Full text of Commercial West : April 2, 1904, Vol. VI, No. 14
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R E P R E S E N T IN G
---------------------------------
WESTERN INVESTMENTS,MANUFACTURING, MILLING AND GRAIN.
THE SOUTHWEST.
THE CENTRAL-PACIFIC W EST.
THE NORTHWEST.
SATURDAY, APRIL 2, 1904
Vol. V I.
No. 14
CAPITAL, ONE fllLLION DOLLARS, SURPLUS ONE niLLION DOLLARS.
O F FIC E R S:
D IR ECTO R S:
A . C. Ba r tle tt,
C. L. H u t c h in s o n ,
J . Ha r l e y B r a d l r y ,
M a r v in H u g h it t ,
W il l i a m A . F u l l e r ,
A lber t A . Sprag u e,
Ma r t i n A . R y e r s o n ,
H. N . H ig in b o t h a m ,
B y r o n L. S m it h .
B y r o n L . S m it h , - - President
F. L. H a n k b y , - Vice-President
G eo r g e F . O r d e , - - - Cashier
T h om as C. K in g , - Ase’ t Cashier
S olomon A. S m it h , Aes’ 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 , A ss’t Secretary
E. C. J a r v i s , .................... Auditor
The
R ookery,
BANKINQ, SAVINGS, FOREIGN, AND TRUST DEPARTMENTS.
F
is k
A: R
o b in s o n
First
BANKERS
Government Bonds
and o th e r
Trust and
Investment Securities
MEMBERS NEW YORK STOCK EXCHANGE
3 5 CEDAR STREET
2 8 STATE STREET
NEW YORK
BOSTON
Savings Bank
CHICAGO
__
io i n t
0 /
IN T E R E ST ON
3 /o SAVINGS ACCOUNTS
n o r t h w e s t
T R U S T S EXECUTED
I NT E R E ST BEARING
H a v e you ever considered the
advantages to yo\ir fam ily of naming
this C om p an y a s yovir Executor
o r Trustee? A m ong th e s e are;
P E R M A N E N C Y B e c a u s e a corporation;
R E S P O N S I B I L I T Y : Because of our
ample capita 1 and surplus, $ 650 .00 0 . 0 0 ;
E F F IC I E N CY: Because of the skill,
experience and prompt procedure of
counsel;
E C O N O M Y : B e c ause the cost of administration is less than by an individual.
1
YAH accounts balanced daily. HAI Trust Funds
kept separate. TjAll Investments of Trust Funds
mustreceive IN A D V A N C E the unanimous approval
of our President, Secretary, Treasurer and Trust
Officer.
RAILROAD A N D
C O R P O R A T IO N
DOMnC
DUIlUO
J A M E S B. F O R G A N , Pre si de nt
D A V I D R. F O R G A N , Vic e- Pre si de nt
E . K . B O I S O T , Vi ce-Pres. and Mgr.
R. D. F O R G A N . Asst. T re a s u re r
D. V. W E B S T E R , A sst. Secy.
FIRST
The Minnesota
Loan & Trust Co.
412 to 415 Chamber of Commerce,
M INNEAPOLIS.
P r iv a t e W ir e s .
T e le p h o n e M 1568
G R A I N , PROVISIONS,
STOCKS, BONDS.
New York and Chicago Correspondents:
H arris, Gates & Co.
B artlett, Frazier & Carrington
John P. Hollingshcad & Co.
B A N K E R S .
Commercial Paper
W . G. H E A T H , M g r ., 205 L a S a lle S t .
New York, 5 Nassau St.
C H IC A G O .
municipal
NATIONAL
BANK BUILDING
EVERSZ & COMPANY
PRIVATE W IR ES .
I. G . A N D R E W S
MINNEAPOLIS
G rain , S t o c k s , B o n d s and
P r o v is io n s
BANKERS
M EM BER:
Chicago Board of Trade
Minneapolis Chamber of Commerce
Milwaukee Chamber of Commerce
G o vern m en t Bonds
131 GUARANTY BUILDING
and other
S a fe I n v e s tm e n ts
Call or write for further particulars.
313 Nicollet Avenue,
M I N N E A P O L I S , M IN N E S O T A .
C E R T I F I C A T E S OF D E P O S I T
HIGH GRADE
Chas. E. Lewis 4 Co.
riembers of all Principal Exchanges.
B a n k e r s
OF THE
C H I C A G O .
WALTER COMSTOCK
New List on Application
220
LA
SALLE
STREET
C H ICA G O
G R A IN
AND
P R O V IS IO N S
3 Board of Trade,
C H IC A G O .
The National Park Bank, of New York
ORGANIZED
Capital $3,000.000.00
1856
Surplus and Profits $6,950.6 12.59
Deposits January 22, 1904 $83,728,055.40
O F F IC E R S
R ic h a r d D ela fie ld , Pres ide nt
St u y v e s a n t Fis h , Vi ce -P re sid e n t
G il ber t G. T h o rn e , Vice-Prest.
Ed w ard J. Ba ldwin, Cashie r
W . O. Jones!. Asst. Cashier
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Federal Reserve Bank of St. Louis
J. C. V a n Cleaf, A sst. Ca shi er
F r e d ’k O. F o x c ro f t, Asst. Ca shi er
W . A. Main, A sst. Ca shi er
Maurice H. E w e r, Ass t. Cashier.
D IR E C T O R S
Joseph T . Moore
S tu yv e s a n t F ish
G e o rg e S. H ar t
Ch ar les Scribner
E d w a r d C. Hoy t
W . Ro ck h ill Po tt s
A u g u s t B e lm on t
Rich ard De lafie ld
Fr a nc is R. A pp le to n
John Jacob A stor
G e o rg e S. H ic k ok
G e o rg e F, Vi et or
Cornelius V and erb ilt
Isaac Guggen heim
John E . Borne
L e w is Cass L e d y a r d
Gilb ert G. Th o rn e
T H E CO M M ER CIAL W E S T .
2
Continental National Bank
OF C H I C A G O
Capital
Surplus and Undivided Profits
Harrison & Smith Co.
Printers, Lithographers, Blank
Book Manufacturers, Elevator
$3,000,000
1,350,000
Blanks and Bank Supplies to
order.
Solicits Accounts, Assuring Liberal Accommodations and Courteous Treatment
A G E N E R A L F O R E IG N E X C H A N G E B U S I N E S S T R A N S A C T E D
Travelers’ Circular Letters of Credit issued available in all parts of the World
John C. B la c k, Pr e s id e n t
Ira P. Bo w en , Asst. Cash.
G e o rg e M. R e y n o ld s , Vice -Pr es . Benj . S. M ay er, A sst. Cash.
N E . B a rk e r , Vice-Pres.
W m . G. Schroder, Asst. Cash.
Saturday, April 2, 1904.
H erm an W a ld e c k , A sst. Cash.
John M c Ca rt h y, Asst. Cash.
Estimates
Cheerfully
furnished.
«24**26-628
South
4th
Street,
MINNEAPOLIS.
WILLIAMSON & MERCHANT
CEN TRAL TRU ST CO M PAN Y
---------------------OF IL L IN O IS ---------------------
Main Office: 929-935 Guaranty Building
MINNEAPOLIS, MINN.
C H IC A G O
Capital
Surplus
AT TO RN EY S A T LA W
Pa te n t and T r a d e M ar k Ca use s. Solicitors of
U n it e d Stat es and F o re ig n Pa te n ts
Branch Office: R oom 52 M cG ill B ld g., W ashington, D. C.
$ 4 ,0 0 0 ,0 0 0
1 , 000,000
-
Jesse D. Bone, M. E., Field M anager Ira H. Case, Presid en t
O F F I C E R S : Ch ar le s G. D a w e s , Presid en t; Irv ing O sbo rne , Vice- Pre sid en t; A. Uh rla ub, VicePresident; Wil iia m R. D aw es , Cashier; L . D. Skinn er, Assi st ant Casher; L a w r e n c e O. Murray,
S e c r e t a r y '& T r u s t Officer; Malcolm M c D ow e ll, A ssi st an t Sec retary; Max P a m , G e n ’l Counsel.
D I R E C T O R S : A. J. E a rl in g , M a x P a m , Ch ar les T . Boynton, P. A. Va le nti ne , F r a n k O. Low de n,
H ar r y R u b e n s , G ra e m e Stewart, T h o m a s R. L y o n , A le x a n d e r H. R e v e ll, C h ar le s G. D aw e s .
B A N K IN G , SA V IN G S AND TR U S T DEPARTMENTS
MINES & MINING PROPERTIES
Bo u gh t, sold and de veloped. E x a m i n a
tions and e x pe rt repor ts a s pec ia lty ; ca p
ital in ve ste d through us goes into the
d ev elo pm en t of properties un der our m an
age men t. Co rre s po n d e n ce solicited.
C A S E IN VE S T M E N T C O M P A N Y
501-2 B
e r n ic e b l d g
.,
EDWARD A. YOUNG
ALLAN M. CLEMENT
r
n
E S T A B L IS H E D 1880.
Kneeland, Clement & Curtis
E. H. R O L L I N S & SONS.
INVESTMENT BONDS
S TO C K S , B O N D S, GRAIN,
P R O V I S I O N S , C O T T O N &, C O F F E E
CAREFULLY SELECTED.
Municipal and Railway Securities.
BOSTON.
219 LA SALLE STREET, CHICAGO
ROOKERY BUILDING
CHICAGO .
DENVER.
TACOM A, WASH.
SAN FRANCISCO,
M EM BERS: New York Stock Exchange ; New York Coffee Exchange ; Chicago
Stock Exchange ; Chicago Board of Trade.
P R IV A T E W IR E S
CAPITAL
SU R PLU S AND PROFITS
(U lp fia p a .
AR TISTIC BANK INTERIORS
Counters, Partitions, Ornamental Iron, Brass and
Wood Grills, Fancy and Decorative Glass, Main
Entrance Doors, Side Lights, Transoms and
Frames Complete, Store Fronts, Stairways, etc.
ESTIMATES CHEERFULLY FURNISHED
Roach & Musser Sash and Door Co.
MAKERS
OF EVERYTHING
General Offices, Factories and Warehouses,
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
IN
MILLWORK
MUSCATINE, IOWA, U. S. A.
*2,000,000
$1,200,000
TSAudit Company
of Illinois
N ew Y o r k L ife B u ild in g
C H IC A G O
P u b lic A c c o u n ta n ts an d A u d itors
OFFICERS: L. A. W alton , P resid en t; F. W . Little, V iceP resid en t; C. D. Organ, S ecy, a n d T reas.; C. W .
K n isely , Manager.
DIRECTORS: A. G. B ecker, A. G. Becker & Co., C hicago;
F. W . Little, V ice-P resid ent Peoria Gas and E lectric Co.,
P eoria ; G. A. R y th er, Cashier N ational Live S tock B ank,
C hicago; J. R. W aish, Presid ent Chicago N ational Bank,
C h icag o; L. A. W alton, V ice-P resid ent Equitable Trust
Com pany, Chicago,
T H E CO M M E R CIA L W E S T .
Saturday, April 2, 1904.
3
The Commercial National Bank
OB'
CHICAGO.
E S T A B L IS H E D 1 8 6 4 .
CAPITAL,
-
-
$ 2,0 00 ,0 00
Surplus and Undivided Profits, $1,635,000
RESOURCES.
L IA B IL IT IE S .
Loans and discounts................................................... $16,945,291.04
Overdrafts .....................................................................
1,964.79
Real estate ......................................
93,663.35
U. S. bonds at par......................................................
500,000.00
Other bonds and stocks............................................ 1,294,388.85
Due from U. S. treasurer........................................
38,000.00
Cash and due from other banks.......................... 13,030,698.20
Capital stock paid in ................................................$ 2,000,000.00
Surplus fund ............................................................... 1,000,000.00
Undivided profits ......................................................
633,592.86
National bank notes outstanding........................
500,000.00
Deposits ........................................................................ 27,770,413.37
Total ......................................................................... $31,904,006.23
Total ......................................................................... $31,904,006.23
OFFICERS: James H. Eckels, President; John C. McKeon, V l ce-President; David Vernon, Second Vice-President; Joseph T.
1 albert, Cashier; N. R. Losch, Assistant Cashier; H. C. Vernon, Assistant Cashier; G. B. Smith, Assistant Cashier; H. E. Smith
Auditor.
FOREIGN D E P A R T M E N T : M. Krell. Manager.
„ t D IR E CTpR S: Franklin MacVeagh, of Messrs. Franklin M acVeagh & Co.; Jesse Spalding, President Spalding Lumber Co.;
Robert T. Lincoln, President The Pullman Co.; William J. Chalmers, Treasurer The Allis-Chalmers Co.; E. H. Gary, Chairman
Umted States Steel Corporation; Paul Morton, Vice-President Atchison, Topeka & Santa Fe Ry. Co.; Darius Miller, First Vice-President Chicago, Burlington & Quincy Ry. Co.; John C. McKeon, Vice-President; James H. Eckels, President.
BANK CLEARINGS.
West Baden and French Lick Springs.
B an k clearings fo r the w eek ending
M arch 17, 1904, and the p ercen tag e o f in crea se or decrease fo r the w eek. c o m pared w ith the corresp on d in g w eek of
1903— lead in g centers and ail w estern
p oin ts:
M arch 24.
Inc. Dec.
N ew Y o rk ........ *$1,109,520,075
9.7
C h icag o ............. *
155,254,730
1 .6
B oston ............... *
115,761,747
.8
P hilad elp hia . . . *
105,475,195
3.9
St. L ouis ........... *
49,910,535 Í 8 . 3
P ittsb u rg ............
35,326,721
36.9
San F ra n cisco .. *
24,411,994
4.5
B altim ore .......... *
21,847,474
4.9
C incinnati ...........
22,039,650
2.9
K an sas C ity ....... *
19,639,764
4.9
N ew O rlean s___ *
24,872,166 93.0
C leveland ........... *
12,033,468
32.5
M inneapolis
14,183,321 10.7
D etroit ..................
9,291,924
5.2
O m aha ..................
7,754,547
5.3
M ilw aukee ........ *
7,082,054 10.0
P rov id en ce ........ *
5,958,100
6.3
B uffalo ............... *
5,623,825
7.9
Indian apolis ........
4,826,435
17.7
St. P aul .............. *
6,099,812
.6
L o s A n geles ___*
6,217,276 14.1
St. Josep h .......... *
4,179,969
10.4
D en ver ..................
3,987,019
2 .8
Colum bus, O h io ..
4,273,800
5.2
M em phis ..............
5,275,572 46.5
Seattle .................
3,915,649 16.9
W a sh in g ton . . . .
3,757,181
1 .6
P ortlan d, O r e .,.*
2,809,644
25.6
F o rt W orth ........
3,500,521
2.4
S alt L ak e C i t y ...
2,286,591
1 1 .8
P eoria ....................
2,985,014 19.8
Des M oines .........
2,075,353
.7
Spokane .............. *
2,059,998
9.9
l a c o m a .................
1,903,153
3.9
Grand R ap ids . . .
1,725,223 1 2 .6
T o p e k a .................
773,216
43.9
S ioux C ity .............
1,241,130
10.4
D av en port ...........
964,896 30.2
L ittle R o c k ...........
923,937 14.8
W ichita ................
1,089.756 32.4
Springfield, 111 . . . .
642,845
.6
K ala m a zoo ..........
581,912
1.3
H elen a ..................
456,390
1.3
F argo, N . D ..........
372,735
17.8
R o ck fo rd , 111........
560,823
5.6
B loom in gton , 111..
447,054 33.4
Q u in cy ..................
374,763
1 1 .1
S ioux Falls, S. D .
200,864
.9
Jackson ville, 111..
202,790
6.8
H ou ston .............. t
11,172,099
8.3
G alveston .......... f
8,323,000
4.3
T otal, U. S ....... $1,877,138,160
T ot. outside N. Y.
767,618,085
DO M IN IO N OF C A N A D A .
M ontreal ..............
$18,706,208 ___
T o ro n to .................
13,627,996
W in n ip e g .............
4,436,754 2 2.6
V an cou ver, B. C.
1,301,023 41.8
V ictoria , B. C ___
526,890 32.4
C. A. SMITH
LUMBER
CO.
Manufacturers and Dealers in
LUMBER, LATH,
SHINGLES
OFFICE: MILL YARDS,
44th Ave N and Lyndale
MINNEAPOLIS,
MINN.
6 .1
.6
2 1 .6
10.7
Total .................
$45,670,276 ___
10.0
fNot included in totals because containing other items than clearings, *Balances paid in cash.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
In the Indiana Highlands, on the Monon Route, excel all other mineral
springs in America in the treatment of
all blood diseases, cutaneous affections,
dyspepsia, alcoholism, etc.
Send for
booklet. T w o trains daily from Chicago.
Frank J. Reed, general passenger agent,
Chicago, or L. E. Sessions,
general
agent, 541 Andrus building, Minneapolis,
Minn.
Western Bonds.
Swaledale, Iowa.— This city has voted
$2,500 bonds for school purposes.
Wealthwood, Minn.— This village has
voted $6,000 bonds for road improve
ments.
David City, Neb.— This city will vote
on the proposition to issue $3,000 for
park purposes.
Fergus Falls, Minn.— This city has
sold $20,000 refunding bonds bearing 4y2
per cent interest.
Missoula, Mont.— This city will vote
on the proposition to issue $45,000 bonds
for school purposes.
Crookston
L um ber C o .
B E M ID JI, M INN.
MILLS AT
B E M ID JI, ST. H IL A IR E ,
CROOKSTON
Shipments on Northern Pacific and
Great Northern Railways
T H E CO M M E R CIA L W E S T .
4
F IR S T N A T I O N A L B A N K
M I L W A U K E E , WI S.
Saturday, April 2, 1904.
United States Depository
Capital and Undivided Profits
$2,500,000
O F F I C E R S : F . G. B i ge lo w , P e e s id e n t; W m . Bi gel o w, Vice- Pre si de nt; F r a n k J. K ip p , Cashier; T . E . Ca mp, Asst. Cashier; H. G. Goll, Ass t. Ca shi er
D I R E C T O R S : E. Mar iner , F . G. Big elo w, C. F. Pfister, H. C. Pa y n e , Geo. P. Miller, F re d T . Goll, W m . Bige low, F . V o g e l, Jr., J. H. V a n D y k e , Jr
Canadian Crop Report.
The crop report for 1903 of the
Northwest Territories, shows the rapid
progress made. The total acreage of
wheat was 837,234. This yielded 16,029,149 bushels, or an average of 19
bushels to the acre. The average for
the past six years has been 18.42. The
largest yield was in the Indian Head
and Medicine Hat districts, where the
yield averaged 22.62 bushels an acre.
The total acreage of oats was 440,662,
which produced 14,179,705 bushels, an
average of 32.17 bushels to the acre.
The average for the past six years was
34.32 bushels to the acre. The districts
showing the largest yields of oats were
Crane Lake and Medicine Hat, which
produced an average of 40.50 bushels
to the acre.
Saskatchewan comes a
close second with 40.10 bushels.
There were 69,667 acres of barley,
which harvested 1,741,209 bushels, an
average of 25.36 bushels to the acre.
The Red Deer, Lacombe and Ponoka
districts produced the best
average
yield of this grain, being 30.82. The
Yorkton and Saskatchewan districts
also made a good showing with barley.
F lax had an acreage of 32,431, pro
ducing 282,853 bushels, being an aver
age of 9.03 bushels an acre, against 9.26
for the previous year. The Battleford
district leads easily in flax, having an
average of 18.70 an acre, or more than
double that of the territorial average.
The total crop area was , 1,383,434
acres, and the estimated area for the
current year is 1,706,100 acres. The to
tal grain crop was 32,325,336 bushels,
against 25,646,747 last year.
Trade Development of Korea.
C o m m ercia lly the development of
K o r e a began with 1876, w hen two
ports, Gensan and Fusan, were, upon
the insistence of Japan, opened to
trade with that country only.
In
1882 A dm iral Shufeldt, of the United
States N a vy , visited K o re a and se
cured a treaty of friendship betw een
the United States and K o r e a by
which A m erican vessels w ere given
access to its treaty ports and the safe
t y o f A m erican vessels and citizens
assured. T h is was follo w ed b y treat
ies w ith G erm an y and Great Britain
in 1883,’ Russia and Italy in 1884,
France in 1886, A ustria in 1892, and
China in 1897. T h e form ation of the
treaty betw een K o r e a and the United
States in 1882 was immediately fol
lowed b y a visit from a K o re a n em
bassy to W a shin gto n , sent to e x
change ratifications of the treaty.
F ro m this time fo rw ard K o r e a w as
opened to foreign trade and W e s t
ern civilization, and the K o re a n g o v
ernment established its legations in
the United States and other great
co mmercial nations. W it h the open
ing of the treaty ports and the es
tablishment of com m erce an official
record of K o re a n imports and e x
ports began. T h e foreign commerce
is carried on through the treaty ports
of Chemulpo, Fusan, W o n san , Chinampo, M okpo, Kunsan, Masampo,
and S o n g Chin. Chemulpo, which is
located on the w estern coast of
K orea, about m id w ay from its south
ernmost point to the northern boun
dary, has b y far the largest co m
merce. Its imports in 1902 w ere re
ported at $1,250,000 out of a total
Digitizedof
for $1,920,000.
FRASER
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
W IN N IP E G , M A N IT O B A
The Scandinavian American Bank
CANADA
m
B a n k of O t t a w a
ESTABLISHED
C apital A u th o rize d
Capita] P aid up
Su rplu s
.
.
.
J. F. Lane, Cashier
Geo. R. Fisher, Asst. Cashier
A. C hilberg, President
A H. S oelbeig , Vice-Pres.
WE
$ 3 ,0 0 0 ,0 0 0
2 ,3 7 6 ,9 9 0
2 ,2 7 4 ,2 9 1
-
-
Interest Allowed on Deposits
$
=
W ASH INGTO N
HA V E AN
OFFI CE AT B A L L A R D
The Swedish-AmericanNat’l Bank
MINNEAPOLIS
N. 0. W erner, P resid ent
C. S. H ulbert, V ice-Prest.
A General B an king Business
Transacted
300,000
150,000
2,625,000
-
=
SEATTLE
1874
-
C a p ita l P aid Up
S u r p lu s
D ep o sits =
F. A. Sm ith, Cashier
E. L. M attson, Asst; Cashser
C ap ita l
.
.
.
.
$ 2 5 0,0 00
S u r p l u s ¿. .U n d i v i d e d P r o f i t s 1 2 9 , 5 0 0
D e p o s its 2 ,2 4 0 ,0 0 0
Foreign Exchange Bought and Sold
FOREIGN EXCHANGE BOUGHT & SOLD
ST.
PAUL
a g e n t s
:
Snoqualmie Falls & White
River Power Co.
M ER C H A N TS NATIONAL BANK
S E A T T L E -T A C O M A
Bank of Hamilton
W IN N IP E G
Supplies the E l e c t r i c P o w e r utilized b y the
F lo ur Mills, St reet R a ilw ay s , In terurb an R a i l
way, Smelter, St ree t and D o m e s t ic L i g h t s and
the Industrial Mo tor s of Seattle, T a c o m a and
int ermediate towns. Ad d re s s
C
.
h a s
p r e s id e n t
h
a n d
.
B
C
h ie f
a ker
e n g in e e r
HEA D OFFICE:
HAM ILTON , ONT.
C apital A u th o riz e d
P a id -u p Capital
K e serve
Total A ssets
-
-
$ 2 ,5 0 0 ,0 0 0
2 ,0 0 0 ,0 0 0
1 ,7 0 0 ,0 0 0
2 1 ,9 5 9 ,5 9 6
SEATTLE
-
-
A. B. H ep burn, P resident
A. H. W iggin, V ice-P resid en t
E. J. Stalker, Cashier
-
WASH.
C. C. Slade, Asst. Cashier
I
S. H. M iller, Asst. Casoier ♦
H. K. T w itch ell, Asst. Cash ♦
The Chase National Bank
MINNEAPOLIS C O R R E SP O ND E N T S :
OF THE CITY OF NEW YORK.
S E C U R IT Y BANK OF M IN N E S O T A
C ap ital
.
.
.
$ 1 ,0 0 0 ,0 0 0
S u rp lu s & P rofits (E arn ed) 3 8 9 5 ,0 0 4
D ep osits (Jan. 2 1 , 1 9 0 4 ) 5 7 ,4 3 7 ,8 3 5
DULUTH c o r r e s p o n d e n t s :
A M ERICA N E X C H A N G E BANK
D e p o s it s R e c e iv e d and In te re s t Allo wed
Ge n e ra l B a n k in g Bu si n es s T ra n s ac te d
D esignated D ep ository o f th e U nited States, the State o f
N ew Y ork and th e City o f N ew York. Transacts a General
B anking B usiness.
A ccounts o f Banks and Bankers receiv ed on favora b le
term s. Buy and sell U nited States Bonds and m ake tra n s
fers and exchanges o f B onds in AVashington w ith o u t t
charge fo r services.
♦
Collec tio ns ca refully and p ro m p tly effected
at all points in Ca n a d a . Savings B a n k at all
offices. C o rre sp o n d en ce solicited.
fMinnesota Title Insurancel
& Trust Co.
j
1
M I N N E A P O L IS M IN N .
C a pit a l $ 2 5 0 , 0 0 0
Guaranty Fund $ 10 0 ,0 0 0
T h e oldest T it le and T ru s t C o m p an y
west of Philadelphia
Banking, Safe Deposit, Loans, Trusts,
Abstracts, Title Insurance
J. U. Barnes, Prest.
C. J. T ryon , Trust Officer
AV. S. Jen k in s. Secy.
L a Salle Stre et and Jackson Bo u le va rd
CH IC A G O
Capital and S u rp lu s, $ 9 ,8 0 0 ,0 0 0
Interest allowed on depo sits in B a n k in g and
Savi ngs d epa rt me nt . B O N D S — G o ver n m en t,
St at e, Co u n ty C it y and choice railroad bonds
bought and sold. F O R E I G N E X C H A N G E
— L e t t e r s of Cr ed it , D ra fts , Po s ta l R e m i t
ta nce s and Ca b le T ra n sf ers .
TRUST D E P A R T M E N T .
A cts as A dm inistrator, E x e c u to r, Guardian,
Co n se rv a to r, A ss ig n e e , R e c e iv e r , T ra n s fe r
A ge n t and Re gi s tr ar ; m ake s in ve stm en ts and
ac ts as age nt in the col lection and dis bu rs e
me nt of incomes. T r u s t funds and trust in
v e stm e nt s are ke p t se pa ra te from the assets
of the bank.
Illin o is T ru st Safety D e p o sit Co.
Safety D e p o sit “Vaults.
AVallace C am pbell, Vice-Prest.
H. A. Barnes, 2nd Vice-Prest.
AV. A. H otchkiss, Treas.
Charles Hathaway
& Co.
DEALERS IN
COMMERCIAL PAPER
C h a s . W. Fo l d s , R e s id e n t P a r t n e r
C hicago
2 0 5 La S a l l e S t r e e t ,
NE W Y O R K OFFICE
^ B O S T O N OFFICE
4 5 WAL L S T R E E T
53
STATE
STREET C
T H E CO M M E R CIA L W E ST .
Saturday, April 2, 1904.
Birmingham, Ala., has built a statue
THE NATIONAL BANK
OF THE
R EJPU BEIC
CHICAGO
CA PITAL
SURPLUS
-
.
John A. L y n c h
W . T . Fenton
R. M. M c K i n n e y
R . L . C r a m p to n
O. H. Sw an
T h o m a s Ja nsen
A. W . Ma rg ra ff
.
-
$ 2 ,0 0 0 ,0 0 0
.
$ 7 0 0 ,0 0 0
-
Pr e s id e n t
V ic e- Pr es ide nt
C a sh ie r
Asst. Ca shi er
A sst. Ca shi er
A u di to r
Mgr. F o r e i g n D e t.
-
-
-
B A N K S
Send at once for our
bo ok of Mo d ern C o u n
tr y B a n k Bu ildings,
c o s t i n g $3,000 to $25,000.
Price, $1.00.
Mo de rn Homes , mo
pages, paper, $1; cloth,
$1.25.
OM EYER & T H O R I ,
A RCH ITECTS,
ST. P A U L , M I N N .
A. J. W H I P P L E & C O .
MEMBERS CHICAGO STOCK EXCHANGE
STOCK BROKERS
P ri va te W ir e s to all
Princ ipal E x c h a g e s
C H IC A G O
Main F lo o r Ne w Y o r k L i f e Bui ldi ng
L o n g D is ta n ce T e l . C e n tr al 2031.
Orde rs
by wire in grain and sto ck p ro m p tly filled
WORLD’S FAIR NOTES.
o f V ulcan fo r the Fair. It is 50 feet high,
the base con stru cted o f coal and cok e and
the statue cast in iron. K in g C otton is
M ississip p i’s offerin g. C otton is the m a
terial used, and the gian t is as tall as
A la b a m a ’ s V ulcan . T he Spirit of U tah is
m anifested in an artistic figure m odeled
from beesw ax. Idaho presents the figure
o f a C eour d ’A lene m iner cast from c o p
per. Golden bu tter w as used by a M in n e
sota artist as the ap p rop riate m aterial for
a statue o f John Stew art, the builder of
the first cream ery. L ouisian a presents
tw o curiosities in sculp tu re— a figure of
M ephistopheles in sulphur and L o t ’s w ife
carved from a block of rock salt. C ali
forn ia sh ow s the figure o f an elephant
built o f alm onds.
A
William and Pine Sts., New York
67 State Street, Albany, N. Y ,
Among the curious antique firearms
A wonderful e x h ib it of English e m
broid ery w h ich w ill be seen at the W o rld ’ s
F a ir is an altar cloth o f m agnificent d e
sign and w orkm ansh ip. T he cloth is c o m
posed o f the finest E nglish silk dam ask,
in shades o f yellow , and bears the m e
dieval figure o f a saint. In fron t o f this
is a large panel, before w h ich stands the
figure o f an angel.
P ure gold thread
w orked into the b a ck grou n d represents
the sun, and su rroun din g this is stitch ery
o f delica te but intense blue, to represent
the sky.
Transported bodily from the British
cru iser Ophir to the P alace of V aried I n
dustries at the W o rld ’s F’air are the lu x
urious stateroom s occu pied b y the P rin ce
and P rin cess o f W ales on th eir v oy a g e
around the w orld in m ak in g royal a n
nou n cem en t o f the a scen sion o f E dw ard
V II to the throne. T he exh ibit is m ade
by E nglish m anu facturers of draperies
and house furn ishin gs. It will be open
to inspection o f all v isitors and is one of
the in terestin g exhibits in the B ritish
section of the V aried Industries P alace.
The
! .^ J
. . . . . AVA.tVWBW.-.'i »wLwvJtj
i 1 !
.J
'—’-1 - .< !
jj
f
“ K r a g Im p e ri a l” St e e l F il i n g C a b in e ts minimize
fire da n ge r, pr ote ct ing Va l u a b l e D o c u m e n ts
and Re c or d* . W e invite your critical in sp e ct io n
of our dis play of “ K r a g ” D o c u m e n t and I n s u r
ance Po lic y Ca bin ets , Card Ind exe s. L e t t e r F i l
ing C a b in e ts , etc., all co n s tr uc te d e n tir ely of
steel, with D o ub le A sb e st o s L i n e d W a l l s , A b s o
lu t e ly F ir e Proof, D u st Proof, V e rm in Proof.
In add ition to St an d ar d Sized “ K r a g ” St e e l C a b
inets, of which we carry at all times a Co m p le te
A ss o rt m e n t for im m edi at e deliv ery, we also
D e s ig n and Bui ld Sp ecial Co m b in at io n C a se s ,
V a u l t Interiors, L o c k e r Co m p ar tm e n ts, etc., for
B a n k s , T ru s t Co m p an ie s and Pu bl ic Buildings.
E s t i m a t e s ch ee rf ul ly su bm itt ed , to ge t h e r with
d eta ile d plans, whe n re que st ed , by E x p e r t
Draughtsmen.
Office Outfitting Department also includes, in addition to our
O U Rgrand
lines of Office Desks, the best in the country— Chairs and
General furnishings, the Celebrated “ M a ce y ” Sectional Filing Devices,
“ M a cey ” Patent Sectional Bookcases, and “ M a cey ” Special Office Con
veniences. T he New E n gland desires to be recognized in the minds
of Up-to-date Business Men of the Northwest as their Natural Supply
House. Correspondence solicited. Mention “ The Commercial W e s t .”
N E W EN G IAN D
L -
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
FURNITURE AND CARPET
COMPANY, MINNEAPOLIS
u
\
Manhattan
Trade
School
for
girls, o f N ew Y ork, has prepared a c o m
plete and com p reh en sive ex h ibit fo r the
W o rld ’s Fair.
It cov ers every kind of
w ork from the needle to fo o t and electric
p ow er m achine, and those trades that d e
pend upon expert use of p aste or glue.
E ach departm en t w ill be represen ted a t
the F air by tw elve lea f cabinets, m ade up
of fo r ty m ounted fram es, in w h ich are
sh ow n every phase of acad em ic, hand
and m achine w ork that finds p lace in the
sh ops and fa ctories w h ere w om en are e m
ployed.
Steel Office Furniture 1
Business men appreciate today,
as never before, the merits of
Fire Proof Office Furnishings
pottery
ex h ibit that the govern m en t w ill m ake at
the W o rld ’s F air Is the old percussion
rifle carried by Jefferson D avis, presiden t
o f the C onfederate States of A m erica,
w hen he w as taken p rison er b y troops
under General N elson A. M iles in May,
1865. T he gun w as presented to P residen t
D avis by a F ren ch friend and adm irer,
P. D evism e, of Paris.
Important
Facts
Spencer 1 rask & Co*
Colo.,
Springs,
One o f the largest and m ost e x p e n
sive
m ineral
collection s in
existence,
ow ned b y John F. C ham pion, o f L eadville,
C olo., w ill be a part o f C olorado’ s exhibit
a t the W o r ld ’s Fair. T he collection is
valued at $250,000. T he bullion value o f it
alone is $80,000. It has never been placed
on exh ibition before.
California Bankers’ Association.
T r a n s a c t a g e n e r a l b a n k i n g b u s in e s s an d
E x e c u t e C o m m i s s i o n O r d e r s Up on t h e
N e w Yo rk S t o c k E x c h a n g e
E x h ib its .
Colorado
com p an y will exhibit over forty barrels o f
p ottery at the W o rld ’ s Fair.
T h e executive council has accepted
the invitation of the L o s A n g e le s
clearing house to hold the eleventh
convention of its association in that
city on T h u rsd ay , F rid a y and Satur
day, M a y 19, 20 and 21 next.
I m p o r t a n t fa r ts upon the s a fe a n d
con serva tive in v e stm en t o f fu n d s
a r e n o t r e a d i l y to be h a d e x c e p t
t h r o a y It t h e m e d i u m o f a t h o r
o u g h ly
equipp ed
investm ent
house.
We
resp ectfu lly
invite
correspon d eu ce.
Fo re ig n A g r ic u lt u r a l
Foreign Agricultural Displays.
Under the twenty-three acre roof of
the P alace o f A g ricu ltu re at the W o rld ’s
F air the fo reig n g overn m en ts in m akin g
d isplays of their crop p rod u cts have each
fu rn ished a d ecorativ e effect in d esign in g
exhibit booth s that is as in terestin g as
the diversified arch itectu re displayed in
the group o f N ational pavilions.
Germany w as among the first to ar
rive w ith its exhibits an d sta ff w orkers
and painters. T h ey con verted the several
block s o f sp ace into a R hineland p alace
filled to run ning ov er w ith grain, fruits
and flow ers. W id ely d ifferent is the G er
m an section from that occu pied b y the
agricu ltu ral display o f the E g y ptian g o v
ernm ent, its nearest neigh bor on the east,
and in con tra st to both are the d e co r a
tions on the booth w here an a rtistic d is
p lay has been m ade o f the fa rm prod ucts
from F rance.
Building limits placed on their c o n
stru ction and certain rules laid dow n for
the installation o f exhibits had to be
m odified w hen d ecorativ e artists from the
d ifferen t parts o f the w orld arrived w ith
plans and tools. N early all of the fixtures
w ere shipped w ith the exhibits and fo r
eign w ork m en cam e to com p lete their
con stru ction . N ot w ish in g to ham per the
foreig n exhibitors, or d etra ct from the
origin ality o f their designs, con cession s
w ere m ade b y the E x p osition w h ich e n
abled each nation to carry out its plans
and yet not m ar the general a ttr a c tiv e
ness o f the building.
Mexico has ca rried ou t the sam e fe a
tures prom inen t in the arch itectu re o f its
m agn ificen t N ational pavilion in the c o n
stru ction of apartm en ts fo r its exten sive
agricultural exhibits, an d the p retty c o l
um ns o f sta ff and great entrances that
m ark its sp ace are quite different from
a n y oth er national booth. Japan, too, has
follow ed origin al plans and its booth is
con stru cted in the p ecu liar O riental style.
Canada has h ou sed its d ispla y in a
pretentious booth that typifies the tim ber
resou rces o f that cou n try as w ell as its
a rch itectu ral tastes.
Great B ritain and
the other foreig n coun tries all help to c a r
ry out the schem e w h ich will m ake o f the
P alace of A gricu ltu re one o f the m ost in
terestin g exhibit buildings at the W o rld ’ s
Fair.
T H E C O M M E R C IA L W E ST .
The
N o rth w e ste rn
OF
N a tio n a l
RESOURCES
An Average of over
-
Bank
MINNEAPOLIS
C o n d en sed S tatem en t o f J a n u a ry
Loans and Discounts
U. S. and Other Bonds
Cash, and D u e from B anks
B a n k in g House F urniture and F ix tu re s
Saturday, April 2, 1904.
$5,4o4,905.13
1,072,040.84
2,649, 990.42
194,465.24
22
,
%
1904
LIABILITIES
AAA AAA AA
Capital
*
'
$ ’f i r c A Q c ’no
Surplu s and Profits
6o9,736.03
Circulation
................................................ - 41,850.00
Deposits
................................................
U. S . Bond A cco un t
100,000.00
$9,371,401.63
Dividends Paid to Stockholders since Organization in 1 872.
Dividends paid since Organization $2,2 10,0 00
$ 9,371,401.63
% Annual
8
OFFICERS
W I L L I A M H . I»U N W O O D Y, P resid en t
J O S E P H C H A P M A N , JR ., C a sh ier
c Geo. Q. E r sk in e , Pres . W m . Ang lim, V-Pr es . J
(j
J. W . W h e e le r , Ca shi er
)
|CANADIAN BAN K 0 F Ì
I
COMMERCE
j
i FIRST NATIONAL BANK
8000,000
Head Office, TORONTO
<
)
5 Capital Paid Up $ ,
Surplus $2,000,000 \
< Br an ch e s at D aw s o n , W h it e H or se , S k a g w a y )
? and Atlin. E x c e p ti o n a l facilities for hand- Ì
c ling the business of those districts.
J
J. F. C O N K L I N .
Presid en t
F .
CR00KST0N, MINN.
<
5 C apital
73
5,,0
4
00
00
0
>
$
> S u r p lu s a n d U n d iv id e d P rofits
)
W e ne gotiate F a r m Mo rt ga ge s
A. E .Z O N N E ,
V-Pres. and Tr e a s .
J .
• AS ' w ° F A K W E I L A ^ t V a s h ler
C H A S . W . l A K W L L L , Asst. C a sh ier
K. W . D E C K E R , V ice-P resid en t
F. K. H O L T O N , A sst. C a sh ie r
E . J. F O R S T E R ,
Se cretary
CO N K LIN
«S
)
\
S
G. B. L O O M I S ,
A s s t Sec y.
MINNEAPOLIS
-
-
$ 1, 000,000
SURPLUS,
-
-
300,000
United States Depository.
O F F I C E R S : K e n n e t h Cl a rk , Pr es id en t;
C. H. Bi gel o w, Vi c e -P re si d e n t; G eo . H.
Princ e, Cashier; H. W . Pa rk e r, A s s ’t Ca shier;
H. V a n V le c k , A s s ’t Cashier.
F i r s t Mo r t g a g e L o a n s on I m p r o v e d C i t y Pr oper t y
F i r s t Na tio nal Bank.
CAPITAL,
ZONNE CO.
R.eal Est ate and Insurance in all its Branches
Ref ere nc es :
Merchants’ National
Bank of St. Paul.
No rth w es ter n Na tio nal Bank.
THE EQUITABLE TRUST COMPANY
F ir s t N a t io n a l
152 Monroe Street, C H I C A G O
Capital Paid Up, $500,000
Surplus, $300,000
of D U L U T H ,
A cts as T ru s t e e for C or por at io ns , F ir m s and lnv idu al s, and as ag ent for the
reg istration s and transfer of bonds and s toc ks of Corpo ra tio ns and the p a y
ment of coupons, interest and dividends.
IN T E R E S T P A ID ON D E PO SITS
C a p ita l,
M IN N .
-
S u r p lu s and Profits,
D IRECTORS:
ANDREW M cNALLY
F. M. B L O U N T
L. A. W A L T O N
W ILLIA M B E ST
TO HN M. S M Y T H
J
1
R
W ALSH
M A U R IC E R O S E N F E L D
J- R- W A L S H
REAJ ESTATE
T
ma6e on
L/L/TYli O a t t e n tion
Bougilt and
Sold
m in
on
S
eapL
T
m in n
.
