Full text of Commercial West : April 18, 1903, Vol. V, No. 16
The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
WESTERN INVESTMENTS,MANUFACTURING, MILLING AND GRAIN. THE SOUTHWEST. Vol. V. THE NORTHWEST. SATU RD AY, APR IL 18, 1903 No. 16 C A P I T A L , I n iL L IO N D O L L A R S , S U R P L U S i H ILLION D O L L A R S . O F FIC E R S: D IR E CT O R S: B y r o n L. S m it h , - - President V. L . H an k e y , - Vice-President G e o r g e P. Orde , - - - Cashier T hom as C. K in g , - A s s ’t Cashier S olom on A . S m it h , A s s ’t Cashier A r t h u r H e u r t l e y , - Secretary H. O. E d m o n d s , - Ass't Secretary H . H. R o c k w e l l , Ass’t Secretary E. C. J a r v i s . - - - - - Auditor The THE CENTRAL-PACIFIC W E ST . A . C. B a r t l e t t , C. L. H u t c h in s o n , J. H a i il e y B r a d l r y , M a r v in I I u g h it t , W t l l ia m A . F u ller, A l b e r t A . Sp r a g u e , Ma r t in A . R y e r s o n , LI. N. H ig in b o t h a m , B yr o n L. S m it h . The ¡Vorihern Trust COM PANY CH ICA G O R ookery, C H I C A G O . B A N K IN G , S A V IN G S , FO R E IG N , AN D T R U S T D E P A R T M E N T S . T H E MINNESOTA LOAN & TRUST COMPANY 313 Nicollet Avenue, MINNEAPOLIS CAPITAL (Fully Paid) - $ 500,000.00 SURPLUS and Und’ved Profits, 130,000.00 DEPOSITS, • • • 1,215,108.10 This Company allows interest on Deposits as follows: 2 # 8n D ally Chas. E. Lewis 4 Co. THE N a tio n a l C ity Bank, 412 to 415 Chamber of Commerce, MINNEAPOLIS. P rivate W ire s. G R A IN , P R O V IS IO N S , ST O C K S, BO ND S. New York and Chicago Correspondents: HARRIS, GATES & CO. lohn P. Hollingshead OF NEW YORK. B B alan ce, s u b je c t to c h e c k . Interest Begins on Day of Deposit. DIRECTORS: J. E. Be l l , F . G. W i n s t o n , F. M. P r i n c e , M. B. K o o n , F. A. C h a m b e r l a i n , A r t h u r M. K e i t h , G eorge H uhn, L. S. G i l l e t t e , E. P. W e l l e s , E . A. M e r r i l l , F. VV. L y m a n , S. S. C a r g i l l , H. L . Mo o re, W . A. D u r s t , J. M. M a r t i n , F. B. S e m p l e , W. R . C r a y . Established 1862. GRAIN, PROVISIONS, STOCKS, BONDS. Member*: CHICAGO BOARD OF TRADE. NEW YORK PRODUCE EXCHANGE. DULUTH BOARD OF TRADE. MINNEAPOLIS CHAMBER OF COMMERCE. MILWAUKEE CHAMBER OF COMMERCE. ST. LOUIS MERCHANTS’ EXCHANGE. Minneapolis Representatives: HERBERT MeNAMEE, IRA G. ANDREWS, ELISHA D. ELY. Private Wire Connection: NEW YORK STOCK EXCHANGE, CHICAGO STOCK EXCHANGE. 131 Guaranty Bldg, and 410 Chamber of Commerce, A N K H R 8 . Capital Fully Paid, - $25,000,000.00 Shareholders Liability, $25-000-000.00 Sur. & Undivided Profits, $16,172,888.64 New York, 5 Nassau S t. C H IC A G O . S q u ir e & L u k e n Formerly with Norton & Switzer. 24¥u1Slt0 CHICAGO. We Solicit Your Account Grain and Provisions bought and sold on commis sion for Future Delivery. Accounts solicited CHAS. H. F. SMITH Wm.H.Colvin &Co. 190 La Salle St.,' Chicago Members: N E W Y O R K STOCK EXCHANGE. N E W YOR K COFFEE EXCHANGE. CHICAGO STOCK EXCHANGE. CHICAGO BOARD OF TRAD E. M em bers New York Stock Exchange. Chicago Board of Trade. ST. PAUL WALTER COMSTOCK GRAIN AND PROVISIONS 3 Board of Trade, CHICAGO. ( O R G A N I Z E D 1 8 5 6 .) CAPITAL A N D S U R P L U S $ 6 , 0 0 0 , 0 0 0 . D IR E C T O R S : O F F IC E R S : RICHARD OELAFIELD, President STUYVESANT FISH. Vice-Pres. GEO. S. HICKOK, Cashier. ALBERT H. WIGGIN, Vice-Pres. EDWARD J. BALDWIN. Ass’t Cashier. GILBERT G. THORNE, Vice-Pres. W. 0. JONES, Ass’t Cashier. J. G. VAN CLEAF, Ass’t Cashier. FRED’K 0. FOXCROFT, Ass’t Cashier. W. A. MAIN, Ass’t Cashier. JOSEPH T. MOORE. STUYVESANT FISH, GEORGE S- HART, CHARLES SCRIBNER. EDWARD C. HOYT, W. ROCKHILL POTTS, CO. S t o c k s , G r u in , P r o v is io n s PIONEER PRESS BUILDING, STOCK B R O K E R S, & BONDS, TH E NATIONAL PARK BANK OF NEW YORK. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Co W . (i. HEATH, Mgr., 202 La Salle St. ELY E. WEARE. President. \m RE GRAIN COMPANY & COMMERCIAL PAPER. » on S ix M o n th s C e rtific a te of D ep o sit. 3 14 $ on T w e lv e M o n th s C e rtific a te of D eposit BARTLETT, FRAZIER & CO Members of all Principal Exchanges. 2 % i o n M o n th ly B a la n ce , s u b je c t to c h e c k . 3 Telephone M 158S AUGUST BELMONT, RICHARD DELAFIELD. FRANCIS R. APPLETON. JOHN JACOB ASTOR, GEORGE S. HICKOK, GEORGE FREDERICK VIETOR, ALBERT H. WIGGIN, CORNELIUS VANDERBILT, ISAAC GUGGENHEIM. JOHN E. BORNE. Saturday, April 18, 1903. T H E C O M M E R C IA L W EST. The Continental National Bank of Chicago. Union National Bank Capital and Surplus, Deposits, - - $4,000,000.00 42,000,000.00 OF GRAND FORKS, N. D. Capital, $100,000.00. Solicits Accounts, Assuring Liberal Accommodations and Courteous Treatment. David H. Beecher, Pres. Chas. F. Sims, V-Pres, Sidney Clarke, Cashier. Sind us your North Dakota items. A GENERAL FOREIGN EXCHANGE BUSINESS TRANSACTED. Prompt service assured. Travelers’ Circular Letters of Credit issued Available in all parts of the world. JOHN C. BLACK, President. GEORGE M. REYNOLDS, Vice President, N. E. BARKER, Vice President. IRA P. BOWEN, Assistant Cashier. BENJAMIN S. MAYER, Assistant Cashier. W IL L IA M W. H IL L , Secretary. BLOOM & MARTIN W a terto w n , South D akota. GENTRALTRUSTGOMPANY OF ILLINOIS Real Estates, Loans and Investments. Special attention to investments for non-residents. Correspondence requested. Referenr-As Bank K e fe r e n c e s .•-fJ First C itiz e National n s , N a tio n al B Bank. Dearborn and Monroe Streets, CHICAGO. C A P IT A L , SURPLUS, - - $ 4 ,0 0 0 ,0 0 0 . 1 ,0 0 0 ,0 0 0 . OFFICERS: Gharles G. Dawes, President; Irving Osborne Vice-President; A. Uhrlaub, Vice-President; William R. Dawes, Cashier; Charles T. Wegner, As sistant Cashier; Lawrence O. Murray, Secretary and Trust Officer; Malcolm McDowell, Assistant Secretary; Max Pam, General Counsel. DIRECTORS: A. J. Eailing, Max Pam, Charles T. Boynton, Charles Deering P. A. Valentine, Frank O. Lowden, Harry Rubens, Graeme Stewart, Thomas R Lyon, Alexander H. Revell, Charles G. Dawes. Harrison & Smith Co. Printers, Lithographars, Blank Book Manufacturers, Elevator Blanks and Bank Supplies to BANKING, SAVINGS AND TRUST DEPARTMENTS. order. Estimates Cheerfully furnished. BiHon=CrandaH=McGeary Bond and Stock Co., 421 Olive Street, St. Louis, Mo. 6 2 4 •$ 2 6 - 6 2 8 South 4th M INNEAPOLIS. B O ND S AND STOCKS N EGO TIATED. GUARDED! Absolutely protected from successful bank burglary is the bank that’s guarded by our :: :: :: :: A u t o m a t ic E l e c t r ic V a u lt P r o te c tio n S y ste m This system is positively guar anteed in writing to be undefeatable— the O N L Y one on the market thus guaranteed. Sim ple to operate— positive in action — within reach of the smallest as well as the largest banks. If you’re interested in the most practical and efficient form of bank protection in present use, let us tell you more about this one. Write :: :: :: :: AMERICAN B A NK PROTECTION CO. Minneapolis, Minnesota. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Stroot, T H E CO MM ERGETE W EST. Saturday, April 18, 1903. The National Bank of The Republic, The CommercialNational Bank OF C H IC A G O ESTABLISHED C H IC A G O . 1864. Capital, = = = = = $ 2 ,0 0 0 ,0 0 0 Surplus and Undivided Profits, = 1,500,000 RESOURCES. L oan s and d iscou n ts ................................................................................................ O verdrafts .................................................................................................................... $20,024,23^..06 ri O ther bon ds and s t o c k s ............................................................................................ D ue fro m U. S. tre a su re r........................................................................................ C ash and due fro m oth er b a n k s .......................................................................... 1 ok nnn nn T ota l .......................................................................................................................... $33 , 714 , 469 . 81' C apital sto ck paid i n ................................................................................................. $1’ 000'000'00 U ndivided profits ........................................................................................................ cnn nna nn T ota l ........................................................................ C A P IT A L , T W O M IL L IO N D O L L A R S . S U R P L U S , $ 7 0 0 ,0 0 0 .0 0 . John A. L y n c h ................................... P residen t W . T. F e n to n ...........................V ic e -P re sid e n t J. H . C a m eron ........................................ C ashier R. M. M cK in n e y ...................... A sst. C ashier R. L. C ra m p ton ...................... A sst. C ashiher W . F. D o d g e ........................ 2d A sst. C ashier T h om as Jansen .................................... A u d itor SpencerTrask&Co. $33,714,469.82 O F F IC E R S : Jam es H. E ck els, P re sid e n t; John C.M cK eon , V ic e -P re sid e n t; D av id V ern on , S econ d V ic e -P re s id e n t; Josep h T. T albert, C ash ier; N. R. L osch, A ssista n t C ash ier; H. C. V ern on , A ssista n t C ashier; G. B. Sm ith, A ssistan t C ashier; H. E. Sm ith, A uditor. F O R E IG N D E P A R T M E N T : M. Krell, M anager. . „ . D IR E C T O R S : F ranklin M acV eagh , o f M essrs. F ra n klin M acV eagn & C o., Jesse Spalding. P resid en t S paldin g L u m ber C o.; R o b e rt T. L in coln , P resid en t T he P ullm an C o.; W illia m J. Chalm ers, T rea su rer T he A llis-C h a lm ers C 9 .; E . H. Gary. C hairm an U nited S tates Steel C orp oration ; P aul M orton, V ic e -P re s id e n t A tch ison , T op ek a & Santa Fe R y. C o.; D arius M iller, F irst V ic e -P re sid e n t C hicago, B urlington & Q u in cy R y. C o.; J o h n C. M cK eon . V ic e -P re sid e n t; Jam es H. E ck els, P residen t. BANKERS 27 & 29 Pine Street, N ew Y ork Transact a general banking business; act as Fiscal Agents for corporations, and negotiate security issues of railroads and other companies. Execute commission orders and deal in The Chase National Bank I N V E S T M E N T SEC U R ITIES. OF THE CITY OF NEW YORK. Capital, $ 1 ,000 ,0 00 Surplus and Profits (Earned): 3 ,4 00,00 0 Branch Office, 65 State St., Albany H W C A N N O N , President. A . B. HEPBURN, Vice-President. E. J. STALKER Cash. C. C. SLADE, S. H. MILLER, H. K. TWITCHELL, Ass’ t Cashiers. Designated Depository of the United States, the State of New York and the City of New York. Transacts a General Banking Business. Accounts of Banks a id Bankers received on favorable terms. Buy and sell United States Bonds and make transfers and exchanges o f Bonds in Washington without charge for services. Members New York Stock Exchange. KNAUTH, NACHOD & KUHNE BAN KERS. NEW YORK. M t m b in of the N ew Y o r k Stock Exchange. Illinois Trust and Bank L E T US SEND OUR BOOKLET, L e tte rs o f C re d it and In te rn a tio n a l T r a v e l e r s ’ C h e c k s . Fo reig n E x c h a n g e . C ab le T r a n s f e r s . WINNIPEG, MAN. CANADA. “ Audits and th e ir A d v a n ta g e s .” It will interest the man who is strivingto introduce “ system” into his omce. We will send it to you on request. OFFICERS AND DIRECTORS: JOHN M ’ L A R E N P re s id e n t, formerly Vice- TH E BANK OF OTTAW A President the Union National Bank. R O B E R T N E L S O N , V ic e -P re s id e n t, Chartered Accountant and Fellow oi the American Association of Public Account ants. La Salle Street and Jackson Boulevard, CHICAGO. Capital and Surplus, JOHN LO O M IS M ’ L A R E N , S e c r e ta r y and T reasu rer. E . G . K E IT H , President, Chicago Title and Trust Co. R. H. W I L L IA M S , Auditor Northwestern Elevated Railroad. The International Audit Company, Interest allowed on deposits in Banking and Savings department. B O N D S — Government, j State. County, City and choice railroad bonds j bought and sold. FOREIGN EXCHANGE. Letters of Credit. Drafts, Postal Remittances i and Cable Transfers. Merchants Loan Trust Building, E s t a b lis h e d 1874. Capital Authorized, - $3,000,000,00 Capital Paid in, - 2,000,000.00 Surplus, - - 1,935,000,00 A GENERAL BANKING BUSINESS TRANSACTED. Interest Allowed on Deposits. FOREIGN EXCHANGE BOUGHT AND SOLD. CHICAGO. St. Paul Agents: MERCHANTS’ NATIONAL BANK. TRUST DEPARTMENT. Acts as Administrator, Executor, Guardian, Conservator, Assignee, Receiver, Transfer Agent and Registrar ; makes investments and acts as agent in the collection and disbursement o f in comes. Trust funds and trust investments are kept separate from the assets of the bank. Illinois Trust Safety Deposit Co. Safety Deposit Vaults. CANADIAN BANK OF COMMERCE. H e a d O ffic e , TO R O N TO . Capital Paid Up, $8,000,000. Surplus, $2,000,000. B R A N C H E S a t D aw so n , W h ite H orse, S k a g w a y an d A tlin . E x c e p tio n a l fa c ilitie s fo r h a n d lin g Digitized the bufor sinFRASER ess o f th o se d is tr ic ts . https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Fidelity Trust Co. Bank, TACOM A. Paid Up C a p ita l, - $300,000.00. JOHN C. AINSWORTH, Pres. JOHN S. BAKER, Vice Pres. ARTHUR G. PRICHARD, Cashier. P. C. KAIFFHAN, 2 d Vice Pres G E N E R A L B A N K IN G . Special Attention Given to Collections. First National Bank Po r t l a n d , o r e u n it e d STATES DEPOSITARY. Capital and Surplus, $1,250,000. H. W. Corbett, President; A. L. M ills, Vice P resident; J. W. Newkirk, Cashier; W. C. A1 vord, Asst. Cash.: B. F. Stevens 2d Ass’t Cash First National Bank, SEÆ EE P A ID U P C A P I T A L , $ 1 5 0 ,0 0 0 . LESTER TURNER, Cashier. JAMES D. HOGE, Jr., President. F. F. PARKHURST, Asst. Cashier. MAURICE M’ MICKEN, Vice President, Ageneral banking business transacted. Letters o f credit sold on all principal cities o f the world. Special facilities for collecting on British Columbia, Alaska and all Pacific Northwest poinGA WE HAVE A BANK AT CAPE NOME. T H E C O M M E R C IA L W EST. 4 Geo. Q. Erskine} Pres. Wm. Anglim Yice-Pres. J. W. Wheeler, Cashier. C a p it a l, $ 7 5 ,0 0 0 S u r p l u s &. U n d i v ’ d P ro fits , 4 , 2 0 0 0 The SWEDISHAMERICAN NATIONAL BANK, We negotiate Farm Mortgages. M IN N E A P O L IS . First National Bank C R O O K S T O N , M IN N. N. C. F. E. O. WERNER, President. S. H ULBERT, Vice Pres. A. SMITH, - - Cashier. L. MATTSON, Asst. Cash. CAPITAL, - - $250,03 SURPLUS and UNDIVIDED PROFITS, 90,000 DEPOSITS, - - - 2,708,000 W I N N IP E G , HEAD OFFICE: Hamilton, Ont. Paid-up Capital, Reserve $2,500,000 $2,000,000 THE AUDIT COM PANY OF ILLINOIS, NEW YORK LIFE BUILDING Foreign Exchange Bought and Sold, BANK OF HAMILTON, Capital Authorized, Saturday, April 18, 1903 $1,600,000 Total Assets $20,045,582 Minneapolis Correspondents: SECURITY BANK OF MINNESOTA. Duluth Correspondents: AMERICAN EXCHANGE BANK. Deposits Received and Interest Allowed. General Banking Business Transacted Collections carefully and promptly effected at all points in Canada. Savings Bank at all offices. Correspondence solicited. CHICAGO. Public Accountants and Auditors. OFFICERS: L. A. W alton, President; F. W. Little, V ice-President; C. D. Organ, Sec. and T reas.; C. W. Knisely, Manager. DIRECTORS: A. G. Becker, A. G. Becker & Co., Chicago; F. W. Little, Vice-President Peoria Gas & Elec. Co., Peoria ; G. A R yther, Cash’ r Nat’l Live Stock Bank, Chicago; J. R. Walsh, Pres. Chicago National Bank, C hicago; L. A. W alton,Vice-Pres.Equitable Trust Company, Chicago. Savings Accounts Received by Mail 3 PER CENT INTEREST ALLOWED C ljir a r ja . C A P IT A L S U R P L U S A N D P R O F ITS M e r c a n tile T r u s t C o m p a n y , S T . L O U IS . CAPITAL, $3,000,000. $ 2 ,0 0 0 ,0 0 0 $ 1 ,0 0 0 ,0 0 0 Transacts a General Trust, Financial and Real Estate Business. Income Allowed on Daily Balances. Accounts of Banks and Bankers In vited. SURPLUS. $6,500,000. VERTICAL SYSTEM OF FILING LETTERS AN D ALL O TH E R L A B O R S A V IN G O F F IC E D E V IC E S . JO HN A. SCHLENER &, CO. 14 YEARS IN THE STATE L LAMB, President. WE BUY, SELL AND DEVELOP THE CLIPPER C U P . M IN E S, Its triangular shape prevents entangling and gives three times the capacity o f any other Clip for attaching papers together. Make a Specialty o f Stocks and Bonds. Secure Franchises, Organize and Finance Corporations. Correspondence Solicited. Case Investment Co if Best and Cheapest. C L IP P E R M FG. C O . All Stationers. NEW YORK. Brass or Steel. For free samples and information write to tn TACOMA* WASH.Bld*" C. R. LAMB, Secretary and Treasurer. C. F. ALDEN, President. L LA M B LU M B ER CO. Operating Retail Yards, General Office: Andrus Building https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis M IN N EAPO LIS T H E C O M M E R C IA L W EST. Saturday, April 18, 1903. Capital, $1,500,000 Surplus and Profits, $850,000 O FF IC ER S F . G. BIGELOW, P r e s i d e n t . W m. BIGELOW, V i c e -P k e s i d k n t . PRANK J. KIPP, C a s h i e r . T. E . C A M P, A s s t . C a s h ie r . H. G. GOLL, A s s t . C a s h i e r . 5 First National Bank United States D epository MILWAUKEE, WIS. E. MARINER, F. G. BIGELOW, C. F. PFISTER H. C. PAYNE, GEO. P. M ILLER, FRED. T. GOLL, WM. BIGELOW, F. VOGEL, J e . J. H. VAN DYKE, J r . D IR E C TO R S C ash C a p ita l One M illion D ollars. STATE BANK OF C H IC A G O . ¡ESTABLISHED 1879. General Banking, Savings, Letters of Credit, Investment Bonds, Foreign Exchange Trusts. » P ™ * . f t ^H A U G A g, V cS e d Ä cS Ass’t Cash. SAMUEL E. KNECHT, Sec. h en ry s. h en sch en , In te re st A llo w ed on Deposits. M ASON, LEWIS & CO. JOHN H. WRENN & CO. THE ROOKERY, BANKERS C H I C A G O . BOSTON, 60 D e v o n s h ire Street. C H IC A G O , M o nadn ock B u ild in g . MUNICIPAL RAILROAD CORPORATION 225 La Salle Street, BONDS Street Railway and G as Issues1 Stocks, Bonds, Grain, Provisions, Com panies Coffee, Cotton. LIST ON APPLICATION. Charles Hathaway & Co. PRIVATE WIRES TO NEW YORK AND MINNEAPOLIS. W e In v it e Y our D e p o s it A c c o u n t Dealers in COMMERCIAL PAPER, U n t ie d S ta te s P o r lg a g ^ a n d 55 C e d a r CH ARLES W. FOLDS, Street, t a t C jjjr a p t g , N ew Y o r k . R E P R ES EN TA TIVE , W e s t e n d o f f ic e , 2 0 5 LASALLE S T . C H I C A G O . 4.5 W a ll S t . N E W Y O R K O F F IC E , street and broadw ay . FIVE MILLIONS 5 3 S ta ta S t . B O S T O N O F F IC E , 73d CAPITAL AND SURPLUS L. B. WAUGH COMPANY. Cabinets, Safes, Desks BARNES BROTHERS, Bankers, and General Office Furniture. iVl I ININE A I K ) U I S . Fire and Burglar Proof Safes Vault Fronts and Linings, Time, Automatic and Combination Locks, Safe and Lock Repairing. F IR S T M O R T G A G E BON D S Se- cured upon improved frrms and city property $2,000,000 net our investors 6 per cent interest. Correspondence solicited from BORROWERS AND INVESTORS. ST. PAUL, 360 Jackson Street, MINNEAPOLIS, 318 Second Ave. S. CROOKSTON L U M B E R CO. M IL L S A T S h i p m e n t s on bemidji , s t . h iiaire Crookston, Minn. CROOKSTON. C. A. S M IT H Northern Pacific and Great Northern Rys. LU M B ER CO. Tlanufacturers and Dealers in L U M B E R , L A T H , S H IIN Q U E S . O F F IC E : M IL L YA R D S , 4 4 t hforAFRASER V E . , N . and L Y N D A L E , Digitized https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis MINNEAPOLIS, MINNESOTA. T H E C O M M E R C IA L W EST. 6 Saturday, April 18, 1903.’ R l f r * ? l a r i p Q f t ^ r e fr e q u e n t. T h e p o r c h c lim b e r is a le r t. •• $ 2 .5 0 R e n t s a P riv a te S a fe o n e y e a r Where your Diamonds and all Valuables are beyond his reach. G U A R A N T Y S A F E D EPO SIT V A U L T S , B a s e m e n t G u a r a n ty B u ild in g , M in n e a p o lis . 8 0 0 ACRE FARM FOR SALE. House 30x 44 with furnace and bath room; barn 60x 44 ; grainery 28x 48; two sheep sheds 28x 48 ; three good wells; two windmills. This land is all fenced with 4 and 5 wires. 500 acres under cultivation. Price $50.00 per acre. THE A . H U N T IM E R . N O R TH STAR L IM IT E D D e ll R apids, S. D. M . & S t. L . R .R . Olsen, Quter, healy Company, [INCORPORATED.] KANSAS C ITY Capital $40,000 S T .LO U IS EQUIPM ENT Buftet Library Cars. Reclining Chair Cars, Coaches. Surplus $300,000 We give special care to negotiating first mortgage farm loans; also to buying and selling real estate. Gilt-edged farm mortgages for sale to eastern investors. Our legal department is under the immediate care of Lewis C. Spooner, long and widely experienced in law matters. We pay taxes for and look after property of non-residents, when desired. References : Citizens Bank of Morris and Merchants’ National Bank of Morris. MORRIS- STEVENS COUNTY, MINN. Compartment and Standard Sleepers, also Dining Cars, All Broad Vestibuled, Pullman’s Latest and Best Models L eave M inneapolis...7:45 p. L eave St. P a u l............ 7 :1 0 Arrive D u buque.......... 4.3 5 a. A rrive R o ck fo rd ..........7:2 6 a. A R R IV E m. p.m. m. m. W ALKER B A IL E Y , F i r s t M o r t g a g e L o a n s , R eal E s t a t e a n d A b s t r a c t s . Special attention given to the placing o f Farm Loans. Interest collected and remitted at par. Correspondence solicited with conservative Eastern investors. References: Merchants Bank o f Redfield; Algona State Bank, Algona, Iowa. R edfield, S p in k C o u n ty , S o u th Dakota. Chicago 9:30 a. m. A R R IV E St.Louis 2:00 p.m. R eturning,leave C h i o a g o 6:10 p. m .; arrive M inneapolis 8:00, S t . P a u l 8:4 0 a. m. F. £. GERLACH, Real Estate, Loans and Investments. J . G. R1CKEL, C. T. A ., St. Paul. W . L. HATHAWAY, C. T. A., M’p’ls. A. B. CUTTS, G. P.& T .A .. Minneapolis & St.Louis R. R., Minneapolis, Minn. X X X E L K T O N , SO . DAK. Faem of E. E. G e e l a c h , neae E l k t o n , S. D. Loans made on improved farms guaranteed. Large tracts of lands for sale._ Special atten tion given to property o f non-residents. References: First Nat’lBank, Brookings, S. D. ; First State Bank, Elkton, S. D. ; The W. W. Whipple Co., Providence, R. I. YES There are other railroads be tween the east and the west. BUT It is always well to secure the best you can for the money. The J. R. Hanson Real Estate Agency. E sta b lish e d . 1862 Farms in Southeastern part of South Dakota, $25 to $60 an acre. In Central and Northern Counties, $4 to $15 an acre. Have about 40,000 acres in large and small bodies in Southwest part o f North Dakota, 5 to 40 miles from railroad, $3 an acre. These are fine agricultural lands, well watered ; lignite coal abounds, and lands lie right in the line o f the present tremendous rush of home seekers; presenting to the investor the last opportunity to secure good agricultural lands at a nominal price. Y a n k to n , So u th D a kota. Correspondence Solicited. THEREFORE You should bear in mind this re mark of an experienced traveler: “ For the excellence of its tracks, the speed of its trains, the safety and comfort of its patrons, the loveliness and va> iety of its scenery, the number and import ance of its cities, and the uni formly correct character of its service, the New York Central & Hudson River Railroad is not sur passed by any similar institution on either side of the Atlantic.” Send to George H. Daniels, General Passenger Agent., Grand Central Sta tion, New York, a 2-cent stamp for a 52page illustrated Catalogue of the “ FourTrack Series.” Investors Attention! We can Loan your Money on Gilt=edge Security and net you 6 per cent Interest. We make a specialty of loaning money on First Mortgages on Improved Real Estate. We inspect all properties personally before placing a loan. W e Assume all Mortgages before Assigning Them. IV Io re ey L e n d e r s ! Write us for further particulars before placing your money elsewhere. K E L L E Y ’S LAM ) AGENCY, HURON, SOUTH DAKOTA. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Saturday, April 18, 1903. T H E C O M M E R C IA L W EST. EVERETT, WASHINGTON 7 Population 1890 Population 1899 Population 1902 .......... O .6 ,0 0 0 16,000 For information concerning this G R O W IN G City apply to EVERETT IMPROVEJTENT CO. E V E R E T T , W A S H ., For CHAMBER OF COMMERCE. Real Estate— Loans— insurance. We buy and sell property, pay taxes, collect rents and act as general agents for non-resi dents. Correspondence solicited. E V E R E T T I N V E S T M E N T C O ., 1814 H e w it t A v e . EVER ETT, W ASH. FARIBAULT CO. BANK, * Loans made on Improved Farm Property. Mortgages for sale at all times. Correspon dence with Eastern investors solicited. Ample security given. W in n e b a g o C ity , M in n . WILLARD L. COMSTOCK, INVESTMENT LAWYER. f - 9 - 1 1 H u n t B ld g ., Oscar E. Rea, EVERETT, WASH. I n v e s t m Correspondence Solicited. «S , M O O R E IN V E S T M E N T CO., SE A TTL E , W A S H . A. Chilberg, Pre*. A.H.Soelberg,V-Pres J. F. Lane, Cash. Geo. R. Fisher, Ass't Cash. The Scandinavian Am erican Bank B r o k e r . 12 perct. net Guaranteed on Investments. B A N K S . Send at once for o ur book of Modern Country Bank Buildings, costing $3,000 to $25.000 Price, $1.00, Modern Homes. 150 pages, Paper, $1.00; cloth, $1.25. Omeyer & Thori, Architects, St. Paul, Minn. I1 W . TAYLO R, L A W Y E R , W ebster, - South Dakota. M a n k a to , M in n . First Mortgage Loans on Best Security. Western Investments Secured. Correspondence invited. References furnished. e n t j.j| « 1 1 1 6 The greatest young city in the Pacific Northwest. special information and literature write Everett Investment Company, For gilt edge investments in Seattle or information about the busiest, most rapidly growing city in the world, write to Q Real Estate, Loans and Investments. Mortgages made on improved farm lands for conservative investors. Correspondence solicited. C A P I T A L P A ID U P , D E P O S IT S , . . . - $ 1 0 0 ,0 0 0 2,250,0 0 0 SEATTLE, W A SH . SIX PER GENT INTEREST NET Earned absolutelyland safely on g ilt ’ edge securities CHOICEOKLAH OM A MORTGAGES On improved farms, worth many times amovint loaned. Securities examined by salaried ex perts. Write for latest list. WINNIE & WINNIE, Winnie Bldg., Wichita, Kansas. G E R M A N IA B A N K MI NNEA P OLI S. E s ta b lis h e d 189 3. C a p ita l, $ 5 0 , 0 0 0 Surplus and Undivided Profits, $8,000, O. E. Naegele, Pres., Jno. C. Oswald, 1st V-Pres. L. Paulle, 2nd V-Pres. Directors—H. J. Dahn E. W. Naegele, C. G. Laybourn, H. Vogt, Jos Ingenhutt. transacts a General and Safe Banking Business. P . S. G A L L A G H E R , SNOQUILMIE FALLS AND WHITE RIVER POWER COMPANY. SE A T T L E -T A C O M A . Supplies the Electric Power utilized by the Flour Mills, Street Railways, Interurban Railway, Smelter, Street and Domestic Lights and the Indus trial Motors of Seattle, Tacoma and intermediate towns. Address Chas. H. Baker, President and Chief Engineer, SEATTLE, BENSON, M IN N . Real Estate, Loans and Investments. Choice 'oans made on improved Minnesota farm lands, Careful attention given to non-resident prop erty. Correspondence prompt. Reference: Swift County Bank, Benson, Minn. W A SH W . L. W E A V E R , Investment Lawyer. E L W O O D LA N D CO. First Mortgage Loans on improved Iowa farm property. Western investments for Eastern investors. Correspondence solicited. Reference, First Nat’l Bank, Iowa Falls, la. IO W A F A L L S , IA . (Capital $100,000» Corner Sixth and Jackson Streets, = S T . P A U L , iviiiNiN BRANCHES: Winnipeg, Manitoba, Aberdeen, S . Dak;. BASEMENT OF MERCHANTS’ BANK. Rugby, IV. Dak. Canada Lands. North Dakota Lands. South Dakota Lands. L a rg e o r s m a ll t r a c t s - S o l i c i t i n g a g e n t s w a n t e d . p r i c e s and t e r m s . https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis W r i t e f o r m a p s , li t e ra tu re , Thorpe & Nasset Real Estate, Loans and Investments. Mortgages negotiated on improved Min nesota farm lands. Non-resident property carefully looked after. R e f e r e n c e s : Kandiyohi County Bank, Willmar, Minn, W IL L M A R , M IN N . T H E C O M M E R C IA L W EST. 8 Saturday, April 18, 1903. The Northwestern National Bank MERCHANTS’ NATIONAL BANK OF SAINT PAUL. O F M IN N E A P O L IS . Capital, = = = $1,000,000 Surplus, = = = 225,000 Capital, » $1,000,000 Surplus and Undivided Profits, 525,000 United States Depository. An average of over eight per cent dividends paid to stock holders since organization in 1872. Dividends Paid since Organization, $2,130,000. O F F IC E R S : Jo s e p h C h a p m a n , J r . , C a s h i e r . F. E. H o l t o n , A s s i s t a n t C a s h i e r . Chas. W . F a r w e ll, A s s i s t a n t C ash ie r. Ja m e s W . R a y m o n d , P re s id e n t. W m . H. D un w o od y, V ice-P re sid en t. E. W . D e c k e r , V i c e - P r e s i d e n t . MINNEAPOLIS REAL ESTATE OFFICERS: Kenneth Clark, President : C. H Bigelow, Vice-President; Geo. H. Prince Cashier; H. IV. Parker, Ass’ t Cashier; H Van Vleck, Ass’t Cashier. DIRECTORS: Crawford Livingston, Kenneth Clark, J. H. Skinne*, Louis W. Hill, George H. Prince, D. R. Noyes, E. N. Saunders, V. M. Watkins, L. P. Ordway, F. B. Kellogg, C. H. Bigelow. DEAN BROS. & CO. X. Commercial Paper. M IN N E A P O L IS . I f intelligently and wisely purchased should double in value in the next five or six years. J . F. C O N K L I N & Z O N N E C O . , Temple Court, Minneapolis. The experienced and successful real estate firm are organized and equipped to look after your interests and obtain the best results. They take entire charge and management of tproperty for non-residents and it will pay property owners and persons desirous o f obaining good Minneapolis investments to look up their responsibility and good judgment. References: First National Bank and Northwestern National Bank. W. H. Horine& Co. (INCORPORATED.) C O M M E R C IA L M em bers: The Equitable Trust Company, P A P E R . A m erican and Illinois B a n k e rs A ss o c ia tio n . 171 LaSalle Street, CHICAGO. Wm. H. DORINE, lite National Bank Examiner. 152 Monroe Street, CHICAGO. Capital Paid Up, $500,000. Surplus, $275,000. Acts as Trustee for Corporations, Firms and Individuals and as Agent for the registrations and transfer of bonds and stocks of Corporations and the payment of coupons, interest and dividends. IN T E R E S T P A ID ON D E P O S IT S . DIRECTORS: ANDREW McNALLY. J. R. W ALSH, F. M. BLOUNT, W ILLIAM BEST. JOHN M. SMYTH, J. R. WALSH, President. OFFICERS: L. A. WALTON, Vice-President C. D. ORGAN, Sec. and Treas. C. HUNTOON, Ass’t Sec’y and Ass’t Treas. WALTER Li BADGER, I *■ * f l MAURICE ROSENFELD. L. A. WALTON. I I l CL M 1 « IK 1 I XI * * • * MINNEAPOLIS, minn. J™ O ft - I - r™ Bought and Sold on Commission I H I CL or Joint Account. made on First-class Improved Security to net lender 414 to 6 per cent. Special attention given to care of property with econom ical management guaranteed. Best of referenco«. City National Bank Minneapolis Property Rents collected; buildings improved and reconstructed to produce increased results. Satisfactory reference to local and eastern parties. MOORE BROS. & SAWYER, Minneapolis. H A R R I S , G A T E S & CO. BBOKEBS. S t o c k s , B o n d s , G r a i n , P r o v i s i o n s , C o t t o n , C o ffe e . No. 1 Board of Trade, Chicago. STEPHEN N. BOND. & BOSTON. ROBERT F. PERKINS G O O D W IN , BANKERS, Commercial Paper. C o r p o r a tio n L o a n s . CHICAGO. Investment Securities. L o an s S ec u red b y S t o c k s , B o n d s and W a re h o u s e R e c e ip ts . Manager Chicago Office: CHARLES F. M EYER, 226 La Salle St. Mortgage Loans on Minneapolis Property A ccep ted Prom ptly ^ t o p e r c e n t . 4 « COUNTY AND SCH OOL T H O R P E B R O S ., https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis D U L U T H , M IN N . Capital Fully Paid in $500,000.00 J U S T O R G A N IZ E D . Solicits your Duluth accounts and collections will extend every court esy consistent with good hanking. DIRECTORS: J. H. Upham, A. S. Chase, A. H Comstock G. G. Barnura, John Panton, R. F. Fitzgerald Alex M cDougall A.M Chisholm John F. Killorin A. R Macfarlane. No. 10 Wall Street, New York- WILLIAM H. GOODWIN. BOND J.H . Upham, Pres. A. R.Macfarlane, Vice Pres. W. I. Prince, Cash. G. E. Gibson Ass’ tCash. BONDS 6 W ANTED. M IN N E A P O L IS . CHUTE REALTY CO. 301 Central Ave., Minneapolis. Manufacturing sites and trackage, business and residence property in Minneapolis and St. Paul for sale or rent. Five story manufacturing plant with machinery, elevator, etc., centrally located. D. P.4mm , Pm. W. If. D«tI», V-Pm. W . C. Mefkiiitjr, S«. I Tr« DAVID P. JONES & GO. (Established 1868. Incorporated 1900.) Mortgage Loans, Real Estate and Rental! Special attention given to management of estates of non-residents. Satisfactory refer ence to local and eastern parties. 200 O N E ID A B L D G ,, M IN N E A P O L IS T H E C O M M E R C IA L W EST. Saturday, April 18, 1903. 9 The G overnm ent’ s Merger Decision. A W EEKLY JO U RN AL R E P R E S E N T IN G W ESTERN IN V E S T M E N T S , M A N U F A C T U R I N G , M I L L I N G A N D G R A IN . H. V . JONES Editor and Manager. H E N R Y D. B A K E R , H O L L I N E . ¡SMITH, Associate Editors D .E .W O O D B R ID G E , Editor o f Mines Department A . W . W A R N O C K , B u s in e s s M a n a g e r . Minneapolis Office, Rooms 627-729 Guaranty Building. T elephone , Main 307. SUBSCRIPTION IN ADVANCE. One Year, $ 3 .0 0 . Six M onths. $1.50. FO R E IG N POSTAGE FREE: Three M onths, $1.0 0. S U B S C R IP T IO N S , P O S T A G E P R E P A ID , Copy. 10 Cents 1 T he Commercial W est will not knowingly publish the Advertisement of a financially unsound individual or company. A d v e r t is in g R a te s S e n t on A p p lic a tio n . P u b lis h e d b y th e C o m m e rc ia l W e s t C o m p an y , M in neapolis, Minn. ENTERED AS SECOND CLASS MAIL MATTER AT TI1E POSTOFFICE, MINNEAPOLIS, MINN. S A T U R D A Y , A P R I L i 8 , 1903. P R IN C IP A L CON TEN TS. E d ito r ia l.......................................................................................................... T h e G o v ern m en t’s M erger D ecision . 9 S om e O riginal D a ta on C u rren cy R eform . T he P op u la rizin g o f an Industry. P rosp erou s K an sas. L a b or and R a ce P rob lem o f S outh A frica . Silly B u ck e t Shop T a ctics. T he S ecu rities D e cisio n — U ltim ate R e s u lt....................................... 14 T he In crea sin g D em ands fo r M o n e y ................................................ 15 A la sk a n C onn ections fo r B ellingham B a y .................................... 17 A la sk a -Y o u k o n B ou n da ry D is p u te ..................................................... 18 N ew Y o rk L e t t e r ........................................................................................ 20 C h icag o S to ck M a r k e t............................................................................ 21 M inneapolis M on ey M a rk e t................................... 22 St. P aul M on ey M a r k e t......................................................................... 22 W e stern B on d Is s u e s ................................................................................ 22 C orporation s ................................................................................................ 23 “ U n d igested S ecu rities’ ’ ....................................................................... — B y H e n ry D. B aker. 24 C aliforn ia M ortgage T a x ........................................................................ 38 R a ilroa d E arn in gs ................................................................................... 25 B an k C learings .......................................................................................... 26 M inneapolis S ecurities ........................................................................... St. P au l S e cu ritie s................................................................................... 26 26 F in an cia l N o te s 27 ........................................................................................ D a y e o f G race A b o lis h e d ........................................................................ 27 F arm L an d M o v e m e n t............................................................................ 28 L ive S tock M a r k e ts .................................................................................. 30 G ra in and M illin g . M inneapolis M ills C lose D o w n .................................... 33 N a tion a l B asis fo r G rain T r a d in g ...................................................... 32 Seattle M illers O b je c t .............................................................................. 32 Illinois G rain B o y c o t t .................................................................... 32 M inneapolis W h e a t R e v ie w ............................................................. 33 M inneapolis M arkets 34 M ilw aukee ............................................................................... G rain M a r k e t.......... ............................................................ 37 P u ts and Calls in Illin o is ....................................................................... 37 C anadian W h e a t M ark et R e v ie w s S itu a tio n ...................................... ....................................................................................... G eneral S ta tistics ................................................ https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 37 39 40 The decision of the United States Circuit Court in the Securities case is less revolutionary than was sug gested by the first publication of its import. The im pression that the decision would make it impossible to take up consolidations of railways as a proper econo mic step is not warranted by a close study of the deci sion. The law under which the decision is made can be repealed or it can be amended to permit of that consolidation that shall seem to he for the public wel fare. This makes the decision much less to* be re gretted than would have been the case had the court shut the door absolutely against progress. There are many supporters of railroad consolida tion in this country who are as honest friends of the people, as sympathetic for the welfare of the masses, as interested in the greatest good for the greatest num ber, as are many of those who have as yet felt it to be the wise policy to stick by the old doctrine of a ruinous competition. This class of defenders of the merger have been actuated only by principle and they have faith that a. few years more will confirm their judgment, no matter what present interpretations of the courts may be, and regardless of whether the pur poses of railway managers may be sincere or not. If the latter are not sincere in the desire to economize service their plans will fa il; hut if they are sincere— as we believe them to be in the main— the people will come to see the right of the question and laws that are a hindrance to the country’s progress will he repealed. This is one encouraging line of action that the Securi ties decision holds out; in its immediate interpretation it is virtually a command to railway managers to return to unbusinesslike management. The Elkins law alone is now in force to serve as a partial safeguard to the railways against irresponsible shipping demands. It is well to have the statute construed thus early in the work of reorganizing railways. We have no sym pathy with the view that would suggest that any large number of Americans would attempt to argue in favor of violation of law, or even law evasion. All Ameri cans violate law in some degree. But in a larger sense this is the country of law. It is the basis on which our liberties rest, and no class of men will respond to its demand more quickly than those who are seeking to work out the great industrial problems that have to do with the country’s welfare. It may be that President Roosevelt will see his way clear to move against that other form of trust that threatens the country’s interests fully as much as any form of organized monopoly— the labor trust. This phase of industrialism should be settled this time. The foundation principle of the American constitution is the right to* liberty. The right to work free from violence must be established. We have not as yet heard the President speak with quite the emphasis on this point that he has on the other phases of commer cial restraint. But labor monopoly is as much a men ace to* our prosperity as industrial monopoly and un sound capitalization. It is quite unnecessary to destroy healthful labor organization to secure this reform. The monopoly of labor and healthful organization are not synonomous. If out of the whole agitation there can come impartial reform for both labor and capital, much will have been gained despite temporary checks that may be inter posed to policies that are for progress and the country’s good. IO T H E C O M M E R C IA L W EST. Some Original Data on Currency Reform. A paper read last Saturday night by Mr. F. I. Kent of the First National bank of Chicago, be fore a club of the First Universalist church of that city, published in this issue, contains certain origi nal and valuable data pertaining to the subject of currency reform. W e know of no writer or speaker on currency topics who has yet brought out with the force that Mr. Kent has, the kind of elasticity needed for our currency system. Among currency discussionists there are on the one side those who favor a credit currency because they want a system which will be just like a rubber band, expanding as the temporary needs suggest and contracting when the need becomes less; on the other side those who fear inflation from a credit currency which they think would be not like a rubber band but like wet leath er, never contracting after once expanding. T h e C o m m e r c ia l W e s t does not believe that a correct currency system, one that will provide not only for the varying needs of the different seasons and sections, but also for the permanent growth of the country, can accurately be typified either by the rubber band or by the wet leather. A purely rub ber-band system of currency would allow for alter nate expansions and contractions, as the season or sectional necessities of the country might demand. But it would not allow for that indefinite, perma nent expansion that would be required by the an nual gains in population and volume of business. A rubber band can expand just so far and no far ther. When the stretch is too great for its tensile strength, it snaps and that is the end of its useful ness. On the other hand, a wet-leather system of currency would make no allowance for the fact that while there should be a general tendency toward in crease in money supplies to keep pace with the general development of the country, there should also be an inherent power for contracting when temporarily contraction is what best serves the proper needs of business. Mr. Kent's paper seems clearly to prove what T h e C o m m e r c ia l W e s t has always held regarding the kind of elasticity this country needs for its cur rency. He shows how, during the last decade, the money in the country available for reserves has in creased only 37 per cent, while the increase in the amount needed for reserves (not including for trust companies) has increased 114.9 per cent. Fie shows that for the uses of money for the purchase of arti cles and products and for pay rolls, we need more today than we did a decade ago, and yet we have 20 per cent less. But on the other hand, Mr. Kent shows that at certain times of the year we have too much money, and that at such times the surplus above the legitimate business requirements seeks W all Street, where it is quickly absorbed in feeding speculation and in dangerously inflating values. There is at present a perfect kind of elasticity in checks and drafts. They are self adjustable to both the temporary and the permanent needs of commerce, over 90 per cent of whose transactions they settle. It is the remaining small percentage of transactions that they cannot settle, which includes https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Saturday, April 18, 1903. all the big troubles with our financial system. If all the money of the country could be made to par take of the nature of these bank instruments that have proved so successful and safe, we would have an ideal financial system. And if checks and drafts drawn against individual deposits can be accepted without suspicion or discredit for over 90 per cent of the transactions of the country, why cannot notes drawn against the assets of a bank and guaranteed as well by the bank’s capital, stockholders’ liability, and a guarantee fund kept good by all the banks of the note issuing system, successfully and safely take care of all the remaining transactions except where fractional currency is required? The Popularizing of an Industry. The recent report of the United States Steel Cor poration showed that within a year the number of separate shareholders on its books had increased 15,610, or 36 per cent— from 43,019 to 58,629. Such figures furnish a forceful answer to those who criti cize the tendencies of the times toward monopoly, and denounce “ trusts” for concentrating ownership of industry into fewer hands. Whenever an indus try is consolidated into one big corporation with shares listed on the stock exchange, the people have a chance to own and control it, and make profit from it as they never did before. The “ Morganizing” of an industry means putting the financial opportuni ties of the industry within the reach of every per son in the country who has saved a little money. In the days of scattered plants it took big money for any one to participate as an investor in the profits of an industry. An isolated plant might be capitalized conservatively, yet as there could be no market to speak of for the stock, the financial re sponsibilities would have to be assumed by very few people, who would also get whatever profits there were. Nowadays office boys, stenographers and common laborers can be partners with their “ boss es” in the ownership of great industries. Prosperous Kansas. The bank deposits of Kansas now amount to $3,000,000 more than any previous highwater mark, according to the quarterly statement of Kansas banking institutions, issued by Bank Commissioner Albaugh this week. High mark in the state’s bank deposits heretofore was on Sept. 30, 1901, when now aggregated $87,181,194.14. The deposits are now more than $90,000,000, over $60 for every man, woman and child in the state. The reason why Kansas has thus been gaining in dollars, is that its good people have been gain ing in sense— as evidenced by their increasing care and diligence in making the most out of all their state’s advantages of climate, soil and transporta tion facilities. In 1896 Kansas was a poor state, and overrun with populism. Politics rather than farming seem ed the leading industry. A well known newspaper man that year publish ed a breezy pamphlet, entitled “ W hat’s the Matter with Kansas ?” He suggested that the matter was that the people sowed “ Hell instead of Corn.” Saturday, April 18, 1903. T H E C O M M E R C IA L W EST. Whether or not that was a fair statement then, and there was much to indicate that it was, now it would be very far from fair. W ithin the last five or six years Kansas has not only been raising corn but also many diversified crops. Diversified farm ing is making the state rich. In 1901 it prevented the state from receiving a disastrous backset from the corn crop failure. Notwithstanding the tre mendous loss that year on corn, the total value of the agricultural products of the state was greater than for the preceding year. In raising alfalfa, beet sugar, potatoes, cattle, hogs and other specialties the state supplements enormously the profits from its staple crops of corn and winter wheat. The Labor and Race Problem in South Africa. Notwithstanding peace has been restored in South Africa, the supplies of gold the London money market gets from that quarter continue very meager. The trouble is that the mining operators are un able to get anywhere near sufficient labor to work the mines. It is estimated that the deficiency of labor on the Rand gold and coal mines alone is about 90,000, to say nothing of other requirements. The Native Labour Association of South Africa is making tremendous exertions to beat up native re cruits for the mines. But the president of this as sociation has recently expressed the opinion that it is hopeless to think of ever being able to recruit the requisite amount of labor in South Africa, tak ing all the demands into consideration. The labor problem could of course be settled in a trice, if the natives of South Africa could only learn to acquire the habit of labor. But unfor tunately they are about as lazy and shiftless a lot of people as are to be found anywhere on the earth. The large payments they got for services during the late war tended to fortify the natives against any desire to hustle for money by working in the mines. As the wages paid are high, they can work for but a short time to make enough to support themselves for a lonp- time in luxurious idleness. The Pietermanitzburg correspondent of the London Financial Times says of the Kaffir: “ The limit of his ambition is a life of idleness, and when he works for a few years at a high rate of wages and then retires with his savings to purchase wives who will in future work for him, he is merely ful filling his destiny in accordance with the law of his nature.” The mine operators of South Africa are ex ceedingly anxious to import coolies from China and India to work the mines. But the sentiment of most of the white population is bitterly opposed to such importation. On April 1 there was a mass meet ing of 5,000 people in Johannesburg to voice hostil ity to the scheme of bringing in cheap Asiatic labor. This intense opposition will probably make it po litically impossible to import Asiatics on any large scale. The labor problem is always a difficult one for any new country, and especially difficult when it is associated with a race problem. South Africa is the native home of black men, and so they are https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 11 there to stay, and under good laws, to multiply. But as for white men, no matter how tempting the wages, they will hestitate to immigrate to a country where they must work with negroes. Y et there is a hope that South Africa may finally have a white population sufficient to make it known as a white man’s country. But this could never be gratified if Chinese and Indian coolie labor were encouraged to .come in. Already in the colony of Natal there are more Indian coolies than there are British and Dutch inhabitants combined. These Indian coolies appear to have driven most of the white shop keepers out of business. Every new country seems to depend for its de velopment on the importation of cheap labor. It was Chinese labor that built our own Pacific rail roads and laid the foundation for the present pros perity of the Pacific coast. Y et had the importation of such labor not been checked by act of congress, the Pacific coast states today would scarcely be a white man’s country. The United States has had enough trying experience of its own to be able to thoroughly appreciate the intricate problems in South Africa. Silly Bucket Shop Tactics. The bucket shops in their attempt to do success ful battle with the Chicago Board of Trade, have lately been spending money in the same reckless, undiscriminating fashion that a drunken person might do. They have been acting with the folly that seems born of desperation. * There was the silly effort to besmirch. ex-President Warren and other leaderspK the anti-bucket shop fight through grand hwy indictments on the charge of bucket shopping These indictments were forced by the Chicago states’ attorney to be recon sidered and withdrawn. They have merely acted as a boomerang, for it was perfectly obvious to the Chicago newspapers and to the public that they were prompted and paid for by the bucket shops themselves. Those who voted the indictments are likely to be themselves indicted for bribery and conspiracy by the next grand jury. The latest effort of the bucket shops to harass the Chicago Board of Trade seems almost as silly. It is the bill introduced in the Illinois legislature “ to regulate the sale and barter and prevent specu lation in grain or other products.” The terms of the bill, if carried into effect, would close absolutely every exchange in Illinois, except for cash transac tions. But no matter how well “ greased” this bill may be, it would seem absurd for the bucket shops to really expect the legislature to pass it. The Chi cago Board of Trade is too big an institution for the state legislature to try to wipe it out. If the legis lature tried to do so, the board has charter rights that the courts would protect. In spending money in this way, the bucket shops will merely financial ly exhaust themselves. Protecting Bucket Shops by “ Equity.” The decision of Judge E. B. Adams in the United States circuit court at St. Louis, that Chicago Board of Trade quotations as sent over the tickers are records 12 T H E C O M M E R C IA L W EST. of gambling transactions and not entitled to the protec tion of the courts, will of course be highly pleasing to the bucket shop proprietors. They have found in Judge Adams a protector— one who will not permit them to be fined or jailed for stealing the quotations of a legitimate exchange in order to use them for their own purposes. T h e C o m m e r c ia l W e s t has no wish to take issue with Judge Adams on the points of law involved in his decision. The supreme court of the United States will doubtless, in time, review his decision, and we have little doubt that this tribunal will dispose satisfactorily of such ingenius use of the law in defence of the bucket shops. Occasionally a legal decision will defeat the equity which it is ostensibly designed to promote. That is what the effect must surely be from a decision such as Judge Adams has handed down. When this hap pens common sense is violated, and citizens have a right to complain. Judge Adams says that the property right the com plainant may have in the continuous quotations in question is so tainted with immorality as to preclude a resort to a court of equity by the complainant for its protection.” He says further that “ the continuous quotations in question result larg'ely from wagering on the future price of grain and hog products by mem bers of the Board of Trade operating in pits on the floor of the exchange.” The farmers of the United States who sell gram, Saturday, April 18, 1903. and the millers and exporters who buy grain, on the basis of quotations established at Chicago, which quo tations their own business operations in the market are effective in making, may well be astounded over Judge Adams’ revelation that these Chicago prices are based on wagers, just as odds on a horse are based on the bets made. If Chicago Board of Trade transactions are “ taint ed with immorality,” why have the courts never said so before? For years the legality of the board’s trans actions have been upheld and enforced by the courts. The legitimate and necessary nature of exchanges such as the Chicago Board of Trade and the Minneapolis Chamber of Commerce have been recognized by all economic writers of reputation, by the solid newspaper press of the country, by intelligent men in all ranks of business and in agricultural pursuits, by state legisla tures which have granted charters, as well as by the courts themselves. If one judge at this late date has made the startling and brilliant discovery that the transactions are “ wagers” and the whole business “ tainted with immorality,” he should, it would seem, feel estopped by reason of the array of precedent which confronts him. The only wagers made on the price of grain are made in bucket shops ; and it is the opportunity for making these wagers by the stealing of quotations made on the Board of Trade for the purposes of com merce, that Judge Adams protects in the name of equity ! W. R. MERRIAM ON THE FINANCIAL OUTLOOK. W. R. Merriam, ex-governor of Minnesota and until re cently United States census commissioner, spoke at the St. Paul Credit Men’s Association banquet on the 16th on the subject, “ The Present Business Condition and Financial Out look.” In part _Mr. Merriam spoke as follows of the great industrial combinations : “I cannot help coming to the conclusion that the concen tration in few hands of so large a number of the industrial con cerns throughout the country must have an effect like ballast on a ship to steady the situation ; that the evolution which has gone on so constantly during the last half dozen years, by which all sorts of productive institutions have been welded together, has resulted in placing the management of these large concerns in the hands of men of the highest experience and of great financial strength. “ This is emphasized by the further fact that certain indus tries, like the iron and steel, controlled as they are by a com paratively few men owning the raw material and the trans portation facilities, and finally producing the manufactured article, must be in a better situation to restrict the output and adjust supply to demand, with less of loss than could possibly be expected were their constituent companies resolved into original ownership, with consequent competition and cost of administration. “In other words, is it not a fact that the iron and steel in dustry, that the sugar industry, that the combination produc ing various articles of necessity will be enabled, by their financial strength as well as by their able management, to adjust the affairs of their corporations to changing conditions and thus put off, or at least greatly mitigate, the era of depres sion which has been so common in our country as far back as 1837? On S u p p l y a n d D e m a n d . “ If I am right in this hypothesis, there is much that is advantageous to the business interests of the country in this one regard; that the aggregations of capital engaged in man ufacturing productivity will result in adjusting supply and demand, and in avoiding the great cry which comes up from the socialist—-‘that the capitalist makes slaves of his work men whenever the day of industrial panic comes.’ “In speaking of these vast aggregations of capital in con nection with the present business, I do not desire it under stood that I am unmindful of the necessitv of corporations without modern methods of commerce, but I desire distinctly to _disavow any disposition to underestimate the possible evils which may overshadow the state from the greed of own ership, or the dangers that may threaten the public by reason https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis of the unlimited power that follows the massing of capital, as well as the disaster which inevitably comes to the citizen in the attempt either to stifle competition or to destroy an un fortunate rival.” After speaking of various attendant evils, he continued: “ Many of these great corporations do not deal in articles that can be considered monopolies, but the very mass of the capital and their ability to destroy, practically gives them the broadest field for operations, and I cannot help coming to the conclusion that the opinion promulgated by the court of appeals a few days since, in which it is distinctly pointed out that while the right of private ownership is bestowed upon every citizen of this country, under the constitution, no man shall be permitted and no corporation shall be permitted, to utilize that ownership to the extent of injuring his neighbor or menacing the public good. “I. would have yon fully appreciate just what this means, for, if I am right in this contention, no corporation doing business in the states can destroy its rival by a disastrous cut m prices or raise prices for products to the point of oppres sion. Hence the conclusion that the courts in this country, while recognizing the right of corporations to transact their legitimate business, in no way restraining them, yet, when ever they touch the citizen in such a way as to prove a pub lic menace, in that moment they become enemies to the com monwealth, disobedient to the law, and are liable to be de stroyed.” About Money. He spoke at some length on credits, so-called trusts and their management, of the big banking institutions, and added: “ We have much to deplore in connection with our mone tary system. An experience running over a considerablenumber of years has given me a partial insight into the de fects of our fiscal system. The currency system is faulty in that it is inelastic. The sub-treasury system of the United' States is faulty, in that it withdraws from circulation the results of returns from customs and internal revenue, so that, as a naturaj consequence, when prosperity abounds and money is most active, when people spend most freely, at that time the revenues of the country, increasing as a result of im ports, is certain to withdraw from circulation large sums that ought to remain in the channels of trade. This fault will undoubtedly be corrected at the next session of congress, al though, in the meantime, in my judgment, when the -crops, great in prospect, are to be moved, you are likely to see an exceedingly sharp demand for the necessary funds to, start the crops in motion.” T H E C O M M E R C IA L W EST, Saturday, April 18, 1903. THE SECURITIES DECISION— ULTIMATE EFFECT. (Special Telegram to The Commercial W est.) he put his shoulder to the wheel early and showed his New York, April 15.— The Securities decision has al faith in the N orthw est by taking all the chances of what ready spent its force in W all Street, and its effect will be many considered was a wild investment when he built forgotten in a week. the Great N orthern; he worked out the problem, had be gun to reduce rates on produce sharply and had other re A lready there is coming into the market a feeling of confidence, and today insurance com panies and large investors bought stocks at what are con ductions in view, and he does not like to believe that he sidered by good analyzers as bargain prices, based on was violating the law in so fixing ownetabip.mi "Iris road good crop prospects. A ll gossip to the effect that plans are at hand on the up the work. part of Securities officials to circumvent the law by eva point puzzjx¥"a good many; but there is almost no scold- sion are without the slightest foundation. tfpft a hostile interest could,nertTTecure it when he gives TheiarfOre the justice of the ruling on this Tenig done. There have been no plans, because the company felt confident it The general disposition is to accept in good faith the would win on the theory that it was w orking on a policy of lower rates and benefits to the public, hence was not court’s decision until such time as economic conditions in restraint of trade. T hat part of the decision that ruled out this phase as untenable came as a surprise. become so pronounced as to make clear to the people the wisdom of giving to railways consolidation privileges that seem wise under proper governm ent control. It must be A s matters stand today the case will go to the su either this or all the great lines must become transcon preme court, because the question is regarded as of such tinental, reaching from the Atlantic to the Pacific, so that great importance that there must be no guessing at what each can be independent of the other. the law is. never consent to a turning back to old rate-cutting m eth Once it is declared, the railroad managers will adjust their policies to it. The general opinion is T he railroads will ods, and no one believes there is law that can compel such that the supreme court will modify the St. Paul decision a policy. as to certain property phases. Mr. ITill is quoted privately to the effect that he feels without any special agreements to that effect. L A U N C H IN G OF T H E “ M IN N E S O T A .” Press dispatches from New London, Conn., of the 16th, announce the successful launching of the “ Minnesota,” J. J. Hill’s great steamer— the largest cargo carrier in the world. The sponsor of the mammoth ship was Miss Clara Hill, Mr. Hill’s daughter. As the last restraining link that held the ship to1 its place on the ways was severed, Miss ^iill broke a bottle of wine over the steel bow and named the craft the Minnesota. With a gliding movement, /barely perceptible at first, the vast mass of steel, weighing thousands of tons, started down the ways, and, gathering speed"rapidly, plunged into1 the water with a wave under her stern that seriously threatened the safety of the hundreds of small craft in the harbor. There were more than four hundred guests at the launch ing. Mr. Hill was received with enthusiastic cheering when he arose to speak. Said Mr. H ill: “In railway transportation we lead the world. In the United Kingdom it costs $2.30 to ship a ton of freight one hundred miles; in Germany, $2; in France, $1.75; in Russia, $1.30; whereas the average for the United States is only 72 cents. “I hope I may in some manner have contributed to thi-s-re«'' suit. But in steamship transportation we are children. “ Today any old tramp steamer of any nation that spies an American vessel putting into harbor with a bundle of freight will shout “drop that bundle,” and immediately the bundle drops. “With that great vessel out there riding at anchor I don’t want to' be told to. drop any bundle. Moreover, I now give notice to all comers that I will not drop it. Once the Ameri can merchant marine was the envy of nations, and, with pro gressive and liberal treatment at the hands of the govern ment our flag shall again be supreme on the high seas.” In expressing his sentiments regarding the merger agita tion, Mr. Hill, after thanking all present for co-operation in the success of the launching, said : “In order to develop our commerce with the orient, and meet the competition of nations, there must exist a power of control that can collect and forward it. But now we are told that such power is a crime and that he who exercises it EUGENE M. STEVENS, Securities. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis M .N N EARO LlS, V. J o n e s . is a criminal. I now here plead guilty to that crime, what ever the penalty that may be imposed.” The Minnesota is not only the largest vessel of any kind constructed in America, but it is the largest cargo1 carrier in the world. The Cedric, which is registered at the same tonnage, and exceeds the Minnesota in length, has less dead weight carry ing capacity by more than 9,000 tons. The dead weight carry ing capacity of the Cedric is 18,400 tons, while that of the ; Minnesota is 28,000. The Minnesota and her sister vessel the Dakota, which is to be launched in about ten weeks, will carry 28,000 long tons ¡of coal and 280,000 barrels of flour. This is 50 per cent more than the dead weight carrying capacity of two giant car riers of the White Star line, the Cedric and the Celtic. As compared with the largest steamships built at American (shipyards, the Minnesota and Dakota have very nearly douled the tonnage displacement and fully double the net dead /eight carrying capacity. f The Minnesota is of the intermediate cargo and passenger ¡type, and built under Lloyd’s survey. She is 630 feet long, 73 feet 6 inches wide, 56 feet high to upper deck, 88 feet high to captain’s bridge, 177 feet high to top of mast, and has five continuous decks, all plated with steel. Four decks not con tinuous are the forecastle, promenade, bridge and boat decks, and on top of all comes the captain’s or navigating bridge, making nine decks in all. In the hull and decks of the Minnesota there are no less than 12,000 tons of steel plates and shapes, and 375 tons of rivets, a greater total of steel strength than is found in the hull of the greatest battleship or of any other merchant vessel in the world. The Minnesota and Dakota are primarily cargo vessels, at the same time they have a comparatively large passenger equipment. The Minnesota will carry 172 first cabin passengers, n o second cabin, 68 third cabin and 2,424 steer age passengers, or troops, in addition tO1 a crew of 250. Its speed is 14 knots, and it is expected to average 12 knots with the heaviest cargos and in the worst weather. While not as fast as the passenger steamships of the leading transatlantic lines, they will be by far the swiftest cargo car riers in the oriental trade. Minnesota Title lns.&Trust Go. Capital, $250,000 Guaranty Fund, $ 100,000 Th* oldest Title and Trust company west of Philadelphia. Municipal, Corporation and Railroad Bonds. Bank Stocks and Local Securities. 127 G u a r a n t y B u i l d i n g , — H. MINNEAPOLIS, MINN. Commercial Paper and Investment The community of interest will be maintained M INN. Deposits, Loans, Trusts, Abstracts, Title and Fire Insurance. J. U. Barnes, Pres. W. S. Jenkins, Sec’y and Treas. T H E C O M M E R C IA L W EST. M Saturday, April 18, 1903. THE NATIONAL BANK OF NORTH AMERICA CHICAGO. C A P IT A L , - $ 2 ,0 0 0 ,0 0 0 .0 0 SURPLUS, - $500,000.00 OFFICERS: ISAAC N. PERRY, President. BERNARD A. ECKHART, Vice-President. CHARLES 0. AUSTIN, Vice-President, JULIUS S. POMEROY, Cashier. FRANCIS V. PUTNAM, lss’t Cashier. Correspondence or interviews with a vie w to business relations cordially invited. M IN N E A P O L IS B A N K S T A T E M E N T S . CH ICA G O In response to calls, the national and state banks have issued statements showing the condition at the close of business on April 9. The principal items from the state ments, with comparisons with the last statement and with that of a year ago, are given in the follow ing tables: Surplus P rofits A p ril 9. $311,500 486,764 282,030 543,058 67,900 Capital. $1,000,000 1,000,000 1,000,000 1,000,000 S ecu rity B an k o f M innesota F irst N a tion al .......................... N ational B an k o f C om m erce, N orth w estern N a t i o n a l ........ S w ed ish -A m erica n N ational Clarke N ational ...................... . St. A n th o n y F a lls .................. . South Side S ta te ...................... . G erm a n -A m erica n .................. G erm ania B an k ........................ P eop le s’ B a n k .............. ............. 250.000 160.000 125,000 50.000 60.000 50.000 60.000 D ep osits. Feb. 25, 1902 ............................ $35,131,600 A p ril 30, 1902 ............................ 36,833,800 Ju ly 16, 1902................................ 34,990,900 Sept. 15, 1902 ............................. 36,524,000 N ov. 25, 1902................................ 37,721,200 F eb. 6, 1903.................................. 35,339,100 A p ril 9, 1903................................. 36,191,400 D eposits— In d iv id u a l and L oans. $27,126,200 27.709.500 27,304,200 28,131,000 29,196,300 27.711.500 28,428,900 46,400 19,700 41,666 8,400' 5.500 Cash. $11,910,700 12,406,400 11,188,900 12.274.000 12,503,100 11.947.000 12,135,500 Bank. A p ril 9. 1903. $8,641,600 S ecu rity B an k o f M in n ....... F irst N ation al ........................ 9,519,000 N orth w estern N ation al . . . . 8,150,800 N a t’l B an k o f C o m m e r c e ... 4,710,800 S w ed ish -A m e rica n N a t’ l .. 2,562,900 C larke N a tion al ...................... 143,500 870,000 St. A n th o n y F a lls ...... South Side S ta te ........ ............ 241,400 G e rm a n -A m e rica n ................ 822,600 G erm ania B an k ...................... 209,900 318,900 P e op le s’ B an k ......................... Feb. 6. 1903. $8,432,400 9,251,300 7.674.700 4.842.700 2.695,000 104.200 851,600 233.300 759.200 202,400 292.300 A p ril 30. 1902. $8,956,400 10,625,500 8.235.400 5,077,900 2.037.400 . $36,191,400 $35,339,100 $36,833,800 T ota l ........................... and D isco u n ts. 777.500 238.100 694.500 191.100 A pril 9. 1903. $7,033,300 7,337,600 5,957,300 4,121,900 1,687.700 268,500 777,300 218,100 638,700 158,500 230,000 F eb. 6. 1903. $6,575,300 7,395,600 5,900,000 3,942,100 1.772,500 207,700 751,100 220,800 576,600 163,600 206,200 A p ril 30. 1902. $6,848,100 7,682,300 5,875,800 4,144,600 1,476,000 . $28,428,900 $27,711,500 $27,709,500 A p ril 9. 1903. $2,442,600 3,434,700 2,977,900 1,570,800 1,007,000 65,700 159,600 80,800 183,000 97,700 115,700 Feb. 6. 1903. $2,624,700 3,030,200 2,662,500 1,875,900 1,087,100 49,500 177,200 67,900 182.100 85,300 104,600 A p ril 30. 1902. $2,748,900 3,700,900 2,891,100 1,825,700 725,400 , $12,135,500 $11,947,000 $12,406,400 S ecu rity B ank o f M in n ....... . F irst N ation al ...................... N orth w estern N ation al . . . N a t’l B an k o f C o m m e r ce .. S w ed ish -A m e rica n N a t’l . . . C larke N a tion al ................... St. A n th o n y F a lls ................ S outh Side S ta te ................... G erm a n -A m erica n ............... G erm ania B an k .................... P eop le s’ B an k ....................... 761,800 215,300 573,800 131,800 ;h R es o u r c e s . . S ecu rity B an k o f M inn F irst N a tion a l ................ N orth w estern N ational N a t’ l B an k o f C o m m e r c e ... S w e d ish -A m e rica n N a t’ l . . . . Clarke N a t i o n a l ............ St. A n th on y F a lls ........ South Side S ta te ........... G erm a n -A m erica n . . . . G erm ania B an k ............ P eop le s’ B a n k .............. 153,300 74,000 185,500 101,600 GEO. B. LANE, D E A L E R IN C o m m e rc ia l P a p e r & In ve stm e n ts 2 0 3 G u a r a n t y B u i ld i n g , M I N N E A P O L I S . https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis MONEY M ARKET. (S p ecia l C orresp on den ce to T he C om m ercia l W e s t.) Chicago, April 15.— M oney is ruling from 5^2 to 6 per cent. The demand is strong, and banks find difficulty in keeping it, owing to recent shrinkage in deposits. M oney is not yet returning from the interior to amount to any thing. The figures given out by Chicago national banks in re sponse to the com ptroller’s call last Saturday showed loss es in deposits and cash resources, as compared with Feb. 6, and gains in loans. The losses in deposits are presum ably chiefly attributable to withdrawal of funds to escape collection of taxes. Follow ing are the total figures of the twelve downtown banks on April 8, as compared with Feb. 6, the date of the Deposits ............................................ $274,967,431 $281,464,620 previous call: April 8. Feb. 6. Loans ................................................. 188,009,568 182,498,784 Cash means ..................................... 