,jp« /"a"*?^a *PF HP* INTERNATIONAL FALLS PRESS yer specs magnify?" "A little, Northern Minnesota Hospital OUR PUBLIC FORUM my child," she answered. "Aweel then," said the boy, "I wad just like it if ye wad take them off Minneapolis Dollar-Hotel when yer packin' my lunch.'' #00 MODERN ROOMS Otto Kahn i_miU la H»»rt of uain Dhtriet 'jiv I I N I A E $ 1 On Financial Farm Loans .2° Pens, inks and pencils at the WMfUN «ATI rOR TWO MRMNI 91.00 MMVATCSATH ANOTOILrr KXTM Press office. Every citizen who desires to become capable in COMPLETE SAFETY fa business should study banking, and every farmer who AUTOMATIC SPRINKLERS wants to see the business of agriculture properly financed HIO riKEPROOP CONSTRUCTION a ,r» ira? should study diligently the financial systems of other industries. WAN OX RKOODDS SHOW NO LIVES Five —ten twenty years I 1 LOST IN A SPRINKLED BUILDINO.) All other lines of industry have developed financial BOOM MAS HOT AND COLD RUNNING from today the files of LESLIE'S facilities adapted to their needs. We have all sorts of yd 7 41 STIAM HI AT, OAS AND CLKCTRIC financial syndicates authorized by law or custom to deal n&'i •Wm. AND TELCPHONI SERVICE. will be priceless. For LESLIE'S in a certain line of securities, but in none of these financial vA-^r1 t&j*', MVCN STORT ANNEX IN CONNECTION. channels will farm securities travel without a bonus is the one great national illustrated -r- I in the way of an excessive rate of interest or heavy discounts. weekly newpaper of today. The most powerful financial institutions in America are private banks and they are the most important to Special war correspondents the financial life of industry. In no line of business does honesty, efficiency and stability make more imperative demands than upon BIRTHDAY AND WEDDING and photographers by the score private bankers, whose greatest asset is the confidence of the buying public PRESENTS "cover the war" for LESLIE'S in his business judgment and integrity. Mr. Otto Kahn of Kuhn, Loeb & Company, when asked to state the relation of the private banker to the business —in Germany, in Austria, in We have an endless assortment of the nation, said in part: of appropriate gifts, "One of the most important functions of the private banker is to be the France, in Russia, in Britain, R. H. Monohan, M. D. Elizabeth Monohan, M. instrument for providing the money needed for the efficient conduct and representing the newest and development of railroads and other industries. He does this by buying in Belgium, in Turkey, in finest products of the Jewelers' Mary C. Ghostley, M. D. securities in bulk from those needing capital, for which purpose he usually Art. Egypt, in the Far East, on associates himself with a large number of other financial houses, great and Office over International State Bank. International Fails, Mm Wedding rings, beautiful small, thus forming what is called a syndicate. Having in this way concluded the high seas. the buying transaction he offers to the public the securities purchased by diamonds, Sparkling jewels, means of advertising, circularizing and through the facilities of the retail Watches, Unique silverware, pictorial The news and houses included in the syndicate, many of whom employ traveling salesmen. LESLIE'S Sterling Novelties, Rich cut Of course the banker and the syndicate count on a reasonable profit for their service war, "covers" not only the Glass, Clocks, Etc. services on the other hand they run the risk of the securities, which they f* Border Whoisssis Meat & Grocery Go. its but the world, for the benefit of have definitely bought and paid for at a fixed price, remaining on their hands wholly, or in part, if the public, for one reason or another, should be unwilling or N E S O N S 350,000 subscribers. At home to buy them. The selling of securities is a highly specialized trade, 1 Jewelry Store abroad—wherever news is happening E. A. Yernberg, Manager requiring much experience, organization, machinery and scrutiny. This is International Falls, Minn. one of the reasons why corporations do better in offering securities to the —there the unparalleled service public through bankers than if they offered them direct. The willingness of this great weekly newspaper i3 of the public to buy depends upon their confidence in the integrity and the Wholesale and Retail Meats, & judgment of the banker who makes the offer., and a banker who attempts to it the recording it and picturing for Groceries, Fruits and Feed fs. mislead the public, or who is deficient in care or judgment, would very soon people of the United States. find himself without customers and, therefore, out of business. In many Get The European countries, the functions of the private banker include the placing For sixty years has FALLS