decision
is not subject to revision except by
IN" federal reserve board. which has
announced that it will hesitate long
time before making changes.
You are kindly invited to call and