111,607,287 122,582,645 The figures represent decrease in deposits of $6,497,189: decrease in cash means» $10,975,358; increase in loans of $5.510,774Banquet of Minneapolis Bank Clerks. The fourth annual banquet of the Minneapolis Chapter Am erican Institute of Bank Clerks, will be held Friday evening, April 24, at the W est Hotel. B. E. W alker, of Toronto, general manager of the Canadian Bank of Com merce, will be the prinicpal speaker, and there will be ad dresses by F. I. Kent of the First National bank, Chicago, and H. L. Moore of the Minnesota Loan & Trust Co., Minneapolis. On the Closing of the Mills. J. S. Bell, president of the Washburn-Crosby Co., in an interview on the closing of the mills, said: “ It is absolutely impossible for us to continue operating against this rate discrimination, which allows wheat to be car ried to Buffalo for 2 cents a bushel, while flour is taxed 5 4-10 cents per 100 pounds. “The conditions have been unfavorable for some time, but the opening of navigation sent such a flood of wheat out on the boats that it is impossible to meet this unfair competition. The rates on wheat have been very low, and those on flour very high, and the mills cannot be operated until the conditions are more nearly adjusted.” A. C. Loring, president of the Consolidated Milling Co., said : “ We have had to close down because we are are losing too much money by operating our mills. This condition has exist ed for some time, and all the milling companies would have been better off had the mills been closed several weeks ago. “It was simply business jealousy which kept them in opera tion, each company feeling that it must run as long as the others did. It is impossible to say how long the mills will remain closed, but it is safe to say it will be for some time.” George J. Gould, on his Southwestern trip, says that he has never seen better wheat prospects in the West than this year. He thinks that the railroads will have no difficulty in keeping pace with the business of transporting the wheat crop, but that the)» will all be short of cars in the fall if there is a big corn crop. The Western railroads are making better gross earnings than ever before, and Mr. Gould hopes that by careful management his roads will be able to cut down down the ratio of operating expenses. He states that the banks of the West are holding their own balances in their vaults, and will not have to draw on New York for money to move the crops. He believes that the practice of drawing on New York will be an uncommon occurrence in the future, and that the Western banks will have their own money to lend, unless the rates get so high that it will be profitable to send it to Wall Street. Officials of the Delaware, Lackawanna & Western Railway Co. have authorized a denial of the recent report of a dis covery of extensive anthracite coal deposits in the vicinity of Wilkesbarre. They pronounced the story a myth. Saturday, April 18, 1903. T H E C O M M E R C IA L WEST. H THE INCREASING DEMANDS FOR MONEY. F rom a paper read by F. I. K en t, m anager o f the d om estic ex ch an ge departm en t o f the F irst N ational bank, C hicago, be fore the M en ’ s Club o f the F irst U niversalist chu rch, at E nglew ood . The whole financial fabric of our modern civilization is based upon reserves. The bullion in the combined European banks for this purpose on March 19, 1903, amounted to $444,000,000. The United States government held, June 30, 1900; $323,000,000, and our national banks at the same time $404,000,000; $150,000,000 of the gold held by the United States treasurer is by law a permanent reserve and must not be touched, which would seem to deprive it of one of the best qualities of a real reserve, namely, the having on hand of something which mav be used in case of necessity. The loans of the United States, estimated to be about 81/ billion dollars, not counting loans on real estate, are dependent largely upon the reserves held in our banks. In New York city, for instance, for $100,000 deposited in cash, $300,000 may be loaned, figuring that the loan will be used as transferred cred its, which is legitimate, taking the city as a whole. The reserve then absorbs a certain portion of our money, all of which must be metallic money. If the business of a country increases so rapidly that the proportion of metallic money required for reverse exceeds the proportion of new bullion obtainable, a greater per cent of the metallic money will constantly be held as a reserve and a smaller per cent will be available for exchanges. During the 10 years from September, 1901, to September, 1901, the money in the country available for reserves in creased 37 per cent, while the increase in the amount needed for reserves was 114.9 per cent. This difference would be much greater if we figured in the reserves held by banks other than nationals. The deposits of trust companies alone in creased over 300 per cent during this period. The necessity for this class of banks holding reserves is not only being generally recognized, but is being actually re quired by certain clearing houses and in some states. If trust companies today kept a 10 per cent reserve against individual deposits, it would require $127,108,117. Figuring on this basis, we find that in 1891 there was in the United States outside of reserve requirements, in round numbers $947,000,000, and in 1901, $944,000,000. In order to find the amount actually available for ex changes, it will be necessary to deduct from these totals the amounts held in the vaults of the United States treasury on the two dates in question. Making these deductions we find that in 1891 there was $797,000,000 available for circulation, while in 1901 there was $637,000,000, a loss of $160,000,000, or 20 per cent for the purposes of exchange. Money Needed in Exchange Transactions. Now let us analyze the other great function of money, namely, its use as a medium of exchange. For this purpose both kinds of money may be used. Metallic money and credit money. Checks, drafts, etc., are in reality forms of credit money, and their use as such must be considered in fig uring on the supply of money needed in the country. A con dition may be imagined, which would not require any money for exchange purposes other than checks and drafts, and to day it is estimated that between 90 and 97 per cent of all transactions are settled by these instruments. Such money is elastic and accommodates itself by expan sion and contraction to the various uses to which it is put. Recognizing the fact that checks and drafts respond auto matically to the demand for them, and that they take care of 90 per cent or over of settlements, and that they may be an increasing variable reaching in the future close to the limit of 100 per cent, we will dismiss them and study the re quirements that they do not fill under present conditions. Money (excepting now checks and drafts) as a medium of exchange is used in three general ways, for purchase of mis cellaneous articles and products, for pay-rolls, and for set tlement of balances in clearing houses between cities and sec tions of the country and between this country and other coun tries. The proportion of money used for purchase of articles and products in the cities has probably decreased because of the system of running accounts which are settled each month by https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis check. Outside of the cities, we find the opposite true, espe cially in the agricultural districts. If only settlements of bal ances between debtors and creditors were made in currency during crop moving times, a great amount of friction would be done away with. It remains a fact, however, that a man who owes nearly the whole value of his crop will in the great majority of cases demand the currency for it and use it to pay his debts and will refuse to accept the balance due him, even when he owes it to the man who buys his crop. This seems peculiar, but is occasioned by the desire to handle the actual money, even if only to pay it back to the one from whom it was received. With the growers of cotton this is particularly true. Those who raise wheat and corn do not demand currency in the same proportion, but are still obliged because of lack of banking facilities or unwillingness to avail themselves of the privileges offered by the banks, to use im mense sums of money during crop moving times. The enormous development of agriculture in the United States, together with the comparatively slight changes in the financial methods of handling the crops, has increased the need for money in this particular field, many times. Money is used for pay-rolls by the principal railroads in the United States and by the majority of the large manufac turing establishments. One bank in Pittsburg puts up pay rolls amounting to $5,000,000 each month, and there are others which follow closely after it in amount. The great increase in the number of laborers who are paid in currency and in the amount of wages paid them since 1890 has been phenomenal. The currency required for pay-rolls outside of agricultural pursuits probably averages much the same the year round, as the identical pieces of money are used over and over again. It would be impracticable to attempt to figure the exact amount so used in 1890 and 1900, but it is safe to say that the volume needed has increased very largely as the continued use of the same pieces was just as possible in 1890 as it is now. The fact that the dates of payment of wages are large ly similar prevents to a certain extent using over the same money. The pay-rolls being much larger in 1900 than in 1890. this condition means a requirement of a larger volume of money on the later date. For instance, if the pay-rolls on a certain day of any month in 1890 were $1,000,000,000, and on a certain day in 1900, $5,000,000,000, just five times as much currency would be necessary. It is safe to say, then, that today we need more money for pay-rolls than we did xo years ago, although the proportion to the amount of trans actions in checks and drafts may not be nearly as large. Money used for settlement of balances of all kinds need not be dwelt upon particularly, as it is largely influenced by the other uses, crop movements, etc., and as it is not re moved from circulation by its change of address and does not add nor subtract from the amount outstanding (except in the case of exports and imports, and they have been con sidered in figuring on the total amount of money in circula tion). Summing up we find that for the uses of money as a medium of exchange, we need more today than in 1890, and we have 20 per cent less. Perhaps it would be interesting to follow this out on another line. A study of the three uses of money as a medium of exchange shows the volume re quired. depends primarily upon three things: The population, their principal occupation, and the banking facilities of the country. The population of the United States increased dur ing the 10 years from 1890 to 1900, nearly 18 per cent. The principal industry, agriculture, has seen an increase in number of farms of 25.7 per cent in value of properties of 27.6 per cent, and in farm implements of 54 per cent from 1890 to 1900. The increase in farm implements increased the effectiveness of labor 33 per cent. These changes naturally led to an increase in the value of farm products which reached the enormous percentage of 92.6 per cent, and a total value in 1902 of about $5,000,000,000. The value of live stock in creased 33 1-3 per cent. As the money used in handling agricultural products causes the greatest fluctuations in the volume required, and as T H E C O M M E R C IA L WEST. 16 the actual cash is necessary under present conditions, these figures have a very important bearing. The number of national banks, the principal commercial banks of the country increased during this period 8 per cent. Since the act of March, 1900, authorizing the organization of national banks with a minimum capital of $25,000, the per centage of increase has been some larger. To sum up again, we find that the percentage of increase in the number of individuals has been over twice that in the number of banks, and that the increase in the value of agricultural products alone has been in round number 11 times that of the banks. It is also a fact that the rural population has largely refused to accept credit settlements. Saturday, April 18, 1903. money that may be issued when needed and that will be re tired when it has served its purpose. We have a credit currency in our national bank notes. A t present about $350,000,000. The circulation of these notes is increased when the price of bonds makes it profitable or when the secretary of the treasury opens a side door, but it can only be contracted at the rate of three million dollars per month. It is too good for redemption, and consequently thoroughly inelastic. Its volume has been considered in all the figures previously mentioned, although it has not been spoken of specifically. National bank currency can only be used as a medium of exchange and cannot be held as a reserve. Our national bank reserve system results in the piling up of funds in New York banks, during times of easy money in order to draw the 2 per cent interest which those banks, as a rule, pay. If the New York banks could not invest this money, they could not pay interest upon it. But it seems as though money could always be loaned on the stock exchange, where speculation feeds and grows on the money it gets. The history of the year 1902 shows conclusively that in times of great general prosperity, an antiquated, inadequate, inelastic currency system joined to a voracious subtreasury system could easily precipitate a disastrous panic. It is the duty of our legislative body in Washington to remedy this state of affairs, and the duty of every citizen of the United States to demand it. Increasing Demand for Small Bills. A little thing in itself, but which serves to show the great er use of money as a medium of exchange, now than in 1892, is the difference in denomination of bills required. Small bills are now demanded of the government instead of large bills. The number of pieces printed in 1892 being 37,065,880, and in 1902, 116,697,874, over 214 per cent increase, and even then the demand for small bills was not satisfied. All things con sidered, we can make the following statements: First, the demand for money for reserves has increased. Second, our demand 4for money for use as a medium of exchange has increased. Deducting the amount required for reserves from the total amount outstanding leaves 20 per cent less for use as a medium of exchange now than in 1890. Therefore, E d i t o r ’s N o t e . — A large n u m b er of represen ta tiv e C hicago bu siness m en w ere present at the read in g o f Mr. K e n t’s paper. if we keep up our reserves we must run short of money for M ost o f them had p reviou sly p ossessed no definite opinions on exchange purposes. the s u b je ct o f cu rren cy reform , but ju d g in g from the d iscu ssion These two demands for money fluctuate greatly during the fo llow in g the paper, Mr. K en t m ade p ra ctica lly all o f them firm year. It is quite evident from sagging interest rates and believers in an assets currency. abnormal deposits in business centers during the summer months, that less money is needed during that season. (This Professor Bolley, of the North Dakota experimental station, did not prove to be the case in 1902.) Mr. Fowler figured has received a commission authorizing him to go to Europe, that production is 25 per cent greater during the fall months wherever flax grows, to gather information relating to flax and its diseases. than at any other time of the year. This enormous increase is mostly in agricultural products, and it is at this time that A rep ort from B altim ore is to the effect that a co n tra ct to our money is not sufficient for our needs. Other countries j build the largest battle ships, has been aw arded to the M a ry land Steel Co., b y the N a v y D epartm ent. T he d ock w ill cost depend upon credit money or assets currency, at such times, j $1,124,000 and w ill be used at M anila. “ D I R E C T C O N N E C T I O N S ” B A N K B U R G L A R Y IN SU R A N C E . ^ STATEMENT IA 1 e in e n i u OF r CONDITION w n u m u n OF vjr The Cedar Rapids National Bank, H O O D 4 P E N N E Y , * CEDAR RAPIDS, IOWA THE OCEAN ACCIDENT AND GUARANTEE CORPORATION. Afl;iosses settled by us. A p ril 9th, 1903; C o m p tro lle r ’s Call. RESOURCES. L oan s and d isco u n ts............... ...................... O v erd rafts ......................................................... U n ited States B ond s, at p a r......................... O ther bon ds, at p a r .......................................... R ea l E s ta te ......................................................... D ue fro m b a n k s ................................................ Cash an d U. S. T re a su re r.................. ........... L IA B IL IT IE S . C a p it a l.................................................................. S urplus an d p rofits, n e t ................................... R eserv ed fo r t a x e s ............................................ R eserved fo r u n earn ed d is c o u n t .................. D ep o sits................................................................. U n ited States d e p o s it s .................................... C ircu la tin g n o t e s ............................................... W e have never contested a hank burglary loss. .$1,099,364.82 569.12 187,500.00 301,070.13 18,000.00 . 513,062.95 . 234,836.34 WESTERN AUDIT CO. $2,354,403.36 A c c o u n t s of B ank s, C o r p o r a t io n s , F i r m s , I n d iv id u a ls , I n s t i t u t i o n s and O f f i c i a l s A u d it e d . . . $ 100,000.00 91,954.43 3.300.00 4.700.00 . 1,970,848.93 87.500.00 96.100.00 $2,354,403.36 F un ds o f o th e r N a tio n a l B an ks on deposit w ith this b a n k cou n t as leg al reserve. BURGLARY M inneapolis‘. General Agents for the Northwest of j INSURANCE W . B . B E N D , M an ager, E n c lic o tt B u ild in g , SX. PAU L. ACCO U N TS AD JU STED . Im p ro v e d M e t h o d s of Accounting Suggested. CANADA LAN D S M A N IT O B A l'l/ lH IlU D / l , m P r o v e d a n d w i , d , a n d s in s e t t l e d d i s t r i c t s in l a r g e o r s m a l l b l o c k s f r o m $6 to $25 a n a c r e . A ^ S T N I F M I I A West of Yorkton the finest block of Burglar-Proof Safes, Watchmen and Burglar Alarms are precautions. Precaution is expensive but does not afford protection. Protection is afforded only by a Burglary Insur ance Policy, with F R E D Lr. G R A Y C O M P A N Y 12 1 4 , 1 2 2 4 G u a r a n t y B u i l d i n g , M INNEAPOLIS. Northwestern ManaqersfQr the United States Fidelity and Guaranty Co. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis l L M J l r i w h e a t l a n d c o n s i s t i n g o f 10,676 a c r e s , p r i c e $ 6.50 a n a c r e . W e l l s e t t l e d a ll a r o u n d . F a r m e r s in t h i s l o c a l i t y o w n f r o m 50 to 200 h e a d o f c a t t l e e a c h , b e s i d e s g r o w i n g 30 t o 40 b u s h e l s o f w h e a t t o t h e a c r e . O t h e r b lo c k s of s im ila r c h a ra c t e r . W I N N I P E G C I T Y P R O P E R T Y is o n e o f t h e b e s t i n v e s t m e n t s in t h e n o r t h w e s t . B u s in es s b lo c k s, tra c t p ro p e rty , acreage property. O u r f i r m is o n e o f t h e o l d e s t a b l i s h e d h o u s e s in t h e c i t y a n d is k n o w n f r o m o n e e n d o f t h e D o m i n i o n t o t h e o t h e r , b e s i d e s h a v i n g w e l l e s t a b l i s h e d a g e n c i e s in t h e s t a t e s . C o r r e s p o n d e n c e so lic ite d . N A R E S , R O B IN S O N & B L A C K , 381 Main Street, W IN N IP E G , MAN. T H E C O M M E R C IA L W EST. Saturday, April 18, 1903. 17 T he Security Bank of Minnesota, MINNEAPOLIS. Capital Paid in, $1,000,000. = Surplus, $ 2 0 0 ,0 0 0 O F F IC E R S : Perry Harrison, Vice-President. Fred Spafford, Assistant Cashier. F. A . Chamberlain, President. T hos. F. Hurley, Cashier. E. F. Mearkle, Vice-President. M . C. Hamer, Assistant Cashier D IR E C T O R S : F. G . W i n s t o n , L . F. D a y , R. M . B e n n e tt , C h a s . F. D e a v e r . J. W . K en drick, S . T . M c K n ig h t, Lo u is K. H u ll, J a m e s Q u irk, E . F. M e a r k l e , P e rry H a rriso n , H . C. A k e le y, W . O . W insto n, C. C. W ebb er, F. A . C h a m b e r l a i n , E. J . C a r p e n t e r , T h o s . F. H u r l e y , T . H . Shevlin, W . S. N ott, G e o . F. P i p e r , L. H . Q u e a l , H. M. C arpenter Geo. C. C h ristian. A GENERAL BANKING BUSINESS TRANSACTED. We solicit accounts of banks, corporations, private individuals, and we offer every facility and accommodation consistent with sound banking1. ALASKAN CONNECTIONS FOR BELLINGHAM BAY. (S p ecia l C orresp on den ce to T he C om m ercia l W e st.) Whatcom, Wash., April 13.— The Fairhaven Land Co. has submitted a proposition which will undoubtedly be the means of establishing a steamship line between Bellingham Bay and Alaska. Chas. McLennan, who is connected with the Western Alaska Construction Co., a New York syndicate or ganized to build a railroad from Nome several hundred miles to tap the mining camps in the interior, asked the Fairhaven Land Co. to make a proposition on wharfage and storage for 10,000 tons of freight to be shipped north this year. A. L. Black, president of the land company, in reply presented the advantages of shipping from the bay and made a flat rate of 15 cents per ton wharfage. The Seattle rate is 50 cents a ton and Mr. Black’s offer saves 35 cents a ton, or $3,500 on the 10,000 tons of freight. In addition to this Mr. Black stated that if any Seattle company or any company able to handle this busi ness would make a rate of 25 cents a ton he would make a cor responding reduction and would meet any and all competition. Mr. McLennan will take this matter up with the company Canadian Banks in the Northwest. Indications of the development of the Canadian Northwest Territories are afforded by the increase in the branch banks established of late years in that portion of the Dominion. A c cording to the Wall Street Journal there were only 70 banking points in the Canadian Northwest Territories in 1896, of which 41 were private banks. A t the present moment there are 160, of which 36 belong to the Union Bank of Canada and 15 to the Canadian Bank of Commerce. The Bank of Montreal has made no increase to the three branches which it had in 1896, and the number of private banks has risen by only seven in the period. Trade in Winnipeg, as might be expected, must have made great strides, as in 1902 the business passing through the clearing house in that city amounted to $188,370,000, as against $50,311,000 in 1893. Building in Minneapolis. The Northwestern NationSTmink has taken mit for its bank building, which, it is stated, w ill be ojs marble and brick. The cost is estimated at $250,ooom-OthL r ^permits taken..out this week are for a y-story'7 w are house at 14 to 20 Hennepin avenue, to cost $22,800, to be built by Smith & Zimmer. J. R. Kingm an will also build a warehouse to cost $30,000. It will be of brick, four sto ries, at 320 First avenue north. Several permits have been taken out this w eek for dwellings to cost about $5,000 each. M A N U F A C T U R IE S IN M O N T A N A . Great Falls, Mont., Tribune: It will perhaps surprise many people to know that, in proportion to population, Mon tana leads all western states in the annual product of its manufactories. In fact, it is well up in this respect with such states as Massachusetts and Connecticut. Yet that is what the census figures show. Another remarkable fact in the same connection is that the manufactured products of the state increased over 1,000 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis at once and feels confident that the proposition will be accepted. The Western Alaska Construction Co. will build fifty miles of its proposed railroad this year and if the land company’s proposition is accepted the steamship line for the bay will be secured as it will be necessary for the Alaska concern to enter into a contract with one of the lines to carry the freight routed from this port. The proposition submitted by Mr. Black does not limit the 15 cent rate to the 10,000 tons, but gives the com pany the privilege of increasing this. It is estimated that the company will ship at least 10,000 tons this year and this may be greatly exceeded. Mr. Black is figuring on cutting down Deadman’s point and building a brick and stone building 60 by 200 feet for the Alaska business and if the proposition, which he has submitted to the receivers of the P. P. & N. Co. is accepted will do this at once. He has offered to give the company free storage for their Alaskan salmon for the first year, providing the com pany will route all its freight for Alaska via this port next season. In speaking of this matter yesterday, Mr. Black said: “ We are bound to have a steamship line from Bellingham Bay to Alaska and the Fairhaven Land Co. will meet and dis count all propositions on wharfage and storage that are made on Puget sound. If the people that we are working with now do not take up the proposition, some other line will.” per cent between the years 1890 and 1900. In the first named year the output was $1,470,067 and in 1900 the output was $16,413,288. The fact that the great bulk of this production was in metals, the raw product of which was produced here, does not detract from the importance of these figures for Montana. In fact, rather the reverse, for it indicates the possibilities of the state when our resources are further de veloped. We do not have to go outside to find materials for many manufactories to work upon. Only one state or territory made as great strides in this respect as Montana did. That was Arizona and there, again, copper was the principal production. The figures of the census bureau are arrived at by deduct ing the amount for wages paid, and the cost of materials used from the gross value of the annual product. Selecting a number of the Trans-Mississippi states and territories these net manufactures run in 1900 as follow s: Iowa, $39,515,840, an increase of $14,188,684, or 56.2 per cent over 1890; Ne braska, $30,221,707, an increase of $14,789,923, or 95.84 per cent over 1890; Kansas, $26,326,389, an increase of $8,239,926, or 45.55 per cent; Colorado, $20,797,454, an increase of $9,038,170, or 77.20 per cent; California, $67,323,212, an increase of $15,336,717, or 29.48 per cent; Missouri, $109,785,338, an increase of $22,449,156, or 25.70 per cent; Utah, $4,913,859, an increase of $2,456,107, or 99.96 per cent; Montana, $16,413,288, an increase of $14,943,221, or 1016.50 per cent. Dividends. T he Bell T eleph one Co. o f P hiladelphia, has declared a d iv i dend o f 2 per cent, p ayable A p ril 24. T he M ilw aukee E le ctric R a ilw a y an d E le ctric L ig h t Co. has declared the regular qu arterly d ividend o f 1% p er cen t on the p referred sto ck payable M ay 1. T he E d ison Illum inating Co. o f B oston , has d eclared the regular qu arterly dividend o f 2 y2 p er cent, p ayable M ay 1, to sto ck o f record A p ril 15. T he H om estak e M in in g Co. has declared the regular m on th ly divid en d o f 25 cen ts per share, p ayable A p ril 25. T he P en n sylva n ia Steel Co. has d ecla red the regu lar d iv i dend o f 3% per cen t on the p referred stock , p ayable M ay 1. T he U nited S tates Steel C orporation has declared the regular q u arterly dividends o f 1% p er cen t oh its p referred sto ck an d 1 per cen t on its com m on stock . T he P ittsb u rg C oal Co. has declared the regu lar quarterly dividend o f 1% per cent on its p referred stock , p ay able A p ril 25. B Poks close A p ril 14 and reopen A p ril 26. T he T w in C ity R ap id T ra n sit Co. has d eclared the usual dividend o f 1% p er cen t on the com m on stock , p ayable M ay 15. T H E C O M M E R C IA L W EST. i8 Saturday, April 18, 1903. First National Bank of Minneapolis UNITED STATES DEPOSITORY. Capital, - $1,000,000. Surplus and Proïits, = $450,000. Deposits, $10,000,000. R esources: L ia b ilitie s: Loans and Discounts................................ $7,895,619.85 Capital S tock ........................ Railroad and Other Bonds...................... 225,350.00 Surplus................................... United States Bonds, at p a r............. $1,050,700.00 Undivided Profits................. Cash on Hand and Due from Banks 3,030,202,81 4,080,902.81 Circulation............................ Deposits................................. United States Bond Account $11,701,872.66 $11,701,872.66 O fficers: J . B. G i l f i l l a n , P r e s i d e n t . F. M . P rin c e , V i c e - P r e s . C. T . Jaffray, C ash ier. D. M a c k e r c h a r , A s s ’t C a s h . E r n e s t C . B r o w n , A s s ’t C a s h . $ 1,000,000.00 400.000. 00 50,540.69 800.000. 00 , 9,251,331.97 . 200,000.00 D ire cto rs: G e o. C . B ag ley, H o v e y C . C la rk e , Jo h n M artin, A lfre d F. P i l l s b u r y , A. M . W o o d w a r d , E. P. W e lle s , S . D. C a r g i l l , W a l t e r D. D o u g l a s s S . G. P a l m e r , O . T . Swett, J . B. G i l f i l l a n , C . T . Jaffray* R. H . Chute, A . C . L o rin g , E. P e n n i n g t o n , F. B. W ells, F. M . P rin c e , THE ALASKA-YOUKON BOUNDARY DISPUTE. Discussed from the British Point of View Our attempts to secure fair treatment in the matter of the Alaska-Canada boundary, although extremely persistent, have been singularly unsuccessful, says F. C. Wade, in “ The Empire Review.” The discovery of the famous placers of Bonanza creek in the Klondike precipitated the rush of 1897-98. The news first reached Forty Mile, Circle City and Fort Yukon in the in terior, and Juneau, Wrangel and Sitka on the coast. Next it was flashed to Seattle, Tacoma, Portland and San Francisco. All except Forty Mile were United States cities or towns, and even it had been organized as an Alaskan settlement Many thousands of United States citizens essayed the crags and passes at Skagway and Dyea. In September, 1897, over three thousand horses and pack animals lay dead on the White Pass, and in the spring following this number had increased to 7,000— almost a sufficient number, lying head and tail, to stretch from Skagway to Bennett. The trail from Dyea to the Scales at the foot of Chilkoot Pass was strewn with sim ilar evidences of brutality— dealt out in the rush for gold. The White Pass had somewhat the appearance of Waterloo after the battle as described by Victor Hugo. The fleet of boats and scows, hastily made from whipsawed spruce, packed Bennett, Nares, Tagish, Marsh and Le Barge with the continuity of a pontoon bridge. The sails of myri ads of craft of every shape and design were almost as nu merous as the white crests of the waves. Bennett, near the coast, and Dawson, the gate to the gold fields, became great United States towns on Canadian soil, vast settlements of aliens in British territory, to be subjected to the requirements of British law and order, in a country with a disputed terri tory, some of which might belong to the United States as a matter of fact, and all of which would belong to Alaska if the wishes of the governed could have availed anything at the time. The difficulties of customs collection, of police con trol, of administering the criminal law, of legislative action, of a thousand things, of the practical side of an international boundary dispute under the most exciting and dangerous con ditions, at once became evident, and have been emphasized ev ery year since. “ Soapy” Smith and his gang of bandits could never have terrorized a town of several thousand people had Skagway been within Canadian jurisdiction, nor could they have carried on their infamous work so successfully in the United States had it not been for the close proximity of foreign soil. The tearing of the British flag from the Canadian custom house at Skagway with the year, and the occurrences of last winter, when a futile attempt was made to organize a conspiracy, the formation of “ The Order of the Midnight Sun,” to obtain possession by force of the Yukon territory, should be suffi cient to show both sides to the dispute that in postponing https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Urgent Need of a Settlement. its settlement the danger point has already been more than once reached. If it were important that this question should have been settled before, it is doubly important today. We are no longer concerned with an evanescent placer camp, a vanishing indus try that will soon abandon a vast territory to the solitude from which it was awakened only yesterday. If the Yukon were nothing more than this there would be few practical incon veniences in a boundary dispute. But the territory is 198,000 square miles in extent— 70,000 square miles larger than Eng land, Ireland, Scotland and Wales. It is watered by 7,000 miles of streams, many of which are gold bearing, and all may contain gold in their sands and gravels. It is crammed with natural resources— at White Horse and on the White river with copper, on the Pelly at Five Fingers, at Rock creek, at Cliff creek, at White Horse and elsewhere with coal. There were only small boats on the Upper Yukon in 1897, but a fleet of steamships valued at $1,000,000 is there today. The combined fleets of the upper and lower river are worth $2,500,000. Steamers ply on the Stewart, Pelly, Salmon and Tahkeena rivers as well as on the Lewis. The White Pass rail way has been constructed from Skagway to White Horse, to take the place of the mountain trails, the canyons and the rapids. The Creeks railway is now in course of construction from Dawson City over the Dominion Dome 80 miles to the Indian river mining country. Thirty-six thousand tons of freight were carried into the territory last year, as against i,ooo tons for 1894. Dawson City, a collection of tents in 1894, was assessed in 1901 at $11,648,000, and White Horse, Grand Forks and other mining towns have shown equal progress. Cities with regular streets, great warehouses, immense depart ment stores, extensive government buildings, pavements, good roads, telegraph, telephone and messenger service, electric lighting and power, magnificent shops and hotels, churches and hospitals, theaters and newspapers, banks and clubs, have taken the places of the clusters of huts of four years ago. In six years the country has produced $80,000,000 of gold and $20,000,000 worth of railways, roads, public buildings and permanent improvements. The climate has proved suitable to agriculture. Vegetables to the value of $100,000 were grown around Dawson City last year, and next year the ter ritory will be self-supporting in this respect. Barley, oars and timothy are easily produced. Finally, farms are being sold to the settler; the families of miners and agriculturists are rapidly following them to their new homes, and schools,, churches and all the institutions of a permanent civilization are everywhere to be seen. In trade, although Skagway, Dyea and Haine's Mission, according to the Canadian contention, are clearly well within Canadian territory, they have beep erected into United States 19 T H E C O M M E R C IA L W EST. Saturday, April 18, 1903. H a m i l t o n M. P e y t o n , President. W i l l i a m C. H e g a r d t , Ass’ t Cash. J a m e s C. H u n t e r , Cashier. I s a a c S. M o o r e , 2nd Ass t Cash. THE AMERICAN EXCHANGE BANK OF D U L U T H , M IN N . [Established December, 1879.] Capital, - - $ 5 0 0 ,0 0 0 .0 0 Surplus, - - $ 2 0 0 ,0 0 0 .0 0 DIRECTORS! H a m ilto n M . P e yto n , G . A. T o m lin s o n , Ja m e s C. H unter, J o s ia h D. E n s ig n , John H. Upham , C. A. Congdon. THE MERCHANTS' LOAN & TRUST COMPANY, THE PLYMOUTH CLOTHING HOUSE AD A M S AND CLARK STREET, CHICAGO. O L D E S T B A N K IN C H I C A G O . E S T A B L I S H E D 1857. C a p ita l and S u r p l u s , $ 4 , 0 0 0 , 0 0 0 : D e p o s i t s , $ 3 6 , 0 0 0 , 0 0 0 . F O R E IG N E X C H A N G E . H IG H G R A D E B O N D S . S A V IN G S . TRUSTS. Established 1882. H. J. B u r t o n , Pres. H. L. T u c k e r , V-Pres. Capital, $300,000. E. A. D r e w , Treas. W. C. B u r t o n , Sec’y. W HOLESALE MANUFACTURERS OF FURS AND CLOTHING- SAFE D E P O S IT VAU LTS. DIRECTORS. M arsh all F ie l d , Albert K e ep, A. H. B u r l e y , E l ia s T . W a t k in s E n o s M. B a r t o n , E . D. H u l b e r t C y r u s H . M c C o r m ic k , L am bert T ree, E r s k i n e M. P h e l p s , M oses J . W e n t w o r t h , E. H- G a r y , O r s o n S m it h . OFFICERS. Orson S m it h , President. E. D. H u l b e r t , Vice-President. J . G. O r c h a r d C a sh ie r. F. N. W i l d e r , Assistant Cashier. F. G. N e l s o n . Assistant Cashier. P. C. P e t e r s o n , A ss is ta n t Cashier. L e o n L . L o e h r , Sec’y Trust Dept. John E. Blunt, Jr., Manager Bond Dept, ports of entry, and we are prevented from entering onr own territory, except by complying with United States customs regulations. Canadian goods shipped from, say, Vancouver to Dawson, require to be accompanied by a certified invoice and copy of the bill of lading consigned to the Pacific & A rc tic Railway & Navigation Co., to enable it to execute a bond for twice the value of the goods, required by the United States government before the goods can be loaded on cai s. 1 be cost of the bond and the charge for preparing the necessary pa pers is paid by the Canadian shipper. Should the required copy of invoice and bill of lading not be forthcoming, the goods are held up bv the United States customs pending their arrival. Should any portion of a shipment be left over in Vancouver and come forward on a following steamer, the goods are held over at Skagway until another copy of the certified invoice and bill of lading is received. Should a shipper in taking stock consigned from Vancouver to Daw son have ten bales of hay and ten bags of feed on his arrival at Skagway which had not been used on the trip, he will not he allowed to bond it into Canadian territory, on the ground that it does not appear upon the vessel s inward report. He is made to pay duty. On the contrary, should he use ten hales of hay and ten bags of feed on the trip, he must pay duty, on the ground that it was used in United States waters. Should there be a shortage in goods consigned— they may have fallen off the ship or disappeared otherwise— the Can adian shipper must pay the duty. If stock dies in transit full duty must be paid, and he added to the loss of the shipper. Let me give a few specific instances of the Lhiited States customs law as it has been recently enforced in Skagway. Potatoes consigned to Ketchikan were stowed for Skagway by mistake. It would have been much cheaper to carry them to Skagway and return them to Ketchikan on the down trip than to disturb the cargo. Permission to do this was re fused, and the boat was threatened with $400 fine. In a ship ment of oats from Victoria to Dawson, there was an excess of six sacks, which the ship proposed to sell on account of cliai-ges. i he six sacks had to be landed and pay duty. A carrier m any part of the world is allowed to open goods and survey the extent of damage before allowing them to go for ward. This privilege lias been refused at Skagway. Even should a cow calve while en route the shipper must pay ex cess. In the administration of the criminal law, other instances are afforded of the practical side of the Alaska-Yukon boun dary dispute. Sometimes it happens that after committing a crime in one of the provinces the offender seeks refuge 111 the Yukon territory. He is arrested there, but has to be brought out for trial, and there are no legal means of accomplishing this. The same thing, of course, would be true, although prac https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis JOBBERS AND RETA ILE R S OF Men’s Clothing, Furs, Boys’ Clothing, Shoes, Hats and Caps, Trunks and Bags, Shirts, Cloaks and Wraps, Furnishings, Millinery. “Plymouth Corner,” Sixth and Nicollet, Minneapolis. tically it may not happen so often, in the case of a crime committed in the Yukon, where the offender is arrested in another part of the Dominion. Sometimes in the case of an offense committed in the Yukon territory jt is necessary upon trial to call witnesses residing in one of the provinces. The criminal code provides complete procedure for enforcing the attendance of a witness in such cases, and there would be no difficulty were it not for this intervening foreign territory, which affords the only way of going. The Canadian process would not, of course, hold there, and consequently there is practically no way of enforcing attendance of such a witness. Although the Canadian government at a cost of $40,000, with the assistance of the mounted police, pursued an English criminal for nearly two years for the murder of three United States citizens on the Yukon trail, the spreadeagle element at Skagway has been persistent in exactions directed against the force. Members are compelled to remove their uniforms when passing over the disputed strip. For the purpose of ex pediting the transshipment and forwarding of supplies and to give general information for the benefit of the police and others passing to and from the Yukon territory, a member of the force used to he stationed at Skagway. Objection was taken, in the first place, to this man wearing police uniform. Then objection was raised to a sign “ N. W. M. P.” being placed over the door of the office used at Skagway for police purposes, and this had to he removed. Finally, objection was made to having an officer or any member of the force there at all. The Grand Forks County Agricultural society will be in corporated with a capital stock of $15,000, and the first fair will he held in Grand Forks either the latter part of July or the first of August, a week before or a week later than the Winnipeg exposition. Some of the assets of Fargo may be summed up as fol lows : The population is 12,048, there are five department stores, five hardware stores, nine drug stores, seventeen gro cery stores, six dry goods stores, nine clothing stores, seven shoe stores, twenty-three hotels, twenty-six implement dealers. There are six school houses, including a magnificent high school building, accommodating 2,786 scholars, sixteen church es, four banks, with an aggregate capital of $400,000, two flour mills with a daily capacity of 500 barrels. The total tonnage over the railroads in Fargo for 1902 was 193,746 tons, 144,277 received, and 49,462 shipped out. Number of cars of lumber received by five dealers in Fargo was 500. Number of cars of fuel received in 1902 was 897. Number of cars of native lig nite coal received was 1,672 and number of cars of farm im plements received during the season of 1902 was 1,617. T H E C O M M E R C IA L W EST. 20 Saturday, April 18, 1903. government toward sustaining dignity of the Sherman anti trust law. The late N. K. Fairbank, of Chicago. N E W YO R K LETTER. (S p ecia l C orresp on den ce to T he C om m ercia l W e s t.) New York, April 14.— While the stock market has felt the heavy liquidation which came subsequent to the Northern Securities decision, it is the best opinion that there will be no further developments sufficient to cause market interests any particular alarm. The sharp break which followed the somewhat unexpected announcement was perfectly natural, com ing as it did, almost like a thunderbolt out of a clear sky, as traders first believed that the decision meant disaster for combines or mergers of all descriptions, and they expected to see hold ers of all classes of securities of the big concerns, such as Steel, Pennsylvania and others, rush into the market and sell them without reserve. Fortunately, the prolonged holi day gave sufficient time for reflection, and this developed a more hopeful view of all around, although the market again turned decidedly weak when trading was resumed after the Easter holiday. The most conservative element believe that prices are now bumping along on the bottom, no matter how bitter the dis appointment with regard to the merger has been or how nauceating the “ undigested securities” are to the market which has been physically ailing for a long time. They say that if it is found that the ruling of the court is a correct ver sion of the law as viewed by the supreme bench, not only affecting the Northern Securities Co., but all others that have combined forces in various parts of the country, efforts will at once be made to have laws enacted which will straight en matters out within a very short time. Everything consid ered, the cooler heads expressed the opinion that the market will soon be running along in a healthy w a y ; that the finan cial world will not be plunged into chaos by the disruption of some of the community of interest plans simply because they have been found not to be in compliance with the meaning of the laws in that respect. Unlike many previous instances, there was no leak in the court’s decision on the Northern Securities case. Everyone had a general understanding that a decision would be handed down some of these days. It was not thought of to any great extent, and not one person in twenty was looking for it on Thursday. For the first three hours the stock market was strong, because it was oversold and comparatively few traders wished to keep their contracts open over three holi days. The best prices of the day occurred within ten minutes of the time the decision became known. No house with pri vate wire to St. Paul had a start of a minute before the pub lic news. There was naturally a little demoralization. It took about an hour for the market to “find” itself. Mean while the active list had lost from 1 to per cent. The president of the Northern Securities Co. had, by ap parent chance, reached New York city just about the time the decision was being rendered. A ll the principal financiers as sociated with the company or its formation are now in town. The decision is the second great victory gained by the federal https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Marketwise and otherwise, there is a precedent of close similarity for comparison. A decision on a defunct question known as the Addystone Pipe case was rendered by the su preme court in language which made the dissolution of the Joint Traffic association merely a matter for a subsequent decision. The outcome was greatly feared because it was argued the Joint Traffic association had maintained rates, and, if dissolved, rates would be absolutely unsustained and holders of railroad stocks vastly injured. The result on the railroad situation was that rates were maintained better than ever, while a big expense was done away with and earnings became greater than ever. The in fluence of the shock on the stock market was measured by quick declines from 1 to 5 per cent, followed by gen eral advances to the highest prices on record. There has been among deep thinking, influential men, an opinion that the influence of the Northern Securities decision is subject to just the same measurements— perhaps not so much. The appeal to the United States supreme court is of little consequence. A ll the sentimental w eight of the matter conies now. In three months it will be for gotten— perhaps in less time. I he disposition of the securities now owned by the North ern Securities Co. must be a matter of conjecture at pres ent. They may, under the decision of the court, be returned to their original owners. This will probably be done, but who are the original owners? Several thousand persons have bought certificates of Northern Securities Co. stock. It would take a large corps of detectives many months to as certain whether the holder of each certificate was entitled to some Northern Pacific or some Great Northern railway. One way out of it is to give to each holder a pro rata share of Great Northern preferred and Northern Pacific. This is hardly practicable, there exists, however, a very satisfactory precedent. 