Full text of Commercial West : August 10, 1901, Vol. II, No. 6
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R E P R E S E N T IN G WESTERN INVESTMENTS MANUFACTURING AND DEVELOPMENT THE SOUTHWEST. V o l. IL THE C E N T R A L 'P A C I F I C WEST. jïïS lS lS S A T U R D A Y , A U G U S T io , 19 0 1. C A P IT A L , SU R PLU S, O FFIC ER S. B y r o n L . S m i t h , - P r e s id e n t an k ey, V ic e -P re s id e n t G e o r g e P . O r d e , - - C a s h ie r T h o m a s C . K i n g , A s s ’t C a s h ie r A r t h u r H e u r t l e y , S e c r e ta r y H . O. E d m o n d s , A s s ’t S e c r e ta r y ONE ONE M IL L IO N M IL L IO N ‘COM PANYy DOLLARS. DOLLARS. R o o K ery , y y THE MINNESOTA LOAN & TRUST COMPANY, MINNEAPOLIS. - BAN K - $500,000 Trust Department. Editorial ................................... Stock Markets ........................ ......... ......... 10 Dividends ................................ ......... II T r u s t F u n d s a n d T r u s t In v e s tm e n ts a re k e p t s e p a ra te fro m th e a s s e ts o f th e com p an y . Chicago Bank C le r k s ............... ......... U In the Minnesota V alley......... ......... 19 Minnesota as a Corn S ta te .... ......... 23 Opening up of Siberia............. ......... 24 1, 2 and 3 Chamber of Commerce, Minneapolis. P R IV A T E WIRES. Í j j s Northwestern Wheat F ie ld .... ......... 28 Ì Tel. Main 1568. GRAIN, PROVISIONS, STOCKS, BONDS, COTTON. Í Grain Markets ........................ ......... 25 Bond Department. Chas. Lewis Co., ' 5 7 8 9 ......... Bull’s Eye ................................ ......... Struggle of Banks to be B ig .. ......... A cts a s E x e c u to r, A d m in is tra to r, G u a r d ia n , T ru ste e of E s ta te s a n d T ru ste e of B o n d ed In d e b te d n e ss . I n te r e s t a llo w e d on d e p o sits s u b je c t to ch ec k ; a lso o n c e rtific a te s o f d e p o sit. A safe a n d c o n v e n ie n t p la c e fo r th e d e p o sit o f m oney. C H I C A G O . Page. Railroad Earnings ................. ......... 13 Money Markets ...................... ......... IS Honey Deposit Department. A. C. Ba r tle tt, C . L . H u t c h in so n , J. H a r l e y B r a d l e y , M a r v in H u g h it t , W i l l i a m A. F u l l e r , A l b e r t A. S p r a g u e , M a r t i n A. R y e r s o n , H . N. H ig in b o t h a m , B yr o n L . S m it h . CONTENTS O bservations............................ - DIRECTORS. B A N K I N G , S A V IN G S , F O R E I G N , A N D TRUST D E P A R T M E N T S . . . P R IN C IP A L No. 6 Southwest Office: Kansas City. HE* NORTHERN‘TRUST P . L. H CAPITAL THE NORTHW EST. H. V. Jones. U . S. G o v e rn m e n t, M u n ic ip a l, R a ilro a d , G as a n d E le c tric B o n d s fo r sale. W e b u y A p p ro v ed B onds, in c lu d in g t o ta l issu es. Mortgage Department. C a re fu lly s e le c te d R ed R iv e r V alley F a rm M o rtg a g es ; a lso a p p ro v e d C ity M o rtg a g es c o n s ta n tly on h a n d fo r sale. SA F E TY D E P O SIT VAULTS. Charles Hathaway & Co. Kansas Not an Uncertain Crop State 30 < New York Correspondents, Montana Cattle Ranges........... ......... 30 Among the Mines..................... ......... 31 < C L A R K E , D O D G E & CO. Appreciation in Farm Land Values. .32 Ì Chicago Correspondents, B A R T L E T T , F R A Z IE R 1 J . F . H A R R IS . Harry Lee Taft. Farm Land Movement........... ......... 33 Grain Statistics ......... .............. ......... 7 A ( ? W m .H . Colvin & Co. & CO. D a ily P r ic e C u rren t M a ile d F re e on A p p lic a tio n . I . G . A N D R E W S . E . L . B R O W N . H . M AC N A M E E , DEALERS IN Commercial Paper. C H A R L E S W . F O L D S , R ep r e se n ta tiv e . STOCKS . GRAIN . ♦ ♦ 190 LaSA LLE . ♦ ♦ ♦ 205 LaSALLE STREET, CHICAGO. ST R E E T , M EM BERS OF New York Office, 26 Pine Street. CHICAGO. Chicago Board Trade, Minneapolis Chamber Commerce. Private Wires. I RECOMMEND THEM. J. T. W yman , Pres. L. S. G il l e t t e , V-Pres. F . E. H olton , C ashier. W . J. B y r n e s , Ass’t C ash ’r. CHAS. H. F. SMITH & C0„ 5 - Y E A R 6 PE R C E N T G O L D B O N D S , » in te r e s t p a y a b l e s e m i-a n n u a lly . f o r c irc u la rs . W r ite N. H. GRIFFITH, ;I 2 B o s t o n B ld g ., D E N V E R , C OL. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Metropolitan Bank o! Minneapolis, M in n ea p o lis, M inn. C A PIT A L , $200,000. S U R P L U S , $40,000. D E P O S IT S , $1,031,000. General Banking Business Transacted. BONDS, StocKs,Grain, Provisions M em orfi Jt c Nhew x crad h a en.g e . M emhbers ic aYg ork o B os to a rdc kofE T Pioneer Press Building, ST. PAUL, MIBIL THE COMMERCIAL WEST. £ R O B ERT N E L S O N , C. A. JO H N The “ L E IT H . | l Ne l s o n & Lei th J | Certified Public Account-1 \ ant s and A u d i t o r s . \ (M E M B E R A M E R IC A N T IO N OP A C C O U N uDuluth Short Line” B U IL D IN G , H I C A G Lake Superior Limited ” On the S OF TH E A S S O C IA P U B L I C T A N T S ) 4 1 1 M E R C H A N T S LO A N AND T R U S T ÍC O] WE OFFER, SUBJECT TO PRIORSALE, O f th e N o r t h e r n Pacific is th e N O N P A R E IL o f D a y l i g h t t r a i n s in th e N o r t h w e s t . I t r u n s D aily in b o t h d ire c tio n s b e tw e e n St. P a u l a n d M in n e a p o lis a n d Dulu th a n d th e S u p e r i o r s . I t is a b r a n d n e w t r a i n o f f o u r c a r s , h a u le d b y A tla n tic ty p e e n g in e s, th e o n ly o n e s o f th e s o r t in th e N o r th w e s t . I t c o n s is ts o f a c o m b in a tio n b a g g a g e a n d s m o k in g c a r , f ir s t- c la s s c o a c h , P a r l o r c a r , a n d O b s e r v a t i o n Cafe c a r —a ll e le c tric -lig h te d , s te a m h e a te d , w id e -v e s tib u le d , a n d P u ll m a n b u ilt. T h e P a rlo r C a r i s e le g a n tly fin ish e d in m a h o g a n y a n d s a ti n w o o d , h a s fin e ly u p h o ls te r e d m o v a b le W ic k e r c h a ir s , a n d th e l a v a t o r y a r r a n g e m e n ts , p a r t i c u l a r l y f o r w o m e n , a r e s o m e th in g q u ite u n u s u a l. T h e O b s e r v a t io n Car is a ls o fin ish e d in m a h o g a n y a n d s a t i n w o o d ,h a s t w o s m o k in g ro o m s , a fine lib r a r y , d e sk a n d s t a t i o n e r y F r e e t o p a s s e n g e r s , a n d a la r g e O b s e r v a t i o n P a rio r w i t h p la te g la s s w in d o w s , a n d a t th e r e a r a n o b s e r v a ti o n p la tf o r m . T h e Cafe s e rv e s th e b e s t o f m e a ls a t v e r y m o d e r a te p ric e s. T r y th i s t r a i n once a n d y o u w ill u se n o o th e r . CHAS. S. FEE, Gen"11 Pass. Agent, ST. PAUL, MINN. Choice Oklahoma First Mortgages o n im p r o v e d f a rm s , w o r t h fro m 2 % t o 5 tim e s th e a m o u n t lo a n e d th e r e o n Wetting the Investor 6 Per Cent. Interest. E a c h o f th e s e s e c u ritie s h a s b e en p e r s o n a lly e x a m in e d b y o n e o f o u r s a l a rie d e x a m in e r s . W rite f o r o u r l a t e s t o fferin g . WINNE & WINNE, Winne Building. Saturday, Aug. io, 1901. Wichita, Kansas HAYDENS OMAHA, NEBRASKA, call attention to their large line of Office Furniture M e n tio n th i s p a p e r . A. S T O L P E S T A D , Real Estate, Renting Agency and Care of Property, 406 P io n e e r P re s s B u ild in g , S t. P a u l, M inn. B R IM F U L L O F B R I G H T ID E A S FOR B U S IN E S S M E N S Y S T E M each m onth e x p la in s fu lly , w ith e la b o ra te illu s tra tio n s , m eth o d s ac tu ally in use b y SUCCESSFUL b u sin ess an d p ro fessio n al m en . T e a c h e s , en c o u rag e s sy stem . T ria l 4 m os. su b scrip tio n , 16c. S haw -W alker, M uskegon, Mich. B ook on B usiness M ethods free. HAYDEN BROS. ARE MAKING A SPECIALTY OF THIS Branch and can supply any want in this line with the newest designs from the most reliable manufacturers in America. Our tremendous business enables us to sell at the lowest pos sible figures. Send for our Catalogue of Office Furniture or for any other lines in which you may be interested. : : : : : : : : : WE GUARANTEE TO SUPPLY YOU WITH THE BEST and save you MONEY. HAYDEN BROS., OMAHA, NEBRASKA. S E A T T L E ’ S S T R O N G B A N K I N G I NS T I T UT I ONS Combined Capital, $1,680,000.00 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Combined Deposits, $17,394,255.79 THE COMMERCIAL WEST. Saturday, Aug. io, 1901 R e p o r t o f th e C o n d itio n o f Commercial National Bank The OF CHICAGO, 3 The National Bank of the Republic J i t C lo s e o f B u s i n e s s , J u l y 15, 1901. CHICAGO. R esources: L o a n s a n d D is c o u n ts ..................................................................................................... $ 1 7 ,8 7 6 5 1 7 .8 9 O v e r d r a f ts ................................................................................................................................. ’’6 9 7 .1 0 R e a l E s t a t e ...................................................................................................................... 5 5 ,0 7 9 !2 3 U. S. B o n d s a n d o t h e r B o n d s a n d S to c k s ........................................................ 1 ,3 7 8 ,6 6 6 .0 3 D ue fr o m U. S. T r e a s u r y ................................................................................................. ’3 l ’so o !o O D ue fro m o th e r b a n k s ...................................... ......................... $ 5 ,1 1 7 ,3 2 5 .9 0 C a s h .................................................................................................... 6 ,9 3 6 ,3 3 5 .4 5 1 2 ,0 5 3 ,6 6 1 .3 5 T o t a l ................................................................................................................. J o h n A. L y n c h ....................P r e s id e n t W . T . F e n to n , V ice-P . a n d C a s h ie r J . H . C a m e r o n .........A s s ’t . C a s h ie r R. IT. K e n t .................. A s s ’t . C a s h ie r R. M . M c K in n e y , 2 d A s s ’t . C a s h ie r CAPITAL, ONE MILLION DOLLARS. $ 3 1 ,3 9 6 ,1 2 1 .6 0 L ia b ilities: C a p i t a l S to c k p a id i n ................................................................................................. S u r p lu s F u n d ................................................................................................................. U n d iv id e d P r o f its ........................................................................................................ N a t i o n a l B a n k N o te s o u t s t a n d i n g .................................................................... D e p o s its .......................................................................................................... ................ $ 1 ,0 0 0 ,0 0 0 .0 0 1 ,0 0 0 ,0 0 0 .0 0 3 6 8 ,0 2 6 .4 8 5 0 0 ,0 0 0 .0 0 2 8 ,5 2 8 ’0 9 5 .1 2 T o t a l ................................................................................................................. $ 3 1 ,3 9 6 ,1 2 1 .6 0 ILLINOIS TRUST AND SAVINGS BANK O fficers: J A M E S H . E C K E L S , P r e s id e n t. J O S E P H T . T A L B E R T , C a s h ie r. J O H N C. M c K E O N , V ic e -P re s id e n t. N . R. L O S C H , A s s is ta n t C a s h ie r. D . V E R N O N , S e c o n d V ic e -P re s id e n t. D irecto rs: F r a n k li n M a c V e a g h N. K . F a ir b a n k J e s se S p a ld in g W m . J . C h a lm e r s R o b e r t T . L in c o ln J a m e s H . E c k e ls J o h n C. M c K e o n L e t t e r s o f c r e d it is s u e d . F o r e ig n d r a f t s a n d sp ecie b o u g h t a n d s o ld . P o s t a l r e m itta n c e s a n d c a b le tr a n s f e r s m a d e t o a ll p a r t s o f th e w o r ld . L a S a lle S t. a n d J a c k s o n B o u le v a r d , RED RIVER VALLEY Farm CHICAGO. Capital and Surplus, $7,600,000.00. L OTIS, BETTER THAN GOVERN MENT BONOS. m im k i* C orrespondence S olicited . BANKERS, 162 La SalleSt. J. B.Streeter, jr., CHICAGO. Company, INVESTMENT BANKERS. L a rim o re , - NEW YORK LIFE BUILDING, Minneapolis, 2YHnn. Trust Department. A cts a s A d m in is tra to r, E x e c u to r, G u a r d ia n , C o n se rv a to r, A ssignee, R eceiver, T r a n s fe r A gent a n d R e g i s t r a r ; m a k e s in v e s tm e n ts a n d a c ts as a g e n t in t h e c o lle c tio n a n d d is b u rs e m e n t of in c o m e s. T r u s t fu n d s a n d t r u s t in v e s tm e n ts a r e k e p t s e p a r a t e fro m th e a s s e ts of t h e b a n k . ILLINOIS TRUST SAFETY DEPOSIT CO. SAFETY DEPOSIT VAULTS. - N o r th D a k o ta . W alter Badger.... I n te r e s t allo w e d on d e p o sits in B an k in g a n d S av in g s d e p a r tm e n t. Bonds.