The Ely miner. [volume] (Ely, Minn.) 1895-1986, 1927-05-27
BANK DEPOSITS
PROSPERITY SIGN
Growth In Past twenty-five
Years Show Prosperity On
Every Hand.

With total gross deposits for Min
nesota's twelve hundred state and ma
tional banks climbing upward toward
the billion dollar mark, the affairs of
the banks rapidly are overcoming diff
ficulties incident to the defiation of
the past several years. and give every
indication of reaching a strong posi-.
ton by the end of the year.
This is the judgment of experienced
financiers, closely in touch with the
entire Minnesota banking situation,
and who have at their command exact
facts FROM avAry -onasv IL the state.
Inc situation OF the banks has large
ly improved over that which obtained
year ago and two years ago. Almost
without exception, current reports
show increase of reserves and sharp
reduction of farm land loans, all tend
ing to the sterilization Of the banking
situation and to general renewal Of
public confidence.
The growth OF deposits In Mime.
sofa banks during the last twenty-five
years furnishes the average man with
very substantial yardstick with
which to measure the material pro-
gress Of the state during the past
quarter century.
In the year 1901, total bank deposits
in all state and national banks in
Minnesota were $S7,765,511.
Ten years later, in 1916, these gross
deposits of all Minnesota banks to-
tailed $554,977,614.
Today, exact figures secured from
slightly more than twelve hundred
Minnesota state and national banks
show total deposits of 1919, 214,844.
This is gain in deposits in ten years
of $434,237,230 and a gain in twenty
five years of 1891, 1888 in the total
deposits in the banks of Minnesota.
1t now is confidently expected that
bank deposits will pass the billion dol
lar mark next year. All indications
point to this great achievement.
This growth Of deposits has been
made despite period Of readjustment
In which drastic action has been TAX
en- by banking authorities, both ma
tional and state, to weed out weak
banking institutions and eliminate any
but conservative bankers from the
field.
This progress Is all the more note
worthy for this reason. 1t has not
been accomplished in fair weather.
with favoring breeze, but has been
made against unfavorable conditions
of readjustment and revaluation which
affected all sections af the state.
But the banks of Minnesota, in the
large majority, weathered the storm
and each month now are advancing to
stronger position which will be re-
fected in the business affairs of every
county in the state.
Improvement in agricultural condi-
lions automatically will bring substan-
tial Improvement in banking affairs.
With good crops this fall, bankers
generally look for an upturn which
will go long way in releasing large
sums tied up in land loans.
Bank examiners, active In the field,
have been bringing in more favorable
reports for several months now and,
in general, the trend of affairs is in
the right direction to effect recov-
cry all along the line.
In the long run, the banks of the
state will be stronger for the expert
ence of the last three years. Rarely
have banking institutions anywhere
been given more thorough investi-
cation and overhauling than those Of
this state during this period. There
is general agreement that this will be
beneficial to both banks and deposit
ors for long period Of time.
A. ]. Veigel, State Superintendent
of Banks, recently said:
There has been marked improve
ment during the past six months in
the condition of Minnesota banks. The
progress that has been made is very
gratifying.
1.-THE state banks OF Minnesota now
have on hand considerably more than
twice the cash reserve required by
law.
Savings deposits are increasing in
all sections of the state.
I'VE looking forward now to con-
tinuance Of these improved condi-
tions."