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title: 'The Minneapolis journal. (Minneapolis, Minn.) 1888-1939, August 31, 1905, Commerical and Financial Publicity Section, Page 5, Image 19',
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Image provided by: Minnesota Historical Society; Saint Paul, MN
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By Joseph Chapman, Cashier Northwest
ern National Bank.
The first banking institution in Min
neapolis was the private banking house
of S. W. Farnham and Samuel Tracy
established in the year 1854. From this
email beefinnixigj liave grown the largo
banks of today. The growth of Minne
apolis as a money center has been es
pecially rapid during the past ten
years. In 1895 the combined capital
and surplus of the banks was $9,199,-
970.45, while the deposits amounted to
$23,380,541.61. At the time of the last
controller *s call in May of this year the
combined capital and surplus was $10,-
190,725.62. while the deposits had
reached the large sum of $58,593,-
079.7S. These figures are signifi
cant of the prosperity of the banks.
In 1895 the clearing footings for the
year of the associated banks in Min
neapolis, were $372,895,344.19, while
the clearings for the past year had
rown to enormous sum of $843,-
These large figures are the result of
the growth and prosperity, not alone
of but of the surrounding
^pcmtry. We depend, for our prosperity
pon the country tributary to us and
entire northwestern country has
prospered greatly during the past
"We have changed from a one-crop
country, whose wealth depended
almost entirely on the successful har
vesting of that crop, to a country of
diversified farming and dairy interests.
The farmers have paid up the mort-
Minnesota Title Insurance
and Trust Company
CAPITAL, $250,000. GUARANTY FUND, $100,000.
J. U. BARNES, Preuident. W. S. JBNKINS, Secretary.
W. A. HOTCHKISS, Treasurer.
Banking, Safe Deposit, Loans, Trusts,
Abstracts, Title Insurance.
ONEIDA BUILDING, 4th STREET AND 1st AVENUE.
4% Paid on Saving Deposits. Th oldest Title & Trust Co. in the West.
South Side State Bank
Corner Cedar and Riverside Aves.
ESTABLISHED SEPT. 5. 1899.
Capital Stock, $50,000.00
Surplus and Profits (earned), $32,500.00
Average Deposits, over $300,000.00
OFFICERS AND DIRECTORS:
F. E. KENASTON, Pres.
C. BIRKHOFER, Vice-Pres.
OLAF E. N. OLSEN, Asst. Cashier.
J. D. HOLTZERMANN.
Yearly totals since organization
of the clearing house.
1905 (estimated) .955,000,000.00
gages on their farms, are stockholders
and depositors in local banks, and these
local banks carry their reserves in Min
neapolis. The farmer no longer owes
the storekeeper for his calicoes and
dried herring from spring until the
crop is in, but instead buys silks and
fresh beef with* cash obtained thru the
daily sale of cream and milk to the
A. M. WOODWARD, Vice-Pres.
A. A. McRAE, Cashier.
HON. JOHN LIND.
P. OLSON EARL.
O. B. McCLINTOCK.
First National Bank
Surplus 1,5 00,000
President I MACKERCHAR Ass't Cashier
F. M. PRINCE, President
GEO. F. ORDE Cashier I E. C. BROWN Ass't Cashier
J. B. GILFILLAN, Chairman.
n^AT&T^^kSlT President Bagley Elevator Co.
CARPENTER Secretary Shevlin-Carpenter Co.
Manager Mississipp i River Lumbe Co
CLARKE Treasurer Crookston Lumber Co.
W-JfL/TER D. DOUGLAS Of Douglas Bros.. Cedar Rapids. la.
H. M. HILL Vice President Janney, Semple, Hill & Co.
V- LANCASTER of Lancaster & McGee, Attorneys
A. C. LORING President Northwestern Consolidated Milling Co.
MoMILLAN President Osbome-McMillan Elevator Co.
B. G. PALMER President S G. Palmer Co.
E. PENNINGTON Vice President M., St. P. & S. Ste. M. Ry.
ALFRED F. PILLSBURY Director Pillsbury-Washburn Flour Mills Co.
R.. R. RAND Vice President Minneapolis Gas Light Co.
O. SWETT Merchant
F. B. WELLS Of Peavey & Co.
A. MT WOODWARD. Of Woodward &. Co
F. M. PRINCE (Presidents
C. T. JAFFRAT (Vice President)
Capital, Surplus and Undivided Profiits
H*f VI ^TP %5 1 "gl \w TT I ^4 V*
Ample fteieure8 Ext-eHein Facilities
8*' 4t 1
dairy in which, most likely, he is a
We have the curious object lesson
of observing this same farmer pay for
his own wheat thru the medium of his
bank purchasing the notes of grain
firms in Minneapolis, and the proceeds
of these notes are then paid to the
farmer by the Minneapolis grain com
panies in exchange for his grain.
The time is recent when the Minne
apolis banks were large borrowers of
money New ITorlt. Chicago, Boston.
and Canada, each rail, in order to
finance the movement of grain to its
market. Today, on account of the
wealth of the northwest, we are nearly
independent of these money centers,
but we will still be obliged to call on
them for a limited amount for a num
ber of years to come.
Minneapolis is the center of the' crop
movement. Our terminal elevators,
with their capacity of 37,000,000, call
for the disbursement of large sums of
money in comparatively short spaces
of time. The grain business of Minne
apolis is one of the most important fac
tors in the financial growth of this
city. Our neighboring city can offer
all the advantages to the country bank
to induce it to keep its reserve in St.