Com m is sio n
B e s t of references.
R en ts collected ;
c r e a s e d resu lts.
P r o p e r ty
BousL
N„n-R
ae
nsideM
n“ ased
b u ild in g s im p r o v e d a n d r e c o n s t r u c t e d to p r o d u c e i n
S a t i s f a c t o r y re fe r e n c e to lo c a l a n d e a s te r n p a rtie s
MOORE BROS.
&
SAWYER
M
725,000
A. L . Orde an , Pr e s ., J. H. D ig h t, Cash ., W . S
Bisho p, A ss t . Cash., W . J. Johnson, 2nd A sst Ca sh
KNAUTH, NACHOD
KÜHNE
&
B A N K E R S
NEW YORK
First- cl as s I m pr ove d Sec uri ty to net lender
to 6 per cent. Sp ecial
g i v e n to care of p rop ert y with e c ono mi ca l m an a ge m e n t gu ar ant ee d.
M in n e a p o lis
$500,000
-
U. S. GOVERNMENT DEPOSITARY
OFFICERS :
P re s id e n t
L. A. W A L T O N , Vi c e - P re s id e n t C. D. O R G A N , S e c - a n d T r e a s .
C. H U N T O O N , A s s ’ t S e c ’ y and A s s ’t Tr e a s .
WA L T E R L. B A D G E R
B a n k
i n n e a p o l i s
Members of the New York Stock Exchange
Letters of Credit and International
Travelers’ Checks
Foreign Exchange
Cable Transfers
J o n e s,
Caesar & Co.
Certified Public Accountants
of
NEW YORK, CHICAGO, S T . LOUIS,
PITTSBURG AND LONDON
S T E P H E N N. B O N D
W I L L I A M H. G O O D W I N
BOND
&
R O B E R T F. P E R K I N S
Announce that they have opened a
temporary office at
GOODWIN
NOTE BROKERS
BOSTON
Commercial Paper
Cnrnoration Loans.
C H IC A G O
Investment Securities
Loans Secured by Investment Securities.
Manager Chicago Office C H A R L E S F. M E YE R ,
226
^
_
La Salle Street.
Mortgage Loans on Minneapolis Property
Accepted Promptly
t o R< f J f / c e n t .
«
COUNTY
AND
SCHOOL»
T H O R P E B R O S.,
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
BONDS
320 Bank of Commerce Building
MINNEAPOLIS
D E A N BROS.
&
Commercial Paper
W ANTED.
M IN N EAPO LIS.
CO.
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 2, 1904.
7
A Check Currency Weakness.
A
W E E K L Y J O U R N A L R E P R E S E N T IN G
W ESTERN
B U S IN E S S .
Published by The Commercial W est Company, Minneapolis, Minn.
H. V. J O N E S .
LEONARD B RO NSO N.
Minneapolis Office, Rooms 627-629 Guaranty Building
T e l e p h o n e Ma in 307.
C H I C A G O OFFICE, 1208 Stock Exchange Building.
A D V E R T IS IN G R A T E S ON A P P L IC A T IO N .
T h e C o m m e r c ia l W e s t w il l n o t k n o w in g ly p u b lis h th e a d v e rtis e m e n t
o f a fin a n c ia lly u n s o u n d in d iv id u a l o r c o m p a n y .
SUBSCRIPTION IN ADVANCE.
One Year, $3.00.
POSTAGE FREE:
Six Months, $1.50.
Europe *1 .
ENTERED AS SECOND-OLASS MAIL MATTER AT THE POST OFFICE,
MINNEAPOLIS, MINN.
SATURDAY, APRIL 2, 1904.
P R IN C IP A L C O N T E N T S.
E d itorial ......................................................
A C heck C urrency W eak n ess.
T ru st C om panies and B anking.
Som e Im m ig ration F acts.
R e cip ro city w ith Canada.
G row th in E xports.
T he B u ll’ s E y e ............................................
O bservations ................................................
F in a n c ia l.
A N ew S ecurities C o m p a n y ..................
M innesota B a n k e rs’ M e e tin g ................
C h icag o C om m ercial P ap er M a r k e t...
C h icag o M on ey M a rk e t............................
M ilw aukee Monej^ M a rk e t......................
B oston M oney M a rk e t..............................
St P au l M on ey M a rk e t..........................
C h icag o S tate B an k S ta te m e n ts........
B an k C learings ..........................................................................................
W e ste rn B onds ..........................................................................................
W e e k in C h ic a g o ........................................................................................
D iv iden d s ....................................................................................................
N ew B an ks an d C h a n g e s........................................................................
C anadian B an k S ta te m e n t....................................................................
R ailroad E arn in gs .....................................................................................
U nited S tates T re a su ry S ta te m e n ts..................................................
B an k S tock Q u o ta tio n s..........................................................................
Trust Companies and Banking.
3
3
15
H
19
19
20
21
22
Grain and Milling.
W h e a t S eeding in the N o r th w e st......................................................
M inneapolis and the N o r th w e s t..........................................................
F oreig n M illing .........................................................................................
F laxseed .......................................................................................................
M ilfeed ..........................................................................................................
M inneapolis C oarse G ra in s....................................................................
M ilw aukee Grain M a rk e t.......................................................................
A B ullish O p in io n ......................................................................................
C om m ercial W e s t M arket R e v ie w s ...................................................
General S tatistics ....................................................................................
C anadian Crop R e p o r t ............................................................................
31
31
31
32
32
32
34
34
35
37
4
M iscellaneous.
R e c ip r o c ity w ith C a n a d a ........................................................................
N otes fro m the R o a d ...............................................................................
T eleph one C on stru ction ..........................................................................
K orea n T ra de D e v e lo p m e n t..................................................................
N ew M oun tain R a ilr o a d ........................................................................
E le ctric R ailw ay s ....................................................................................
Im m ig ration S tatistics ...........................................................................
L an d F raud P ro s e cu tio n s ......................................................................
13
36
38
4
22
22
23
23
Live S tock.
L iv e S to ck M a r k e ts..................................................................................
N ew S tock G row ers’ O rg a n iz a tio n ....................................................
28
29
Real Estate.
F arm L and M o v e m e n t............................................................................
26
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Federal Reserve Bank of St. Louis
Articles which have recently appeared in this col
umn regarding the post check currency bill now be
fore Congress have attracted much attention and led
to much comment, on the whole favorable to the at
titude taken by T h e C o m m e r c i a l W e s t . Enough
space would have seemed to have been given to the
matter, but our attention has been called to one omis
sion from the argument against the bill.
It is pointed out that a vital weakness of the mea
sure is that the post check currency which it would
create would furnish no security whatever against loss
to the owner in case of destruction by fire or other ac
cident while in transit, or in case of robbery. In case
of loss through any of these reasons, or others, the
owner of the post check would be without means of
recovery. He would be in the same situation as the
man who sends ordinary currency through the mails.
The promoters of the post check plan claim that in
asmuch as dishonest holders of post checks would be
unable to secure payment on the same at the post office,
they would refrain from stealing them and that, there
fore, in time the post check would be as safe in the
mails as postal money orders and registered letters.
That is undoubtedly true. But they would be no safer.
The assistant postmaster of Minneapolis points out
that the post office thief usually selects what appears
to the eye and sense of feeling to contain valuable en
closures and does not re-seal and forward the enclos
ures that he cannot use, but simply destroys them.
In the case of money orders and bank checks and
drafts, the owner can recover their value; but such
would not be the case with the post check currency,
which is simply ordinary currency made payable to a
particular party. The critic referred to believes that
this objection to the proposed new currency is so seri
ous that it should not be allowed to pass unnoticed and
should be sufficient to cause the defeat of the bill.
The failure of two trust companies this week fur
nishes new illustrations of the danger accompanying
institutions which are merely trust companies engaging
in the banking business, or of not keeping ordinary de
posits separate from trust funds. A financial insti
tution may be a bank and may also be a trust com
pany. Such a combination is recognized in fact, if not
expressly, by the laws of many states; for many trust
companies, with or without any other line of business
expressed in their titles, are recognized as commercial
banks by the banking authorities of the states. But it
should be evident enough that a trust company should
confine itself to a trust company business, that a bank
ing company should confine itself to a banking busi
ness, and that if both lines of financial operation are
carried on they should be kept so distinct that condi
tions which affect one department may not exert an
unfavorable influence on the other.
One of the assigned trust companies this week was
the Union Trust Company of Boston, with nominal
assets and liabilities each amounting to about $1,600,ooo. The trouble in which this concern finds itself is
attributed to heavy withdrawals by depositors and the
inability of the management to realize quickly on their
securities.
That is the danger point in any loosely conducted
T H E CO M M ER CIAL W E S T .
trust company which accepts deposits from the gen
eral public and does a general banking business. It
is very easy to divert demand deposits from their
proper use and tie them up in investments, or in other
ways so that they are not available when needed.
The live question of the day, “ Should trust com
panies do a banking business ?” should be answered in
the negative if all the funds at the disposal of the com
pany are to be, used as trust funds would be used. But
there is no inherent reason why a trust business and
a banking business should not be combined, provided
only that they are kept separate on the books and in
fact. The only danger is of the officers yielding to the
temptation— which often presents itself in the guise of
sound business in the interests of the institution— of
mixing the two accounts.
Some Immigration Facts.
W e give elsewhere some figures relating to immi
gration into the United States during the fiscal years
ending June 30, 1902 and 1903. Many such tables
are valuable only to the sociologist, or as matters of
mere information, but there are some facts that prop
erly have place in a commercial journal.
There was a tremendous increase in 1903 as com
pared with the previous year. During 1902 tne num
ber of immigrants, including Hawaii and Porto Rico,
was 648,743, and in 1903, 857,046, an increase of 32
per cent. It is of some importance to know from
whence the greatest increase of immigration was. W e
refer the writer to the table showing immigration by
countries, and simply remark that, while the immigra
tion from Ireland was 29,132 in 1902, and 35,310 in
1903; from Sweden in the respective years, 30,894 ana46,028; from Norway, 17,484 and 24,461; from the
German Empire, 28,304 and 40,086, the immigration
from Austria-Hungary was, in 1902, 171,989, and in
1903, 206,011; from Italy 178,375 in 1902 and 230,622
in 1903; from the Russian Empire and Finland, 107,347 in 1902, and 136,093 in 1903. That is to say, the
immigration from the three among the least desirable
sources of our increased population was last year 592,726, or nearly 62 per cent of that from the entire world.
Perhaps the most interesting of all the tables we
present is that showing destinations of the immigrants
and their occupations. From the main table we have
taken out a few of the figures to make up the follow
ing table:
Skilled
Labor.
States—
California ................. ......... 3,707
Connecticut ............. ......... 2,132
Illinois ....................... ..........
7,547
Io w a ........................... ..........
798
Ka nsa s ....................... ..........
275
M asachusetts ......... ......... 8,538
M ichigan ................... ..........
i , 9i 5
Minnesota ............... ......... 1,889
Missouri ................... ......... 1,226
268
M ontana ................... ........
N ebraska ................. .........
367
N e w Y o r k ................. .......... 57,49i
N orth D a k o ta ......... .........
377
226
O re g o n ..................... .........
P en nsylvania ........... ......... i 6,344
South D a ko ta ......... .........
273
W a s h in g to n ............. .........
953
.........
1,698
W is co n s in .................
W y o m i n g ................. ........
94
MiscellaneNo
occupation.
ous.
5,375
13,114
14,263
5,339
13,618
41,873
4,095
892
41,096
13,210
15,448
4,189
1,213
2,021
2439
909
15,816
5,728
5,420
137,538
3,502
1,653
519
1,695
56,045
3,126
1,214
125,008
2,279
535
35,292
i , 37i
4,255
8,192
464
1,682
4,599
242
O f what classes were these immigrants going into
the various states made up? The West and Northwest
got the cream of it. The intelligent, educated and
thrifty people of northern Europe and of the British
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Federal Reserve Bank of St. Louis
Saturday, April 2, 1904.
Isles came to this country with a definite object in
mind. Their destination was not simply the United
States, but some place in the United States where they
could pursue a particular occupation. Their energy
was not exhausted when they reached New Y ork or
other port. They continued their journey until they
reached their final destination. To that foresight and
energy the Northwest is indebted for the thousands
of Germans, Scandinavians, English, Scotch and Irish
that come into it every year, bringing occasionally a
little money, almost invariably intelligence, health and
enterprise.
But the ignorant and impoverished in mind and
body for the most part aim simply to land in the United
States, and, having landed there, drift as circum
stances compel. Thousands and thousands idly floated
into the eddies of lower New York, where they added
to the difficulties of good municipal government. Jews,
Poles and Hungarians almost invariably settled in the
port at which they arrived, or found place in the mills
and factories, where their kin had already found foot
hold. The Italians, thrifty and industrious, however
objectionable some of them may be in other ways,
found their way along the railroad lines in large num
bers, usually as track laborers, or scattered among the
large cities are found in sewer gangs and in the rough
est work of the common day laborer.
To its remoteness and to the fact that it has com
paratively few large cities, is due the almost im
munity of the Northwest from the onslaught of the
undesirable classes of immigrants; and for the same
reasons it has been automatically the beneficiary of the
highest and best class, which will add to the wealth,
enterprise and civic strength of that great inland em
pire of which Minneapolis is one of the chief cities.
Reciprocity with Canada.
Elsewhere in this issue we publish a letter from
Toronto in which the matter of reciprocity between
the United States and Canada is strongly argued, to
the effect that the Dominion will not become a party
to any such procedure, and that if the United States
wants Canadian products, or any of them, bn more
liberal terms than at present, it must simply lower or
remove the duties and expect nothing in the way of
concessions in return.
W e would not question the candor of our corre
spondent, and in fact we think he has gotten further
beneath the surface of things than most Americans
visiting or sojourning in Canada, and yet we believe
that he has not gotten deep enough and that he has
mistaken a sentiment for a principle; that is to say,
while Canadians feel to a certain extent aggrieved
at the United States for what they consider its illiberality, they still are open to commercial arguments
and would be gdad to give something in return for con
cessions which would be of great value to them.
For exam ple: Canada has a good deal of timber
— a good deal more white pine in any event than the
United States. Its products of the forest are greater
in quantity than the Dominion can use in exports to the
old country and Europe, and it sends to the United
States all its surplus above that which is taken abroad.
This lumber is of all grades, but largely of the low
and medium ones. In 1903 the imports of lumber
from British North America amounted to 647,234,000
Saturday, April 2, 1904.
T H E C O M M E R C IA L W E ST .
feet, a heavy falling off from the previous year, but
a larger quantity than the average for the last decade.
The duty on all this lumber is $2 a thousand feet.
Since the United States is a much greater lumber
producer and consumer than Canada, it fixes the prices,
and, while the Canadian lumbermen are very well sat
isfied with the results of their operations, they never
theless have to sell to the mill for shipment to the
United States at $2 a thousand under the United States
m arket; that is to say, the exporter pays the tax. They
would like that tax removed.
The coal producers of Nova Scotia, the miners of
northern Ontario and the agriculturalists of all por
tions of the Dominion would be glad to have their
products come free of duty into the United States.
There is no question about that, and if the proposition
were directly put to them, that for reciprocal conces
sions certain Canadian products would be admitted
free, or on a reduced duty, into the United States, we
believe those concessions would be made. It would be
human nature to make them.
Just now a little sentimental difficulty would be en
countered in the imperial idea, which is being so culti
vated ; but as a commercial proposition Canada could
not prefer the trade of England to that of the United
States, any more than could the state of Pennsylvania
show such a preference.
The commerce of most help to any modern, pro
gressive country is its own domestic commerce; yet
shipments to a distance are made because in the dis
tant market there is a demand which warrants a fancy
price, or there is a surplus which must needs be sent
somewhere away from home. It may be asked how
this proposition applies as to the relations between
Canada and the United States. Simply in this w ay:
The natural resources, soil, climate, people, language
and customs of the United States and Canada are
practically identical. The respective products of the
two countries, if not kept apart by the double tariff
walls, would interchange as freely and to as great
profit as those of New Y ork and South Carolina, or
of Indiana and Illinois.
1 he chief difficulties in any scheme of reciprocity
between the United States and Canada lie in the gen
eral objection of people on this side to removing or
materially reducing any duties, and in the fact that
Canadians are pretty well committed to their present
tariff discrimination in favor of Great Britain; also
that, even now, Canada places no duty on a good many
articles which this country is glad to sell there. But
if the United States would honestly seek equitable reci
procity, and would consent to give something of sub
stantial value to the Canadians, we believe they would
promptly respond; perhaps not cordially, for they feel
a little bitter toward us on tariff grounds, nevertheless
with alacrity.
W hen, however, we come to a general scheme of
reciprocity, we doubt if it is worth while to devote
much attention to it. The difficulty lies in the tariff
policy of the United States. If a protective duty is
a good thing, it is as good applied to an article coming
from one country as to the same article coming from
another country. To> discriminate in favor of one
country as against others, as proposed by the reci
procity treaties, is to secure a purchased friend at the
cost of making an enemy somewhere else, even if there
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Federal Reserve Bank of St. Louis
9
were in the way no favored nation clauses, as there
are in practically all the treaties to which the United
States is a party.
Reciprocity is a very pretty theory, but it is not
consistent with the protective tariff policy now in
vogue, and in addition it is a will-o’-the-wisp; for, if
the legitimacy of a protective duty is admitted, the gov
ernment cannot seriously discriminate against any par
ticular interest, as it must do to carry out the reci
procity treaties, unless it deliberately raises tariffs in
order afterward to lower them. But that is a procedure
hardly consistent with a self respecting nation and
likely to make more enemies than friends.
Freer trade with Canada is referred to loosely as
reciprocity. The distinction should be drawn more
closely because closer trade with Canada would be a
different thing from reciprocity as we commonly un
derstand it as between nations. It is so different that
the United States can single handed remove the tariff
that shuts Canadian trade from our doors.
Growth in Exports.
Government reports as to exports in the calendar
years 1893 and 1903 respectively are interesting to the
west, as showing how the development of the interior
of the country has affected the channels of our foreign
trade.
During the ten years there were some changes in
the rank of leading ports. In 1893 the eight leading
ports ranked as follow s: New York, New Orleans,
Boston, Baltimore, Philadelphia, Galveston, San Fran
cisco, Savannah. In 1903 the order w a s : New York,
New Orleans, Galveston, Boston, Baltimore, Philadel
phia, Savannah, San Francisco. Thus Galveston has
gone above Boston into third place, Philadelphia has
dropped two places. The exact figures are shown in
the following table:
Customs districts—
1893.
Baltimore ...............................$74,830,312
B o s t o n ...................
83,530,264
Buffalo .................................. 3,826,743
Charleston, S. C ................... 11,056,287
D etro it .................................. 7,461,075
Galveston
.......................... 35,957,550
Huron, M ich .......................... 7,091,205
Mobile .................................... 3,301,031
N e w O rleans ..................... 85,215,773
N e w p o rt N e w s ................... 10,547,265
N e w Y o r k .............................357,997,688
N o rfo lk ................................ 10,689,522
Pen saco la ............................
3,737,384
Philadelphia ....................... 43,588’, 3i7
Portland, M e .........................
1,767,113
P u g e t Sound .....................
4,809,096
N ia ga ra ................................ 3,880,737
San F ran cisco ................... 28,882,571
Savannah .............................. 23,535,847
W ilm in gto n , N. C ..............
7,420,828
*Decre ase.
Increase,
1903.
P e r cent.
$84,347,278
12.7
86,429,988
3.5
21,667,866
463.8
3,468,986
*68.6
22,820,028
192.4
144, 355,883
301.5
11,725,926
61.3
15,146,504
358.8
149,671,926
75.6
20,521,051
95.6
516,148,264
44.5
8,686,785
*18 .7
15,822,589
327.0
73,3i 8, 5 i 6
68.2
13,956,109
689.8
27,450,507
11,545,429
32,649,045
58,565,372
19,775,069
471-0
202.0
14.3
152.0
166.5
I he drift of things is better shown by examining
the reports by groups. The figures for the calendar
years 1893 and 1903, with percentages of increase, are
as follows, omitting only the insignificant interior
“ ports” ;
Increase,
. ,
.
i 8931903.
P e r cent.
A tlan tic ports ................$642,798,894 $919,901,648
43.1
Gulf ports . . . . - .................. 131,272,337 331,596,006
152.6
Mexican border ..............
10,257,106
Pacific ports ...................
38,935,502
N orthern border and lake
P ° rts .............................. 52,844,942
T o ta l
26,557,923
72;76i;o 77
158
138,864,212
153.3
..............................$876,108,781 1,484,681,995
Q
69.2
Until the time comes, if ever it comes, when the
Pacific replaces the Atlantic as the seat of the world’s
T H E CO M M ER CIAL W E S T .
IO
greatest commerce, the Atlantic ports will probably
retain their supremacy. But that supremacy will be
less overwhelming as time goes on. The relatively
greater growth of gulf and southern and northern bor
der and Pacific ports will continue. And it needs no
prophetic eye to see the time when the Pacific will be
second only to the Atlantic, unless the Panama canal
shall greatly enhance the business of the pulf.
While the Atlantic ports showed a substantial in
crease during the decade, the rate was small compared
with that of other grand divisions. In 1893 they han
dled 73/d per cent of all the exports of the country,
but in 1903 but 62 per cent. Further, they fell far
below the rate of increase for the entire country. The
69 per cent of increase was due to the growing trade of
the South, the W est and the interior. In all but
finance the commercial greatness of the United States
will be found in the future resting upon the energy
and resources of the Mississippi valley— in its broad
est sense— and the far West.
The Macaroni Wheat Issue.
T h e C o m m e r c i a l W e s t seems to he sustained in
its contention on macaroni wheat. When objection was
made last fall to the policy of the agricultural depart
ment in its advocacy of the general sowing of maca
roni wheat, Secretary Wilson made spirited response
in opposition to any conservative suggestion affecting
the proposition. The department had overlooked the
securing of a market for the product, however, and
following the suggestion of this paper to that effect,
the department took up this important part of the
work about September 1 with the result that foreign
markets are not promising as an outlet.
Prof. Carleton, of the department, who has imme
diate charge of the macaroni propaganda, lias grown
conservative also, and he now advocates the general
growing of macaroni only on lands that are not adapted
to spring wheat. This is commendable and on this
basis macaroni can fight for its standing in the mar
kets. To have attempted to substitute it for spring
wheat, as Secretary Wilson urged last fall, would have
been suicidal at this time.
But best of all, macaroni has now an official name
given it by the Washington bureau. It will he known
as “ durum wheat." With durum growing on the dry
plains, spring wheat on the rich soils and crops in all
the other places, the Northwest ought to be pros
perous.
THE
B U L L ’S E Y E .
There is just one sure way of getting the thing you
want and that is to go after it. If it eludes you keep agoing. And when you go take all of yourself along.
It will take all of you to hold it down when you do
catch it; otherwise it wont be worth the going after.
Most of us think we do go after things wi'th our whole
soul; but when we see the other fellow cut in ahead
and get it we wake up to the fact that a good section of
our soul was left behind at some cross roads or scattered
along in bits by the wayside. Take it in any line of
work or play the man dead in earnest will go farther,
last longer and do more at the end of the trip, than the
dilettante, however well endowed the latter may be.
When you think you have done a thing with your whole
soul, you spend a Sunday afternoon reading the biogra
phy of some of the men whose lives were worth binding
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Federal Reserve Bank of St. Louis
Saturday, April 2, igo4.
in full morocco. That will show you the real meaning of
a whole soul. A whole soul is a tremendously big thing.
*
*
*
I had some business this week with a young printer
who had been at the case long enough to be a full fledged
man in his line— to have his trade and himself in hand
beyond a doubt. But he distrusts himself and his ability
to make his way in the world. He is afraid he will be out
of a job and can’t support his wife well. I find from his
record that he likes to leave his typesetting and “putter”
with little inventions that never come to a head. His soul
is strewn all over the floor. Of course he will never get
his hands on any good sized prize, with his hands always
full of little trinkets and trash. How can a man have
confidence in himself when he never mustered himself
together so as to get a good look at himself? If a man
like this is a fizzle, whose weakness is that he scatters
himself in his work, what shall we say of the man who
fritters away his time, his capital and his good life forces
in trying to entertain himself? He is not worthy of men
tion.
Success is not confined to the men in the first finan
cial rank. Success goes down the whole financial line
even to the day laborer. But it goes only to the man who
takes himself and his life work seriously. And thank
God, it goes to all such. Some one has well said: This
world is given as a prize to the men who are in earnest.
— The Sharpshooter.
O B SE R V A T IO N S.
The placing of emphasis frequently makes a great deal of
difference in the sense of a phrase. Take that common express:on, "He is a good fellow;” much depends upon whether
the emphasis is on the “good" or the "fellow.” If on the
former, the subject of the phrase has at least the reputation
of being reliable, honest and generally of good repute; but if
it be on ‘fellow,’ or if the whole phase runs trippingly off
the tongue, with little emphasis on any word, it is merely a
compliment to the man or to his social qualities, and more
often than not carries to the thoughtful a dubious meaning.
In the ordinary use of the term, a “good fellow” is one
who is companionable, congenial and complaisant.
A man
would better not try to be a good fellow unless he is going
the length and is prepared to measure to the third requirement
of the definition. Consequently the banker who expects to
be permanently and progressively successful in his vocation
cannot afford to be a “good fellow.”
*
*
*
I do not wish to set up a too puritanical standard of morals
for the banker, but there are few professions in which the
temptations are so many or so insidious, and consequently
few in which a man has more need to guard himself against
attacks from within or without. The moral structure can
be undermined in many ways, and it is difficult, if not impos
sible, for any man to be immoral in one part of his life, or
one department of his mental or moral make-up, and remain
sound and safe otherwise. Most failures, outside of those
due to sheer incompetency or flagrant dishonesty, are due
primarily to things that seem in the first instance entirely
legitimate. How many times a bank has been ruined because
the president, cashier, or other executive officer, became
interested in some enterprise that perhaps seemed primarily
to be for the good of the bank and of the community. But
the executive officer of the bank of any size seldom has
time to do anything but attend to his banking business.
Anything that he becomes interested in outside of banking
must be left to the direction of others; and it is very easy
for the judgment as to the credit of the outside enterprise
to be biased in its favor. Good money is sent after bad,
and the result in hundreds or thousands of cases has been
disastrous.
iji
:}c
ijc
The ideal banker should be absolutely disinterested as
to any proposition that is presented to him in his official
capacity. He should be under no biased or personal influ
ence, or even of friendship. He should be cool-headed and
Saturday, April 2, 1904.
T H E C O M M E R C IA L W E ST .
cold-blooded. There should be nothing to disturb the equi
poise of whatever sound judgment he may possess.
* * *
I do not mean to argue that the banker should never take
any risk. Often there are times, especially in the smaller
cities and country towns, when the prosperity of the com
munity very largely depends upon the liberality of the banks.
It is frequently the case that a local industry threatened
with financial wreck may pull through with assistance from
the b a n k ; often a new industry which will promote the wel
fare of the community, and therefore of the bank itself,
may be secured if the aid of the bank can be depended upon.
But in extending such aid, in going beyond the limits of
absolute safety, the banker needs to have himself fully in
hand and to have no interest whatever except the good of the
institution of which he has charge and the good of the com
munity in which that of the bank is bound up.
%
:{c
It is difficult, to draw the line short of absolutely confin
ing his interests and attention to the institution of which he
has charge. Probably the majority of bankers have outside
interests which are likely to affect their judgment as bankers.
Go through almost any of the smaller cities and country
towns and villages, and you will find the local banker or
bankers interested in this manufacturing establishment, that
commercial enterprise, this real estate speculation, or some
other enterprise which is or is likely to be a feature before
his bank. This should not be the case. The banker, if he
be successful, may have money to invest, but his investments
should be of a strictly non-speculative sort, and not of such
a character as to influence in any way his judgment in the
handling of the business under his control.
i«C * ' *
This is a hard saying, and I am likely to be accused of
dogmatism. Multitudes of honest and able men, in fact a
vast majority of them, who are in charge of banking insti
tutions, do not conform to such an ideal. Most of them are
successful and so combine the banking business with other
lines of industry or trade that the outcome is a satisfactory
one. Yet there is always danger and a temptation to which
a man in such a position of trust should not subject himself;
nor should he allow good-fellowship and the desire for pop
ularity to lead him out of the straight and narrow path, in
fo llo w in g which, only, is safety assured.
Furth erm o re:
T h e old conditions are changing, and in the future tb|e de
mand will be for bankers, and not for men trained in
other lines w ho have becom e bankers, and not for men
w h o have outside interests that demand any of their time
and attention, or can influence their judgment.
— Onlooker.
11
state or national, and so have a double supervision, in
suring the greatest ability and safety. T h a t the country
banker appreciates this important fact is shown b y his
readiness to take advantage of such a proposition. T h e
Union Investm ent Co. already have m a ny country banks
and m a ny more are under consideration. T h e ir offices are
in the Bank of Com m erce building.
Minnesota Bankers to Meet at St. Cloud.
Group four of Minnesota Bankers A sso cia tion will be
organized at St. Cloud on A pril 6, tak ing in the banks of
sixth congre ssional district. A co mplete pro gram is not
at hand but the fo llo w in g speakers are slated for ad
dresses:
Judge Collins, M ethods and Practice of the Suprem e
Court; L eo n L. H e rrick of Benton C o un ty State bank,
Sauk Rapids, on Cares of a Banker; W m . S. M c C a r th y of
Security B a nk of Monticello, on B a nk A d ve rtis in g ; E rn est
C. B r o w n of F irst National of Minneapolis, on T h e O u t
look.
President A. C. A n d e rso n and S e cre tary Jos.
Chapman, Jr., of the Minnesota B a n k er s ’ A ssociation, and
State Bank E x am in e r S. T . Johnson are also expected to
be present and address the meeting.
T h e auditorium of the public library will be the meet
ing place and the first business session will be called at
1 :30 p. m. to be follo w ed by a banquet in the evening. T h e
pro gram is to continue the fo llo w in g day including busi
ness sessions, ca rriag e drives and an inspection of the
state reform atory.
Strengthening a Strong Agency.
T h e Minnesota state a g en cy of the Equitable Life A s
surance S o cie ty of N e w Y o r k City, which is in charge of
Messrs. W ilk e s & Covey, with offices at 40U G uaranty
building, Minneapolis, has been reinforced b y the acquisi
tion of J. M. A nderso n as resident manager. Mr. A n d e r
son has resigned from the presidency of the Metropolitan
Music Co. and w ith draw n from that institution to asso
ciate himself with the firm of W ilk e s & Covey. T h e C o m
mercial W e st feels able to co ngratulate the co m p an y it
self, W ilk e s & C o v e y and Mr. A nderso n on this alliance.
Chicago Commercial Paper Market.
W . B. M c K e a n d & Co., Ch icago, say to T h e C o m m e r
cial W e st under date of M arch 30:
“ T h e commercial
paper m arket remains quiet in this city. W h ile rates are
not high, there is little paper m oving. W e do not look for
improved conditions before M a y 1, and hardly expect
much paper to be offered until that time. Rates are steady
at 5 to 5P2 per cent.”
C hica g o F o re ig n E xch a n g e .
A
New Securities Company.
O ne of the strongest financial co ncerns in the north
w est has been re cently organized in Minneapolis and is
k n o w n as the Union In vestm ent Co., and capitalized at
$500,000.00. A m o n g the stockholders are such prominent
Minneapolis business men as F. H. W e llc o m e ; F. E.
K enasto n , president of the Minneapolis T h r e s h in g M a
chine Co.; E. C. W a rn e r, president Midland Lin seed Co.;
S. H. Bo w m an , president of the B o w m an L u m b er Co.;
F. W . L ym an , of L y m a n - E l i e l D r u g Co.; S. A. Harris
and A. A. Crane, of the National Bank of Com m erce. B e
sides these there are several well k n o w n financial men of
C h icag o and N e w Y o r k interested in the co mpany. W h ile
this corporation will handle such investment securities as
municipal bonds, farm m o rtg a g e s and co mmercial paper,
it is not a trust com pany in its relations to coun try banks.
F o r them it is a holding co mpany, or clearing house.
Mr. W e llc o m e and his associates have appare ntly
solved one of the most p erplexin g banking problems of
modern times. W o r k i n g within the scope of present b a n k
ing laws, they have succeeded in giv in g the coun try bank
the stability and strength of a large corporation, and still
p reserving its independence.
T h e ir coun try banks are
m anaged b y a local board of directors w h o o wn about
half of the stock, but these banks are under the supervision
of the holdiirg co m p an y and make frequent re ports of
their condition to its auditor. A ll their banks are either
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
T he N ational B an k of the R epublic, C hicago, qu otes foreig n
exch an ge at the close of business M arch 30, as follow s:
S terling—
60 d a y s’ sight.
D em and.
P osted rates .................................. 4.85%
4.88
A ctu al .............................................. 4.84%
4.87%
C om m ercia l .................................... 4.84
4.87
Cables ...............................................................
4.88
B an k of E ngland rate, 4 per cen t; private discou nt rate, 2%
per cent.
M arks—
.95%
A ctu al ..................................1................. 94%
C o m m e r c ia l.............................................94%
.95
C a b l e s .......................................................95%
........
B ank rate, 4 per cen t; private 'discount rate, 3% per cent.
L ondon c h e c k , --------- .
F ra n cs—
A ctu al ............................................... 5.1834
5.15% less 1-16
C om m ercial ...................................
5.20
5.16%
Cables ............................................... 5.15
..........
T h e Coal & Iron National bank, of N e w Y o r k City,
has been authorized to do business. It will be located at
L ib e rty and W e s t streets, and will take over the business
of the V a r i c k Bank.
W E IL L S
<&, D I C K E Y
E STA B LISH ED
BOND
CO.
1878
DEPARTMENT
H i g h G r a d e S e c u r i t ie s for T r u s t F u n d s
I n s t it u t i o n a l F u n d s a n d I n d i v i d u a l I n v e s t o r s
802 GUARANTY BLDG., MINNEAPOLIS.
Tel. Main 590
T H E C O M M E R C IA L W E S T .
12
Saturday, April 2, 1904.
WATSON & COMPANY,
BROKERS
Chamber of Commerce, Minneapolis----- 24 Broad Street, New York
S to ck s,
Bond^,
N E W Y O R K STOCK E X C H A N G E .
CHICAGO STOCK E X C H A N G E .
W IN N IPEG G R A IN E X C H A N G E.
Grain,
« :
CH ICAGO BOARD OF TRA D E.
N E W Y O R K PRODUCE E X C H A N G E .
M
1 Î M
B
P ro v isio n s •
I C W
M IN N E A P O L IS C H A M B E R OF C O M M ERC EST . L O U I S G R A I N E X C H A N G E .
Private Wires to Chicago, New York, and Other Cities.
The Chicago Money Market.
Milwaukee Money Market.
(S p ecia l C orresp on den ce to T he C om m ercial W e s t.)
(S p ecia l C orresp on den ce to T he C om m ercia l W e s t.)
Chicago, M arch 30.— A ll the state banks published dur
ing the w ee k statements of their condition at the open
ing of business M arch 22, in response to a call from the
state auditor. In the great m a jo r ity of cases increases in
deposits since the previous statem ent of D e cem ber 30
w ere shown. T h e A m erican T r u s t & Savin gs bank made
a gain betw een statem ents of $1,500,000; the W e s te rn
T r u s t & Savin gs bank sho w ed $300,000, and so on through
the list, w ith the exception of four banks.
T h e average gain of the Ch icag o state banks since the
opening of the year has been 7.2 per cent in commercial
deposits, as show n from the total figures of the state
ment, while the cash re sources increased 9.6 per cent, as
compared w ith the D e ce m b e r showing. In some instances
the re serves have re ached as high as 42 per cent, and it
appears to be the determination at the present time to
hold them up as much as possible. In m a ny instances the
larger banks sho w decreases in a g g r e g a t e loans. T h is is
accounted for b y the fact that b o rro w e rs have since fhe
first of the y ea r been p a y in g up m atu rin g loans and de
clining to take re newals at the p revailing rates of interest.
T h is is taken as a pro o f that the present requirements of
business enterprises are not p ressing for funds and that
prospective bo rro w e rs lo ok for easier rates later on.
T h e fact is that, while bankers declare that th e y are
endeavoring to earn their salaries b y upholding rates, they
feel that the ten dency to lo w er figures has been on the
increase even within the past w eek. O f course the ac
cumulation of m o n ey shown b y the state banks indicates
an easy market; and still it is said that few a cco m m o da
tions have been granted at a less rate than 5 per cent,
except on the v e r y best commercial paper and on some
choice collateral w hen the amount has been large. A s
one cashier declared, bankers are not “ publishing the fa ct”
but do not hesitate to grant such loans at 4L2 per cent.
T h e general demand for m o n ey has not been m ore than
fair during the w e e k from a n y source, alth ough some of
the institutions w hich confine their business entirely to
the city report it considerable. F o r the most part, h o w
ever, it is attributed b y them to the slowness w ith which
co llections have been co m in g in.
P o o r collections, of
course, indicate the general condition of trade, w hich co n
tinues to lack the desired am ount of snap and go. T h e
jo b b er s ’ and m anu facturers’ agents expre ss some impa
tience at the tardiness of the coun try buyer in reaching
the mark et and the large retailers still complain that the
a w akenin g of the spring trade is too lo n g delayed.
Savin gs accoun ts have not been g r o w i n g fast, and in
several instances they have not m o re than regained the
point from which th e y receded after the b eginn in g of
January. M a n y w o rkin gm e n are unem ployed at this time
o w in g to delayed building enterprises, but the indications
are that more favorable w ea th er will p ro m p tly relieve this
feature of the situation.
Bonds have not shown much activity during the week,
except in one or tw o local issues. T h e r e has been con
siderable persistence in the inquiry for sanitary district
bonds and notable activity in Ch icag o Edison 5’s at 103.
T h e Minneapolis Chapter of the A m erican Institute of
B a n k Clerk s held its sem i-m onthly m e eting at the W h i s t
Club ro om s in the A ndrus building, Minneapolis, on W e d
nesday evening of this wee k.
W . S. Harris, assistant
cashier of the National B a n k of Commerc e, read w h a t w as
pronounced a v e r y able paper on “ T h e B a n k e r’s O p p o r
tunity.”
A . L. Johnson, of the Sw edish-A m erica n N a
tional bank, gave a talk on “ B a nk S ten o grap h y ,” and C. E.
K la ss y , of the M innesota L o a n & T r u s t Co., presented a
paper on “ Municipal B o n ds.”
It is announced by thé chapter that Mr. J. H. Eckels,
of Ch icago, will speak at the annual banquet of the chap
ter, to be held on the evening of Saturday, A p r il 23; at
Digitized
the for
W eFRASER
s t Hotel.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Milwaukee, M arch 30.— T h e calls for loans at the count
ers of M ilw aukee banks are large and numerous enough
to keep a great proportion of the funds in active use, but
the supply exceeds the demand ow in g to the dullness e x
perienced in business b y jobbers, w h o are handicapped in
their operations by the bad condition of co un try roads.
T h e manufa cturing interests are using a great deal of
m o n ey and report their business good. Discoun t rates are
quoted at 5 to 6 per cent, the inside bein g for prime co m
mercial paper with collateral security, but the outside is
the usual g o in g rate. Clearings of the associated ba nks 1
for the w ee k are $6,833,767.43 and balances are $905,927.09,
against $5,970,721.82 and $725,459.13 the sam e w ee k last
year and $6,395,318.88 and $1,159,005.88 in 1902.
O n M o n d ay the board of public debt commissioners
sold $410,000 w orth of M ilw aukee bonds for w hich they
rece ived as a premium $12,640.30. T h e bonds w ere $200,000 for school purposes, $100,000 for street, and $60,000 for
park improvements and $50,000 for s ew a ge purposes. T h e
bid w as submitted jo in tly b y B lo d ge tt & Merritt Co., and
Blake Bros. & Co., of Boston, the other bidders bein g as
fo llo w s:
R. K ley b olte & Co., C h ic a g o ....................................................$419,236.00
E. D. Shepard & Co., N ew Y o r k .......................................... 419,102.00
K ou n tze B ros., N ew Y o r k ........................................................ 420,951.10
O ’ C onner & K ahler, N ew Y o r k .............................................. 419,102.00
B lodgett, M erritt & Co., and B lake B ros. & Co., B o s
ton ............................................................................................... 422,640.30
V erm ily e & Co., N ew Y o r k ..................................................... 420,013.00
F arson, L ea ch & Co., C h ic a g o ........................ ....................... 419,881.00
M ason, L ew is & Co., C h ic a g o .................................................. 416,273.00
G eorge M. H ahn, N ew Y o r k .................................................... 417,913.00
D om in ick & D om in ick. N ew Y o r k ........................................ 418,241.00
N. W . H a lsey & Co., C h ic a g o .................................................. 421,521.00
E sta b rook & Co., N ew Y o r k .................................................... 420,865.00
W . J. H a yes & Sons, Cleveland, on $200,000.................... 205,317.00
N. W . H a rris & Co., C hicago, on $360,000........................ 369,288.00
S. A . K ean , C hicago, on $360,000............................................ 369,000.00
C itizen’ s T ru st Co., M ilw aukee, on $110,000...................... 113,800.00
B asis on 3.64 per cent.
