Inaugural Message of Gov. John A. Johnson to the Legislature of Minnesota, 1907

Inaugural Message of Gov. John A. Johnson to the Legislature of Minnesota, 1907

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This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1907 edition. Excerpt: ... developed the fact that the demand upon our banks for commercial loans is becoming limited in certain localities. Under favorable financial conditions, such as the state is enjoying at the present time, the banks have a considerable amount of surplus funds. Under our present banking laws a state bank is not permitted to make a loan in excess of 15 per cent of its capital stock and surplus. First mortgage farm loans have proven to be a highly satisfactory class of investments, and probably no better or safer class of loans can be made by banks operating in farming communities. Under the circumstances I would concur with the recommendation of the public examiner that our banking laws be so amended as to permit of the making of first mortgage loans on improved farms located within our state, equal to 25 per cent of the capital stock and surplus of the bank, all such loans to be limited to and not to exceed 50 per cent of the cash value thereof; provided, that no bank shall invest in that class of loans in the aggregate more than 50 per cent of its deposits. There is no authoritative information available regarding private banks in Minnesota because they are not subject to law, nor is it the custom of private banks to give publicity to their conditions. In the partial reports and statistics of their business by. bank registers, and reporters, as a rule the figures published are incomplete and generally approximate. The record of the past four years of private bank failures is made up from returns of banking and commercial agencies, and discloses that during this period there were eighteen failures of private banks, with deposits approximately something like $1,5.x, ooo. During the past biennial period there have been 43 conversions from private to..show more

Product details

  • Paperback | 24 pages
  • 189 x 246 x 1mm | 64g
  • Rarebooksclub.com
  • Miami Fl, United States
  • English
  • black & white illustrations
  • 1236611586
  • 9781236611581