—G ov e r n m e n t , S ta te , C ounty, C ity a n d choice r a ilr o a d b o n d s b o u g h t a n d sold. Foreign Exchange. —L e tte r s of C re d it, D ra fts , P o s ta l R e m itta n c e s , a n d C ab le T ra n s fe rs . R eal E state M in n e a p o lis p ro p e rty b o u g h t a n d so ld on co m m issio n o r jo in t a c c o u n t. M ade on first-c la ss im p ro v e d se c u rity to n e t ---------------------- le n d e r 5 to 7 p e r c en t. R e i î t a 1 S S p e c ia l a tte n tio n g iv e n to th e c a re o f p ro p •--------------------- e rty a n d c o lle c tio n o f re n ts . L, o a r& s A.O. SLAUGHTER & COMPANY, E c o n o m i c a l m a n a g e m e n t g u a ra n te e d . Correspondence solicited. B es t ot r e fe re n c e s f urn ish e d. Bankers AND O f J P P I P C Q U U U I E J Brokers. FOR BANKERS AND ........ BUSINESS MEN. 115-117 LaSalle Street, CHICAGO. IVe Make Them. IVrite Us A botd Them. PEERLESS for STYLE, DURABILITY and EASE. 'thousands in use in the Mississippi Valley, in the Mountain States and on the Pacific Slope. GEO. F. THOMPSON & SON B UGGY COMPANY, Minneapolis, Minnesota. S N O Q U A L M I E FALLS POW ER CO M PA NY , (E s ta b lis h e d b y W m . T . B a k e r .) T o t a l A v a ila b le E fficien cy , 1 0 0 ,0 0 0 H o r s e P o w e r , S u p p ly in g L i g h t a n d P o w e r t o S e a ttle , T a c o m a , E v e r e tt. C o rre s p o n d e n c e s o lic ite d fr o m p e rs o n s d e s ir in g t o lo c a te la r g e o r s m a ll m a n u f a c tu r in g p l a n t s a t a n y o f th e a b o v e c itie s. Chas. H. Baker, President and Manager, https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Seattle, Wash. Members N e w Y o r k S t o c k E x c h a n g e . C h ic a g o S t o c k E x c h a n g e , C h ic a g o B o a r d o f T rade. Minnesota Farm Mortgages a re now c o n sid e re d by c o n se rv a tiv e in v e s t o rs th e C ream of S e c u r i t i e s . T h e cele b r a te d R ed R iv e r V alley is now e n jo y in g th e m o st m a rv e lo u s d e v e lo p m e n t, a n d of fe rs A1 in v e stm e n t fo r s u rp lu s m oney. I n e g o tia te firs t m o rtg a g e s on th is p ro p e rty a t a ttr a c tiv e r a te s of in te re s t. P ro p e r ty a n d in v e stm e n ts h a n d le d fo r n o n -re sid e n ts. C o rre sp o n d en c e s o lic ite d . R . M. H A Y E S , C rookston , * s * M in n eso ta . THE COMMERCIAL WEST, 4 Northwestern National Bank Saturday, Aug. io, 1901 FIRST NATIONAL BANK of Minneapolis. OF MINNEAPOLIS, MINNESOTA Organized J872. Capital • Surplus and Profits UNITED S T A T E S D EPO SITO R Y. $ 1, 0 0 0 , 0 0 0 . 0 0 400,000.00 J. W. RAYMOND, President. W m . H. DUNWOODY, Vice President E. W. DECKER, Cashier. JOS. CHAPMAN, J r ., Ass’t. Cashier Capital, - Surplus, - - $1,000,000 150,000 DIRECTORS M. B. K o o n , K oon, W helan & B e n n e tt, A tto rn ey s. J a m e s S. B e l l , P re s id e n t W ash b u rn -C ro sb y CoL. R . B r o o k s, B ro o k s-G riffith s Co., G ra in . J . E. C a r p e n t e r , C a rp e n te r-L a m b Co., L u m b e r. H en ry L . L it t l e , G en ’l M gr. P illsb u ry -W a s b b u rn F lo u r M ills Co., L td . W . G. N o r t h u p , P r e s id e n t N o rth S ta r W oolen M ill Co. E . C. Coo ke, F rank H. P ea vey, S e c re ta ry M in n e a p o lis T r u s t Co. S. A. C u l b e r t s o n , C a p ita lis t. E. W . D e c k e r , C asb ier. P e a v ey E le v a to r System . G e o r g e W. P o r t e r , C a p ita lis t. J am es W. R aym on d, Vermilye & Co. BANKERS, Nassau and Pine Streets, N E W Y O R K , 13 Congress Street, B O S TO N . P r e s id e n t. D E A L E R S IN Geo rg e W . V an D u sen , W il l ia m H . D u n w o o d y, P r e s ’t S t. A n tb o n y & D a k o ta E le v ’r Co. T. B. J a n n e y , J a n n e y , S em ple, H ill & Co., W h o le sa le H a rd w a re . V an D u sen E le v a to r System . O. C. W ym an , W y m an , P a r tr id g e & Co., W h o le sa le D ry G oods. U. S. GOVERNMENT BONDS AND O T H E R INVESTMENT SECURITIES. E . J . F O R S T E R , S*c’y. G. B. L O O M IS , A s s ’t . Sec’y. J . F . C O N K L IN , P r e s ’t. A. E . Z O N N E , V -P r e s ’t. a n d T r e a s . J. F. Conklin & Zonne Go. D e p o s its r e c e iv e d a n d in te r e s t a llo w e d o n b a la n c e s. REAL ESTATE SECURITIES. T E M P L E C O U R T , M IN N E A P O L IS . First M ortgage Loans and Insurance. Special attention given to the care o f estates and management o f property for non-residents. References: First National Bank and Northwestern National Bank. W E HAVE A P A R T Y W H O W A N T S TO B O R R O W $12,000 a t S IX PER CENT fo r five y e ars, on im p ro v ed , c en t r a l b u sin ess p ro p e rty in B u tte , M o n ta n a , w ith th e p riv ile g e of a y in g $1,000 a n n u a lly . B u tte as a p o p u la tio n of 75,000 a n d is th e m o st p ro s p e ro u s c ity of its size in th e w o rld . : : : : : E The Chase National Bank Of th e City of New York. CAPITAL, $1,000,00«. R E Y N O L D S & M ’D O W E L L , 46 EA ST BROADW AY, B U T iE , - MONTANA. SURPLUS AND PROFITS, $2,440,000. H. W. CANNON, President. A. B. HEPBURN, Vice-President. E. J. STALK ER , Cashier; C. C. SLADE, S. H. M ILLER , H. K . TW ITCH ELL, W. O. JONES, Assistant Cashiers. N. O. W erner, P residen t; C. S. H ulbert, Vice-Presi dent; F. A. Sm ith, C ash ier; E. L. Mattson, A ssistant Cashier. Designated Depository of the United States, the State of New York, and the City of New York. The Swedish American National Bank „ C ap ita l................................................ $ 2 5 0 ,0 0 0 .0 0 Surplus and U n d iv id e d P ro fits ... 5 2 , I 6 0 .5 3 D eposits............................................. 1 ,4 7 3 ,9 2 7 .2 1 transacts a (ieneral Banking Business. A c c o u n ts o f B a n k s a n d B a n k e r s re c e iv e d o n f a v o r a b le te r m s . B u y a n d sell U n ite d S t a t e s B o n d s a n d m a k e t r a n s f e r s a n d e x c h a n g e s o f B o n d s in W a s h i n g t o n w i t h o u t c h a r g e f o r serv ice s. United JStHtea Ptorigag^ tmd <%rmpattg, 59 Cedar Street, New York. C a p i t a l , $ 2 ,0 0 0 ,0 0 0 . S u r p l u s , $ 2 ,3 0 0 ,0 0 0 . INTEREST ON ACCOUNTS SUBJECT TO CHECK. LETTERS OF CREDIT FOR FOREIGN TRAVEL. TRANSACTS A GENERAL TRUST BUSINESS. O F F IC E R S : G e o r g e W . Y o u n g ..........................P r e s id e n t C l a r k W i l l i a m s .............................T r e a s u r e r L u t h e r K o u n t z e ................ V ic e -P re s id e n t W i l l i a m P . E l l i o t t ........ ............ S e c r e ta r y J a m e s T i m p s o n .............2 d V ic e -P re s id e n t R i c h a r d M . H u r d ............. A s s t. S e c r e ta r y Arth u r T urnbull 3 d V ic e -P re s id e n t C a l v e r t B r e w e r ..............A ss t. T r e a s u r e r A l e x a n d e r P h i l l i p s , M a n a g e r F o r e ig n D e p a r tm e n t. W m . H . B a ld w in , J r . F r e d e r ic k O. B a r t o n C . L e d y a r d B la ir D u m o n t C la r k e C . C . C u y le r *D IR E C T O R S : S a m u e l D. B a b c o c k . C h a r le s D. D ick ey G u s t a v B . K is se l W illia m P . D ix o n L u t h e r K o u n tz e R o b e r t A . G r a n n is s C h a r l t o n T . L e w is G. G. H a v e n , J r . R ic h a r d A . M c C u rd y C h a r le s R .H e n d e r s o n R o b e r t O ly p h a n t Business Furniture! W e a r e s p e c ia lis ts , f u r n is h in g th e B E S T a s i t a p p e a r s in th e m a r k e t. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 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 . W a l t e r A. E g g l e s t o n , S ec’y J a m e s B. S u t h e r l a n d , Treas. David C. Bell Investm ent Company, Minneapolis. M o r tg a g e L o a n s , R e a l E s t a t e , R e n ta ls , E ire I n s u r a n c e . S p e c ia l a t t e n t i o n g iv e n t o c o lle c tio n o f m o r t g a g e s , c a r e a n d s a le o f p r o p e r t y f o r n o n -r e s id e n ts . R efer t o a n y B a n k o r m e rc a n tile h o u s e in M in n e a p o lis , W ESTERN LANDS. C h a r le s M . P r a t t M o r tim e r L . S ch iff Ja m e s T im p so n B ben B. T h o m a s G eo. W . Y o u n g Northwestern Agency for the Derby Desks. S e n d f o r C a ta lo g u e . WE SELL THE DANNER SEC TIONAL BOOK CASE. Minneapolis, Hlnn. J. F. Gage & Co 9 Fifth Street South, MINNEAPOLIS. $1200,160 a cres, K a n d iy o h i Co., M in n .; $16.00 a n a c re , Sec. 32-121-28, W rig h t Co., M in n .; $3 a n a c re , 4500 tim b e r la n d , C ass C o., M in n .; $300, 160 a cres, H o lt Co., N e b .; $150,160 a cres H a m ilto n , K a n .; 2,000,000 a c re s fo r s a le a n d e x ch a n g e . L a rg e s t lis t, b ig g e st b u sin ess. M. P. HOBART. P ho en ix B ld ’g., M in n ea p o lis, M in n eso ta . ^ Fire Insurance VP A . L. B E L K N A P A G E N C Y (In c o rp o ra te d .) Representing Seven Old Line Companies. Office, New Y ork L ife B u ild in g , M in n e a p o lis . THE COMMERCIAL WEST. Saturday, Aug. io, 1901. THe Commercial West A W eekly J o u r n a l re p re s e n tin g W e s te rn In v e s tm e n ts, M a n u fa c tu rin g a n d D e v elo p m en t. H . V . JONES, Editor and Manager. PUBLICATION OFFICE SOUTHWEST OFFICE . . . . MINNEAPOLIS, MINN. KANSAS CITY, MO H E N E Y D . B A K EK , A sso c ia te E d ito r. D . E . W O O D B R ID G E , E d ito r M ines D e p a rtm e n t. M IL T O N O. N E L SO N , A d v e rtis in g M an a g e r. Minneapolis Office, Third Floor Tribune Bldg., 63 Fourth St. S. T E L E P H O N E , M A IN 3 0 7 . SUBSCRIPTION PRICE. U n ite d S ta te s a n d C a n a d a ................................................................. p e r y e a r $3.00 Six m o n th s .................................................................................................................. j '50 T h re e m o n th s ........................................................ I...!!!!!!!.".*"!."! '.".11 LOO F o re ig n C o u n trie s ...................................................... ..... . . . . . . ... . . . ¿ i p e r y e a r P a y a b le in ad v an c e . S ingle c o p ie s .....................................................................................................T en C ents T h e C o m m e rc ial W est w ill 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 of 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 an y . Advertising Rates sent on application. Published by the Commercial West Company, Minneapolis, Minn. E N T E E E D A S S E C O N D -C L A S S M A IL M A T T E R A T T H E P O S T O F F IC E , M IN N E A P O L IS , M IN N . S A T U R D A Y , A U G U S T io , 1901. The Mistake of Labor. The honest workingman of this country is to be respected always. There is dignity in labor, wheth er it be at the anvil or the manager’s desk, whether it be in a coal mine or in the office of the railway president. We live by our industry and we should be left free to find our place in the world, unham pered by organization that destroys individuality and stops individual development. There is a contest in this country at the moment that is said to threaten the permanency of labor or ganization. The honest workingman is told that his interests stand or fall as the principle of labor union organization stands or falls. It is not so. The workingmen of this country have lost more money than they have gained through the “trust” form of labor unions. The most they have asked for in the way of wage increase would not, if granted, equal the amount of money they have lost as a result of illtimed demands that have grown out of wrong theory of organization and ended in expensive strikes. It is a common defense for unionism that capital organizes, therefore labor must organize. There is no parallel here. Capital never organizes at the expense of the individual; labor always does. It is a most striking fact that of the rich men and the statesmen of this country nearly every one began life as a poor boy. Had these men belonged to unions that draw hard and fast lines as to what shall and shall not be done, it is not too much to say that none of them would ever have been heard of in their present fields of employment. The theory of the labor union is wrong because it ties the ability of the ambitious workingmen to the level of a worthless fellow who does not care for work and who has no desire to rise. The man who stops work because it is six o’clock will never be president of a railroad company. And the labor https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5 union says we shall work by the clock. It is a wrong theory. Every man has a right to limit the hours of his work, but he has no right to limit the hours of another person. If this is done labor loses its dignity and men become machines. This is kindly criticism, not denunciation. The best workingmen of this country are in the unions, and for this reason union labor is to be