T h e bonds will draw 4 per cent interest and will be
registered at the option o f the buyers. F ive per cent of
the principal will be paid each year, to ge th er w ith the
interest, which will be payable either at the city treas
urer’s office in M ilw aukee or at the office of the Morton
T r u s t Co., in N e w Y o r k . T h e premiums at which the
bo nds w ere issued reduces the rate of interest from 4 to
3.64 per cent. In the proposals the fo llo w in g statistics
w ere given: A ss e s se d valuation, $180,018,564; total bond
ed debt, including these issues, $4,427,250; value of co r
porate property, $22,733,642,47.
Boston Money Market.
Bo n d & Goodwin, Bankers of Boston, report to T he
C ommercial W est , under date of M arch 28, as follo w s:
“ T h e B o ston m o n ey m arket has ch anged to a co m p ara
tive ly small extent in the last week. D em and m o n ey is
a little firmer over the first of April. F o u r to six m o n th s’
paper has a ready sale at 4Ra per cent, but good co m m e r
cial names are not in great supply. Y e a r m o n ey is in fair
supply on good collateral at 4% per cent in the M assa
chusetts savings banks. W h ile it is believed that there
will be no material advance in rates in the near future,
w e believe the tendency will be sligh tly in that direction.”
St. Paul Money Market.
T h e local situation is unchanged from a w e e k ago. T h e
banks are fairly w ell loaned up and m o n ey is easy around
5 per cent. T h is is the p revailing rate and promises to be
for the present.
Dedication of Illinois Monument.
Shiloh Battlefield, Tenn., April 12 and 13, 1904.
F o r this occasion the Ch icago Great W e s te r n railway
will on A pril 9th, 10th and n t h sell round trip tickets to
Cairo, 111., or Paducah, Ky., at the rate of one fare, good
returning until April 17th. F o r further information apply
to L. C. Rains, general agent, co rner N icollet avenue and
Fifth street, Minneapolis.
T H E C O M M E R C IA L W E S T .
Saturday, April 2, 1904.
13
The First National Bank of Minneapolis
UNITED
STATES
DEPOSITORY
S T A T E M E N T OF C O N D IT IO N JANUARY 2 2 , 1 9 0 4
LIABILITIES
RESOURCES
Loans and Discounts
Railroad and Other Bonds
United Sta te s Bonds, at par
Cash on Hand and D u e from
Banks
$8,755,465.87
142,640.00
$ 1,050,120.00
3,872,712.22 4,922,832.22
Capital Stock
Surplu s
Undivided Profits
C i r c u l a t i o n ......................................
Deposits
United States Bond A ccoun t
$13,820,938.09
$2,000,000.00
1,300,000.00
65,862.78
774,900.00
- 9,480,175.31
200,000.00
$13,820, 938.09
O F F I C E R S
C. T. J A F F R A Y, Cashier
F. M. P R IN C E , Vice-President
J. B. G I L F I L L A N , President
E R N E ST C. B R O W N , Asst. Cashier
D. M A C K E R C H A R , Asst. Cashier
R ECIPR O CITY
W ITH
CANADA.
View As to Canadian Sentiment by a Student of the Sit
uation.
E ditor T h e C o m m e r c ia l W e s t : I see that the question
of reciprocity between the United States and Canada is be
ing extensively agitated on your side of the line, and is en
tering into politics and business. A s an observer of matters
on this side, I think it well to explain, as I see it, the situa
tion and public sentiment in Canada, which I think are not
generally understood in the United States.
There seems to be an impression— though some people
are beginning to doubt its correctness— that all that is nec
essary to secure reciprocal concessions from Canada in return
for a reduction or removal of duties on Canadian products,
natural or otherwise, is to propose such reduction or removal.
It seems to be the impression in the United States that the
Canadians are waiting with ill concealed impatience for the
extension of a friendly hand from south of the international
boundary.
S ix or seven years ago this opinion would have been fairly
well supported by the tacts. Canada was then anxious for
reciprocity and doing all in her power to bring it about with
out too great a sacrifice of what she considered her own in
terests ; but the failure of negotiations carried on by the
Joint High Commission, and the increasing prosperity of
the Dominion since that time, has brought about a decided
change of opinion.
I find two elements in Canadian sentiment, which at least
for the time being stand in the way of any reciprocity. First
is a feeling of vexation, what would be called here righteous
indignation, and second a feeling of self sufficiency, . “ 'the
sentiment now is Canada for Canadians” only to a slight
degree modified by the imperial zolverein idea. Even the
latter, in my opinion, is based primarily on the idea of promot
ing Canadian interests, and only slightly on any special af
fection for the empire. .1 do not find the Canadians especial
ly enthusiastic in their loyalty. They are loyal, no doubt,
but it is of a subdued sort as far as Great Britain is con
cerned, because their own interests come first. There is a
good deal of old fashioned loyalty to be found scattered
through the Maritime provinces, where there are many of
English birth or connections who will cheer the British flag
at least as enthusiastically as the most patriotic crowd of
Americans will hail the Stars and Stripes. But in Ontario,
and generally in the western part of the Dominion, there is
no special general admiration of English rule or institutions.
I mention these facts so that you may better understand what
I am trying to explain about the attitude of Canadian peo
ple in regard to reciprocity with the states.
Three or four years ago, outcropping in some instance
more recently, there was a great deal of bitterness toward
the United States. Now that feeling is subdued, and most
business men and politicians will profess such a degree of
friendship as is compatible with the feeling that their friendly
overtures have been rather discourteously received. I am
not now speaking of recent American immigrants, but of
what may be called Canadians. In addition to that feeling
is a very strong disposition to claim that Canada is sufficient
unto herself; that she does not need much from the United
States; that she hardly needs a market in the United States
for any important part of her products, but that her most
profitable and pride-sustaining alliance is with the old coun
try.
I know there are a few Canadians who are always talking
about reciprocity; but they are very few and are practically
disowned by their compatriots. John Charlton is the most
eminent of those who are trying to bring about reciprocity,
but he has been devoting his attention chiefly to the States,
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Federal Reserve Bank of St. Louis
with comparatively satisfactory results; but it should be
noted that he has but little to say at home. Once in a while
he gets a chance to make a speech at some association meeting
or in parliament, but when he does his reception is chilly
and the results are nil. He is looked upon, I find, as well
meaning and brilliant but rather shallow and meddlesome. I
have been told point blank by men in his own business—
lumber manufacture— some of them eminent in public affairs,
that he does not represent them in any way whatsoever, and
that they would thank him to mind his own business.
There are some features of the Canadian tariff, which many
of you readers may not know. It seems to be a common idea
in the United States that Canada, or the provinces, place an
export duty upon saw logs in retaliation for the American
duty on lumber. That is not the case since the enactment
of the McKinley bill. The export of logs cut from crown
lands, which constitute the vast majority of the output, is
absolutely prohibited. I speak of this because one of the
chief objects desired by the Americans at the time the Joint
High Commission was in session was the admission of logs
into the United States without even an export duty. The
Americans at that time also wanted minerals, especially nickel,
but did not want much else. While they wanted some few
things, they would not consent to give anything for them.
Now the United States, or certainly elements in the States,
want not only logs, but pulp wood, pulp, grain, minerals,
fish, etc.
Canadians admit that they would be glad to have their
products go into the United States without duty. The lum
bermen would like to have their lumber admitted free.
Northwestern farmers would appreciate the privilege of com
peting for the trade of the flour mills of Minnesota and the
Dakotas; the cheese producers of Ontario would like their
products conveyed to free markets in the States; the fish
ermen of the Atlantic and the St. Lawrence coasts would
like to sell in the markets o f the Sta te s; the farmers, the
apple growers and the other agriculturists of Ontario and
Quebec would like free admission for their products, and the
coal producers of Nova Scotia could do a bigger business if
American markets were freely open to them.
But very few of them would consent under any circum
stances to reduce in the slightest measure the present tariff on
American products brought into the Dominion; and there is
now a strong movement under way looking to an all around
higher import tariff, with the view of giving a greater pre
ference to the old country. The lumbermen, who were at
one time such earnest and persistent advocates of reciprocity,
now say that they would not allow one log more to go to
the United States if the - latter would entirely remove the
duties from all their forest products.
I can see, therefore, no chance whatever, at any early date,
for reciprocity between the United States and Canada. If
the United States wants to remove the duty on any Canadian
products, well and good, but there will be no reciprocal
concessions, so where is the reciprocity? Therefore the idea
of reciprocity between Cd*hada and the United States is an
irridescent dream. There is and will be no reciprocity,
though the United States be generous as she will and though
she present Canada with all her markets free of charge. This
is the condition the American people and government have
to face.
-— Sojourner.
T oronto , M a r c h 2 4 TH.
Interesting Railroad Publications.
T h e Burlington road has issued two intere sting fold
ers under the titles of “ T h e B i g H o rn B a sin ” and “ D a ir y
ing in N e bra sk a.” Both are handsom ely illustrated and
filled with information for the landseeker. T h e B i g Horn
basin in W y o m i n g is fertile and offers attractive possi
bilities for ranching. T h e possibilities in N e bra sk a are
w ell known. L andseekers should order these folders of
P. S. Eustis, general passenger agent, Chicago, 111.
T H E CO M M ER CIAL W E ST.
14
F A
Saturday, April 2, 1904.
C H A M B E R L A I N , Prest.
PE R RY H A R R I S O N , Vice-Prest.
E. F. M E A R K L E , Vice-Prest.
T H O S . F. H U R L E Y , Cashier
FRED. S P A F F O R D , Asst. Cashier
THE SECURITY BANK OF MINNESOTA
M IN N E A P O L IS ,
Capital and Surplus,
F. G. Winston
T. H. Shevlin
H. C . Akeley
George F. Piper
L. F. Day
George C . Christian
F. A. Chamberlain
S. T. McKnight
J. H. Queal
M IN N E S O T A
-
$1,400,000
D I R E C T O R S
W. S. Nott
Louis K. Hull
W. O. Winston
A General Banking Business Solicited.
C. C. Webber
E. J. Carpenter
R. M. Bennett
Perry Harrison
Thos. F. Hurley
H. M. Carpenter
C . F. Deaver
E. F. Mearkle
Accounts Individuals, Firms, Corporations received
on the most favorable terms
F O R E IG N E X C H A N G E B O U G H T A N D SO LD
Travelers’ Letters of Credit and Travelers’ Checks good the world over issued
CH IC AG O
STATE
BANKS.
T h e call by the state auditor of Illinois for a report
of the condition of the state banks in Ch icag o at the open
ing of Dusiness M arch 22, show ed that there had been a
considerable increase in deposits since the n ext previous
call, D e cem ber 30. In only four cases w ere there de
creases in the deposits item and all but one of them were
insignificant. T h e leading gain was, of course, in the First
T ru st & Sa vings, which is just gettin g into its gait. L o a n s
and discounts, on the contrary, show ed a go o d m a ny de
creases, though none of importance.
T h e comparative
figures on the three leading features w ere as follo w s:
D eposits.
M arch 22. D ec. 30, 1903.
$15,380,853
A m erican T ru st .......................... ....................$16,774,668
585,872
600,539
A u stin State ................................. ....................
5,401,662
....................
5,765,518
C entral T ru st ..............................
1,075,963
C hicago C ity ................................ .................... 1,174,559
1,000,482
C hicago Savings ......................... ..................... 1,095,939
277,584
313,367
C ook C oun ty ................................ ....................
627,503
....................
796,170
636,082
....................
702,796
1,466,126
..................... 1,569,165
6,177,910
F ederal T ru st .............................. .................... 7,232,010
2,344,216
..................... 7,313,560
4,096,586
F orem an B roth ers ...................... .................... 3,481,299
13,606,922
....................
13,896,340
H ibern ian ......................................
3,182,599
.................... 3,561,726
75,353,ISO
Illinois T ru st ................................ ................... 77,011,803
180,005
384,713
J a ck son T ru st ............................. .....................
142,738
....................
196,674
37,507,512
M erch an ts’ L oa n ........................ .................... 40,749,557
3,066,629
....................
3,515,943
M etropolitan T ru st ....................
2,899,959
M ilw aukee A ven u e .................... .................... 2,871,003
22,770,555
N orth ern T ru st .......................... ..................... 23,236,236
206,072
230,027
N orth Side ................................... ....................
4,851,098
P rairie State .................. , ........... .................... 4,913,933
2,765,294
P ullm an L oa n .............................. ..................... 2,770,279
3,694,337
R oy a l T ru st .................................. .................... 3,394,769
637,715
515,388
South C hicago ............................ .....................
11,123,951
State B an k ............................. .. ..................... 11,367,171
1,080,335
....................
1,180,471
S tockyard s S avings ..................
8,321,036
U nion T ru st ................................ ..................... 9,034,592
2,973,538
W estern T ru st ............................ ..................... 3,485,409
L o a n s and D isco u n ts.
M arch 22.
$10,705,773
512,248
7,318,447
958,410
849,019
297,975
721,253
724,208
1,253,182
5,326,659
3,516,426
3,481,299
9,685,829
43,018,760
454,584
294,911
20,990,678
3,122,848
2,192,706
11,474,266
211,438
3,781,593
1,849,758
3,130,005
375,970
8,875,186
905,285
5,964,638
3,079,635
A m erican T ru st . . .
A u stin S tate ..........
Central T ru st ..........
C hicago C ity ..........
C hicago Savings . . .
C ook C oun ty ..........
C olonial T ru st . . . .
D rexel State ............
D rov ers’ T ru st .......
F ederal T ru st ........
F irst T ru st ..............
F orem an B roth ers
H ibern ian ................
Illinois T ru st ..........
J a ck son T ru st ........
M an u factu rers’ . . . .
M erch an ts’ L oan . ..
M etrop olitan T ru st
M ilw aukee A venu e
N orth ern T ru st ---N orth Side ..............
P rairie State ..........
Pullm an L o a n ........
R oy al T ru st ............
South C hicago ........
State B an k ..............
S tockyards Savings
U nion T ru st ............
W estern T ru st . . . .
$10,287,485
311,571
6,999,040
946,358
820,435
273,107
726,389
649,446
1,225,951
4,795,359
42,250
3,572,467
9,365,093
45,651,139
265,102
251,663
24,628,419
2,680,808
2,205,721
12,744,193
199,101
3,761,006
1,887,131
3,131,020
309,372
8,367,310
791,684
5,214,309
2,557,374
1,237,977
3,730,662
210,477
21,606,785
100,501
66.499
20,433,204
757,774
813,601
8,642,186
71,843
1,108,184
418,702
1,276,026
168,991
3,038,632
268,767
2,971,371
934,063
F orem an B roth ers .
H ibern ian ................
H om e ..........................
Illinois T ru st ..........
J a ck son T ru st ........
M an u factu rers’ ----M erch an ts’ L oan ..
M etropolitan T ru st
M ilw aukee A venu e
N orth ern T ru st
N orth Side ...............
P rairie State ..........
P ullm an L oa n ........
R oy a l T ru st ..............
S outh C h icag o . . . .
State B an k ..............
S tock y ard s Savings
U nion T ru st ............
W estern T r u s t ........
1,418,265
4,048,660
222,139
17,464,684
85,605
59,881
13,823,444
804,448
797,159
7,167,912
59,252
1,084,498
358,385
900,636
331,547
3,494,075
336,433
3,186,378
917,442
Minneapolis, St. Paul & Sault Ste. Marie Railway Co.
C om parative statem en t o f earnings and expen ses fo r m onth of
F ebruary, 1903 and 1904:
8 M onths
M onth of M onth of
8 M onths
F ebruary, F ebruary, to Feb. 28, to Feb. 29,
1904.
1903.
1904.
E arn in gs—
1903.
$288,876 $3,612,689 $3,533,556
$338,226
F reig h t ........
1,041,917
966,408
67,391
69,921
P assen ger . . .
149,537
138,071
18,717
17,343
U. S. m ails . . .
83,302
80.027
7,951
6,460
E x p ress ..........
25,709
29,366
2,156
2,348
T elegrap h . . .
74,834
62,716
4,113
3,837
M iscellaneous
T ota l ...........................
O peratin g E x pen ses:
M aint’ ce w a y & struct.
M'aint’ ce e q u ip m e n t.. . .
C on d u ctin g tr a n s . . . . . . .
G eneral e x p e n se s..........
$438,137
$389,207
$4,889,278
$4,908,859
$38,753
52,682
167,058
12,149
$38,878
62,586
171.961
12,723
$530,794
442,781
1,359,907
101,031
$463,068
484,496
1.445,341
104,244
T ota l ...........................
N et earnings ................
P ercen tag e of expenses
to earnings ..............
$270,644
$167,492
$286,150
$103,056
$2,434,514
$2,454,764
$2,497,151
$2,411,707
61.8
73.5
49.8
50.8
Does the Mortgage Loan Business Pay Bankers ?
Henry Rothschild, special loan agent in Minnesota
for The Northwestern Mutual Life Insurance Com
pany, of Milwaukee, reports new loans placed in his
field for the period of three months ending March ist,
1904, $579,700. This was practically all farm busi
ness at 5 per cent, with “ on or before” privileges,
and secured through Central and Southern Minnesota
bankers. Evidently the bankers who procured and
closed the business made it pay.
U.
M.
STODDARD
&. CO.
Buy and sell County, School and Municipal
BONDS
C o rresp o n d en ce S o licite d
L o n g D is t. P h o n e M ain 2317-L-1
209 National Bank of Commerce Building,
MINNEAPOLIS, MINN.
Cas h R es o u r c e s .
A m erica n T ru st
A ustin State
C entral T ru st ..
C hicago C ity . . .
C hicago Savings
C ook C oun ty ...
C olonial T ru st .
D rexel State
D rov ers’ T ru st .
F ederal T ru st ..
F irst
T ru st ........
M arch 22. D ec. 30, 1903.
....................................$6,841,841
$6,133,702
.................................
143,978
160,683
.............................. 2,420,409
2,470,482
................................
351,992
298,873
..............................
175,855
200,858
.......................
90,789
61,111
..................................
264,949
163,148
..............................
116,575
132,424
............................
351,312
300,595
.................................. 3,314,455
2,724,049
.................................. 1,574,664
632,950
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
T.
A .
JAM IESO N
CH O ICE F IR S T M O R TG A G E L O A N S
R E A L E S T A T E AND IN SU R A N C E
M ANAGING E S T A T E S A S P E C I A L T Y
C o rre sp o n d e n ce S o licite d
T e le p h o n e s, T w in C it y 2465
N o r th w e s te r n M ain 2010
205 Andrus Building
MINNEAPOLIS, MINN.
Saturday, April 2, 1904.
T H E CO M M ER CIAL W E ST .
FLOYD,
H
C R A W F O R D
B A N K ER S
A N D
CHI C A G O B OA R D OF T RADE
NEW YORK CONSOLIDATED S T O C K EXCHANGE
MI L WAUK EE C H A M B E R OF C O M M E R C E
CO.
B R O K ER S
STOCKS, BONDS, GRAIN, PROVISIONS AND COTTON
MEMBERS:
&
J.
H.
NEW YORK
SUM M ERS, M
O FFIC E :
a n a g e r
5 0 1 - 5 0 3 - 5 0 5 R O O K E R Y BUILDING, C H I C A G O
The FIRST NATIONAL BANK ST„ Ä
Capital $1,000,000.00
25 B R O AD S T
S E N D F O R DAI LY M A R K E T L E T T E R
"
Surplus and Profits $850,000.00
O F F I C E R S : H e n r y P. U p h a m , Pres. E. H. B a i l e y , Vice-Pres. W m . A. M i l l e r , Cash. F . A. N ie n h a u s e r , Asst. Cash. O. M. N e l s o n , Asst. Cash
D I R E C T O R S : H. P. U p h a m , James J. Hill, G re e n le a f Cl a rk , D. C. Shepard, H. E . Th o m p s o n , E . N. Saunders, Tames N Hill F P Shenard
E. H. Cu tl e r, Chas. W . Ame s, E . H. Bail ey , T h e o . A. Schulze, Chas. W . Gordon, T. L. S c h u m e i« , W. A.'Miller
bhepard’
THE WEEK IN CHICAGO.
(S p ecia l C orresp on den ce to T he C om m ercial W e s t.)
Chicago, M arch 30.— A steadfast, undemonstrative feel
ing of stability has characterized Ch icag o finance during
the past week, the ten dency in all lines bein g towards
optimism resultant upon the slow but sure clearing up
of doubtful conditions fo llo w in g recent legislative and
speculative denouements. T h e general improvement of
the situation in W a l l Street, the co ntinuously favorable
crop indications, the com m encem ent of lake navigation
and the assurance o f quickening a ctivity in most lines of
trade, have conspired to restore full confidence to the most
w a r y and give a bra v er note to the most cautious e x
pressions of financial opinion.
A more thorough un derstanding of the possible di
ve rg en ce of interests g r o w in g out of the m erger decision
has been follo w ed by thorough assurance that there is to
be no p rolonged or pronounced friction in that direction,
and that the negotiations betw een the various factors in
the great properties co ncerned will be carried without
m isunderstanding or controversies to the most desirable
completion. T h e speedy and final adjustm ent of this ab
sorbin g problem, to geth er with assurances of a go o d and
perhaps e xtraord in ary agricu ltural year, are already tend
in g tow ards a bull mark et of stable and considerable p ro
portions.
T h e stability thus far maintained, even in the face of a
few disturbing factors in the financial world, is havin g the
re sult of reassuring all classes of investors; and those
ba.nkers w h o a few w eeks ago could see no sign of a
h ealthy a ctivity in the m o n ey mark et are n ow fo recasting
•a w h o leso m e if not unusual demand for co mmercial loans
as soon as spring sets in.
G o ld E x p o r t s L o o k e d F o r .
T h e fore ign departments of several banks anticipate a
resumption of gold exports. A t the Commercial National
the m anager said:
“ Sterling and F rench exch an ge have risen to a point
where a further advance must be closely w atched with re
gard to the possibility of gold shipments to Europe. It
is not expected that any gold will be shipped immediately
but the tendency of the exch an ge m arket is so firm that
sooner or later we will have to part with some gold, prob
ably for F rench account. E x c h a n g e on Lon do n is not yet
high enough to permit of gold shipments, but exch an ge on
Paris is near the export point and gold could be shipped
if a further advance took place and if the Bank of France
offered special inducements. A t this time of year, with
our declining exports and in creasing imports, it is only
natural that the rates of foreign exch an ge should be
against us. Should the general political situation become
more favorable than it is, European investors might once
more he tem pted b y the low prices of our securities and
purchase them on a large scale. If this should take place
we w ou ld have enough exch an ge to make gold exports
unnecessary.”
Mr. M a y of the F irst National bank said:
t h e price of sterling is n ow within one-thirty-second
of
the
e xp
o rtin g point. It would be natural to m ove gold
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Federal Reserve Bank of St. Louis
out at this time, since a great deal of m o n ey n ow in this
country is unproductive. M oderate exports w ou ld help
the situation b y strength en ing the m o n ey market. A c t u a l
ly the shipment of millions would have no effect upon the
co un try s cash, but the sentimental influence w ou ld be
go o d for the banking business.
I believe it will be found that the exch an ge which w as
accum ulated some time ago with a view of m eeting the
demand for Pan am a canal payments has been used in
other directions. F o r that reason I doubt w hether another
accumulation of exch an ge will be effected sufficient to
meet the P a n am a requirements. Shipments of gold, there
fore, would be reasonable enough.”
T h e C o m m e rc ia l F actor.
C h ic a g o ’s general business during the past w ee k reach
ed a more even breadth both in production and in disti ibution. Favo rable weather, coupled with the advent of
E a ste r buying, gave a distinct and special impetus to re
tail trade and at the same time lent zest to m anufacturing
branches.
T h e heaviest dealings in retail departments
were in w ea rin g apparel, foot-gear, furniture and house
hold necessities.
I he sudden access of trading in these
lines is regard ed by the savings banks as accounting partly
for the lack of g r o w th or diminution of savings accounts
m the city. Som e have arrived at the conclusion that the
falling off in savings accounts is due to the trouble w o r k
ing folks have in keeping their earnings about their
routine expenses. A s a matter of fact, proven by recent
withdrawals, the true cause of the falling off of savings
balances is due largely, perhaps w holly, to the fact that
the s aving classes are expending considerable sums on
account of the E a ste r holidays and the custom ary spring
equipment of families. T o this increased desire to spend,
rather than to any serious decrease of the earnings of
la boring people, is due the fact that the savings depart
ments of most banks have not sustained their expectations.
L a b o r O u tlo o k P ro m is in g .
I he labor situation in Ch icag o is, generally, enco urag
ing. I here is a disposition on the part of employers to
yield to reasonable demands and on the part of united
w orkin gm en there is a tendency to go s lo w ly and fairly
in their demands. T h is is havin g a tentative but helpful
1 e^ult, to the end that eve ry branch of the building in
dustry is engaged in m akin g estimates for the spring and
summer activities.
T h e discrediting of dishonest labor
agitators and the exposure of certain grasp in g and arro
gant employers here within the past fo rtnight have had
the effect of clearing the atm osphere b y brin gin g honest
endeavor and genuine enterprise more prom inently into
the re gard of both em ployers and employes. T h e pub
lished expressions of Se cre tary Cortelyou of the D e p a r t
ment of L a b o r and Com m erce were so frank and so simply
equitable that the consequences of his speech are already
apparent in a better un derstanding betw een capital and
labor.
C ou n try Tra d e B ackw ard.
T h e country trade has not as yet begun its annual
visitation to Ch icago. A d ve rs e w eath er is p artly a ccount
able, but it is a fact that early buyers have been v e ry
T H E CO M M ER CIAL W E S T .
i6
D IRECTO RS:
A. C . A n d e r s o n .
C h as. W . A m es.
E . H . B a i l e y , P resid en t.
C. H. B i g e l o w .
K enneth Cl a r k .
H a y d n S. C ole , V.-P. & Counsel
W . B. D e a n .
R o b e r t R . D u n n , V. -Pres.
F r e d e r i c A. F o g g .
J u l e M. H a n n a f o r d .
THIS
D IRECTO RS:
T ho s. Ir v in e .
F ra n k B. K e llo g g .
Ja m e s W . L u s k .
A. E . Ma c a r t n e y .
Albert L. Or d ean .
G e o . C. P o w e r .
E d w a r d N. S a u n d e r s
R. E . S h e p h e r d .
J. H. S k i n n e r .
T h e o . L . S c h u e r m ie r .
T h o m a s W il s o n .
Northwestern Trust Company
ST. PAÜD, M
IN
I«.
Trustee, Registrar, Transfer Agent. Fiscal Agent, Executor,
Administrator, Receiver, Assignee, Guardian, Etc.
Ass um es G en era l Ch ar ge and Ma n ag e m e n t of R e a l and Per so nal Estat es.
CO MPANY DOES
N O T R E C E I V E D E P O S I T S OR D O A B A N K I N G B U S I N E S S
conservative. Prices remain as high, or higher, than they
w ere a year ago and there is no sign that there will be
a falling off in the ultimate demand for seasonable wares.
Mail order and jo bbing departments show almost an e x
traordinary volum e of inquiry and demand, especially in
silks, m e n ’s furnishings, millinery and sporting goods.
Boots, shoes, hats, carpets and upholstery show exce p
tional activities and there is a peculiar and significant de
sire to discount bills and to invite cash quotations in all
lines. Co un try merchants show a uniform desire to avoid
o ver-sto ckin g but their b u y in g is liberal and marked by
special regard for immediate requirements, new styles
and always punctuated with the disposition to retain such
advantages as m a y come from cash dealings. Collections
are strikingly easy and sure in almost every branch of
trade except those in which labor disturbances have upset
the responsibilities of contracting employers.
L a S a ll e S t r e e t i n B r i e f .
Burton T h o m s, for m a ny years m anager for Peabody,
H o u g h telin g & Co., has becom e a partner in the firm.
T h e M e rch a n ts ’ L o a n & T r u s t Co. has declared the
usual quarterly dividend of 3 per cent, payable A pril 1.
T h e Distillers Securities Corporation has declared a
regular quarterly dividend of 1 per cent, payable A pril 26.
T h e Com m ercia l National bank has just declared its
regular quarterly dividend of 3 per cent, payable A pril 1.
T h e va ca n c y caused by the death of Jesse Spalding has
not been filled as yet.
A n official of the A llis-C halm ers Co m p a ny said: “ T h e
com pan y has no idea of creating an additional issue of
stock. It has ample funds to carry out its extension plans.
T h e new w o r k in g capital of the com pan y is $7,500,000.”
T h e quarters fo rm e rly occupied by the Germania T ru st
Co. in St. Louis have been leased to W illia m W . T r a c y &
Co. T h e T r a c y B a n k in g and B rok erag e Co. has offices
in Ch icago, N e w Y o r k and Milwaukee. James H. Brookmire will be St. Louis manager.
T h e estate of Jesse Sp alding is scheduled at $4,560,000,
m o stly in cash, stocks, bonds and real estate. One-third
of the estate is to be held b y Charles F. Spalding, son, in
trust, the proceeds to be given to the w id o w in quarterly
installments in lieu of her dower rights.
T h e International H a rv es ter Co., n ow com pleting its
first year, has sent out notices to all stockholders n otify
ing them that the books and records of the operations of
the com pan y are open for their inspection.
Contracts,
elections, statem ents of operation and accounts of profit
and loss are to be laid o penly before the stockholders.
Chicago and St. L ouis capitalists have inco rporated the
LTnited States T ele g r a p h & Teleph one Co. and propose to
compete with all lines in the business of Ch icago, St.
Louis, Minneapolis, Ka nsa s City, Omaha, St. Paul, D u
luth and Milwaukee. M a x O rthw ein, the millionaire St.
Louis grain dealer, is the m on eyed man and m o st active
influence in the concern.
This w ee k the Union T ru st Co. of Ch icago touched the
highest point in deposits ever reached in the history of the
bank. T h e figure w as more than $9,000,000. But little
country business is included, the bulk of the business be
ing commercial paper and savings. T h e gr o w th of its
deposits has been steady for years and there is no indi
cation of a let-up in this department.
T h e funeral of W . F red D o dg e, w h o died last w eek at
Phoenix, Ariz., w as held at Ch rist Episcopal church,
W a u k eg a n , W e d n e s d a y afternoon, M arch 23. Mr. D o d g e
w as the second assistant cashier of the National B a nk of
the Republic, Ch icago, when he was compelled last sum
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Saturday, April 2, igo4.
mer to resign his position on account of failing health
and go west. H e w as 27 years old and the only son of W .
H. D o d g e of this city.
E. E. B la ck of N. W . ■ Harris & Co., visited St. Louis
and has to say this: “ T h e banks there are easy over the
m o n ey situation. T h e y are full of confidence over the
outlook. T h e r e is no over-speculation either in real estate
or securities such as ch aracterized the period preceding
the Ch icago W o r l d ’s Fair.
Real estate in St. L ouis is
cheap. T h e bankers there, re ly ing upon the habitual con
servatism of the people are sure that th e y will pass
through the exposition w ithout da nger from after-condi
tions. Business there now, as usual, is keep in g in the
middle of the road, avoiding extremes and safe in its p er
form ances as well as in its forecasts.”
T h e fo llo w in g has been adopted b y the C h icag o C le ar
in g-H o use A sso ciation as one of its rules: “ M em bers of
this association shall not send through the exchanges any
checks, sight drafts, notes, bills of exch an ge or other items
havin g thereon any qualified or restrictive endorsement,
such as ‘for collection’ or ‘for acco un t’ or ‘p ay any bank
or banker, or o rder’ or any similar indorsement, unless all
indorsements thereon are gu aranteed b y the bank m e m
ber of the association sending such checks, drafts, notes,
bills of exch an ge or other items. A n y such items sent in
violation of this requirement shall be returned directly
to the member from w h o m they w ere received and shall
in all respects be subject to the rules and regu lations g o v
erning returned items.”
E U G E N E M. S T E V E N S
C O M M E R C IA L PAPER
M U N IC IP A L , C O R P O R A T IO N
A N D RA ILR OA D
BONDS
I OWN AND OFFER
$
10,000 L a c l e d e G a s L i g h t C o . , o f S t.
L o u is ,
A p ril
M o .,
5 per c en t Bonds,
1, 1 9 3 4 .
T h is
Com pany
Due
owns
a n d c o n tro ls t h e e n tire g a s b u s in e s s
o f St. L o u i s a n d o p e r a t e s u n d e r p e r
petual fra n c h is e d iv id e n d s
on
It pays 4 p e r c e n t
$8 ,50 0 ,0 0 0 of C o m m o n
S to c k , w h i c h h a s a m a r k e t v a lu e of
100 .
je c t
P rice
to
S p e c ial
H ig h
s a le
101 a n d
and
c irc u la r
C rade
in te re s t,
sub
advance
in
price.
and
of
o th e r
Bonds
on
list
A p p lic a tio n .
127 GUARANTY BLDG., MINNEAPOLIS
Saturday, April 2, 1904.
T H E CO M M ER CIAL W E ST .
B u sin e s s E s ta b lis h e d
1873.
Western Trust * Savings Bank, Chicago
C a p ita l
-
-
-
$ 1 ,0 0 0 ,0 0 0
TRANSACTS A GENERAL DOMESTIC AND FOREIGN BANKING, SAVINGS, TRUST COMPANY AND BOND BUSINESS.
JOSEPH E. OTIS. President.
WILLIAM C. COOK. Cashier.
O F F IC E R S :
WALTER H. WILSON. Vice-President.
H. WOLLENBERGER, Asst, to the President.
LAWRENCE NELSON, Vice-President
W. G. WALLING, Secretary.
DIVIDENDS.
T h e State National bank has declared a regular semi
annual dividend of 3 per cent, payable April 1.
T h e A tla s National bank has declared a regular sem i
annual dividend of 25^ per cent, payable April 1.
N e w T ork.— 1 he Garfield National bank has declared a
quarterly dividend of 3 per cent, payable March 31.
B oston.— T h e hirst National bank has declared a r e g
ular quarterly dividend of 2 per cent, payable A pril 1.
N e w Y o r k .— The M exican T e le g r a p h Co. has declared
a regular quarterly dividend of 2 ^ per cent, payable
A pril 14.
Boston .— The directors of the Revere Rubber Co. have
declared a regular quarterly dividend of 2 per cent, p a y
able April 1.
Liv erp oo l.—-The Cunard Steamship Co. today declared
an annual dividend of 4 per cent on the ordinary shares
of the co mpany.
A ls o declared the usual m o n th ly dividend of 1 per cent
on the co m m on stock, payable A pril 20. Bo o ks close April
15 and reopen A pril 21.
Boston.— T h e directors of the W a s h b u r n W i r e Co
have declared a regular quarterly dividend of 1 ^ per cent
on the preferred stock, payable A pril 1 to stockholders of
reco rd M arch 25.
Boston .— T h e directors of the Cuttin g Car Co. have
declared a quarterly dividend of 1 per cent, payable April
1 to stockholders of reco rd M arch 18. T h is is the 67th
quarterly dividend.
•
Philadelphia.— T h e International Sm okeless P o w d e r &
Chem ica l Co. has declared a quarterly dividend of ¿4 of 1
per cent on its com m on stock, payable A pril 20 to holders
ot reco rd March 31.
N e w Y o r k .— I he A m erican L o c o m o tiv e Co. has de
clared the regular quarterly dividend of 1 % per cent on its
preferred stock, payable April 21. B o o k s close March 31
and reopen A pril 21.
Boston — A t a m eeting of the directors of the National
bhaw m ut bank, held this day, the usual quarterly dividend
.o t , Q Perr cent w as declared, payable A pril r, to sto c k
holders of reco rd of this date.
B o s t o n — T h e Con cord & Montreal Railroad Co. has
Bo ston .— T h e directors o f the National B a nk of the
declared the regular quarterly dividend of 1 l/A per cent
Republic will declare the regular semi-annual dividend of
on classes 1, 2, 3 and 4 o f the stock, p ayable A p r il 1 to
Y A per cent, payable A p r il 1.
stockholders of reco rd M arch 1.
N e w Y o r k .— T h e W a s h in g t o n T ru st Co. has declared
Ch icag o — T h e directors of the A m erican Shipbuilding
a quarterly dividend of 3 per cent, payable April 1. Bo o ks
Co. have declared the re gular quarterly dividend of 1 al
close M arch 26 and reopen A p r il 5.
per cent on the pre ferred stock, payable April 15. Books
B oston.— T h e Old C o lo n y Railroad Co. has declared
close April 5 and reopen April 16.
a regular quarterly dividend of 1 ^ per cent, payable April
1 to stockholders of re cord M arch 15.
N e w Y o r k .— T h e Electric Sto ra ge B a tte ry Co. has dec a ied the regular quarterly dividend of i J
A per cent each
B oston.— T h e directors of the General E lectric Co.
on its preferred and common stocks, payable A pril 1.
have declared a re gular quarterly dividend of 2 per cent
Bo o ks close March 26 and reopen A pril 1.
payable A pril 15 to stock of reco rd M arch 24.
N e w Y o r k .— T h e Distillers’ Securities Corporation has
Boston.— T h e Bo ston Suburban Electric Companies has
declared a quarterly dividend of 30 per cent per share
declared the regular quarterly dividend of 1 per cent, p a y
able April 26. B o o k s close A pril 5 and reopen A pril 27.
P W a . e A pril 15 to stockholders of re cord M arch 30.
his is a reduction of 50 cents from the previous dividend.
N e w Y o r k .— T h e Chicago, R ock Island & Pacific Rail
w a y Co. has declared a dividend of 3 per cent, payable
Chicago.— T h e directors of the Great W e s te rn Cereal
A pril 6. B o o k s close A pril 4 and reopen April 7.
Lo. have declared the second re gular quarterly dividend of
2 per cent on the $500,000 new preferred stock. T h e divi
C h icago.— T h e directors of the Commercial National
bank declared the regular quarterly dividend of 3 per cent
dend is payable April 1. B o o ks close M arch 29 and re
open April 2.
' payable A pril 1 to stockholders of reco rd March 31.
Chicago.— T h e M e rch a n ts’ L oa n & T ru st Co. has de
N e w \ ork.— T h e W e s tin gh o u s e Electric & M anu fac
clared the usual quarterly dividend of 3 per cent, payable
turing Co. has declared the regular quarterly dividends of
A pril 1. B o o ks close M arch 25 and reopen A pril 2.
2/2 pei cent on its preferred, assenting and non-assenting
B oston.— T h e F itch b u r g Railroad Co. has declared a I stocks payable A pril n . B o o k s close March 28 and re
open A pril 12.
le g u la r quarterly dividend of \lA per cent on the preferred
stock, payable A pril 1 to stockholders of record M arch 1.
N e w ^ ork.— T h e directors of the Central & South
B oston.— T h e directors of the Commercial T o w Boat
A m erican T e le g r a p h Co. have declared the regular quar
Co. have declared a regular quarterly dividend of \y2 per
terly dividend of 1 A per cent, payable A pril 7 to stock
cent, payable A pril 1 to stockholders of record M arch 26.
holders of record M arch 31. B o o k s close M arch 31 and
reopen April 8.
L ondon. T h e Rio 1 into Copper M in ing Co. has de
clared a dividend of 37s. 6d. on its ordinary stock. T his
N e w Y o r k .— T h e Detroit, M ackin ac & Marquette Railis an increase of 5s. over the dividend of last November.
loatl Co. will pay 3 ^ per cent to the re gistered holders
Bo ston .— The Bo ston & Providence Railroad C o r p o r a
ot outstanding land grant bonds on A pril 6, for the six
tion has declared a regular quarterly dividend of 2*Z per
months ending M arch 31, 1904. B o o ks close M arch 31 and
cent, payable April 1 to stockholders of reco rd M arch 20.
reopen A pril 7.
N e w Y o r k .— T h e Broad E x c h a n g e Co. has declared a
N e w Y o r k .— T h e Hall Signal Co. has declared the re g
quarterly dividend of i*/2 per cent on its pre ferred stock,
ular quarterly dividend of iy 2 per cent on its co mmon
payable A pril i. B o o ks close M arch 22 and reopen April
stock and a dividend of 6 per cent on its preferred stock
payable April 1. B o o k s close for both dividends on March
28 and reopen A pril 2.
N y \ Y o r k . 1 he A m erican Chicle Co. has declared the
regular quarterly dividend of i per cent on the preferred
N e w Y o r k .— T h e N e w Century Zinc & L ead M ining
stock, payable April i. B o o k s close M arch 26 and reopen
Co. has declared its 36th re gular m on th ly dividend of 1
A pril 2.
per cent payable A pril 1 through the offices of A R
L on don .— T h e L ondon, Paris & A m erican bank, Ltd.,
XTPefC lt
4rT ai\d 43 W a l l Street, and the Citizen s’
National Bank of Galena, Kansas.
has paid a semi-annual dividend of 4 per cent, free of inco me tax. It set aside £10,000 for depreciation on the
B o s t o n — T h e fo llo w in g National banks have declared
securities.
regular semi-annual dividends, payable April 1: Rockland
B oston.— T h e directors of the Boston & Philadelphia
3 per cent; F re em a n s ’ 2 ^ per cent; M e rch a n ts’ 3 per cent;
Steamship Co. have declared a regular quarterly dividend
Bunker Hill 4 per cent; W in th ro p 3 per cent; M e cha nics’
ot iy 2 per cent, payable April 1 to stockholders of record
3/2 per cent; W e b s te r 2 ^ per cent; First W a r d 4 per cent;
M arch 21.