1 he Standard Oil Co. was declared a trust with out standing in law. Its entire property was thereupon handed over to liquidating trustees. They paid dividends to certificate holders and everything worked satisfactorily un til it became convenient to form a new corporation complying with all existing laws. The fatal weakness of all anti-trust legislation is that it can do nothing more than effect a change in form. The securities are there, their ownership is the same, the understanding exists, and it makes very little difference whether they are denominated as the Northern Securities Co. stock or as beneficial certificates in the hands of a board of liquidating trustees or in some other way which competent attorneys may devise. The view most commonly expressed by unbiased observers is that the solid character of general conditions will prevent a legal question that has yet to be settled by the United States supreme court from causing more than a temporary depres sion in prices. They believe that the really potent factors be hind values are such as to make recovery from declines and an ultimately higher range of prices then have been recorded for a long time reasonably certain. Of the first importance among these factors is the un precedentedly favorable crop outlook as revealed by the gov ernment report. Even traders with bearish proclivities con cede the immense importance of the excellent prospects for a winter wheat yield of over 500,000,000 bushels. They ad mit that here is a fresh stimulus for general business and the assurance also of another year of prosperity for the W^st. The many conferences that have been held recently be tween J. P. Morgan, Moore Bros., D. G. Reid and other in terests of the St. Louis and San Francisco Co. and the Rock Island company are convincing proof that the Northern Se curities decision will have an important bearing on the Rock Island-’Frisco consolidation. Rock Island-’Frisco interests take a cheerful view of the situation, but notwithstanding this Wall Street realizes that it has a difficult problem to solve. The reports from Washington that the government will bring suit against the anthracite coal fields were used in an argument against this group of stocks. Pennsylvania and Vanderbilt interests control the Reading. The latter controls Jersey Central. Competition is manifestly restrained, yet the capitalists most deeply interested in the coal combine hold that as these lines are not parallel it is within the law. However 21 TH E C O M M E R C IA L W EST. Saturday, April 18, 1903. WE WILL DISCOUNT IUMBEBMANS^b COMMERCIAL P A P E R . W . B. McKEAND & CO., T h e R ookery, C H IC A G O . Statement of Peoples Trust 4 Savings Bank O U IIN TO IN , I O W A . AT d o « e of ¡B u s in e s s F eb ru ary 2 7 , 1003. .................................................$ 3,830,545.1 C ap ita l................................................................................................$ 300,OC0.00 T nane; ............................................. 10 ,000.0 Surplus................................................................................................. !20,000.00 Ppa 1 E s t a t e ........................................... Cash and in Banks.CV.V.V.'.'.V.'.'..'... ............................................ 843,853.0 Undivided Profits ............................................................................ 29,149.72 Eeserved for T axes. . ........ 5,000.00 D eposits............................................................................................... 4,230,248.49 $4,684,398.21 $4,684,398.21 this may be, the probabilities are that the enormous earnings of the coal roads will induct strong buying of them on de clines, especially in Reading and Erie. Wall Street is thoroughly glad that the Southern Pacific fight is out of the way. Its dissolution will have no influence whatever on stock market values, as the dissatisfied members who desire to liquidate have already sold their holdings against pool stock. London has been heavily short of South ern Pacific, and thousands of shares will be shipped abroad now that the stock is released by the pool. The bank statement was about as expected. It hardly points to any material change in money rates, however, the usual relaxation in the latter not being anticipated till later in the month. Meantime the fact that capital and surplus of New York banks is some $65,000,000 greater than two years ago is pretty sure to receive increased attention. Both loans and deposits, as a result of the enlargement of surplus and capital, are regarded as in a stronger position than for the past two years. Railroad reports for the last week in March increased the average again of all roads reporting for the week. A few of the reporting roads are important lines. The largest, the “ Big Four,” made a remarkable gain, which brings the month’s increase to over 15 per cent. The Texas & Pacific reported an increase of 12 per cent. A strange exception is the M ex ican Central, which reported a nominal increase, following a long series of increases ranging all the way up to 40 per cent. The St. Louis & San Francisco gained 13 per cent, both for the week and the preceding month. The Illinois Central gained 11 per cent for February and 9 for March. Great Northern railway gained 6 per cent for March. American Can and United Boxboard shares were the weakest of the active lines, the preferred shares declining about 1J/2 and 2^2 points respectively, and neither of these issues showed the slightest resiliency at the low point. The hears on both issues hammered the market incessantly, and in this way influenced the rest of the list to a more or less greater extent. Chicago 'Title and Trust dropped three points in sympathy with the general weakness, and on absolute lack of demand. In contrast with the condition of the mar ket elsewhere, National Carbon preferred moved up frac tionally and remained firm, and Milwaukee Brewing ad vanced three points on a small transaction. Diamond Match and American Radiator common resisted the onslaught stub bornly, but finally eased off fractionally. The elevated rail way shares were all steady save those of the South Side line, which declined to 104^4, and official state that there is noth ing concerning the road’s affairs with which to attribute the weakness. Bonds were dull. Union Loop’s were about the only issues to display any activity, and these showed a slight reac tion from former quotations. CH ICA G O B A N K S T O C K Q U O T A T IO N S. A. J. W H IP P L E 6 C O . Members Chicago Stock Exchange. S T O C K B R O K E R S . CHICAGO. Private Wires to all Princepal Exchanges. C H ICA G O STO C K M A R K E T . (S p ecia l C orresp on den ce to T he C om m ercia l W e s t.) Chicago, April 14.—-The weakness of the Eastern security market was reflected in the local market this week to a con siderable degree. After the resumption of business after the Easter holiday there was a hear attack on National Bis cuit shares which caused moderate recessions in both issues. There appeared to be no news bearing on the shares, and the only reason attributed to the weakness of the shares was that the room traders had taken advantage of a good op portunity to manipulate the prices. There continued consid erable talk about competition, and this kept the small hold ers nervous. With reference to these reports directors of the company said that any one at all familiar with the com pany knows that the current reports are the silliest kind of fabrication. “As a matter of news,” he said, “ for those who have been foolish enough to believe them, it may be said that everv month since Mr. Loose started his plant at Kansas City we have showed a substantial increase in our sales. Moreover, March sales even exceeded those of last July, which were the largest of the year. We reached the limit of our capacity months ago and have been gaining ever since, until it is now very much of a question whether the new plants in the course of construction in Chicago and New York will be able to take care of the business.” https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Mpin Floor New York Life Building. Long Distance Telephone Central 1031. O rd ers b y w ir e in g ra in and s to c k P r o m p tly F ille d . C hicago, A p ril 8th, 1903. B ook V. A m erica n T ru st .......... 156 B a n k ers’ N ational . . . . 145 C entral T ru st ................ 129 C hicago C ity ................ 143 C h icago N ation al ........ 235 C h icag o S avings ........ 100 C om m ercial N a tio n a l.. 129 C olonial T ru st ................ 128 C ontinen tal N a tio n a l.. 140 Corn E x ch a n ge ............ 190 D ro v e rs’ D ep osit ........ 132 F ederal T ru st ................ 130 F irst N ation al .............. 184 F irst N ational B an k of E n g le w o o d .................. 161 F o rt D earborn .............. 124 Illinois T ru st ................ 248 M etrop olitan T. & S ... 124 M erch an ts’ B. & * T . . . . 205 M ilw aukee A v e. State. 166 N at. B an k No. A m . . . . 130 N at. B an k R e p u b lic ... 140 N a tion al L iv e S t o c k ... 226 N orth ern T ru st ............ 247 O akland N a tion al ........ 183 P ra irie S tate ................ 141 R oy al T ru st .................. 171 State B an k C h ic a g o ... 135 U nion T ru st .................. 133 W estern S tate .............. I l l S outh C h icago S avings 103 uv. R. 6 6 ’8 *12 12 '8 12 8 Ì2 6 6 12 6 12 6 'è 12 8 6 8 6 6 ‘i L . Sale. 190 181 124 170 400 150 360 280 430 Ì42 392 125 165 716 110 412 117 153 155 300 Ì5Ò 153 250 125 Bid. 187 181 122 160 390 150 350 175 282 420 150 140 390 150 165 700 110 400 115 151 154 280 500 150 180 155 250 165 124 110 A sked . 193 185 124 172 405 360 430 200 141% 395 Ì75 715 112 410 125 155 160 290 510 165 200 160 262 127 112 22 T H E C O M M E R C IA L W EST. M IN N E A P O L IS M O N E Y M A R K E T . W hile some of the banks report a practically un changed situation from last week, others are having a stronger demand for money, and so feel very firm on rates. There is a further drawing away from the 5 ^ per cent basis, and where m oney is loaned at that rate there is some special reason for it. W ith a little more active demand, rates would work higher; but this is not likely to come. On the contrary, there will be a liberal paying off of grain paper instead, and this will— with no outside in fluences— keep money fairly easy. Conditions locally are about evenly balanced, so that there is no decided tend ency either toward dearer or cheaper money. Cargoes of grain were being made up at Duluth this week, and as some of the head of the lakes paper is in this market, there will soon be m oney com ing from that direction. It is expected that about 1,000,000 bushels each of wheat, flaxseed and oats will be shipped out from Duluth in the near future. E very line of business but the grain trade is in the market for money, though the heavy borrowers are rather inactive. The smaller borrowers are using considerable money. Country banks are borrow ing a little more than a year ago, but the total of this business is not important at this time. The B a n k S ta te m e n ts. The feature of the week with the banks was the call for statements showing condition on the 9th. The different banks had their statements out on Monday or Tuesday, though they were not published until later. The totals of the statements show no material change from those of Feb. 6, nor from April 30, 1902. The de posits have been maintained, and some of the statements show an increase. But almost without exception the vari ations from Feb. 6 or from a year ago represent nothing more than daily fluctuations. For instance, the Security bank has deposits of $8,641,600, as compared with $8,432,400 Feb. 6, and $8,956,400 a year ago. The First National has $9,519,000, compared with $9,251,300, and $10,625,500. The Northwestern National has $8,150,000, against $7,674,700 and $8,235,400. The National Bank of Commerce has $4,710,800, against $4,842,700 and $5,077,900— a narrow er range than would often be caused by the regular daily transactions. The Swedish-Am erican National has de posits of $2,562,900, compared with $2,695,000 and $2,037,400. These five banks show a total of surplus and undivid ed profits of $1,691,000. The total deposits of the 11 national and state banks of the city is close to an average for the last year. Never but twice have they exceeded this amount by $1,000,000. The greatest deposits as shown by published statements were on Dec. 10, 190X, when the total was $37,695,600, and on Nov. 25, 1902, when the total was $37,721,200. C u rre n c y M o vem e n t. E xchange is scarce this week, and the rate is close to a currency-shipping basis. T here is an accumulation of currency, and it now looks as if there would be a m ove ment toward Chicago. L ast week the currency m ove ment was about as near a standstill as possible. The amount received from the country was but $177,200, while only $244,600 was shipped to the country. The m ove ment for the last two weeks is shown in the follow ing table: Saturday, April 18, 1903. A bill has passed the Minnesota house of representa tives increasing the fees to be paid by banks and trust companies for examination by the public examiner. The fees are now so low, it is claimed, that they do not pay the cost of examination. The bill provides a fee of $20 if the assets of the bank are less than $50,000; $25 if the assets are from $50,000 to $100,000, and $5 for each addi tional $100,000 of assets up to $1,000,000, and $2.50 for each $100,000 over $1,000,000. The bill also provides for expenses for special examination and expert services in appraising assets. D. D. Halleck and E. V. Trout, of Sac City, la., have bought the Avoca, Minn., State bank. Mr. Trout will be the cashier. Articles of incorporation of the First State bank of Leonard, N. D., have been filed. Capital, $10,000. NEW BANKS. The State Bank of Emery, at Emery, S. D., has been or ganized with a capital of $12,000. The stockholders a re: Dr. F. M. Rose, of Faribault, Minn.; Donald Grant, D. W. Grant, W. L. Ryburn, F. D. Peckham and P. Driscoll, of Alexandria, S. D. Donald Grant and his associates have managed the old Hanson county bank (since converted into a national bank) of Alexandria for the past 20 years and are well known and influential in that part of the state. A new bank is being organized at Boone, la. The princi pal in the deal is E. E. Hughes, formerly president of the Dav enport, Rock Island & Northwestern railroad and a former stockholder of the First National bank of Boone. A. J. W il son, of Marathon, la., is largely interested. The capital stock will be $600,000. The stockholders are mostly Boone men. Mr. Wilson will remove to Boone. Authority has been granted for the organization of the First National bank of Mohall. N. D. Its capital is $20,000. H. H. Steele, H. N. Peck, E. B. Page, H. J. Ruland and M. A. Benson have been named as incorporators. I he Norwalk State bank, at Norwalk, Wis., will begin business with a capital of $25,000 on May 4. I lie Doon Savings bank at Doon, la., will be converted into a national bank, and the capital stock increased from $10,000 to $25,000. ST. P A U L M O N E Y MARKET. There is a good demand for money for general busi ness, but no special demand from any particular line nor from the large jobbers or manufacturers. There is a lit tle more paying off of grain paper, but this money is readily taken by other lines of trade. Collections are slow with the jobbers, and of course there can be no im provement for some weeks, and no marked change until fall. 1 he wholesalers will therefore require as much money during the next few mofiths as Iasi year, and will probably call on the local banks for a larger part of their lines, due to higher m oney in the east. W hile there is no special change in the local situation from last week, all conditions from a N orthwestern point of view are decidedly favorable 'for a prosperous season with the banks and in all lines of business. W hile seeding has been delayed somewhat, the soil is in much better con dition than usual at this season; and, due to a sufficiency of moisture, there will be a quick germination, and con sequently no suffering from dry weather, as was the case last spring. C u r r e n c y R eceived. W e e k ending A p ril 11. $177,200 F rom the c o u n tr y ........................................ W e e k ending A p ril 4. $94,000 C u r r e n c y Ship p e d. T o the cou n try W e e k ending A p ril 11. $244,600 ............................. W e e k ending A p ril 4. $479,700 FINANCIAL NOTES. The monthly circulation statement issued by the comptroll er of the currency shows that at the close of business March 31, 1903, the total circula ion of na onal bank notes was $382,519,258, an increase for the year of $25,042,851, and a de crease for the month of $279,587. The circulation based on United States bonds was $338,349,814, an increase for the year of $20,889,432, and a decrease for the month of $310,547. The circulation secured by lawful money aggregated $44,169,444, an increase for the year of $4,153,410, and an increase for the month of $30,960. The amount of United States reg istered bonds on deposit to secure circulating notes was $342,160,770, and to secure public deposits $134,834,070. The amount of state and city bonds on deposit to secure public deposits was $18,584,900. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis W ESTERN B O N D ISSUES. Ellendale, N. D.—-The township has voted to bond for $2,000 for digging artesian wells. Flenning, Minn.— The town will vote on bonding for $4,000 to purchase land for the right of way for the Soo road ex tension. Arvilla, N. D.— The school district has voted to issue $3,000 of bonds. Duluth.-—No offers were received for the $40,000 of 3^2 per cent waterworks bonds. It looks as if the effort to reduce the municipal rate of interest from 4 to 3L2 per cent is not a. success. _Marion, S. D.— The council will be asked to submit a prop osition to the voters to bond for $5,000. Parker, S. D.— The village will vote on a proposition to bond for $10,000 for waterworks. Montevideo, Minn.— The town is offering $15,000 of water works bonds. Plainview, Minn.— An election was to be held on the 14th to vote on issuing bonds not to exceed $28,000. Aberdeen, S. D.— On April 28 the city will votç on a prop osition to issue $25,000 of bonds. T H E C O M M E R C IA L W EST. Saturday, April 18, 1903. OTIS, WILSON & GO., BANKERS, 23 182 La S a i l e S t re e t , C H IC A G O . 8 C ongress S t re e t , BOSTON. U . S. and Foreign Government, Municipal, Railroad 3 per cent Interest on Checking Accounts. and Public Service Corporation Bonds? Letters of 3| and and 4 per cent Interest on Tim e Certificates of Credit, Foreign Exchange and Foreign Collections. Deposit. W e Solicit Your Account. C O R P O R A T IO N S. U N IT E D S T A T E S B IS C U IT CO.— This company was incorporated at Trenton, N. J., with a capital of $4t500>00°:> of which $1,500,000 is 7 per cent cumulative preferred stock. It was reported that the new company was organized to take over the Loose Bros, bakeries, located at Kansas City. According to the report the Armours are interested in the new enterprise, and possibly some of the other local pack ing concerns. The organization will probably not create any new competition for the National Biscuit Co., being as it is an incorporation of firms already in existence. It is prob able, however, that the Loose business will be considerably enlarged by the introduction of new capital, and also that new bakeries may be erected in other cities. With regard to the rumored connection of the Armours with the new con cern, Mr. P. A. Valentine, vice-president of the Armour Packing Co., emphatically denied that his company is in any way affiliated with the Jersey concern just incorporated, or with any other, except being stockholders in the National Biscuit Co., which is also one of its biggest customers. Chair man Green of the National Biscuit Co. claimed to know nothing of the new company, except what current reports contained. Mr. Green said: “ The report that the National Biscuit Co. is exhibiting independence in its purchases of lard to an extent that has invited unfriendly relation with the packers is untrue.” CH ICAGO M E T R O P O L IT A N .— In commenting on the newspaper criticism the Metropolitan Elevated railroad s an nual statement, a friend of the property said: "The road earned $10,000 over and above 3 per cent on the preferred stock last year, and this in the face of extraordinary expenses, including an unusual expense of $45,000 for coal. J hey also had use of only part of the extensions for the year. The writ ing off of $20,000 on old accounts is what cut down the sur plus. This year’s traffic is estimated at over 125,000 passen gers daily, which will more than pay for the preferred divi dend.” . IL L IN O IS ST E E L .— An official of the Illinois Steel Co. says there is an immense demand for steel rails for street railway and interurban construction. The year will show the greatest growth in this class of construction ever known. Cherokee County, Iowa, Transfers. The farm land transfers in Cherokee county, la., in March amounted to $506,588, as compared with $641,533 in March, 1902. The number this year was 123, against 128. Minnesota Cities May Issue More Bonds. The Minnesota house of representatives has passed three bills that will, if they become law, permit of the is suing of bonds, where not now permitted, by Minneapolis, St. Paul and Duluth. One bill authorizes city councils, by a three-fourths vote, to issue bonds to fund municipal indebtedness, and to raise m oney for bridge and build ing work. The bonds for the latter purpose are limited to $600,000. and not more than $200,000 m ay be issued 111 any one year. The author of the bill says that it will per mit the reduction of St. Paul’s tax levy from 27 to 20 mills, by bonding for bridge and construction w ork in stead of levying taxes for that purpose. A bill by the Hennepin county delegation, also passed under suspension of the rules, permits Minneapolis to is sue $100,000 in bonds for w aterw orks extensions. The third bill allows St. Paul, Minneapolis and Duluth to issue bonds for the purpose of acquiring land for park purposes. Stocks. James Doran & Co., St. Paul: The Northern Securities decision is a good thing to have out of the way. It disposes of an uncertain element which at most had only a sentimental effect. It makes no difference in conditions or the earning capacities of railroads in general or of the roads comprised in this company in particular. If sustained, the decision simply means that Northern Securities stock will be liquidated back into its constituent parts of Northern Pacific and Great North ern stock. Those in a position to know say the stock will call for more value than its late quoted prices. As to the general situation, some of the best houses in Wall Street, whose judgment on the market has been correct during the long and tedious sag since last fall, now believe that stocks have reached a point where their intrinsic merit recommends them to the investor. Neither they, nor any other sane ob servers, go on record as saying that prices may not work lower. The market is weak in the sense that it has no or ganized help or the support of public buying. But it is like https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis a man in whom a disease has run its course. He is going to get well unless some unforseen relapse occurs. I he liqui dation represented in the repeated selling out by one set of holders to another since prices turned downward, has been simply enormous. The speculative load has been lightened by nearly half a billion of dollars. Hhis has restored the money equilibrium; that is to say, it has reduced the amount of speculative loans necessary and brought prices_ of invest ment stocks to a level where their income yield is at about the same rate as time rates for money. Besides this, the re peated selling out above referred to has finally landed them m the strongest hands, in which they have so far rested, otill further, the decline has also created a big short interest which will have to buy stocks some time and which was built on the theory that they can buy from another set of sellers lower down. There is a song, “Well, maybe you can, but I doubt it,” which is likely to be in tune right here or hereabouts. One commentator puts the short interest at the heaviest since the Bryan wave was in the ascendant before the presidential election of 1896. As to speculative conditions, the market is still on the defensive; bears are still the aggressors, using scarcity of money and labor troubles as their weapons, bo far there has been nothing in labor troubles to impair trade or prosperity. Both labor and capital are too vitally interested in continuing present conditions to more than merely shoo the hen thaElays the thrifty egg. As to money, it is certain ly working easier. There is a well grounded suspicion that the banks, perfectly satisfied with the solidity of the situation, are not getting themselves out of breath trying to reduce loans. Consistent with safety, they are going to keep condi tions that will produce as high rates as possible. Some peo ple talk as if the banks would like to get money down to 3 per cent, for the one reason of boosting prices m Wall Street. Banks are good things in a way— but not that way. The fine crop outlook is going to prove an important mar ket factor in an increasing ratio as we move toward harvest. As it is, stocks and bonds at the present level look tempt ing ; with money easier, they couldn’t be resisted. New Trust Company For Seattle. A new trust company is being organized at Seattle. The new state law which permits trust companies to act as fiscal agents of a state, county or city, as the m ort gagee in a corporate bond issue or as receiver of a bank rupt, goes into effect on June 12. Mandan, N. D., Pioneer: Many ranchmen are contemplat ing moving to the southwestern part of the^ state or to Mon tana. The recent land movement has made it almost impossi ble for those who do not own land here to run a very bunch of cattle. Plettinger county is attracting many. It will be well for those who locate in these new fields to provide against a similar occurrence by purchasing enough land to in sure them against being crowded out again. They can secure land in that neighborhood at a reasonable figure and have a good country from which to select and should profit by their experience here. The Globe lumber mill at W hatcom , W ash., is in oper ation after being idle for over ten years. The mill was built in T890 by the late Capt. S. D. W ym an, who operated it only about a year. On Nov. 13, 1902, it passed into the control of D. Ferguson, who immediately set to w ork to overhaul the property and refit it with new machinery. Mr. Ferguson, m connection with Crawford Brothers of Ferndale, has just organized the Globe Lum ber Co. The company is incorporated with a capital stock of $45,000. Crawford Brothers have purchased an interest m the prop erty for $18,000. The first sale of lands in the D evils Lake reservation belonging to Indians who have died,_ and who had the lands allotted to them in severalty, will be made M ay 9, at Ft. Totten, N. D. The agent receives the bid of any one who desires to bid on the lands and there are some 1,100 quarter sections offered for sale in this manner. The entire reservation will probably be opened next year. This will admit over 400,000 acres of land in Benson county to cultivation. Baker City Democrat: The Eastern Oregon gold field is now the victom of eastern fake companies which are preying on the unsuspecting and selling stock in mythical claims, mak ing the good reputation of that district the lever by which they can gull the public. How long this swindle can go on without the doors of'the penitentiary swinging open to receive these nothing less than robbers remains to be seen. Certainly the government authorities are lax in their duty. T H E C O M M E R C IA L W EST. z4 W ATSON & CO. Saturday, April 18, 1903. A. E. AMES & CO. BANKERS, BROKERS. 18 KING ST. EAST, Chamber of Commerce, Minneapolis. GOVERM ENT, Stocks, Bonds, Grain, Provisions. M EM BERS NEW YORK STOCK EXCHANGE NEW Y ORK PRODUCE EXCHANGE. CHICAGO STOCK EXCHANGE. MINNEAPOLIS CHAMBER OF COMMERCE CHICAGO BOARD OF TRADE. ST. LOUIS GRAIN EXCHANGE. W INNIPEG GRAIN EXCHANGE. Private Wires to Chicago, New York, and Other Cities. TORONTO Members of the Toronto Stock Exchange. M U N I C I P A L and C O R P O R A T I O N and IN V E S T M E N T S E C U R ITIE S Specially selected for conservative investors, and netting from 3 1 - 2 to 5 3 - 4 p e r c e n t. Allow 4 Per Cent. Interest on Deposits. TELEPHONE CALLS: M A IN 906, AND M A IN “ UNDIGESTED 517. SECURITIES” By Henry A well-known Chicago banker remarked to the writer that when he thinks of what Mr. Morgan said about “ undigested securities,” the words of the leading lady in a popular play occur to him: “ Oh, just think what there is inside of m e!” Mr. Morgan’s calling of the attention of the country to its “undigested securities” will not make the country one bit more able to digest those securities. Instead, as the country contemplates them, to imagine uncanny things, and to exclaim: “ Oh, just think what there is inside of me”— the more languid is likely to become its investment appetite for securities. But the situation in Wall Str/et as regards “undigested ,s<F curities” is really not nearly scy bad as it may seem tp-Ahose who consider only the disagreeable aspects of the vffidigested mass. / While various things may be found interahlly that would seem to suggest that the investing public bras not always been as smart as the boy who decided to sa/e. his life by not eat ing pins, yet take the mass as a whpfe, the fact that it is un digested does not mean necessarih/that it never can be digest ed, The investment public of Jtne United .States has a won derful capacity for assimilating all kinds of securities. And notwithstanding there a£®'just now indications of indiges tion, these will disappear if Mr. Morgan and other great promoters will only realize that a sick market is like a sick animal whose digestive apparatus needs a rest. Nothing is to be gained at present by stuffing it with new and doubtful securities any more than can anything be gained by stuffing a sick pig with the contents of the garbage heap. Temporary failure of a digestive apparatus to do its’ work does not necessarily denote ill-health or lack of gastronomic power. When a person is taking violent physical exercise or working exceptionally hard with his brain, the contents of his stomach must often wait awhile before there is power avail able to digest them. The blood of the body does its chief work where there happens to be the most active need for work to be done. In a similar way the money of the United States does its chief work where it is most needed. A t present the industrial work to be done throughout the country, and especially in the West, is paramount to the digestive work to be done in Wall Street. During 1897 and 1898, when money came forth from hiding and found its way into the channels of business, prosperity began to return, W all Street, of E ditor C ommercial W e s t : W e enclose you draft for $3 in payment of one year's subscription for your valuable paper. W ith best wishes for your well kriown journal, we remain H. G. Anderson & Co. Buffalo, N. Y., ApriLa, 1903. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis course, felt simply fine. Its digestion never seemed more per fect. Its appetite for new securities made bulky with water became simply voracious. To meet this craving new “trusts,” with enormous capitalizations were organized nearly every day, and their securities promptly dumped into the wide open, undiscriminating maw of the stock market. Wall Street was fed about as fast as the printing presses could be fed. But as the real prosperity of the country increased, the demandjWfor money for agriculture, manufactures, and com mence increased proportionately, and in the same ratio the ability of the country to digest Wall Street securities de> creased, The situation that developed might be likened to that of a person who started on an arduous piece of physical and mental labor, and to his exceeding disgust found that the mince pie which he had recently eaten with such great gusto was in full rebellion. When the public buys new securities to satisfy its invest ment hunger it will usually buy waste as well as substance having value. When a butcher sells meat at so much per pound he seldom deducts from the price the waste fat and bone. Often after the weighing this will be cut off and sep arately sold as “ soup meats” or as “ scraps.” The butcher gets part of his profit from not making deductions for waste. In a similar way the vendors of Wall Street securities get a large part of their profit from the “water,” the “ scraps,” and the “soup meat” in the security food article they sell to the investment public. But why should the rich investment public care ? It is making lots of money from legitimate business, hence it can afford to be liberal in contributing the funds to pay for the waste from W all Street securities, and to contribute to the “ digestion” of the various things that promoters let fall into W all Street’s shark-like maw. A certain brok erage house in Chicago estimated that last year its cus tomers lost in the net $200,000 on the year’s transactions. This amount had been absorbed in the “ digestion” of W all Street securities. But the customers of this house were not financially embarrassed by such losses. Most of them represented surplus from business earnings or salaries. Such surplus is always a popular kind of capital to “blow ” into the stock market. It represents the stock m arket’s quick assets. But the fact that less of this surplus capital is now going toward “digestion” of securities, and more of it into indus trial and business expansion need be considered no reflection at all on the prosperity of the country. Among the substantial improvements in Fessenden, N. D., are a new bank building of the First National bank, a new postoffice building and a brick store building. They are all modern in design and finish. One of the largest structures now in process of erection is for a department store. It is said that hundreds of landseekers are traveling up and down the Willamette valley, Oregon, in search of locations, and almost every place they stop the land agents are so nu merous and determined that many return home disgusted. TH E C O M M E R C IA L W EST. Saturday, April 18, 1903. S inkin g fu nd on U nited S tates Steel C orporation bon ds fo r the y e a r . .............................................................. RAILROAD EARNINGS. Earnings Fourth W eek March. Inc. 1903. 1902. C h icag o T erm inal T ra n sfer $42,979 4th w eek M ar. $46,169 1,199,094 F rom July 1 .. 1,292,967 M issouri, K an sas & T exas $430,244 4th w eek M ar. $484,213 12,614,032 F rom Ju ly 1 .. 13,303,426 P ere M arquette: 4th w eek M ar. $304,889 $286,517 2,389,705 F rom Jan. 1 .. 2,567,805 R io Grande Southern: 4th w eek M ar. $12,380 $13,323 427,634 F rom Ju ly 1 .. 425,538 T ex a s C entral: $11,110 4th w eek M ar. $20,213 F rom Ju ly 1 .. 482,461 489,745 Gnion P a cific: $486,402 4th w eek M ar. $636,293 20,904,230 F rom Ju ly 1 .. 21,497,099 Earnings For $943 2,093 >7,284 $1.49,892 592,869 April. Inc. C hangesDec. $87,528 468,696 ............................................................................................ $20,264,479 Bu sin e ss $106,000 1,551,001 $10,000 83,649 $88,668 2,467,766 $8,621 62,865 $14,062 747,607 $101,000 4,362,074 S t o c k s on H a n d . $408,352 $1,449 95,322 $13,700 275,000 $129 44,114 $1,720 178.242 T he qu antities of p a rtly finished m aterials and o f finished p rod u cts are som ew h a t ab ove the norm al average ow in g largely to the railroad con g estion at prin cip al p rod u cin g centers, w h ich p reven ted p rom pt d elivery from the m ills. Inven tories are taken on basis of actu al cost of m aterial and prod ucts at the several depa rtm en ts of the com p an y h old in g the sam e. T he total cap ital stock of the corp ora tion issued and o u t stan d in g on D ec. 31, w as $508,302,500 com m on sto ck and $510,281,100 preferred stock . T he bonded and m ortg ag ed debt w as $363,355,459, a net decrease during the year of $2,442,239. P u rch ase m on ey obligation s and bills p ayable paid off b e tw een A p ril 1, 1901, and D ec. 31. 1901, am oun ted to $11,047,971; paid off during 1902, $13,652,368, a total redu ction o f $24,700,339. T he funds fo r the paym en t o f these liabilities w ere p rovid ed e n tirely from the surplus net earnings. E m p lo y e s $1,190 385,361 $81,727 3,459,202 $46,684 1.242,411 $681 o f $560,510,479. T he v olu m e o f bu siness done by all com pan ies during the year, includ ing sales betw een the com pan ies and the gross r e c e ip t s of tra n sp ortation and m iscellaneous properties, a g g r e gated $560,510,479. T he outp ut o f the various industries, fo r the year, in tons, w as as follo w s: P rod u ction of iron ore m in e s ................................................... 16,033,179 C oke m an u factu red ...................................................................... 9,521,567 Coal m ined, n ot including that used in m ak in g c o k e . . . . 709,367 B last fu rn ace p ro d u c ts ................................................................ 7,975,530 Steel ingot p ro d u c tio n ................................................................. 9,743,918 T ota l tonnage of rolled an d other finished prod u cts fo r sale ........................................................................................ 