preferred; but from the standpoint of the workingman the la bor union, as conducted, is a drag upon his earning capacity. Hence if the contest between the United States Steel Corporation and the Amalgamated As sociation brings loss to the latter it will not mean that labor has suffered a defeat. It is right for labor to have an organization that will accomplish a right end. It is right that hours of labor should be limited so that workingmen will not suffer at the hands of an unreasonable employer, but not at the expense of individual ambition. It is not right for a labor union to say that a man shall not work, because to do so is to exercise arbi trary power such as no “trust” has ever attempted to enforce. Labor has nothing to lose by the downfall of tyranny in its organization. Men receive the high est wage in this country when they stand in the re lation of individuals to their employer. It is organ ization that is holding back the workingmen of this country. It has taken good living from them in Eng land ; it is threatening to do it in the United Sates. The employers of labor are not, as a rule, the enemies of those who work for them. The salary of the union man is never raised to him as an indi vidual, because he has fixed a salary for himself. Hence the man who is worth five dollars a day re ceives only three dollars, because a “rule” fixes that as his price. It is labor’s great mistake that this is so. The Passing of Esau. That the American Indian is passing and that he is unfit to stay is again brought strongly to public notice in the transfer of thirteen thousand five hundred Oklahoma homesteads last week from the hand of the red man to that of the white man. Here is a territory, tempting as a gold mine to the appreciative white farmer, given up to the govern ment lightly for a present lump sum, by the former Indian homesteaders; but fought for ravenously by the whites. This is only a repetition of what has been going on for years wherever the American Indian has had land of his own that he may barter away for some thing pretty or easy to spend. It is the working of the same law of human nature that led Esau to trade his birthright for a dinner. In Esau’s case, however, the squanderer had a chance for his life, for the world was then wide, and wandering room was plenty. In these latter days, however, in spite of the government’s foolish herding and feeding of In dians in idleness, the Indian will be crowded out of existence because he is not fitted to exist under latter day conditions. His wandering room is growing narrow. His reservations will finally pass to the hands of men who can make them most pro- THE COMMERCIAL WEST. 6 ductive; for this is a natural law and a good one in a world where men grow numerous and must earn a living. The land does not belong to the man who only hunts over it, nor to him who merely fumbles it. It will pass naturally to him who makes it bring forth the largest crop of the best quality. No legislation can more than temporarily turn aside this law. What will become of the Indian is a question with which commerce does not concern itself. If he lives at all it will be because he can produce enough to support himself and do it in competiton with his white neighbor. Once the tribal relation falls to pieces, as it must fall when the government shall take away its unnatural props, the red man will fade into the white man and the fittest qualities of him only, survive. Cotton the King of Exports. The record of American cotton as an article of export during the fiscal year just closed leads all previous records and gives general satisfaction from the American trade point of view. The export of raw cotton and cotton products from this country during the year, averaged more than a million dol lars a day— the total being $365,405,707. The total tonnage of cotton exports during each of the years 1895, 1898 and 1899 was greater than during the year just closed, but better prices put the past year ahead of all others in the matter of value, by nearly 23 millions of dollars. It is interesting to note this increase in spite of the heavy falling off of trade to the Orient. Moreover it is of general in terest that our raw cotton exports amounted to $3i 3>673,443, while our exports of cotton manufac tures footed up but $20,272,418. Cotton leads all other items of export. It ex ceeds all items of breadstuffs, and all totals of pro visions, falling not very far short of the sum of both — breadstuffs exports aggregating $275,594,618 and provisions $196,958,878. Looked at from an export view, cotton is still king, and king it promises to re main for years to come. O ur European Customers. The unpromising financial outlook abroad, which Mr. Frank Vanderlip discussed in the interview appearing in T h e C o m m e r c ia l W e st , a week ago, has a bearing on affairs in this country, which can not well be ignored. In his gloomy view regarding conditions on the other side, Mr. Vanderlip is un doubtedly within the facts. He is too observant and too capable an authority to lightly reach con clusions such as he gave out to T h e C o m m e r c ia l W e st . In Germany and Russia he attributes the grow ing depression to an over development of industry and to unconservative banking; in Great Britain, to the Boer war, to the unprogressiveness of manufac turers, and to the tyranny of the labor unions. Only in the case of Great Britain, therefore, where busi ness has been lost to the United States, can an un satisfactory trade situation inversely represent a benefit that has accrued to this nation. It is fallacious to suppose that under modern https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Saturday, Aug. io, 1901. conditions of international trade, one nation can undergo financial troubles without other nations becoming affected, at least to a slight extent. Every nation of Europe is a good customer of the United States— especially of the great West, from which come the flour, beef, bacon, hams, etc., that enter so largely into the diet of their teeming millions. This nation is fortunately situated, in that its exports comprise chiefly the necessaries of life— the things that can least be done without. And yet when times get really hard, as they have gotten lately in Japan, for instance, people will stint them selves even in the necessaries of life, with the result that imports, such as foodstuffs, fall off heavily. Several of the nations on the other side have undoubtedly reached a stage where economy will have to be practiced— less wines, silks, perfumes, etc., consumed. But there is no reason to suppose that finances over there are yet in such bad shape as to mean a serious falling off in the consumption of the staff of life, within the near future. Yet it is just as well to remark in this connec tion, that maintenance of prosperity in this coun try is in great measure dependent on restoration of complete prosperity throughout Europe. An unsel fish wishing well for the peoples of other nations, is not a bit inconsistent with patriotism; in fact it is an intelligent patriotism that altruistically de sires prosperity for all nations. Puget Sound Prosperity. The greatest run of salmon since 1896; one of the largest wheat crops the state of Washington has ever raised; arrivals of gold from Alaska that so far give promise that the large expectations of United States Government Assayer Wing of Se attle, of $40,000,000 for the season will actually be realized; these are circumstances which seem com bined to make the prosperity of the Puget Sound country this year break again some phenomenal records. The increase in exports of breadstuffs from Pu get Sound, in the fiscal year that ended June 30, amounted to 65 per cent over the previous year. These exports in value amounted to $8,787,205, as against $5,223,143 the previous year. The foreign shipments of wheat showed the enormous increase of nearly 170 per cent; for they amounted during the fiscal year closed June 30, to 8,619,384 bushels, as against 3,566,719 bushels the previous year. Threshing crews are now assembling in all the wheat producing sections of Washington, and in another month hundreds of outfits will be getting the big Washington crop of this year into sacks. About $8,000,000 gold has thus far arrived in Seattle for the season. Most of it is from Canadian territory, which last year produced altogether $22,700,000, of which the Seattle assay office got $16,946,437. Thus nearly one-half of last year’s re ceipts from the Klondike region have already been equalled this season. The great gold increases of this year are looked for from American territory. Nome has probably just been recently reached by the first ships going Saturday, Aug. io, 1901. THE COMMERCIAL WEST. North for the season, for the ice break-up in Behring sea does not customarily occur until early in July. It is anticipated that the Nome output, which last year was $5,100,000, and of which the Seattle office handled $3,723,272, will be about doubled this year. Large increases are also looked for from the camps on the American Yukon, including Forty Mile, Circle City, Fort Yukon, Rampart, Tabana, and others, as well as from the camps on Copper River, Cook’s Inlet and other coast points. These va rious camps last year gave a total output of $2,800,000, of which the Seattle office got $568,458. Owing to the difficulty of transportation, the gold from these points will be much slower in coming than from the Canadian Klondike, which is reached by railway from Skagway on the coast to White Horse at the head of navigable water on the Yukon, and from whence steamers ply to Dawson. From Val des at the Copper River mouth on American terri tory, some very satisfactory reports are, however, already coming. The new government trail or wagon road from Valdes into the interior is now said to be progressing at the rate of one mile and a half a day, and will be completed to the Yukon, 400 miles away, in the fall. It will undoubtedly result in the speedy development of this part of Alaska. Reports from Washington indicate “a tremen dous demand for lumber products.” Reports from the East show that the Puget Sound country is now considered important enough to have a big “trust” — the salmon “trust”— all its own, and to have one of its steamship lines made part of an all around the world transportation route. Reports from Se attle and Tacoma indicate unprecedented tourist traffic in Washington this summer, and a larger immigration to the state than in any previous year. The development of this northwestern country certainly seems marvellous. THE BULLS-EYE. 7 to have the newspapers read, and that it would be safe economy to elect the vice-president, president. Consequently after the next annual meeting there was an ex-president who might read the newspapers all day long, without any danger what ever of annoying interruption from calls by patrons of the bank. * * * A good business man will want regular reports from his subordinates, not so much because he needs the information the reports contain, for he doubtless knows already what they ought to contain, but because he wants to know that those who make the reports have an intelligible idea of their duty. He will also keep well posted on what the newspapers say, not so much perhaps because he has absolute faith in what they say, but because he wants to know what the great number of people who believe all they read in the newspapers, are think ing and talking about. It is a poor business man who will not be able now and then to note some omission, or point out some error in the report of a subordinate, or who would not fre quently notice inaccuracies or mistatements as affecting the trade situation, in even the best daily newspaper he might read. I know many newspaper editors who consider it quite beneath editorial dignity to get out of their sanctums and search for that practical knowledge of affairs that comes from inter course with people, rather than with book theories. The re porter who can “hustle” over a divorce scandal, or who can write a “hot” account of a hanging, but who is poorly adapted for getting the kind of news a business man needs, is often assigned to get the news which many business men take as their daily intellectual food. Yet the same business men might get angry if told they were depending in their work, on the brains of the cheap, uncanny looking reporter, to whom as a visitor in their office, they would very likely not extend the courtesy of a seat. * * * The good business man can never afford to be a recluse. He will never undertake the task of proving Ibsen right, when he said, “ The strongest man is he who stands most alone.” He will have his time for meditation, for chewing cud, so to speak, over the facts of his experience. Yet a very generous proportion of his time will be given not only to keeping up with what the best papers and magazines say, but with what people all around him say— the great public, to whom, after all, as a business man, he must be a painstaking servant, if he would succeed. He must know more than his clerks; be more “ up to date” about the data of his own business, than the newspapers. He must mingle occasionally in the “mad ding throng,” and find out for himself, its thoughts and moods. Observation of a few little things, or notice of a few commonplace ideas, may often, to an original mind, suggest large things. — T H E SH A R P S H O O T E R . Some business men expect “the trade'’ to know them, without their knowing “the trade.” T o make “the trade” know them, they will perhaps maintain pretentious places of business and advertise extensively. And then when the busi ness does not come, or coming does not stay, they will sayi First National's Extra Dividend. the trade situation is bad, or perhaps lay the blame on some (S p e c ia l C o rre s p o n d e n c e o f th e C o m m e rc ia l W e st.) trust. Too often business men are misled by a notion that New York, Aug. 6.