Market of Brighton 2 ^ per cent; P e o p le s ’ 3 per cent;
Second 3% per cent; Security (quarterly) 3 per cent; Old
N e w Y o r k .— T h e Ch icago, Burlington & Q uincy R ail
Boston 2 per cent; M onum ent 4 per cent; Redem ption 3
road Co-, has declared the regular quarterly dividend of
per cent. The M etropolitan declared 3 per cent, which is
D 4 Per cent, payable A pril 1. Bo o ks close March 26 and
an increase of ^ per cent from the previous dividend
reopen A pril 4.
declared last October.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
T H E CO M M E R CIA L W E S T .
Saturday, April 2, 1904.
CONDENSED REPORT O F THE
STATEMENT OF CONDITION O F
STATE BAN K
OF CHICAGO
THE AM ERICAN TRUST
AND SAVINGS BANK
CHICAGO
M arch 22, 1904, as m ade to state auditor.
RESOURCES.
L oa n s and d isco u n ts..............................
O verdrafts ................................................
B onds ........................................................
Cash and due fro m h a n k s.......... ........
$8,875,186.50
5,003.41
924,487.34
3,038,632.84
A t the com m en cem en t of business M arch 22d, 1904.
$12,843,310.09
L IA B IL IT IE S .
Capital sto ck ............................................
Surplus .......................................................
U ndivided profits ....................................
D ep osits ......................................................
RESOURCES.
$ 1 , 000 , 000.00
400,000.00
76,138.35
11,367,171.74
L oan s and d isco u n ts.................................................$10,705,773.39
B onds ............................................................................. 2,476,408.14
Cash an d e x c h a n g e .................................................... 6,841,841.62
$12,843,310.09
$20,024,023.15
O F F IC E R S .
L IA B IL IT IE S .
H. A . H A U G A N , P resident.
JO H N H. D W IG H T , V ice -P re sid e n t.
JO H N R. L IN D G R E N , Cashier.
F R A N K I. P A C K A R D , A ss’ t Cashier.
H E N R Y S. H E N S C H E N , A s s ’ t Cashier.
S A M U E L E. K N E C H T , Secretary.
W M . C. M IL L E R , A s s ’ t Secretary.
$ 2 , 000 , 000.00
Capital paid i n ..........................................
Surplus and p ro fits ..................................
D ep osits .......... ...........................................
1,249,354.22
16,774,668.93
$20,024,023.15
B O A R D OF D IR E C T O R S .
TH OM AS M URDOCH,
D A V ID N. B A R K E R ,
A. P. JOH N SON .
C A L V IN D U R A N D ,
GEO. E. R IC K C O R D S ,
JO H N
JO H N H. D W IG H T ,
M OSES J. W E N T W O R T H ,
THEO. FREEM AN ,
H . A. H A U G A N .
W M . A. P E T E R S O N ,
L IN D G R E N .
O F F IC E R S .
E D W IN A. P O T T E R , P resident.
JO Y M OR TO N, V ice-P resid en t.
JA M E S R. C H A P M A N , 2d V ice-P resid en t.
JO H N J A Y A B B O T T , Cashier.
O L IV E R C. D E C K E R , A ssista n t Cashier.
F R A N K H. JO N E S, Secretary.
W IL L IA M P. K O P F , A ssistan t Secretary.
G E O R G E B. C A L D W E L L , M anager B ond D epartm ent.
W IL S O N W . L A M P E R T , A u d itor.
G E N E R A L B A N K IN G , S A V IN G S ,
L E T T E R S OF C R E D IT , IN V E S T M E N T BONDS,
FO R E IG N E X C H A N G E , TR U STS.
C o lle ctio n s and a c c o u n ts o f S ta te B a n k s and B a n k e rs
espe cia lly so licite d .
I n t e r e s t a l l o w e d on d e p o s i t s .
E sta b
li s h e d 1879.
REPORT O F THE CONDITION OF
Statem ent of the condition of the
THE M ERCHANTS’ I 0 A N
& TRUST COM PANY
F E D E R A I TRUST AND
SAVIN G S BAN K
OF CHICAGO
A t the com m en cem en t of business M arch 22, 1904.
A t the com m en cem en t o f bu siness M arch 22, 1904.
RESOURCES.
RESOURCES.
L oan s an d d is co u n ts .................................................. $20,990,678.25
5,688,783.32
B onds and s t o c k s ...,.......................... .......................
D ue from banks and b a n k e r s .. .$12,690,515.34
Cash a n d ch eck s fo r cle a rin g
house .................... . . . . .................
7,742,688.71
• 20,433,204.05
$10,019,284.22
L IA B IL IT IE S .
Capital sto ck ............................................
Surplus fu nd .............................................
U ndivided profits ....................................
R eserved fo r a ccru e d in te r e s t............
D ep osits ......................................................
$ 3,000,000.00
3,000,000.00
354,877.90
8,236.23
40,749,551.49
B A N K IN G ,
IN T E R E S T
P A ID
ON D E P O S IT S .
S A V IN G S
AND
TRUST
YOUR
B U S IN E S S
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
D IR E C T O R S .
O F F IC E R S .
T h om as P. Phillips,
P residen t.
N athan G. M oore,
V ic e -P re s. and Counsel.
C harles S. Castle,
Cashier.
F. J. S cheidenhelm ,
A sst. Cashier.
E d w in L. W agn er,
A sst. Cashier.
Irvin g J. Shuart,
Secretary.
D IR E C T O R S .
DEPARTMENTS.
IN V IT E D .
O F F IC E R S .
O rson Smith, P residen t.
E. D. H u lbert, V ice -P re sid e n t.
J. G. Orchard, Cashier.
F. N. W ild er, A sst. Cashier.
F. G. N elson, A sst. Cashier.
P. C. P eterson , A sst. C ashier, M anager F oreig n E x
chan ge D epartm ent.
L eon L. L oehr, S ecretary T ru st D epartm ent.
John E. Blunt, Jr., M anager B on d D epartm ent.
Cyrus H. M cC orm ick,
L a m b ert Tree,
M oses J. W en tw orth ,
E'. H. Gary,
C hauncey K eep,
C larence A . B urley,
Orson Smith.
500,000.00
284,122.11
3,152.05
7,232,010.06
$10,019,284.22
$47,112,665.62
M arshall Field,
A lbert K eep ,
E rskine M. Phelps,
E n os M. B arton,
T. J. L efens,
E. D. H ulbert,
$2 , 0 0 0 , 0 0 0 . 0 0
C apital ........................................................
Surplus .........................................................
U ndivided profits ....................................
R eserv ed fo r accru ed in te r e s t............
D ep osits ......................................................
$47,112,665.62
L IA B IL IT IE S .
$5,326,659.76
1,354,273.48
23,895.75
3,314,455.23
L oans and d isco u n ts..........................
B onds and s t o c k s ................................
F urniture and fix tu r e s......................
Cash on hand and sigh t exchan ge
E. H . Gary, C hairm an.
Charles D eering,
W . J. Chalm ers,
A lfred H. M ulliken,
C. B. Shedd,
A . E . N usbaum ,
T. P. Phillips,
N orm an B. R eam ,
N athan G. M oore,
E. J. B uffington,
D. W . B urrow s,
W . E, Phillips,
J. N. V an ce.
N . E. C O R . L A S A L L E & A D A M S S T S .
Bank
I
Floor.
T H E CO M M ERCIAL W E ST .
Saturday, April 2, 1904.
S. A . H a rris, Pres.
H . H . T h a y e r , V ic e -P re s.
A . A . C rane, C ashier.
ig
W . S. H a r r is , A s s t. Cash.
G. E . W illia m s o n , A s s t. Cash
THE NATIONAL BANK OF COMMERCE
M I^ ilV K A P O L IS ,
Capital and Surplus,
SOLI CI TS
M IJ V N K S O T A
=
$1,280,000
YOUR
BUS I NESS
NEW BANKS AND CHANGES.
M inn e so ta .
New Paynesville.— F. J. Kennedy has been elected cashier
of the First State bank.
t win Valley.— J. A. Johnson, of Wells, has been elected
cashier of the Citizen’s State bank.
LeSueur.--—'1 he Farmers’ National bank is the name of the
new institution recently incorporated; capital, $25,000.
Randall.— J. R. Stephenson, F. Remick and C. Chandler
contemplate establishing a bank here with $25,000 capital.
G eorgetow n.— First State bank is bein g organized;
capital $15,000. A. M. E ckm an of Hend rum is interested.
Browerville.— The Bank of Brcwerville has been reor
ganized under the First National Bank of Browerville; cap
ital, $25,000. Harry Lee continues as cashier.
LeSueur.— The creditors of the LeSueur County bank
have agreed to take 50 cents on the dollar, and Mr. Quackenbush will give a bond of $60,000 to pay that amount.
N orth
D akota.
Granville.— Security bank will open about April 1. H.
Erickson, of Towner, president; W. F. Davidson, cashier.
South
D ako ta .
Lake A n d e s — Lakeside State bank has been organized. A.
Vander Voort will be cashier.
Fedora.— It is reported that a new bank will be opened
here in the near future by B. H. Millard, president of the
Artesian State bank.
Mitchell.— Wm. M. Smith has been elected cashier of the
Mitchell National bank, succeeding N. L. Davidson, deceased.
Mr. Smith was formerly assistant cashier of the Mitchell
National.
Io w a .
Burlington.— State Savings bank has been incorprated;
capital, $100,000. H. D. Copeland is interested.
Berkley.— A new bank has been organized with a capital
of $250,000. D. T. and W. S. Gilman, Sioux City, and E. D.
Carter, of Berkley, are the promoters.
Garnavillo.— It is reported that a new bank will be estab
lished here about June 1, of which W. F. Meyer will be presi
dent and August Hempeler, vice-president.
Iowa City.— G. W. Koontz, formerly cashier of the Citi
zen s ’ T ru st and Savings bank, has been elected president
of that institution, succeeding Geo. W . L ew is, deceased.
Linn Grove.— F. F. Faville, receiver of the defunct Farm
ers’ and Merchants’ bank, reports that the nominal assets
amount to $147,614.71, and that the liabilities aggregate $141,889.17. But as such assets are practically worthless, it is
not likely that over 50 cents on the dollar will be paid.
W isconsin.
Milwaukee.— Continental Realty Co. has been incorporated;
capital, $24,000. Walter D. Hickman, Arthur W. Fairchild
and Oscar Kroesing are interested.
Ashland.— A new bank will be organized here to be called
the Ashland State bank, with a capital of $50,000. F. H.
Wellcome, of Minneapolis, F. J. Errett and E. S. Kennedy,
of Ashland, are interested.
Peshtigo.— It is reported that Wm. L. Ellis, Jr., Chas. L.
CA N A D IA N B A N K S T A T E M E N T .
In the statement of the Canadian chartered banks for
the month ending F ebruary 29, the leading items make a
favorable exhibit when compared w ith the preceding
month and the corresponding period a year ago. T h e re
sults of the trade reaction which the coun try has been e x
periencing for some time past are not reflected in the
statem ent, the salient features of which w ould seem to
indicate continued expansion and progress on the co m
mercial world.
T h e note circulation, for instance, shows an increase
of $762,000 over the total reported at the close of January.
A y ea r a go a substantial decrease was reported and the
total is n ow $2,000,000 greater than in February, 1903.
T h e deposit item also shows continued expansion, an
increase of approxim ately $4,000,000 bein g shown, near
ly $1,000,000 of which is in the shape of deposits “ else
w h ere.” T h e total is n ow nearly $33,000,000 in exce ss of
a y ea r ago.
T h e heav y expansion of “ current” loans which has
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Mann and Robert O. Hunt have sold their interests in the
Peshtigo National bank to Gustave Reinke, L. J. Evans, W.
B. Quinlan and others of Marinette.
Nebraska.
Norfolk.— The Nebraska National bank is being organized;
capital, $50,000. Geo. D. Butterfield is the promoter.
Washington.— Security State bank has been organized. H.
B. Waldron, president; Henry Simonson, vice-president; W.
T. Waldron, cashier.
Pickrell.— I he Farmers’ State bank will be opened April
15; capital, $5,000. S. E. Foster, of Lincoln; J. H. Penner
of Beatrice; J. D. White, and others are interested.
Kansas.
Lyndon.— People’s State bank has been changed to the
First National Bank of Lyndon; capital, $25,000.
Clifton.— Clifton State bank has been reorganized under
the name of the First National bank; capital, $25,000. The
officers remain the same.
O kla ho m a .
Mutual.— Farmers’ Bank has been incorporated; capital,
$50,000. E. E. and I. H. McPherson are interested.
T o n k a w a .— F irst N ation al bank has been incorporated;
capital $25,000. F. M. B utch er of B la ck w e ll is interested.
Agra.— The First State bank and Citizens’ State bank have
consolidated and will bear the name of the former institution,
capital, $10,000.
Mountain View.— It is reported that a new bank is being
organized, with a capital of $10,000, in which L. C. West, of
Aline, is interested.
Oregon.
Albany.— E. W. Langdon, formerly cashier of the FirstNational bank, has been elected president of that institution,
succeeding Judge L. Flinn, deceased. Professor A lfred C.
Schmidt has been elected cashier.
W a s h in g to n .
Wilson Creek.— It is reported that J. D. Bassett and others
have purchased the State Bank of Wilson Creek and changed
the name to the Citizens’ Bank. J. W. Brewer will be cashier.
M I s s o u r i.
Cassville.— The Farmers’ and Merchants’ bank has in
creased its capital stock from $22,000 to $25,000.
Marceline.— State Bank has been incorporated; capital,
$20,000. W. C. Hume and J. H. Meyers are incorporators.
Bower Mills.— State Bank has been incorporated.
Geo.
F. Davis, E. Woodrow, S. J. K n o x and John A. Simons are
the incorporators.
Albany.— First National bank has been incorporated; cap
ital, $30,000. W. L. Whaley, Victor Twist and R. F. Hardin
are among the incorporators.
In d ia n a .
Otwell.— The new State Bank has elected Robert M. Craig,
president, and R. H. Gray, cashier.
Westfield.— Bank of Westfield has been changed to the
State Bank of Westfield; capital, $25,000. The officers re
main the same.
characterized the statem ent for some time past is ag&in
in evidence, while the ba nks are also b e com in g m ore
liberal to A m erican borrowers, call loans elsewhere than
in Canada increasing b y almost $4,000,000. Call loans in
Canada show a small contraction. T o t a l loans are n ow
$486,128,526 compared with $476,984,000 in January and
$467,073,009 a y ea r ago.
T h e Chicago, M ilw aukee & St. Paul ra ilw a y announces
reduced round trip rates to L o s A n g e le s or San Fran cisco
and return, good go in g from A pril 23 to M a y 1, inclusive,'
and from points east of Chicago, A p r il 23 to A pril 30. T h e
rates from Ch icago, St. Paul and, Minneapolis are based
on $50 and from M ilw aukee $52.50. T h e s e rates are on the
usual round trip arrangement, w ith the privilege of go in g
one w a y and returning another, except that via Portla nd
in one direction the rate is $11 higher. T h e final return
limit is June 30, 1904. Lim ited stopovers enroute are p,er- 1
mitted.
:
■
T H E C O M M E R C IA L W E ST.
20
Saturday, April 2, 1904.
WEEKLY RAILROAD EARNINGS.
-Changes-----Dec.
Inc.
1903.
1904.
A nn A rb o r:
$42,595
3d w eek M arch.
$32,486
1,341,434
July 1-M ar. 21.
1,305,937
B uffalo, R och e ste r & P ittsb u rg :
$139,495
3d w eek M arch.
$142,342
5,201.905
July 1-M ar. 21.
5,382,223
C anadian P a cific:
$840,000
3d w eek M arch.
$849,000
30,504,000
July 1-M ch. 21. 32,315,000
H a va n a E le c tr ic:
$26,983
3d w eek M arch.
$31,856
279,267
Jan. 1-M ch. 20.
338,717
T oledo & Ohio C entral:
$59,695
3d w eek M arch.
$64,080
2,180,976
July 1-M ch. 21.
2,568,586
T oron to, H a m ilton & B u ffalo:
1st w eek M arch
$14,098
$10,748
July 1-M ch. 7.
410,121
331,162
T w in C ity R apid T ra n sit:
$71,599
2d w eek M arch
$74,330
733,089
Jan. 1-M ch. 14.
789,717
U nited R ailroads o f San F ra n cisco :
TVTnnth TTaIi
$482 403
$445,161
917,987
Jan. 1-Feb. 29
1,009,313
W a b a sh :
$394,486
3d w eek M arch.
$400,082
15,186,333
July 1-M ch. 7. . 16,728,264
C anadian N orth ern :
$43,700
3d w eek M arch
$49,100
1.548,550
July 1-M ch. 21.
2,256,400
C hicago Great W e ste rn :
$147,595
3d w eek M arch
$156,859
5,614,262
July 1-M ch. 21.
6,102,462
C hicago T erm in a l T ra n sfe r:
3d w eek M arch
$25,942
$34,077
July 1-M ch. 21.
1,142,669
1,256,115
D en ver & R io G rande:
$296,100
3d w eek M arch
$271,200
12,494,400
July 1-M ch. 21 11,856,100
E vansville & T erre H a u te:
3d w eek M arch
$32,895
$31,896
July 1-M ch. 21
1.308,618
1,250,758
International & G reat N orth ern :
3d w eek M arch
$82,626
$86,453
Jan. 1-M ch. 21
1,096,744
1,155,860
Iow a C en tra l:
$50,164
3d w eek M arch
$48,167
1,799,935
July 1-M ch. 21
1,750,184
K an aw h a & M ich igan :
$23,419
3d w eek M arch
$28,630
748,037
July 1-M ch. 21
1,059,277
$10,109
35,497
$2,847
180,318
$9,000
1,811,000
$4,873
59,450
$4,385
387,610
$3,350
78,959
$2,731
56,628
$37,242
91,326
$5,596
1,541,931
$5,400
707,850
$9,264
488,200
$8.135
113,446
$24,900
638,300
$999
57,860
$3,827
59,116
$1.997
49,751
$5,211
311,240
T h e N o r t h e r n T ru s t
COMPANY B A N K C H IC A G O
R e p o rt o f con d ition M arch 22, 1904, pursuant to law,
m ade to au ditor o f p ublic a ccou n ts o f the State of Illinois:
RESOURCES.
T im e loans on s e c u r ity ................ $5,387,493.80
D em and loans on se c u r ity ........... 6,086,773.26
B onds .................................................. 5,600,905.55
S tock s .................................................
398,615.26
-$17,473,787.87
Due from b a n k s ................................ $4,638,392.38
C hecks fo r cle a rin g s......................
215,583.22
3,788,210.79
Cash on hand.
$8,642,186.39
$26,115,974.,26
T otal
L IA B IL IT IE S .
Capital sto ck
Surplus fund . . . .
U ndivided profits
C ash iers’ ch eck s .
C ertified ch eck s .
$180,249.53
.31
D em and deposits
T im e deposits . . .
.$12,094,634.81
.81
11,141.601.90
.90
$1 , 000, 000.00
1 , 000. 000. 00
617,614,.71
262,122 .84
M inneapolis & St. L ou is:
$52,909
$51,904
3d w eek M arch
2,475,538
2,123,050
July 1-M ch. 21
M issouri P a cific:
$73,000
$665,000
3d w eek M arch
$738,000
374,509
8,443,694
Jan. 1-M ch. 21
8,818,203
C entral B ranch
$7,000
$26,000
$33,000
3d w eek M arch
127,852
259,676
387,528
Jan. 1-M eh. 21
N ashville, C hattanooga & St. L ou is:
$5,774
$194,468
3d w eek M arch
$200,242
540,951
6,723,970
Ju ly 1-M ch. 21
7,264,921
N ational R ailroad o f M ex ico:
$8,776
3d w eek M arch
$221,022
$212,246
264,269
Jan. 1-M ch. 21
2,378,062
2,113,793
T ex a s & P a cific:
$219,086
3d w eek M arch
$210,372
2,606,824
$186,818
Jan. 1-M ch, 21
2,793,642
C h a ttan ooga & Southern:
$435
$2,333
$2,768
2d w eek M arch
82,476
80,634
Ju ly 1-M ch. 14
D etroit Southern:
$32,133
2d w eek M arch
$29,618
$47,459
1,085,630
July 1-M ch. 14
1,133,089
D etroit U nited R ailw ay :
$70,308
$68,017
2d w eek M arch
736,195
730,099
Jan. 1-M ch. 14
Grand T ru n k :
$582,141
$719,969
2d w eek M arch
4,954,584
6,441,412
Jan. 1-M ch. 14
M inneapolis, St. Paul & Sault Ste. M arie:
$123,689
$106,812
2d w eek M arch
$2,044
5,140,119
5,138,075
July 1-M ch. 14
R io Grande Southern :
$8,439
$8,741
2d w eek M arch
326,178
403,628
July 1-M ch. 14
T oledo, P eoria & W estern :
$26,814
$153
2d w eek M arch
$26,967
872,229
68,900
Ju ly 1-M ch. 14
941,129
A labam a G reat Southern:
$46,298
$7,079
2d w eek M arch
$53,377
1,868,295
314,539
July 1-M ch. 14
2,182,834
C hicago & N orth w est:
$211,725
$3,497,399
$3,709,124
M onth F e b ___
4,970,965
36,554,838
June 1-Feb. 14 41.525,803
C incinnati, N ew Orleans & T exas P a cific:
$109,086
2d w eek M arch
$119,320
$10,234
635,155
July 1-M ch. 14
4,702,861
4,067,706
Gulf & Ship Island:
$1,291
2d w eek M arch
$33,844
$32,553
119,794
July 1-M ch. 15
1,308,751
1,Ì88,957
W is co n sin C entral:
$126,511
3d w eek M arch
$118,700
$15,197
July 1-M ch. 21
4,691,564
4,676,367
CONDENSED
STATEMENT
OF T H E
C O N D IT IO N
$1,005
352,488
$8,714
$1,842
$2,515
$2,291
6,096
$137,828
1,486,828
$16,877
$302
77,450
$7,811
OF
First
Trustant!
Savings Bank
A t com m en cem en t of bu siness M arch 22, 1904.
RESOURCES.
B onds on h a n d .....................................
$3,290,756.29
L oan s and d isco u n ts.................................................. 3,516,426.42
Cash and due from b a n k s ...................................... 1,574,664.05
$8,381,846.76
23,236,236 .71
L IA B IL IT IE S .
$26,115,974.26
T otal
D IR E C T O R S .
A. C. B A R T L E T T ,
M A R V IN H U G H IT T ,
C H A R L E S L. H U T C H IN S O N ,
W IL L IA M A. F U L L E R ,
A L B E R T A. SPRAGUE,
J. H A R L E Y B R A D L E Y , M A R T IN A . R Y E R S O N ,
H. N. H IG IN B O T H A M ,
B Y R O N L. SM ITH .
O F F IC E R S .
B Y R O N L. S M ITH . P resident.
F. L. H A N K E Y . V ice -P re sid e n t.
G E O R G E F. O R D E , Cashier.
T H O M A S C. K IN G . A sst. Cashier.
SOLOM ON A. S M ITH , A sst. 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, A sst. Secretary.
H. H . R O C K W E L L , A sst. Secretary.
E. C. JA R V IS , A uditor.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
C apital .......................................................................... $1,000,000.00
U ndivided profits .......................................................
68,286.55
Savings deposits ............................ $2,033,720.42
Other deposits ................................ 5,279,839.79
------------------- - 7,313,560.21
$8,381,846.76
JA M E S B. F O R G A N , P resident.
D A V ID R. F O R G A N , V ice-P resid en t.
E. K. BOISOT, V ic e -P re s. and Mgr.
R. D. F O R G A N , A sst. Treasurer.
D. V . W E B S T E R , A sst. S ecy.
FIR S T N A T IO N A L B A N K
B U IL D IN G .
T H E CO M M ER CIAL W E ST .
Saturday, April 2, 1904.
U N IO N
IN V E S T M E N T C O M P A N Y
Authorized Capital
F . H. WELLCOME, President
F . E. KENAS TON , Vice-Prest.
B E R T WI NT ER , Sec. & T r e a s .
Bank of Commerce Building
IN V E S T M E N T
BA N K LOANS
STATEMENT
FARM M O R T G A G E S
OF
THE
21
U N ITED
URY.
STATES
TREAS
Cash in the Treasury.
R ed e m p tion .
R E S E R V E FU N D S.
Gold coin and bullion in D iv ision o f R e d e m p tio n ___ $150,000,000
T R U S T FU N D S.
H eld fo r the redem p tion o f the notes and
w h ich they are re sp e ctiv e ly pledged.
Correspondence and Personal
Interviews with Country Bank
ers and Investors Solicited.
M IN N E A P O L IS
SEC U R ITIES
C O M M E R C IA L PAPER
On the 26th day o f M arch, 1904.
In D i v i s i o n s o f Iss ue a n d
$ 500,000
certificates for
D IV IS IO N OF' R E D E M P T IO N .
Gol'd coin ....................................................................................... $451,456,009
S ilver dollars ............................................................................. 472,663,000
Silver dollars o f 1890..................................................................
8,234,405
6 ,’ 202,’595
Silver bullion
of
1890.........................................
M U N ICIPA L BONDS
N ational B an k F un d—
D ep osits o f law ful
m on ey under a ct
July 14, 1890........
$87,160.00
N otes redeem ed and
retired under a ct
July 14, 1890........
80,970.00
$2,742,630.00
$20,743,475.00
2,833,303.00
$21,708,147.50
N otes received fo r
current red em p t’ n $1,015,913.00
$18,658,652.00 $181,129,046.00
R ed em p tion
U. S. N otes.
T rea su ry N otes.
o f N otes—
(S in ce 1879.)
(S in ce 1890.)
Total.
T o M arch 14, 1900.$546,466,414.00 $103,195,488.00 $649,661,902.00
U nder A c t M arch 14, 1900. (R ed eem ed in and E x ch an ged for
Gold—
U. S. N otes.
T rea su ry N otes.
T otal.
T o date .................. $73,801,833.00
$6,558,683.00 $80,360,516.00
7,748,437.00
382,156.00
8,130,593.00
T his fiscal y e a r ----834,595.00
4,350.00
838,945.00
T his m onth ............
This d a y ..............................................
1,000.00
1,000.00
♦Excess o f receipts over expenditures.
$938,556,009
D IV IS IO N OF’ ISSU E.
Gold certificates o u tsta n d in g ....................... $470,063,869
L ess gold certificates in tre a su r y .......... 18,607,860
------------------- Silver certificates o u tsta n d in g ...............................................
T rea su ry notes o u tsta n d in g ..................................................
Excursion to Washington, D. C.
451,456,009
472,663,000
14,437,000
$938,556,009
General
Fund.
Gold coin an d b u llio n .......................................................... $96,501,863.06
Gold certificates ................................................................................................
Standard silv er dollars ......................................................
9,7*96,507! 00
Silver certificates .......................................................... \ ..
7.002U09 00
Silver bullion ..........................................................................
1,610,072.60
U nited S tates n o t e s .............................................................. 5,447,069.00
T rea su ry notes o f 1890...........
48,173.00
N ation al bank notes .......................................................... 10,598,173.00
S ubsidiary silv er coin .......................................................
11,687,397.31
F ra ction a l cu rren cy .............................................................
170.63
M inor coin .......... ............................................................... . .
811,257.’ 75
$143,503,392.35
In N ational B an k D ep osita ries—
T o cred it o f the treasurer o f the
T o cred it o f d isbu rsin g o f f i c e r s ....
T his D ay.
$686,265.45
648,317.23
29,691.22
169,030,931.26
$312,534,323.61
87,891,520.31
224,642,803.30
Redemptions,
T his M onth.
$19,971,184.85
15,620,080.95
1,696,373.26
Etc.
This
F iscal Year.
$195,755,561.57
172.880,316.93
33,973,010.11
.......... T hisaip cm fw y p cm fw y cm fw y cm fw y cm fw c m fw y cm f
T ota l r e ce ip ts ----- $1,364,273.90
$37,287,639.06 $402,608,888.61
E xp e nd itu res.
C ivil and m iscella n e
ous .......................
$530,000.00
W a r ............................
570,000.00
N a v y ..........................
250,000.00
Indians ......................
20,000.00
P ension s ....................
170,000.00
In terest ................................................
T ota l expen d itures $1,540,000.00
E x cess o f e x p e n d i
tures ov er recps
175,726.10
R eceip ts last year—
C ustom s .....................
$908,385.31
Internal revenue . . .
738,172.15
M iscellaneou s
......
56,983.50
$9,260,000.00 $102,463,464.69
6,250,000.00
85,354,862.35
7,570,000.00
73,692,087.85
610,000.00
8,073,675.94
11,540,000.00 108,175,724.54
170,000.00
18,079,120.52
$35,400,000.00
$395,838,935.89
*1,887,639.06
*6,769,952.72
$20,199,329.30
15,894,586.15
2,243,753.06
$215,724,597.95
169,282,819.31
30,988,217.56
T otal receip ts . . . $1,703,540.96
$38,337,668.51 $415,995,634.82
E xpen ditu res last year—
Civil an d m iscella n e
ous ..........................
$285,000.00
$11,340,000.00 $95,028,946.45
W a r ................................
720,000.00
10,805,000.00
91,172,733.01
N a v y ..............................
570,000.00
6,775,000.00
60.129,227.78
Indians ......................
25,000.00
1,035,000.00
10,346,422.99
P en sion s ........................
205,000.00
10,025,000.00 105,048,997.10
In terest .................................................
420,000.00
22,950,262.58
T ota l expen ditures $1,805,000.00
E x cess o f expen d itures o v e r recp ts
101,459.04
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
HELP
We are headquarters ior Bookkeepers, Stenographers,
Time Keepers, General Store Clerks, Etc.
Let us know your requirements.
Location immaterial.
S. A. MORAWETZ & CO.,
407 Kasota Building, Minneapolis
E M B R A C IN G
A v ailable cash b a la n c e ..............................................
R ece ip ts—
C ustom s ....................
Internal revenue . . .
M iscellaneou s ..........
OFFICE
Furnished Without Charge
INVESTMENT BONDS
L ia b ilit ie s N ational bank 5 per cent f u n d . . . . $15,389,365.90
O u tstan din g checks and w arran ts.
8,323,332.71
D isb u rsin g officers, b a la n ce s............ 54,467,876.44
P ostoffice deportm en t a c c o u n t........
8,233,068.15
M iscellaneou s item s ...........................
1,477,877.11
-----------------------
Expenditures,
COMPETENT
7,563,017.73
162,778,166.16
In T rea su ry o f P hilippin e Islands—
T o cred it o f the tre a s
urer o f the U nited
States .......................... $2,965,134.73
T o cred it o f U nited
States 'disbursing o f
ficers .......................... 3,253,179.87
---------------- —
6,218,314.60
A w a itin g reim bursem en t—
B ond s and interest p a id ......................
34,450.50
-----------------------
Receipts,
O11 A pril 10, 11 and 12, the Baltimore & O hio railroad
will sell excursion tickets from Ch icag o to W a shin gto n,
D. C., at rate of $18.50 for the round trip, accoun t K n igh ts
of Columbus meeting. G ood to return leavin g W a s h i n g
ton not later than April 18. F o r further information ad
dress ticket office, 244 Clark street, Chicago.
$40,400,000.00
$384,676,589.91
2,062,331.49 *31,319,044.91
S E C U R IT Y ,
IN C O M E ,
P E R M A N E N C Y
WE OWN AND OFFER AT ATTRACTIVE PRICES:
C hicago Gas L ig h t and C oke Co. ist Mtg. 5%
C hicago Edison Co. ist M tg ..........................5%
Com m onwealth E lectric Co. ist M tg. . . 5%
D etroit C ity Gas Co. Prior Lien . . . .
5%
Peoples Gas L ig h t and C oke Co. ist Mtg. 6%
M ilwaukee Gas L ig h t Co. ist M tg. . . . 4%
Sw ift & Co. ist M tg.......................................... 5%
Joliet Gas Co. Gen. M tg...................................5%
Grand Rapids Edison Co. 1st Mtg. . . . 5%
Sanitary Dist. of Chicago,
4% of 1907-1909; 5% of 1912
Chicago ( L akeview W ater) 1908 . . . .
4%
C haffee County, Colorado, R efunding, 1923 5%
D elta County, Colorado, Refunding, 1923 . 5%
Listed Railroad Bonds at market yielding
to
5
%
W r it e or C a ll at Bond D e p a rtm e n t
American Trust & Savings Bank
Monroe and La Salle Streets,
CHICAGO
T H E C O M M E R C IA L W E ST .
22
F a r m
Saturday, April 2, 1904.
M o r t g a g e i S —S i x
l* e r C e n t
A Resident of 22 years, 18 years Banking and Real Estate.
Personal
knowledge and approval of every loan offered. Not a foreclosure of my mort
gages and not a dollar of delinquent interest.
The closest investigation
courted.
Write for references.
W .
Iv.
NEW
WIlvWAMSON,
R A ILR O A D
Proposed Railway in Nicaragua.
T h e go vernm en t of N icaragua has n ow in the field a
corps of civil engineers s urveyin g and locating the line
for a ra ilw a y from San Miguelitp, on the southeastern
shore of L a k e N icaragua, to M o n k e y Point, on the Carib
bean Sea. T h is line w as surveyed by Capt. B e dfo rd Pim,
R. N., and C. E. Colinson, civil engineer for an E n glish
syndicate. T h e y re ported the route as favorable to rail
w a y construction, especially the eastern half thereof. T h e
route is projected through a re gion w ithout population
and the through traffic will not p ay even a low rate of
interest on the coast. President Zelaya, how ever, is an
energetic and persistent man and will build this railway
if possible. It is his acceptance of the decision that N ic a
ragua must abandon hope of an interoceanic canal. W it h
capital to keep the w o r k go in g the railroad can be co m
pleted in about two years from its actual co mmencement.
EL E CTR IC R A IL W A Y S.
Brainerd, Minn.— A n electric line is proposed between here
and Mille Lac.
Lead, S. D.— A n electric railway between Lead and the
Sundance, Wyo., coal fields, is projected.
Janesville, Wis.— The Southern Wisconsin Interurban Co.
will erect a line from here to Madison.
Faribault, Minn.— Donald Grant has plans under way to
build an electric street car line in this city this spring.
Tripoli, Iowa.— A company is being organized here for
the purpose of building an independent line from Anamosa
through Independence to Tripoli and up the river to Mason
City.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
No.
D ak.
M in n e a p o lis S e cu ritie s.
IN C O R P O R A TE D .
Helena, Mont., M arch 25.— A rticles of incorporation of
the new railroad that is to connect Basin, in Jefferson
county, with Elliston, in P o w e ll county, w ere filed last
w e e k with Se cre tary G eo rge M. H ays. T h e corporation
is to be kn ow n as the Montana N orthern R a ilw a y co m
pany and it is authorized to construct and operate railroad,
telegraph and telephone lines betw een the towns named.
T h e road is to be standard gauge and will connect at
Basin with the M ontana Central and at Elliston with the
Northern Pacific, opening up a section of the state that
has heretofore been difficult of access. T h e distance be
tween the termini is about 28 miles, and it is estimated
that the construction of the line will require an expendi
ture of $600,000. T h e new co m p an y is capitalized at $1,000,000.
St. Louis Q uotations.
C orrected by B illon-C ran dall B ond & S tock Co.
St. L ouis, M arch 29, 1904.
Capital.
B ank S tocks—
A m erican E x ch a n ge .................... ........$ 500,000
B oa tm en ’ s ........................................ ........ 2,000,000
100,000
B rem en ............................................. ........
F ourth N ational .......................... ....... 1,000,000
600,000
F ranklin .......................................... .......
500,000
Germ an S avings In s titu te .......... ........
Germ an A m e rica n ........................ ........
150,000
International ................................... .........
200,000
200,000
Jefferson .......................................... ........
100,000
L a fa yette ........................................ ........
........
100,000
M anch ester ......................................
M ech an ics N ational .................... ....... 2,000,000
M erch a n ts-L a cled e N ational .. ....... 1,400,000
N ational B an k o f C o m m e r c e ... ........ 7,000,000
200,000
N orth w estern S avings ................ ........
200,000
South Side B a n k ............................ ........
State N ation al .............................. ........ 2,000,000
S ou th ern Com. & Savings B a n k ........
100,000
T hird N ational .............................. ........ 2,000,000
T ru st C om panies—
A m erican Central T r u s t .............. ........ 1,000,000
C om m onw ealth T ru st ................ ........ 2,000,000
E. St. L ou is T ru st & Savings B an k.
250,000
G erm ania T r u s t ............................ ........ 1,000,000
L in coln T ru st .................................. ......... 2,000,000
M ercan tile T ru st .......................... ........ 3,000.000
M issouri Trust .............................. ........ 2,000,000
M ississippi V alley T r u s t .......... ........ 3,000,000
St. L ou is T ru st .............................. ........ 5,000.000
T itle G u aranty T r u s t .................... ........ 1,500,000
S treet R a ilw a y S tock s—•
St. L ou is & S u b u rban .................. ........ 2,500.000
E a st St. L ou is & S u b u r b a n .. . . ........ 5,000,000
St. L ou is T ra n sit Co. issued $17 264,300 .......................................... .. . .’ .25,000,000
U nited R ailw ays, pfd., issued $16,755,440 ........................................ ........ 20,000,000
B on d s—
R ate.
U nited
R ailw ay, A uthor, $45,000,000. .28,292,000 4
I^isTbon,
421 Olive St.,
Q u otations.
3471/2
227
Q uotations fu rn ish ed b y E ugen e M. Stevens, C om m ercial P a
per and In v estm en t Securities, 127 S outh T hird Street, G uaranty
Building, M inneapolis.
M inneapolis, M arch 23, 1904.
L a st
Sale.
Bid.
A sked .
150
110
G erm a n -A m erica n B a n k ..............................
F irst N ational B a n k .......................................
175
175
Ì 8Ó
G erm ania B an k ...............................................
100
105
105
160
H en nepin C oun ty Savings B a n k ................ 175
200
129
M inneapolis T ru st C om p a n y .......... ............ 125
130
M in n esota T itle Ins. & T ru st Co., p f d . . . 120
125
123
Ì 2Ò
M innesota L oa n & T ru st C om p a n y ..........
120
135
N ation al B an k o f C om m e rce ...................... 130
135
N orth w estern N ation al B a n k ...................... 190
192
192
St. A n th on y Falls B a n k ................................ 127
130
127
South Side State B a n k ..................................
135
130
S ecu rity B an k o f M in n e s o ta ...................... 155
155
Ì57
S w ed ish -A m erica n N ational B a n k ............ 130
130
M inn. Gas L ig h t Co., com . 6 ’s, 1910-30... 106
ÌÓ8
108
104
M inn. General E lectric Co., con. 5’ s, 1929 103%
M inneapolis B rew in g Co., c o m m o n . . . . . . 104
107
ÌÒ5
106
M inneapolis B rew in g Co., p re fe rr e d ........
Ü4
110
M inneapolis B rew in g Co., b o n d s ................ 110
M inneapolis S y n d ic a t e .................................. 102
105
102
M inneapolis T h resh in g M achine C o .......... 175
200
M inneapolis Steel & M ach in ery Co., pfd.
100
100
N orth A m erican T elegrap h C o ..................
70
80
80
T w in C ity T eleph one Co., first m ortg ag e
5’ s, 1 9 1 3 -1 6 ....................................................
92
98
T w in C ity T eleph one Co., c o m m o n ..........
100
T w in C ity T eleph one Co., p re fe rre d ........ 106
107
107
S t. Paul S e c u ritie s .
T h e follo w in g qu ota tion s on St. P aul secu rities are fu rn ished
b y P ea b od y & Co., brokers, 27 M erch an ts’ N ational bank bu ild
ing, St. P au l:
St. P aul, M arch 9.
L ast
Sale.
Bid.
A sked.
103
103
A m erica n N ational B a n k .............................. 101
125
C apital B an k .................................................... 120
125
250
F irst N ational B a n k ........................................
Ì42
138%
M erch an ts’ N ation al B a n k ..........................
130
N ational G e rm a n -A m erica n B a n k ............ Ì3Ò
135
St. P aul N ation al B a n k ................................ 105
130
Ì35
S ca n d in a v ia n -A m erica n B an k .................. 130
S econd N ational B a n k .................................... 220
225
State B a n k .......................................................
ÌÓÓ
N orth w estern T ru st C o ................................ 105
•••
M inn. T ra n sfer R y. 1st 5s, 1916................
ÌÓ5
M innesota T ra n sfer R y. Co., first 4s,
1 9 1 6 .................................................................. *90
95
S ecu rity T ru st C om p a n y ..............................
ÌÓÓ
130
S t Paul U nion D ep ot Co. first 6s, 1930.. *125
115
LTnion D ep ot Co., consol. 5s 1944.............. *109
109
U nion D ep ot Co., consol. 4s, 1944.............. *100
106
In tersta te In v estm en t T ru st C o ................
122
121
A m erica n L ig h t & T ra ction Co. p r e f........
85
89
A m erica n L igh t & T ra ction Co. c o m . . . .
45
48
50%
St. Paul Gas L igh t Co., 1st 6s, 1 9 1 6 .... *110
*111
112
111
*110
St. P aul Gas L ig h t Co. Cons. 6s, 1 9 18... *110
93
93
St. P aul Gas L ig h t Co., g e n ’l 5s, 1 9 4 4 ....
St. P aul C ity R y. Co., cable 5s, 1937........ *105
110
108
W e st P u blish in g C om pany, c o m m o n ........ 250
300
250
W e s t P u blish in g C om pan y, p r e f e r r e d ....