8,197,232 T he ag g rega te in ven tory o f all p rop erties on D ec. 31, 1902, w as $104,390,844. A b ou t on e-th ird o f this sum is represented b y the value of iron ore on hand. It is n ecessa ry to a ccu m u late large tonnage o f ore during the su m m er and "fall m onths for con v ersion during the p eriod ex ten din g from D ec. 1 to A p ril 15, when, ow in g to the close of n a v ig a tion on the g reat lakes, the m in in g o f ore is redu ced and sh ipm ent from the m ines entirely stopped. $13,005 ■$1,757 428.587 $126,610 3,582,047 $56,962 1,703.271 52.174 4,270 Increase. Annual Reports. U. S. Steel Corporation. T he first annual rep ort to the stock h old ers o f the U nited States Steel C orporation fo r the fiscal year ended D ec. 31, 1902, w as issued last w eek. T he total incom e a cco u n t fo r the year is as fo llo w s: T ota l net earnings o f all properties, a fte r d ed u ctin g expen ditures fo r ordin ary repairs and m ain ten an ce, also in terest on bon ds fo r the su bsid iary com p an ies ............................................................................... $133,308,764 L ess sin k in g fu nds on bon ds o f su bsid iary com p an ies 624,064 D ep reciation an d extin gu ish m en t fu n d s ......................... 4,834,710 E x tra ord in a ry repla cem en t fu nds ............................... 9,315,615 S pecial funds fo r d ep reciation and im p r o v e m e n t s .... 10,000,000 T ota l ......................................................................................... $ 24,774,389 B alan ce o f net earnings fo r the y e a r .............................. 108,534,374 In terest on U nited States Steel C orporation bonds fo r the year .......................................................................... 15,187,850 and O w ners. T he .average num ber o f em ployes in the serv ice o f all p ro p erty during the entire year w as 168.127, receiv in g fo r salaries and w ag es $120,528,343. T he total nu m ber of stock h old ers in M arch, 1903, w as 58,629, an increase of 15,610. T his does not in clude the su bscrip tion fo r p referred sto ck b y the 27,379 e m ployes w h o w ere granted the op portu n ity to p articip a te in the profits o f the organ ization through the purch ase of the preferred stock o f the corp oration . T he tonnage o f unfilled orders on the book s a t the close o f 1902 equaled 5,347,253 tons o f all kinds of m an u factu red p rod u cts, again st 4,497,749 tons at the corresp on d in g period in 1901. In m any o f the classes of h ea vier p roducts, like rails, plates and stru ctu ra l m aterial, p ra ctica lly the entire ca p a city of the m ills is sold up until nearly the end o f 1903. A c co r d in g to a statem en t given out b y the d irectors the net earnings fo r the first qu arter o f this year, M arch estim ated, w ere $24,656,136, a decrease of $1,623,463 as com p ared w ith the sam e qu arter last year. T he preferred dividend is payable M ay 15 and the com m on June 30. N a tio n a l T he g ross earnings o f the C hicago G reat W e ste rn R ailw ay (M aple L e a f R o u te ), fo r the first w eek o f A pril, 1903, show s an increase o f $681.60 ov er the corresp on d in g w eek o f last year. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis M a in te n a nc e . T he p h ysical con d ition o f the p rop erties has been fu lly m a in tained during the year, the co st o f w h ich has been charged to current expen ses, and the am ou n t expen ded by all p roperties fo r m aintenance, renew als and ex tra ord in a ry replacem ents a g grega ted $29,157,011. P rov ision a l charges w ere m ade m onthly to op eration s fo r sin k in g fu n d and to establish funds fo r d e p reciation and fo r reserves fo r ex traord in ary replacem ents. T he total redeem ed bon ds b y the com p an y a t par, held by tru stees on D ec. 31, 1901, w as $907,000; redeem ed in 1902, $3,115,000; total D ec. 31, 1902, $4,022,000. T he balan ces to the cred it o f the sev eral funds on D ec. 31. 1902, are included in the current assets of the organization, v iz.: In general cash .............................................................. ........... $ 1,773,333 In current assets, cash, m arketa ble securities, in v en tories, e t c .................................................................................... 18,491,146 T ota l $7,784 264,757 $14,009 3,040,000 18,227,850 90,306,524 35,720,177 20,332,690 T ota l surplus, D ec. 31, 1902.............................................. $ 77,874,597 T hese totals include the cap ital surplus o f $25,000,000 p r o vided at date o f organization. $18,372 178,100 $9,103 T ota l ......................................................................................... $ B alan ce ......................................................................................... D ividen ds, 7 per cen t p referred s t o c k .............................. D ividen ds, com m on stock , 4 per c e n t .............................. T ota l ........................................................................................$ 54,052,867 L ea v in g un divided p rofits or surplus fo r the year. . . . 34,253,'557 P reviou s surplus ........................................................................ 43,620,940 $53,970 689,394 First W eek C hicago G re a t W e s te rn C hanges-----Dec. $3,190 93,873 1903. 1902. W is co n sin C entral: $33,972 1st w eek A p r. $121,500 4,521,433 F rom Ju ly 1 .. 4,990,129 T oled o & Ohio C entral: $4.9,255 1st w eek A p r. $56,939 2,233,966 F rom Ju ly 1 .. 2,498,723 M issouri P a cific: $554,000 1st w eek A p r. $660,000 8,826,666 F rom Jan. 1 .. 10,377,667 C entral B ran ch (M issou ri P a c ific ): 1st w eek A p r. $24,000 $14,000 F rom Ju ly 1 .. 328,496 244,847 N orfo lk & W e ste rn : $324,074 1st w eek A p r. $412,742 13,243,842 F rom Ju ly 1. . 15,711,408 A nn A rb o r: $33,374 1st w ee k A p r. $41,995 1,464,631 F rom July 1 .. 1,527,496 Buffalo,. R o ch e ste r & P ittsb u rg : 1st w eek A p r. $109,401 $95,339 F rom July 1 .. 5,550,976 4,803,369 C anadian P a cific: $729,000 1st w eek A p r. $830,000 28,531,580 F rom Ju ly 1 .. 32,893,654 C hesapeake & O hio: $325,428 1st w eek A p r. $339,437. 12,804,253 F rom Ju ly 1 .. 12,395,901 C hicago T erm inal T ra n sfe r: 1st w eek A p r. $33,723 $32,274 F rom Ju ly 1..' 1,326.690 1,231,368 D en ver & R io G rande: $290,100 1st w eek A p r. $303,800 12,934,100 F rom Ju ly 1 .. 13,209,100 EYansville & Indianapolis $5,963 1st w ee k A p r. $6,092 264,744 F rom July 1 .. 308,858 E v an sville & T erre H a u te: 1st w ee k A p r. $26,885 $25,165 F rom Ju ly 1 .. 1,318,996 1,140,754 H o ck in g V alley : $121,173 1st w eek A p r. $122,363 3,954.609 F rom Ju ly 1 .. 4,339,970 S outhern R ailw a y : $723,221 1st w eek A p r. $804,948 29,360,1.51 F rom July 1 .. 32,819,353 W a b a sh : $335,392 1st w eek A p r. $382,076 14,880,945 F rom Ju ly 1 .. 16,123,356 C hicago G reat W estern : $141,580 1st w eek A p r. $142,261 5,947.933 F rom July 1 .. 5,960,928 C olorado & S outhern: $114,334 1st w eek A p r. $116,091 4,155,639 F rom July 1 .. 4,683,226 L ou isv ille & N ash ville: $563,110 1st w eek A p r. $689,720 23,457,318 F rom July 1 .. 27,049,365 N ational R ailroad o f M ex ico: 1st w ee k M ar. $213,894 $156,932 F rom Ju ly 1 .. 7.642,253 5,938,982 S outhern : R io Grande $7,934 $10,108 1st w eek A p r. $437,742 F rom Ju ly ] . . $433,472 25 R a ilro a d o f M e xico . The N ational R ailroad of M ex ico reports fo r the y ear ended D ecem b er 31, 1902, U nited States cu rren cy: N et .......................................................................................................$1,329,429 Other in com e ................................................................................. 399,224 T ota l in com e .................................................................................. 1,726,653 C harges ............................................................................................. 1,695,700 Surplus ............................................................................................. 32,946 A Prem ature Announcement. “ No, all the hands have not left m e ,” said the m anu facturer, w h ose em ployes w ere strikin g, “ I have a couple left y e t.” “ W h ere are th e y ? ” “ On the c lo c k .” A nd ju s t then the clock stru ck tw o.— F our T ra ck N ew s. “ D o you ever think w h at y o u ’ d do if you had P ierp on t M or g a n ’s in c o m e ? ” “ Y es, and I often w on der w h at h e’d do if he had m ine."’— P hiladelphia Press. C A P IT A L S E C U R E D For P u rc h a se or C o n stru c tio n of A pproved E le ctric R a ilw a ys or P o w e r P lants. L. C. TWQMBLEY, Andrus Building, MINNEAPOLIS T H E C O M M E R C IA L WEST. Ten Thousand Saturday, April 18, lg03. “ The Seal of Security 9 ~ financial, industrial, and mercantile in= stitutions of America use the P r o t e c t o g r a p h . tells many Interest ing facts about check raising. It’s free. ITS PHENOMENAL SA L E A T T E ST S ITS MERIT. " G. P i h C P /*T /7 a dtegonal line which the PRO V C TECTOGRAPH Impresses at one operation. Our only business is Check Protection. Write u s ; we may be able to tell you something new. W.TODD & CO., w ilder Bunding BANK CLEARINGS. B ra d street’ s. W e e k ending A p ril 9, 1903. N ew Y o rk ................................ ................ $1,376,138,819 C h icag o ...................................... B oston ....................................... ................ 134,936,854 P hilad elp hia ............................ ................ 112,534,645 St. L ou is .................................. ................ 46,427,985 P ittsb u rg h .............................. ................ 49,725,169 San F ra n cisco ....................... ................ 28,279,815 B altim ore ................................ ................ 23,576,237 C incinn ati ................................ ................ 21,467,250 K an sas C ity ............................ ................ 20,104,091 16,247,922 C leveland .................................. M inneapolis ............................ ................ 12,995,640 N ew Orleans .......................... ................ 12,716,696 9,537,704 D etroit ....................................... ................ 7,542,074 O m aha ....................................... ................ 6,598,174 M ilw aukee ............................... ................ 5,731,995 B u ffalo ........................................ ................ 5,286,576 St. P aul .................................... ................ 5,877,140 Ind ian apolis ............................ ................ 4,816,094 St. Joseph ................................ ................ 4,303,006 D en ver ....................................... ................ 4,219,500 Colum bus, Ohio ...................... ................ 3,428,531 Seattle ....................................... ................ A lb a n y ....................................... ................ 3,852,977 2,649,903 Salt L ake C ity ....................... ................ 3,403.169 P ortlan d, O re ............................ ................ 2,755,263 T oled o ........................................ ................ 2,656,107 P eoria ........................................ ................ 3,174,493 R o ch este r .................................. ................ 2,238,398 D es M oines .............................. ................ 2.120,137 S pokane .................................... ................ 1,483,129 S ioux C ity ................................ ................ 1,904,980 T a co m a ..................................... ................ 638,946 H elen a ....................................... ................ 426,386 F argo, N. D .............................. ................ 273,381 S ioux F alls, S. D .................... ................ 149,132 F rem ont, N e b ........................... ................ T ota ls, U. S ........................ ................ $2,193,757,568 817,618,749 T otals, outside N. Y .............. ................ D O M IN IO N O F C A N A D A . $19,830,065 M ontreal .................................. ................ 17,135,467 T o ro n to ...................................... ................ 3,731,346 W in n ip e g .................................. ................ 1,493,570 H a lifa x ...................................... ................ 2,183,290 ................ O tta w a ...................................... 1,249,274 V a n cou v er, B. C ..................... ................ 1,446,400 Q u ebec ...................................... ............... 900,166 H a m ilton .................................. ................ 818,934 St. John, N. B .......................... ................ 433,422 V ictoria , B. C ........................ .................. ................ 874,756 L ond on, O n t............................. T ota ls .................................. ................ $49,221,934 C om pared A p ril 10, Inc. p. c. w ith 1902. D ec. p. c. 5.8 3.7 2.5 3.5 4.9 27.1 18.5 3.0 6.6 17.3 11.8 16.2 .7 2.0 7.4 2.3 3.8 28.3 19.9 1.3 9.7 22.7 24.6 2.0 2.4 3.3 2Ì.7 Ì6.9 20.5 27.4 5Ì.8 8.5 10.6 Ì5.5 5.Ó i .7 2Ì.Ó 2.4 4.Ó 27 0 13 0 38 6 9 45 12 2 9 2 7 0 8 5 22 Ó Ì8 3 Ro s t. P a u l S e c u r i t i e s . T he follo w in g qu ota tion on St. P aul secu rities a re fu rn ished b y P ea b od y & Co., brokers, 27 M erch an ts’ N a tion a l bank bu ild ing, St. P aul. St. P aul, A p ril 16. L ast Bid. A sked. Sale. C apital B an k .................... '............................... 112% 115 HO F irst N ation al B a n k ...................................... 280 M erch a n ts’ N ation al B a n k .......................... 1 3 7 % I 371/2 N ation al G e rm a n -A m erica n B a n k ............ 1 3 3 136 132 St. Paul N ation al B a n k ................................ 105 S ca n d in a via n -A m erica n B an k .................. 130 Ì 35 130 S econd N a tion al B a n k .................................... 220 State B an k ........................................................ iòò U nion B an k ....................................................... Ì2Ó S ecu rity T ru st C om p a n y .............................. ióó St. P aul T itle & T ru st C om pan y ($ 5 0 ).. '¿¿Va M in n esota T ra n sfer R y. Co. first 5s, 1916 * 1 0 6 109 ióè M in n esota T ra n sfer R y. Co. first 4s, 1916 95 97 St. P aul U nion D ep ot Co. first 6s, 1930.. * 1 2 5 130 U nion D ep ot Co. consol. 5s, 1944.............. *110 115 U nion D ep ot Co. consol. 4s, 1944.............. *100 106 In tersta te In v estm en t T ru st C o ................ 1 3 6 138 140 A m erica n L ig h t & T ra ction Co. c o m . . . . 57% 59 59% A m erica n L igh t & T ra ction Co. p r e f___ 96 98 98 St. Paul Gas L ig h t Co., 1st 6s, 1916........ * 1 1 7 120 117 St. P au l Gas L ig h t Co. Cons. 6s, 1 9 1 8 .... * 1 1 6 118 116 St. P aul Gas L igh t Co. G en’ l 5s, 1 9 4 4 .... *9 2 y2 94 921/2 St. P aul C ity R y. Co. C able 5s, 1937........ *110 114 113 W e s t P u blish in g C om pany, c o m m o n .... 2 5 0 300 250 W e s t P u blish in g C om pan y, p r e f e r r e d .... 1 0 5 107 St. P au l F ire & M arine Ins. C o m p a n y ... 1 7 1 175 Ì7Ì St. P au l T ru stee C o m p a n y .......................... 96 100 S uperior W a ter, L ig h t & P ow er C o ........ 10 'iò S uperior W a ter, L ig h t & P. Co. 1st 4s, 1919 ................................................................ 73 75 75 C h icag o T ra n sfer & C learing C o ................ 96 98 96 *A nd interest. G R E A T O F F IC E T IM E SA V E R . The Addressograph is a new printing machine which prints direct on envelopes, wrappers, postals, return envelopes, pay sheets, time tickets, pay envelopes, invoices, monthly state ments, pamphlets, booklets and all other business literature. It makes a fair match of mimeograph, neostyle or imitation typewritten work. One office boy can do the work of 30 clerks or typewriters, and does it better. There is hardly a firm that does not need the Addressograph, and once used it will never be dispensed with. We would be pleased to receive your address on a postal and we will then send you complete literature about the Addressograph, together with testimonials from users all over the United States. The Addressograph Company, 173 South Canal Street, Chicago, 111. 14 8 Minneapolis Jobbers Increase Capital Stock. M in n e a p o lis S e cu ritie s. Q u otations fu rn ished b v Eut-ene M. Stevens, C om m ercial P a per and In v estm en t Securities, 123 South T hird Street, G u ar a n ty B uilding, M inneapolis. M inneapolis, A p ril 16. L a st Sale. A sked. Bid. 110 G erm a n -A m erica n B a n k .............................. 1 3 0 180 Ì 85 F irs t N ational B a n k .................. .................... 175 105 105 100 G erm ania B an k .............................................. 150 H en nepin C oun ty S avings B a n k ................ 1 5 0 140 Ì 45 140 M inneapolis T ru st C o m p a n y .................. .. 110 1 1 5 112 M innesota T itle Ins. & T ru st Co., p f d .. 135 127 127 M innesota L oa n & T ru st C o m p a n y ........ 145 142 140 N ation al B an k o f C o m m e rce .................... 195 200 N orth w estern N ation al B a n k .................... 1 9 5 1 50 1 5 0 1 4 0 St. A n th o n y Falls B a n k ................................ 130 South Side S tate B a n k .................................. 1 3 5 1 6 0 Ì 65 S ecu rity B an k o f M in n e s o ta .......... ............ 1 6 0 122 S w ed ish -A m e rica n N ation al B a n k .......... 122 1 1 3 Ü3 M inn. Gas L ig h t Co., con. 6’s, 1910-30.. HO 104 M inn. General E le ctric Co., con. 5’s, 1929 IO31/2 ÌÓ2 102 M inneapolis B rew in g Co., c o m m o n .......... 101 M inneapolis B rew in g Co., p re fe rr e d ----- 1 0 6 iió Ü6 110 M inneapolis B re w in g Co., b o n d s ............. 102 105 M inneapolis S yn d ica te ................................ 102 160 160 M inneapolis T h resh in g M achine C o ........ 1 5 0 70 70 68 N orth A m e rica n T elegrap h C o .................. T w in C ity T eleph on e Co., first m ortgage 101 5’ s 1913-26 ................................................... iòò T w in C ity T eleph one C o., c o m m o n ........ 105 ÌÓ5 T w in C ity T eleph one Co., p r e fe rr e d ........ https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Janney, Semple, Hill & Co., wholesale hardware, Min neapolis, have amended their articles of incorporation, in creasing the capital stock from $500,000 to $1,000,000. The new stock, preferred, has been subscribed by Messrs. Janney, Semple and Hill. Land for Scandinavian Colony. A dispatch from Miles City, Mont., says that Hon. John Lind, of Minneapolis, and C. J. Swanson, of Minnesota, and M. L. Fox, of Aberdeen, S. D., started this week from Miles C ity to w ork their w ay down the Y ello w ston e river on the north side to look up land favorable for the loca tion of a colony of Scandinavian immigrants. Room is wanted for about 3,000 settlers. A New Buffalo Trust Company. The Great Lakes Trust Co. has been organized at Buffalo. The capital stock is $500,000 and surplus $500,000. Its incor porators include twenty Buffalo men and seven from out of town. The officers of the company have not been chosen, but it is probable the chief executive management will be placed! in the hands of Eben O. McNair, a Buffalo banker. Best SYSTEM. SUCCESS. Greatest Our Devices are Admitedly Superior to Bound Books In arrangement, provision for indefinite expansion, time and labor saving, self-indexing and condensation. To Other Interchangeable Leaf Devices In' perfection o f mechanism which secures maximum, of flexibility, strength, durability, and the perfection of alignment. Our goods are not sold through the stationery trade and can only be purchased direct from us. Avoid imitations. W rite for our illustrated booklet and tell us your re quirements. , JONES PERPETUAL LEDGER GO., Northwest Office: 27 T H E C O M M E R C IA L W EST. Saturday, April 18, 1903. Room 503 Oneida Bldg, R o o m 541, 171 La S a lle S t., Minneapolis, Minn. C H IC A G O . F IN A N C IA L N O TE S. It is probable that A. L. Mills, vice-president of the First National bank of Portland, will be elected president to fill the vacancy caused by the death of H. W. Corbett. Mr. Mills, while nominally filling the position of second vice-president of the Security Savings & Trust Co., of which Mr. Corbett was president, has in reality been in charge of the administration of the affairs of that institution for some 10 years. The close contact in which he has been brought with Mr. Corbett during that time, especially during the past three years, since he has been vice-president of the First National bank, has given him opportunity to fit himself for capably filling the position of president. The stockholders of the Massaoit, Pocasset and National Union banks of Fall River, Mass., have been advised of the details of the plan for liquidating the banks and merging them into a new bank, whose capital will be $650,000 and surplus $325,000. The Citizens Savings bank of Anita, la., has filed a petition in a suit against the W. B. Van Norman Co. of Chicago and W. B. Van Norman, demanding damages to the extent of $1,000. Plaintiff alleges that Van Norman took possession of some stock belonging to J. F. McMahon of Adair county which he had previously mortgaged to them and that the same was done after the Van Norman company had been notified of the lien which they held against McMahon. The case will be tried in April. The Bank of Irwin, la., correspondent of the Des Moines National, has won a suit against the American Express Co., tried at Harlan, Shelby county, la. The controversy was over the $2,000 in currency stolen in transit between the Des Moines National bank and the bank at Irwin last fell. The bank of Irwin ordered $2,000 in currency of the Des Moines National bank. The currency was delivered to the American Express Co. for conveyance to Irwin. When the package supposed to con tain the money reached the bank of Irwin, it was found to con tain nothing but brown paper. The attention of the agent of the express company was called to the condition of the pack age, and detectives began an investigation. The officers after looking into the matter charged that the package had con tained brown paper from the first, that is to say that the Des Moines National bank had put brown paper into the package instead of currency. The bank of Irwin asked the Des Moines National bank to make the loss good. As the currency before delivery to the American Express Co. had been handled by but two persons, President Arthur Reynolds and Cashier A. J. Zwart, the officers of the Des Moines bank, were satisfied the money had been taken after it left the bank. The bank of Ir win was informed that the money had been duly shipped and charged to the Irwin institution, and that the only recourse for the bank of Irwin was to sue the express company. The National Bank of Commerce, of Minneapolis, has been approved as a reserve agent for the Lyon County National bank, of Marshall, Minn. The report of the Hill City bank of Rapid City, S. D., to the public examiner included in the bank’s resources an item of gold dust. This was common enough in the Black Hills dur ing the early days, but unusual at present owing to the other markets at hand for the product of the gold mines. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis “Authorized” vs. “Paid In,” Capital Stock. In Iowa the state auditor is making an effort to effect a reform in the mat ter of incorporation of banks. Recently a bank at Dayton filed an amendment to its incorporation papers decreasing the authorized capital stock from $75,000 to $40,000, but at the same time the bank increased its actual working capital from $25,000 to $40,000. This is in line with the reforms con templated by the auditor of the state. It is found that many banks in the state have authorized capital stock far above their actual working capital, and this operates to give them the right to in crease their capital stock at any time without any record thereof with the auditor of state who is supposed to keep close to the transactions of the banks. The new state auditor insists that the authorized capital and acual working capital should be the same or approxi mately so, and there should be great variation between the two. Hereafter the banks will not be allowed to adopt ar ticles of incorporation with such marked variation between the authorized and ac tual working capital. A t St. Paul, William F. Hunt, receiver for the Allemannia bank, has filed his fifth report to the district court, and asked to be allowed to declare a dividend of 20 per cent on the claims of the creditors. The report covers the period from Nov. 17, 1902, when he filed his fourth report, up to April 7. It shows that the receipts to date have been $55,014, while the disburse ments were $38,155, leaving a balance on hand of $16,858. The receiver states that it will require about $15,500 to pay the div idend of 20 per cent. Mr. Hunt expects to pay a large percent age of all the claims against the institution. He has started a large number of suits against stockholders to enforce liability and has already been successful in several of these. National City Bank Interests in Washington. A Washington dispatch says that there has been a change in the plans of the National City bank, of New York, and the Riggs National, of Washington, interests for the organization of a new trust company in Washington. Instead of organizing a new company these interests will go into the.existing American Security & Trust Co. That company at present is capitalized at $1,250,000. Its capital is to be increased to $3,000,000. Own ers of the present stock are to be allowed to subscribe for one share at par for each five shares owned by them. These re maining 15,000 shares are to be sold to the City National and Riggs interests at 160. The advent of the National City interests in Washington is coincident with great activity in Washington banking circles. The American National bank, in which Virginia capitalists are largely interested, has been chartered with a capital of $250,000, Robert N. Harper being president and R. Henry Lynn cashier. Negotiations are understood to be under way for the consolidation of the National Metropolitan, the Citizens’ Na tional and the Columbia National, institutions having an aggre gate of capital and surplus of $2,000,000. The First National bank of Britton, S. D., has purchased the $5,000 of school bonds of Marshall county. D A Y S O F GRACE A B O L IS H E D . The follow ing is a copy of a bill passed by both houses of the Minnesota legislature: For an act abolishing days of grace and fixing the maturity of negotiable instruments and other evidences of indebtedness. Be it enacted by the legislature of the state of Minnesota. No prom issory note, draft, check, acceptance, bill of exchange or other evidence of indebtedness, shall be en titled to days of grace, but the same shall be payable at the time fixed therein without grace. ___ A ll prom issory notes, drafts, checks, acceptances, bills of exchange, or other evidences of indebtedness, falling due or maturing on Sunday, or on any legal holiday, shall be deemed due or maturing on the next succeeding busi ness day; and when two or more of these days come to gether, or immediately succeed each other, then such in strument, paper or indebtedness shall be deemed as due or maturing on the day follow ing the last of such days. A ll acts and parts of acts inconsistent herewith are hereby repealed. — This act shall take effect and be in force from and after June 30, 1903. _/ 28 TH E C O M M E R C IA L W EST. Saturday, April 18, 1903. Watonwan County.— N 4 of se 4 and se 4 of se4 sec. 35106-30, $10,200; n C of seC and se 4 sec. 35-106-30, $11,400; n w 4 of s w 4 and sw 4 sec. 10-105-32, $2,590; n w 4 sec. 21106-30, $8,164. The Farm Land Movement. Miunesota. Freeborn County.— W H nw ¡4 sec. 34, Carlston, $5,000; seH, swH nwJ4 sec. 27, London, $11,500; neH neH sec. 11, Shell Rock, $2,400; se *4 sec. 2, Shell Rock, $10,500; 2^ neH and 11J/2 seH, sec. 32, Moscow, $6,000. North Dakota. Cass County.— S 3-138-49, $11,200; n 11-140-49, $10,560; e 6-139-53, $6,400; sw 14-142-49, $4,000. Walsh County.— S W 4 32-157-54, $3,600; se% 35-157-52, $4,coo ; se4 22-155-54, $3,600; sw 4 29 and n4 n e4 , se%, neÇ, neC se4 , and ne4 31-158-57, and s 4 ne4 , n 4 se4 36-158-58, $15,000; nw4 and sw 4 17 and n e 4 and se% 18158-57, $16,000 ; nwJ4 7-158-53, $3.500. Burleigh County.— Sec. 25-138-76, $2,400; se 4 1-142-80, $3,200; n4 and sw 4 23-140-77, $1,440; n e4 15-137-78, $1,360. Cavalier County.— W 4 sw 4 24 and s4 se4 23-159-57, $3,250; neRt 22-161-61, $2,500; seC 9-159-61, $2,400; s 9162-63, $1,200. Meeker County.— N E C and of sw C sec. 16, Dassel, 240 acres, $3,000; sw C of sekt and sx/2 of swz4 sec. 9, seC, sx/2 of neC and nw ,T4 sec. 16, Swede Grove, 520 acres, $10,000; neC of neC , sy2 neC and n]/2 of seC sec. 7, Cosmos, 200 acres, $6,000. McLeod County.— Penn— N W C of sw 4 sec. 1-114-29, $1,900; Round Grove— nw 4 sec. 26-114-30, $3,500; w C of seC sec. 34-114-30, $3,200; Glencoe Township— se z4 nw C sec. 27115-28, $T,goo; sw C nw 4 sec. 27-115-28, $1.900. Yellow Medicine County.— N E 4 sw 4 sec. 1 and e 4 ne4 and ncJ4 se 4 sec. 2-116-41, $5,285 ; n e4 sec. 10-115-46, $4,800; eC neC and ne4 se4 sec. 2-115-45, $3,300; sw 4 sec. 2-11546, $5,200. Barnes County.— N W 4 10-143-59, $3,200; se4 20-139-61, $3,200 ; nw4 7-143-60, $2,400; n w 4 7-143-60, $2,400. South Dakota. Davison County.— N W 4 sec. 24, and sw 4 sec. 13-104-60, $10,000; sw 4 sec. 19-104-61, $4,480 ; sw 4 sec. 22 and nw}4 sec. 27 and ne% sec. 28-102-60, $10,538, Codington County.— E 4 ne4 34-117-53, $2,600; sw 4 29116-52, $5,280: e 4 n w 4 and lots 1 and 2, sec. 7-116-54, $4,200. Brookings County.— N W ^ 21-112-48, $5,000; sw 4 18-11250, $3,392 ; the und 4 n e4 8 and n w 4 9-110-52, $1,200. Stearns County.— S C mv4 and others, 19-123-28, $6,000; sw 4 s w 4 and lot 3, 29-125-30, $1,200; n e4 43-125-30, $3.000; ne¡4 se>4 and swj4 19-123-32, $4,500. Fillmore County.— NW ne and ne nw and se ne sec. 13, Preble, $3,000; s4 ne sec. 26, Beaver, $4,0009 s 4 ne sec. 26, Beaver, $3,920; n C se sec. 31, Chatfield, $3,300. M ANITOBA AND ASSIN IB O IA LAND A N D W IN N IP E G CITY PR O PER TY. Nares, Robinson W r ite or Call on R. D. CONE & CO. & Black, J. B. T A B O U R Solicits the placing of your money and the care and sale o f your property. perience. References. 5 1 7 Guaranty Building, M IN N E A P O L IS . Mortgage Loans negotiated. Estates man aged for residents and non-residents. Twenty years’ ex- 410 First Ave. South, M IN N EAPOLIS. winnipëgsman: D a v i d C. B e l l , P re s . W a l t e r A . E g g l e s t o n , S e c ’ y J a m e s B . S u t h e r l a n d , T re a s. David C. Bell Investment Co., Minneapolis. Established 1880. JAEG ER & TORELLE MINNEAPOLIS REALTY, Minnesota and Wisconsin Lands, Suburban Property, especially Lake Minne tonka Lots, Cottages, Fruit Farms and Acres. Catalogue on application. 310 Bank of Commerce, MINNEAPOLIS. THE AMERICAN MORTGAGE AND INVESTMENT CO, 216-218 Endicott Bldg;., St. Paul, M inn., offer choice FARM M O R T G A G E S to conservative investors at attractive rates. Correspondence invited. All loans per sonally inspected. Send for our list of loans. Incorporated 1889. CH O IC E F IR S T M O R T G A G E S S e c u re d on n e w m od ern re s id e n c e p ro p e rtie s in M in n e a p o lis, e a c h s e c u r it y h a v in g b een p e r s o n a lly in s p e c te d an d ap p ro v ed b y u s. M an y y e a rs e x p e r ie n c e e n a b le s u s to g e t th e b e s t s e c u r it ie s . R e fe r to an y B a n k in M in n e a p o lis. Charles A, Chapman CONSULTING ENGINEER. 1040-42 Marquette Building, Corser Investment Co., E S T A B L IS H E D A. D. W a r n e r , E. F. A n d r u s , President. H e n r ik S t r o m , Vice Pres. Sec’y and Treas CHICAGO. E lw o od S. C o rser, P res. L e s t e r B. E lw o od , V -P re s W illia m B . T u t t le , T r e a s . E d w a rd B . N ic h o ls , S e c y 1870, Manager New York L ife Building. Mortgage Loans, Real Estate and Insurance Special attention given to Manage ment of Estates for Non-Residents. W. Y. Dennis, Pres. J. S. Hooper, Sec’y Geo. T. Halbert, Atty F. C. Sammis, Manager Insurance Department. General Care and Supervision Minneapolis Realty. W e are overwhelmed with customers in search of bargains in Minneapolis Realty. We respectfully request property owners, who have bargains in the same to offer to come to our rescue, by placing them with us for sale. Bank of Commerce Bldg. MINNEAPOLIS, MINN. N e w Y o r k Life B u ild in g , M IN N E A P O L IS . L U T H E R S. CUSH IN G Care and Management of REAL ESTATE. J ohn Townsend, insurance Endicott Building, ST. PAUL. THE VERY BEST VLAM 5 IN THE VERY BEST STATES. Timber, Prairie, Wild, improved Lands in JTINNESOTA, WISCONSIN, NORTH DAKOTA. We are owners, and can sell you farm lands that w ill please you and make you money, no matter what kind you want or where you want it. Write for our descriptive eirculars. Large tracts a specialty. Agents wanted in every city. BURCHARD-HULBURT INVESTMENT CO. Manhattan Building, https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis - - - - - S t. Paul. Minn. J. FL CALH OUN, 500 Oneida Building, MINNEAPOLIS. Agent for the Drexel Estate Real Estate and Loans. Bonds, Lands and Mortgages. References: Drexel Estate, Philadelphia, or any Bank in MinneaMlti Charles M ix County.— N E 14-100-70, $3,600; eH of se 26100-68, $1,200; se 24-96-64, $3,050; sw 4-96-66, $2,000. Lake County.— SEH sec. 7-108-54, $3,200; ne % 14 and sw jj sec. 14, also ne% sec. 15, all in 107-54, $16,800; swH 27-10754, $4,800; swH sec. 21-105-54, $4,000. Brown County.— W H 15, nw 16-127-60, $6,800; seH 1-12365, $2,600. Iowa. Story County.— N W H se/4 27-84-24, $3,300; sH ne% neH and n % s e H 8-83-24, $9,800; n e H se H 24-82-24, $3,000; w H neH 35-85-21, $5,5oo; sw ne 35-85-21, $2,670. Page County.— N E H sec. I8-7o-3Ó, $9,000; eH sw H sec. 12-69-38, $4,800; eH seH and nw H seH sec. 2-69-38, $7,140. Cass County.— N W H 20 and sw H sw H 17 and seH seH 18-76-35, $7,800; sw H nw H and n w H sw H 16 and sH neH and seH sw H and seH 17-76-75, $22,680; nwj4 23 and s 11 acres sw H 1 4 - 7 7 - 3 4 , $9,000. Hardin County.— N W se and ne sw 29-89-19, $5,200; se 889-22, $9,600; sH se 31-87-22, $5,800. Hancock County.— S H 9-96-26, $17,600; se 13-95-25 and w H sw 18-95-24, $9,660; eH 34-97-25, $16,000; ne ne and w H ne and eH sw 35-97-25, $10,500. Jefferson County.— 120 acres, 12 and 13-173-10, $6,600; 120 acres 9-72-9, $5,400; 80 acres 35-72-10, $4,500; 80 acres, 14-7210, $5,200. Allam akee County.— S E H ne sw, se nw, and sH ne sec. 23, and w H sw and se sw sec. 24, and nH ne 26-99-5, 520 acres, $15,500; w H nw 21-98-6, $5,000; sw H except school house lot in sw cor., lot 1 in sw se and lot 1 in nw se, 1-97-6, 180 acres, $13,500. T h e C om m ercia l W e s t w ill publish w an t a d vertisem en ts u n der this general hea din g fo r one ce n t a w ord, no a d v ertisem en t to be inserted fo r less than 20 cents. A d d ress is to be counted, bu t classification side head w ill be inserted free. P rice the sam e w h eth er one o r m ore insertions are taken. C ash o r tw o -c e n t stam ps m ust a cco m p a n y the order. C opy m u st be received W ed n esd a y o f each w eek to insure p u blication in the current num ber. For fo r sale. Check S a le Cheap. A d dress, T he John L eslie P ap er P r o t e c t o r f o r Sa le. B rand n ew ch e ck p ro te cto r fo r sale a t a bargain fo r business firm or bank. A d dress ca sh ie r N orth w estern N ational bank M inneapolis, M inn. P o s itio n W a n te d . W a n te d — P o sitio n as cash ier in M innesota or N orth D a k ota tow n b y exp erien ced y o u n g m an. Germ an. B est o f references. A d dress A . B., C om m ercia l W est. Ten Per Cent w ith THE NATIONAL LIVE STOCK BANK OF C H IC A G O . S tatem ent of C ondition at C lose of B usiness A p ril 9, 1903. ASSETS. L oans and d is co u n ts ................ .............................................$ 6,315,977.46 3,247.66 O verdrafts ................................................................................ 50,000.00 U nited States bon ds .......................................................... 160,363.64 S tocks, bonds, secu rities, e t c ............................................ Cash resou rces: D ue from b a n k s ..................................... $2,204,107.11 Cash on h a n d .......................................... 1,025,379.73 E x ch an ges fo r clearin g h o u s e ........ 912,949.90 4,144,936.74 D ue from U. S. tre a su re r........................ 2,500.00 $10,674,525.50 T ota l L IA B IL IT IE S . C apital s to ck ................................................... Surplus ............................................................. U ndivided profits ......................................... C ircu lation ....................................................... D ividen d s unpaid .................. ....................... D ep osits ........................................................... $ $10,674,525.50 T otal S. R. 1, 000, 000.00 750,000.00 494,984.36 49,550.00 2,373.00 8,377.618.14 O F F IC E R S . F L Y N N , P re s id e n t. G. A . R Y T H E R , C a s h i e r . G. F. E M E R Y , A s s t . C a s h i e r . W . F. D O G G E T T , A s s t . C a s h i e r . D IR E C T O R S . Sam uel Cozzens. Jam es H. A shby. R osw ell Z. H errick. S. R. F lynn. John A. Spoor. N elson M orris. L e v i B. Doud. A rth u r G. L eonard. National Bank of North America, C h ic a g o . In the State o f Illinois, a t close o f bu siness A p ril 9, 1903: RESOURCES. L oan s and d iscou n ts .............................................................. $3,211,586.59 O verdrafts, secured and u n se cu re d ................................... 4,836.15 U. S. bonds to secure circu la tion , par v a lu e .............. 50,000.00 S P E C IA L A D V E R T IS E M E N T S . A d d re sso g ra p h C o., M inneapolis. 29 T H E C O M M E R C IA L W EST. Saturday, April 18, 1903. CASH ASSETS. C ash ................................................................ $870,335.31 E x ch a n ges fo r clearin g h o u s e .............. 541,850.86 D ue from banks and b a n k e r s .............. 1,312,676.76 T ota l L IA B IL IT IE S . C apital sto ck paid in ................................................................ 600,000.00 Surplus fu nd ............................................................................ 150,000.00 U ndivided p rofits .................................................................. 46,899.26 R eserv ed fo r taxes .............................................................. 2,000.00 ^National ba n k notes ou tsta n d in g ........................................ 50,000.00 D ep osits ....................................................................................... 5,142,386.41 T ota l ....................................................................................... $5,991,285.67 O F F IC E R S . W M . H. B R IN T N A L L , P residen t. JO H N B R O W N , V ic e-P resid en t. W M . A. T IL D E N , C ashier G E O R G E M. B E N E D IC T , A sst. Cashier. E d w ard T ilden, John B row n, Safety. I offer lim ited am ou n t sh o rt tim e fa rm e r’ s paper, n ettin g in vestor 10 per cent. A m p le ch attel security. F oreclosu res rare. A ls o ch o ice first m ortg ag es on im proved farm s, B enson an d P ierce cou n ty, n ettin g 6 p e r cent. In terest collected and rem itted w ith o u t expense. C arefu l personal inspection . In vest w h ere retu rn s are large an d sa fe ty is first con sid eration . W . W . Shepard, K n ox, N. D. 2,724,862.93 ...................................................................................... $5,991,285.67 R e p o r t D IR E C T O R S . M. F. R ittenh ouse, W m . A . Tilden, W m . H. B rintnall. o f C o n c l i t i o i i Drovers’ Deposit o f t h e National Bank, Union Stock Yards, Chicago. Farm Lands. S everal snaps in w ild and im p ro v e d lands. V irgin P rairie, w h ere one crop freq u en tly p ays fo r the farm . A lso ch oice state lands selected fo r in v estors w h o desire easy term s and tw en ty y ea rs’ tim e. A ll lands a cce ssa b le to m arket, chu rches, school. Soil equal to an y in the fa r-fa m e d R ed R iv e r V alley at o n e -h a lf V alley prices. A c t quick. It is g o in g to m ove rapidly. S pecial a tte n tion to n o n -re sid e n t investors. C orresp on den ce invited. W . W . Shepard, K n o x , N . D. B ids f o r OPENED FOR B U S IN E S S J U N E 16, 1902. S tatem ent o f con d ition at close o f business, A p ril 9, 1903: RESOURCES. L oans and d isco u n ts.............................................................. $ 8,657,437.44 U. S. bonds to secu re c irc u la tio n .................................... 