— It was reported last week that the where there are people willing to sell, then, there must also extra dividend of the First National bank, which was recently be people anxious to buy, and the converse. But a buyer al estimated at from 600 to 1,000 per cent on the old capitaliza ways prefers to buy where there is for sale that which suits tion of $500,000, was very close to 1,900 per cent. There were him best to buy, rather than what suits the seller best to sell. also reports abroad that the First National has in view the acquisition of another bank in addition to the Bank of The average person always seeks business with the man who the Republic, which has just been taken over. This report studies his customers’ wants and wishes, and caters to supply likewise lacked confirmation. them, rather than with the man who gets up arbitrary stand ards of his own as to what the wants and wishes of his cus A New Chicago Trust Company. tomers should be. In consequence, the person who does not (S p e c ia l C o rre s p o n d e n c e o f th e C o m m e rc ia l W e s t.) know “the trade” is not likely to have “the trade” know him. Chicago, Aug. 7.— The report that a new title and trust * H : * company will enter the local field to compete with the newly consolidated organization is assuming definite form. A Sometimes a business man will get all the knowledge he banker in this connection is quoted as follows: “ The new thinks necessary about “ the trade,” from the man under him company will be organized with a capital of $1,000,000 and who was hired to know it all, or from the newspapers which will be ready for business within the next two months. It theoretically always print the news. I know of a president will devote its efforts to the title guaranty and trust busi ness. The underwriters will include men of recognized of a leading bank who was so busy every day reading the news standing in local finances. papers that he had no time to talk to the customers of the bank who came to see him. They were referred to the vice-presi The $8,000 Hillsdale, Mich., school district bonds issued dent if they were important people, and to the cashier, if un by the district for building a new school have been sold to important people. This appeared to work well enough for the a Cleveland bond company at a premium of $17 on each bank, and for the president, too, until the idea finally dawned $1,000 of bonds. They bear interest at 4 per cent and are over the stockholders that they were paying too much money payable $1,000 a year. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 8 THE COMMERCIAL WEST. Saturday, Aug. io, 1901. STRUGGLE OF BANKS TO BE BIG. B y H enry D, B a k e r . The amalgamation of the First National bank and the National Bank of the Republic of New York, calls attention to the interesting contests of the banks of New York for positions second, third, and fourth in the order of bigness. The National City bank of New York, is of course easily the biggest bank in that city, and in the nation, for it has gross deposits of something like $170,000,000. For the honor of second place, and second place in order of bigness amongst New York banks is no mean honor, there has been an exciting struggle between the National Park Bank and the Bank of Commerce. Sometimes the weekly statements would show one bank to be ahead, and sometimes the other— the deposits of each bank fluctuating between $58,000,000 and $68,000,000. But the First National, through this consolidation has probably got a “ scoop” on the two banks contending for sec ond place. If it keeps the deposits of the National Bank of the Republic in the same proportion that the National City bank kept the deposits of the Third National, after it had absorbed that institution, then it will have deposits of $70,000,000, and leave the National Park bank and the National Bank of Commerce struggling not for second but for third place. It was by this same kind of a “scoop,” that is through a sudden consolidation, that the City bank, once a middle class institu tion, had bounded into first place, which it wrested from the National Park bank, which had previously taken it from the Importers’ and Traders’ bank, which it had decisively beaten by tactics of the steady not the sensational kind; this before the Park’s later competition with the National Bank of Commerce. For third place, but possibly now for fourth place, an equally interesting contest has been in progress between the Chase National, the Hanover National, and the Western National, all institutions which carry deposits around $50,000,000 and higher. After these banks there is a drop to those whose deposits run between $20,000,000 and $30,000,000. The Contest in Chicago. In Chicago, both the Illinois Trust and the First National at times carry deposits around $75,000,000, which in New York, would make them second only to the National City. The presidency o f Lyman J. Gage made the First National easily the leading bank of Chicago from the standpoint of de posits, until the Illinois Trust and Savings bank built its splendid new home. Deposits of this latter bank are now double what they were before the house-moving. How much of this was due to the attention attracted by the new building, and how much to the management of Mr. John J. Mitchell, it would be difficult to estimate. Nevertheless the First Na tional got its lead in gross deposits taken away for a time— a lead that its subsequent absorption of the Union National, failed to restore to it, though it increased the closeness of the race. Now these two banks run neck and neck, their de posits fluctuating with the course of trade between $68,000,000 and $76,000,000. In Chicago there has been less rivalry for second place than in New York, nevertheless a very keen rivalry between certain banks, located near each other, or competing for the same kind of business accounts. The Continental National and the Corn Exchange National, located just opposite each other, each strives hard to be bigger than the other as a “Board of Trade bank.” Rivalry to Lead in Specialties. Some other banks of Chicago, contest less to be “big” than to make themselves preeminent in certain section of the coun try, in a particularly honorable feature of their statements, or in special departments of their business. In the southwest, for instance, no bank in Chicago and probably only one or two in New York, has so many desirable accounts as the Commercial National. The Chicago National has become noted for its lead in the “cash resources” item of its state ments. The National Bank of the Republic has acquired special prestige for its foreign exchange business, in which it has among its customers a majority of the big packers of the city. In Chicago, as in New York, the fierce struggle to be “big,” is due quite largely to belief of bank officers that the public thinks the biggest bank is the safest bank, and therefore the best bank to do business with. But that a big part of the public does not think so, is evidenced by the fact that some of the smaller banks of Chicago have made during the last few years, the largest proportionate gains in their business. The deposits of a bank represent liability. The men behind a bank, be the bank small or large, really inspire the neces sary confidence. In the case of the Commercial National, for instance, the general public is probably far more interested in the fact that James H. Eckels is president of it, than that the bank has nearly $30,000,000 deposits. In like manner the really interesting fact about the Northern Trust Company, is that it is the bank of which Byron L. Smith is president, of the Chicago National, that it is the bank of which John R. Walsh is president, and so with other banks which have dis tinguished business names in their official lists. cash and other sight exchange, $644,751.30; loans and dis counts, $2,206,658.55; total resources, $5,126,037.67. The controller of the currency has approved the following banks as reserve agents: First National bank of New York, The Des Moines National bank, of Des Moines, Iowa, is N. Y., for the Second National bank of Dubuque, Iowa; First sues its statement of July 15, as it has its previous statements, National bank of New York, N. Y., for the Leavitt & Johnson in artistic form on two-tinted parchment, in gold and colors, a National bank of Waterloo, Iowa; the First National bank of very attractive bit of printers’ and paper-makers’ art. The New York, N. Y., for the Oconto National bank of Oconto, statement shows the largest line of deposits of any national Wis. bank in Iowa. The bank’s capital is $300,000; its deposits $3,Controller Dawes has issued the statement that during the 068,329.71. It paid July, its semi-annual dividend of 5 per sixteen and a half months since the passage of the National cent. banking act of March 4, there have been organized in the July 31 last the total bank note circulation was $320,095,891, United States 665 banking associations, with an aggregate an increase during the twelve months of $53,595,979capital of $34,267,000, accompanied by a bond deposit aggre July bank clearings according to Bradstreet’s in the United gating $10,006,200. O f these banks, 457 were organized with States show unusual July activity, though lower than May by a capital of less than $50,000, the total amounting to $11,882,25 per cent and 7.3 per cent below June. The month broke all 000, and 208 with a capital of $50,000 or over, the aggregate previous records in the amount of business done as shown by amounting to $22,385,000. Included in the total number of banking activity. O f the eighty-three cities reporting the total organizations are ninety-two banks with capital of $5,920,000, gain is 50 per cent larger than last year; 31.4 per cent larger which were conversions of state institutions, sixty-three of than in 1899 : 86.5 per cent above 1898 and 93.1 per cent larger which were capitalized for less than $50,000 and twenty-five than July, 1897. The gain has been general throughout the for $50,000 or over. country. The total July clearings of these eighty-three cities for July is $9,318,803,173. The operations of the American Shipbuilding company The Kansas Bankers’ association has issued the minutes of for the fiscal year ended June 30 will not be given out for the fourteenth annual convention held at Lawrence, May 28 some time, but it is reported that the results of the year were and 29. It is a well printed book of 150 pages. highly satisfactory. An official of the company is quoted as The controller of the currency has approved the Des saying that the earnings were 12 per cent in excess of the 7 Moines National bank of Des Moines, Iowa, as reserve agent per cent dividend on the preferred stock. The company’s for the First National bank of Britt, Iowa. business has expanded largely, and this has necessitated ad ditional working capital, which may defer the declaration of The National Bank of St. Joseph shows in its statement dividends on the common stock. of July 15 a most excellent report: Deposits, $4,748,282.82; https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis THE COMMERCIAL WEST. Saturday, Aug. io, 1901. OBSERVATIONS. It would seem as if the only person with a property in terest in the United States Steel Corporation, who can view with equanimity, the continuation of the strike, is Andrew Carnegie. A great escape of water from the value of the Steel shares, such as might be brought about by a prolonged