105
105
St. P au l F ire & M arine Ins. C o m p a n y ... 170
175
96
St. P aul T ru stee C om p a n y ..........................
iòò
S uperior W a ter, L igh t & P o w e r Co. first
4s 1931
*67%
South St. Paul U nion S tock Y ards Co.
82
first 5s, 1916..................................................
80
‘ A d d interest.
Chicago B a n k S to c k Q u o ta tio ns.
4 Ì5
Ì75
230
152
260
1521/,
15314
264
293
300
Ì59
290
1521/2
2471/2
228
2231/2
180
310
113
i 871/2
3ÓÓ
Ü31/Í
329
310
58
55
75
11%
11%
53
53%
80%
81
C orrected to M arch 29, b y A. J. W h ip p le & Co/
B ook V. D iv. R. L. Sale.
Bid.
A m erica n T ru st .......... 161
6
190
•188
151
8
184
B an k ers’ N ational . . . .
186
Central T ru st .............. 131
4
121
118
8
C hicago C ity .................. 154
170
163
*12
375
355
C hicago N ational ........ 239
150
C hicago S avings .......... 102
137
310
315
C om m ercial N a tio n a l.. 182
12
C olonial T ru st .............. 130
180
175
C ontinental N a t io n a l.. 143
245
244
8
12
Corn E x ch a n g e ............ 203
400
395
104
D rexel State .......... .
6
109
112
8
D rov ers’ D e p o s i t ..........
137
180
185
136
139
139
F ederal T ru st ..............
12
F irst N ational .............. 188
370
370
F irst N ation al B an k of
6
186
190
E n g lew ood ................
6
i 50
155
F o rt D earborn .............. 130
120
115
H a m ilton N ational . . . . 124
*Ì 2
650
600
Illinois T ru st ................ 249
122
120
J a ck son T. & S .............. 120
6
109
no
M etropolitan T. & S ... 135
12
350
335
M erch an ts’ L oa n & T .. 208
118
114
M ilw aukee A ve. State. 175
6
131
130
Nat. B an k o f No. A m .. 133
6
155
155
Nat. B an k o f R ep u blic 148
*12
300
285
N ational L ive S t o c k ... 226
8
450
N orth ern T ru st ............ 257
6
Ì95
185
O akland N ational ........ 189
8
177
P rairie State .................. 151
6
135
177
i
37
R oyal T ru st ..................
6
250
240
S tate B an k o f C hicago. 143
132
6
132
W estern T. & S ............ 1 1 1
105
So. C hicago S a v in g s ... 10 S
180
U nion T ru st C o ............ 141
Aske'd.
195
188
121
175
365
145
325
205
250
410
115
200
143
374
162
119
625
124
115
345
118
133
165
295
500
250
i 4Ò
250
135
112
220
T H E CO M M ER CIAL W E S T .
Saturday, April 2, 1904.
23
MINNEAPOLIS TRUST COMPANY
NO
4 SO UT H FOURTH ST REE T
M IN N E A P O L IS
-
-
M IN N E S O T A
CAPITAL, $ 2 5 0 , 0 0 0
UNDIVIDED PROFITS, $ 1 5 0 , 0 0 0
T r a n s a c ts a T r u s t an d A g e n c y bu sin ess o n ly. D oes n o t do a b a n k in g b u sin es
A c ts as E x e c u to r ; A d m in is tra to r , G u a rd ia n an d Trustee.
First Mortgage Loans on Improved Farms in Central Minnesota for sale to net the Investor
and 6 per cent.
OFFICERS AND D IR E C T O R S '
El b ri d g e C. Co ok e , Pre sid en t
W m .' G . Northrup, V ic e Pres.
H oward S. A b b o tt
Jas. J. Hill
John B. A tw a te r
Sa mu el Hill
John C ro s b y
• T . B. Ja nne y
W m . H. Dunw-oodv, Vi ce-Pres.
R o b e rt W . W e b b , S e c ’ y & T re a s
A. H. L i n t o n
Ca vou r S. La n g d o n
A. C. Lo ri n g
A. F. Pi ll sb ur y
J. R. K in g m a n
IS Merchants’ Loan & Trust
Company
E S T A B L IS H E D
O L D E S T BANK
IN C H I C A G O
185 7
ADAMS AND CLARK ST., CHICAGO
Capital and Surplus, $6,000,000
Deposits, $40,000,000
HIGH GRADE BONDS
T RU ST S
FOREIGN EXCHANGE
SAVINGS
SAFE DEPOSIT VAULTS
D IR E C T O R S .
M a r s h a l l F ie l d
L am bert T ree
A lbert K eep
M o s e s J. W e n t w o r t h
E r s k in e M. P h e l p s
E. H. G a r y
E n o s M. B a r t o n
C hauncy K eep
T . J. L e f e n s
E. D. H u lbert
C l a r e n c e A. B u r l e y
O r s o n S m it h
C y r u s H. M c C o r m ic k
o f f ic e r s :
O r s o n S m i t h , Pr e s id e n t
E. D. H u l b e r t , Vic e- Pre si de nt
J. G. O r c h a r d , Ca sh ie r
F. N. W i l d e r , Assi st ant Cash ier
F . G. N e l s o n , A ssi st an t Ca shi er
P. C. P e t e r s o n , A ss is ta n t Ca shi er
L e o n L . L o e h r , S e c ’ y T r u s t D ept.
J. E . B l u n t , J r ., Mgr. Bo n d D ept.
T he PLYMOUTH CLOTHING HOUSE
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.
JOBBERS AND R E TA 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.
IMMIGRATION STATISTICS FOR 1902 AND 1903.
T h e usual tablulated statements are given below, with
appropriate headings indicating the nature of the info rm a
tion show n b y the tables, respectively, over w hich they
are placed. In some instances, for the purpose of m akin g
it possible to institute a comparison w ith the figures for
the corresp ond in g periods of other years, the latter are
given in parallel columns.
T able 1. N um ber o f im m igran ts arrived in the U nited States
b y ports, during the fiscal years ended June 30, 1902 and 1903:
P orts—
N ew Y ork, N. Y ___
B oston
......................
P hiladelphia, P a . . . .
B altim ore, M d ........
San F ra n cisco ........
San Juan, P. R . . . .
K e y W est, F la ........
N ew Orleans, L a . . .
G alveston, T e x ........
P t. T ow n sen d, W n.
P ortlan d, M e ............
H on olulu, H. I ........
P ortlan d, O re...........
N ew B ed ford, M ass.
P rov id en ce, R. I . . . .
M iam i and T am pa,
F la ............................
N ew p ort N ew s, V a.
N ew L ondon, Conn.
G loucester,
Jackson ville,
------ 1902—
------ 1903-----F eF eM ales. m ales. T otal. M ales. m ales. T otal.
355,414 137,848 493.262 45Ì.404 180,481 631,885
24,295 15,170 39,465 39,598 23,240 62,838
11,360
5.815 17,175 19,676
8,084 27,760
32,193
7,486 39,679 44,328 11,474 55,802
4,389
882
1,159
7,256
5,271
6,097
224
568
792
1,481
639
2,120
4,554
2,938
1,131
4,069
3,112
1,442
3,158
4.411
1,253
3,755
1,338
5,093
610
481
1,091
1,268
862
2,130
2,145
86
2,231
2,587
210
2,797
1,001
633
1,634
38
69
31
6,139
3,731
9,870 10,835
3,715 14,550
76
7
78
378
35
413
266
60
326
1,206
2,133
3,339
38
19
57
193
78
271
69
5
30
13
2
14
82
7
44
M ass...
F’l a . . .
121
8
1
1
4
7
1
10
1
87
1
. -v .
2
5
208
9
1
4
7
1
15
1
T otal. U. S ......... 444,694 174,850 619,544 587,037 234,089 821,126
T h rou gh Canada, v ia :
Q uebec, P oin t L evis,
St. J ’n & H a lifa x 19,010
7,399 26,409 23,346
9,597 32,943
V a n cou v e r and V ic toria .......................
2,665
125
2,790
2,763
214
2,977
T otal,
C anada
.. . 21,675
7,524
29,199
26,109
9,811
35,920
Grand total .............. 466,369 182,374 648,743 613,146 243,900 857,046
F ro m the fo re g o in g table it appears that the total
steerage immigration for the y ea r w as composed of 857,045 souls, an excess over that of last year of 208,303, or
32 per cent. O f these there arrived at:
U nited States C ontinen tal ports ...............................................
804,456
U nited States Insular P orts:
H a w aiian ....................................................................... 14,550
P orto R ica n .................................................................
2,120
^
— ------16,670
C anadian por^s ................................................................
35,920
insular ports of 6,008, and at ports of Canada of 6,721.
A p a rt from the general increase of immigration the most
noticeable feature of the above table is the increase at
N e w Bedford, Mass., from 326 to 3,339, and the decrease
at Portland, Me., from 1,634 to 69.
T able II.— C om parative statem en t sh ow in g the num ber of
im m igrants a rrived in the U nited States, b y countries, during
the fiscal years ended June 30, 1902 and 1903, respectively,
sh ow in g increase and decrease fo r each country.
C oun try—
1902.
1903.
Inc.
D ec
A u stria -H u n g a ry ........................ 171,989 206,011
34,022
B elgium ...........................................
2,577
3,450
873
D en m ark .........................................
5,660
7,158
1,498
F rance, includ ing C o r s ica ..........
3,117
5,578
2,461
G erm an E m p ire ..........................
28,304
40,086
11,782
G reece .............................................
8,104
14,090
5,986
Italy, includ ing S icily and S ar
dinia ............................................ 178,375 230,622
52,247
!..
N etherlands ...................................
2,284
3,998
1,714
N orw a y ...........................................
17,484
24,461
6,977
P ortugal, in clu d in g Cape V erde
and A zore I s .............................
5,307
4,010
9,317
R oum an ia .......................................
7,196
9,310
2,114
R ussian E m pire and F inlan d. . 107,347 136,093
28,746
Servia, B u lg aria and M on te
negro ..........................................
851
1,761
910
Spain, includ ing Canary and
B alearic Islands ....................
975
2.080
1,105
Sw eden ............................................
30,894
46,028
15,134
S w itzerland ...................................
2,344
3,983
1,639
T u rk ey in E urope ......................
187
1,529
1,342
E ngland ...........................................
13,575
26,219
12,644
Ireland .............................................
29,138
35,310
6,172
S cotlan d ..........................................
2,560
6,143
3,583
W ales ...............................................
763
1,275
512
E urope, not specified .................
37
5
T otal, E urope ......................
C hina ................................................
Japan ................................................
India .................................................
T u rk ey in A s ia ..............................
O ther A sia .....................................
A fr ic a ...............................................
A ustralia, T asm an ia & N ew
Zealand ......................................
P hilippine Islands .......................
P a cific Islands, n ot s p e c ifie d ...
B ritish N orth A m e r ic a ..............
B ritish H on du ras .........................
O ther C entral A m e r ic a ..............
M ex ico .............................................
South A m erica ..............................
W e s t Indies ..................................
A ll other c o u n tr ie s.......................
T ota l ...........................................
O ther alien p a sse n g e rs..............
T ota l alien
p a sse n g e rs........
Italian (n orth and south)
P olish ....................................
857,046
Scandinavian ......................
H eb rew .................................
T h e above noted increase was made up of additional
Germ an ..................................
Irish ........................................
arrivals at continental ports of this coun try of 195,574, at
S lovak ....................................
T ota l
........................................................................................
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
619,068
1,649
14,270
93
6,223
36
814,507
2,209
19,9 6S
94
7,118
577
195,439
560
5,698
22 271
37
29,966
176
7,695
139
384
126
56
636
51
254
709
337
4,711
103
1,150
132
67
1,058
81
597
528
589
8,170
25
648,743
S2.055
857,046
64,269
208,303
-----
730,798
921,315
190,517
1
895
541
766
. 6
11
422
30
343
’ ¿52
3,459
___
17,786
233,546
82,343
79,347
76,203
71,782
35,366
34,427
T H E CO M M ER CIAL W E ST.
24
A national organization that supplies high
grade employers with high grade men.
Special men a specialty. W e find the right
man for any place, however important. W e
search the world for him. W e investigate
records and submit reports. Our booklets,
sent free, explain our man hunting system.
P R IN C IP A L O F F IC E S :
u ild in g
W
B u ild in g
..............................................................................................
32,907
28,451
27,124
155,550
857,046
T h e fo llo w in g statem ent shows the principal races
which contributed to the sum total of alien steerage im
migrants :
T able IV .— R e p o rt o f im m igrants a rrived in the U nited
States by m onths fo r tw elve m onths ending June 30, 1902 and
1903:
------ 1902------------ 1903------F eF eM onth—
M ales, m ales. T o ta l M ales, m ales. T otal.
Ju ly ............................. 22,060 12,959 35,019 33,254 17,528 50,782
A u g u st ...................... 20,392 12,011 32,403 28,770 16,779 45,549
S eptem ber ............... 26,350 16,671 43,021 34,826 23,402 58,228
O ctober ..................... 24,657 17,147 41,804 40,519 23,095 63,614
N ov em b er ................ 28,247 15,053 43,300 36,654 18,523 55,177
D ecem b er ................. 25,721 11,827 37,548 34,336 18,955 50,291
January .....................
17,135
6,094 23,229 23,543 8,308 31,851
F ebru ary .................. 28,898
7,865 36,763 37,620 9,647 47,267
M arch ........................ 64,850 12,638 77,488 75,457 16,209 91,666
A p ril .......................... 75,070 20,537 95,607 100,265 26,021 126,286
M ay ............................ 80,131 26,870 107,001 99,840 37,674 137,514
June ........................... 52,858 22,702 75,560 68,062 30,759 98,821
il l ia m s o n
h e m ic a l
P io n e er
M INNEAPO LIS, 3 13 NICOLLET AVENUE
.
roadway
H artford B
C
IN C O R P O R A T E D
T h is table shows increase in immigation from all fo r
eign sources, su g g e s tin g as the chief cause of the influx
of aliens into the United States during the year the in
ducements offered to settlers here rather than any spe
cially localized causes of discontent in their own co un
tries.
O f the total steerage immigration, there came from
Euro pe 814,507, from A sia 29,966, and from all other
sources 12,573. If to these figures are added those re pre
senting the total arrivals of alien cabin passengers (64,269), the result will show that, irrespective of those co m
ing from Canada and M exico, either as residents or citi
zens of those countries, of w h o m no record is kept, the
total im migration of aliens to the U n ited States during the
year a g g r eg ate d 921,315, or 105,043 more than the g r e a t
est number here tofore re ported for any one year.
T ota l
309 B
H apqoods
C roatian and S lavonian ....................................
E nglish
............................................................................................
M agyar
............................................................................................
A ll others ...........................................................................................
T ota l
Saturday, April 2, 1904.
.
.
PENNSYLVANIA
-
.
BUILDING
C olo r a do B u ild in g
NEW YORK
-
-
B u il d in g
B u ild in g
.
.
.
-
C H IC A G O
CLEVELAND
-
S T . LO U IS
.
SEATTLE
P H IL A D E L P H IA
W A S H IN G T O N ,
D. C.
T able X I .— A rrivals o f im m igrants by nationalities, in the
U nited States, d uring the calendar year, ended D ec. 31, 1902:
C ountries—
Im m igrants.
A u stria -H u n g a ry ............................................................................ 186,659
B elgium ..............................................................................................
2,822
D en m ark ...........................................................................................
6,318
F rance, including C o r sica ............................................................
3,391
G erm an E m pire .........................................
32,736
G reece .................................................................................................
11,490
Italy, in clu d in g S icily and S a rd in ia ........................................... 201,269
N etherlands ......................................................................................
2,484
N orw ay ...............................................................................................
20,152
7,575
P ortugal, including Cape V erde and A zore Isla n d s..........
R oum an ia ...........................................................................................
8 853
R ussian E m pire and F in la n d ...................................................... 123,882
Servia, B u lgaria an d M on ten eg ro ..............................................
899
Spain, including C anary and B alearic Isla n d s..................
1,281
S w eden ................................................................................................
39,020
Sw itzerland .......................................................................................
2,623
T u rk ey in E u r o p e ............................................................................
541
U nited K in g d om :
E nglan d ........................................................................................
Ireland ...........................................................................................
S cotlan d ..............................J.......................................................
W ales .............................................................................................
E urope, not sp e cifie d ......................................................................
16,147
31,406
2,863
922
35
T ota l E urope ...............................................................................
China ...................................................................................................
Japan ...................................................................................................
India ....................................................................................................
T u rk ey in A s ia ..................................................................................
Other A sia .........................................................................................
702,368
1,996
19,298
71
• 7,363
39
T otal A sia ....................................................................................
28,767
i DO YOU WANT TO INVEST YOUR MONEY AT
8
¿
7
i
___________
M . J . K O L B & C O ., B a g le y , M im u j
.................... 466,369 182,374 648,743 613,146 243,900 857,046
T able V I.— R ep orts o f aliens arrived at the ports o f the U n it
ed States and C anada during the year ending June 30, 1903:
Other
T otal
im m i- alien p a sGrand
sengers.
T otal.
grants.
C ountries—
3,282
209,293
A u stria -H u n g a ry .................................. 206.011
B elgium ....................................................
3,450
603
4,053
7,812
7,158
654
D en m ark ..................................................
9,821
5,578
4,243
F rance, including C o r sica ..................
10,936
40,086
51,022
Germ an E m pire ....................................
14,321
14,090
231
G reece .......................................................
4,930
235,552
Itaiy, including S icily and Sardinia 230,622
715
4,713
3,998
N etherlands ............................................
646
24,461
25,107
N orw a y .....................................................
P ortugal, including Cape V erde and
154
9,471
9,317
A zore Islands ...................................
9,310
9,511
201
R ou m an ia .................................................
2,237
138,330
R ussian E m pire and F in la n d ...........
136,093
1,761
33
1,791
Servia, B ulgaria and M o n te n e g ro . .
Spain, in clu d in g Canary an d B a le
3,219
2,080
1,139
aric Islands ......................................
47,334
46,028
1,306
Sweden .....................................................
1.030
5.022
3,983
Sw itzerland .............................................
1,637.
T u rk ey in E u r o p e .................................
1,529
108
PEERLESS MOTOR CAR
U nited K in g d om :
E nglan d ...................................................
Ireland ......................................................
S cotland ...................................................
W ales
E urope, not sp e cifie d ............................
26,219
35,310
6,143
1,275
5
16,433
3.165
3.174
241
42,652
38,475
9,317
1,516
5
E. H. MOULTON, JR.
T otal E urope ....................................
China .........................................................
Japan .........................................................
India ...........................................................
T u rk ey in A s ia .......................................
O ther A sia ..............................................
814,507
2,209
19,968
94
7,118
577
55,470
108
195
95
387
-
869,977
2,317
20,163
189
7,505
579
Repairs, Storage and Accessories
T ota l A sia ..........................................
A frica .................................................. .....
A ustralia,
T asm an ia
an d
N ew
Zealand ...............................................
Phillipine Islands .................................
P a cific Islands, not sp e cifie d ............
B ritish N orth A m e r ic a .......................
B ritish H on du ras .................................
O ther Central A m e r ic a .......................
M ex ico .......................................................
South A m e rica ......................................
W est Indies ............................................
A ll other c o u n tr ie s................................
20,966
176
787
197
30,753
1,150
132
67
1.058
81
597
528
589
8,170
25
405
4
9
2,370
98
397
476
• 618
3,436
2
1,555
136
76
3,428
179
994
1,004
1,207
11,606
27
Grand total .......................................
857,046
64,269
921,315
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Federal Reserve Bank of St. Louis
!
five years, interest annually. Safe investment on
/0 l
improved farm loans from $200.00 to $500.00 upon 160 £
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316 Fourth Avenue So., MINNEAPOLIS
BASKET WORK A SPECIALTY
373
FRANKLIN MOTOR CAR—Four Cylinder Air Cooled
T H E C O M M E R C IA L W E ST
Saturday, April 2, 1904.
25
WE WILL DISCOUNT
LUMBERMEN S PAPER.
W . B. M c K E A N D A N D CO .
COM M ERCIAL PAPER.
T H E R O O K E R Y , CH IC A G O .
PEOPLES TRUST & S AVI NGS BANK
of C L I N T O N ,
STATEMENT
Capital
Surplus Dividends
Reserved for Taxes
Deposits
l ia b il it ie s
:
IOWA
OF D E C E M B E R
$ 300,000.00
140,000.00
G A R R E T T E. LA MB ,
President
C H A S F. A L D E N , Vice-President
C H A S . B. M I LL S, - - Cashier
31ST,
1903
r e s o u r c e s
Loans
Cash and Sight Exchange
:
$ 3,864,908.93
616,761.64
12 , 000.00
5,000 00
4,024,670.57
$ 4,481,670.57
$ 4,481,670.57
A fr ic a ..................................................................................................
A ustralia, T a sm a n ia and N ew Z e a la n d ..................................
P hilippin e Islands ..........................................................................
P a cific Islands, n ot sp e cifie d ......................................................
B ritish N orth A m e r ic a ...................................................................
B ritish H on du ras ............................................................................
O ther C entral A m e r ic a ..................................................................
M ex ico ...........................................
S outh A m e rica .................................................................................
W e s t Indies ......................................................................................
A ll other cou n tries ........................................................................
Grand total
.................................................................................
42
585
112
87
771
29
361
403
394
5,267
103
739,289
T able IX .— R e p o rt o f aliens arrived in the U nited States for
the y ea r en d in g June 30, 1903, sh o w in g their d estin ations and
occu p a tio n s:
N o occu p a tion
includ ing
T ota l
w om en
Grand
P ro fe s T otal.
T otal.
and
D estin a tion —
sional.
Skilled. M iscl. children. T otal.
A laba m a ..................
A lask a ......................
A rizon a .....................
A rkan sas .................
C alifornia ................
C olorado ..................
C on n ecticu t ............
D elaw are .................
D ist. o f C o lu m b ia ..
F lorid a ......................
G eorgia .....................
H a w aii .....................
Idaho .........................
Lllinois .......................
Indiana .....................
Indian T e rrito ry ...
Iow a ...........................
K an sas ......................
K en tu ck y .................
L ouisian a .................
M aine ........................
M aryland .................
M assa ch u setts . . . .
M ich igan .................
M innesota, ...............
M ississippi ..............
M issouri ....................
M on tan a ...................
N ebrask a .................
N ev ad a .....................
N ew H am p shire . . .
N ew Jersey ............
N ew M exico .......... ..
LAND
17
6
5
1
550
25
79
. 5
28
88
5
69
1
340
33
1
24
11
24
124
5
60
307
67
78
1
64
9
■ 18
3
5
232
3
FRAUD
193
10
87
44
3,707
624
2,132
106
107
2,076
66
370
77
7,547
491
30
798
275
72
420
236
9^7
8,538
1.915
1,889
24
1,226
26S
367
38
284
4.928
34
241
o3
194
107
13.114
2.901
14,263
823
343
80S
169
10,134
329
41.873
2,634
153
4,095
892
153
3,733
1.172
2,153
41,096
13,210
15.448
95
4,189
1,213
2,021
482
1,251
24,693
103
162
17
57
112
5,375
1,228
5.339
242
223
2,133
91
4.008
131
13.61S
1,184
87
2,139
909
135
2,057
584
1.598
15,816
5,728
5.420
73
1,653
519
1,685
67
321
8,680
78
613
86
343
264
22,746
4,778
21.813
1,176
701
5,105
331
14,581
538
63,378
4.342
271
7,056
2,087
384
6,334
1,997
4,758
65,757
20,920
22,835
193
7,132
2.009
4,091
590
1,861
38,533
218
PR O SEC U TIO N S.
A W a s h in gto n , D . C., dispatch of M arch 22, said:
T h e r e will be w holesale indictments in the land fraud
cases. S e cre tary H itch c o ck proposes to continue to p rose
cute those involved until a clean sweep has been made
and all the gu ilty have been bro u ght to justice. He was
advised to d ay of a batch of indictments found in P o r t
land, Ore., against Charles Cunningham, a w ea lth y stockman of eastern O re go n , and six ‘‘hom esteaders” w ho as
sisted him in adding governm en t lands to his tract. A g e n ts
of the interior department are n ow in the w est securing
evidence against others involved in these frauds.
S e cre tary H itch c o ck also w as informed tonight of the
successful outcome of the hearing given Frederick A.
H y d e of the firm of Benson & H y d e and H a r r y A. D ia
mond, an attorn ey for that firm.
H y d e and Diam ond
made a stro n g effort to secure a postponement of the
hearings, but delay w as denied b y the Un ited States co m
missioner, and the t w o men will be brou ght to trial
promptly.
John B enson of the firm of Benson & H y d e has been
indicted on accoun t of his connection w ith land frauds
and bribing a clerk in the land office. H e will be granted
a hearing in N e w Y o r k on M arch 29. H e is fighting for
delay, but it is expected he will be bro u ght to trial p ro m p t
ly. In discussing this question tonight Se cre tary H it c h
co ck said:
“ A n absolutely clean sweep in all of this land fraud
business is w hat w e are striving for. T h e seven indict
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
57
5
57,491
16
377
3,665
34
226
16,344
492
1,269
14
273
52
405
503
288
131
953
432
1.698
94
137,538
46
3,502
24,996
117
1,214
125,008
807
5,450
26
2,279
311
1,018
864
975
416
4,255
4,047
8,192
464
56,045
50
3,126
8,390
261
535
35,292
697
2,704
29
1.371
132
977
753
336
327
1,682
684
4,599
242
254,665
113
7,012
37,184
415
1,996
177,169
2,135
9,467
73
3,939
498
2,438
2,132
1,611
890
6,967
5,170
14,546
805
6,999
124,683
525,663
109,701
857,046
N ew Y o rk ................ .
N orth Carolina . . . .
N orth D akota ........ .
Ohio ...........................
O klah om a ................
Oregon ......................
P en n sy lv a n ia .........
P orto R ico ..............
R hode Island ........
South Carolina . .. .
South D ak ota ........
T enn essee ...............
T ex as ........................
Utah ..........................
V erm on t ...................
V irgin ia ....................
W a sh in g ton ...........
W e s t V irgin ia ....... .
W iscon sin ................
W y o m in g .................
3,591
1
7
133
.................... .
T ota l
3
21
525
139
44
4
16
3
38
12
12
16
7
Im m ig r a t io n T h ro u g h Canada.
The follow in g statem en t, cov erin g the p ast seven fiscal years,
will serve to show the stead y increase in alien im m igration to
the U nited States through the p orts o f C anada:
July
1, 1896, to June 30, 1897...................................................... 10,646
Ju ly
1, 1897, to June 30, 1898......................................................
10,737July
1, 1898, to June 30, 1899....................................................... 13,853
Ju ly
1, 1899, to June 30. 1900...................................................... 23,200
Ju ly
1, 1900, to June 30, 1901......................................................
25,220
July .1, 1901, to June 30, 1902......................................................
29,799
Ju ly
1, 1902, to June 30, 1903...................................................... 35,920
T h e f o re g o in g figures, it should be remembered, refer
to those only w ho are manifested on the lists furnished by
transportation lines w hose N orth A m erican terminals are
at Canadian seaports as destined to the U n ited States.
T h e y do not include those aliens w h o subsequent to
landing in the Dom inion enter this coun try as residents
of Canada. T h e number of such is doubtless considerable,
but the bureau has no data at its command to enable it to
make even an a pproxim ately accurate computation there
of.
T h e inspection of those referred to in the fo re
g o in g statem ent is made at the Canadian port of arrival in
the same manner that aliens arriving at seaports of this
coun try are examined.
ments today in O re g o n is only a b eginn in g of w hat is to
be done in the n orthw estern states.
“ M a n y more indictments are fo rthco m in g in the near
future. In fact, this w o r k is go in g on diligently all over
the west, w here the operations of ‘land sharks’ are sus
pected, and it is to be kept up until e ve ry one implicated
in any w a y has been brou ght to trial. It makes no dif
ference how much m o n ey a man m a y have or h o w p ro m
inent he is, the w o r k of the department cannot be side
tracked, as the more a millionaire a man is the better
example he will be, and all will be punished if the de
partment can bring it about.
“ A s soon as w e have co mpleted all our evidence we
will, of course, turn it over to the department of justice,
and prosecution will begin.
T h e penalties are severe,
comprising both fine and imprisonment, and it will go
hard with those w ho are caught.”
Settlers’ Rates to Minnesota and Dakota.
T h e Minneapolis & St. L ouis R. R. will place on sale
each T u e s d a y during M arch and April one w a y excursion
tickets for the benefit of settlers at v e r y low rates.
T h r o u g h trains daily to St. Paul, m a kin g direct connec
tions in Union depot with No rthern lines, giv in g only one
change of cars.
F o r details as to rates; etc., apply to agents or address
A. B. Cutts, G. P. & T. A., Minneapolis, Minn.
T H E C O M M E R C IA L W E ST.
2Ó
Ranches, wild or improved.
Also large tracts for invest
ment or colonization purposes
in North Dakota and Montana,
from $1.50 to $10.00 per acre.
Saturday, April 2, 1904.
E. H. S M I T H
LAND A N D LOAN CO.
AUSTIN,
Large tracts in Minnesota
from $3.50 per acre up. South
ern
Minnesota farm loans
negotiated.
::
::
::
:: ::
Correspondence Solicited. ::
MINNESOTA
The Farm Land Movement.
T h e fo llo w in g are late farm land transfers, as taken
from official county records. T h e y indicate the value of
farm lands in the respective localities:
i
rj
W. Y. D E N N I S , P r e s i d e n t
G E O . T. H A L B E R T , V i c e - P r e s t .
J. S . H O O P E R , S e c ’ Y - T r e a s .
YALE REALTY C O M P A N Y
Minnesota.
MINNEAPOLIS
Freeborn County.— Christenson to Sola, w 1/ - sw*4 , sec. 27,
London, $3,200; Prazler to Prazler, s Y swf 4 sec. 33, Oak
land, $1,600; Cipra to Cipra, n Y n w j j sec. 35, Hayward, $4,000; Olson to Augu st Peterson, s Y s w Y\ sec. 21 and n Y nwf 4
sec. 21, Carlston, $8,640; Allman to Johnson, nwf 4 sec. 13,
Geneva, $4,000.
Wilkin County.— Kenefic to Ohlendorf, nwf 4 36-135-48,
$4,800; Collins to Ringle, sw Y 1-130-45, $9,000; Schuttz to
Huenenberg, se^T 30-135-47, $4,93«; Smith to Harris, s ^ 15132-45, $13,667.
Polk County— Capek to Short, e j j sec. 14-153-48, $4,000;
Jocken to Buckler, n w Y wJ 4 n e Y sec. 8, w Y sej^ sec. 5149-47, $11,404; Eidelbes to Randolph, n w Y n e Y , se% n e Y ,
nwJ4 s e Y sec. 1-152-49, w 10 a. of lot 2 in the s w Yx sec. 22153"5°; $21 per acre; Fisher to Randolph, s Y n e Y , s e j j sw Y ,
n e Y n e Y sec. 1-152-49, $21 per acre.
Todd County.— Johnson to Yates, n e Y 29-129-35, $5,600;
Ludwig to Lee, sw Y s e Y u , lot 4, 14-128-35, $1,850; Hen
dricks to Borchert, wj^ n w Y 30-129-35, $2,400; Ruesch to
Callahan, n e Y 24-129-32, $1,600.
Kittson County.— Grove to Hanna, e Y 23-160-47, $4,800.
Yellow Medicine County.— Fenske to Foolh, sw 3-4 sec
2-1 15-43, $5,44° ; Brown to Willitt, w Y s e Y and s w Y seY
sec. 3-115-39, $3,66o; Hay to Hay, s e Y sec. 12-14-43, $5,000;
Gutches to Sesfert, s w Y sec. 31-115-44, $7,120.
Sw ift County.— Nelson to Ludon, s e Y of sec. .2 and w Y of
n e Y sec. 11 Pillsbury, 240 a., $8,000; Edwards to Hegstead,
lot 5 and s w Y of s w Y sec. 2, Hegbert, 72 a., $4,000 ; Danaher
to Poull & Bink, s w Y sec. 27, Clontarf, 160 a., $2,000; Doug
las to Nichols, s Y n e Y s e Y , n
n e Y sec. x, Tara, 399 a.,
$io,oco.
Lac-Qui-Parle County.'— Whitney to Anderson, n e Y sec.
16-116-44, $6,coo; Elaison to Anderson, s Y of s Y sec. 26, n%
of n e Y sec. 35-116-42, $12,000; Ferch to Schuenemann, n e Y
of sec 6, ssnY of sw Ya of n w j j sec. 5, at cor. of s w ^ cor. of
n w j j of sw hi sec. 5-120-45, $10,200; Erickson to Miller, n Y
of s \nY and sy2 of n w j j sec. 32, n Y of ny2 of s e Y sec. 5-11645, $8,000.
Brown County.— Murfin to Cunnington, 240 acres, 30-10932, $8,587; O ’Banion to Hanes, 160 acres, 23-108-34, $6,400;
Backer to Gluth, 138 acres, 23-110-31, $5,520; Wersal to Sperlman, s Y of Allison’s outlot 24, sec. 29, Sleepy Eye, $1,200.
Steele County.— Frank Hondl, nJ2 of s w Y of sec. 19, Town'
of Aurora, $5,000; Titus to Kujawa, 40 acres in sec. 9, Town
of Medford, $2,000 ; Davis to Miller, 81 acres in sec. 13, Town
of Lemond, $3,400; Kovars to Swanda, 72J4 acres in sec. 33,
Town of Deerfield, $1,450.
Pipestone County.— Diehl to Lauritsen, s w Y of n e Y and
s Y of n w Y 8-108-44, $3,600; Koehn to Rutzen, s w Y 5-108-46,
$6,400; Bruins to Bruins, undivided p2 s w Y 7-107-44, $3,500;
McFarland to McGorty, undivided Hi of s Y 21-108-46, $7,000.
Fillmore County.— Halvorson to Simstad, WJ2 n e Y s w Y
and m v Y s w Y sec. 21, and s w Y n e Y sec. 28, Norway, $2,600; Hutton to Affeldt, eY> n w Y sec. 4, Fillmore, $2,400;
Alore to Anderson, part n w Y sw Y sec. 13, Rushford, $1,400.
Watonwan County.— Flanders to Fitzpatrick, w Y of s w Y
sec. 26-107-31, $1,760; Wold to Jacobson,
int. in s Y of
n w Y sec. 11-107-32, $600; Mullen to Bachman, w Y of n e Y
sec. 34-107-30, $4,000; Iverson to Rhine, nw Y and w Y of n e Y
sec. 1-105-32, $11,843.
Stearns County.— Kopp to Koenig, e Y n e Y , $1,500; T h u r
man to Cossant, s e Y 35-122-31, $7,300; Liebel to Griep, sw Y
28-125-35, $6,000; Daniel to Laehr, s e Y 29-124-33, $7,100.
Real Estate Bought, Sold, and Exchanged
on Commission
- ............
=
North Dakota.
Bottineau County.— Mork to Madson, &Y ne/4 27- 1^3-77,
$1,400; Hatch to Doman, n w Y 8-160-78, $3,200 ; Craig to Scul
ly Conally, wK> n e Y , eY n w Y , w Y n w Y , WY s w Y IQ162-76, $6,600; Pappel to Luck, nw Y 34-160-77, $2,800.
Burleigh County— Kingland to Hanson, n w Y 19-140-78,
$2,300; Washburn to Anspach, n w j j and s e Y 9-142-79, $2,375,
Stutsman County.— Ling to Wedge, n e Y 10-142-62, $2,000;
Forsyth to Ringuette, sw Y ° f ne/4 and s Y sec. 33-140-64, $3,600; Trimble to Murphy, n Y 7-144-62, $3,000.
Pembina County.— Wilkins to Atkinson, s w Y 3I"i64-5i,
w. d., $3,500; Kohles to Chisholm and Chas. Atkinson, sw Y.
sec.for
32,FRASER
s e Y sec- 31) n e Y sec. 6, nw Y of nw Jj 5-153-51, w. d.,
Digitized
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Federal Reserve Bank of St. Louis
W rite for our list of investments in amounts from $5,000
to $100,000, netting good rates of interest.
Money
loaned on improved Minneapolis Real Estate. Prop
erty carefully managed for non-residents.
Best of References Furnished.
<W >|
C H U T E R E A L T Y 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.
The American Mortgage & Investment Co.
2 1 6 -2 1 8 E n d ico tt B ld g .
St. P a u l, Min'!!.
Offers
CHOICE FARM MORTGAGES
to conservative investors at attractive
rates. Correspondence invited. A ll loans
personally Inspected. Send for our list of
loans.
A. D. W A R N E R ,
E. F. AN D RU S,
President.
Vice President.
H E N R IK STROM, Sec. and Treas.
FARM
MORTGAGES 6%
For Sale in Central Minnesota
LANDS BOUGHT AND SOLD
THEODORE
Glenwood, Minnesota
AUNE
Detroit, Minnesota
J . P . CARHOUN
500 Oneida Building, MINNEAPOLIS
A g e n t
fo r
t lie
D r e x e l
K s t n t e
Real Estate and Loans,
Bonds, Lands and Mortgages.
References: Drexel Estate, Philadelphia, or any Bank In Minneapolis
E l w o o d S. C o r s e r , Pr es .
W il l i a m B. T u t t l e , T re a s .
L e s t e r B. E l w o o d , Vice -Pr es .
E d w a r d B. N ic h o l s , Secy.
C orser Investm ent C o.
E s t a b l is h e d 1870
M a n ag e r Ne w Y o r k L i fe Bu il d in g
R O M T G A G E L O A N S , R E A L E S T A T E and I N S U R A N C E
Special atten tion gi ve n to M a n ag e m e n t of E s t a t e s for Non- Res iden ts
New York Life Building,
MINNEAPOLIS
TABOUR REALTY COMPANY
Solicits the placing of your money and the care and sale of your property
Twenty years’ experience. References.
4 1 0 1 st Ave. *
3 .,
MINNEAPOLIS
27
T H E CO M M E R CIA L W E S T .
Saturday, April 2, 1904.
On eve ry $1,000 in ve ste d in our F irs t M or tg age F ar m L o a n s .
Y O U GE T
No. 1621;
$ 60. 00
$1,000 6 per cent due Ja nu ary 1, 1909.
miles from C o u n ty Seat, and eight miles from good town.
L a n d lies level in well s ett led section.
C L E A R OF T A X E S
EACH YEAR
Her e is a sam pl e of one of our loans:
Secured by 160 acres of land in Cava lier-C ou nty, N. D ., ten
T h e soil is a rich black loam with clay subsoil.
T h e borrower owns 760 acres of land aside from this quarter, valued
at $20,000. T h e quarter on which this loan is made is valued at §4,000 and m one y is borrowed to pay the ballance of pu rchase price of land.
s ecu ri ty for §1,000 can be had.
W e give this loan our unqualified in d or se me n t kn o wi n g that no bet ter
All of our loans are equ ally as good.
B o o k le t , “ W E ’R E R I G H T ON T H E
G R O U N D ” , referen ce s and full pa rt iculars might prove inter es tin g to you.
Box 11
E. J. LANDER & CO.,
(E S T A B L IS H E D 1 8 8 3 )
Cherokee County.— Otto to Otting, 60 acres in sec. 15-9039, $2,410; R. R. Land Co. to Velin, 18 acres in sec. 4-92-42,
$1,800; Holmes to Bass, 40 acres in sec. 10-92-42, $3,400; Pear
son to Grapes, 142 acres in sec. 31-90-41, $5,500.
Clayton County.— T racy to Tracy, 45a sec. 31 C ox Creek,
$1,460; Little to Wheeler, 40a sec. 7 Cass, $1,875; Junk to
Henkels, 127a sec. 35 Millville, $2,400; Ball to Morarend, 127a
Jefferson twp., $5,000.
Palo A lto County.— Spencer to Louis Zinnel, s A of se of
sec. 24-94-31, $5,6co; Bevery land Co. to Brown, ne of se and
sw of se sec. 13-94-32, $1,400; Adam s to Jensen, e A of ne of
sec. 26-97-34, $4,600; Jenswold to Johnson, sw of sec. 34-9731, $8,000.
W ebster County.— Andrew s to B reen ,-w jj s w jj s 26 and s A
sej4 27-89-29, $6,400; Carlson to Insel, w A 10-86-30, $21,000;
Deck to Milburn, w / swR* 12-86-27, $3,600; Hinricks to
Hinricks, oa 10-90-29, $5,600.
Winnebago County.—-Bayard and Plummer to Lake Mills
Land & Loan Co., s w s w x
/\ and sx
/ 2 s e jj 27 w - d., $4,804;
Gambell to Beckman undiv J4 of s w jj swj 4 27-98-23 w. d.,
$1,200; Hirsch to Thompson, swJ 4 35 -99 -25 , $8,000; Osheim
to Vanghan, n e jj 3-98-25, $8,228.
Barnes County.— Pederson to F’ederson, eA2 n w j j and w j j
n e A 26-137-57, $3,200 ; Metcalf Land Co. to Reid, 23-143-58,
$3,840; Christianson to Betten, Jr., wj2 swJ4 24-137-60, $1,760; Gergen to McK ay, n e A 21-143-57, $1,360.
Traill County.— Bredeson to Haugen, n e A n w j j sec. 16148-49, $1,250; Cooper to Haugen, s eA sec. 7-148-49, $5,000;
Haugen to'Cooper, e l/2 n w A sec. 17-148-49, $2,500; Haugen
to Bredeson, swJ4 n w % , $1,250.