100,000.00 P rem ium s on b o n d s ............................................................... 7,000.00 D ue from banks and U. S. tre a s urer ............................................................ $3,420,822.97 C ash on h a n d ........................ ................... : . . 1,899,147.42 5,319,970.39 $14,084,407,83 Bonds. T o W h o m It M ay C on cern : S ealed p rop osals w ill be received a t the office o f the tow n sh ip cle rk at E lden tow nsh ip, D ick ey cou n ty, N orth D ak ota, until 2 o ’ c lo ck p. m., A p ril 22, 1903, fo r the p u rch ase o f $2,000 tow n sh ip bon ds a t E lden tow nsh ip, D ick e y cou n ty, N orth D ak ota, said bon ds to run fo r a p eriod o f six years, at in terest n ot to ex ce e d 6 per cent, in terest p a y ab le annually. Said bon ds to be issued fo r the purpose o f s in k ing artesian w ells in said tow nsh ip. Said bon ds w ill be opened a t the office o f said tow n sh ip clerk a t 2 o ’ clo ck p. m ., A p ril 22, 1903. T h e su pervisors o f said tow n sh ip reserve the righ t to r e je c t an y or all bids. D ated a t B llendale, N. D ., this. 26th d a y o f M arch, 1903. W M. TOW NSEND, T ow n sh ip Clerk, P ostoffice A d dress, E llendale, N. D. L IA B IL IT IE S . C apital sto ck .................................................. Surplus fund .................................................. U ndivided profits ......................................... C ircu lation .............. ....................................... D ep osits ........................................................... $ 2 , 000, 000.00 500,000.00 108,9»4.85 50,000.00 11,425.412.98 $14,084 407 83 O F F IC E R S . I S A A C N. P E R R Y , P r e s i d e n t . B E R N A R D A. E C K H A R T , V ice -P re sid e n t. C H A R L E S O. A U S T I N , V i c e - P r e s i d e n t . J U L I U S S. P O M E R O Y , C a s h i e r . F R A N C I S V . P U T N A M , A s s t. C ashier. D IR E C T O R S . Land B u y e r s ’ Guide. A b o o k that g iv es a popu lar ex p osition o f the h isto ry and op era tion o f H om estead , T im b er and S ton e and M ineral L a w s; g ov ern m en t and state lan ds; m ann er o f acqu irin g, term s o f sale, loca tion an d h ow to reach them . M. E. H orton , P ublish er, 124 L aurel aven ue, M inneapolis, M inn. P rice 50 cents. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis B ernard A. E ckhart. A lb e rt W . H arris. C alvin Durand. E d w ard H ines. W a rd W . W illits. L e V erne W . N oyes. Isaac N. P erry. B en jam in J. R osenthal. Jam es T. H arahan. Josiah L ittle. A y lm er K . P erry. C harles O. A ustin 30 r T H E C O M M E R C IA L W EST Live Stock Markets. Hogs. (S p ecia l C orresp on den ce to T he C om m ercial W e st.) South St. Paul, April 15.— Receipts of hogs at six prominent markets for the first three days this week total about 150,100, against 145,100 the corresponding three days of the week previous and 159,400 for the cor responding period last year. D uring the first three days this week South St. Paul received a total of about 5,525 hogs, compared with 9,061 the same three days of the week previous and 8,006 for the like period last year. H og receipts at the six largest markets last week ag gregated 244,800, compared with 261,200 for the preced ing week, 253,700 for the same week last month, 231,900 for the corresponding week last year and 290,700 for the like week two years ago. South St. Paul received 12,277 hogs last week, against 15,480 the week previous, 14,537 the corresponding week last month, 11,482 for the like week last year and 7,579 for the same week two years ago. The hog market continued in an unsettled condition this week, packers continuing to bear the market and moderate runs helping the selling side to hold prices up. The close of the w eek’s trading finds prices in a 5@ioc lower notch than at the close of the week previous. W ell posted traders look for lower markets with anything like liberal receipts and advise buyers in the country to make their purchases on a wide margin and to ship hogs as soon as bought. A verage quality has been fair. The bulk to day sold from $6.85(3)6.95, against $6.95(3)7.00 last W ed nesday, $6.90(3)7.00 the corresponding day last month, $6-75@6-9° the same day last year and $5.75(3)5.85 the like day two years ago. Cattle. A ggregate cattle receipts at six prominent markets for the first three days this week total about 108,000, against 102,900 for the same three days of the week previous and 88,300 for the corresponding period last year. Cattle re ceipts here during the first three days this week total about 3,090, compared with 4,928 the corresponding three days of the week previous and 6,009 for the like period a year ago. The six big markets had a combined cattle supply last week of 135,900, compared with 130,800 the week be fore, 129,900 the same week last month, 111,000 the cor responding week last year and 116,400 the like week two years ago. Local cattle receipts last week were 5,637, against 7,278 the previous week, 5,265 the like week last month, 6,314 the same week last year and 3,918 the cor responding week two years ago. THE NATIONAL LIVE STOCK BANK O F C H IC A G O . Located at the Union Stock Yards. Capital Surplus and Undivided Profits - $ 1,000,000 $1,300,000 O F F IC E R S : S. R . FLYNN, P resid en t. G. A . R Y T H E R , Cashier. G. F. EM ERY A s s ’ t C ash. W . F. DOGGETT, A s s ’ t Cash. A g g r e g a t e D e p o s it s o f o v e r S E V E N H U N D R E D A N D F I F T Y M I L L I O N d u r i n g t h e p a s t y e a r. D o e s a l a r g e r v o l u m e of b u s i n e s s th a n a n y B a n k o f its fo o tin g in t h e U n it e d S t a t e s , Y o u r A c c o u n t is R e s p e c t f u ll y S o l i c it e d . Saturday, April 18, 1903. The beef and butcher cattle market has been active this week and, although receipts at the eastern and Mis souri river markets have been rather liberal, the market has shown a good strong undertone to be prevailing. W ith local receipts falling far short of the demand, the trade here has ruled stronger most every day this week and today’s trade was conducted on fully a io@ i5c higher basis than a week ago. Bulls have improved in value fully 25c from the low time two weeks ago and veal calves have sold on a somewhat higher basis. The demand for stock and feeding cattle continues very strong with prices io@20c above W ednesday of last week. T o d a y’s sales included fancy 700 pound shorthorn yearling steers at $4.25 and Black Polled stock heifers at $3.25(3)3.50. Sheep. For the first three days this week six large markets had an aggregate sheep supply of about 94,800, com pared with 107,300 the same three days of the previous week and 92,200 for the corresponding period last year. Sheep receipts here during the first three days this week were about 600, against 5,904 the like three days of the week before and 2,654 for the same three days a year ago. There were 154,300 sheep received at the six large markets last week, against 147,500 the preceding week, 128,100 the same week last month, 131,300 the correspond ing week last year and 146,600 the like week two years ago. Sheep receipts here last week were 6,306, compared with 8,278 the week before, 4,608 the corresponding week last month, 2,121 the like week last year and 772 the same week two years ago. The m arketing of sheep here this week has been very light, the supply received from day to day being hardly sufficient to make a fair test of values. The few strictly good sheep and lambs received, have sold close to steady with last w eek’s close but on inferior kinds the tendency has been sharply downward, thus widening the gap be tween values of choice and common stock. There is prac tically no demand from the country for feeding sheep and half fat stuff is of very slow sale to the killers. Receipts to D ate. T he follow in g' table sh ow s the receip ts at S outh St. Paul from January 1, 1903, up to and includ ing W edn esda y , A p ril 15, as com p ared w ith the sam e p eriod a year ago, sh ow in g increase or d ecrease: 1903. D ec. 1902. Inc. ................ 49,338 53,418 4,080 .............. 12,577 11.580 997 ................ 242,423 208,072 34,351 .............. 167,594 142,699 24,895 ................ 387 417 30 6,093 5.287 806 Cars ........................ ............... T he fo llow in g table sh ow s the receip ts a t South St. Paul fo r the m onth o f A p ril up to and includ ing W edn esda y, A p ril 15, as com p ared w ith the sam e p eriod a y ea r ag o, sh ow in g the in crea se or d ecrease: WM. H. BRINTNALL, President. JOHN BROWN. Vice President WM. A. TILDEN, Cashier GEO, M. BENEDICT, Ass’t Cashier, D R O V E R S D E P O SIT N A T IO N A L BANK, U n i o n S to c k Y a r d s , CHICAGO. Capital and Surplus - - $ 7 5 0 ,0 0 0 A c c o u n t s o f B a n k s , C o r p o r a t i o n s , F ir m s a n d I n d iv id u a ls s o lic ite d . Has the sail’ ”' facilities for reserve deposits as any other Chicago Back. SOUTH ST. PAUL UNION STOCK YARDS. S O U T H S T . P A U L , M IN N . Is the best equipped and most advantageous market for live stock shippers in the Northwest. It is connected with all the IVI. D* FLOW ER. President. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis railroads and wants 1000 beeves Y our shipments are invited. and 5000 hogs daily. H. B. CARROLL« General Superintendent* T H E C O M M E R C IA L W EST. Saturday, April 18, 1903. ................. .................. .................. ............ .................. ................ Cci R eceip ts o f live sto ck at South W edn esda y , A p ril 15, 1903: C attle. 291 T hursday, A p ril 9 . . . 358 F rid ay, A p ril 10........ 60 S aturday, A p ril 11.. 418 M onday, A pril 1 3 .... T uesday, A p ril 1 4 ... . . . 1.882 800 W edn esda y , A p ril 15 T ota ls .................... . . . 3,809 R eceip ts o f live sto ck a t S outh W edn esda y, A p ril 16, 1902: C attle. T hu rsday, A p ril 10.......... 446 F rid ay, A p ril 11.............. 773 S aturday, A p ril 12.......... 191 M onday, A p ril 14.......... 1,807 T u esd ay, A p ril 15.......... 2,373 W edn esda y , A p ril 1 6 ... 1,829 T ota ls .......................... 7,419 D ec. 2,281 368 Inc. 1902. 11,330 3,825 26,562 3,390 87 787 1903. 9,049 3,457 26,984 10,932 119 1.067 422 7,542 32 280 St. P au l fo r the w eek ending H ogs. 1.001 1.443 772 841 2,884 1,800 Sheep. H orses. Cars. 23 378 26 6 14 18 27 39 91 ' Ì55 52 450 8,741 1,007 233 39 St. P aul fo r the w eek ending Sheep. H orses. Cars. 33 482 2 46 28 50 24 396 80 320 105 158 93 2,176 H ogs. 1,343 1,654 989 1,852 3,403 2,741 52 3,560 11,982 R a n g e o f H o g Sales . T h u rsd ay . F rid ay S aturday . M onday . . . T u esd a y .. W ed n esd a y T his W eek. ...................... $6.90@ 7.20 ..................... 6.90@ 7.15 ...................... 6.75 @ 7.15 ...................... 6.75@ 7.05 ...................... 6.70@ 7.20 ...................... 6.70@ 7.25 T h u rsd ay . F rid ay . . . . Saturday .. M ond ay . . . T u esd a y .. W ed n esd a y T his W eek. .................... $7.05@ 7.10 .................. 7.00@ 7.05 .................... 6.95@ 7.00 .................... 6 .80 @ 6 .90 .................. 6 .80@6.95 .................. 6.85@ 6.95 B u l k o f H o g Sa le . 381 P reviou s W eek . $6 .8 5 @ 7 .45 6.65(0)7.25 6.65@ 7.20 6.75@>7.20 6.65@ 7.20 6.75@ 7.25 P rev iou s W eek. $7.05@ 7.10 6.95@ 7.00 6.90@ 6.95 6.90@ 7.00 6.85@ 6.90 6.95@ 7.00 C on d ition of H og M a rk e t. T his W eek. 5@ 10c higher. G enerally 5c low *r. Shade low er, b'lat 10c low er. Steady. G enerally steady. T h u rsd ay . F riday S aturday .. M onday . . . T u esd ay .. W edn esda y C o m p a ra tive C hicago .............. K an sas C ity . . . . S outh O m aha . . . S outh St. Joseph E ast St. L o u i s ... S outh St. P a u l ... T otals Hog L a st W eek. ............ 110,200 ............ 41,300 ............ 30,400 ............ 27,500 ............. 23.100 ............ 12,300 244,800 P rev iou s W eek. 5c higher. 10c low er. A b o u t steady. S teady to w eak. M ostly 5c lower. G ood 5c higher. Receipts. P rev iou s W eek. 120,700 33.800 37.000 24.000 30,200 15,500 T otals 135,900 P rev iou s W eek. 60,800 26,500 17.400 8,400 10,400 7,300 T otals 154,300 Y e a r A g o. 44,300 24,100 16.400 6,500 13.400 6,300 111,000 130,800 C o m p a r a tiv e Sheep R ece ip ts. L a st W eek . C hicago ................ ............... 69,300 .............. 26.800 K an sas C ity . . . . South O m aha .. . ............. 29,000 .............. 16,000 South St. Joseph 6,900 E ast St. L o u i s ... .............. .............. 6,300 S outh St P a u l.. 231,900 261,200 C o m p a r a tiv e C a t tle R eceipts. L a st W eek . C h icago ................ ............... 61,200 .............. 28,100 K an sas C ity ----S outh O m aha . . . .............. 18,800 S outh St. Joseph .............. 10,700 E a st St. L o u is . . . .............. 11,500 5,600 S outh St. P a u l.. .............. Y e a r A g o. 106,400 29.300 41,000 24,600 19,100 11,500 P rev iou s W eek. 63,700 20,300 25,100 22,000 8,100 8,300 Y ea r A go. 63.100 14,600 16.100 26,900 8,500 147,500 2,100 131,300 IR R IG A T IO N IN O R EGON. (S p e cia l C orresp on den ce to T he C om m ercia l W e st.) Portland, April 13.— Great changes, due to irrigation, are taking place along the line of the Oregon Railroad & Naviga tion Co.’s line in this state. The sagebrush prairies are giving way to fertile tracts, and immigrants are rapidly settling the country. The new irrigation ditches near Umatilla and Baker City have had the best effect. The Umatilla country has been transformed into a garden spot and hundreds of settlers are taking up land. Within a comparatively short time it is ex pected by officials of the railroad that this country will be one of the most productive in Oregon. A. L. Craig, general passenger agent of the O. R. & N., has returned from a trip over the road, taken for the purpose of investigating business conditions. In an interview he said : “All along the line of the road I found business conditions good and the number of newcomers constantly increasing. The country is being settled up rapidly, and the story told me was a serial with prosperity as the theme. “The new irrigation ditch which has opened up the country in Umatilla county near Coyote, is certain to make that district https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 31 a veritable garden. There is a big demand for lands which are benefited by the water and the number of settlers has been in creasing rapidly. The lands put under cultivation make a very good showing, and it is believed by the people of the district that this will be one of the best valleys in Oregon. “ I met Mr. Winter, the government engineer, who has been investigating the possibilities of irrigation in the Butter Creek country. He is not yet ready to make his report and has turned his attention to a number of other irrigation proposi tions. “ The irrigation ditch which benefits the country lying on the west side of the company’s tracks between Haines and Baker City has been a thorough success. Water has been turned on this land and the results have surprised even the friends of the proposition. It is predicted that by the end of the present year all the land in the district will be under cul tivation. The country was once a sagebrush prairie, but it is destined to blossom like the rose. “ The Powder River country is being benefited by a new irrigation ditch and the district lying below Shoshone in Idaho is to be improved by irrigation. A contract has recently been let for the construction of ditches in this country and the work is to go ahead at once. It is believed this will result in a vast increase in the productive area of the state of Idaho.” FIR ST P R IN C IP LE S OF T R A N S P O R T A T IO N . The necessity for stable and uniform transportation rates is forcibly shown by the W all Street Journal in an editorial on the “ First Principles of Transportation.” Every large shipper will agree that “ periods of unscientific and unregulated competition” are the bane of the whole trans portation system ; while railroad officials will probably agree that “ stable and uniform rates could only be ob tained by close agreement between competing roads.” The W all Street Journal says: “ The conditions under which transportation is furnish ed and used in this country, disregarding state limitations and considering the country as a whole,— require an im mensely complex and very delicate organization of rail roads in the matter of tariffs, in order to equalize, as far as possible, the facilities accorded to the various sections of the land, and obviate discrimination in favor of one town or region as against another. So delicate is the fab ric of rates that, as in the case of a spider’s web, disturb ance at one point affects practically all other points. As the railroads came to the point where the territory was fairly well covered, the necessity for close, even intimate relations became evident. Brief periods of unscientific and unregulated competition soon made clear the fact that stable and uniform rates could only be obtained by close agreement between com peting roads. Out of this grew the pool, and while in practice this was an imperfect piece of machinery, in principle it was sound. “ Besides stability and uniformity, however, the public demanded reasonableness in rates. The pool was looked upon as an engine dangerous in that it might enable ex action of excessive rates. Hence arose agitation for its abolition, and in 1887, the interstate commerce law abol ished it absolutely. Then arose the traffic association, which after a career of some ten or a dozen years of more or less successful existence— rather less than more— re ceived at the hands of the Sherman anti-trust law, as con strued by the supreme court, its fatal death-blow in the late nineties. Out of its ashes arose the phoenix of com munity of interest, of which so much has been heard in late years. “The idea was to establish a “ community of owner ship,” whereby one group of men controlling certain rail roads, should become interested with another group con trolling competing (sometimes connecting) roads and thus do what the pool and the traffic association had done— viz., steady and maintain rates. It was a simple, because funda mental, idea. The law could prevent open combination be' tween com peting railroads, but it could not compel the owners of those roads to compete if they did not want to, and the essence of the “ community of interest” idea was recognition by railroad owners of this important if some what obvious fact. “The ‘Pennsylvania-Vanderbilt com pact’ was the most striking instance of this, strengthened as it was by ex change of interests— not controlling interests, however— in affiliated railroads. The plan was a success and was impregnable from a legal point of view. But it rested mainly upon individuals— and individuals sometimes change their minds. Moreover, they always die. The Northern Securities scheme was nothing more or less than a plan to bring the 'dead hand’ into play and replace mor tal individuals by an immortal and impersonal corpora tion, and it is upon this plan that the axe of the law has fallen. The law cannot compel Mr. Hill (owning the Great Northern) to fight with Mr. Morgan (owning the Northern Pacific), but it can prevent these gentlemen from permanently vesting their competitive interests in an immortal and impersonal corporation— and it has prevent ed it.” T H E C O M M E R C IA L W EST. 32 N A T IO N A L B ASIS FO R G RAIN T R A D IN G . (S p ecia l C orresp on den ce to T he C om m ercia l W e s t .)' New York, April 13.—A n effort will be made to make grain at the principal centers deliverable on contracts in New York, at a proper difference in price to^ cover the freight. This plan is under consideration by the officers of the Produce E x change. I he Cotton Exchange is working on a similar plan for the delivery of cotton. The object of the plan is to in crease the element of safety in trading by discouraging corners and other forms of manipulation that are based on the limited stocks usually carried at New York. Some members of the Produce Exchange, while they con sider trading on a national basis impossible of execution, at least with any degree of success, favor a plan to make grain deliverable at Buffalo on New York contracts. There are large elevators in that city, it was pointed out, and grain could be shipped from there to this or other ports with reasonable cer tainty as to the time required in transit. the movement already well under way at the New York Cotton Exchange to provide for deliveries of cotton on New York contracts at other points of accumulation than New York is attracting considerable attention among Produce Exchange members, some of whom are also members of the former in stitution. From an official source information was obtained as to the proposed Cotton Exchange system. A special committee was appointed some time ago to look into the matter. The committee made a report to the Board of Managers, who approved it and instructed the committee to inquire further into the project and make another and more exhaustive report. The committee is now engaged in that work. The situation confronting the exchange is this: The stocks of cotton carried here are altogether too small to fur nish an absolutely safe basis for the greatly increased trading in futures. The exchange is in the position that any large bank would be if it reduced its capital to a mere nominal sum and still carried on its customary large volume of business. The bank might continue on that basis for a while, but if there was a run on it, the bank would hardly be in a position to withstand it. The Cotton Exchange wishes to increase its cap ital in cotton, so to speak, instead of carrying some 30, 40, or 50 thousand bales as at present. O f course it would be impos sible for the exchange to bring large quantities of cotton here. The plan therefore is being worked out for an extensive sys tem of licensed warehouses and certification for the delivery of cotton, sold here, at other points such as New Orleans, Sa vannah, etc. The exchange, if the plan is finally adopted, will employ inspectors, and when a party buys cotton deliverable at anv of these points the exchange will guarantee that the cotton has been duly graded and certificated and will bq deliv ered exactly as represented at the time of the sale. The plan is simply to provide a larger trading stock, and while its object is to put the exchange on a sound business basis it will un questionably be of great benefit to the cotton industry as a whole. It will perfect cotton as collateral. The proposed sys tem would also be a most potent factor in preventing corners in cotton. SEATTLE M IL L E R S OBJECT. (S p e cia l C orresp on den ce to T he C om m ercia l W e s t.) Seattle, April 13.-—A meeting was recently held here by rep resentatives of the mills, at which dissatisfaction was expressed that a rate should be made on flour to the coast which enables Minneapolis mills to compete in the Oriental trade. rhe purpose of the Great Northern in applying this rate is to secure loads to haul to the Pacific coast, where it is bound to have a supply of cars to ship the lumber and shingle orders to the eastern market. When loads westbound are impossible to get, the cars have to be brought here empty, and this condi tion results in keeping up the rate on east-bound shipments, so that lumber cannot be shipped from this state further east than the Nebraska market to compete with the Southern lum ber. Therefore, the policy of the road is to divert as much of the eastern shipments, for transpacific shipment, to the Pacific coast as possible, thus insuring full loads west-bound and a re duction of the east-bound rate on Washington commodities and an extension of the markets. The position of the millers is that this action on the part of the Great Northern will result in delivering to the Minnesota millers the flour markets of the far east and will force the mills of the coast to close down. This was the sentiment of those present at the meeting, and while no action has been taken as yet, if the rate is continued there probably will be. In speaking of the matter, George F. Folsom, president of the Novelty Mill Co., which is engaged in the Oriental trade, said: “If the Great Northern or any other road establishes a tariff that will admit of the Minnesota mills shipping flour to Seattle at a rate that will put it in competition with the coast mills for reshipment to the Orient it will mean that the coast mills will have to close down. In Minnesota they manufacture a stronger flour than we do on the coast, and at the same price, it will be able to control the far eastern markets. The price of labor on the coast is higher than it is in Minnesota and this in the past has been our principal differential which has per mitted of our controlling the Oriental trade. However, with the government rate applied to these shipments, that will bring the price of their flour, laid down in Seattle, about competitive with the coast mills for transpacific shipment and this will be' ruinous. The coast mills are perfectly able to care for all of the flour demand in the Orient. We will also be able to care https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Saturday, April 18, 1903. for it as it develops greater strength. There is no question about that. Therefore it is not unreasonable that we should combat the putting in of a flour rate from Minneapolis that will permit of the mills there competing with us when they have a better flour. So far as the local trade is concerned, we have no fear about that. It is the Oriental trade we are looking af ter. To the present time there have been 2,500 barrels received here for the far eastern trade. As we understand it, this is but a sample order, and the continuance of the rate will depend on the success of this shipment. We talked the matter over at the meeting Saturday, but there will be nothing done for the present. A ll the orders for the Orient are now in and within 30 days many of the coast mills will have to close down, as they do every year. There is never a year when we are able to run for the full twelve months, and this shows that we are able to care for the far eastern trade without any help from the Min nesota mills. If it is the policy of the railroad company to keep this rate in force to the coast, then the millers will take the matter up, for it will mean much to them.” No Such Thing As Corn Wheat. _The somewhat sensational reports about a remarkable hy brid cereal called "corn wheat” have been punctured by the matter-of-fact department of agriculture. The conclusion is that not only is there no such thing as “corn wheat,” but, in the opinion of the department’s experts, no hybrid of corn and wheat could be produced, or, at any rate, no hybrid that would be fertile. The true name of the cereal, which has been in correctly designated, is “ Polish wheat,” so called because it is largely grown on the Polish steppes, though it is not native there, its original home being believed to be in the Mediter ranean region. As regards the size of the kernels of this grain, there is no doubt that, while much smaller than the ker nels of maize, they are often twice as large as those of or dinary wheat. The assertion that the normal yield of this grain is from 60 to 100 bushels to the acre is pronounced as exaggerated, though the department does not discredit the re ports from Idaho and Washington that in those states from 60 to 75 bushels per acre have at times been grown. It seems that Polish wheat is restricted as regards adaptability to soil and climate. So far as the United States are concerned, the department of agriculture thinks that the new cereal could only be grown successfully in the region of great plains and in the territory on the western side of the Rocky mountains. It should be a boon to eastern Kansas, and to all sections where artificial irigation has been accounted a condition of fertility, because a characteristic of Polish wheat is its exceptional pow er of resistance and drought. Illinois Grain Boycott. In a decision handed down by the State Board of Railroad & Warehouse Commissioners, the Illinois Grain Dealers’ asso ciation is criticized for establishing a boycott against inde pendent grain dealers of the state. The case is that of D. H. Curry & Co., of Mason City, against the Illinois Central Rail road Co. for discrimination in furnishing cars. The commis sion decided against the railroad company and ordered that an equitable distribution of their cars be made. In passing on the case, the Railroad & Warehouse Commission stated that it is led to believe that an understanding existed between the Curry company and the Illinois Grain Dealers’ association not to handle the grain of the Farmers’ Elevator Co. at Mason City and that Curry was willing to. agree to anything to prevent the competing companies at Mason City from marketing their grain. The board quotes several convincing letters to sustain its view. Linseed Oil Soap. The American Linseed Co. is calling special attention to the merits of its linseed oil soap and a lubricator called “Lubrix,” by means of a neat little booklet. This soap, for gener al use, and particularly for use on woodwork, is regarded as in advance of bar soaps and powders. The booklet has the following to say of the manufacture of linseed oil soap: “ The soap shall be made from pure, new process linseed oil and the necessary potash alkalies only, and must be entirely soluble in either salt or fresh water. It must make a good lather in using and shall be free from fillers. The percentage of free alkali shall not exceed 0.50; of salt, 0.10; of mineral matter, 0.10; of water, 55.00; the balance to be a neutral com bination of linseed oil and alkali, perfectly saponified. It shall weigh between 8.6 and 9.3 lbs. avoirdupois per United States standard gallon. “ The above specification is modeled after that of the stand ard Specification of the Bureau of Supplies and Accounts of the United States Navy, with these differences: We allow only 1-5 the percentage of mineral adulteration and 1-30 the percent age of salt that the Navy Department has fixed as the mini mum practicable.” The Canadian Pacific Railway Co. is making a special ef fort to interest the farmers of New Brunswick in the benefits to be derived from raising good cattle. A t the company’s suggestion, Ontario farmers have sent some fine short horns, young males and females, to the province. These were sold at public auction. The Canadian Pacific had guaranteed a price of $50 per animal, but so keen was the competition in this case that all- brought higher prices, some going above $100. THE COM M ERCIAL WEST Saturday, April 18, 1903. 90 fcd&GRAIN ® . M I L L I N G ^ MINNEAPOLIS MILLS CLOSE DOWN. The mills of Minneapolis closed down tonight, Thurs day, at 6 o'clock, for an indefinite period. It is reported that the larger mills of southern Minnesota have also closed down. The principal causes of the shut-down are the high price of cash wheat, which has for months made Minneapolis the highest market, relatively, in the world; a sharp decline in millfeed, which added to the cost of flour. Besides these factors, the opening- of navigation, instead of bringing some relief to the mi 1t e r s usually the case, furnishes an additional handicap. This is a new form of the old difficulty— discrimination in freight rates. Yesterday a large amount of wheat— 450,000 bushels, it is reported— was chartered at Duluth, for Buffalo, at a rate of 2c per bushel. This wheat will presumably be export ed. While the foreign millers are thus given the benefit of cheap rates of freight on wheat, the millers are being “held up” for a much higher rate on flour. The lake rate on grain is low. The lake-and-rail rate on flour is within 2c of the all-rail rate and is all out of proportion with the advantages given to the raw material. It is no secret in tire—Trade that the mills have for months beep operating without profit, if, indeed, not at an actual loss. The only surprise in regard to their shutting down is that it was not done three months ago. T ha i they did not was doubtless due to the fact that heretofore rHTas been impossible for them to co-operate. T h ey have never worked in harmony, and the present action may be the forerunner of better things for the mills. In any other line of trade it would be regarded as ab solute folly for manufacturers to run the price of raw material up on themselves. Y e t for the last two years the mills have not only kept the Minneapolis future mar ket relatively higher than other markets most of the time, but cash.wheat has ruled at such a premium that it has been out of line with the rest of the world. It was ap parent that this could not continue, but no solution to the problem has presented itself to the trade heretofore. While it was clear that a shutting down of the mills would be the best remedy for the serious condition of the flour markets and for the cash wheat market, the step seemed too radical to be expected. While, of course, every one sincerely regrets the necessity for such a step, there will He general satisfaction that the millers have had the cour age to take it. While there are other factors to be taken into consid eration, as pointed out in the foregoing, the premium on cash wheat, caused by competition of the mills, both in the Northwest and elsewhere, has been the most potent factor in bringing about the present condition. Those who love to dilate on the blessings of competition should familiarize themselves with the milling situation. If there can be any “ restraint of trade” more deadly than com petition unrestrained, the millers do not want to see i t The exportation of wheat is regarded, outside the mill ing trade, as something to rejoice over. Y et when wheat can be sold for export and patent flour cannot, something is wrong, and one need not seek far to discover what it is. Given jthe 'same rates of freight on flour as on wheat, and Tie millers need not see the wheat gradually going out of the country, to the foreign millers, while flour cannot be sold for export. If the mills could get nearly the same rate on flour, they could afford to pay just enough more, relatively, for wheat to keep it above an export basis. The farmer, therefore, would receive more for his wheat, rela tively, if a bushel were never exported; though, of course, there always would be some exported during the crop movement. But until flour is given an equal chance with wheat, the mills will not enjoy the prosperity that nearly all other manufacturers are having. M IN N E A P O L IS A N D T H E N O R T H W E S T . wanted to. Of course, the shorts might scrape together a million or two of wheat to deliver, but as a big line was (presumably) bought at 73c, there would be no great loss in taking a couple of millions of actual wheat while the other shorts would be compelled to settle at a much high er figure. In September the final settling figure was 95c. Before any one sells any more May wheat short in Chica go, they should refresh their memory on the September corner. C ommercial W est O ffice, Minneapolis, Thursday, April 16.— The closing down of the Minneapolis mills tonight, and probably the larger mills of southern Minnesota as well, brings a new factor into the situation. Of course the ultimate effect on the market will depend upon the length of time the mills are down, and their policy, when they start up, regarding the buying of wheat. It seems to be the intention of the mills at present to let this market drop back to a normal position as com pared with Chicago, and to reduce the premium on cash wheat. This market has reached a prohibitive basis as far as selling flour is concerned, and cash wheat should de cline 5c relatively— that is, until it is in a normal posi tion under Chicago. There is no legitimate reason why cash wheat in Minneapolis should be at a premium over May, and it is to be hoped that the mills will stay out of the market until it assumes a healthy tone— that is, one based on the demand for flour and not on a sentimental idea of what wheat should be worth. O f course, wheat must be kept above a Chicago shipping basis, for it will all be wanted before the summer is over. July wheat in Minneapolis is also abnormally high. While it is true that the Chicago option is based on the new winter wheat crop, it is equally true that flour buy ers will base their ideas of values on the Chicago option and not on Minneapolis. Therefore, the premium that has been placed on the Minneapolis July will only serve as a handicap to the millers if it is maintained. There is no good business reason w hy Minneapolis July should be above Chicago July at this time, but there is an excellent milling reason w hy it should not. While there will doubtless be a shortage of wheat in the Northwest during the summer, there must be a limit to the price. When this market is higher than Chicago, the millers cannot sell their flour. The shutting down of the mills tonight demonstrates this to the world, though it was clear enough before. C hicago May J u ly W h e at. July wheat in Chicago also acts as if a good line had been accumulated by some one at 69(0)700. What effect the closing down of the mills may have on that option is of course problematical tonight; but if there is a decline it will probably be short-lived unless some other factors enter the situation. There is no reason w hy the closing down of the mills should affect Chicago July wheat, only sentimentally. Until the last week the winter wheat outlook has been the principal factor in July, and it has been well dis counted. Taking only this country into consideration, Chicago July is high enough. Yet it may be possible that the trade has made the same mistake they accuse farmers of making, namely, forming an opinion of price possibili ties by their own wheat fields. If European crops, as is reported as a possibility, are damaged to the extent of a shortage of 250.000,000 bushels from last year, the world will raise less wheat even though this country should raise 100,000,000 more than in 1902. Should this prove to be the case, July wheat in Chicago is not unduly high at around 70@7ic, and it could easily work up to 75c. Seeding W heat. May wheat in Chicago acts as September did last August. If the big trader who is so much talked about has the amount of May wheat bought he is credited with, it is inconceivable how the shorts can escape. The more they sell short, the worse off they will be when the day of set tling comes. The big trader could go a-fishing until the last of May, only returning in time for the killing, if he https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis I j ' ; in th e N orthw e s t. There has been but one warm, springlike day, without chill in the atmosphere, this spring. In spite of this, how ever, the grass is turning green. The ground is full of moisture, and with a few warm days, vegetation would start up with great rapidity. Broadly speaking, it may be said that seeding has been general throughout the Northwest this week on the high lands. On the low lands, from southern Minnesota to the Canadian line, the soil is wet and seeding will be backward in localities. Oats sowing hasi progressed with wheat in the southern part of this territory. Con ditions are, on the whole, favorable, and with no prolong ed rains, wheat seeding will be well on toward completion except to the north by another week. THE COM M ERCIAL WEST 34 FLOUR AND MILLING. Trade Dull and Output Reduced— Erratic Wheat Market Depresses Flour— Elimination of the Middleman. Unless there is an improvement in the demand for flour, there will probably be a material curtailment of the output soon. One of the companies reduced its output last week about 20,000 barrels, though the others ran with out special change. This week they are operating the same as last week, or at the rate of 350,000 barrels. The heavy running of late has been partly in anticipation of the opening of navigation, and the warehouses at the head of the lakes are reported to be about filled. These stocks will be rapidly depleted, as there is not a great amount of grain to go out after the first shipments. The erratic wheat market is having a depressing effect on flour. Sales last week were less than the output, and up to the middle of this week there was nothing of im portance doing. An offer was received by wire from Philadelphia, Wednesday, of $4.20 wood for patent. This fairly represents the position of the buyers; and as this was 20c below what the mill could do, and the company wanted to sell flour, too, the whole story is told in that offt r. While the flour market is dull, it is made worse by a number of mills forcing sales rather than to shut down. This week there is complaint that some of the large coun try mills are making some very low prices in eastern mar kets. The only stuff being worked for export at present is clears and low grade. The M iddlem an M u s t Go. There is a growing tendency in the trade toward the elimination of the middleman in the eastern markets. Competition is so keen that margins of profit are reduced to a point where the mills cannot pay the commission of 10c per barrel. In some of the towns and smaller cities the mills are now selling direct to the retailer to a greater extent than ever before, and have even— where the trade is well established— taken off their salesmen. In New York city, where at one time the business was practically all done through brokers oif a commission of 10c per bar rel, the trade is now largely direct from the mill to the dealer or the baker. It is looked after by the mills’ sales men. It seems inevitable that this system must increase throughout the eastern states, until the middleman with 10c commission becomes practically a trade factor of the past. Still, the smaller mills will of course have to employ the services of the broker, so that his complete extinction is not yet in sight. F lo ur P rices, F. O. B. M inn e a po lis , Car Lots, fo r E a ste rn Patent, w ood ................................................................................. $3.75@ 3.90 F irst clear, w o o d ......................................................................... 