strike, would reveal to the public eye, the rock-bottomed terra nrma on which Mr. Carnegie stands. He does not own pre ferred or common stock. But he does own $304,000,000 bonds that are a first mortgage on the property. The combined iten of dividends and interest that the United States Steel Cor poration must disburse annually, according to the present dividend plan amount to $33,163,226— for the total commo-' and preferred stock disbursements amount to $13,963,224, and the interest on Mr. Carnegie’s bonds to $19,200,000. Loss r ' earnings must first affect the stock, and they can amount to H 3,903,224, before Mr. Carnegie can lose one dollar of in terest in his kinds. But after an escape of $13,963,224 from the annual earnings of the company, meaning total loss of rev enue to stockholders, then any encroachments on Mr Car negie s terra firma, would simply make him monarch of all he surveyed. Default of the interest on his bonds, would put him into control of the property. * * * His position is somewhat analogous to that of Noah in the Ark. He can behold a superfluity of water that is decidedly dangerous to those who had not the forethought or ability to build arks and get into them. He can know that when the engulfing waters have crossed all marginal limits of safety and done their very worst, then from his A rk will originate a new, safer and more promising condition of affairs. In the extremely unfortunate situation that has developed, Mr Car negie ought already to be able to see a bright rainbow. He may well congratulate himself on his Scotch prudence, in hav ing betaken himself to an Ark, as it were, that would enable hnn to ride with safety the waters that might come from the inflated capitalization of the United States Steel Corpora tion. * * * If all the present stock of the United States Steel Corpora tion should become as nothing, the world’s supply could find its only replenishment in Mr. Carnegie’s bonds. A happy reorganization of affairs could undoubtedly be directed, from the Mount Ararat, so to speak, on which Mr. Carnegie would be found resting, with his personal effects after the subsiding of the waters. When Mr. Frank A. Vanderlip was in Chicago last week, he remarked to a certain banker who congratulated him on his elevation to the vice-presidency of the biggest bank in the United States, having deposits of $170,000,000, that he him self considered his position a very good opening for a younoman. * * * It is possible that Mr. Vanderlip’s position may not afford quite such a good opening as that which another young man, Mr. Schwab, of the same age with Mr. Vanderlip, 39, recently secured, nevertheless it would seem that he has surely laid for himself a splendid foundation for success. The personal edifice which Mr. Vanderlip may erect, from his position near the top of the National City bank, would seem likely to be very imposing. A stronger rock on which to build, could hardly be found. Mr. Vanderlip’s career has been quite as interesting and in structive, as has been Mr. Schwab’s. Like Mr. Schwab, Mr. Vanderlip started in life as a machinist. But he was not con tent to be simply a machinist. “On the side,” he learned to do other things, his first extra accomplishment being ability to write shorthand. With this accomplishment he was enabled to better him self in wages, through acceptance of a position on the Chicago Tribune as shorthand reporter. He “ did hotels,” and ^got some very good interviews from prominent people. He “covered” an annual meeting of one of Mr. Yerke’s street railroad companies, and was enabled to come out next day with a story which disturbed Mr. Yerkes with its compre hensive account of quiet features of the meeting, and attention to certain things about the finances of the company, that Mr. Yerkes, like Foxy Quiller, would have termed “inconsequential details,” but which had an extremely relevant importance nevertheless to investors in the property, and to the city of Chicago. On account of such intelligent work, Mr. Vanderlip was promoted to the financial editorship— a position just va cated by Mr. Joseph F. Johnson, a person who has also had an interesting history, and of whom a word later on. * * tAs financial editor of the Chicago Tribune, Mr. Vanderlip continued “on the side,” his quest of knowledge. He took courses in political economy at the Chicago University, then just opened. He took lessons in dancing, and acquired grace and manners, that caused it to be forgotten that when he had started with the Tribune, he was awkward and uncouth, though strong and big. In his financial column, he showed https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 9 himself to be not only able, but discreet. Important financial matters he discussed with tact and delicacy. He realized for instance, that a bank’s credit, is something not within the financial editor’s province to discuss— that it was not his busi ness to say things, even if true, that might start a run on a bank. As a result of such policy, he gained the confidences of the leading financial men of Chicago, and was given many legitimate “ scoops” for his paper. During the panic of 1893, he was made official spokesman for the financial interests of Chicago. After the meetings of the Clearing House during those troublous days, Mr. Vanderlip would be given the news and delegated to officially write it up for all the newspapers of Chicago. A t the time of the Diamond Match crash Mr. Vanderlip was suddenly called up near midnight, and asked to announce the facts in his own way, which it was known would be the safe, tactful way, to the public in the morning newspapers. When the National bank of Illinois failed, Mr. Vanderlip was also made the medium of communication of facts to the public. * * * When Mr. Vanderlip was called to be private secretary to Mr. Gage in Washington, and later to be assistant secretary of the treasury, he was well qualified for the opportunity that had come to him. He had a theoretical knowledge of finance acquired from books, a practical knowledge acquired from association as a newspaper man, with financiers like Mr. Gage, and he had also improved his mind by travel observations in Europe where he had been spending his vacations. The suc cess he achieved in Washington, especially in connection with the famous war loan, the details of which he managed, are too recent to need repeating. * * * On the steps of the Illinois Trust and Savings bank, I saw Mr. Vanderlip last week greeted by some newspaper men who had just come from an interview with Mr. J. J. Mitchell. To them he was still Frank, and Mr. Vanderlip appeared to know them by their first names. The fact that Mr. Vanderlip was still unmarried, notwithstanding his “fine opportunties” in Washington society, was jokingly alluded to. Net a trace of “big head” could the newspaper men observe. During his stay in Chicago, Mr. Vanderlip went around to the leading bankers, and asked them for their accounts for the City Bank, with the same tactful persuasiveness that he used to ask them for news. But whereas he formerly was wont to ask for news from across the counter, he now was “closeted” with the bankers for long periods of time in 'their private offices. * * * One of the closest friends of Mr. Vanderlip, is Mr. Joseph F. Johnson, his predecessor as financial editor of the Chicago Tribune. It was on Mr. Johnson’s recommendation, that Mr. Vanderlip became financial editor. Mr. Johnson left the T ri bune to become editor of the Spokesman, at Spokane, Wash. On the consolidation of this paper with the Review (now Spokesman-Review), Mr. Johnson was called to be a teacher, and later a professor of finance at the University of Pennsyl vania, in which position he has since won large fame as an economist. During the last two presidential campaigns, he put the Republican party under very important obligations through his writings. He is now being talked of for controller of the currency, to succeed Mr. Dawes, who retires on October 1st. The suggestion of his appointment, is well received by all who understand his capabilities. On all Mr. Vanderlip’s trips abroad, including the last notable one. Mr. Johnson has been his companion. * * >K In Mr. Vanderlip’s interview last week in T he C ommercial W est, the condition in Germany was stated to be alarming. The Financial Times of London, of July 25, gives details from its Berlin correspondent, of some of the symptoms, that Mr. Vanderlip was certainly well justified in terming alarming. It says: “ No day without a suicide— thus one might vary a class ic quotation. In these times any daily report on German trade has to chronicle either suicides, arrests or flights in con nection with bank managers or the directors of industrial concerns. Within the last 24 hours news has reached me of the suicide of Herr Stenzel, a large corn dealer, who lost his money in the Leipsig bank crash, and of Herr Rawicz, propri etor of the highly respected banking firm of Steinsieck and Company at Leipzig, who is said to have been talked into in dorsing bills of the Treber-Trocknung company to the tune of 1,000,000 marks to oblige Herr Director Exner, of the Leipziger bank. Then there is announced the failure of one of those Rhenish industrial undertakings which arose as a re sult of the promotion campaign of the last few years. This is the Gerhard Terlinden Industrial Company at Oberhausen. and the manager, Herr Gerhard Terlinden. has absconded, leaving debts to the extent of 8,000,000 marks. The only way now in which to bring about a permanent improvement in the present crisis is to get at the truth as quickly as possible, however bad it may be, and make the most uncompromising investigation in all questionable cases. The sooner the facts are known about this terrible crisis, which has already swallowed up about 500,000,000 marks of na tional property, the sooner will a recoverv set in.” — JA C K SO N . 10 THE COMMERCIAL WEST. NEW YORK STOCK MARKET. Market Dull—Further Railroad Consolidations Possible—Crop Report Effects. (S p e c ia l C o rre s p o n d e n c e o f th e C o m m e rc ial W e s t.) New York, Aug. 6.— The stock market reached a condi tion of stagnation at times during the last week and, taking it all in all, it was what is generally termed a “ trading market.” The forces which govern large movements in the market were practically idle and the trading was confined to those who buy and sell for small and quick profits or losses. The developments of the week were against an advance in prices, but apparently did not frighten holders of securities to any material extent. There may have been some significance in the compara tive firmness of the stocks of the United States Steel Cor poration during the week, irrespective of the particular phases of the steel strike. The support which these issues evidently received and the failure of the bear faction to attack them, may indicate a technical speculative position not gratifying to the short interest. It has often been suggested— and, in fact, it has been implied in some of the early public interviews with President Shaeffer, of the Amalgamated Association— that the strike might not have been ordered had not its advo cates counted upon an easy surrender by the companies, dic tated by supposed committments at the stock exchange. It will be remembered, however, that the United States Steel stocks declined materially prior to the quitting of work by the strikers on an issue which public opinion instantly condemned, so far as the side of the steel workers was concerned. The brewing of the trouble was foreseen by many speculative hold ers of these securities and they relieved their position on the long side by sales anticipatory of the decision to strike. The additional information which has come to hand re garding the corn crop damage has caused larger estimates of the losses, and the government report which will be issued on the 10th inst., is looked forward to with considerable anxi ety. Union Pacific Reports. The decision of the Union Pacific directors not to increase the dividend rate at the meeting last week operated against the price of that stock in the market, and various rumors were afloat of new issues and securities. These rumors were all denied and so far as is known there is nothing pending in the company’s affairs except the matters which have been under discussion for some time. The earnings of the com pany the past year made a very favorable showing, without taking into consideration the equity in the Southern Pacific earnings, which were undoubtedly more than 2 per cent on the stock in excess of the interest on the bonds issued in payment. Just what the situation is in regard to the purchase of North ern Pacific stock