Richland County.— Sellner to Raphael n e A 12-132-51, $4,480; Gardner to Gardner, all sec. 27-133-52, $12,000; Hart to
Hart,
interest in the n e A i 7- i 32- 52, $1,600; Frazer and
True to Cunningham, ej 4 29-133-52, $6,500 ; Passmore to F ra
zer and True, same description, $3,520.
Iowa.
Hancock County.—-Wright to Way, w j j nwJ4 and s e A
nwJ4 35-97-25, $6,000; Edward L. WYight to Stitzel X. Way,
n e A n w A and wRj ne% and &J/ s w j j 35-97~25, $10,000;
Benson to Ostendorf, s A 4-97- 25, $1,560; Carr to Haberkamp,
nwJ4 14-95-23, $9,200; Melcher to Vordermark, n w 14 and
nej4 15-96-24, $20,800.
Black H a w k C o u n ty — Ulrich to Miller, land in sec. 26-32
and 33-90-14, $2,033; Eighmey to Wilson, land in 34-88-14,
$16,000; Lantz to Maldzahn, land in 5-90-14, $L5oo.
Pocahontas County.— Anderson to Loats,, e^2 of n e A sec.
3-90-32 w. d., $5,400; Williams to Weisser, e A of nwj<4 sec. 3-
j~For Sale on Easy TermsTj
Three and Three-quarter (3% ) Sections
of the choicest farm ing lands in Assinaboia, Canada. A ddress
£
W . R. MUMFORD COMPANY
Room 430 Rialto Building
D. P. Jones, Pres.
j
Clay County.— M ills to Mills, w A sw A 31-36, $3,000; Morling to Low ery, se A 25 -96 - 35 , $7,9CO; Griffin to Jackson, n^2
s e A an(i S<?A 34 an6 slA nw A 35 - 97 x36, $18,000.
Rentals
Special attention given to management of estates of non-residents.
Satisfactory reference to local aud eastern parties.
Main Floor Bank of Commerce Building,
M IN N E A P O L IS
L U T H E R S. C U S H I N G
of R E A L E S T A T E
JO H N T O W N S E N D
Care and M a n a g e m e n t
E. ndi cot t B u i l d i n g .
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
INSURANCE
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Dickinson County.— Unz to Rieke, sej4 sec- 7 Lloyd twp.,
$8,000; A lfree to Porter, s }/2 n w Jj sec. 12, Milford, $3,600;
Simpson to Simpson, sw% sec. 15 Milford, $5,600; Southard to
Hodges, siy2 n w s j 4 ne% of ne% sec. 5 Richland twp., $9,765 Fayette County.— Kernahan to Palmer, w y2 nw 33-92-8,
$4,246; Chenwold to Drews, nw ne and pt w j j
ne 31-95-8,
$40,000; Parker to W ilbur, sw and sw nw 13-95-10 and pt sl/2
ne and n A se 36-95-10, $15,500; Cornish to Stansbury, ej^ sw
se and s j j e A w A sw se 39 and &A n j j nw nw 16-93-10,
$ i,i 37 Calhoun County.— H unter to Scott, nw % 22-88-33, $10,000;
H ealy to Smith, s A swJ4 3-89-31, $5,360; Coady to Hutchinson,
e; n e A 4-86-34, $4,917; Moulds to Campbell, n n e A 24-86-34,
$5,920.
Sac County.— ^Neville to Neville, n e A of sec. 16 Wheeler
twp., $8,000; Jensen to Jensen, s w A of sw A of sec. 8 Viola
twp., $1,600; Davis to Rogers, nw A of sec. 35 Jackson twp.,
$2,800; W right to Edwards, part of sw Jj of s w o f sec. 28
W all Lake twp., $4,000.
W oodbury County.— Bernard to Bernard, n e A of sec. 12
twp. 88, r. 44, $3,000’; W alling to Heidelberg, s A of sw A of
sec. 17 twp. 87 r. 43, $4,400.
W. C. McWhinny, Sec. & Treas
CHICAGO
Real Estate and
FIRE
Cerro Gordo County.— Vincent to Bokelman, wj^ nw sec.
9 Clear Lake, $5,100.
Osceola County.— Redmond to Slocum, Mch 2 n A ne A 3 2100-41, $4.400; F o x to Rahfaidt, Mch. 2, n e A x6-gg~42, $10,400; H unter to Widmann, Mch. 9, seJ4 i 4 ' I°o- 4 I, $4,800.
-
D A V I D (Established
P. 1868.
J OIncorporated
N E S1900.)&, C O .
Mortgage Loans,
Franklin County.— French to Enslin, sy2 se% 4 and nj^ n y2
ne.y 9-90-19, $9,oco; H ill to Hamilton, s w n e J 4 3 - 90 -21,
$2,100; Vierkant to Kühlers, y2 eT
A s w y 3-93-22, $5,600;
Keough to Richtsmeier, w j j nw % 33 -90 - 1°, $5,460.
?
-
W. H. Davis, V-Pres.
GRAND FORKS, N. D.
91-33 and se% of swj 4 sec. 34-92-33 w. d., $9,510;_ W anek to
Peterson, e A sw A sec. 27-93-32 w. d., $5,840; Biesecker to
Murray, e J
/ 2 s eA sec. 23-92-34 w. d., $4,400.
$19,000; Taylor to Rowe, s w j j sec- 24 and n w j j 25-160-55,
w. d., $6,000; Youmans to Lean, wA2 neA> eJ/2 n w A 22-162-51,
w. d., $4,000.
T owner County.— Ulm to Ulm, n w A 21-159-67, $1,500;
Miller to Collins, se *4 and s w j j of n e A 24-160-68, $4,700;
Adsero to Juvret, sJ-2 n eA and 11J2 s e A 3-159-65, $2,300;
Gifford to Clem, n eA 1-161-68, $1,900.
Cass County.— Ingabretson to Buhr, ail 19-141-55, $20,480 ;
Sylvan to Buhr, n e A 24-141-55, $5,600 ; Hoy to Hoy, n w j i
29-130-55, $4,480; Baker to Smith, s e A 4 - 14 0 - 5 5 , $2,000.
Walsh County.— Moore to Nelson, w. d. eA2 s eA I9-I5852, $2,400; Hogenson to Grembowski, w. d. part swj 4 6 and
n w j j n w A 7 - i 56-51, 134.41 acres, $3,500; Douglas to Tallackson, ey2 n e A , s e A and s eA swj 4 7 and part n e A n w A 18157-52, 293.50 acres, $12,350; Kedrowski to Kedrowski, part
n e A s eA I5-I55-52, 10 acres, $350.
Emmons County.— Drake and Newcomer to J. A. Christopherson, w A sec. 21-135-75, $1,600.
j
M ay we send same?
■
ST. P A U L
South Dakota.
Chas. M ix County.— Riechmann to Gebhart, ne 33-98-67,
$4,560; Pratt to McDaniel, se 3-97-67, $5,600; Kenyon and
D ixon to Edmunds, s w 23-100-69, $4,000; F ry to Seapy,
sw A\ nw A 7-97-69, $15,000.
Hughes County.— Des Moines Real Estate Co. to Sheets,
se A 10-112-80, $600; Summerside to Horner, n e A of 1 5 - m 75, se A of 18 and n e A of 19 and sw A of 19 and sA of n e A
of 20 and s e A of 20 and the se A of 27 and n e A o f 30-112-74,
$19,200.
Minnehaha County.— Vincent to Hall, e A of nw A 7 -xol~50,
$2,000; Lewin to Engelhardt, se A 2-101-5, $4,800; Anderson to
W icker, s A sw A 36-103-50, $4,000.
T H E CO M M E R CIA L W E S T .
SOUTH ST. PAUL
UNION STOCK YARDS
SOUTH ST. PAUL, MINN.
L iv e S t o c k M a r k e ts .
(S p ecia l C orresp on den ce to T he C om m ercial W e s t.)
Hogs.
South St. Paul. M arch 30.— H o g receipts at the six
principal mark ets for the first three days this w eek a g
greg ate about 196,900, compared with 144,100 for the first
three days last w ee k and 155,200 for the like period last
year. L o c a l h o g receipts during the first three days this
w eek were about 11,705, against 8,643 for the first three
days last w eek and 9,210 for the co rrespondin g three days
last year.
Combined receipts of hogs at the six large m arket cen
ters last w eek w ere 234,700, against 305,800 for the w eek
previous, 468,000 for the same w ee k last month, 267,700
for the like w ee k last year and 323,700 for the corresp o nd
ing w eek tw o years ago. H o g receipts here last w eek
were 13,147, co m pared w ith 19,861 for the preceding week,
21,705 for the like w ee k last month, 11,639 f ° r the corre
sponding w ee k last year and 13,822 for the same w eek two
years ago.
A sharp expansion in the m a rk etin g of hogs at all
points to d ay caused a bad break in values, local prices
s h o w in g a decline of a big 15c from T uesd ay. T h is de
cline more than wiped out the advance which had been
re cord ed since last F rid a y and leaves prices on a 5 to 10c
higher basis than on W e d n e s d a y of last week. T h e go od
quality of the ho gs bein g marketed at the various large
centers, indicates that there is no scarcity in the country
and traders are gen era lly inclined to the belief that the
m o vem ent will be large enough to enable packers to re
duce values s o m ew hat in the next few weeks. T o d a y ’s
prices ranged from $4.90 for com m on lights to $5.25 for,
choice medium and h e av y hogs and the bulk sold from
$5.00 to $5-io. T h e bulk last W e d n e s d a y sold from $4.95
to $5.10, a year ago to d ay from $7.00 to $7.05, tw o years
ago from $6.45 to $6.60 and three years ago to day from
$5.90 to $6.00.
C attle.
Receipts of cattle at six important mark ets during the
first three days this w ee k total about 117,400, co mpared
with 103,800 for the first three days last w ee k and 100,800
for the like three days last year. Cattle receipts at South
St. Paul during the first three days this w ee k w ere about
3,160, against 2,861 for the like period last w eek and 5,481
for the sam e three days last year.
Six mark ets had an a g g r eg a te cattle supply last w eek
of 133-300, against 142,200 for the w eek previous, 158,000
for the co rrespondin g w eek last month, 135,700 for the
like w ee k fast y ea r and 129,200 for the same w e e k two
years ago. T h e re w ere 3,543 cattle received here last
w ee k co mpared with 3,093 for the p receding wee k, 2,688
for the same w ee k last month, 4,138 for the correspondingw eek last year and 6,375 for the like w eek tw o years ago.
Prices on all grad es of beef, butcher and ca nning stock
advanced 10 to 15c during the latter half of last week,
with the good kinds sho w ing the m ost strength. Du rin g
the past three days, however, all mark ets have been more
liberally supplied and values have w eakened slightly.
G ood to strictly choice beef steers are n ow quotable from
$4.50 to $5.00, medium killers from $3.85 to $4.15 and co m
mon light and “ w arm ed up ” kinds around $3.50. Good
to choice butcher cows and heifers are selling from $3.25
to $3-75) with medium grad es from $2.85 to $3.10 and cut
ters and canners from $1.50 to $2.50. Bulls are selling
som ew hat stron ger and veal calves have declined again,
the best vealers n ow go in g at $4.25. T h e demand for
stock and feeding cattle has been hardly as go o d as last
w ee k and prices have shown some weakness, particularly
on the less desirable grades.
Sh e ep .
T h e re w ere about 125,700 sheep received at the six
big mark ets during the first three days this wee k, co m
pared with 125,900 for the first three days last w eek and
115.200 for the same period last year. South St. Paul re
ceived about 1,025 sheep during the first three days this
week, against 1,904 for the first three days last w e e k and
4,774 for the like three days last year.
Sheep receipts at the six leading mark ets last w eek
w ere 175,200, against 183,100 for the preceding week, 211,100 for the same w ee k last month, 149,300 for the like w eek
last year and 129,900 for the co rrespondin g w ee k two
years ago. L o c a l sheep receipts last w eek w ere 7,327,
co mpared with 3,060 for the w eek previous, 19,991 for the
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Saturday, April 2, 1904.
S the b est equipped and most advantage=
ous m a rk et for live sto c k sh ip p e rs in
the North w est. It is c o n n e c te d with all
the railroads and w ants 1 ,0 0 0 b e e v e s and
5 ,0 0 0 hogs daily.
I
Y ou r sh ip m e n ts are invited.
M. D. FLOW ER, Prest.
H. B. CARROLL, Gen'l Supt.
correspondin g w ee k last month, 6,466 for the like w ee k
last year and 3.385 for the same w ee k two years ago.
V e r y light receipts here during the past three days and
favorable conditions prevailing at other markets, caused
another good advance in sheep and lamb prices, in which
about all useful killing grad es shared to the extent of
fully 15 to 25c. Good to choice h e av y ewes, in fleece,
are n ow quotable from $4.15 to $4.50, fair to go o d medium
w eigh t ewes from $3.85 to $4.00 and plain, com m on kinds
down to $3.50. A train of 22 cars, com prisin g 5,303 head
of western sheep and lambs, sold here last Saturday,
v e r y go o d 77 pound lambs go in g at $5.25, a band of 3,055,
71 pound lambs at $5.r5 and 98 pound w ethers at $4.50.
Strictly choice fat lambs are n ow safely quoted up to
$5-5°Some shorn w estern yea rlin g w ethers of go od
quality brought $4.65 on T uesd ay.
C o m p a r a t i v e R e c e i p ts .
T he following- table sh ow s the receip ts at South St. P aul this
year, up to and includ ing W edn esday, M arch 30, as com pared
w ith the corresp on d in g p eriod last year, sh ow in g increase or d e
crea se:
1904.
1903.
Inc.
D ec.
( battle ..................
38,493
4,460
Calves ..................
8,173
2,374
1logs ......................
210,731
72.166
Sheep ...................
153,036
70,764
H orses ................
246
82
( 'ars ...................... ..................
5.753
4,882
871
t he follow in g table sh ow s receip ts at South St. Paul this
m onth, up to and in clu d in g W edn esda y, M arch 30, as com p ared
w ith the corresp on d in g p eriod last y ear:
1904.
1903.
Inc.
D ec.
C attle ....................
16,190
3,302
C alves .................. ................
2Í574
4,308
1,734
H ogs ...................... ................. 73,870
53.451
20.419
Sheep .................... ................ 39,001
30.255
8,746
H orses ..................
84
Cars ........................
1.473
11S
R eceip ts of live stock a t South
W edn esda y, M arch 30, 1904:
Cattle.
T hursday, M arch 2 4 ...
381
F rid ay, M arch 25..........
201
Saturday, M arch 2 6 ...
100
M onday, M arch 28..........
T uesday, M arch 29........
1,345
W edn esda y, M arch 30.
1,094
T otals ....................
...
3,843
...................... . . .
H ogs.
1.862
1,335
1,307
1,446
3,557
5,702
Sheep. H orses. Cars.
10
38
5,423
47
6,297
20
’ ’ 832
148
46
15,209
R eceipts of live stock at South
vv ednesday, A p ril 1, 1903:
Cattle.
T hu rsday, M arch 26.
448
F riday, M arch 2 7 . . . .
317
Saturday, M arch 28.
51
M onday, M arch 3 0 .. .
665
T uesday, M arch 3 1 ... ... 2.743
W edn esda y, A p ril 1. ... 2,073
T ota ls
St. Paul fo r the w eek ending
6,449
48
83
105
33
341
St. Paul fo r the w eek endingH ogs.
1.630
1.866
1,733
1,591
4,708
2,911
Sheep. H orses. Cars.
891
2,296
42
201
26
824
43
3,526
144
424
102
14,439
8,162
394
R a n g e o f H o g Sales.
T his W eek .
T h u rsd ay .............................................$5.00@ 5.30
F rid a y ................................................... 5.05@ 5.35
Saturday ............................................... 5.10@ 5.30
M ond ay ................................................. 5.10@ 5.25
T u esd a y ................................................. 5.10@ 5.35
W edn esday .......................................... 4.90@ 5.25
P reviou s W eek.
$4.75@ 5.25
4.70@ 5.15
4.85@ 5.15
4.50@ 5.00
4.75@ 5.15
4.80@ 5.15
B u l k o f H o g Sa les .
This W eek.
T h u rsd ay .............................................$5.0 5@ 5.1 5
F rid ay ................................................... 5.10@ 5.20
S aturday ............................................... 5.15@ 5.25
M onday ................................................. 5.15@ 5.20
T u esd ay ............................................... 5.15@ 5.25
W ed n esd a y ......................................... 5.00@ 5.10
P reviou s W eek.
$5.00@ 5.10
4.90@ 5.00
4.85@ 5.00
4.75@ 4.85
4.85@ 5.00
4.95@ 5.10
C on d ition of Hog M a rk e t.
T his W eek.
T h u r s d a y ................. B ig 10c higher.
F rid a y ...................... L igh ts fu lly 5c h ig h er, others strong.
S aturday ..................5c to 10c higher.
M onday ....................Steady.
T u esd ay ....................G enerally strong.
W ed n esd a y ............. Big 15c low er.
P rev iou s W eek.
10c low er.
5c low er.
G enerally 5c low er.
B ig 5c to 10c low er.
M ostly 10c higher.
5c higher.
C o m p a r a tiv e H og R eceipts.
L a st W eek .
C hicago ................................ 105,200
K an sas C ity ...................... 28,600
South O m aha .................... 36,200
South St. J o se p h .............. 23,700
E ast St. L o u is .................... 27,900
S outh St. P a u l.................. 13,100
P rev iou s W eek.
143,200
34,100
48,700
27,300
32,600
19,900
T ota ls ............................. 234,700
305,800
'
Y ear A go.
119,600
35,800
45,200
38,400
27,100
11,600
267,700
TH E COMMERCIAL WEST.
Saturday, April 2, 1904.
C o m p a r a t i v e C a t t l e R e c e i p ts .
L a st W e e k .
C h icago ................................ 56,500
K an sas C ity ...................... 27,200
South O m aha .................... 22,100
S outh St. J o s e p h ..............
8,600
E ast St. L o u is ...................
15,400
3,500
S outh St. P a u l..................
P rev iou s W eek .
57,700
34,300
23,300
11,100
12,700
3,100
T ota ls ............................. 133,300
142,200
Y ear A go.
63,500
25,300
21,200
9,300
12,300
4,100
135,700
C o m p a r a t i v e Sh e ep R e c e i p ts .
L a st W eek .
C hicago ................................ 82,100
K an sas C ity ...................... 17,300
S outh Om aha .................... 43,000
South St. J o s e p h .............. 18,600
E a st St. L o u is ....................
6,900
S outh St. P a u l....................
7,300
P rev iou s W eek .
87,000
23,100
34,300
26,700
8,900
3,100
T ota ls ............................. 175,200
183,100
Y ear A go.
61,800
22,000
31,900
21,500
5,600
6,500
149,300
N EW ST O C K G R O W E R S’ O R G A N IZA TIO N .
O n M arch 9 ‘'T he United Sto ck G r o w e r s ’ A sso cia tion "
filed articles of inco rporation in Virginia, nam ing in co r
porators and directors as fo llo w s: John Sparks, g o v e r
nor of Nevada, cattleman and capitalist; M. K . Parsons,
vice-president A m erican Cattle G r o w e r s ’ A sso cia tion ; Ben
F. Saunders, president Independent P a ck in g C o m p a ny;
James C. L ea ry , Salt L ak e Union Sto ck Y a rd s, managingdirector; F ra n k J. H agenbarth, president National L iv e
Sto ck A sso cia tion ; Jesse M. Smith, vice-president N a
tional W o o l G r o w e r s ’ A sso cia tion ; A. Hanauer, treasurer
U. G- C. & O.-O. Cattle Company. T h e objects and scope
of the organization are thus stated in a Iptter sent out by
the m a na gin g director:
“ T h e United Sto ck G r o w e r s ’ Corporation has beer
form ed for the purpose of ow n in g and operating a n um
ber of agencies at important centers of trade and trans
portation in the interest of live stock producers and ship
pers. T h e agencies, when established, will be managed
b y energetic men, w ho se previous co nnection with the
traffic in live stock has pecu liarly fitted them to effective
ly urge the legal rights and accustomed privileges of the
co rp o ratio n ’s clients, w here dereliction of service or lack
of attention results in overch arge, loss or da mage in the
m o vem ent or m a rk eting of live stock consignm ents.
“ A ccu m u la tin g evidence of the inability of producers
to make and m arket meat animals through a period of
years with an assured prospect of decent profit, has been
re cently accentuated b y the increase of transportation
ch arges and the curtailment of important privileges, which
entail enorm ous additional cost to live stock shippers, in
the face of a price depression calculated to test to an e x
treme the p ow ers of endurance of both the dependent
and -the business. T h e lack of consideration disclosed by
this ill-timed and unjust action, as w ell as the long-stand
in g disposition of transportation companies and others
to take big profits at all times, re gard less of consequences
to producers and shippers, has induced several of the fo re
m ost men in thought, business experience and means now
eng ag ed in the live stock trade to organize the United
S to ck G r o w e r s ’ Corporation.
“ A cco rd in g ly , the United S to ck G r o w e r s ’ Corporation
has been form ed as stated; inco rporated under the laws
of Virginia, capitalized at $500,000, in shares of $100 each,
and upward of half of the capital stock has already been
placed a m o n g big shippers of cattle and sheep t h r o u g h
out the western states w h o believe this to be the business
like w a y of com pelling consideration and securing redress.
“ It is not the hope or expectation of the promoters of
the United Stock G ro w ers to pile up enorm ous earnings
b y the exaction of large fees from its membership for
collections, or other services, rendered b y its agencies.
But the organizers do expect a gen cy to be self-s upport
ing, and to this end the plan of construction provides
for the immediate establishment of agencies at the fo l
lo w in g points: K a n sa s City S to ck Y a rd s, South Omaha,
D e n v er Sto ck Y a rds, Fort W o r th , Salt Lake, Sioux City,
National S t o c k Y a r d s (Saint L ou is), Union Sto ck Y a rd s
(C h ica g o ), St. Paul, and others will be opened as the
sales of stock and a g e n cy membership cards to actual
g r o w e rs and shippers justify.
“ Membership cards sdld to stockmen will be perpetual
to the purchaser upon the cash paym ent of $10 and an
annual fee of $2.50; they will entitle the holder to the
services of any agent or a g e n cy of the United Stock
G row ers, w h erev er located, for the collection of just
claims or the transaction of any other lawful business in
cluded within the scope of its purposes, and the m ainten
ance of the various agencies and the means for p rosecu t
ing their w o r k will be further supplemented b y the deduc
tion of a 10 per cent fee from all collections before re
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
29
mittances are made to members.
N o business will be
accepted from other than members.
“ Great care has been exercised in the inco rporation of
the United S to ck G ro w ers to secure through its charter
privileges ample scope for operations in behalf of its
clientele; and the assurance is therefore given that while
the earliest efforts of agen cy m anagers will be directed to
the enforcement of prompt settlement for loss, damage
or ove rch arge on shipments, eve ry hitherto negle cted in
terest of individual shippers, will be safeguarded in its
lawful rights and protected in its privileges for the clients
of this corporation. F o rm s have been co p yrigh te d for the
exclusive use of members by means of which a g en cy m an
agers will be able to enforce fair demands, and eve ry re
source of the corporation, including superior central co n
trol and diplomatic direction, supported by the ablest of
legal counsel and adequate financial means, will be con
stantly available for the prosecution of their rights and
pre servation of their privileges.
“ It will be observed that the organizers in this an
nouncem ent lay no stress upon the indirect benefits to in
sure to members and shippers as a result of its operations.
T h e United Sto ck G r o w e r s ’ Corporation is placing its
shares and selling a g en cy memberships to large and small
stock owners because buyers will ge t returns there from
directly and quickly in dollars and cents. T h e theory of
its formation, the plan of its construction and the method
of its future operation, are based upon the ability of the
corporation to enforce the rights of patrons from holders
of franchises controllin g the public utilities, and recoup
their losses or recover for them m o n ey damages w here
they have been violated with intent or through negligence.
N o stockman w ho sells his product on the market, or
m oves it by rail elsewhere, will undervalue the importance
to his interests of havin g the service of these agencies,
with their complete equipment of means, methods and
men subject to his call in all the big ra ilw a y centers and
on all the big mark ets for an oversigh t of the m ovem ent
or m a rk eting of his consignm ent.
“ E v e r y trainlot shipper of live stock, therefore, will be
inclined to take an a g en cy card and a share of the co r
poration stock; not one has refused to subscribe, when so
licited, thus far; and e ve ry shipper of an occasional car
load, w ho suffers greater abuse and neglect, p roportion
ately, than the heavier shipper, will secure an agen cy
membership at a cost of $10 and annual dues of $2.50.
“ A u th o riz ed agents of the corporation are entering
immediately upon a personal canvass of the entire ship
p ing area, supplied with blank share orders for stock,
a gen cy membership cards, and information w hich will
disclose more fully than can be done in this open p ro s
pectus, the specific aims of the United Sto ck Grow ers, as
well as the detail of the methods to be employed in their
accomplishm ent.”
W e s te r n Patents.
T h e f o llo w in g patents w ere issued this w ee k to M in
nesota and D ako ta inventors, as reported b y W illiam son
& Merchant, patent attorneys, 925-933 Guaranty L oan
building, Minneapolis, Minn.:
Blackketter, Charles F., Minneapolis, wind-engine.
Brow n, W illia m L., St. Paul, Minn., shock squeezer.
Bryant, John W ., Minneapolis, w in d o w weigh t.
F ly ga re , Christine J. T., Minneapolis, baking apparatus.
Flyre, Joseph A., Sioux Falls, S. D., leveling mechan
ism.
Halldorson, T h o rg ils, Mountain,*N. D., m otor sled.
Larson, Nels, St. Paul, Minn., fire escape.
L o g an , Nels, A lb e r t Lea, Minn., corn harvester.
Quallev, John O., A dam s, Minn., belt adjuster.
, Va n de w e rk er, W a rr e n R., Clark, S. D., crank m o v e
ment for w ell drills.
O N L Y $32.90 T O C A L I F O R N I A .
C o m m e n cing M arch 1st and continuing daily during
March and A pril the Minneapolis & St. Louis will sell
special one w a y excu rsion tickets to San Francisc o, L o s
A ng ele s, San D ie go , etc., at a reduction of $15.00.
T w o tourist cars are run each w e e k on W e dn esda ys,
leavin g St. Paul 9:00 a. m. and Minneapolis 9:35 a. m.,
via K a n sa s City and the popular Santa Fe Sy stem through
A riz o n a and N e w M exico, arriving L o s A n g ele s 8:00 a. m.
fo llo w in g Sunday morning.
O n T hursday s, leave St. Paul 8:00 p. m. and M inne
apolis 8:35 p. m., via O m aha, D enver, “ Scenic R o u t e ”
through Colorado, Salt L a k e City, O g d e n and Southern
Pacific, arriving San Fran cisco 4:25 p. m. fo llo w in g M o n
day.
Rate for double lo w er berth is $6.75. A uniformed at
tendant accompanies each car to look after w ants and
com fort of passengers en route.
Full particulars and rates cheerfully furnished on ap
plication to H. S. Haskins, C. T. A., R yan Hotel, St. Paul;
J. G. Rickel, C. T . A., No. 1 W a s h in g to n avenue south,
Minneapolis, or address A. B. Cutts, G. P. & T . A., M in
neapolis, Minn.
TH E CO M M ER CIAL W E S T .
30
W illia m Com m ons
Frank W . C om m on s
Saturday, April 2, 1904.
H ow ard W . Com m ons
COM M ONS & COMPANY Tie Tan Dnsen-Harrinfiton Co.
Grain Commission flerchants
Mi nne a pol i s
and
D u luth.
Commission Merchants
Receivers and Shippers of Wheat,
Coarse Grains and Flaxseed. Or
ders for Future Delivery Executed
in all Markets.
GRAIN
CHICAGO CORRESPONDENTS:
ARMOUR
GRAIN
COMPANY.
CHAS. W . G I L L E T T
C O M M IS S IO N
&
LIVE STOCK
Minneapolis and Duluth
South
Saint
CO. THE ST. ANTHONY ELEVATOR CO.
MERCHANTS
STOCKS, BONDS, GRAIN, COTTON, COFFEE
Capacity, 3,350,000 Bushel*
140 -1 42 Nat’l Life Bldg., 159 La Salle St., Ground Floor, CHICAGO
GRAIN MERCHANTS AND WAREHOUSEMEN
MARKET
Paul
L E T T E R ON A P P L I C A T I O N
Mem bers :
Ch ic ago Board of T ra d e
St. L o u is Merc han ts E x c h a n g e
New Y o r k Pr o d u ce E x c h a n g e
Mi lwaukee C h a m b e r of Co m m e rc e
B al ti m or e C h am b e r o fC om m erc e
71 Chamber of Commerce
W . P . A N D E R S O N & CO.
BARNUM GRAIN COMPANY
Wm. H. Dunwoody, Pres.
John Washburn, Vice-Pres.
COMMISSION MERCHANTS
and
GRAIN
J . F . Whallon
Geo. P . Case
CHICAGO, ILL.
Geo. C . Bagley
Chas. M . Case
WHALLON, CASE & CO.
Up town Office, 315 1st Ave. So
Duluth
AND COMMISSION
MERCHANTS
L. BARTLETT
Sc
SON
COMPANY
STOCKS, BONDS' GRAIN and PROVISIONS
58 Chamber of Commerce,
Chas. J. Martin, Sec'y and Treas.
W. G. Ainsworth, Gen'l Manager
Miimeapolls
GRAIN AND PROVISIONS
Ground Floor 4 Sherman St.
MINNEAPOLIS, MINN-.
Commission Merchants
MINNEAPOLIS
M E M B E R S : New York Stock Exchange, Chicago Board of Trade, Minneapolis
Chamber of Commerce.
J. R . M A R F I E L D ,
Pres.
W
C . D. T E A R S E , S
ec.
m
23 Chamber of Commerce
MILW AUKEE
. G R IF F IT H S , V ic e P r e s
E. S. WOODWORTH & CO.
4 T reas.
M a rfie ld - G r iffith s Co.
SHIPPING
P O M
GRAIN C O M M I S S I O N
NEW
CHAMBER
OF
COMMERCE
O FFIC E S :
-
M INNESOTA
George W . Peavey
Frank T . Heffelfinger
M
AND
I S S I O N .
Minneapolis, Duluth, Milwaukee and Chicago.
ORDERS FOR FUTURES EXECUTED IN ALL MARKETS.
C HICA G O , M IL W A U K E E , D UL UT H
MINNEAPOLIS,
Branches: Minneapolis, St. Louis,
Kansas City, Chicago.
E . S. W o o d w o r t h ,
President.
G. P . H a r d i n g ,
Vice-Pres.
W . S. W o o d w o r t h ,
Sec. and Treas.
Frederick B . Wells
Charles F . Deaver
A . R. T. D E N T
The Peavey
System of Grain Elevators
A . C. M O R G A N
D ent-M organ C o m p an y
BROKERS IN
Embraces the greatest number of Grain Elevators with the largest
aggregate storage capacity of any Elevator System in the world.
Total capacity in eight states, 3 5 ,8 0 0 ,0 0 0 bushels.
HEADQUARTERS
Chicago
Members
Minneapolis
Chamber of Commerce
MINNEAPOLIS
Branch Offices:
Duluth
Kansas City
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
GRAIN, PROVISIONS, STOCKS
Omaha
Private Wires
Country Orders a Specialty
T H E C O M M E R C IA L W E ST
Saturday, April 2, 1904.
G RAIN
MIL
WHEAT SEEDING IN THE NORTHWEST.
W h e a t seeding began a w ee k ago in the Y a n k t o n dis
trict in South D a k o ta and it has w orked north to Mitchell,
with prospect for good p rogress in that state.
Southern M innesota is w et and sunshine is needed.
T h e w o rs t that can be said at this time is that seeding
M IN N E A P O L IS
AND TH E NORTH W EST.
Office, M arch 31.— T h a t w heat re
ports from the United States are analyzed closely in E u
rope is set forth by Beerbohm, w ho says in a current re
port: “ It is som ew hat curious to note that some of the
early estimates of the A m erican crop last year— that is to
say, in June— reached no less than 850 millions.
O ur
own tentative suggestion w as at that time 735 million
bushels; the actual m o vem ents since then, however, indi
cate that the crop did not reach 625,000,000 bu. T h e
final returns of the W a s h in g t o n bureau make the yield
637,000,000 bu.
T h is m a y tend, it is to be hoped, to
deter the trade from placing undue reliance upon the
e xa gg erated estimates which almost invariably appear
early in the season.”
T h e position taken by Beerboh m last June and since
w as the position taken in both instances on this side
by T h e C o m m e r c ia l W e s t . T h e e x a gg erated estimates of
last spring w ere never warranted even from the standpoint
of condition of June 1, and n ow that the fact is well un
derstood it will be a step ahead if the go vernm en t will
use as much care with its first figures of condition this
year as it is using in the m a kin g up of its final figures.
C o m m e r c ia l W
est
F o re ig n
Crop
Prospects.
Reports from E urope and A sia indicate considerable in
ju r y to crops and delay to seeding operations on account
of rains. In India prospects are for an average of 80 per
cent of a crop. In E n gla n d seeding has been interfered
with b y rains and F rance is m akin g complaint for the
same reason. India is a liberal w heat shipper co mpared
with last year, the total shipped to U. K , and the co n
tinent for first ten w eeks of the year bein g 727,000 quarters
against 278,000 for the same period last year. A rge n tin e
has shipped to E uro pe up to M arch 10 this 3^ear 2,431,000
quarters against 1,476,000 for the same time last year.
Some of th e
In d ic a tio n s .
T h a t the law of supply and demand is doing its w o r k m
w heat cannot be denied longer. T h e m arket is maintain
ing a stro n g position, w ith out the support of Arm our,
w hich was alleged a short time back to be the “ ca use”
of the high prices. T h e cause of the high prices is a
lack of cash w hea t to meet the demand. T h e misleading
effect of app lying statistics too closely comes in here.
W h e n totals of supply are co mputed there appears t o 'b e
enough w heat and a considerable surplus is bein g allowed
for July 1; but too m a ny are o v e rlo o kin g the fact that
the w heat is not located evenly as to demand and the co m
petitive bidding stre ngthens the price on all reactions that
come as a natural fluctuation.
W h i l e millers complain of a dull flour trade the fact
remains that the U. K. has imported more flour on the
crop year to date from A m erican and Canadian mills than
last year, and w e e k ly exports o f ’ w hea t and flour from this
side are above estimates of a month ago. T h e r e is tend
ency to curtail milling operations on accoun t of w heat
sca rcity in localities, and in a m oderate w a y curtailment
will help to equalize the w heat shortage; but it will not
dispose of its influence. It seems clear that up to the
fall months at least millers will not find it easy to buy
wheat. Southw est mills have shown inclination to reduce
flour prices. H a d th e y gone 6d farther with their reduc
tions it is likely E uro pe would have come up Od and
sales w ou ld have resulted. A s it w as they remained apart
and but little export business was done.
C o u n try elevator stocks of w heat in the N o rthw est
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
is a little late; but favorable w eath er will bring it all in
during April.
In N orth D a k o ta the situation is less prom ising as
there is considerable snow and ice to get out of the way,
and it is April 1.
are down to a low point, about 2,000,000 bu. of which
considerable is owned by coun try mills and will not reach
Minneapolis. W i t h the reduction in receipts at M inne
apolis incident to m o vin g w hea t in from co un try storage
to avoid taxation, terminal stocks will feel the effect. C o n
siderable w heat is reaching Minneapolis from the South ■
west, 50 cars a da y this week, and in turn K a n sa s City
receipts have finally gone to a point a go o d deal under
last year, indicating that K a n sa s has been swept p retty
clean.
Minneapolis w heat stocks will make a small increase
this w ee k and b y the end of next week, if not before,
there should be regular decreases up to the new crop.
Galveston reported the sale of 100,000 bu. of wheat
this w ee k to go back to country mills, at a heav y prem i
um over May. T h is emphasizes the position the country
is in as to a surplus of wheat. Southw est receipts have
fallen off sharply, K a n sa s and St. L ouis running a good
deal under last y e a r ’s figures on receipts.
Minneapolis
receipts are sho w ing sharp decline also.
T h e country
has four months ahead of the smallest supply of w heat
relative to population the country has ever had.
F L O U R A N D M ILLIN G .
Mills Close Again in Part— Foreign Business Ver y Light
— Prices Firmer— The Outlook Rather Mixed and
Many Conflicting Opinions Heard.
Reports this w ee k have been v e ry conflicting, some
millers reporting business good, some fair, some poor, and
still others no business at all. T h e mills, havin g resumed
grinding, closed down again in part on Friday. L a c k of
business was the reason given. F o reign business is dull
beyon d a doubt, and that it has been so for sometime
is evidenced by the fact that of last w e e k ’s output only
23,000 barrels were shipped abroad, against over 100,000
barrels at this, time a year ago. Millers say they cannot
induce buyers to take hold, as all are again w aitin g for
decline.
T h e situation meanwhile has been turning
stron ger and prices are a shade higher.
T h e milling outlook is rather confused at present and
is view ed differently b y various millers. Some have talked
v e r y pessimistically and have pronounced the shut-down
as likely to last for some time.
O thers view ed it as
nothing much more serious than the taking of a three-day
holiday at E a ste r time, and announ ced that while the
mills would close on F rida y night they w ould reopen again
on M o n d ay morning. T h e disposition has been to take a
too serious view of the closing of the mills.
Business
came in v e r y freely during the last shut down, and cut it
short and it is likely there will be an accumulation of
orders during the present period of tem p o ra ry idleness.
M inn e a po lis F lo u r O u tp u t.
W e e k ending—
M arch 26 ..............
M arch 19 ..............
M arch 12 ..............
M arch 5 ................
F ebru ary 27 ..........
F ebru ary 20 ........
F ebru ary 13 ........
F ebru ary 6 ..........
January 30 ............
January 23 ..........
January 16 . . . . . .
January 9 ............
January 2 ............
D ecem b er 26 ........
D ecem b er 19 . . . .
D ecem b er 12
D ecem b er 5 ........
N ov em b er 28 . . . .
N ovem b er 21 . . . .
N ov em b er 14 . . . .
Barrels.
169,240 '
331,935
332,960
336,705
313,995
325,590
347,375
165,630
319,295
325,830
365,520
328,635
165,235
177,885
341,460
388,015
410,130
454,150
364,025
417,615
Y ea r ago.
359,480
355,310
330,590
286,520
287,005
274,740
300,325
287,295
319,580
309,165
305,285
278,680
326,840
238,230
315,370
288,885
346,050
353,120
401,135
367,175
THE COMMERCIAL WEST.
32
N o v e m b e r 7 ............... ..................................................
..................................................
O c t o b e r 24 ................... ..................................................
..................................................
O c t o b e r 10 ................... ..................................................
.................................................
S e p t e m b e r 26 ............ ................................................
S e p t e m b e r 19 ............ ..................................................
..................................................
S e p t e m b e r 5 .............. ..................................................
A u g u s t 29 ................... ..................................................
A u g u s t 22 .................... ................................................
..................................................
...........................................
A u g u s t 1 ...................... ..................................................
376,730
371,210
369,060
290,500
189,870
195,795
130,995
338,025
267,100
294 ,200
242,500
240,000
290,500
282,200
246,000
447,710
426,620
436,680
426,965
471.070
471.070
372,300
367,785
234,200
251 ,950
305,100
278,600
275,800
362,600
345,100
B a rr e ls .
23,210
28,305
42,925
53,415
39,050
34,850
34,485
17,827
27,200
35,335
40,505
47,490
22,100
36,377
65,040
57,135
99,445
115,625
90,270
77,495
126.970
114,775
74,460
47,460
46,445
25,222
43,850
85,670
261,100
72,700
40.000
37,600
46,500
30,300
17,900
Y ea r ago.
100,515
87,490
90,230
72,720
53,470
34,855
50,315
43,090
78,780
90,360
92,820
63,825
111,195
71,360
66,165
49,965
64.060
66,655
81,216
77,215
150,050
84,510
89.345
108.810
96,760
102,620
100,235
86,495
234,200
63,600
48,100
65,800
69,800
61,600
62,800
E x p o rt Shipments.
W e e k e n d in g —•
A u gust
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1 ......................
FLAXSEED.
Fla x
Mov ing
Out
of Minneapolis— Demand
Good
and
Prices Hardening— Oil Mills N ot All in Opera
tion— Meal Prices Advanced.
M inneapolis cash
Y ea r a g o ..........
M arch ..............
M ay ...................
C hicago cash . . .
S outhw estern .
M ay ...................
D uluth cash
M ay ...................
Ju ly ..................
............
Digitized O
forctober
FRASER
F la x Prices.
F ri.
Sat.
M ar. M ar.
25.
26.
1.14% 1.14%
1.12
1.10%
1.14% I . I 41/2
1.1494 1 . 141/2
1.15
I . I 51/2
I.O 81/2 1.09
1.11
1.11
1.14% I . I 41/2
1.16% 1 -16
1.17% 1.17%
I . I 914 1.19
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
M on.
Mar.
28.
1.14%
1.09
1.14%
1.14%
1.15%
I.O 914
1 . 11%
1.15%
1.16%
1.17%
1.19
M ILLFEED .
Local Situation Steady,
and Eastern Situation a Little
Firmer.