2.75@ 3.00 F irst clear, 140 lb. j u t e ................................................................ 2.45@ 2.55 S econd clear, 140 lb.ju t e ............................................................ 1.85@ 1.95 W eek en d in g— A p ril 11 .................. A p ril 4 .................. M arch 28 ............ M arch 21................ M arch 14 .............. M arch 7 ................ Saturday, April 18, 1903. E x p o rt S h ip m e n ts . Barrels. 76,200 101,600 100,500 87,500 90,200 72,700 Y ear ago. 92,700 93,300 92,600 82,800 52,000 63,700 MILLFEED. Local Market W eak Again— East is Buying Little- May Bran at a Discount. Weakness in the local millfeed market has developed again this week, though from day to day there is no cer tainty of what may be expected. However, regardless of strength or weakness here, the eastern demand and the output here are the main factors in the situation. Fluctu ations in the local market may, and often do, only repre sent ihe operations among the brokers; and while they may mean profits or losses to them, they have little bear ing on the ultimate selling price of the actual stuff, only as it is picked up by those who place it where it cannot come on the market again. Last week the output of the mills was reduced some what, and it is likely that, owing to dull flour trade, there will be a further reduction soon. This would help to sus tain the feed market, and nothing else but that or a better eastern demand can. One weakening factor has been the offering of May stuff at a discount under April. This seemed to cause buyers to lose confidence. There is still a good deal of complaint of delayed ship ments, and some stuff shipped in January has not yet arrived at destination. The congestion of freight in the winter was to a considerable extent responsible for the ent weakness in millfeed. Owing to delays in transit, buy ers could not get stuff when they expected it and needed it. Knowing it was on the way they would not order more; and meanwhile consumers would be getting along with some substitute. One result of the freight troubles in the winter therefore seems to be a curtailed consump tion of millfeed. While most of the delayed-in-transit stuff has probably been taken care of before this, the produc tion has gone on steadily, and now pasturage is at hand. All feeds are dull this week, and only the mixed car trade of the mills saves heavy feeds from greater dullness. Q u o t a t i o n s o f M i l l s t u f f s in C a r L o t s , F. O. B. M i n n e a p o l i s . Ton. Bran, 200 lb. s a c k s ................................................................. $ 1 1.00 @ .......... Bran, in b u lk ........................................................................... 1 0 .2 5 @ ......... Standard m iddlings. 200 lb. s a c k s ...................................... 1 1 .0 0 @ ........ F lou r m iddlings, 200 lb. s a c k s ........................................... 1 2 .0 0 @ ........ M ixed feed, 200 lb. s a c k s .................................................... .. 1 2 .5 0 @ ........ R e d -d o g , 140 lb. ju t e .............................................................. 14.10@14.25 M illstu ffs in 100 lb. sack s 50c per ton ov er a b ove qu otation s. R e d -d o g in ,100’s 25c over. Q u o t a t i o n s o f M i l l s t u f f s , B o s t o n B a s is , L a k e a n d R a i l S h i p m e n t . M in n e a p o lis F lo u r O u tp u t. W e e k ending'— B arrels. A p ril II.............................................................. 352,000 A p ril 4 ............................................................ 366,400 M arch 28 ..................................................... 359,500 M arch 21 ..................................................... 355,300 M arch 14 ..................................................... 330,600 M arch 7 ....................................................... 286,500 363,200 360,800 342,500 317,600 328,400 300,700 T on. Bran, 200 lb. s a c k s .................................................................. $ 1 6.50 @ ......... Standard m iddlings, 200 lb. s a c k s .................................. 1 6 .5 0 @ ........ F lou r m iddlings, 200 lb. s a c k s ............................................ 1 8 .0 0 @ ........ M ixed feed, 200 lb. s a c k s ................ ...................................... 1 8 .0 0 @ ........ R e d -d o g , 140 lb. j u t e ............................................................ .. 19.50(5)19.75 M illstuffs in 100 lb. sack s 50c per ton over ab ove quotation s. R e d -d o g in 100’s 25c over. Separators, Scourers, Oat Clippers and Cleaners. Flour, Bran and Food Packers. The S. HOWES CO. “ EUREKA” WORKS, S i l v e r C r e e k , IM. Y . M I N N E A P O L I S O F FIC E : W. E, SHERER, 5 Chamber of Commerce c»tshii«h«tf tas«, https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis THE COM M ERCIAL WEST. Saturday, Aprii 18, 1903. FLAXSEED. Are the Crushers Supporting Market Until After Seeding? — Oil Mills Operating Without Change— Improved Inquiry for Oil and Cake. Although receipts of flaxseed have fallen off until they are now only a small percentage of those of several weeks ago, the market rules dull and featureless. The large stocks in store overshadow everything else at present, though there seems to be a feeling among the buyers that re ceipts will continue ample for their requirements. The oil mills are taking everything, and, apparently support the market at around $1.09 for cash seed here. As the price might easily sag if left to itself, it seems probable that the crushers prefer to hold it at that level rather than to let it decline just when the farmers are preparing for seeding. Of course it might not make any difference in the acreage' if the price should decline an other ioc, but there would be a possibility of a lighter acreage, particularly if the ground dries out rapidly to the north, so that wheat can be sown early. As an offset to this view, however, there might be a tendency toward a little freer sowing of flax if seed could be purchased cheaply. Farmers might be tempted to sow more at $1 per bushel, particularly where they have T h e A l b e r t D ic k in s o n C o . DEALERS IN FLAX S E E D GRASS SEEDS, CLOVERS, BIRD SEED, BUCK-WHEAT, ENSILAGE CORN, POP-CORN, BEANS, PEAS, C R A IN BA GS, ETC. M IN N E A P O L IS OFFICE: C H IC A G O 912 C H A M B E R OF C O M M E R C E . L. R. FYFE. 35 to buy it, than at $1.50. However this may be, it looks as if the flaxseed market is being supported; or, dull as it is, there would be a further decline— to an export basis, probably. After seeding, the price will depend largely on farmers' deliveries, and nobody knows what they will be. A m o n g th e C rushers. There is no change in the operating of the crushers from last week, nor in fact has there been much change for six weeks or so, since the Archer mill of the Ameri can company was closed down for repairs. It is probable that a little less seed is being crushed than was the case several weeks ago, owing to the present quiet trade. The amount now being crushed weekly is, approximately, 27,500 to 28,000 bushels. On Wednesday of this week one of the Minneapolis daily papers published a report to the effect that some 60 employes of the American company had gone out on a strike. But as the crushers of that company are running as usual, excepting the Archer mill, which, as noted in the foregoing, has been down for several weeks, there does not seem to be any foundation for the report. The crushers are having an improved inquiry for oil, induced by the advance of spring. New business will de pend largely on the weather and the relative consump tion of oil. Raw oil f. o. b. Minneapolis is quotable at 39 c- There is a decided change in the oil cake trade. The crushers are receiving a large number of inquiries and more orders than for several weeks. The change is due to the improved car situation, the approach of naviga tion and to changed conditions in Europe. Oil cake is quotable at $19. Demand for oil meal is quiet, as is to be expected at this season. There will be a steady falling off of the amount used from now until hot weather. There was another increase in elevator stocks of flax seed at Minneapolis last week, although receipts were L. H. MANSON. Engine and Thresher Combine. A dispatch from Port Huron, Mich., says; “The Port Huron Engine and Thresher Co. has completed arrange ments for an amalgamation with four other western companies. The capital of the new concern will be $1,200,000 common stock and $800,000 preferred stock. The officers a re: President, Chas. F. Harrington; vice-president and gen eral manager, Frank A. Peavey; secre tary, D. C. Kinch, and treasurer, Henry T. Hoyt.” UPDIKE COMMISSION CO. (i n c o r p o r a t e d ) STOCKS, BONDS, COFFEE, COTTON. 54-56 Board of Trade Bldg., CHICAGO . MINNEAPOLIS, ST. LOUIS, MILWAUKEE. Stock orders executed on New York Stock Exchange over Private Wires. Members Chicago Board of Trade— Milwaukee Chamber of Commerce. The Post or Journal, containing our Daily Market Letter, in which appears Chicago Board of Trade continuous quotations from the opening to the close of business, will be sent free upon application. Tel. Harrison 1925- 2189. H. M. P A Y N T E R in C h a rge of Cash G rain Departm ent. Grain and Provisions. Members Chicago Board of Trade, 640-41=42 Rialto Building, C H IC A G O . BRANCH OFFICES: 550 Bee Bldg., Omaha, Neb., Missouri Valley, Iowa. South Omaha, Neb. W . S. M cL au ghlin, P res. A .B .E llis , S e c ’ y AMERICAN GRAIN CO. Grain Commission. MINNEAPOLIS. W rite to u s . I M P O R T A N T Traders in Grain and Provisions will have satisfactory results if they do their business through legitimate channels,—with Chicago Board of T rade firms. w r ite F O R MY “GRAINTRADETALKS. ” G ra in Com m ission. E d w a r d G. H e e m a n . 7 0 B o a rd o f T rade, M e m b e r Chicago B o a rd o f Trade. G. B. Gunderson & Co. C H IC A G O f Consignments o f cash grain and orders in A ll business transacted through I 1 futures w ill have m y personal attention. and confirmed b y H ateiy Bros, j M y “ G R A IN T R A D E T A L K S ” are published in fu ll in the Chicago E vening Post and Chicago Journal. W ill send either paper free to customers. M IN N E A P O L IS . D U LU TH . J. E. Marfield, Pres. C.D .Tearse, Sec’y &Treas Wm. Griffiths, Vice-Pres. & Manager. BROOKS - GRIFFITHS CO. Grain Commission, Offices: CHICAGO, MILWAUKEE, DULUTH N ew C h am b er of C o m m erce, MINNEAPOLIS. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis THE COM M ERCIAL WEST 36 but 91,000 bushels. The amount in store on the n t h was 1,271,000 bushels, against 726,900 a year ago. F la x Prices. Fri. A p ril 10. * 1.72% * * . * * * * * M inneapolis cash ----Y ear ag o .................... M ay ............................... C hicago ca sh ................ S ou th w est .................. M ay .............................. D u lu th cash ............ '... M ay .............................. Ju ly .............................. ♦Holiday. Sat. M on. T ues. W ed. Thur. A p ril A p ril A p ril A p ril A p ril 11. 13. 14. 15. 16. 1.09% 1-09 1.10 1.10% 1.10% 1.72% 1-72% 1.74 1.74 1.74 1.09% 1.09 1.10 1.10% 1.10% 1.10 1.08 1.10% 1.09% 1.10% 1.12 1.10 1.07 1.10 1.09 1.10 1.11% 1.10 1.11 D a ily closin g p rices of rye during the w eek w ere: F riday, A p ril 10................................................................ S aturday, A p ril 11 .......................................................... M onday, A p ril 13 ............................................................ T u esd ay, A p ril 14 .......................................................... W edn esda y, A p ril 15 .................................................... T hu rsday, A p ril 16 ........................................................ ♦Holiday. 1.11 1.08 1.09 1.09 1.10 1.11 1.10-11 1.10 1.10% 1.10% 1.11 1.11% 1.11% 1.12% 1.1.3 1.13 M IN N E A P O L IS C O AR SE GRAINS. Corn. Receipts of corn are less than local requirements. There is a fair demand for shipment to local territory, and local consumption aside from that of the feed mills is considerable. Receipts last week were 21,800 bushels, and shipments 16,600. Elevator stocks, 31,200, against 18,700 a year ago. D aily clo sin g p rices o f No. 3 corn during the week w ere: Y e axago. N o. 3 Yel. No. 3. * * F riday, A p ril 10 .................. 56 @57 S aturday, A p ril 11 .............. .............. 42% 41@2 56 M onday, A p ril 13 ................ .............. 42% 41@2 59 @60 T uesday, A p ril 14 ................ .............. 42% 41(d)2 59% @60 W edn esda y, A p ril 1 5 .......... .............. 42% 42 60 @61 T hu rsday, A p ril 16 .............. .............. 42% 60% @61 41% ♦Holiday. O a ts . The brisk demand for choice oats, suitable for the cereal mills, continues, and a good premium is paid. Some stuff is being shipped out, and the elevator stocks were re duced 145,000 bushels last week, and were on the n t h 1,232,100 bushels. It is estimated by some in the trade that from 25 to 30 per cent of the oats in store are sold and that they will soon go out, probably to Duluth for shipment down the lakes. Receipts last week were 161,500 bushels, and shipments 71,000. F riday, A p ril 10........ Saturday, A p ril 1 1 ... M onday, A p ril 13 . . . T uesday, A p ril 14 . . . W edn esda y, A p ril 15 T hu rsday, A p ril 16 . . ♦Holiday. N o. 3. * * 31 % @ 2% 31% @ 2 % 31 % @ 2 % 32 @ % 31% @ 2 29 @31 28 % @ 0% 28% @ 1 29 @ 1 29 @ 1 Fri. A pril io. * M inneapolis .......... ....... Y ear ag o .......... C hicago .................. ....... Y ear ag o ............ D uluth ................... K ansas C ity . . . . ........... St. L ou is .............. N ew Y ork .......... ........ ♦Holiday. Sat. Mon. A pril A p ril 11. 13. 73% 74 71% 71% 75% :o% 72% 72% 74% 75 65% 65 68y8 68 % 78% 78% 51 * * * Fri. A pril to. * M inneapolis .......... ....... Y ear a g o .......... C hicago .................. Y ea r a g o ............ D u lu th .................... K an sas C ity ..... ........ St. L ou is ......... ........ N ew Y ork ........ ♦Holiday. Sat. M on. A p ril A p ril 11. 13. 74 74 72% 72% 70% 70% 73% 73% 74% 74% 61% 61% 65% 65% 75% 75% * * B a rle y and R ye. W ed. Thur. A p ril A pril 15. 16. 75% 74% 72 73% 77% 77% 74% 73% 76% 76% 66 65 % 70% 70% 80% 80% Tues. A p ril 14. 74% 73% 71 75 75% 61% 65% 76 W ed. Thur. A pril A pril 15. 16. 75% 74% 73% 74% 71% 71% 74% 75% 76% 75% 62% 62% 66 % 66 % 76% <6 % M i n n e a p o l i s Cas h W h e a t , O f f i c i a l Close. Fri. A pril No. 1 hard ........ N o. 1 n orth ern . .. N o. 2 northern .. . ♦Holiday. ...... D u lu th N o. 1 hard ........ .......... N o. 1 northern ... ....... N o. 2 northern . . . ♦Holiday. No. 2 hard ...... N o. 2 red ......... ♦Holiday. Kansas ..... T uesday, A p ril 14 W ed n esd a y , A p ril 15 T hu rsday, A p ril 16 Sat. A p ril 11. 76% 75% 74% 10. * * * C a sh * Mon. A p ril 13. 77% 76% 75% 77% 75% 73% C ity Ca s h W heat ** 67 67% 69 W heat -’ r ic e s . ** Tues. A p ril 14. 77% 76% 75% W ed. Thur. A p ril A p ril 15. 16. 78% 77% 77% 76% 76% 76% W heat. 77% 75% 68% .......... .. .. .. 78 76 74% M ay Close. 6s 2 % d 6s 2 % d 6s 2 %d 78% 76% 75% 78% 76% 75% 67 @8 68@9 J uly Close. 6s l% d 6s 2 % d 6s 2 %d Wheat in M inneapolis Regular Elevators. No. 1 hard ............................ There has been an improved demand for barley this week and some round lots were sold. Local maltsters as well as Milwaukee and the east are buying. It is now es timated that 75 per cent of the barley in store here is sold. Stocks on the n t h were 420,300 bushels. Receipts last week were 37,200 bushels, and shipments 34,300. There is a probability of an increased acreage in barley through out the Northwest this spring. Rye receipts last week were 9,000 bushels, and ship ments 17,300. Stocks in elevators were 87,200 bushels, against 37,600 a year ago. Tues. A pril 14. 74% 72% 15% 73% 75% 65 69% 79% Ju ly W h e at. L iv e rp o o l Y ear ago. 41% @2 41% @ 2 42% @ 3% 42% @ 3 % 13% 43% Y ear ago. 53 53% 53% 53% 54 54 * 46@7 46@7 46@7 46@7 46@7 C lo sing W h e a t F u tu r e Prices. M ay W heat. D aily prices o f oats during the w eek w ere: No. 3 W . Saturday. April 18, 1903. No. 2 northern .................... No. 3 ........................................ R eiected ............................................ Snecial bin .......................... T ota l ................................. C om ........................................ Oats ........................................ B a rley .................................... R y e .......................................... F la x ........................................ . . 4 333 fiOO . .12,874,900 468 300 . . 6,416,900 24 600 D uluth stock s .................... Coarse G ra in W e e k ending A p ril 11. Y ear ago. :Vn; 'um ... . . 6 456 300 . . 1,412 800 i4fC40n in M i n n e a p o l i s W eek ending A pril 11. 31,200 ___ 1,232,100 ___ 420,300 ___ 87,200 ___ 1,271,000 12,003,000 14,032,000 E levators. W eek ending A p ril 4. 42,800 1,377,900 448,700 96,600 1,214,100 Y ear ago. 18,700 139,200 7,200 37,600 726,900 S e ym o u r C a rte r MERCHANT MILLER, HASTINGS, MINNESOTA. The Gardner Mill, Daily Capacity 1,500 Barrels. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis THE COM M ERCIAL WEST Saturday, April 18, 1903. M in n e a p o lis W e e k ly Receipts of G ra in. R eceip ts o f grain at M inneapolis fo r the w eeks ending on the d ates given, w ere: W e e k ending W e e k en d in g W e e k ending A p ril 11. A p ril 4. M arch 28. W h eat, bushels .................. 923,7,00 1,338,300 1,223,000 21,800 52,600 29,100 Corn, bushels ...................... Oats, bushels ...................... 161,500 150,000 92,000 B arley, bushels .................. 9,000 52,300 41,600 R ye, bushels ........................ 9,000 18,000 13,100 F lax, bushels ...................... 91,000 275,100 324,900 ¡a * W h e a t Receipts. M inneapolis. D uluth. C h icag o. Cars. Y e a r ago. Cars. Y ea r ago. Cars. Y ea r ago. * * * F ri., A pr. 10 . . . . Sat., A pr. 11 . . . . 287 141 38 19 49 12 2 M on.. A pr. 13 .. 312 174 16 27 28 9 T ues., A pr. 14 .. 62 75 9 37 25 W ed ., A pr. 15 .. 105 15 4 44 82 29 T hur., A pr. 16 . . 110 1 14 14 48 139 *F laxseed. D a ily Receipts of Coarse Corn, F ri., A pr. 10 ................ Sat., A pr. 11 .................. M on., A pr. 13 ................ T ues., A pr. 14 .............. W ed ., A pr. 15 ............... T hur., A pr. 16 .............. *H oliday. * 4 8 6 3 1 C rop G rain Oats, Cars. * 33 37 in M inn e a po lis . B arley, R ye, Cars. Cars. * * 8 11 18 1 12 3 13 9 2 5 1 3 2 F lax, D uluth Cars. Flax. * * 25 58 25 32 18 29 10 36 8 9 M o vem e n t. R eceip ts o f w h ea t a t the fo u r p rin cip al sp rin g w h eat m arkets from A ug. 1 to A p ril 16: T h is Crop. L a st Crop. M inneapolis .......................................................... 76,346,840 72,363,816 7,618,074 9,613,480 M ilw aukee .......................................................... D uluth ..................................................................... 32,508,956 40,308.211 C hicago ................................................................... 31.823,917 35,356,468 157,641.975 T ota l ............................................................... 148.297,787 R eceip ts o f w h eat at the fo u r p rin cip al w in te r w h ea t m arkets from the be g in n in g o f the crop m ovem en t Ju ly 1 to A p ril 16: T h is Cron. L a st Crop. T o le d o ................................................................... 11,342,312 6.362,398 St. L ou is ................................................................. 30,313,520 16.352.956 D e tro it .................................................................. 2,407,684 2,838,939 K an sas C ity ......................................................... 24,631,770 17,655,948 T ota l .................................................................. M IL W A U K E E G R A IN 68,694.286 43,210,241 MARKET. (S p e cia l C orresp on den ce to T he C om m ercial W e st.) Milwaukee, April 15.— There has been more than the usual activity in the option market the past few days. After the break of last Friday and Saturday the wheat market recovered and showed great strength, especially for May option, which increased over the July. Outside trade has switched from the May to the July, owing to the manipulations in May. Corn has also been very strong, principally in May, due to the covering of the shorts. -0 The flour market has been fairly active. Ow ing to wheat being so active and fluctuating up and down it has been a difficult matter for the millers to make an exact price on flour, which is about 10 cents higher on patents than last week. Trade in domestic has been active and there has been some export demand, principally for clears. The cash grain market has held steady, although prices have fluctuated somewhat on wheat and oats. There is a fair demand for dry samples of wheat, but other qualities continue dull. V e r y low grades are almost unsalable. No. 1 northern wheat is selling at 79j^c, although some are asking 80c for it. No. 2 northern is bringing 78c to 78^c. There is a fair demand for winter wheat. Malsters are the principal buyers of barley and they are taking only the best grades offered. The demand has been limited somewhat the past few days, the low grades meeting with very little call. There is some demand for barley to arrive, but most of the buyers prefer to take the spot stuff. No. 2 barley is quotable at 58c and stand ard at 55c to 57c. No. 3 extra sells from 49c to 53%c. No. 3 barley brings from 46c to 49c. The oat market remains about unchanged. There is a fairly good demand from local buyers and shippers and prices hold steady. No. 3 white bring 33^2 to 34JT Stand ard sells from 34J2 to 35. There is a good demand for corn, but the receipts are very light. The prices are about the same, No. 3 yellow being quoted at 40^2 to 41 and No. 3 40 to 40^2. Rye remains active and firm, wdth No. 1 bringing 52 cents and No. 2 anywhere from 49 to 51 IN https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 37 PUTS A N D C ALLS IN IL L IN O IS . (S p ecia l C orresp on den ce to T he C om m ercia l W e st.) Chicago, April 15.— Great interest is felt on ’change over the bill in the Illinois legislature to legalize trading in puts and calls. Part of the Board of Trade membership favors the bill. The officers andMirectors are very much opposed to it and their argmjffmts seem to be converting sentiment against the(bilP'^ I ne views of the element of the Board which is op posed to trading in privileges have been expressed by for mer President Warren, given in part as follows: I am not at liberty to discuss the action of the direc tory in relation to the proposed legislation to annul the anti- put and call statute. No one but the presiding officer is authorized to do so. Personally, T am opposed to repealing or annulling Section 130 of the criminal stat utes of the state, because I believe it is a good and whole some law. I also believe from every standpoint of expedi ency as well as commercial ethics that the Board of Trade should stand “pat” on its record on the “put” and “call” proposition, which has always been in opposition thereto. The statute of the state became a law in 17^741 nine years prior to that time, in 1865, the B ^ r d of Trade passed a 1 ule that neither its directors n o / its board of Arbitration should take cognizance of "puj and “ call” transactions. Thus it will be seen that the bbard itself, and not the state ) of Illinois, took the initiative in m e d i a t i n g this class of/ dealing. In every subsequehL^hange of its rules the ver dict has always been the same. The last effort to annul the anti-privilege rule of the board in 1901 was defeated by 623 to 175. In one respect I think this method of dealing is open to the same objection that bucket shopping "is, viz., that it takes the only part of the grain business which is in any way open to criticism, segregates it in a class by itself, 1 educes it to the smallest possible minimum, and makes it possible for any one and every one to gamble on the fluctuations of the market prices. Nine times out of ten a man who sells a privilege sells it with the sole object of getting the $5, so it amounts on his part simply to a bet of $5 against an unknown sum that the market will not do a certain thing tomorrow. Under this system a firm’s office boy can get into the i market on a $1 note. It is utterly demoralizing and with- I out any commercial advantage or necessity. The oats market and the provision market have existed and thriven coincident with the wheat and corn markets, but without ever having “ enjoyed” the advantage(P) of privileges, to my knowledge. Putting aside all question of business morals, from a mere standpoint of expediency, and I can still find no sound reason for wanting the statute repealed. I he selling of untold millions of privileges on either side of the market daily, restricts the market, prevents fluctua tions, drives away legitimate and beneficial speculation, at tracts a lot of “pikers” and “tin-horn” traders, and the re moval of all restrictions would come dangerously near dragging the Board of Trade down to the level of a poolroom or a bucket shop. The assertion that the business of the board has suffered by the complete suppression of put and call trading is refuted by the records. C A N A D IA N W H E A T S IT U A T IO N . Watson & Co., Winnipeg, April 16.— The wheat situa tion on April 11 as reported by Secretary Fowler of the Grain Dealers’ Association was as follows: Estimated crop of Manitoba and the Territories, 64,283.000 bushels. Total amount forwarded by railways from Sept. 1, 1902, to date, 34.754,000 bushels. Amount in transit, 795,000 bushels. A t country points, 10,644,000 bushels. Required for seed, 6,000,000. Required for feed, 1,000,000. Required by country mills 7,000,000. Total, 60,194.000 bushels. Balance in farmers’ hands, 4,089,000. Amount in store at country points, 10,644,000. Balance to be forwarded by railways, 14,733,000 bushels. Argentine Wheat Contract in Liverpool. A cable of the 16th said that the Liverpool exchange had adopted a new rule, making Argentine wheat deliver able on contract. TH E COM M ERCIAL WEST. 38 Saturday, April 18, 1903. CALIFORNIA MORTGAGE TAX. Milwaukee, April 13— In response to an inquiry from a business man of this city regarding the California mortgage taxation law, its operation, and the method resorted to for its evasion, Barnard & Robbins, attorneys at law in San Francisco, write that the law, at first popular, has become very unpopular, that the legislature has just taken the necessary proceedings to submit to the people an amendment, striking out from the constitution the taxation of mortgages. He says that as a result of the law the loaners are charging 7 and 7R> per cent interest, and that while the constitutional provision declares null and void any contract by which a debtor is obligated to pay any tax or assessment on money loaned, or any mortgage, deed of trust or other lien, or to any interest specified therein and as to such tax or assessment, a way has been found to evade the law, and the state supreme court has upheld the evasion. The letter of the San Francisco attorney is as follows: H o w th e Law [ j L ibrary B u f f et Smofring C a r s is E v a d e d . “ In reply to your request, we send you a copy of the agree ment between mortgagor and mortgagee, whereby by the payment by the mortgagor of any taxes assessed on the mort gage or money thereby secured, the mortgagee would give the mortgagor credit therefor. “We send you the form used by the San Francisco* Savings Union, one of our largest money lenders. This document is not inserted in the mortgage papers, but is in the nature of a side issue which the lender delivers to the borrower. It reads as follows: San F ra n cisco, .............................. 190.. In the m atter o f y o u r p ro m isso ry note to the San F ra n cisco S avings U nion, a corp oration , d a te d ...................................................... . m a tu rin g ........................................ f o r ........................................($ ------ ) s e cured h y .................................. o f even date th erew ith o f record in the office o f the R e co rd e r o f the C oun ty o f .................................. in L ib e r .............. o f ...............a t p a g e ...............et seq: Said note calls fo r interest a t t h e .............. rate o f ............... per cent, p a y a b le ...................................... . to say : T his corp oration (th e San F ra n cisco S avings U nion ) w ill be con ten t fo r tim e b e in g w ith p ay m en t in cash fo r a cco u n t interest at dates specified o f .............................................. o f the am oun ts then (a p p aren tly ) due, and w ill giv e cred it fo r the rem aind er to allow you the opportunity, a t y ou r option, to present receip ts sh ow in g paym e'nt w ith y o u r ow n fu nds o f all taxes and a ssessm en ts levied or assessed upon or ag ain st the real estate described in the m ortg a g e aforesa id, w h eth er in nam e o f ow ner, lien holder, or otherw ise. U pon p resen tation and d elivery o f receip ts sh o w in g p aym en t b e fo re d elin qu en cy o f ta x es and assessm ents as aforesa id, you w ill be cred ited w ith h a v in g paid su ch rem ainder o f interest, it bein g u n derstood th at the first claim fo r cred it in this beh alf can on ly be m ade on p resen tation o f paid ta x receip ts fo r the fiscal y ea r c o m m e n c in g ...................................... 19 0... and that su ch p re sen tation w ill secure cre d it fo r ba lan ce o f in terest fo r the first year only. SA N F R A N C IS C O S A V IN G S UNION. T h e C a lifo r n ia T a x P ro v is io n . “ The constitution of 1879 provides as to mortgage taxat:on (Section 4) : A mortgage, deed of trust, contract or other obligation by which a debt is secured shall, for the purpose of taxation, be deemed and treated as an interest in the prop erty affected thereby, except as to railroad and other quasi public corporations. In case of debts so secured the value of the property affected by such mortgage, deed of trust, con tract or obligation, less the value of such security, shall be as sessed and taxed to the owner of the property and the value of such security shall be assessed and taxed to the owner thereof, in the county, city or district in which the property affected thereby is situate, etc. “ Section 5. Every contract hereafter made by which a debtor is obligated to pay any tax or assessment on money loaned, or any mortgage, deed of trust, or other lien, shall as to any interest specified therein and as to such tax or assess ment be null and void.” ■sarujado j j am aaoh “The operation of the law results in the lender charging a high rate of interest, say 7 or 7^2 per cent, and giving to the borrower outside of the mortgage contract an agreement similar to that used by the San Francisco Savings Union. “After 23 years the people are beginning to understand it, and the necessary proceedings were had at the session of the legislature which adjourned day before yesterday, March 21, to submit to the people a provision to amend the constitution, striking out from it the taxation of mortgages. The mortgage tax law was at first popular, but as it began to be understood in its practical effects the borrower saw that he was getting the worst of it and to the lender it was vexatious: https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis On Burlington Route Limited trains afford the traveler all the comforts of a good club. Easy chairs, a writ ing desk, current periodicals and duplicate whist are provided. People of the kind you like to meet are tho patrons of these cars. That means a pleasant evening before re tiring to the sleeping car. A competent attendant serves light lunches and refreshments from a well-stocked prices. buffet TIC KET at moderate OFFICES : '400 Robert Street, 414 N ic o lle t A v e ., St. Paul M in n e a p o lis V - J Big Argentine Corn Crop. United States Consul Ayres at Rosario reports to the state department that this year’s corn crop in the A rgen tine Republic is unprecedented, the best estimates plac ing the crop at approximately 3,500,000 tons. . Concrete Elevator Bins Burst. A Duluth dispatch of the 16th says: T w o bins of the Peavey concrete elevator burst this morning, letting their contents of flaxseed spill out. These were corner bins of the older part of the house which is not so strongly built as the newer portion. The two bins held about 150,000 bushels of flaxseed, part of which is on the ground. The Devils Lake, N. D., Free Press says the total receipts of the Devils Lake land office, according to a report just issued, for the fiscal period were $312,596. The office ranking next was Minot, where the total receipts were $240,208. The figures for the five offices in the state were as follows: Devils Lake, $312,596; Minot, $240,208; Bismarck, $151,760; Grand Forks, $85,510; Fargo, $40,814. In the homestead entries committed to cash Devils Lake had 1,342 in number, while the other four offices in the state had 1,027 altogether. In this office during that period there were nearly 1,400 contests heard, an average of about five every day. The contest business in the Devils Lake office was larger than in all the other local landoffices in the United States together. The record shows one thing in particular, that the land in this district is valuable, and people who are looking for good farm land have found it out. Land in Ramsey county has a history behind it, a history of an 18bushel average for wheat during the past twenty years, which l average beats the famous Red River valley. 1 HE COM M ERCIAL WEST. Saturday, April 18, 1903. 