Paul that can be offered by the Minne
that is furnshed
Banks carrying accounts in Minneapo
lis can collect the grain drafts sent
them one day earlier than the same
drafts can collected which are sent
to St. Paul. This has been an impor-
THE MINNEAPOLIS JOURNAL.
Suggestive Review of the Banking Situation in Minneapolis and tfie Reqsons^ for th$ Remarkable Growth Qf Her Financial Importance
tant factor in deciding the country
banker to keep his money and account
$3,000,000 a Week for Grain.
Minneapolis furnishes more actual
cash for the purchase of gram than-any
other city the -world. 1'or two
months in the fall the shipments of
currency from the Minneapolis banks
to thoir correspondents will average
$500,000 a day, or 43.000.000 a week.
Most of this money is shipped into the
city from Chicago, and Chicago, after
Wallace Campbell, President.
Charles E. Cotton, Cashier.
German American Bank
*j^^^^--^ *SM3k -^seas
Capital $1,000,000 Surplus and Profits $600,000
Will remove April i, i9o6 to
Security Bajik Building
Cor. Fourth St. an,d Second Ave. S.
6Q SOUTH FOURTH ST PHCENJX BI.PG.
Capital and Surplus #169,999
DipQiltl 0if 1 1 1 1 |i3|6Q9|OQQ
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1 "SB 1
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its stores are depleted, ships it from
New York. The Minneapolis banks
draw down their balances in Chicago
and New York, Chicago calls in its sur
plus money from New York, and so the
actual money and balances while reach
ing the farmers' pockets, produce a
scarcity in New York so unwelcome to
In addition to the actual money used
in the purchase of grain, the Minneap
olis banks handle million's of dollars of
drpfts drawn on Minneapolis grain
firms, so that from the first of Septem-
THE PEOPLES BANK
CORNER, NICOLLET AND WASHINGTON AVES.
Capital Stock $60,000 Surplus and Undivided Profits $14,000
Emerson Cole, Marshall H. Coolldge,
Wallace Campbell, President, Vice President Minnesota Title Ins & Trust Co.
George J. Sherer, Wendell Hertlg,
Treas. Northern Display Advertising Co. Attorney at Law.
Charles E. Cotton, Cashier. H. D. Davis, Assistant Cashier.
Geo. J. Sherer, Vice President.
H. D. Davis, Assistant Cashier.
Plymouth and Washington Avs.N.
Transacts a General Banking Business.
Three Per Cent Interest Paid on
Six Months Time Deposits.
T. A. Gross, President, Charles Ctluek, "Vice PreB.
J. M. Griffith, 2d Vice Pres., Q. E. Stegner, Cashier,
G. P. Huhn, Ass't. Cashier.
Charles CUuelc, "Vice President, GHuek Brewing Co.
J. M. Griffith, Capitalist.
George M. Bleecker, Attorney at Law.
George Salzer, President of Salzer Lumber Com
I. V. Gedney, President M. A. Gedney Pickling Co.
Francis A. Gross, President German American Bank
Henry Doerr, of Winecke & Doerr, Wholesale
Peter J. Schied, Capitalist.
Arthur E. Eichhorn, of E. Eichhorn & Sons, Insur
Wm. J. Vonder Weyer, of Vonder Weyer & Lohmar,
Jacob Kunz, Treasurer of Minneapolis Bre-wing Co.
J. J. Heinrich, Capitalist.
August|% i/3ft 905,
ber to the middle of November, the
banker and the bank clerk find their
time and attention fully occupied.
Proud of Her Reputation.
Minneapolis is proud of the reputa-'
tion of her banks the financial world.
In no city in this country is banking
conducted on more sound bankitog prin
ciples. The business men of Minne
apolis are not speculators, and the com
munity is to be congratulated on the
absence of the professional stock specu
lator and mining investor. The banks
Farmers & Mechanics
at the close of business Monday, June 2$, i9o5
Loanswith collateral security
Accrued interest on investments
Banking house and. lot and. real estate
Cash on hand and in banks
Since its organization in 1874 this bank has paid to Deposi
tors interest to the amount of $4,456,472.00.
JOHN DeLAITTRE, E. MOULTON,
HENRY F. DOUGLAS, WM. G. NORTHUP,
T. B. JANNEY, ALFRED F. PILLSBURY,
THOS. LOWRY, O. C. WYMAN.
Northwestern National Bank
Capital, $1,000,000, Surplus, $700,000.
Wm. H. Dunwoody, President.
M. B. Koon, Vice President.
Edw. W. Decker, Vice President.
are sound and the city and country sur
rounding know this and appreciate it.
As the country tributary to Minneap-.
olis has as yet only reached its first
stages of prosperity, so better and larg-s
er things are in store for the financial,
institutions of our city, and before an-p
other period of ten years has passed^
Minneapolis will have moved rnuchf"
higher up from her position as twelfth?
city in the United States in point of*
clearings which proud position shell
holds today. '-~?fS
STATEMENT OF THE CONDITION If
Jos. Chapman, Jr., Cashier.
F. E. Holton, Assistant Cashier.
C. W. Farwell, Assistant Cashier.
Strangers in the city are cordially invited to inspect our new bank
building, Fourth street and First avenue south.
If you contemplate making a change in your banking connections,
or thinjc of opening a new account, we would be pleased to confer with
you in person or by lette^.
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