T h e m arket settled into comparative steadiness this
week, and price changes were unimportant. F igures for
local delivery are the same as last week, but a somew hat
firmer tone is noted for Bo ston basis lots, and millers **
prices are up 25 to 50c a ton. Bran, quoted last w e e k at
$19.90 on Boston basis is now $20.15; standard middlings
are also quoted at $20.15 against $19.90; flour middlings
are raised from $21.40 to $22.90 and re d-dog is quotable
$22.90(0)23.10. G ood demand is the report, but outsiders
say that at millers’ present a sking prices, no v e r y heav y
business is likely to be entered. T h e closing of the mills
for a period last w ee k had effect, and the present closing
has additional effect. If m any mills open on M on day,
some little w eakness m ay develop, but millers prices are
not likely to be reduced. T h e general situation is s tro n g
er than for a month past. H o w lo ng the strength will
hold will depend la rgely upon h o w spring opens up as
well as upon the size of the output. M a n y in the trade
think the w o rs t is over for the present and look for a
period of steadiness to come.
Q u o ta tio ns
of
M ills tu ffs ,
B oston
B a s is ,
A ll
Rail
S h ip m e n t.
T on.
Bran, 200 lb. sacks ................................................................$20.15@
S tandard m iddlings, 200 lb. s a c k s ...................................... 20.15(g)
F lour m iddlings, 200 lb. s a c k s ............................................ 21.90(g)
M ixed feed, 200 lb. s a c k s ...................................................... 22.90@
R e d -d og , 140 lb. ju t e .............................................................. 23.10@
M illstuffs in 100 lb. sacks 50c p er ton over ab ove quotation 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 in C a r L o t s , P r o m p t S h i p m e n t , F. O. B.
M inn e a po lis.
T on.
Bran, in 200 lb. s a c k s ............................................................$1 4 .0 0 @ .........
Bran, in bulk ............................................................................ J3.00@ 13.25
Standard m iddlings, 200 lb. s a c k s .................................... 14.00(g)........
F lour m iddlings, 200 lb. s a c k s ............................................ 15.50(g)........
M ixed feed, 200 lb. s a c k s ...................................................... 16.50(g)........
R ed -d og , 140 lb. ju t e .............................................................. 1 7 .0 0 @ ........
M illstuffs in 100 lb. sack s 50c per ton over ab ove qu otation s.
R e d -d o g in 100’s 25c over.
M IN N EA P O LIS COARSE GRAINS.
T h is w ee k considerable seed has m oved out of Minne
apolis most of it headed for Duluth. O n one da y 7 cars
came in and 28 w ere loaded out. Some of the elevators
have M a y flax sold in Duluth and are ready to make
delivery of it. T h e tax proposition is also a consideration,
and some seed that w ould probably go north a n y w a y later
on, has been loaded out in advance to ge t it in transit prior
to assessm ent day.« T h e result is a s h o w in g of 115 cats
received in Minneapolis for the week, and 253 in Duluth.
L o c a l l y there is the keenest demand for seed at about
i c under Duluth May. Some of the oil mills are closed
and some running light, the b ig Midland plant alone run
ning at capacity. O il business is no better than last week
nor is the spring outlook any clearer. T h e re is fair sale
for oil, but no rush of orders from any source. T h e
encouraging feature of the w e e k has been the sharp de
mand for the by-product at higher prices. Meal is now
quotable around $22.50@23.50 a ton in Minneapolis, crush
ers holding firm and try in g for the figures, alth ough sales
above $23.00 are not heavy.
Minneapolis elevator stocks will fall off this w ee k and
Duluth will gain. Influences have been m ainly bullish, and
aside from a light m ovem ent and good demand there is
already some report of flax acre ages about to be sown
this year to wheat. E a r ly as it is report of this nature is
not w ith out effect upon sentiment, and it has helped along
the little advance of the week.
D a ily C lo sing
Saturday, April 2, 1904.
T ues. W ed.
Mar. M ar.
29.
30.
1.14% 1.15%
1.09% 1.11
1.14% 1.15%
1.14% 1.15%
1.45% 1.15%
1.09
1.09
Thur.
Mar.
31.
1.15
1.11%
1.15
1.15
1.16
1.09
1.12
1.11
1.11
1.15%
1.16%
1.18
1.19
1.15%
1.16%
1.18
1.19%
1.15%
1.16%
1.18
1.19%
Corn.
Steadiness has been the feature, prices v a ryin g only
fractionally during the wee k. Sixty-nine cars came in of
which only a m oderate proportion was choice yello w corn.
G ood demand ruled for e ve ry th in g choice, local feed men
and shippers taking the bulk.
C lo sing
Corn
Prices.
D aily closin g figures fo r N o. 3 y ellow corn in M inneapolis:
Y ear
ago.
42%
47
Fri., Mar. 25. .
42%
47
Sat., Mar. 26. .
42%
46%
M on., Mar. 28
42%
47
T ues., Mar. 29
42%
47
W ed., M ar. 30
42%
47%
Thur., Mar. 31
O a ts .
Sellers of oats have had the advantage of a demand
heavy enough to more than absorb everything offered at
satisfactory prices. T h is w eek it has been not only the
good stuff that bro u ght firm prices, but much of the low
grade has sold higher. E lev a to r men are not doing a n y
thing of importance, but shippers, and buyers for cereal
mills are active. F o r the w ee k 152 cars w ere received.
T h e A m erican and the Great W e s te r n are still in the lo
cal mark et for the go o d plump w hite oats suitable for
cereal purposes, and are p ayin g top m arket prices for
them.
T h e A l b e r t D ic k in s o n C o .
DEALERS
IN
FLAX SEED
GRASS SEEDS, CLOVERS,
BIRD SEED,
BUCK-WHEAT, ENSILAGE CORN, POP-CORN,
BEANS, PEAS, GRAIN BAGS, ETC.
M I N N E A P O L I S O FF IC E :
«M2 C H A M B E R OF C O M M E R C E .
CHICAGO
Saturday, April 2, 1904.
T H E CO M M ER CIAL W EST,
C lo sing
O ats
33
Prices.
J u ly W heat.
D aily closing- p rices fo r N o. 3 w h ite oats in M inneapolis.
Y ear
ago.
F ri., M ar. 25 ..
39
321/4
Sat., M ar. 26 .
39%
32%
M on., Mar. 28
39%
321/4
T ues., M ar. 29
39%
321/4
W ed ., Mar. 30
401/4
321/4
T hur., M ar. 31
40%
32 @32 %
M inneapolis .. ...................
Year ago . . . ..................
C hicago ...........
Y ear ago .. . ..................
D uluth .............. ....................
K an sas C ity .. ..................
St. L ou is ........ ...................
N ew Y^ork . . . . ..................
B a rle y .
F ee d barley is again d rag gin g a little. Receipts for
the w ee k w ere only 84 cars, of which the bulk w as low
grade stuff, selling down to 37c, some of it to 35c. T h e re
is go o d steady demand for choice m altin g barley, but not
much coming.
C lo sin g
Rye
69%
96%
77%
82%
93%
No. 1 h a r d .... ..................
No. 1 northern ...................
No. 2 northern ..................
Fri.
Mar.
25.
99%
97%
'95%
D ulu th
No. 1 h a rd ........ ...................
No. 1 northern. ...................
No. 2 northern ...................
M on.
Mar.
28.
98
73%
89%
69 34
97%
78%
82%
94%
Kansas
Sat.
Mon.
Mar. Mar.
26.
28.
99% 1.00%
98%
99%
96%
95%
Ca s h
98
96%
94
C ity
No. 2 h a rd ........
No. 2 red ........ ..................1.02
Tues. W ed. Thur.
Mar. Mar. Mar.
29.
30.
31.
9734
97%
97%
73%
74 3/8
73%
88%
89
89%
693/g
69 3/8
70%
97%
973/8
97%
78%
78%
78%
8234
83
83
93%
93%
93%
Tues. W ed. Thur.
Mar. Mar. Mar.
29.
30.
31.
99% 1 . 00% 1 . 00%
98%
99%
99%
98%
96
97%
W heat.
97-%
96%
93%
Cas h
91
1 .04
98%
973/8
94%
98%
96%
94%
98%
97
94%
98 34
97%
94%
W heat.
91
1.04
94
1 .04
96
1 .05
96
1.05
P rices.
D a ily closing- figures fo r No. 2 rye in M inneapolis:
L iv e rp o ol
Y ear
ago.
F ri., Mar. 25 ......................
Sat., M ar. 26 ....................
M on., M ar. 28 ....................
T ues., Mar. 29 ..................
W ed., M ar. 30 ..................
Thur., M ar. 31 ..................
W heat
P r ic e s .
M ay Close.
.. 6s 7% d
'.. 6s 7%'d
.. 6s 7%'d
.. 6s 8%d
.. 6s 7% d
.. 6s 7% d
F riday, M arch 25........
Saturday, M arch 26 .
M onday, M arch 28 ..
T uesday, M arch 29 ..
W edn esda y, M arch 30
T hursday, M arch 31 .
47 3/
W heat
C lo sing W h e a t F u tu r e Prices.
M ay W heat.
M inneapolis .. ...................
Y ear ag o . . . ..................
C h icago ............ ..................
Y ear ag o . . . ..................
D uluth .............. ..................
K an sas C ity .. ..................
St. Douis ........ ..................
N ew Y ork . . . . ..................
Sat.
Mar.
26.
97
72%
88%
69%
96%
77%
82 3/s
93%
M i n n e a p o l i s C as h W h e a t , O f f i c i a l Close.
R ye .
Thursday w as the first day in a long time that no rye
was received here. O n l y 35 cars came through the entire
week, and there was not enough good stuff to go around.
Shippers are pay in g 66l/ 2@ 6yc for good No. 2 suitable for
distilling purposes.
Fri.
Mar.
25.
96%
72%
Fri.
Mar.
25.
96%
72%
95
72?4
96%
84%
941/4
98%
Sat.
Mar.
26.
97
72%
95%
72%
961/4
85%
92%
98%
Mon.
Mar.
28.
98
73%
96%
731/4
97%
86%
95%
991/4
Tues. W ed. Thur.
Mar. Mar. Mar.
29.
30.
31.
973/8
97%
97%
72?4
72 34
74%
95%
95%
95%
7234
72»4
74%
96%
97
97%
87
8734
87%
95%
96%
96%
98%
98%
98%
Fri., Mar. 2 5 ...
Sat., Mar. 2 6 ..
M on., Mar. 28..
T ues., M ar. 29.
W ed., Mar. 30..
T hur., Mar. 31.
.
.
.
.
.
.
R e c e i p ts .
Cars. Y èar ago. Cars. Y ear ago. Cars.
300
203
53
183
149
38
27
511
460
29
27
9
178
241
54
39
19
223
170
37
13
14
152
222
50
15
19
No. 1 h a r d .. . .
No. 1 northern
No. 2 northern
W eek ending
M ar. 26.
----2,592
----- 4,139,821
----629,331
W e e k ending
M ar. 19.
2,592
4,074,240
629,331
W e e k ending
M ar. 12.
2,592
4,071.911
619,331
A book on the market, by Rollin E. Smith, member the Chicago Board of Trade and the
Minneapolis Chamber of Commerce, form erly Managing Editor of the Com mercial West.
What the press says of “ The Theory of Investment and Speculation:”
New York Tribune, March 7: “ In this handy
little manual Mr. Smith covers -the various fields for
investment and speculation briefly but com prehen
sively.”
W all Street Journal, Feb. 27: “ T h is little book
is a valuable addition to the literature bearing on
the subject of investment and speculation.”
Chicago Evening Post, Feb. 24: “ T h e author
comes well equipped for the task he has under
taken. * * * His book- gives abundant evidence
of his intimate acquaintance with the matter of
which he treats.”
Chicago Tribune, Feb. 27: “ It deals cleverly and
in a readable manner with the various phases of in
vestm en t and speculation.”
Chicago Daily News, March 18: “ T h e author
reveals h o w it is possible to conduct speculative
operations with a minimum risk and a maxim um
gain.”
Detroit Free Press, Feb. 24: “ A clever bo o k on
investment and speculation.”
Minneapolis Tribune: “ It gives information that
cannot but prove of value.”
P R I C E BY M A I L
Kansas City Star, Feb. 23: “ T h e book gives a
clear idea of the principles and methods of trading.”
Chicago Inter-Ocean: “ Mr.
Smith
has the
faculty of ge ttin g next to the real causes that make
and unmake booms and breaks in real estate and
all m arkets.”
Minneapolis Journal: “ T h o s e w h o are seeking
light on the principles underlying investment and
speculation will find much of interest and value in
the little bo o k.”
St. Paul Dispatch, Feb. 27: “ It is decidedly the
m ost practical and common-sense treatise on this
subject w e have ever seen.”
Chicago American, March 28: “ The Theory of In
vestment and Speculation,’ written by Rollin E. Smith
of Minneapolis, is a book of 107 pages, and contains
more suggestions and valuable information for those
who are interested in the morket than any other book
ever written.”
Grain Dealers’ Journal, Chicago: “ A v e r y inter
esting bo o klet.”
Flour Trade News, New York: “ It gives an
exhaustive analysis of wheat, including a study of
values, the ‘be ar’ and ‘bull’ sides of the market, etc.”
55
CENTS
ROLLIN E. S M I T H & C O M P A N Y
G R A IN C O M M IS S IO N
Chamber of Commerce, Minneapolis
Chicago Correspondents, RICHARDSON & CO.
(B o o k s can be had a t 1208 S to c k E x c h a n g e B u ild in g , C h ic a g o .)
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
11
26
27
24
M in n e a p o lis S tocks.
“ THE THEORY OF
INVESTMENT & SPECULATION”
Accounts Solicited and Correspondence Invited
19
19
T H E COM MERCIAL WEST
34
11,066
No. 3 .................................
56,576
R ejecte d ..........................
.
.
.
6,618,320
Special bin ......................
136,003
N o grade ........................ . ..
4,306
M acaroni .........................
11,066
56,576
6,489,914
136.003
4,306
11,066
56,576
6,558,388
136,003
4,456
........................... . . .11,598,015
193 987
D uluth stock s ................ . . . 4,084,765
169,165
D uluth i n c r e a s e ............
11,404,028
11,460,323
3,915,600
3,719,423
T ota l
M in n e a p o lis
W e e k ly
R eceipts of G ra in .
R eceipts o f grain at M inneapolis fo r the w eeks ending on the
dates given, w ere:
W e e k ending W e e k ending W e e k ending
Mar. 26.
Mar. 19.
M ar. 12.
1,833,030
1,773,510
W h eat, bushels .................. 1,651,100
74,460
55,100
Corn, bushels ......................
48,060
406,000
390,000
Oats, bushels ......................
281,300
114,700
116,100
B arley, bushels ...................
90,210
47.360
24,070
R ye, bushels .......................
23,200
165,540
151,380
F lax, bushels ......................
17.1,360
D a ily
R ec e ip ts o f Coarse G ra in
F ri., Mar. 25........
Sat., Mar. 26..........
M on., Mar. 2 8 ... .
T ues., Mar. 2 9 . . . .
W ed., Mar. 30----T bur., Mar. 31......
Corn,
Cars.
. . . . 10
___
16
. ...
19
___
10
___
9
___
5
Coarse G ra in
C orn .
Oats .
B arley
Rye . .
F lax .
in
in
M inn e a po lis .
Flax, D uluth
Cars. Flax.
27
17
32
42
39
94
S
48
21
50
7
Oats, B arley, R ye,
Cars. ' Cars.
Cars.
4
23
13
4
16
23
8
29
38
10
10
25
9
9
23
0
7
20
M in n e a p o lis
E levators.
W e e k en d in g W e e k ending W e e k ending
Mar. 26.
M ar. 19.
M ar. 12.
63,420
79,882
95,570
..
. 1,980,709
2,217,209
2,414,775
. . . 1 361,104
1,363,638
1,402,808
..........
. 105,977
72,450
80,961
...............................................1,408,8691,516,420
1,391,881
M IL W A U K E E G R A IN M A R K E T S.
Saturday, April 2, 1904.
A B U L L ISH O P IN IO N .
A Minneapolis grain operator last week said, in support
of his attitude on the wheat market, as follows :
Mills locally and in the interior have been using much
hard winter w heat and so far it has been easy for them
to procure such supplies from the southw est, but n ow
that the southwestern supplies are not only ru nning low,
but eastern and southeastern millers are after that w heat
with a lantern, it will not be lo n g before, northw estern
mills will have to face conditions that will be v e ry dif
ficult to overcome. T h e y will simply be unable to secure
enough w heat to keep them running until next S e p
tember.
Chicago continues to sell w heat to eastern mills and
it will not be m a ny days before all the cash w h ea t in
Chicago will be sold to go out and as soon as cars are
plentiful stocks will decrease rapidly.
W h e r e Chicago
will replenish these stocks no one can tell.
A Ch icago grain man back from O klah o m a says that
the winter w heat crops there are poor and that there will
not be over 1-3 to half a crop. It is said that the Indiana
state crop report will be v e ry bullish and as Illinois is
not sending private, bad reports, the go vernm en t report
from that state will also likely be bullish. A ll indications
certainly point to a v e ry bullish gov ern m e n t report on
April 10th. T h is with predictions of eight or ten de
grees of frost during the next thirty-six hours in the
southw est leaves the w inter w heat crop situation lookin g
v e ry stro n g at the close today.
(S p ecia l C orresp on den ce to T he C om m ercial W e s t.)
W it h the sensationally stro n g cash w heat position in
Milwaukee, M arch 30.— W h e a t took a sudden upw ard
the northwest, as well as in Ch icago, St. Louis, Ka nsa s
shoot after a w e e k of depression and prices rose 4c, but
City and the United States generally, with poor winter
a break came y es terd a y w hich carried prices down 2c.
w heat crop prospects, there is only one thing to conclude
T h e sample tables w ere almost bare of the kinds of w heat
and that is that w heat will sell much higher, possibly much
the millers wanted, and even the cleaners and shippers
sooner than the best friends of w hea t believe.
found poor picking. T h e No. 1 northern ranged at 98c
to $1.02, No. 2 northern at 95c to $1, and No. 3 spring j
Manitoba and Northwest Territories, Wheat Situation on
at 80 to 95c. Considerable No. 2 hard winter brou ght
March 1st, 1904.
here from K a n sa s City during the rate w a r found ready
T o ta l yield.............................................................. 50,290,974 bus.
purchasers a m o ng the millers, w h o paid as high as 94c for
Inspected to date ..................25,500,000 bus.
the N ebraska and 99c for the T u r k ey .
In store at coun try points. 7,580,000 bus.
Corn w as v e ry stro n g and a net gain of 3//2C w as
In transit not in sp e cte d ......... 120,000 bus.
established, as the demand was v e r y active and there was
T o ta l marketed ................33,200,000 bus.
not enough offered to go around. No. 3 y ello w brou ght
A llo w for seed ..................... 7,500,000 bus.
47 to 51c, No. 3 w as 47@50c and No. 4 at 42 to 47c.
A l lo w for coun try m i l l s . . . . 6,500,000 bus. 47,200,000 bus.
R y e did not sho w much change, No. 1 selling at 7 1 / to
72^2c, No. 2 at 66 to 71c and No. 3 at 64 to 67c. T h e re
Balance in farm ers ’ h a n d s ........ ..........
3,090,974 bus.
ceipts are smaller than before, but the demand is v e ry
Reported by F ra n k O. F o w ler, secretary N o rth w e st
active.
Grain D e a le rs ’ Association.
O ats are i c higher and buyers are sho w ing more de
sire to take hold. Shippers are the best buyers. T h e re
Homeseekers’ Rates.
ceipts are- not v e r y large, No. 3 w hite range at 40 to 44c
O n the first and third T u e sd ay s of each month the
and No. 3 at 38 to 42c.
Minneapolis & St. L ouis R. R. sells special homeseekers
B a rle y is still in the doldrums and at times there is not
round trip excursion tickets to points in the N o rthw estenough business done to make some gr ades quotable. E x
W e s t, Southwest, South and Southeast, at one fare plus
tra 3 is selling at 50 to 59c and the No. 3 at 38 to 51c.
tw o dollars.
F lour is still v e r y dull and last w ee k all of the mills
Return limit twenty-o ne days from date of sale and
except one closed because there w as not enough business
stopovers permitted.
to keep them running at a profit. O n ly three are running
this week. Patents in w oo d range at $5.10 to $5.30. MillO n same dates special one-w ay rates in effect for be ne
stuffs are v e r y w ea k and buyers are panic stricken by
fit of settlers.
offers of bran in sacks for A pril shipment at $15-50. W h ite
Call on agents for full particulars or address A. B.
middlings are $17.00 to $17-5° and red do g is $19.00.
Cutts, G. P. & T . A., Minneapolis, Minn.
Business is v e ry dull.
THOMAS
E.
W ELLS
BEN JAM IN
S. W I L S O N
SAMUEL W. OSGOOD T. E. W ELLS & C O M P A N Y
C O N S U L T IN G M IN IN G E N G IN E E R .
COMMISSION MERCHANTS
GRAIN, PROVISIONS, STOCKS AND BONDS
Operation and Examination Mines and Mills
Telephone Harrison
15 Temple Court Building,
C. A. C H R I S T E N S E N , PR ESI DENT
2805
Telephone Harrison 1256
C H IC A G O
1 0 1 1 -1 0 1 7
J. E. S T A I R , SECRETARY
Royal Insurance Building,
CHICAGO (
J- V. M c H U G H , TREASURER
MINNESOTA AND WESTERN GRAIN CO.
31 C h a m b e r o f C o m m e r c e , M I N N E A P O L I S , M I N N .
OWNING
AND
OPERATING
LINES OF COUNTRY ELEVATORS IN MINNESOTA, NO. DAKOTA, SO. DAKOTA & IOWA
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Federal Reserve Bank of St. Louis
T H E C O M M E R C IA L W E ST,
Saturday, April 2, 1904.
35
COMMERCIAL WEST MARKET REVIEWS.
R ollin E. Sm ith & Co., M inneapolis, M arch 31: T h e situ a
tion in w h eat is, in brief, as fo llo w s: N o bullish leadership,
som e recen t ag g ressiv e bear raiding- o f the C hicago m arket;
lack o f ex p ort dem and, p o o r flour trade, sm all reserves, m uch
u n certain ty reg ardin g the g ro w in g w in ter . w h eat crop, and
g rea ter u n certa in ty as to a co n se rv a tive basis fo r w h eat prices.
T he sm aller v isible and reserve in fa rm e rs’ hands togeth er w ith
the p rob ability o f a sm aller Southw estern crop, seem s to w a r
rant con sid erably high er p rices fo r the n e x t six m onths than
d u rin g the sam e p eriod o f last year. T here is, o f course, a great
d iversity o f op inion regardin g this point, y e t the sh ort seller
has su ffered fo r the last year, and it is not probable that the
com in g y ear w ill be a sh o rt-se lle r period. T he receip ts at
M inneapolis call fo r con sid eration , as th ey are stead ily ru n
n in g h eavier than a y e a r ago. E lev ator ow n ers n ow sa y that
fa rm ers’ deliveries are n e x t to nothing, w h ich seem s to insure
a fa llin g off o f receip ts soon. T o o m u ch im porta n ce should not
be p laced on receip ts and p rices o f a year ago, how ever, as
com p arison s have co st the bears a lot o f m oney d u rin g the last
six m onths. T he crop ou tlook w ill o ccu p y the center o f a tte n
tion from now on. If the K e n tu ck y and "Ohio state reports are
an indication , there is likely to be great d isappoin tm ent as the
grain begins to g row anew . It seem s a lm ost a certain ty that
K an sas can n ot have a large crop this year, as only unusual
m oistu re last year enabled the w estern part o f the sta te — the
dry section — to p rod u ce su ch a crop there. N eith er does it seem
reason able that a fte r m onths o f drouth, the plant can be healthy.
T he sp ecu lativ e ch an ces seem 9 to 1 again st a big crop
in the S outhw est. W h ile it is possible, the chan ces again st it
fa vors the b u yer o f w h eat, instead o f the sh ort seller. T he
d ivid in g line in prices, w h ere the sh ort seller should hesitate
an d w h ere the bull m ay bu y w ith safety, fo r the next few
m onths, seem s to be at 80c fo r S eptem ber w heat, and at a fair
d ifferen ce fo r July. Of course, S eptem ber m ay sell a little lower-,
but it m ay also sell at 90c. T here has been som e good bu yin g
of M inneapolis Ju ly w h eat, and sh ort sellers m ay see trouble
before June 15. Som e en th u siastic bulls talk o f $1.25 fo r M in
neapolis Ju ly w heat. T h is hardly seem s reasonable, a t least
from a leg itim ate p oin t o f view . T he inclination o f the m ills
will be tow ard cu rta ilin g flour p rod u ction as the p rice ad van ces,
and there is little p rob ability o f their run ning h ea vily on (r e la
tively ) h ig h e r-p rice d w heat, a s they did last su m m er and the
year before, w h en they could n ot sell flour profitably. A lth ou g h
the p rice o f w h e a t will doubtless range high until Septem ber,
the m ark et is bound to be v ery nervous ow in g to the high prices,
and severe breaks m ust result. T he trader w h o has cou rag e to
buy on su ch breaks will m ake m oney.
*
*
*
E d w ard G. H eem an, C hicago, Mar. 28: T o be su ccessfu l in
sp eculation, it is often n ecessa ry to a n ticip ate im portant or im
p end ing d evelop m en ts. N e x t w eek the various state reports,
and on A p ril 10th the g ov ern m en t report will be published, w h ich
w ill give the con d ition on A p ril 1st o f the g ro w in g w inter w heat.
It is quite g en erally adm itted that the con d ition now is decid ed ly
p oorer than last year at this tim e, w h ich w as 97.3, or alm ost
p erfect. Ju dgin g from m y private ad vices, I feel ju stified in
m ak in g the prediction , the fo rth co m in g gov ern m en t report will
sh ow the con d ition on A p ril 1st to be under 75, w h ich w ill in
d ica te a v ery sm all crop, and is likely to cause a sensational
ad vance. It is quite probable, also, that w arm w eath er will
again develop insect life, w h ich w as so g en erally com plain ed of
last fall.
In addition to the ab ove, ev ery argu m en t th a t can be given
for the late ad v an ce still holds good. T he supply o f old w h eat
in all p osition s is v e ry sm all, w ith every in d ication there will
be a severe sca rcity before the n ex t crop is available, and w ith
all the possibilities fa vorab le to the bull side, the high prices of
last m onth could easily be passed. I believe it will p rove a d
v isable to a n ticip ate p robable develop m ents during the n e x t few
w eeks or m onths and bu y som e Ju ly or Septem ber w h eat now,
instead o f w aitin g until the govern m en t report is published or
the price is a t a high er level again.
Irw in, Green & Co., C hicago, M arch 29: C ontinued rains in
the S outhw est, and reported clo sin g o f the M inneapolis m ills, in
duced the sellin g o f a large ag g rega te o f w h eat here in the
early part o f last w eek, w h ich m ade the m arket again heavy
in tone. T h en it turned w ith bu y in g on the part o f several
operators w h o th ou g h t p rices had declin ed su fficiently to w arran t
the ex p ectation o f a reaction , and the ev en t seem s to have
ju stified their theory.
F o r it n ow is kn ow n that, w hile the
rainfall w as liberal, it w as fa r fro m co v e rin g the w h ole o f the
w in ter wrheat belt, leavin g a large p art o f w estern K an sas in a
p erilod sly d ry state, an d y esterd ay brou gh t the new s that the
m ills at M inneapolis have resum ed, w ith rather big orders for
flour fo llo w in g the good bu y in g th ey experien ced on the v ery
day o f the closing. A n d it is eviden t that the m arket for
cash w h eat w as the reverse o f bein g w eaken ed b y the te m
p ora ry lessen in g in the rate o f consu m ption . It advanced 3 to
4 cents last w eek in K an sas City, and elsew h ere it is held
stiffly a t or ab ove the M ay price, w h ich i n . its turn sh ow s
a w id er prem ium ov er the su m m er futures, and apparently w ith
g ood reason, fo r the p rim ary receipts of last w eek sh ow ed a
fu rth er decrease o f fu lly on e-eigh th , and •com p arison s w ith last
y ea r are interfered w ith by the fa ct o f ex ten sive duplication s
now , as w h eat is m ovin g fro m Southern to N orth ern prim ary
points. D u rin g the first five d ays o f last w eek the total r e
ceipts reported b y S outhw estern points w as less than 400,000
bushels, w h ile th eir sh ipm ents fo r the sam e tim e consid erably
exceeded 1,000,000. M uch o f the latter w as taken by m ills in the
N orth , a m on g w h ich m ay be n oted som e in Ohio an d M in n e
apolis. A n d the sm all receipts in th at quarter are likely to be
m u ch less in the near fu tu re if there be any tru th in reports
m ade b y tra velin g m en in W e ste rn K an sas th at reserves of
w h eat there n ow run fr o m 2 to 8 per cent, the high est -estim ate
bein g 8, or less than the a v era g e o f one m o n th ’ s consu m ption .
A lso m illers in the N orth w est say they w ill be obliged to draw
con sid erable qu antities o f w h eat from fu rth er S outh before
n ex t h a rv est tim e com es around, even if they ex p erien ce a little
less o f fore ig n dem and than the av erag e o f sp rin g m onths in r e
cent years. T h is o r they m ust rem ain idle part o f the time,
from n ecessity , not fro m ch oice. A g o o d m any people in the
trade are ask in g w h ere the w h eat has gone to. T he answ er
is obvious. “ It w as not th ere.” T he d evelop m en ts in the s it
uation now are p rov in g in con testably the tru th o f the p osition
taken by us m onths ago, that the crop w as fea rfu lly o v e r -e s t i
m ated.
L oca l operators are com in g round to this v iew , and
ad v ices to bu y are sen t out b y n ot a few w h o fo r years had
been bearish in their view s of the m arket.
Outsiders, h o w
ever, are h old in g aloof, fo r the m om en t. A s fo r the new crop,
it m ay be said that a p reviou sly v ery p oor con d ition has been
im proved by the recen t rains, but it is hard to sa y h ow m uch,
and it is sh ort on 2,000,000 a cres o f area an yhow , w hile the
sprin g w h eat seeding prom ises to be v ery late, w h ich m ay d i
m inish the acreage as w ell as im periling the yield on w h at is
sow n , besides w h ich m uch of the seed is badly affected by
sm ut. S o the present ou tlook fo r b oth certain ly is n ot fo r a
crop ex ceed in g that o f la st year, and it m ay be consiu erably
less, w h ile there w ill be no reserves o f old w h eat to com pete
w ith the new . I f that does n ot m ean a bull year in prices w e
do not kn ow w h at w ould m ean it. Of course there m ay be
m oney in sh ort sellin g on the bulges, but the m ost stead ily safe
p olicy will be to bu y on breaks in order to m ake a profit on
the operation.
*
*
*
C. A . K in g & Co., T oledo, M ar. 28: M arkets all higher, c lo s
ing at top. S peculation fa vored the bulls today. St. L ou is
bears w ere not so gay. W ea th er w intry, d ry S outhw est. Cables
shade high er bu t U nited K in g d om still talk in g a b ou t puttin g
on an im port tax. O cean increased. W o rld ’ s sh ipm ents less
than last w eek w ith R u ssia sm aller than expected.
V isible
su pply decreased a little but less than a year ago. C hicago
had som e cash dem and. G ood F rid ay w ill be a holiday. A ll
m arkets w ill close that day. Som e will take the fo llo w in g d ay
to get out their E aster bonnets. Corn felt A rm ou r’ s support.
C ountry took som e, as they like to follow a su ccessfu l leader
like A rm ou r, but frequ en tly w ait too lon g before realizing.
M ilm ine, B od m an & Co., C hicago, Mar. 29: T he w h eat
m arket w as v ery stron g early, but soon w ork ed into a v ery
w eak one. C onsiderable bu y in g d evelop ed in the fore p art of
the d ay on the report o f 200,000 bushels o f cash w h eat bein g
bou ght here fo r F ren ch accou n t and a rum or that the M issouri
crop rep ort w ould sh ow a con d ition o f 68 on w in ter w h eat in
that state, but m ore sp rin g -lik e w eath er seem ed to fu rn ish a
m otive fo r m uch o f the sellin g w hich w as responsible fo r the
severe slump. Som e o f the h ea v y com m ission house selling
w as supposed to be fo r Southw estern a ccou n t an d w as a c
com pan ied w ith p ersisten t claim s that the w in ter w h eat in
K an sas and O klahom a is in good condition .
A break o f upw ard o f 2c per bushel from the high p oin t
naturally caused som e sellin g on sto p -loss orders, and in the
latter part o f the day the d em a n d w as w h olly inadequate to
sustain the m arket. T he result w as a w eak closing. Corn
ruled stron g and high er during the greater part of the day.
C ontinued c ov erin g b y “ sh orts” carried p rices up y2c to % c,
but the dem and was filled by rather free selling, by com m ission
houses, and prices reacted in sy m pa th y w ith the decline in
w heat. Q u otations at the close sh ow p ra ctica lly no chan ge from
yesterd ay. T he cash m arket firm under ex ceed in gly ligh t r e
ceipts, and the low grades o f corn w ere ab ou t 2c higher than
yesterday.
*
*
#
T hom pson, Sons & Co., W in n ip eg , M arch 28: A m erican
w h eat m arkets opened irregular. Im m ed iately a fte r the opening
the tone becam e stron g, prices ad v an cin g steadily to a cent
ov er Saturday. T h e y halted a t this and becam e rather dull.
T he new s of the d ay w as n ot im portant an d statistics w ere
bearish rath er than bullish. B room h all cabled that the L iv e r
p ool ad van ce w as o w in g to an ad van ce o f 6d. p er qu arter asked
at A rgen tin e ports and also R ussian sh ipm ents b ein g less than
expected. M anitoba w h eat dull. T he W in n ip eg M ay option
opened at 92y2c bid, and first sale w as at 93c. E n cou rag ed by
stron g er A m erican m arkets, the price advanced, sales bein g
m ade a t 93%c, 93%c, 93%c and 93%c, the last qu otation bein g
the high est price sold at and the m arkets closed at this price bid
and 96c bid fo r July. A t no tim e w as the m arket a ctiv e and it
was only firm a cco rd in g as M inneapolis w as firm.
*
*
*
F. L enders & Co., L ondon, Mar. 17: Seasonable w eather has
prevailed sin ce our last, and in the south o f E nglan d w e have
had sev en con secu tiv e fine d a y s— a record w e believe fo r the
year. W h ea t sh ipm ents last w eek sh ow ed a slight fa llin g off,
the total ju st ex ceed in g 1,000,000 quarters. T he qu antities afloat
w ere in creased by 214,000 quarters, but the A m erica n v isible
su pply was d ecreased by about 1% m illion bushels. M arkets
sin ce our last have displayed a stead ier tone, and the ad van ce
in A m erica n options has been reflected on this side, w here
prices h a ve advanced ab ou t 6d. p er quarter. T he im provem en t,
how ever, has not been m aintained, and the last tw o days sh ow
som e reaction , w hilst holders, both first and secon d hand, evince
d ecid ed ly m ore d isposition to realize. A lth ou g h nearly everyon e
a d m its that there is no earthy reason w h y su ch should be the
case, the fa ct rem ains that A m erican p rices hold fo r the tim e
bein g a largely— if not w h olly — con trollin g influence over In te r
nation al m arkets, and w hen it is borne in m ind that, so fa r from
A m erica bein g the w orld ’ s provider, she has sunk to the p o s i
tion of a fo u rth -ra te contributor, w ith the m eagre w eek ly c o n
tribution of ab ou t 100,000 quarters tow ards E uropean requ ire
m ents, the fa ct that A m erica should still influence the w o rld ’s
prices seem s to border on the ludicrous. N evertheless w e m ust
deal w ith fa cts as they are, and not as they ough t to be. This
then leads us to the qu estion as to w h at A m e r ic a is lik ely to do
— a difficult enou gh problem in ordin ary years, but this season
bristlin g w ith p ossibilities w h ich m akes the ordin ary trader
P la n t R u b b e r €
0
«,
M a n u f a c t u r e r s of
L e a t h e r B e l t i n g , R u b b e r B e lti n g ,
2 1 8 LA S A L L E S T R E E T , C H I C A G O
R.
H.
GOODELL
R. H . G o o d e l l
&
COMPANY
W . L. F o l d s
Garden Hose, Fire Hosea^Apparatus,
BANKE RS AND DEALERS IN
C O M M ER C IA L
AND COLLATERAL
INVESTM ENT BONDS
TÆBk for FRASER
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NOTES
M e c h a n i c a l R u bber G oods P a c k in g ,
AND
R u b b e r B oots, etc. etc.
MINNEAPOLIS.MINN.
36
T H E CO M M E R CIA L W EST,
n ervou s to contem p late: T h at the p osition is stro n g go e s w ith
out saying. E urope, how ever, if so disposed, could afford to
regard the position, w ith equ anim ity. N o m atter fro m w h at
stan d p oin t the p osition b e regarded, there is no ev iden ce of
an y th in g ex cep t plenty, and it m igh t a lm ost be said ex ceedin g
plenty. T he flow from the A rgen tin e has un dou btedly been in
terrupted b y the railw ay strikes, but as these are n o w settled
w e loo k fo r a n in crease in w eek ly shipm ents until th e y are m ore
than double those o f the past w eek. R ussia sh ow s m ore d isp o
sition to sell, and the early reopen in g o f the A z o f doubtless will
allow o f a fa ir increase in the con trib u tion fro m that direction.
Ind ia has again secured a b ou n tifu l crop, and sellers have been
rather p ressin g the last fe w days, prices su ffering in c o n s e
quence. A u stralian shippers have hard ly been so m uch in e v i
dence, but they have by this tim e sold a consid erable quantity,
and are no d oubt satisfied to see the bulk o f this shipped before
entering into fresh engagem ents.
T he qu antities on passage continue to increase a t a con sid
erable rate, w h ich the d ecreases in the A m e rica n sto ck s fa il to
cou n tera ct in the w o rld ’s v isible supply figures. P urely on the
qu estion o f supply and dem and, w h eat p rices should, in o u r o p in
ion, go still low er, but that con sid eration w ill be outw eighed
from tim e to tim e b y the state of things in A m e rica an d the
p osition w h ich that cou n try holds in the International w h eat
m arket, the p oor seed tim e in som e o f the larg est w h e a t-p r o
d u cin g coun tries, and p olitical scares ow in g to the w ar in the
fa r E a st and the u n sa tisfa cto ry state o f affairs in the B alkans.
*
*
*
H. P oeh ler C om pany, M inneapolis, M arch 30: M inneapolis
stock s o f w h eat so fa r this w eek increased 250,000 bushels. T he
in crease is due to the m ills h a v in g closed, but as th ey are ru n
nin g again sto ck s w ill soon begin to d ecrease again . A lth ou gh
p u blic reports state that the dem and fo r flour is poor, all the
in form ation w e can g ath er leads to the con clu sion th at the
volu m e o f flour business is fa ir an d th at o w in g to the fa ct that
stock s are com p arativ ely sm all and th at a stead y dem and will
continue. T he bear elem en t that w as so su ccessfu l in raiding
the w h eat m arket y esterd ay, b y h ea v y sh ort sellin g an d freely
circu la tin g bearish talk, resorted to the sam e ta ctics today, but
a fte r cau sin g fa ir decline, and on seein g that lo n g w h eat w as
b ein g stron g ly held, th ey ceased selling, an d the m om en t they
did so the m ark et reacted qu ickly, thus sh ow in g th at it r e
quired continued free selling to keep prices dow n. St. L ou is is
at the head o f the bear m ovem ent. A clique there, headed by
a prom inen t local operator, beg an selling w h eat sh ort in their
m arket, as w ell as in others. T h eir sales, w h ich are no d ou bt
exten sive, sh ow a profit. If they continue selling their profits
on p aper w ill appear still larger, but the rub w ill com e in w hen
th ey try to “ bu y in” and secure su ch profits. It is quite certain
that there w ill be p len ty o f “ g ood gu n n ers” on hand to m ake it
as hard as possible fo r them . O f cou rse w h eat is high an d in
case w h ea t crop p ro sp e cts should im prove m aterially they m igh t
be able to c o v e r th eir sh ort lines a t low er p rices, but w ith the
stron g cash w h eat p osition that w ill be a con stan t qu antity the
balance o f the season, an d w ith no m aterial chan ge in the crop
outlook, it looks v e r y m u ch as if the p resent bea r m ovem en t
w ou ld m eet w ith radical d efeat ultim ately.
*
*
*
E. G. H eem an , C hicago, M arch 26: T he atten tion o f the
trade during the next fe w w eeks w ill be d irected to the d ifferen t
state reports, w h ich w ill be fo llow ed b y the g ov ern m en t report,
and the com p arison w ith a year a g o w ill be v ery bullish. A t this
tim e last y ear the con d ition o f the g ro w in g w inter w h eat w as
a lm ost p erfect, and p red iction s w ere bein g freely m ade that there
w ou ld be h a rv ested a crop o f 600,000,000 bushels or m ore, w hich,
how ever, dw indled d ow n to ab ou t 400,000,000 bushels b y ha rvest
tim e. T h e av erag e con d ition tod a y is p rob ably 25 points low er
than one year ago, ■an d I believe it sa fe to say n ot m ore than
350,000,000 bushels o f w in ter w h eat can be g ro w n this year.