is not known, but it is clear that the income therefrom will be sufficient to pay the interest on the cost. The company has been so largely involved in the plans to con solidate the railroads of the northwest that the stock has be come more or less a pivotal one, and traders were inclined to believe the price would work lower. The trade reviews reported cheerful advices in the main, although some orders have been countermanded from the dis tricts which suffered from the drouth. Rates for money are decidedly easy and bid fair to continue so. The plans for further railway consolidations have not been abandoned, but naturally no aggressive moves are likely to be made until the atmosphere has been cleared from the strike and crop damage talk. rtore Community of Interest. Community of interest developments yet to be revealed in railroad operations promise to be more startling in their nature than any which have yet appeared on the surface of things and to be considerably more effective in their results. It is reported that E. H. Harriman has concluded that his idea of putting the direction of traffic affairs in the hands of one man and holding him strictly responsible for results should be considerably expanded and has suggested to all the interests concerned that the jurisdiction of J. C. Stubbs be extended so as to embrace not only the Union and Southern Pacific systems, but the Burlington, Northwestern, St. Paul and Northern Pacific as well. The knowledge of the presence of the money syndicate has made traders fearful and has caused the market to become dull and heavy, bordering on stagnation at times. This is. likely to continue until there has been a rehabilitation of public confidence. When the exact status of the corn damage has been determined sentiment will doubtless undergo a change for the better and when it becomes generally known that the “ Billion dollar steel trust” can supply the trade from accumulated supplies, pay all dividends, etc., for two years or more, there will be less apprehension on this score. The diversification of the industrial concerns all over the west will offset to a great extent, the losses to railroads as a result of the damage to cereals from drouth. Facts Affecting Railway Earnings. The farseeing financial interests will study the develop ments of the grain trade with much interest and their conclu sions will doubtless be of more profit to them in the end than https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Saturday, Aug. io, 1901. the daily operations made by traders in both stocks and cere als. It has been pretty well established that the deficiencies in the European crops will call for large exports of American wheat. This wheat, owing to the large crop, will be sold at reasonable figures, and the disparity between wheat and corn prices may tempt Europe to increase its long depleted wheat storehouses. Many circumstances will for a long time tend to maintain the enormous volume of current railroad earnings and even further losses in business, in case of a prolongation of idleness in a large part of the steel manufacture, would not soon put any important check upon the general business impetus in this country. In the meantime, it is known in best informed circles that progress is still under way in the direction of re-arranging railroad relations so that harmony may be strengthened and means become possible for limiting if not the actual preventing of rate cutting. Well informed bankers are not apprehensive of monetary disturbance. As regards the technical position of the stock market it may be said, that while public interest in absolutely dormant, there has been of late a cropping out of evidence that the short interest is on the increase. Improvements in Mexican Central. There has recently been a great deal of interest displayed in Mexican Central securities. The road has shared in the improvement which has taken place in the American railways during the past five years and in 1900 made the largest gross earnings in its history, notwithstanding the adverse financial conditions which prevailed in Mexico during that, year. Its statement of earnings for the six month ended June 30 shows a decrease in gross earnings of $113,488, with an increase in operating expenses of $470,597, making a loss in net earnings of $584,085. It is evident that the new owners of the property have determined upon a liberal policy of expenditure for maintenance, charging a good proportion of the sum into operating expenses. This disposes very effectu ally of any talk of dividends upon the income bonds or of a re-adjustment of the capitalization by which the income would be converted into a fixed charge. The recent activity in Norfolk and Western was said to be due to the movements of a pool in the stock, who are en deavoring to convey the idea that the Pennsylvania company needs considerable more stock to give it a controlling in terest. The strength of the stock is attributed entirely to manipulation and it is thought that a decline of several points may occur at any time. It is believed that the resurrection of the old story of a bond issue by the Southern Pacific is for the purpose of getting stock at lower figures. The story has been repeatedly denied and a prominent official of the company now says again that the question has never been discussed. It seems to be thought, in well-informed circles, that a dividend is much more likely than a bond issue. The outlook for The American Sugar Refining Company is not thought to be very favorable. In many circles the stock is regarded as much too high. The announcement that a new company headed by well known sugar men and said to be backed by large capital will be in operation as soon as it can get its plant in order, is not liked by the friends of the sugar trust. It is not believed that the dividend on the com mon stock will be increased for some time. The recent advance and unusual activity in Canadian Pa cific is ascribed to a number of causes. The earnings of the company have improved materially this year, and the com pany now pays five per cent on its common stock. All the ad vices from Manitoba and other territory reached by the road agree that there will be a remarkable yield of wheat this sea son, perhaps an unprecedented one. A further reason is that the attitude of the company toward its American competitors is becoming _more harmonious. It is said by people who are in a position to know the facts that a considerable interest in the property was recently ac quired by the Hill-Morgan-Northern Pacific interests. Enough influence has been secured, it is claimed, to result in better maintenance of northwestern rates. The bull pool in the market, which is operating on these conditions, is un derstood to predict that when general speculative affairs are more settled, the stock will soon cross 11 5- Ultimately, 125 is predicted for it. _ . Since the agreement reached with the city the sentiment of the investigating public has undergone a radical change in respect of the Peoples Gas company, and there is manifest a much better class of buying than was noticeable before the compact with Chicago was made. Western interests have been taking advantage of the current weakness of the stock market to accumulate a line of cheap stock. Quiet With the Minneapolis Savings Banks. August is a quiet month with the savings banks, and de posits are low. The increase will not begin until the latter part of September. The savings banks report the demand for money on city property as quiet. Although there is a large amount of building, this is being done mainly by persons having their own money. At present there is little demand for money on farm lands. THE COMMERCIAL WEST. Saturday, Aug. io, 1901. W A T S O N & C O ., BROKERS. S T . P A U L O F F IC E , 1 0 4 P io n e e r P r e s s B u ild in g . M in n e a p o lis, M in n eso ta . 11 F . A. C h a m b e rla in , P re s id e n t. P e rry H a rris o n , V ic e-P re sid en t. E. F . M eark le, V ic e-P re sid en t. T hos. F . H u rle y , C ash ie r. G uy C. L a n d is , A ss is ta n t C ash ier. The Security Bank «<Minnesota niNNEAPOLIS. Stocks, Bonds, Grain, Provisions. Members of the New York Stock Exchange, Minneapolis Chamber of Com merce, Chicago Board of Trade, New York Produce Exchange and other lead ing Exchanges. Private Wires to Chicago, New York and Other Cities. TELEPH O NE C A L LS Main 906. Main 517. Chicago Stock Market. (S p e c ia l C o rre s p o n d e n c e o f th e C o m m e rc ia l W e s t.) Chicago, 111., Aug. 6.— American Tin Can issues were again the speculative features of the local stock exchange. The movements of the shares appeared to be dominated entirely by the action of the United States steel shares in Wall St., and gradually sought a lower level, still it was not pronounced enough to be called decided weakness. Attention was called to the fact that the scarcity of fruits and other canning-stuffs would lessen the demand for cans to such an extent that the company would lose at least 25 per cent in earnings. On the other hand, however, the company has a big contract to fur nish garbage cans to the city of Chicago at a rate which will, it is believed, bring in enough revenue to pay the full divi dend on the preferred stock. Shelby Tube was a strong feature during the greater part of the week on the belief that it will soon become a part of the steel trust. It is undertood that a recent meeting in New York plans were perfected for the merger, and that the stock of the Shelby Co. will go into the Trust on a basis of two shares of the preferred for one share of the U. S. Steel preferred, and four shares of the common for one share of the Trust ordinary issue. On the current basis of prices for the U. S. Steel stocks Shelby Tube preferred is worth about 4 6 and the common 11. Diamond Match became prominent for its strength and was a scarce article around 148 at which price only a small part of the demand was gratified. The demand was of local char acter and the high figure was 3 points above New Y’ork parity. La Salle St. brokers are predicting a sharp movement in the stock. The company is said to have a very large cash accumulation, which is suggestive of a fat extra dividend at the close of the current year. The fact that the company is reaching out to control the industry in all parts of the world is considered a bull card, and the street would not be surprised to see the prices of the certificates advance sharply almost any time. There was better demand for the railroad issues than for some time with prices hardening somewhat. Northwestern Elevated and Metropolitan were sought at better prices on the excellent traffic showings the lines are making. The latter advanced its dividend rate to a four per cent basis. There was' no trade in the south side line, the stock being rather closely held but was offered at 112. The road has secured enough signatures of property owners to assure the third track pro ject. It is undertood that the right to construct the same will be asked as soon as the city council convenes in September. It is officially stated that the dividend rate of this road will be advanced to a four per cent basis, at the meeting of the directors late this month. Biscuit issue have ruled about steady and in small request although trade reports were of a very favorable nature. The new bread concern, recently incorporated in the east has not been the means of causing any unrest among the stockholders. There was a scattered trade in Carbon common. Street’s and Central Union Telephone, but the changes in prices were insignificant. Union Traction common advanced fractionally on reports of better July earnings as compared with those of July last year. Milwaukee Brewing common was quite active around 2A/2. There was a fair trade in bonds at fractionally better prices for most lines. Capital Paid in, $1,000,000. A General Banking Business Transacted. W e s o lic it a c c o u n ts of b a n k s, c o r p o ra tio n s , p riv a te in d iv id u a ls , etc., a n d offer every fa c ility a n d acco m m o d a tio n c o n sis te n t w ith sound b a n k in g . Directors. F . G. W in sto n J . W . K e n d ric k J a m e s Q u irk H . C. A keley F . A. C h a m b e rla in S. T. M cK n ig h t E . F . M ea rk le W . S. N o tt R. M. B e n n e tt H . M. C a rp e n te r L o u is K. H u ll P e rry H a rris o n C. C. W eb b e r T hos. F . H u rle y Dividends. A d iv id e n d o f 2 p e r c e n t u p o n th e p r e f e r r e d s to c k o f th e P e re M a r q u e tte R R . Co. fro m th e n e t e a r n in g s o f th e s ix m o n th s e n d ed J u n e 30 w ill be p a id A ug. 15. B ooks clo se A ug. 5 a n d re o p e n A ug. 16. T h e P e o p le ’s G as L ig