39 COMMERCIAL WEST MARKET REVIEWS. Joh n H. W re n n & Co., C hicago, A p ril 15: W h e a t— L arger trade, stron g er m arket, rum ors h a v in g m u ch to do in a d van cin g a ru m or that F ra n ce w as to tem p orarily take oft her 36.8 duty, a rum or of H ession fly in N ebraska, a ru m or o f g o o d acce p ta n ces from abroad, p u t a t 50 boa t loads, besides 30 loads a t Duluth, all these ten d in g to unnerve the sh orts and cau sin g them to c o v e r rather freely . B room h all cabled d rou th had been broken in R ussia, h elp in g crops. P riv a te ad v ices from H a m b u rg toid of fr o st d am age in G erm any and F ra n ce. A rm o u r w as a better seller than Duyer, but o f course w as w illin g m ark et snould a d van ce. P rim a r y receip ts little under last year. C oun try roads v e r y bad. N o sh ipp in g dem ands here, w a te r rates % c up. C learan ce on ly 214,000 w h ea t and Hour. T he t ran ce ru m or w as absurd on its fa ce, it has not y et been agitated, an d p rob ably w o n ’ t be. In corn there w as a fa ir trade, stron g er and high er m arket, due largely to sm all receip ts, fa irly g o o d sh ipm en ts and a d v a n ce in L iv e rp o o l o f % c, an d the bulge in w h eat. O fferings rather light, and sh orts g en erally g o o d buyers. P rim a ry r e ceipts v e r y sm all, bad co u n try roads largely a ccou n ta b le fo r that. V essels held a t l % c to B uffalo, fe w on the m arket. C lea r an ces only 211 bushels, and on ly 50,000 sold here, 4 loads a t s e a board. T ra de ab ou t all local and profession a l. G enerally good offerin gs on the bulges. W e t w eath er as w ell as cold w as te m p ora rily bullish. Cars toda y 54, to m o rro w 65. * * * K n igh t, D on n elley & Co., C hicago, A p ril 15: W h e a t has scored an ad v an ce o f an oth er ce n t fo r M ay, fo llow ed clo se ly by the Ju ly w ith p rices p ra ctica lly a t the top. Outside m arkets have been stron g, qash w h eat in all p osition s sh ow in g firm er than fo r m any days. T he v olu m e o f tradin g is largest in July an d in that fu tu re p rob ably is the la rg est sh ort interest. W e ex p ect high er p rices fo r both fu tu res and advise p u rch ases on sharp breaks. C ontinued w e t w eath er delayed seed in g o p e ra tions w ith som e d am age reports fro m fro sts in the sou th w est caused uneasin ess a m o n g shorts. , T he w eath er has m u ch to do w ith the oats m ark et an d a stea d y strin g o f bu y in g orders through com m ission hou ses fo r sh ort a cco u n t ad v an ced the p rice ab ou t l c a bushel. T ra de has n ot been h ea v y in v olu m e and is o f a v e ry g en eral character. A b o u t 100,000 bushels standard oats are sold fo r shipm ent, w h ich w ill brin g sto ck s, available fo r delivery, d ow n to about 225,000 bushels. B oth M ay and Ju ly are still h ea vily oversold. S eedin g is m aterially delayed but the ad v en t o f p leasan t w eath er w ou ld doubtless start a selling fu rore and a m oderate break. * * * F y fe , M anson & Co., C hicago, A p ril 15: W h a t sp eculation w ill do in the near fu tu re w ith the oa t m ark et is an u n a n sw er able qu estion , bu t natu ral con d ition s stro n g ly su ggest higher p rices fo r all fu tu res. R eceip ts in w estern m arkets could not w ell be sm aller, and as in terior elevators con tain less than usual a t this season an d fa rm ers are late w ith sp rin g w ork no m aterial increase is p robable righ t aw ay. T he big crop, as estim ated, w as a dream . W e t w eath er w ill redu ce the acreage of the n e x t crop. Our regular elevators con tain only 331,000 bushels o f stand ard — the co n tra ct g rade— car lots o f w h ich are selling at 35% @ 37% . A ll these con d ition s m ake p resen t prices o f fu tu res look low. B arnu m G rain Co., M inneapolis, A p ril 15: If the fo re ig n d e m and con tin u es as g o o d as at present, w e w ill see high er prices w ith ou t the a ssista n ce o f A rm ou r. R eceip ts are sm all, coun try and term inal sto ck s are v e ry light and the m ills are d raw ing h ea v ily on the elevators. M cC a u ll-W e b ste r G rain Co., M inneapolis, A p ril 15: W ith one m an in com p lete con trol o f the C hicago w h eat m arket the situ a tion in all o f the oth er m arkets is one o f un certainty. T he cash situ ation here is even stron g er than earlier in the season. T he bu lk o f the receip ts are w in ter w h eat, and the w h eat in store d ecreased 468,000 bushels during the p ast w eek and ov er h a lf a m illion fo r the first three days o f the present w eek. 3 & * H . P oeh ler Co., M inneapolis, A p ril 15: A s w e have already stated in this letter tw o w eeks ago, the crop con d ition s abroad p rom ise a m uch sm aller crop than a year ago, p ossibly 250,000,000 bushels. T h is o ffsets tw ice o v e r the brilliant w in ter w h eat crop p rosp ects in this coun try, and should m ake w h eat com m an d a fa ir to g oo d p rice during the com in g year. T he p resent a d v a n cin g m a rk et is the result o f too m uch sh ort selling on crop con d ition s at hom e. T h ere is m u ch talk ab ou t m anip ulation b y A rm ou r. W T he fa c t of the m atter is that A rm ou r a s usual p rov ed to be " th e early bird that cau g h t the w o r m .” H e realized the true situation, saw that w h eat w as g ood prop erty, and a ccord in g ly loaded up w hile the other fellow s w ere sellin g them selves in the hole, out o f w h ich it is now difficult to cra w l w ith ou t le a v ing som e w reckage. T he big balloon m arked 65c w h eat and charged w ith brilliant crop p rosp ect gas, th at had been floating fo r so lon g and sca rin g the tim id ones, finally bu rst— h en ce 75c w h eat instead of 65c w h eat. T h a t is all. T he hea v y sh orts are still hold ing off. W h en they “ com e in out o f the w e t” there will be a boom in price. W hen th at tim e com es A rm ou r w ill qu ietly unload, and it w ill be a g ood tim e fo r the con serv a tive bulls to sell out and p ossib ly g o sh ort fo r a turn. * * * G eorge H. P hillips, C hicago, A p ril 15: L eg itim a te influences in the m arkets today had iittle or n oth in g to do w itn the m a k ing of the price. T he v ery bad w eath er ov er the entire cou n try is resp on sioie fo r rather ligh t receip ts of w h eat, corn an d oats. A t the sam e tim e, they run a b ou t the sam e as last year, w ith the sh ipm ents som e heavier. M ay w h eat sold a t 76 % @ 77% c and closed at 77%c. Ju ly w h eat sold at 71@72c and closed at 7 1 % @ 71% c., Shorts w ere g ood buyers in all of the pits today, hold ing out, how ever, on July oats. M arket fo r July oats has hardly a d v a n ced fa r enou gh to frig h ten the shorts. T h ey c o n tinued to buy corn all day and M ay corn closed a t 44% c sellers, w ith Ju ly a t 44%c. T here m ay be som e fu rth er ad v an ce in corn before the sh ort in terest is satisfied, but I a m o f the op in ion that corn is high enough. I am quite satisfied that there w ill be a d ecrease in tne oats a crea g e an d that w h atev er acreag e is not planted to oats will be planted to corn. T h is is n ot bullish on corn. T a lk o f m anip ulation is rife. If w e w ere to listen to the tipsters, w e are to have a corn er in M ay w h eat, M ay c o in and M ay pats. It strikes m e that w h en the bull op era tor m ust d e pend upon m anipulation fo r p rices that it is w ell to a v oid the bull side of the m arket. P resen t operation s in the m arkets are w ith the intention of finally selling out. h a ir w eath er is p red icted fo r the W est, N orth w est and S ou th w est tom orrow , and w ill likely arrive a t the C hicago B oard o f T rade in due tim e. If its ad v en t causes a break in July oats, buy then. I believe the sh orts in July oats w ill have to cover. Sell July w h eat and Ju ly co in . F or tom orrow do n ot bu y the M ay w h ea t even on a break. T here has been g ood bu yin g by com m ission houses, p ossib ly fo r A rm ou r, but also p ossibly fo r the outsiders, and a n op portunity, if the la tter w ere true, fo r the A rm ou r p eople to sell a lot of M ay w heat. In a ttem p tin g to bu y on the sm all breaks from this price one m igh t find th em selves lon g at a high price. $ ^ $ E d w ard G. H eem an , C hicago, A p ril 15: A ll sorts o f b a d w eath er new s today.' In Illinois and the cen tra l states too m uch rain ; N ebraska, h ow ever, reports d ry w eath er and bugs, so you w ill see that -if th ey can n ot kill the crop by one th in g th ey w ill b y another. In the m eantim e p riv ate ad vices con cern in g the g row in g crop are v ery fa vorab le. T he w et w eath er is not hu rting w in ter w h ea t an y. T here has been no chan ge sin ce the g o v e rn m ent rep ort w as p ublish ed; in fa ct, I have an ad v an ce report this m orn in g from the S ou th w estern G rain Jou rn al o f T opeka, K an sas, w h ich w ill be ou t tom orrow , sh ow in g the con d ition in the S ou th w est is even better than the g ov ern m en t m ade it, N ebraska included. I am n ot a bull on w h eat on ad v erse crop n ew s— I feel frien d ly to it outside o f that, and believe it should be bou gh t on the breaks, but think sales o f Ju ly a t aroun d 72c or b etter or a t the op en in g o f the m arket tom orrow morningare m ore likely to be rew arded w ith p rofits than w ill p u r chases. Y ou w ill in fer that I think the bulge fo r the tim e b e in g has exten ded a b ou t fa r enough. If y ou are lon g o f July w heat, m y a d v ice w ou ld be to sell it tom orrow m orn in g at the op en in g or sh ortly after, and do n ot bu y it ba ck until you can g et it under 71c again , w h ich op p ortu n ity I believe y ou w ill have. T here w as con sid erable corn put on the m arket toda y by parties w h o have been b u y in g it fo r som e days past. T he late bulge in w h eat, h ow ever, caused a firm er closing. Should w e have an im prov em en t in w eath er there w ill be a setback , and w ou ld w a it fo r it b efore buying. O ats w ere stron g early on lib eral bu y in g orders from the cou n try o w in g to w et w eather, but from the op en in g stren g th there w as a setback. L a ter the m a r k et ad v an ced som e again w ith the w h eat. I feel, how ever, that the acreag e o f oats is likely to be redu ced o w in g to ad verse w eath er during seed in g tim e, and Ju ly oats a t around 30c are, in m y opinion, g ood p roperty. T h ey ough t to be g ood fo r a couple o f cents, an yw ay. O f course, clear w eath er m ay have a te m p ora ry bearish influence, bu t there are too m an y sh ort o f J u ly oats to m ake them a sa fe sh ort sale. Should th ey g e t up a cen t or tw o and the sh ort interest be reduced, then they w ill do to sell again. E have bought and sold more land in Minnesota, Manitoba and Assiniboia in the past four years than any other firm in the west; our sales aggregate N e a r ly 2 ,0 0 0 ,0 0 0 A e r e s . W e still have some choice bargains in Canada lands. W e bought early, picked our lands and got them at figures that enable us to undersell any one in the business. Write for particulars. NORTHW EST COLONIZATION CO., O. A. R obertson , Pres. F. B. L ynch , Sec. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 422=432 Endicott Building, ST. PAUL, JTINNESOTA. TH E COM M ERCIAL W EST. A p ril A p ril G E N E R A L S T A T IS T IC S . 2 9 2,832,100 2,654,700 G r a i n in M i n n e a p o l i s E l e v a t o r s . R e p o rt o f the C ham ber o f C om m erce regular elevators fo r the w eek ending A p ril 11: E levator. Inc. Dec.. W heat. Oats. Flax. A tla n tic ........................ 45 295,456 1.331 32,268 “ C ” .................................. 52 160,163 55,280 C rescen t ........................ 17 33,968 14,776 1,443 E x ch a n g e ...................... 4 24,052 4,211 3,539 E le ctric .......................... 1,158,036 108,546 234,538 G reat E astern .............. . 5 297,759 188,115 93,740 G reat N or. No. 1 ........ 159,445 G reat N or. N o. 2 .......... G reat N. “ B ” C o m o .. 16 24,001 106,227 G reat W estern 1 .......... IS 212,273 70,423 91,713 G reat W e ste rn 2 .......... 26 280,619 13,917 In terior 1 ...................... 359,524 In terior 2 and 3 .......... 804,690 2,542 12 2 In ter-S ta te N o. 1 ........ 366,847 7,165 34,777 In ter-S ta te N o. .2........ 42 240,487 K ..................................... 36 177,364 509 M idw ay No. 1............... 2 39.423 220,691 M idw a y f\o. 2 .............. 95,341 13 M ississippi .................... 5 55,904 ~ M onarch ........................ 7S 865,194 365 N orth w estern 1 .......... 5 19,811 2,447 11,404 N orth w estern 2 .......... P illsbu ry ........................ 9 186,411 222,527 6,355 P ion eer Steel .............. 45 718,103 347,469 R ep u blic ........................ Ì7 823,916 104,461 S horeham ...................... 30 179,470 1,500 105,865 St. A n th o n y 1 .............. 27 1,229,846 St. A n th o n y 3 .............. 1,903,694 119,802 Standard ....................... 3 106,606 5,370 Star 25 938,369 106,839 560 U nion .. 18 773,221 47.155 V icto ria 1 77,734 93,225 C oncrete 3,902 X ............ 33 267,084 3S,159 T otal 540 12,874,910 1,232,145 1,271,023 The Government April Report. T h e A p ril rev iew o f the sta tisticia n o f the departm en t of agricu ltu re sh ow s the av erag e con d ition o f w in ter w h eat on A p ril 1 to have been 97.3, ag ain st 78.7 on A p ril 2, 1902; 91.7 at the co rresp on d in g date in 1901, and 82.1 the m ean o f the A p ril averag es fo r the last ten years. T he fo llo w in g table sh ow s for the prin cip al states the av erag es o f con d ition s on A p ril 1, the corresp on d in g averages one year and tw o y ears ag o and the m ean o f the corresp on d in g a v era g es fo r the last ten y ears: A p ril 1, A p ril 1, A p ril 1, 10-Yr. 1903. 1902. 1901. A v. K an sas .............................. .................... 97 73 105 SO M issouri ........................... .................... 95 91 98 82 C aliforn ia ........................ .................... 98 93 100 84 Indian a ............................ .................... 97 81 89 78 N ebraska ........................ 93 1 00 87 Ohio ................................... .................... 97 77 85 78 Illinois .............................. .................... 98 90 92 79 P en n sylva n ia .................. ................... 100 82 89 86 O klahom a ........................ .................... 100 67 97 88 T ex as ................................ .................... 94 72 63 83 T en n essee .......... .’ .......... .................... 98 60 81 80 M ich igan ......................... .................... 95 83 72 78 U nited S tates ................ .................... 97.3 78.7 91.7 82 W heat and F lo u r E xp o rts. B ra d stre e t’ s. T he q u an tity o f w h e a t (in clu d in g flour as w h ea t) ex ported from U nited States and Canadian ports fo r the w eek en d in g w ith T h u rsd ay is as follow s, in bushels: W e e k ending— 1903. 1902. 1901. 1900. January 1................... .. 3,336,206 4,818,471 3,914,301 2,509,682 J an uary 8 .............. .. 5,098,957 3,567,710 5,961.095 4,428,926 January 15 .............. .. 4,878,624 4,690,202 3,336,054 3.061.000 January 22 .............. . . 3,538,757 3,639,679 4,838,678 3,581,197 January 29 .............. .. 4,420,065 3,702,368 3,776,000 2,724,937 F ebru ary 5 ................ .. 3,965.916 4,800,457 4,997,813 2,902,357 F ebru ary 12 .............. . . 2,856,439 3,175,481 4,814,878 3,834,069 F ebru ary 19 .............. .. 2,713,792 3,609,435 3,424,302 3,660,850 F ebru arv 26 .......... .. . . . 2,656,879 3,234,540 5,233,313 3,863,387 M arch 5 .. 3,491,486 4,095,944 4,229,528 4,208.754 M arch 12 . . 3,366,796 2,906,250 4,690,939 2,727,450 .. 2,395,600 M arch 19 4,326,300 3,256,600 2,903,500 M arch 26 . . 2,402,000 2,904,100 4,494,600 2,962,300 A p ril 2 . . . 3,131,000 4,446,900 4,698,700 3.837.000 A p ril 9 . .. 2,833,300 3,842,000 6,405,600 2,896,600 In d ia n C orn W e e k ending— January 1 ...................... January 8 ...................... January 15 .................... Ja n u a ry 22 .................... Ja n u a ry 29 .................... F ebru ary 5 .................... F ebru ary 12 .................. F eb ru a ry 19 .................. F ebru ary 26 .............. M arch 5 ........................ M arch 12 M arch 19 M arch 26 ...................... E x p o r t s , In B u s h e l s . B ra d stre e t’s. 1902. 1903. 2,537,542 270,236 2,856,981 136,873 2,394,612 298,093 2,376,683 179,520 2,945,999 427,018 169,145 2,400,316 527,366 1,830,170 3,739,457 247,830 2,368,939 312,664 352,406 3,817,609 183,414 3,257,999 339,900 3,072,100 139,200 3,618,200 1901. 4,470,521 4,897,345 5,184,550 3,972,152 2,487,707 4,171,440 4,760,422 3,267,668 4,185,440 3,956,137 3,246,575 2,605,100 3,582,900 1900. 4,019,036 3,314,576 3,197,312 3,526,834 3,598,962 3,450,309 3,490.335 2,896,175 4,533,730 2,187,824 3,729,291 3,123,800 3,190,600 Saturday, April ,8, 1903, 330,500 158,600 2,990,500 2,623,900 4,361,600 2,799,400 Cereal E x p o rt s , w i t h D e s tin a tio n s . I h e exports o f w heat, corn and flour from the U nited States and C anada (co a stw ise sh ipm ents in clu d ed ), w ith ports o f d es tination, fo r the w eek ending A p ril 2, 1903, fo l l o w T o— W h eat. Corn. F lour. L iverp ool . 185,355 283,051 19,662 L on d on . . . 326,813 145,713 183,457 B ristol 15,990 17,257 358 G lasgow .. 40,000 17,142 10,077 L eith ........ 158,000 H ull .......... 39,960 1*7* Ì92 N ew castle M anch ester *48* ÓÓÒ B elfa st . . . 130,201 7,000 D ublin O ther U nited K in g d om .. .......... 130,000 U nited K in gd om , orders. .......... 150,850 2,499 A n tw erp .......................... 71,049 214,883 515 H ollan d .................................. 25,535 736,425 46,453 F ra n ce .................................... 55,933 102,856 G erm any .............................. 72.000 527,719 11,369 P ortugal, Italy and Spain .......... 300,427 3,926 S cand inavia ........................ 20.000 73,857 1,816 A sia ........................................ 23,760 A fr ic a ..................................... 206,138 .......... W e s t Indies .......................... 13,048 .......... 50,622 A u stra la sia ............................ A ll others ............................. 1,732 *21,933 T ota ls, bushels 1,565,200 Cereal 2,561,926 E x p o rt s b y P orts. B ra d street’s. F lour, bbls. W heat, bush. T his L a st T his L ast F rom — w eek. w eek. w eek. w eek. N ew Y ork ----- 87,666 82,116 283,459 544,874 P h ilad elp h ia . 10,550 83,763 5,876 53,183 B altim ore . . . 58,815 41,298 24,000 32,339 B oston .......... 14,009 2,973 7,934 42,661 N ew p ’ t N ew s 15,953 4,627 7,743 16,000 N o r f o l k ......................... 4,866 M obile ........... 3,248 5,850 P ortlan d, M e .............................. 59,374 38,335 N ew O rleans. 70,000 68,000 194,000 132,000 G alveston ___ 29,589 9,430 189,200 16,000 San F r a n ----- 11,838 13,971 ........ 100,000 P o rtl'd , O re ................................ 18,600 .......... T a c o m a ........ 26,338 10,042 139,347 95,120 Seattle .......... 10,000 5,500 St. John, N .B . 3,000 31,000 1*6*9* ÓÓÔ 4*2*5,ÓÓÒ T ota ls To— 383,447 Ind. Corn, bush. T his L ast w eek. w eek. 400,504 475,532 242,024 638,216 786,101 1,039,021 233,561 105,784 108,342 92,089 25,715 370,000 85,711 676,000 208,200 ----- 341,056 363,436 1,098,533 1,495,512 2,654,732 2,832,068 U nited K in gd om C ontinen t .......... G r a i n on P a s s a ge . W h e a t and flour. ............................ 19,200,000 ............................ 13,840,000 T ota ls w eek en d in g A p ril 2 ............ P reced in g w eek ....................................... C orresp on din g w eek 1902 ...................... V is ib le 33,040,000 29,360 000 46,320*000 Corn, bush. 4.080.000 7.225.000 11.305.000 13.175.000 7,310,000 S u p p ly of G rain. 'il 1 1 . W heat, Corn, In store a t—• bu. bu. 183,000 B altim ore ...................... 677.000 B osto n ............................ 34,000 463.000 B u ffalo ............................ 662,000 do. a f l o a t ....................................... C h icago .......................... 6,238,000 3,615,000 do. afloat .................... 104,000 224,000 D etroit ............................ 432,000 61,000 D uluth ............................ 6,417,000 1,000 F t. W illia m , O n t.......... 4,018,000.. G alveston ...................... 485,000 89.000 Indian apolis .................. 202,000 120,000 K an sas C ity .............. 1,183,000 307,000 M ilw aukee ...................... 878,000 24.000 do. a f l o a t ...................................... M inneapolis ................... 12,875,000 31.000 M ontreal ........................ 507,000 41.000 N ew Orleans ................ 763,000 375.000 N ew Y o rk ...................... 194,000 547.000 P eoria .............................. 522,000 69.000 P hilad elp hia .................. 20,000 412.000 P o rt A rthur, O n t............................. 275,000 do. afloat .................... 90,000 T oled o ............................. 758,000 790,000 do. a f l o a t ....................................... T o ro n to .......................... 34,000 On C a n a l s ........................................ On L ak es ...................... 1,392,000 935,000 On M iss. R iv e r .............. 239,000 T ota l ...........................40,164,000 L a st year ........................ 46,611,000 8.969.000 7.550.000 Oats .................................................................... R y e ...................................................................... B a rley ................................................................ A p ril 14. W h eat, Corn, bu. bu. 186,000 722.000 177.000 491.000 773.000 6.746.000 1.055.000 447.000 6.442.000 3.940.000 447.000 194.000 1.474.000 905.000 3,850,000 651,000 53,000 13,343,000 508.000 763.000 428.000 630.000 18,000 275.000 43.000 41.000 375.000 515.000 65.000 610.000 884,000 1,183,000 1,000 138.000 173.000 309.000 255.000 34,000 98.000 16.000 91,000 41.958.000 48.410.000 9.811.000 8.508.000 A p ril 11. 6,679,000 1,039,000 1,662,000 Y e a r ago. 3,054,000 1,972,000 1,178,000 THE BARNETT & RECORD COMPANY M IN N E A P O L IS , M IN N . Elevator Builders and General Contractors. W e design and build G ra in E le v a to rs of e ve ry T y p e : T ile , S te e l, C o n c re te and W o o d . https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Dock Work and Heavy Construction a Specialty. Saturday, April 18, 1903. TH E COM M ERCIAL WEST. 41 t a p hburn. crqsbv g old m e d a l . Advertised Extensively--Unvarying Quality. A ddress W A S H B U R N -C R O S B Y C O ., M INNEAPOLIS, MINN. Ceresota Flour ■ MaK.es the "Best B read — A million housekeepers say so by using it in prefer ence to any other, but we don’t ask you to believe without the proof. Try C E R E S O T A F L O U R in your next baking and then decide for yourself. E v e ry Sack W a rra n te d Money back if you are not satisfied ■ Manufactured by ■ — ■ ■ — The Northwestern Consolidated Milling Co. Minneapolis, Minnesota. Electric Steel Elevator Co. CAPACITY 1 ,700,00 0 BUSHELS. GRAIN DEALERS AND WAREHOUSEMEN. Flaxseed and Milling Wheat for sale. Correspondence solicited from country millers and from flaxseed crushers. Office 75 Chamber of Com m erce, G R A IN c o m m is s io n C. A M alm qu ist. E. L. Welch & Co. Grain Com m ission. 1011 Chamber of Commerce, MINNEAPOLIS, MINN, MINNEAPOLIS. The M cC aull-W eb ster Grain Company, https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis E. L. W e lch . . Minneapolis, Minn. R. G. Chandler ^ Co. GRAIN AND PROVISIONS 6 Sherman St., CHICAGO. TH E COM M ERCIAL WEST 42 Saturday, April 18, 1903. A llis 'C h a lm e r s C o m p a n y Chicago, Illinois. P B u ild e rs of FLOUR MILL MACHINERY, Reynolds’ Corliss Engines. Power for Every Glass of Work. A L U M IN U M Ingots, Castings, Sheet, Wire, Bars and Tubing. Aluminum Wire and Cable, Bare and Insulated for Electrical Conductors. P rices on Hie Waterloo Gasoline Engine Co. w «teri#., ia . The Pittsburgh Reduction Co. A p p li c a t io n . Pit t s b u r g h , pa . Branoh Hou»es. David Bradley & Co. Council Bluffs, Iowa ; Bradley, Clark ¿c Co., Minneapolis, Minn. It you need HONSTAIN, BIRD & CO. Power for any Purpose Builders of B u y a T H O M P S O N -L E W I S an d h a v e a r e lia b le G a s or Gasoline Engine T h a t w ill a lw a y s b e re a d y an d e a sy to start, sa fe co n v e n ie n t, e c o n o m ic a l an d d u ra b le. F o r d e s cr ip tiv e c a ta lo g u e, a d d ress th e m a n u fa c tu re rs . G R A IN Elevators J. Thompson & Sons Mtg. Co., Beloit, Wis. 307 South Th ird Street L. O. HICKOK, M inneapolis. MINN. Grain Elevator Builder. 306 FLOUR EXCHANGE, M inneapolis, M inn. LARGEST GRINDING CAPACITY, Durability, easy running qualities are the strong points of NORTHWAY FEED MILL. They are guaranteed to grind more bushels to the horsepower, and do the work better than any other feed m ill made. We can give you plenty o f evidence o f the truth of that as sertion. I f you want a money mak ing feed mill, and the best feed mill write us about this one. STRONG & NORTHWAY MFG. CO Long D i s t a n c e ’ P h o n e M a i n 1 4 6 6 . Over t h irty y e a r s ’ experience. C orrespon dence S olicited. MINNEAPOLIS, MINN. S. H. TROMANHAUSER, Designer and Builder, GRAIN ELEVATORS FIREPROOF BRICK CONSTRICTION A SPECIALTY. Country or Terminal Elevators in any Design or Capacity. Write lor Plans and Estimates. 805-6 PHOENIX BLDG., MINNEAPOLIS. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Saturday, April 18, 1903 TH E COM M ERCIAL WEST 43 PILLSBURV’S BEST FLOUR Made in the largest mills in the world, w ith 30,000 Barrels Daily Capacity. We have had so much experience making FLOU R FOR ALL N A T IO N S that we know how to make the quality desired. Our large and growingtrade in Australia, South Africa and other foreign countries indicates that PILLSBURY’S BEST is popular in all parts of the globe, and substantiates the claim that WE FEED TH E W OR LD We solicit correspondence w ith buyers in China, Japan, the Philippines and the Orient in general. Our facilities insure prompt attention to orders. sbury-Washburn Flour Mills C o d ! M INNEAPOLIS, MINN., U. S. A. Members Anti-Adulteration League. F a ir b a n k s S c a le s Fairbanks=Morse Qas & Gasoline Engines. Fairbanks=Morse Steam Pumps. Fairbanks=Morse Dynamos and Motors. Eclipse Standard and Fairbanks Galvanized Steel Mills. Trade Mark FAIRBANKS, MORSE & CO. ST.PAUL. MINNEAPOLIS. W I L L F O R D M A N U F A C T U R I N G CO. IIII I Dam HCDO W ill u UILUl i i u AND DEALERS IN FLOUR TULL AND e l e v a t o r m a c h in e r y a n d s u p p l ie s Special attention given to Roll Grinding and Corrugating. General Agents for Barnard & Leas Manufacturing Co. Office: 30 3 Third Street South, https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis VIUNTSE/VROLAS. TH E COM M ERCIAL WEST 44 Saturday, April 18, 1903. William Commons, Frank W. Common», Howard W. Common». THE VAN DUSEN-HARRINGTON CO. COMMONS & CO. COMMISSION MERCHANTS, r* D a TNT M i n n e a p o l i s L r r \ /\ 1 1 N and n rr< t C T H r ' i /' J l LI V duluth. south st. paul Grain Commission Merchants Minneapolis and Duluth. Receiver» and Shippers of Wheat, Coarse GrainB and FlaxBeed. Orders for Fu ture Delivery Executed in all Markets. George W. Peavey. Frank T. Heffelfinger. n M. p 1I ¡ J a q System of Grain Elevators Embraces the greatest number of aggregate storage capacity of world. Total capacity in eight Grain Elevators with the largest any Elevator System in the states, 35,800,000 bushels. HEADQUARTERS: Chicago Correspondents: Chicago. D u lu t h a n d M in n e a p o lis . MINNEAPOLIS. Branch Offices: ARMOUR GRAIN COMPANY. CARGILL COMMISSION CO. Duluth. Kansas City. Commission Merchants. Omaha. T h e St. A nthony Elevator Co. C a p a c it y , 3 ,2 5 0 ,0 0 0 B u s h e ls . GRAIN MERCHANTS AND WAREHOUSEMEN. Room 322 Flour Exchange. MINNEAPOLIS, MINN. W m . H. D u n w o o d y , President. J oh n W a s h b u r n , Vice-President. Grain and Frederick B. Wells. Charlis F. Deaver. .1 w d . V V W . R. M U M F O R D , P r e s i d e n t . C h a s . J. M a r t i n , Sec’y and Treas. W. G. A in s w o r t h , Gen’l Manager. C L A R E N C E H . T H A Y E R , S e c . and G e n . Mgr E. S. WOODWORTH & CO. W .R . M UM FO R D C O . SHÌPPING STOCKS, BONDS, GRAIN, SEEDS, AJND c o r n i v i IS S IO IV . Special Private Wire to New York. M AIN O FFICE: 528-532 Rialto Bldg. Minneapolis, Duluth, Milwaukee and Chicago ORDERS FOR FUTURES EXECUTED IN ALL MARKETS. E. S. W o o d w o r t h , P re sid e n t. G. P. H a r d i n g , Vice-President. W . S. W o o d w o r t h , S e c’y an d Treas. CHICAGO. MINNEAPOLIS, 79 Chamber of Commerce. KANSAS CITY, 605-606 Board ol Trade. ST. LOUIS, 60 Laclede Bldg. MILWAUKEE, 113 Michigan St. Liberal Advances on Consignments. Daily Market Letter Mailed Free on Application. Members Different Exchanges. B. H.WOODWORTH, Pres’t. E. S.WOODWORTH, V-Pres't R. P. WOODWORTH, Sec’y & Treas. WOODWORTH E L E V A T O R CO., M IN N E A P O L IS , M INN. J. F. W h a llo n . Geo. P. Ca se . Geo . C. B a g l e y . Whallon, Case & Co. STOCKS, BONDS, G R A IN and P R O V ISIO N S. C h a m b e r of C o m m e r c e , THOMAS & DUNNETT, GRAIN COMMISSION. C h as. M. C a s e . MEMBERS: M IN N EAP OLIS. New York Stock Exchange, Ckicafo Board of Trade, Minneapolii Chamber of CoHnerce. Daily Market Letter Free on Application. C h a m b e r ol C o m m e r c e . M IN N E A P O L IS . JAMES P. SMITH & CO. GRAIN MERCHANTS, 4 .17-41* R l»lt* B u il d in g , C HIC A G O Orders in option» oar rfn lly D u lu t h M ilw aukee C hi c a go E. A . B R O W N & C O . W M I...I. Grain Commission Merchants, 923 Chamber of Commerce, Minneapolis, Minn. Liberal Advances made on Consignment https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis LEATHER FURNITURE As a special inducement for the next 30 days we will sell this beautiful, full steed wire frame, leather Patent Rocker for $45. It is covered with the very best quality hand dressed leather, upholstered with hair, and has the celebrated ‘ ‘Karpen Construction.” Send for our Catalogue of Office Desks and Furniture. Boutell Bros., Complete Office Furnishers, First Are. S. anil 5th St., MINNEAPOLIS. 1 TH E COM M ERCIAL WEST. 45 Hulburd, Warren & Co. CARRINGTON, PATTEN s COMPANY Saturday, April 18, 1903. Capital, $250,000. Surplus $50,000. COMMISSION MERCHANTS, GRAIN AND PROVISIONS. Receiving - Shipping - Futures. Business Solicited in Any Department. OFFICERS: W. S. Warren, President; A. C. Davis, Yiee-President; Charles H. Hulburd, Treasurer; C. J. Northup, Secretary; John Gillies, Asst. Treasurer. DIRECTO RS: Charles H. Hulburd, W. S. Warren, A. C. Davis, O. T. Hulburd, C. J. Northup. 47 Board of Trade, CHICAGO. R U M 5 EY (& Successors to CARRINGTON, HANNAH &C0. G ra in , P ro v is io n s , S to c k s & C o tto n . SUCCESSORS TO M em bers C hicago Board o f T rade. MERCHANTS, 97 Board of Trade Bldg. CHICAGO. Grain, Provisions and Seeds, Cash and Future Deliveries, ST. C H ICAGO. Commission M e r c h a n t s CO M PAN Y. R U M S E Y , U G H T N E R (U C O ., COM M ISSION 6 AND 8 SHERMAN BARTLETT, FRAZIER & CO. L. B A R T L E T T <& SON COMPANY, C o m m issio n M erch an ts. 23 Chamber of Commerce, MILWAUKEE Branches: Minneapolis, St. Louis Kansas City, Chicago. W A N TE D M O R E C U S T O M E R S Why not set into the “ Shipping to us habit,” we know it will grow on you. STOCKS AND BONDS GRAIN and PROVISIONS Western Union Building, Chicago. No. 7 New Street, New York. Minneapolis— Milwaukee. Chicago Board of Trade, New York Stock Exchange, New York Produce Exchange, New York Coffee Exchange, Chicago Stock Exchange, Liverpool Corn Trade Association, New York Cotton Exchange, Mil waukee Chamber of Commerce. MEMBERS: PRIVATE WIRES TO ALL POINTS. LA S IER &, H O O P E R , ,0s GRAIN RECEIVERS AND SHIPPERS. r CHICAGO MILMINE, 80DMAN & CO., Henry B. Slaughter, Arthur 0. Slaughter, J r ., Frank W. Thomas, Grain, Provisions, Stocks, Bonds, Cotton. A. 0. Slaughter Jr., & Co. S U C C E S S O R S TO A. O . S L A U G H T E R Invites Correspondence R egarding Unlisted Securities. CO. Minneapolis and Duluth. B R O K E R S . C H ICAG O , 5 and 7 B oard of T rade. N E W Y O R K , 401 P r o d u c e E x c h a n g e . & Barnufli Grain Go. MEMBERS: ^ New York Stocky Exchange. Chicago Stock Exchange. Chicago Board of Trade, New York Cotton Exchange. I Stocks, Bonds, Grain and Provisions. MINNEAPOLIS OFFICE: GRAIN and COMMISSION MERCHANTS. Telephone Main 1910. J. C . V E R H O E F F , M a n a g e r . Armour Grain Company 115 and 117 La Salle St., CH ICAGO. W. H. LAIDLEY & CO. STO CKS, BONDS, E S T A B L IS H E D 1854. IRWIN, GREEN & CO. GRAIN PROVISIONS—STOCKS—BONDS 128=131 Rialto Bldg., CHICAGO. M a rk e t L e tte r M ailed on Application. G R A IN S , P R O V IS IO N S Bank Stocks and Investment Securities. GRAIN 5 Ë SEND FOR OUR D A IL Y M A R K E T LETTER. Member Chicago Board of Trade. Telephone, Main 4412 or Main 170. 205 La Salle Street, CHICAGO Gregory, Jennison & Co. M IN N E A P O L IS . Grain Elevators. Storage Capac.ty ( Terminal 1,300,000 Bushels. j C o u n try Shippers of Oats and Rye ’ 500,000 C H IC A G O , ILL. D u lu t h Of f ic e : 606 Board of Trade. WALTER A. THOMAS & GO. M IN N E A P O L IS , M INN. S h i p us y o u r G R A I N , an d s end us y o u r o r d e r s on f ut ur es . C l in t o n MoREisoN,Pres. D. L. R a y m o n d , See L. C. M i t c h e l l , V-Pres. H.F D o u g l a s , Treas. and Gen. Man. RANDALL, GEE 4 MITCHELL Great Western Elevator Company. “ Write for Quotations. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 190 LaSalle Street, R e f e r e n c e ¡—Swedish American National Bank. M IN N E A P O L IS M IN N . GRAIN CO M M ISSIO N M ERCHANTS. Minneapolis Office, Corn Exchang TH E COM M ERCIAL WEST 46 Winter Tourist Rates The Lackawanna Habit THE CELEBRATED RESORTS OF THE SOUTHWEST. Hot Springs, Ark., San Antonio, El Paso, Galves ton and other resorts of the Gulf of Mexico and California, are best reach ed by the Saturday, April 18, 1903. Only One Night T O F L O R ID A In addition to its regular 9 a. m. ana 8:30 p. m. train service for all points south, the Big ^ Route MISSOURI PACIFIC RY. AN D IRON MOUNTAIN ROUTE Which offer greatly re duced rates for the season. For illustrated Booklets, Rates and further infor mation, address Bissell Wilson, ONCE CONTRACTED HARD TO BREAK [i Adams St. Chicago, III. Any one of the numerous Lackawanna Railroad passenger trains between New York and Buffalo, Chicago and St. Louis will give it to you. Smooth roadbed, lu x u rio u s s le e p in g and parlor cars, a la carte dining service, ro o m y c oaches, courteous train men, absence of smoke and dust are the causes. Ticket offices at NEW YORK CHICAGO D. P. A. BUFFALO ST. LOUIS is running a Pullman drawing room sleeper on its 1 p. m. train, daily except Sunday, Chicago to St. Augustine, Flori da, via Indianapolis, Cincinnati, Atlanta, Macon and Jacksonville, only 32 hours enroute. This train is known as the “ Chicago and Florida Special” and is strictly up to the 20th century mark. Call on agents for rates and tickets via “Big Four-Q & C. Route” or address Chas. S. LaFollette, T. P. A., or J. C. Tucker, Gen’l Northern Agent, 234 Clark | St., Chicago. Electric Sleeping Lighted C ars ^ On “ T h e O v e r l a n d L i m i t e d “ are four teen-section cars with drawing rooms. Interior finished in Circassian walnut, English oak and Cuban mahogany, with furnishing to harmo nize. Each section and drawing room is pro vided with two electric reading lamps, and electric lights adorn the empire ceilings. Drawing rooms with annex toilet room, con taining dressers with every convenience, including ladies’ electric curling iron heater, etc...................... . T h is fa m o u s tra in reach es S a lt L a k e City 12 h o u r s a n d S a n F ra n cisco 16 h o u r s a h ea d o f a ll com petitors. . . . If you contemplate a trip to any Western point, the UNION PACIFIC offers you the highest degree of comfort and luxury, with no additional cost and a great saving of time and expense. IT LEADS Full information cheerfully furnished on appplication to E. L. LOMAX, G. P. & T. A„ In every detail of conven ience and comfort in rail way travel. The Pioneer Limited VERY LOW ONE-W AY and V IA . C H IC A G O M IL W A U K E E <S* S T . P A U L R Y . Daily to Milwaukee Chicago. and Particular attention given sleeping car reservations to and beyond Chicago. We solicit inquiry for rates, etc. W. B. Dixon, liorthwestern Passenger Agent, St. Paul. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis OM AHA, NEB. ROUND-TRIP RATES to THE NORTHWEST VIA THE Northern Pacific Railw ay. One-way colonist tickets on sale until June 15th. Round-trip homeseekers tickets on sale first and third Tuesdays, April, May and June, at rate of one fare plus $2.00 for round trip. ^ For full information write at once to Chas. S. Fee, (4. P. & T. A. St. Paul, Minn. 47 TH E CO M M ERCIAL WEST. Saturday, April 18, 1903. C h ic a g o ’s Like a Welcome Guest. M ayor S ays: “ It is doubtful if such kind ness and courtesy can be met anywhere else as is shown by the railroad em ployes on the through trains west of Chicago. T hey are all mind readers. A ll you have to do is to look a little anxious and som ebody will imm ediately volunteer the exact inform ation you need. You are looked after like a welcom e guest. You have every convenience that a first-class apartment home affords except a bath tub, and I presume the porter could have produced that if necessary.’ ’ “ If under 30 years of age I would settle in Oklahoma. I advise young men to go there. The country is inspiring and most alluring, with a future full of promise. Every one is making money.” Thi» letter was written by a lady who made the trip to California in a Rock Island tourist sleeping car. It tells its own story. All that it is necessary to add is that Rock Island tourist cars leave St. Paul and Minneapolis four times a week for San Francisco and Los Angeles. Choice of routes— “ Scenic” or “ Southern.” Call or write for folder giving full information. F. W . C a l d w e l l , C. P. A ., 322 Nicollet A ve., Minneapolis. — The way to go is over the Santa R e most directly reaches richest sections of Oklahoma. Cheap excursion rates to Great Southwest, one-way or round-trip first and third Tuesdays monthly. The Santa Fe is building a new line in Eastern Oklahoma. Ask for Oklahoma Booklet. Ticket office A. T. & S. F. Ry., 503 Guaranty Bldg., Minneapolis. S a n ta F e W WWWWH IT IS ERIE RAILROAD “ T H E T R A I N T O R C O M F O R T ** Every Night Minneapolis, St. Paul to Chicago is The, N o r t h - W e s t e r n F i n i i t e d . All the way from Chicago to Buffalo, Niagara Falls and New York. Double daily through service. Through sleepers and coaches Chic ago to Columbus,O.Through coaches, b a g g a g e cars, sleepers and dining cars Chicago to New Y o r k . Through sleepers Chicago to Boston. A thousand miles of one railroad, every mile of which is protected by safety block signals. For rates, time-tables and detail information apply to H. B. SMITH, T. P. A., ERIE R. R. Pioneer Press Building, St. Paul. Try it on your next trip— you’ll be pleased with the appointments. Teasdale, General Passenger Agent, St. Paul, Minn. T. \V. HlinoisCentralR.il. EFFICIENTLY SERVES A VAST TERRITORY CHICAGO GREAT W ESTERN RY. on P a la ce Wheels T h e n ew E lectric Lighted F ree C h a ir Cars o f th e “ G reat W estern L im ited ” by through service to and from the following cities: CHICAGO, IL L OMAHA, NEB. MINNEAPOLIS, MINN. ST. PAUL, MINN, KANSAS C IT Y , MO, PEORIA, IL L EVANSVILLE, IND. ST. LOUIS, MO. CINCINNATI,OHIO. NEW ORLEANS, LA. MEMPHIS, TENN. HOTSPRINGS.ARK. LOUISVILLE, KY. NASHVILLE, TENN. ATLANTA, GA. JACKSONVILLE, FLA. Through excursion sleeping-car service between Chicago and between Cincinnati AND THE PACIFIC COAST. R u n n in g e v e r y n i g h t b e tw e e n Chicago, St. Paul an d M in n e a p o lis. T h e s e cars are jvist out of the shops and are built for com fort and beauty. 3 3 3 J. P. E L M E R , General Passenger Agent, CHICAGO, ILL. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Connections at above terminals for the EAST, SOUTH, WEST, NORTH. Fast and Handsom ely Equipped Steam -Heated T ra in s — D ining C a rs— B u ffe t-Lib ra ry C ars— Sleeping C a rs— Free Reclining C h a ir Cars. Particulars of agents of the Illinois Central and connecting lines, A. H. HANSON, Gen’l Pass’r Agent, CHICAGO 48 TH E CO M M ERCIAL WEST. Henry Poehler, Alvin H. Poehler, George A. Duvigneand, Chas. F. Poebler, Walter. C. Poehler H. POEHLER COMPANY, ESTABLISHED 1855. INCORPORATED 1893. GRAIN COMMISSION, BOARD OF TRADE: DULUTH, MINN. CHAMBER OF COMMERCE: MILWAUKEE, WIS. BOARD OF TRADE: CHICAGO, ILL m « m o 8 1 6 - 8 1 9 C h a m b e r of C o m m e r c e , MINNEAPOLIS. Buying for Country M illing Trade a Specially. Saturday, April 18 i r t f O 0 A A A I # A A btU’ U' WOK GO INVESTMENT SECURITIES. Counselman Bldg., 238 La Salle St., CHICAGO. Broad Exchange Bide. 25 Broad Street, NEW YORK. Orders in Futures Executed in any Market. We Buy and Sell of Commerce, The National Bank Minneapolis, Minn. Capital and Surplus, _ . „ $ 1,200,000. OFFICERS: S. A. H a r r i s , President. H . H. T h a v e r , Vice-President. A. A. C r a n e , Cashier. W. S. H a r r i s , Assistant Cashier. We give special attention to out-of-town investments and speculative accounts. Our private wires and our connec tions with all of the principal exchanges enable us to give prompt and accurate JAMES DORAN & service. CO. , Correspondence B a n k B u ild in g , MEXICAN GOVERNMENT AND STATE BONDS. Write for descriptive lists to Geo. D. Cook Company, NEW YORK. CH ICAGO. C . D. H O L B R O O K & C O . M ILL AND ELEVATOR invited. MACHINERY ST. PAUL, MINN. SUPPLIES. Coffield Gasoline Engines. MINNEAPOLIS, MINN. W . A . R a m s e y , P res. & T reas. Established 1870. Qeo. L. M iles, S e cre ta ry Minnesota Linseed Oil Go., Ltd. HOIT GRAIN CO. Old Process Linseed Oil, 8LloÄ kÄ aS lEeSe^ c. M in n e a p o lis , M sn n eso ta . OATS, BARLEY,CORN M a n u factu rers of R e ce iv e rs and S h ip p ers C orrespondence and B usin ess S olicited . 308 Grain Exchange, MINNEAPOLIS. A merican Linseed C o. M a n h a tta n B u ild in g , C h ic a g o , 111. 100 W illia m St., N ew Y o r k , N. Y . Manufacturers and Refiners of Linseed O il, O il Cake, Ground Linseed Cake, and Ground Flaxseed=PURE linseedoilsoap, S P EC IA L BRANDS: A R C H E R 4 C O ..........................................................................................................................S t . Pa n , , M i n n . D O U G L A S & CO. ... .. .. C R O W N L I N S E E D O I L W O R K S ....................................................................................S t . L o u i s M o C L O S E L I N S E E D O I L W O R K S .................................................................................. .. City> l o w a * D E S M O I N E S L I N S E E D O I L W O R K S .............................................................D e s M o i ne s , I owa. H A W K E Y E L I N S E E D O I L W O R K S .................................................................M a r s h a l l t o w n , l owa. S I O U X C I T Y L I N S E E D O I L W O R K S ................. ...................................................S i o u x C i t y l owa W O O D M A N L I N S E E D O I L W O R K S .................................. Om aha Neb K A N S A S C I T Y L E A D A N D O I L W O R K S .................................................. ' .. ‘ . K a n s a s C i t y M o ' T O P E K A L I N S E E D O I L W O R K S ................................................................................ T o p e k a , K a n s a s ! M E T Z G E R L I N S E E D O I L W O R K S ................................................................. C h i c a g o III W R I G H T & H I L L S L I N S E E D O I L W O R K S ....................................................... . . . . . C h i c a g o ’ III W R I G H T &. L A W T H E R L I N S E E D O I L W O R K S ....................... C h i c a g o ’ III C L E V E L A N D L I N S E E D O I L W O R K S ................................................................................ C h i c a g o ’, III! WE MAKE A SPECIALTY OF BLEACHED, REFINED AND HIGH GRADE VARNISH OILS. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
@FedFRASER