Should the A p ril g ov ern m en t report in d icate a n y th in g like that,
it is sa fe to say it w ill be a lon g tim e be fo re w h e a t w ill sell
under 80c again. D u rin g A p ril and M ay last y e a r I persisten tly
advised bu y in g S eptem ber w h eat around 70c, believ in g it w ould,
in due tim e, sell a t least 10c to 20c a bushel higher. M y letters
of la st su m m er an d m ost o f the w in ter w ill sh ow that I c o n
tinued to talk bullish until M ay w h eat g o t up to ab ou t 90c,
or until it look ed as if the ad van ce had gone ab ou t fa r enough,
bu t m anipulation an d the outbreak o f the R u sso -J a p a n w ar,
w h ich , of course, w as im possible to foresee, fo rce d a lm ost 20c
a bushel fu rth er advance. I n o w ad v ise b u y in g w h e a t fo r next
S eptem ber d elivery at around 80c, b elievin g that level is w a r
ranted under an y con d ition s an d is relativ ely as low n ow as was
70c last spring, and w ith the sm all reserves and the present
p oor crop outlook, $1.00 w h eat could easily be established fo r
all m onths and in all m arkets.
*
*
*
W . P. A n d erson & Co., C hicago, M ar. 26: T he lig h t receip ts
at St. L ou is and K an sas C ity are a ttra ctin g con sid erable a t
tention, as their sh ipm ents are m uch in ex cess o f them and
sh ow a rapid depletion o f stock s. T he rep ort o f Crop E x pert
B. W . Snow that there has been m ore w inter killing than in a
nu m ber o f y ears to the w h eat plant that w en t into w in ter qu a r
ters n ot so v ig orou s as usual, has a ttra cte d m arked atten tion
and en cou ra ged som e new in vestm en t buying. W e an ticip ate a
nervous, ch op py m ark et fo r the near fu tu re; the bulges should
be taken ad van tage o f to secure profits. In b u y in g w e should
g iv e p referen ce to S eptem ber.
*
*
*
John H. W ren n & Co., C hicago, Mar. 30: W h e a t sh ow ed an
a ctive un settled and n ervou s m arket, w eak at tim es but stron ger
the g reater p art; closed a t good advance, w ith tradin g largely
local and professional. R eceip ts all over a little under last year,
the greater fa llin g o ff bein g in Southw est. S eeding p rogressin g
in the N orth w est as fa r north as M itchell in Jim R iv e r valley.
S outhw est w eath er con d ition s better. Som e bad reports as well
as g oo d ones. L o ca l p rofession s bou gh t rather freely, and late
the sh orts covered. Strength in corn, due to A rm ou r m an ip u la
tion, had m uch to do w ith bulge in w heat. Som e m illin g d e
m and. Sentim en t appears quite bullish and nearly ev eryb ody
talking high er prices, allegin g sca r c ity and p oor crop outlook.
Saturday, April 2, 1904.
C lose n erv ou s and unsettled. Corn, active, stron g and higher,
the A rm ou r house bein g big bu yer of both M ay and July, and
ap p arently has the m arket bottled up w ith a lot of rich elevator
m en said to be the prin cip al shorts. A s the deal progressed the
pit becom es bullish and inclined to tail on to A rm ou r. R eceipts
are v ery light, roads are bad and fa rm ers are bu sy w ith sprin g
w ork.
*
*
*
H ulburd, W a rren & Co., C hicago, Mar. 30: T he sam e sou th
w estern selling, and im proved crop reports from that section ,
w h ich w ere prom inen t the latter part of the session yesterd ay,
w ere in eviden ce again today. T he w eath er m ap, how ever,
sh ow s no g ood reason fo r any im provem en t in the crop situ a
tion in that section . K an sas C ity had a thun der storm over
night, w ith 1.4 inches of rain, w hile m oderate rains w ere g e n
eral over M issouri a n d Illinois, and fu rth er rains are p red icted
in the sam e section today. W e st and sou th w est of K an sas
City, how ever, the w eath er m ap sh ow s no rain y esterd ay, nor
is an y p red icted fo r today. C ables w ere indifferent. Corn has
been a ctiv e an d firm er, M ay closin g % - % c higher, and Ju ly 114c
high er than last evening. T he sam e stron g buying, w h ich has
been apparent fo r som e days past, w as eviden t again today. R e
ceipts w ere v ery light, only 65 cars b ein g in spected in. S a m
ples w ere in g ood dem and and fr o m stead y to l c p er bushel
higher.
Oats have been a ctiv e and strong, M ay closin g ab ou t l c and
Ju ly ab ou t % c up from last evening. R eceip ts are v e r y light.
N O T E S FROM T H E
RO A D .
A Traveler’s Observations, Recorded for The Commer
cial West.
(S p ecia l C orresp on den ce to T he C om m ercia l W e s t.)
L a Junta, Col., M arch 26.— W e s te r n K a n s a s w heat is in
a bad way. T h e re has been no moisture since last Se p
tember and the fields are very much spotted and dry. It
looks n ow like an exce ed in gly short crop.
A l o n g the
Santa Fe in the C o tto nta il va lley are some excellent
fields, but even they begin to show signs of drouth.
Cattle all through w estern K a n sa s came into spring in
bad shape and cannot stand a summer drouth. A lre a d y
m a n y are dying. Cattlemen w ho can do so, or where
animals will stand the journey, are driving down for feed.
If corn is reasonably low in price shortly cattle will be
fed, if it stays up a great m a ny will be permitted to die.
T h e outlook for the year through the S o uthw est is far
from encouraging.
T h is to w n is re jo icin g in the decision of the Sa nta Fe
road to rebuild and g r ea tly enlarge its shops here, which
w ere partially burned a short time ago. A b o u t $400,000
will be spent at once.
T h e Santa F e ro a d’s California
fruit business this season is beyond that of any p receding
year.
(S p ecia l C orresp on den ce to T he C om m ercial W e s t.)
T ucso n, Ariz., M arch 28.— T h e r e is v e r y stro n g feeling
all over A riz o n a against admission to statehood coupled
with political co nnection with N e w M exico. A riz o n a is
the smaller in population, but its people are more g e n e r
ally A m ericans, the peon bein g far in the minority. M in
ing interests in A riz o n a have fostered Americanization,
and at several camps, n ota bly Bisbee, no miner but one
w h o can speak E n glish is employed. T h e character of
the men in these camps is rem arkably high, and they ob
ject to bein g joined in statehood to a lower class m a
jority. N e w M e xico is distinctively Mexican.
A riz o n a is g r o w i n g quite rapidly, especially in spots.
T h e Bisbee section has m ore than doubled in tw o years
while the n eigh bo rin g town of D o u g las has co me into
bein g and risen to 6,000 people in the same time. R a ilw a y
business in that part of A riz o n a is tremendous.
Copper is the important mineral mined there, and the
state is likely to equal M ich ig an ’s product in a year.
Coal has just been discovered near Clifton, doubtless
a so utherly extension of the vast fields of Colorado, for
occasional croppings appear along the ranges betw een the
districts.
Gold and silver mining is not especially active in this
territory at this time.
S p ec ia l
E,.
L e t t e r on C h i c a g o G rain
M a r k e t s FREE
W.
and
Produce
W A G N E R
Y o u r Business has my Personal Attention
Board of Trade Building,
J. V. McHUGH
-
-
CHICAGO
G. A. CH R IS TEN SEN
J. E. STAIR
A Reliable Firm to which
to Consign Your Grain
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
T H E C O M M E R C IA L WEST,
Saturday, April 2, 1904.
Wheat and Flour Exports.
G E N E R A L S T A T IS T IC S .
Cereal E x p o rts b y
E rom —
N ew Y ork . . . .
P hilad elp hia .. .
B a lt im o r e ........
B oston .............
N ew p ort N ew s.
P ortlan d, M e ...
N ew O r le a n s ...
G alveston ........
M obile ..............
San F ra n cisco .
P ortlan d, O re...
T a co m a ...........
S eattle ..............
St. John ..........
T ota l .............312,120 393,278
397,305
Corn,
This
week.
234,637
147,429
417,692
140,061
42,857
258,000
287,000
bush.
L ast
w eek
245,594
290,834
394,285
84,784
17,142
285,000
214,000
41,650
1 Exports, In Bushels.
836,373 1,527,676 1,573,289
815,047
1,150,202
Flour.
14,800
65,377
M arch 10
M arch 17
M arch 24
13,475
6,621
5,659
J.
2,376,683
2,045,000
1,830,170
3,739,457
2,368,939
3,257,999
2,395,598
3,618,210
179,520
427,018
527,366
247,830
312,664
183,414
4,326,304
139,205
W e e k ending
W heat,
bu.
273,000
19,000
1,459,000
2,585,000
In Store a t—
B altim ore ....................... .
B oston ..............................
B uffalo ............................. .
C hicago .............................
do. afloat ............ .....
D etroit .............................
121,000
D uluth ............................. . 4,090,000
ET. W illiam s, O n t......... 3,079,000
G alveston ......................... 718,000
Indian apolis ...................
143,000
Kansas. C ity ...................
895,000
M ilw aukee .......................
506,000
do. afloat ..................
96,000
M inneapolis ................... .11,598,000
M ontreal ..........................
46,000
N ew Orleans ................... 505,000
N ew Y ork . .
.
452,000
P eoria ..........
1.000
P hiladelphia
8.000
P ort A rthur,
. 1,616.000
St. L ou is . . .
. 3,869,000
do. afloat
T oledo ..........
.
191,000
T oron to . . . .
35,000
On Canals ..
.
152,000
1,800
4,690
18,967
6,524
60,093
105,559
26,130
12,910
342,605
T otal .
L a st year
.32,511,000
.43,291,000
Corn,
bu.
1,007,000
261,000
1901.
4,897,343
5,184,550
3,972,152
2,487,707
4,760,422
3,267,668
4,185,440
3,246,575
3,256,644
3,582,943
3,798,000
77,000
13,000
458,000
126,000
907,000
352,000
63,000
130,000
511,000
418,000
198,000
299,000
656,000
638,000
W e e k ending
W heat,
bu.
267,000
23,000
1.797.000
2.796.000
141,000
3,916,000
2,939 000
692,000
157,000
1,035,000
601,000
96,000
11,404,000
46,000
676,000
396,000
1,000
5,000
1.370.000
4.206.000
C l i n t o n M o r r i s o n , Pres.
L. C. M i t c h e l l , V-Pres.
Corn,
bu.
807.000
400.000
3,491,000
77,000
13,000
317,000
130,000
888,000
311,000
80,000
133,000
462,000
367,000
265,000
275,000
649,000
138,000
174,000
35,000
152,000
155,000
10,050,000
10,202,000
32,925,000
45,005,000
9,511,000
10,637,000
T his Year.
. 10,356,000
980,000
. 3,600,000
Oats ..
R y e ..
B arley
691,000
L astY ea r.
7.357.000
1.077.000
1.636.000
D . L . R a y m o n d , Secy.
H. F. D o u g l a s , Treas. and Gen. Man.
Great W e ste rn
E levator C om pan y
13,332,840
ROSENBAUM
1902.
136.872
298,093
V is ib le S u p p ly of G rain.
..........
1,553,075
41,809,390
1,469,396
589,362
1,291,846
1,486,732
2,026,810
2,606,124
1,527,676
F ebru ary 11
In ad d ition to the above, there w ere shipped 20,870 bushels
o f oats, 122,874 bushels o f barley and 4,139 bushels o f rye. U nited
K in g d om ports to o k 20,000 bushels o f oats an d 112,000 bushels
o f barley.
S eason— Ju ly 1, 1903, to M arch 17, 1904:
To
W heat.
Corn,
Flour.
L iv erp ool ....................................
9,718,894
8,359,674
1,196,614
L on d on ........................................
7,555,905
4,688,153
2,207,558
B ristol ........................................
2,397,064
703,753
364,653
G lasgow ......................................
2,673,678
2,276,787
1,621,986
L eith ............................................
2,443,249
952,161
525,703
H ull .................. ...........................
1,639,285
77,648
42,642
N ew ca stle ...................................
967,451
278,692
13,046
M anch ester .................................
1.824,883
888,651
42,243
B elfa s t ........................................
173,203
572,103
791,944
D u blin ........................................
1,213,748
364,598
347,432
O ther U nited K in g d o m ..........
481,617
137,238
86,209
U nited K in gd om , o r d e r s ... .
3,238,922
61,165
2,563
A n tw erp ......................................
4,750,481
2,387,138
44,966
H ollan d ........................................ 2,793,621
4,509,886
717,268
F ra n ce ........................................
1.281,827
664,617
22,576
G erm any ...................................... 5,888,433
10,594,137
460,493
P ortugal, Italy and S p a in ... .
489,871
204,787
32,493
S cand inavia ................................
945,026
1,S55,027
159,130
A s ia ...............................................
984,315
8,525
2,375,033
A fr ic a ............................................
945,795
1,117,585
769,180
W e s t Indies .......................... ..
12,250
626,945
793,970
A u stra la sia .................................
600
5,224
A ll others .....................................
58,970
479,520
709,914
T ota ls ...................................... 52,478,488
Bradstreet’s.
1904.
1903.
1,249,599
2,856,981
977,769
2,394,612
W eek ending—
Cereal E xports, w ith Destl n a t i o n s .
W eek end ing M arch 17, 1904, follow s
To
W heat.
Corn,
L iverp ool .....................................
163,000
387,013
L on d on ..........................................
40,914
34,284
B r i s t o l ............................................
..........
G lasgow ........................................
24,000
111,428
L eith .............................................
..........
H ull ....................................................................
INew castle ....................................
..........
M an ch ester ..................................
56,000
B elfa st ..........................................
..........
D u blin ..........................................
24,000
42,857
18,666
O ther U nited K in g d o m ...........
U nited K in gd om , o r d e r s . . . . .
334,717
A n tw erp ......................................
..........
117,714
H ollan d .........................................
..........
141,142
P ra n ce ..........................................
..........
G erm any .....................................
88,000
552,756
P ortugal, Ita ly an d S p a i n ....
..........
S can d in a via ................................
56,000
111,428
..........
A sia ...............................................
A fr ic a .................
9,750
1,099
W e s t Indies .......................... ..
..........
8,840
A u stra la sia .................................
..........
A ll others ..............................
..........
44,514
T ota l ........................................
Bradstreet’s.
The quantity of wheat (including flour as wheat) exported
. from United States and Canadian ports for the week ending
with Thursday is as follows in bushels:
Week ending—
1904.
1903.
1902.
1901.
3,369,323
5,098,951
3,567,710
5,961,095
2,771,215
4,878,624
4,690,202
3,336,054
3,538,192
3,538,757
3,639,679
4,838,678
2,917,602
4,420,065
3,702,368
3,776,000
2,604,226
3,965,916
4,800,457
4,997,813
1,746,255
2,856,439
3,175,481
4,814,878
1,657,510
2,713,792
3,609,435
3,424,302
2,091,488
2,656,879
3,234,540
5,233,313
M arch 10
1,834,632
3,366,796
2,906,250
4,690,939
1,573,289
3,072,068
339,891
2,605,084
1,801,845
2,401,987
2,904,110
4,494,635
P orts.
(S p ecia l to B ra d stre e t’s.)
F lour, bbls.
W h ea t, bush.
This
L a st
This
L a st
w eek. week.
w eek.
week.
79,549 97,062
105,933
4,750
42,339
6,581
16,372
23,200
17,170 40,524
5,847 10,463
40,914
28,072
96,000
16,000
26, ÒÒÒ 37,859
157,000
144,000
6,685
48,000
9,145 20,230
12,598 27,544
129,509
71,230
22,000
222,000
20,000 45,000 '*
35,000
36,400 30,100
208,000
37
MINNEAPOLIS,
GRAIN
MINNESOTA
COMPANY
(INCORPORATED)
GRAIN
M ERCHANTS
O R D E R S FOR F U T U R E D E L IV E R Y S O L IC IT E D
W rite fo r m y
“
G
r a i n
T
r a d e
Ta/lrs ”
Edward G. Heeman
70 B o ard o f Trade,
Member Chicago Board of Trade.
GHÌGAGO
C O M M IS SIO N M E R C H A N T O N L Y .
Do i n g no t r a di n g w h a t e v e r on my o wn a c c o u n t , w h i c h e n a b l e s
me to j u d g e t he m a r k e t f r o m an u n b i a s e d s t a nd po i nt .
A l l business transacted through I
f Consignments of cash grain and orders in
and confirmed by Hately Bros. )
) futures have my personal attention.
M y GRAIN TRADE TALKS” are published in full in the Chicago Evening Post
and Chicago Journal. HSP Will send either paper free to customers.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
C H IC A G O
Sugar Beets in Minnesota.
Prospects are good for an increased
acreage of sugar beets in Minnesota in
1904. The Minnesota Sugar company
is just winding up the business of igo3
04, and those interested declare the year
to have been a successful one. In 1903
the company contracted with 1,500 farm
ers for 3,700 of acres. On account of
the excessive rainfall and floods, the
acreage was reduced to less than 3,000
acres. The total yield amounted at 31,000 tons, from which the sugar company
produced, in 105 working days, 7,000,000
pounds of granulated sugar. Notwith
standing the fact that the price of sugar
has been the lowest on record, the com
pany had a successful year and was able
to manufacture and market the output at
a profit.
T H E CO M M ER CIAL W E S T .
38
T E L E P H O N E C O N ST R U C T IO N .
M IN N ESOTA.
Rothsav.— The Roth say Telephone Co. has been incor
porated.
Maple Lake.— A local telephone system is to be installed here
this summer.
Georgeville.— A co-operative telephone company i s . to be
organized here.
Pelican Rapids.— A telephone line is to be constructed from
here to Scrambler.
Ruthland.— Another telephone line is to be opened up in the
southeast part of the town.
Aitkin.-— A n independent telephone system is to be estab
lished from here northward.
Crookston.— It is proposed to establish a rural telephone
service throughout the county.
Teien.— A farmers’ telephone line is to be built with con
nections at Hallock and Drayton.
Kalispell.— The Kalispell Water & Electric Co. is putting
in a new metallic telephone system.
Goodhue.— H. M. Scovell has sold the Goodhue Telephone
line to C. L. Parkins and L. F. Meyer.
Brooten.— T h e Brooten-Sumburgh Telephone line will be
built as soon as the frost is out of the ground.
Red Wing.— D. M. Neill is at the head of a movement for
the establishment of a local telephone association.
Red Wing.— There is talk of a local exchange being estab
lished in this city in which D. M. Neill is interested.
New Y o r k Mills.— The telephone company organized here
will probably build a line to Davies, Paddock and Butler.
Graceville.— The Parnell Co-Operative Telephone Co. are
asking permission to bring their telephone line into this vil
lage.
Litchfield.— The Twin City Telephone Co. has prepared
plans and will build extensive toll lines throughout the state
the coming summer.
Hartland.-—A local telephone company has been organ
ized for a village exchange and' to make connections with all
rural lines coming in.
Winona.— Three new telephone companies were organized
in the towns of Hart and Wiscoy, and work will commence
on the constructing of lines as soon as possible.
Lake City.— The Dwelle Telephone Co. will erect lines
this year leading out of Lake City that will serve 200 farm
ers, and also contemplate putting in 1,300 feet of cable in this
city.
Albert Lea.— The Manchester Co. will build a line to
Hartland to connect with the system there, another west to
connect with the Carlston & Freeborn lines, and still another
to connect with the Albert Lea system.
Ilanska.— W o rk will soon commence on the town e x
change.
The name chosen for the new company is the
Hanska-Rural Telephone Co. As soon as the town exchange
is built lines will be built out into the country.
Faribault.— Messrs. K. D. and Albert G. Chase and other
capitalists have proposed that they will install a new up-todate telephone system and will install a rural exchange that
will cover the surrounding country, if a franchise is granted
them.
NORTH DAKOTA.
Sheyenne.— Sheyenne has organized a local telephone com
pany.
Joliette.— A movement is on foot to build a private tele
phone line from here to Pembina.
Tower City.— The telephone system is being changed from
a ground to a metallic circuit.
Underwood.— The Independent Mutual Telephone Co. will
erect a line from here to Dalton.
Fairmount.— The farmers’ telephone line from Fairmount is
assured. A company has been organized and work will start
soon.
SOUTH D AK O TA
Ethan.— A telephone line is to be constructed between
here and Alexandria.
Emery.— Arrangements have been completed for the con
struction this spring of a rural telephone line running from
this place.
Scotland.— The farmers living between this place and W i t
tenberg have organized a stock company for the purpose
of constructing a telephone line 'to connect the two places.
IOW A.
Croker.— The Mutual Telephone Co. will extend their
line from Palmer to Pomeroy.
Des Moines.— The Mutual Telephone Co. will expend
$250,000 in rebuilding and improving their system.
Webster City.— The Sterling Electric Co. of Chicago will
equip the new local telephone company with their switch
board. It will be a central energy one with a capacity of 1,800
telephones.
Clinton.— The Farmers’ Mutual Telephone Co. has been
incorporated. The principal place of business will be Grand
Mound and its object the construction of telephone lines in
Clinton and adjoining counties.
Primghar.— Primghar will have two more rural telephone
lines, one of them is to be extended from Primghar northeast
as far as the J. C. Mies place in Center. The other is to
extend from Primghar five miles east.
W ISCONSIN.
Lancaster.— The Union Telephone Co. installed a new
switchboard at Fennimore.
Prairie Du Chien.— T he Union Telephone Exchange has
been sold to J. W. Callaway of La Crosse, for $7,000.
Chetek.— The Dunn Telephone Co. intend to put in e x
changes at Barron, Rice Lake, Cameron, Dallas, Ridgeland,
Chetek and Auburn.
MONTANA.
Big Timber.— The question of granting a franchise to the
Main & East Boulder Telephone line will be submitted to the
voters on the 24th of April.
Ovando.— The Big Blackfoot Telephone Co. has been in
corporated and will construct and maintain telephone lines
between Ovando and Drummond, and other points located
in Powell, Granite and Missoula counties.
NEBRASKA.
Randolph.— A farmers’ telephone company is to be organ
ized at Sholes, two miles south of here.
L. H. M A N SO N .
L, R. FYFE
Saturday, April 2, 1904.
W. H. LAIDLEY
Slocks j & CO.L Bonds
GRAIN AND PROVISIONS
Members Chicago Board of Trade.
BAN K STOCKS
AND IN VESTM EN T
SECURITIES
Send us your Consignments.
M ain Office, 186-190 La S alle St., CHICAGO.
STOCKS,
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M IN N EAPO LIS,
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S T . LOUIS,
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Chicago Board of Trade continuous quotations" from the opening to the close of
business, will be sent free upon application. Tel. Harrison 1925 - 2189 .
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A Farm For You
A R E Y O U S A T I S F I E D A T H O M E ? O r do you
wish to better yourself ? Y o u should investigate what the
S a n J o a q u i n V a l l e y o f C a l i f o r n i a h a s to o ffe r
hustlers. In that great valley is grown nine-tenths of the
U . S . raisin crop, and millions of gallons of w ine are m ace
yearly. Y o u can profitably raise almost everything there.
G ood farms at cheap prices. L ow -rate colonist excursions
in M arch and A p ril on the Santa F e. W rite for pamphlets
to G en . Pass. O ffice, A . T . & S. F . R y ., Chicago.
C a l i f o r n i a
T H E CO M M ER CIAL W E S T .
S a t u r d a y , A p r il 2, 1904.
o
P
u
' i
Successful
Everywhere
(
t Y
Washbur n C ro s fy Co.,Minr»eapoli‘S/Minn.
Ceresota Flour
M a K .es th e "Best "Bread
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
inyour next baking and then decide for yourself.
Every Sack Warranted
M o n e y back if y o u are n ot satisfied
Manufactured by—— ....
■■■— —
,.
The Northwestern Consolidated Milling Co.
Minneapolis, Minnesota.
DULUTH
M IL W A U K E E
C H IC A G O
E. A. BROWN & CO.
C O M M IS S IO N
Wholesale Coal, Grain-Commission Merchants
9 2 3 Chamber of Commerce,
RUMSEY & COMPANY
M IN N EAPO LIS, M IN N .
Liberal Advances made on Consignments
M ERCHANTS
Offices in Minneapolis, Milwaukee, Peoria
Long Distance Telephone Harrison 675
97 Board of Trade,
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-
-
C H IC A G O
w . AL. G A R D N E R
«& C O .
Commission Merchants. Grain, Provisions, Cotton and Stocks.
Successors to Gobi) «
S
» Gardner
317 C H A M B E R
Leased
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Wi r e s
OF
to
C O M M E R C E , ST. L O U IS
all
Principal
Markets
T H E C O M M E R C IA L W E ST .
40
Saturday, April 2, 1904.
A R M O U R G R A I N CO. BARTLETT, FRAZIER
a n d
G RA I N D E A L E R S
205 La Salle Street
Specialty, Barley
Western Union Building:, CHICAOO.
MINNEAPOLIS
P R I V A T E , W I R E S T O A L L P O IN T S
M I L W A U K E E , W IS .
C. E . T h a y e r
S e c . & T reas.
G eo. M . G illette
Vice-Pres
L . S. G i l l e t t e
President
Electric Steel Elevator
Company
2 ,2 0 0 , 0 0 0
No. 7 New Street, NEW Y OR K .
MILWAUKEE
Members : 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.
G RA I N D E A L E R S
C ap acity
S T O C K S and B O N D S
G R A IN and P R O V IS IO N S
CHICAGO
Milwaukee Elevator Co.
CARRINGTON
CARGILL COMMISSION CO.
DULUTH
AND
M IN N E A P O L IS
Grain and Commission Merchants
Bushels
G R A IN D E A L E R S A N D
W A RE H O U SE M E N
MILMINE, BODMAN 6 CO.
WHEAT, FLAX AND BARLEY
GRAIN, PROVISIONS, STOCKS, BONDS, COTTON
OFFICE 75 CHAMBER
OF COMMERCE
M IN N E A P O L I S
Invites Correspondence Regarding Unlisted Securities
ESTAB LISHED 1854.
CHICAGO, 5 and 7 Board of Trade
IR W IN , G R EEN & CO.
NEW YORK, 401 Produce Exchange
GRAIN— PROVISIONS— STOCKS-BONDS.
128=131
Rialto Bldg., CHICAGO.
MINNEAPOLIS OFFICE:
-
-
-
J. C. VERHOEFF, Manager
M a r k e t L e t t e r M a ile c ^ o n A p p lic a tio n .
Hulburd, W arren & Co.
C a p ita l, $350,000.
S u rp lu s, $50,000.
COMMISSION MERCHANTS, GRAIN AND PROVISIONS.
Business Solicited in Any Department,
PROMPT SERVICE
Our unexcelled system of private wires affords the
prompt and satisfactory handling of every order.
W e place this service at your disposal.
R E C E IV IN G — SH IP PIN G — F U T U R E S .
OFFICERS: W. S. Warren, Pres.; A. C. Davis, Vice-Pres.; Charles H.
Hulburd, Treas.; C. J. Northup, Sec.; John Gillies, Asst. Treas.
DIRECTO RS; Charles H. Hulburd, W . S. Warren, A. C. Davis, O. T
Hulburd, C. J. Northup.
47 Board of Trade, CHICAGO.
W. S. McLaughlin, Pres.
A. B. Ellis, Sec’ y
AMERICAN
GRAIN
CO.
GRAIN COMMISSION
M IN N EAPO LIS
McLa u g h l i n
-
-
M IN N .
& ell is,
Winnipeg
CRAIN,
STOCKS, BONDS,
PROVISIONS
B o u g h t or sold for cash or carried on reason
able m a rg in s, upon w hich a com m ission w ill he
ch arged o f on g ra in , % on stocks and \ 011 iiax.
Our special market letter records the conditions of
the markets and the circumstances which affect it.
We will gladly mail it regularly to any one who
desires it—free.
Thompson, Sons &
Company
Grain Com m ission M erchants
W IN N IP E G ,
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
-
CANADA
Edwards,
“
c > ic * 60
Wood & Co.
Main Office
Manhattan Building
ST. PAUL
31 2 Guaranty Bldg.
110-111 Chamber of Com.
MINNEAPOLIS
T H E CO M M ER CIAL W E S T .
Saturday, April 2, 1904.
H O I T GRAIN
R E C E IV E R S
OATS,
COMPANY
AND
CORRESPONDENCE
AND
B. H. WOODWORTH,
President.
CORN
BUSINESS
1012 Chamber of Commerce,
SOLICITED
MINNEAPOLIS
E. S. WOODWORTH,
Vice-Pres.
R. P. WOODWORTH,
Sec. and Treas.
Woodworth Elevator
Company
SH IP P E R S
BARLEY,
41
M IN N E S O T A
M IN N E A P O L IS
John H. Wrenn & Company
WRIGHT-B0GERT & CO.
T H E R O O K E R Y , 225 La Salle St.
G R A IN — P R O V IS IO N S
C H IC A G O
106-107-108-119 Rialto Building, C H I C A G O
S T O C K S , BONDS,
G RAIN, PROVISIO N S
COFFEE AND COTTON
Corwin H. Spencer
U. R. Denniston
Private Wires to New York and Minneapolis
SPENCER & DENNISTON
James Doran & Company
COMMISSION MERCHANTS
We give special attention to out-of-town in
vestments and speculative accounts. Our
private wires and our connections with all
the principal exchanges enable us to give
prompt and accurate service. Correspon
dence invited.
-:-:-:-
Grain and Provisions
’
G E R M A N -A M E R I C A N
BANK
ST. P A U L ,
M IN N E S O T A
-
-
407-408 Home Insurance Building, CHICAGO
20 3
B L D G .,
Gregory, Jennison Company
Chamber of Commerce, St Louis
3 4 8 Produce Exchange, New York
TELEPHONE CENTRAL 4643
E. L. WELCH
C. A. MALMQUIST
M IN N E A P O L IS
E. L. WELCH & CO.
G R A IN E L E V A T O R S
GRAIN COMMISSION
Storage Capacity: Terminal 1,300,000 Bu.
Shippers of Oats and Rye
Country 500,000 Bu.
Write for Quotations
1011 Chamber of Commerce
MINNEAPOLIS, MINN.
Pillsbury's Best F lou r
M ade in the largest mills in the world, with
30,000 Barrels D aily Capacity.
W e have had so much experience making
flour for all nations that we know how to make
the quality desired.
O ur large and growing trade indicates that
PILL SB U R Y'S B E S T IS P O P U L A R
W e solicit correspondence with flour buyers
in all parts of the world.
O u r facilities insure
prompt attention to orders.
PILLSBURY=WASH BURN FLOUR MILLS CO., Ltd.
M IN N E A P O L IS , M IN N E S O T A , U. S . A .
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
T H E C O M M E R C IA L W E ST .
42
TROU BLES
SEND YOUR ORDERS FOR
GEO. H. PHILLIPS
L asier &
R i a l t o B u i ld in g , C H I C A G O
SO W LE
ES TAB LISHE D 1884
&
SONS
f
ooper
RANDALL, GEE and MITCHELL
OF
By Rollin E. Smith
j
GRAIN COMMISSION
S
Board of Trade
S
?
5
B y m ail, 55 cents
ROLLIN E. SMITH & COMPANY
)
MERCHANTS
514
THEORY
E very one whether speculator or not should read it .
>
GRAIN
Duluth,
C H IC A G O
A BOOK ON THE MARKET
t
(
Corn Exchange
“ THE
<
(Groutid Floor )
M e m b e rs C h icag o B o ard of T ra d e and M in n ea p o lis C h a m b e r of C om m erce
206-210
H
INVESTMENT and SPECULATION” j
1 1 3 - 1 1 4 New Chamber of Commerce, MINNEAPOLIS,
Minneapolis,
M ONEY
102-103 Rialto Building,
GRAIN, P R O V IS IO N S ,
S T O C K S AND BONDS,
C O M M IS S IO N
and
R E C E IV E R S A N D SH IP P E R S
Write for My Daily Market Letter
T.
b e h in d
a h e a d b y s h ip p in g to
FUTURES AND CONSIGNMENTS TO
L.
Saturday, April 2, 1904.-
Minneapolis,
Members:
-
Minnesota
Chicago Board of T rad e, Minneapolis Chamber of Commerce
Chicago Correspondents : RICHARDSON & CO.
)
j
j
j
%
\
An Excellent Opening for a Wholesale Grocery
----------------------------------------- A T ___________________________
E V E R E T T , W A S H IN G T O N
For further information, address
EVERETT
IM P R O V E M E N T
Chicago
G reat W estern
Railw ay
"TH E RIGHT ROAD”
C O M P A N Y , E verett, W ashington
TO TH E
"In the Heart o f the Continent"
GATES
OP
THE
WORLD'S
11 , 4 6 2 MILES
F A IR
Between St. Paul, Minneapolis
and Chicago, Des Moines,
St. Joseph, Kansas City,
Council Bluffs, and Omaha.
EQUIPMENT RIGHT
SERVICE RIGHT
TIME
RIGHT
I T ’S ALL RIGHT
J. P. ELMER, Gen’l Pass. Agent
C h ic a g o , III.
of railway east of Chicago, St Louis
and the Mississippi River, with east
ern terminals at New York, Boston
and Montreal, are embraced in the
M IN N E A P O LIS
& S I LOU IS P R.
TRAI NS
STOP A T TH E MAIN
ENTRANCE AND TH E
ST.LOUIS UNION DEPOT
TAKE THE WORLDS FAIR SPECIAL
PLENTY OF ROOM AT THE HOTELS
JUST OUTSIDE THE FAIR GROUNDS
•
Y
t
—
A
B
.C
U
T
T
S
.Gen’ l Pass ’r Af(DTicket Agent.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
N e w
Y o r k
Central Lines
For No. 3of the Four-Track-Series, contain
ing a map showing this Central Railway
System of America, send a two cent stamp to
George H. Daniels, General Passenger Agent
New York Central R. R., Grand Central
Station, New York.
T H E C O M M E R C IA L W E S T .
Saturday, April 2, 1904.
43
Flowers at the World’s Fair.
Illinois Central R.R.
A g reat c o n se rv a to ry fo r ty feet high
an'd m ore than 200 feet square, a floral
clo ck 100 fe e t a cross its dail, sunken g a r
dens 750 fe e t long, six acres o f bloom in g
roses and a g reat bed o f w ild flow ers are
the d istin gu ish in g fea tu res o f the elab
orate. flow er d ispla y a t the W o r ld ’s Fair.
A t intervals d u rin g the seven m onths
o f the E x p o sitio n flow er sh ow s w ill be
given, -but fh e bea u tifu l lan dscap e schem e
and ex h ibits o f the H orticu ltu re d e p a rt
m ent w ill alw a ys be p resented to the
vision.
A t night the great floral clo ck will be
illum inated b y 1,000 in can d escen t lights
and the m inute hand, fifty fe e t long,
w ill m ark the p a ssin g o f the hours.
W ild sp ecies co m m o n to the A m erican
field and fo re st w ill form a separate e x
hib it in the ou td oor section and in the
garden o f 50,000 rose trees every v a rie ty
o f that prolific p lant w ill be displayed.
Inside the b ig h ot hou se o f the H o r
ticu ltu re palace there is room fo r every
sp ecim en o f flora k n ow n to each clim ate.
S w eet p essam ines fro m the Southland
m ingle their fra g ra n ce w ith the flowers
o f the N orth and the ca cti o f the desert
w ill blossom beside the verdu re o f the
oasis.
W a te r plants dip their leaves in the
lagoons, and n ook s and corn ers o f the
great ex h ibit p alaces are ad orned w ith
bud and vine. State buildin gs and f o r
eign p avilion s have fitted their co n se rv a
tories w ith n a tiv e flow ers and there w ill
be a t this ex p osition su ch a b o tan ica l c o l
lection as w as n ever be fo re seen in the
w orld ’s history.
EFFICIENTLY
SERVES
A VAST
TERRITORY
ERIE RAILROAD
The most delightful scenery between
Chicago, Buffalo and New York.
trains
every morning,
Limited
afternoon
and
evening for Buffalo, New York, Albany
and Boston.
Finest Pullman sleeping cars
and
by through service to and
from the following cities:
CHICAGO, ILL.
OMAHA, NEB.
MINNEAPOLIS, MINN.
ST. PAUL, MINN.
KANSAS CITY, MO.
PEORIA, ILL.
EVANSVILLE, IND.
ST. LOUIS, MO.
ClNCiNNATI .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
superb dining car service.
Stop-over without extra charge
at
Cambridge Springs and Niagara Falls.
Booklets, time-cards, etc., furnished by H. B.
SMITH, Traveling Passenger Agent, St. Paul, or D. M.
BOWMAN, General Western Pass. Agent, Chicago.
AND THE PACIFIC COAST.
Connections at above terminals for the
EAST, SOUTH, WEST, NORTH.
Fast and Handsomely Equipped Steam-Heated
Trains—Dining Cars—Buffet-Library Cars—
Sleeping Cars—Free Reclining Chair Cars.
Particulars of agents of the Illinois Central and
connecting lines.
A. H. HANSON. Gen’l Pass’r Agent, CHICAGO
YOU NEED TH E M
W E SE L L TH E M
The
Flour C ity
—I M P R 0 V E D
—
Distributing Spout
Also contractors for Steam, Hot ■
W a ter and Hot Blast Heating.
B Y R O N & W IL L A R D
P R IN T E R S
29 Fifth Street South
M I NN EA PO L I S , M I N N E S O T A
TH E POND & H A S E Y CO., FiFth2avenueso M inneapolis
Q T f C 'T N Q
FROM
TH E
O H r U r l/ O
GOLDEN
W O R LD ’S
G R A IN
BELT
Grass Seed, Clover Seed, Seed Wheat, Seed Oats, Seed Barley,
Seed Rye, Etc., Vegetable Seeds, Flower Seeds. Catalogue free.
Northrup, King & Co. Z S IS
The North-Western Limited
EVERY EVENING
M IN N E A P O L IS
AN D ST . P A U L
TO
MILWAUKEE
A N D C H IC A G O
Brilliantly illuminated through
out by incondescent electric lights.
T he equipment of this famous
train is composed of luxurious buffetlibrary car with all the conveniences
and comforts of the club, cosy com
partments, which the ladies especial
ly appreciate, finest of Pullman
standard sleeping cars, free reclining
car and coaches.
The Best of Everything
MINNEAPOLIS OFFIGE,
600 Nicollet Ave.
ST. PAUL OFFICE, (Ryan Hotel) 396 Roberts St.
T. W. TEASDALE, General Passenger Agent,
ST. PAUL, MINN,
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
IN V E S T IG A TE
D on’ t take any person’s word for it. See
for yourself who is telling the truth.
Every mill can’t be the best. Not even
every mill can be a really good mill.
Some mills require more power than
others. Some take no more power than
they should, but they don’ t give the re
sults in quantity that they should.
See for Yourself
Would we be able to show you hundreds
and hundreds of unsolicited testimonials
if our mills were not just what they
should be? Hardly. W e want you to
write for our handsome illustrated catalog
—it tells you a few things about our un
surpassed mills that we can’ t here.
FLOUR MILL AND ELEVATOR SUPPLIES
STRONG & NORTHW AY
Minneapolis, Minn,
T H E C O M M E R C IA L W E ST .
44
Saturday, April 2, 1904.
ALLIS-CH ALM ERS CO.,
CHIC AGO
BUILDERS
OF
Reynolds Corliss Engines
Nürnberg Gas Engines
Flour Mill, Saw Mill and
Mining Machinery
“ S T A N D A R D ” R E Y N O L D S C O R L IS S E N G I N E
ESTîeB5f HED
H. P O E H L E R
MINNEAPOLIS OFFICE
::
CORN EXCHANGE
INCT8r TED
COMPANY
816-19 Chamber of Commerce,
MINNEAPOLIS
GRAIN C O M M IS S IO N
Board of Trade, Duluth. IV)inn.
Chamber of Commerce. M ilwaukee, Wis.
Buying for Country Milling Trade a Specialty
Board of Trade, Chicago, III.
Orders in Futures Executed in any Market
W I L L F O R D M A N U F A C T U R I N G CO.
ftflIB I 02818 HPDC*
lYliLL DUiLUtnO
AND DEALERS IN FLOUR HILL AND
ELEVATOR MACHINERY a n d s u p p l i e s
Special attention given to Roll Grinding and Corrugating.
General Agents for Barnard & Leas Manufacturing Co.
Offices
3 0 3 Third S tr e e t South,
IV H IN IM B A P O U IS
“ Eternal vigilance is the price of liberty.”
It is also the source of profit to every man
who makes a business of feeding stock for the market.
c o m b in a t io n s
,
c o m p e t it io n
and R I V A L R Y are the three forces that
inspire
ENERGY,
INDUSTRY
and
has declined.
methods, and don’ t be a u has-been.”
The most highly concentrated food on
earth is O L D
IN D E P E N D E N C E .
D on ’ t lose heart and don’ t be forced out
of business because the price of fat stock
Brace up— improve your
PROCESS
L IN S E E D C A K E (oil meal).
GROUND
It is cheaper
than corn, oats, bran, or any other kind of feed
GROUND LINSEED CAKE IS
A FAT-FORMER— A FLESH-PRODUCER A HEALTH-GIVER
A TIME-SAVER A MONEY-MAKER.
The prize cattle at the late Chicago Stock Show were fed Linseed
Meal made by our Com pany.
W rite for prices.
Send us your address and we will mail you our
book giving “ up-to-date” methods for feeding stock.
AMERICAN LINSEED C O M P A N Y
MINNEAPOLIS, MINN.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
@FedFRASER