h t & Coke Co. h a s d e c la re d th e re g u la r q u a r te r ly d iv id e n d o f 1 y2 p e rc e n t, p a y a b le A ug. 24. B ooks close A ug. 10, re o p e n A ug. 6. D ia m o n d M a tc h Co. h a s d e c la re d u s u a l q u a r te r ly d iv id e n d of 2 % p e r c e n t, p a y a b le S e p t. 12. B ooks close A ug. 31 a n d re o p e n S e p t. 13. T h e U. S. E n v e lo p e Co. h a s d e c la re d th e r e g u la r q u a rte rly , d iv id e n d o f 1 % p e r c e n t on i ts p r e f e r r e d sto ck , p a y a b le A ug. 31. B ooks clo se A ug. 15 a n d re o p e n S e p t. 7. A d iv id e n d h a s been d e c la re d by th e A m e ric a n R a d ia to r Co. of 1 % p e r c e n t u p o n its p r e f e r r e d sto ck , p a y a b le A ug. 15. T h e t r a n s f e r books w ill be clo se d fro m th e 1 0 th to th e 1 5 th , b o th in c lu s iv e . T h e R e a d in g Co. h a s d e c la re d th e r e g u la r s e m i-a n n u a l d iv id e n d o f 2 p e r c e n t on its f ir s t p r e f e r r e d sto ck , p a y a b le S e p t. 10 to s to c k o f re c o rd A ug. 24. T h e D e tr o it U n ite d R y. Co. h a s d e c la re d a q u a r te r ly d iv id e n d o f 1 p e r c e n t, p a y a b le S e p t. 2. B ooks clo se A ug. 15 a n d re o p e n S e p t. 3. T h e S t. L a w re n c e & A d iro n d a c k R y. Co. h a s d e c la re d a s e m i a n n u a l d iv id e n d o f 2 % p e r c en t, p a y a b le S e p t. 1. B ooks clo se A ug. 20 a n d re o p e n S e p te m b e r 5. T h e G lu c o se S u g a r R efin in g Co. h a s d e c la re d th e re g u la r q u a r te r ly d iv id e n d s o f 1% p e r c e n t on th e p r e f e r r e d s to c k a n d 1 % p e r c e n t on i ts c om m on sto ck , p a y a b le S e p t. 2 to s to c k of re c o rd A ug.17. T h e S ta n d a r d Oil Co. of N ew J e r s e y , h a s d e c la re d a d iv id e n d of $8 p e r s h a r e , p a y a b le S e p t. 16. T r a n s f e r books of th e S ta n d a r d O il Co., o f N ew J e r s e y , w ill clo se A ug. 15 a n d re o p e n S e p t. 3. I t is o fficially s ta t e d t h a t th e d ir e c to r s of th e S o u th S ide E le v a te d R y. w ill a d v a n c e t h e i r q u a r te r ly d iv id e n d r a t e fro m % o f 1 p e r c e n t to 1 p e r c e n t a t th e m e e tin g th e l a t t e r p a r t o f th is m o n th , p la c in g th e s to c k on a 4 p e r c e n t b a sis. D ire c to rs o f th e M e tr o p o lita n E le v a te d h a v e d e c la re d a sem i a n n u a l d iv id e n d o f 2 p e r c e n t o n th e p r e f e r r e d sto c k , p a y a b le A ug. 31 to s to c k o f re c o rd A ug. 17. B ooks clo se A ug. 17 a n d re o p e n A ug. 31. Bond Awards. Utica, N. Y., sold at auction $165,000 4 per cent library bonds at a premium of $15,260. Plattsburg, N. Y., awarded to Dick Brothers & Co. $50,000 3tA per cent sewer and street bonds for $56,271.25. The $26,000 Iola City, Kan., 4J-4 per cent 5-30-year optional refunding bonds were awarded, at par to L. A. Bigger, Hutch ison, Kansas. The $20,000 Akron, Ohio, 4 per cent ten year school refund ing bonds were sold at auction to Denison, Prior & Co., Cleve land, at 102,525 a basis of 3.695 per cent. The $58,000 Geary county, Kansas, 4% per cent refunding bonds, maturing in 1931. optional, as to $4,000 after 1904, were awarded to L. A. Bigger, Hutchison, Kansas. Bridgeport, Ct., has sold to Harvey Fisk & Sons $200,000 improvement bonds at 103.197, and 135,000 bridge bonds at 103,897. Western Bond Sales. Oshkosh, Wis., has voted $125,000 school and city re funding bonds. Benson, Minn., will sell, Aug. 19, $1,500 of fifteen-year, 6 per cent water bonds. Sioux Falls has voted to issue $50,000 refunding 20-year, 4 per cent school bonds. Willow Lakes. S. D.. will vote Aug. 15, on the proposition of issuing $2,400 bonds for building a new school house. To The Pan-American Hartford, S. D„ is likely to issue bonds soon for the erec Exposition, the most comfortable trip is via Chicago, and tion of a waterworks plant. the best line to use between St. Paul and Chicago is the The state of Minnesota has purchased $75,000 worth of Burlington Route. Ask your local ticket agent for a ticket additional Virginia bonds. This makes more than $1,500,000 by this line. held by that state. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 12 TH E COM M ERCIAL W EST. Corporations. U N ION T R A C T IO N .— The Union Traction Co. earned in July $66,000 more than July, 1900. S T E E L C A S T IN G C O M P A N Y .— There will be no public subscriptions to the steel casting combine. The interests repre senting the subsidiary companies will be the principal under writers of the scheme. SO U TH E R N C O T T O N O IL C O M P A N Y .— The stock holders of the Southern Cotton Oil Company have agreed to increase the capital stock from $2,000,000 to $11,000,000, for the purpose of extending and enlarging the business in the south. ATCHISON.-—Atchison railway officials do not anticipate any great immediate falling off in earnings of the road. High prices, they say, will keep a good tonnage of all marketable products moving. Live stock, wheat and California fruits carry all signs of a continued heavy movement. M E T R O P O L IT A N E L E V A T E D .— Figuring from the basis of increase traffic shown thus far this fiscal year, it is believed that Metropolitan West Side Elevated will show a gain in the neighborhood of 8 per cent for the year, which would show a liberal earning on the common stock. C A N A D IA N P A C IF IC .— The enormous increase in Cana dian Pacific Ry. earnings for July reflect the prosperous con dition in the Canadian northwest, and is an indication of what American lines, such as Northern Pacific, Great Northern, Northwest and St. Paul, will do with big grain crops. CH ICAGO G R E A T W E ST E R N .— The gross earnings of the Chicago Great Western railway (Maple Leaf Route) for the fourth week of July, 1901, show an increase of $64,288.09 over the corresponding week of last year. Total increase since the beginning of the fiscal year (July 1st) to date. $89,245.36. SO U TH E R N P A C IF IC .— It is stated on the highest au thority that expectations of the declaration of a dividend upon Southern Pacific stock are unwarranted. The decision was arrived at early in the year by the management of the com pany to devote surplus earnings for some time to extensive improvements on the property. M E T R O P O L IT A N E L E V A T E D .— Metropolitan Elevated of Chicago has shown a daily average of 86,890 passengers for the first seven months of the calendar year, which is a better ment of 4,562 passengers daily over same period last year, or 5.2 per cent. The road has only to show a 5 per cent gain over last year to earn the full dividend requirement on the preferred stock. C O LO R AD O SO U T H E R N .— Although the net earnings, of Colorado southern have shown large increase we learn from trustworthy sources that no meeting has been called to act upon an increase of the dividend on the first preferred stock, nor has the matter been given any consideration as yet. Divi dends have heretofore been declared but once a year in the month of January. T H E G L U C O SE -ST A R C H D E A L.— It is stated on very reliable authority that the hitch in the glucose-starch con solidation is the excessive price asked by the Pope people for their plants. The plan of merging these industries has by no means been abandoned. It is stated that if the Pope interests cannot be brought to some reasonable figure the scheme will be carried out without them. A M E R IC A N M A L T IN G CO.— A judgment by default has been entered against 10 of the 13 directors of the American Malting Co., who were in office in 1899, in the action brought by Arron Appleton, in a New Jersey court of chancery, to compel them to pay into the treasury of the company $1,395,688, which complainant alleges was unlawfully paid out in dividends during the year ending Dec. 31, 1899. B A L T IM O R E & OLIIO.— The Baltimore & Ohio Rail road Companj' has taken over the Ohio River railroad, the Short Line railroad, and the Cleveland, Lorain & Wheeling railroad, which it recently purchased. President Loree says that extensive improvements will be made on these lines, among the most important being the double-tracking of the Cleveland, Lorain & Wheeling from Wheeling to Cleveland. T H E C A R D B O A R D CO M BIN E.— A representative of Dean & Shibley says that arrangements have been made which assures the successful consolidation of the cardboard com panies. Mr. Dean left Chicago last week after having secured options on all the plants solicited. It is understood that the plan for the coalition has been submitted to the respective companies and nearly all of them have accepted the terms of the scheme. LO O P D E A L R A T IF IE D .— Stockholders of the Union Elevated and the Northwestern Elevated companies, Chicago, have approved the proposition for the sale of the former to the latter. The vote of the Northwestern stock was unani mous, O f the Union Loop stock 48,000 shares out of 50,000 were voted in favor of the proposition. Proxies for more than 1,000 additional shares have been sent, but were not re ceived in time to be voted. The stockholders of the Northwestern Elevated also author ized $25,000,000 in new 4 per cent refunding mortgage bonds, of which $15,000,000 will be put out shortly to pay for the https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Saturday, Aug. io, 1901. Union Loop stock at $125 a share, to refund the old North western 5 per cent bonds at 105 and to take up $700,000 of Northwestern certificates of indebtedness. H AM M O N D P A C K IN G CO.— iVt a meeting held in Lon don the English stockholders of the Hammond Co., of Chi cago, decided, by a large majority, to accept the proposition made by the Americans to take over the organization. At this meeting the terms were given. The purchase price of the good will, etc., is £43,298 19s 4d. The American company also takes all pending contracts and engagements to which the vendors are or may be entitled in connection with the Ham mond packing business. A M E R IC A N L IN SE E D C O M P A N Y .— In accordance with action taken some little time ago, the American Linseed Company has paid and redeemed at par and accrued interest all of the notes issued and outstanding under the mortgage of Feb. I, 1901, to the Morton Trust Company, as trustee. It is understood that the funds for this purpose were taken from the treasury of the American Linseed Company and that the new interests in the company have agreed to furnish at the uniform rate of 5 per cent whatever money may be needed from time to time for working capital and that the company will have the privilege of paying off these temporary loans as it may have the money to do so. It is also understood that the new interests in the American Linseed Company own about 170,000 shares of the'stock and the Ryan faction own about 75,000 shares. CH ICAG O T R A C T IO N .— Metropolitan Elevated traffic for July showed a daily average of 79,302, as against 73,790, July, 1900. The gain is 5,512 passengers per day, or 7.47 per cent. Traffic of the South Side Elevated Railway Company for July shows a daily average of 63,763 passengers, against 60,978 for July last year. The increase is 2,785 passengers per day, or 4.5 per cent for seven months ended with July. The daily average traffic for the period has been 68,636 passengers, a gain of 3,697 passengers, or 5.5 per cent. The gross gain of the road amounts to 800,000 cash fares, or $40,000. Northwestern Elevated daily average traffic for the month of July was 45,333 passengers, as against 40,816 the same month last year, an increase of 4,517 passengers. The gain is about one-half that shown in June over last year. Among the Country Banks. W. L. Winslow may open a private bank at Clitherall, Minn. The controller of the currency has approved the applica tion to organize the First National bank of Nofthwood, N. D .; capital, $25,000; W. H. Robinson, Mayville, N. D .; C. Ed wards, J. T. Hamilton, Lawson Daniels, H. J. Haskamp. F. Sargent will open a bank at Grand Forks, N. D., Sept. 1, capital $50,000. A second new bank will also be started soon with T. Stabick, and H. N. Stabick, of Renville, Minn., and others as chief stockholders. The State Bank of New Ulm opened for business Aug. 1. Its capital is $40,000. The Central Dakota bank, of Sioux Falls, S. D„ will be come a national bank. Its building is being remodeled. The First National bank of Alexandria, Minn., has been authorized to begin business. Capital $50,000. The controller of the currency has approved the American Exchange National bank of New York, N. Y., as reserve agent for the First National bank of Elkpoint, S. D. Grand Forks will have a new bank, to open Sept. 1. F. Sargent, of that city, is interested. J. E. Greenfield of the Bank of Monson, la., and of the Iowa State Banking Company, of Palmer, la., has sold out his in terest in these banks to the other partners. The First National bank, of Chilton, Wis., with a capital of $50,000, was organized July 25. O f the capital stock $30,000 was subscribed in Green Bay, and the remainder was taken by Chilton men. E. B. Soper, Jr., has bought the Citizens bank of Woon socket, S. D. The Bank of Sherman, S. D., has been opened for business. L. A. Hulett, president; A. M. Ross, cashier. S. J. Penhallegon has sold his interest in the Bank of Struble, la., to Mr. Sieman, of Le Mars, la., who becomes cashier of the Bank of Struble. Oriska, Barnes county, N. D., will have a state bank with a capital of $5,000. Gaylord, Minn., will have a new bank. A new bank, called the bank of Hibbing, Minn., will be started at Chisholm, Minn. B. M. Peyton, formerly of the American Exchange bank, of Duluth, will be the proprietor. The Commercial bank of Cromwell, Ind., a private institu tion, has closed its doors. Federal Bank Inspector J. M. Logan has closed the First National bank of Austin, Tex. Alleged excessive loans are said to have caused the inspector to take this action. Direc tor Myrick said there was approximately $525,000 of de posits. Saturday, Aug. io, 1901. THE COMMERCIAL WEST. fcarnings Fourth Week July. -C h a n g e s — D ec. In c. 1901. 