DECORATING CO. LESLIE'S of bonds secured by farm mortgages. Bonds of this nature are issued in I Home-Made Sausage and large quantities by mortgage banks wh« buy mortgages on farms and other To do your Painting, Papering brought to the American people Hamburger real estate and deposit them as security for their own bonds, which in their and Decorating. We sell week by week the most important & turn are sold to bankers. It is to be hoped that similar institutions will, WALL-PAPER and PAINTS in course of time, be created in America, thus placing the farming industry news of our own and every other on a par with other important industries in facilities to obtain capital." Give us a Trial and You Will Marvin Building country, not in words alone, but Ave. 4th Street and 5th Stay With Us also in pictures—that universal F. C. Howe ft Phone 182 language which tells more at a On The Advantages of Free Ports Our Prices are Always Right and Our Stock Always Fresh glance than pages of words could 1 describe. Second Ave. and Fifth Street International Falls, Minn. Mr. F. C. Howe, Federal Commissioner of Immigra 1 PROFESSIONAL CARDS tion, who is one of the beat American authorities on No wide-awake American can marine commerce, in discussing the relation of free ports afford not to have Leslie's in his to the development of sea trade said in part: home every week. Every member "Ships will go nundrsds of miles out of their way to JOHN H. BROWN avoid ports surrounded by a tariff wall. The only way, International Falls Co, of the family will profit by it. It Abstract therefore, for n, country with a tariff to compete in the Attorney at Law is not too "old" for the youngest shipping world with a free-trade country is to.establish free ports at strategical points along its coast line. Germany Office in the litis Block child, while every page teems witb BURDICK, KREMER & KING, Proprietors. has done so, and in a comparatively short period International Falls, Minn. interest for every man and woman has built up a carrying trade which before the war was Abstracts, Real Estate and Insurance in the family. seriously threatening England's supremacy. Hamburg, one of the three German free ports, now ranks as the second greatest seaport in the world, its total foreign commerce in 1913 being only $6,000,000 under Collections, Conveying and Loans Get the current issue at any newsstands— DR. H. H. IHRIG that of New York. 10 cents. J. E. BURDICK, Manager "The free port would offer great opportunity for financial operations, now DENTIST made possible by the recent currency act. It would stimulate internationa Better subscribe by the year (#5) an^ Office over Holler's Confectionery Minnesota International Falls banking, and would tend to shift the financial center of the world to tn be sure of receiving every issue promptly country. And America, by the logic of events, has become the natural center International Falls, Minn. on Thursday. for the world's financing, just as London became that center several centuries ago, when it shifted from the cities of the Netherlands. But the financial center will only move to this country when it becomes a clearing house of F. J. McPARTLIN goods as well as of money. For credit the world over is created by currently created wealth in transit or change so that our financial expansion is dependent LAWYER upon tha opening up of American ports to the clearance of the wealth 01 the world. A port should not operate to yield a return on the investment, BURN-ALL Office over International but to develop the prosperity of the country." In recapitulating the advantages, State Bank Mr. Howe brings out the importance of the free port in developing our 9 9 shipping and linking us with South America, Asia and Africa, and then concludes: International Falls, Minn. "The most important gain is the direct gain to America It will cheapen commodities by bringing great quantities of goods to our doors for importation DR. H. S. ROSENHOLTZ or export, as trade needs demand. It will stimulate the growth of expo ing houses, which can hold goods for an indefinite period without payment or DENTIST INCINERATOR tariff dues (often equal to the cost of the article itself) for disposal to meet Office over litis Drug Store the trade demands of the whole world. It will upbuild international credit Office Phone: 245 and shift to America an increasing and ultimately a predominant share in Res. Phone: 274 international exchange. THE NEW INVENTION FOR DESTROYING "Finally, America is the natural country to be the counter of the world. International Falls* Minn. Its seacoasts face every other continent it is the greatest of all reservoirs 'if ALL KINDS OF CITY GARBAGE. of raw materials and foodstuffs. In iron and steel and standardized production it is in position to compete with the world. But international trade G. F. SWINNERTON (and this is always overlooked) must be reciprocal. It cannot be one-sided. M. D., C. M. And credit balances cannot for any prolonged period be paid in gold. They oan only be uaid by exchange of wealth." PHYSICIAN AND SURGEON r. vantierlip Eyes examined and glasses fitted Offiice over Empress Theatre On Tho Business of Banking International Falls* Minn. The farmers of this nation to come into their own $ must study business. We must, as a class, understand the fundamental principles that underlie every industry, JENNER PERRY CHANCE its functions to society and its relation to agriculture, for Dr. there can be no intelligent co-operation without understanding. PHYSICIAN AND SURGEON Mr. F. A. Vanderlip, president of the National City Bank of New York, when asked "What is a Bank?" REASONABLE JUST Office over litis Drug Store said in part: "The first and most familiar function of a bank is Phone 11 that of gathering up the idle money of a community, IN THE Night Calls at Hotel Koochiching small sums and large, and thus forming a pool or reservoir upon which responsible persons may draw as they have temporary use for money. It is evident that this THING PRICE DR. J. F. PETERSON makes large sums in the aggregate available for the em­ ployment of labor and the development of the community. But much more DENTIST is accomplished than the use of the money actually deposited in the banks, FOR EFFICIENT for by the use of drafts, checks and bank notes the efficiency of money is Office over International multiplied several times over. A very large business, for example one of the State Bank great beef packers, may use very little actual money on one side of its bank VILLAGES IN SERVICE account will be entered the checks and drafts it is daily receiving from everywhere International Falls, Minn. in payment for meats, while on the other side will be entered the checks it draws in payment for cattle, etc., its only use of money being for AND ECONOMICAL small payments, to labor and otherwise. PHMNEY & CAMPBELL "If there were but one bank in a community and everybody paid all bills by drawing checks on that bank, and everyone receiving a Check immediately CITIES OF LAWYERS IN deposited it in the bank, the amount of money in the bank evidently Over International State Bank would not change at all and the entire business of the community would be settled on the books of the bank. And the situation is but slightly changed International Falls, Minn. ALL OPERATION when there are several banks, for they daily exchange among themselves all the checks they receive on each other, which practically offset themselves, although the small balances are paid in cash. This is called 'clearing,' and SIZES in every large city there is a 'Clearing House' where representatives of the GUARANTEED W. E. LAWRENCE banks meet daily to settle their accounts with each other. "A bank is constantly receiving from its customers, particularly those that THE REXALL STORE are shipping products to other localities, drafts and checks drawn on banks International Falls, Minn. in other cities, which it usually sends for deposit to a few correspondent banks in the central cities with which it maintains permanent accounts. In this way these scattered credits are consolidated and the bank draws upon H. STUBEE these accounts in supplying customers with the means of making payments away from home. As each local community sells and buys about the same ARCHITECT amount abroad in the course of a year, these payments largely offset each other. It is evident that the banks are very intimately related to the trade and and industry of a country. The banker is a dealer in credit much more than a dealer in money, and of course his own credit must be above question. He Superintendent of Construction exchanges his credit for the credits acquired by his costumers, and lends Office over litis Drug Store ~edit for their accommodation, but he must conduct the business with such PLANS AND PRICES FURNISHED ON APPLICATION TO International Falls, Minn. "ent that he can always meet his own obligations with cash on demand, G. A. OVESON bank shad be the the essential thing about credit, that it always ".ash.'' DR. 6E0RGE HOEY The Canny Scot 'operate to their advantage. VETERINARY SURGEON Patentee The boy's grandmother was i* and Andrew Carnegie's story of a Contractor and Builder packing luncheon for him to take DENTIST Scots boy, well illustrates his INTERNATIONAL FALLS, MINNESOTA to school one morning. Suddenly, Phone 41 countrymen's power to see quickly looking up in the old lady's International Falls, Minn. every circumstances that may face, he said, ''Grandmother, does JL