1900. B uffalo, R o c h e s te r & P it ts b u r g — 4 th w eek J u ly . . . . 185,171 31,724 1 5 3 ,447 M o n th ............................ 5 3 2 ,4 4 9 5 6 ,7 6 3 4 7 5 ,6 8 6 H o c k in g V a lle y — 4 th w eek J u l y .......... 1 0 5 ,6 0 8 17,703 87 ,9 0 5 M o n th ............................ 4 2 7 ,9 4 9 38 0 ,9 2 2 47 ,0 2 7 S t. P a u l— 4 th w eek J u ly . . . . 1 ,3 2 1 ,7 8 2 1,1 1 0 ,0 2 4 2 1 1 ,7 5 8 A la b a m a G r e a t S o u th e r n — 4 th w eek J u ly . . . . 62 ,5 6 2 1 5,312 4 7 ,2 5 0 M o n th ............................ 1 7 4 .317 2 ,632 1 7 1 ,685 B u rlin g to n , C e d a r R a p id s & N o r th e r n —■ 4 th w eek J u ly ____ 1 3 3 ,4 3 3 1 0 7 ,3 8 3 2 6 ,0 5 0 M o n th ............................ 3 8 7 ,2 4 6 3 5 5 ,7 4 0 3 1 ,5 0 6 P ro m J a n . 1 ............. 2 ,7 4 3 ,1 8 1 2 ,5 9 3 ,4 3 5 14 9 ,7 4 6 C h e s a p e a k e & O h io — 4 th w eek J u ly . . . . 4 9 4 ,4 1 5 4 1 0 ,2 2 0 8 4 ,1 9 5 M o n th ............................ 1 ,3 2 3 ,9 0 1 1 ,1 9 8 ,6 3 4 1 2 5 ,267 G re a t N o r t h e r n M o n th J u ly ............. 2 ,6 7 9 ,5 5 8 2 ,2 6 3 ,8 4 8 4 1 5 ,7 1 0 I n t e r n a t i o n a l & G r e a t N o rth e rn .— 4 th w eek J u ly . . . . 1 1 3,6 4 7 9 8 ,6 0 4 15,043 3 1 6 ,2 6 2 291,6 7 9 M o n th ............... ............ 24 ,5 8 3 P r o m J a n . 1 ............. 2 ,5 2 1 ,8 6 2 2 ,1 1 0 ,1 4 4 4 1 1 ,7 1 8 M iss o u ri P a c ific — 4 th w eek J u ly . . . . 1 ,2 3 4 ,0 0 0 9 5 7 ,0 0 0 2 7 7 ,0 0 0 P r o m J a n . 1..................1 9 ,2 9 5 ,2 9 3 1 6 ,5 4 5 ,4 9 3 2 ,7 4 9 ,8 0 0 C e n tra ! b ra n c h — 4 th w eek J u ly . . . . 6 5 ,0 0 0 6 4 ,0 0 0 1,000 P ro m J a n . 1................. 7 4 6 ,1 2 8 7 4 0 ,991 5,137 N o rfo lk & W e s te rn — 4 th w eek J u ly . . . . 4 3 3 ,1 1 4 3 4 0 ,1 2 0 82 ,9 9 4 M o n th ............................ 1 ,2 9 1 ,5 9 9 1 ,1 8 3 ,8 3 9 1 0 7 ,7 6 0 P e re M a r q u e tte — ■ 4 th w eek J u ly . . . . 2 4 8 ,4 2 3 2 0 7 ,9 9 3 40 ,4 3 0 M o n th ............................ 7 4 3 ,9 2 0 6 3 3 ,3 5 8 11 0 ,5 6 2 P ro m J a n . 1 _____ . 4 ,7 1 5 ,0 6 4 4 ,1 5 7 ,3 1 5 5 5 7 ,7 4 9 S o u th e rn R y .— 9 6 0 ,2 5 5 8 4 6 ,3 0 3 4 th w eek J u ly ____ 1 1 3 ,952 M o n th ............................ 2 ,8 0 7 ,6 0 7 2 ,6 6 8 ,5 5 7 1 3 9 ,0 5 0 S t. L o u is S o u th w e s te r n — 4 th w eek J u ly . . . . 1 7 7 ,0 4 2 15 5 ,1 8 0 2 2 ,8 6 2 M o n th ............................ 5 0 7 ,8 5 5 4 6 7 ,8 3 5 4 0 ,0 2 0 T e x a s & P a c ific — 4 th w eek J u ly . . . . 2 6 7 ,1 8 4 22 0 ,1 0 7 4 7 ,0 7 7 P ro m J a n . 1 . . . . . . . 6 ,2 7 1 ,4 7 7 4 ,6 4 2 ,0 9 0 1 ,6 2 9 ,3 8 7 A n n A rb o r— 4 th w eek J u ly . . . . 4 9 ,1 0 3 4 2 ,8 2 9 6,274 M o n th ............................ 1 3 9 ,9 6 1 12 4 ,1 6 6 1 5,795 F ro m J a n . 1 ............. 9 9 3 ,0 0 5 9 3 2 ,4 6 7 6 0 ,5 3 8 C h ic ag o & E a s te r n I llin o is — 4 th w eek J u ly -----1 3 0 ,6 8 2 1 1 8 ,905 1 1,777 M o n th ............................ 4 6 2 ,6 2 9 4 0 7 ,7 0 9 54 ,9 2 0 C h ic ag o G r e a t W e s te rn — 4 th w eek J u ly ____ 2 2 7 ,8 0 3 1 6 3 ,5 1 4 64 ,2 8 8 M o n th ............................ 6 0 9 ,8 1 9 5 2 5 ,5 7 4 84 ,2 4 5 C h icag o . I n d ia n a p o lis & L o u isv ille —• 4 th w eek J u ly . . . . 1 3 3 ,7 5 1 9 4 ,3 3 9 39 ,4 1 2 M o n th ............................ 3 7 9 ,2 4 5 3 1 5 ,6 3 8 63,607 C le v e la n d , L o r a in & W h e e lin g — 4 th w eek J u ly . . . . 6 3 ,9 4 8 5 1 ,6 8 6 12 ,2 6 2 2 0 4 ,8 2 0 1 6 9 ,8 0 2 P ro m J u ly 1 ............. 3 5 ,0 1 8 D e n v e r & R io G ra n d e —• 4 th w eek J u ly . . . . 3 3 1 ,0 0 0 3 0 6 ,3 0 0 24 ,7 0 0 M o n th ............................ 1 ,0 2 3 .8 0 0 9 2 2 ,5 0 0 1 0 1 ,3 0 0 E v a n s v ille & In d ia n a p o lis — 4 tli w eek J u ly . . . . 9 ,6 1 5 8 ,4 8 8 1,127 M o n th ............................ 2 9 .2 2 4 25 ,2 9 2 3,932 E v a n s v ille & T e rr e H a u te — 4 th w eek J u ly . . . . 42 ,6 8 1 37 ,8 4 4 4 ,837 M o n th ............................ 1 2 0 ,1 2 7 10 0 .4 7 6 10,651 L a c le d e G a s Co.— J u ly n e t .................... 5 9 ,6 2 4 5 8.749 875 P ro m J a n . 1 _____ . 5 6 2 ,7 7 9 5 4 3 ,9 5 7 28 ,8 2 2 L o u isv ille & N a s h v ille — 4 th w eek J u ly _ 7 7 7 ,3 2 5 6 3 8 ,3 5 4 138,971 M o n th ............................ 2 ,2 8 7 ,9 3 0 2 ,0 5 0 ,2 0 9 2 3 7 ,621 M ex ic a n N a tio n a l— 4 th w eek J u ly .... 1 9 9 ,9 9 2 1 8 3 ,8 9 0 1 6,102 6 1 6 ,6 6 1 60 9 ,0 2 4 M o n th ............................ 7,637 P r o m J a n . 1 ............. 4 ,4 8 1 ,0 1 3 4 ,6 2 8 ,6 6 0 M ex ic a n C e n tr a l— 4 th w eek J u ly .... 4 3 6 ,4 9 7 4 2 6 ,4 0 9 10,088 M o n th ............................ 1 ,3 6 4 ,2 2 4 1,3 2 2 ,1 6 4 42 ,0 6 0 P ro m J a n . 1 ..............1 0 ,2 2 9 ,8 0 3 1 0 ,2 8 3 ,9 3 1 R io G ra n d e S o u th e rn R R .— 4 th w eek J u ly _ 14 ,1 0 5 1 3,974 131 M o n th ............................ 4 3 ,9 89 4 2 ,5 4 0 1,449 R io G ra n d e W e s te rn —4 th w eek J u ly .... 4 4 1 ,7 0 0 1 4 5 ,8 0 0 M o n th ............................ 4 2 9 .4 0 0 3 8 9 ,8 0 0 3 9 ,5 0 0 S t. L o u is & S a n F r a n c is c o — 4 th w eek J u ly .... 3 3 3 ,1 2 6 2 3 2 ,6 7 5 1 0 0 ,451 M o n th ............................ 9 6 1 ,5 9 0 6 8 8 ,4 5 5 2 7 3 ,1 3 5 T oledo & O hio C e n tr a l— 4 th w eek J u ly _ 8 7 ,7 8 0 66 ,7 8 3 2 0,997 M o n th ............................ 2 4 0 ,6 4 5 2 0 2 ,051 38 ,5 9 4 W a b a s h —• 5 th w eek J u ly _ 5 4 5 ,9 7 4 4 6 2 ,2 1 7 83 ,7 5 7 M o n th .......... .. - ____ 1 ,5 5 2 .3 3 9 1 ,3 5 0 .1 0 3 2 0 2 ,2 3 6 C h ic ag o & E a s te r n Illin o is r e p o r ts f o r J u n e — G ro ss ............................ 4 4 9 ,6 1 1 3 9 3 ,2 5 4 56 ,3 5 7 O ner, e x p e n se s . . . . 2 6 3 ,1 8 2 2 4 4 ,5 9 6 18 ,5 8 6 N e t ................................. 1 8 5 ,4 2 9 1 4 7 ,6 5 9 37 ,7 7 0 O th e r i n c o m e ............. 3 3 ,3 1 9 3 .295 30 ,0 2 4 T o ta l n e t .................. 2 1 8 ,7 4 8 1 5 0 ,954 67 ,7 9 4 I n te r e s t, r e n ta ls . . , 1 2 9 ,4 6 2 11 6 ,0 9 9 13 ,3 6 3 S u r p lu s ....................... 8 9 ,2 8 6 3 4 ,8 5 6 5 4 ,4 3 0 F is c a l y e a r : G ro ss ............................ 5 ,6 5 9 .4 4 6 5 ,1 4 8 ,8 9 7 51 0 ,5 4 9 O per, e x p e n se s . . . . 3 ,2 4 5 ,7 6 0 2 ,8 4 9 ,0 2 2 38 6 .7 3 8 N e t ................................. 2 ,4 1 3 .6 8 6 2 ,2 8 9 ,8 7 5 123,811 O th e r i n c o m e ............. 2 1 9 ,0 6 3 2 1 4 ,8 9 0 4.173 T o ta l n e t .................. 3 ,6 3 2 ,7 4 9 2 ,5 0 4 .7 6 5 12 7 ,9 8 4 i n t e r e s t a n d r e n t a l s . 1 ,5 6 4 ,7 8 3 1 ,5 1 4 ,3 9 2 50,391 S u r p lu s ....................... 1 ,0 6 7 ,9 6 6 9 9 0 ,3 7 2 June Reports. C h ic ag o & A lto n r e p o r ts f o r J u n e —G ro ss ............................ 7 5 7 ,7 2 8 6 9 6 ,1 6 0 Op. ex. a n d ta x e s . . 5 0 3 ,5 7 6 44 3 ,1 2 4 N e t ................................. 2 5 4 ,1 5 2 2 5 3 ,0 3 6 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 61 ,5 6 8 60 ,4 5 2 1,1 1 6 1 4 7 ,647 5 4,128 4 ,1 00 7 7 ,5 9 4 13 — ( 'b a n g e s 1901. 1*900. D ec. Inc. F is c a l y e a r — G ro ss ............................ 9 ,0 3 6 ,6 5 5 7,7 9 6 ,4 4 9 1,240,206 E x p e n s e s a n d ta x e s . 5 ,9 2 6 ,0 9 5 1,094,273 4,8 3 1 ,8 2 4 N et 145,933 2,9 6 4 ,6 2 7 3 ,1 1 0 ,5 6 0 B ro o k ly n R a p id T r a n s i t r e p o r ts fo r J u n e G ro ss ............................ 1 ,181,023 1 ,1 0 5 ,0 0 6 76,017 N e t ................................. 4 4 8 ,2 8 2 446,7 1 7 1 ,565 . F is c a l y e a r —• 11,7 5 1 ,5 9 5 3 4 9 ,6 0 2 . G ro ss .............................12,1 0 1 ,1 9 7 N e t ................................. 4 ,1 3 0 ,5 6 3 3 ,7 5 8 ,3 6 9 3 7 2 ,1 9 4 . C hicago, B u rlin g to n & Q u in c y r e p o r ts f o r June-—■ G ro ss ............................ 4 ,0 8 8 ,9 5 7 3 ,9 4 4 ,9 1 0 9 4 ,047 . N e t ................................. 1 ,2 6 8 ,2 8 7 1 ,3 6 3 ,4 1 0 .................... 15,818 C h a rg e s ....................... 8 0 0 ,0 0 0 8 1 5 ,8 1 8 .................... 15,118 B a la n c e ....................... 4 6 8 ,2 8 7 547,5 9 1 .................... 79,304 C., B. & Q u in c y r e p o r ts f o r fisc al y e a r e n d ed J u n e 30— G ro ss .............................5 0 ,0 5 1 ,9 8 8 4 8 ,5 3 5 ,4 2 0 2,5 1 6 ,5 6 8 N e t ..................................1 7 ,6 1 0 ,0 9 8 1 7 ,718,582 108,484 C h a rg e s ....................... 9 ,8 2 5 ,0 0 0 9,7 8 9 ,8 2 1 35,1.79 B a la n c e ....................... 7 ,7 8 5 ,0 9 8 7 ,928,761 143,663 C h e s a p e a k e & O hio r e p o r ts f o r J u n e — G ro ss ............................ 1 ,3 1 3 ,7 1 0 1,273,061 4 0 .649 N e t ................................. 507 ,4 9 2 414,8 4 3 9 2 .649 F is c a l y e a r —G ro ss .............................1 5 ,371,541 13,4 0 2 ,0 7 0 1,969,471 N e t ................................. 5 ,4 0 4 ,3 6 2 4,3 1 4 ,4 3 1 1,089,931 C e n tra l of G e o rg ia r e p o r ts f o r J u n e — G ro ss ............................ 4 7 7 ,1 0 0 387,6 0 0 6 9 ,500 N e t ................................. 73,233 7 5 ,755 F is c a l y e a r — G ro ss ............................ 6,9 2 0 ,7 1 5 8 3 4 ,4 5 2 6,0 8 6 ,2 6 3 N e t ................................. 1 ,929,558 4 9 ,299 1 ,880,259 C h icag o , R ock I s la n d & P a c ific r e p o r ts f o r J u n e G ro ss ............................ 2,1 2 4 ,9 2 0 1,991,531 133,389 O th e r i n c o m e ............. 2,404 9,958 7,553 T o ta l in co m e ............. 2,1 2 7 ,3 2 5 2,0 0 1 ,4 8 9 125,835 Op. ex. a n d ta x e s . . 1,541,421 1 ,461,493 79,927 N e t i n c o m e .................. 585 ,9 0 4 539,9 9 5 45,908 1-12 a n n u a l c h a rg e s . *319,000 2,002 316.997 S u r p lu s ......................... 266,904 222.9 9 8 43,905 F o r th r e e m o n th s to J u n e 30 G ro ss ............................ 6 ,299,851 5,5 1 2 ,6 3 1 787,219 O th e r in c o m e .......... 24,408 44,645 20,237 T o ta l i n c o m e ............. 6,3 2 4 ,2 5 9 5,5 5 7 ,2 7 7 766,982 Op. ex. a n d t a x e s . . . 4 ,6 1 9 ,3 2 0 4,0 8 1 ,7 3 7 537,582 229,399 N e t in co m e ............... 1 ,704,939 1,4 7 5 ,5 3 9 3-12 a n n u a l c h a rg e s *957,000 950,991 6,008 747,939 S u r p lu s ....................... 524,5 4 8 223,3 9 0 ♦ E s tim a te d . D e la w a re , L a c k a w a n n a & W e s te rn R R ., lessee, r e p o r ts f o r q u a r te r e n d ed J u n e 3 0 — G ro ss ....................... . 2,0 4 0 ,6 8 3 6 9 ,990 .................. 1 ,970,693 943,511 9 3 2 ,4 3 8 11,073 N e t ............................ C h a rg e s .................. . 618,459 598,804 19,655 S u r p lu s .................... . 3 3 3 ,6 3 4 325,0 5 2 8 ,5 8 2 H o c k in g V a lle y r e p o r ts fo r J u n e — G ro ss ....................... . 435,824 4 3 7 ,3 8 0 1,556 4,855 N e t ............................ 176,202 171,347 313,1 1 4 333,911 T o ta l in co m e .......... . 20,797 125,722 F ix e d c h a rg e s . . . 138,032 12.310 S u r p lu s .................... 175,082 12.310 208,1 8 9 F is c a l y e a r —235,992 G ro ss ......................... . 4,6 5 3 ,2 5 8 4,4 1 7 ,2 6 6 1.776,059 N e t .............................. . 1 ,867,972 9 1 ,9 1 3 2,0 7 1 ,4 4 7 286,297 T o ta l incom e .......... . 2,3 5 7 ,7 4 4 902,8 9 9 F ix e d c h a r g e s . . . . 1,0 0 3 ,5 6 6 100,667 S u r p lu s .................... . 1 ,354,178 1,168.548 185,630 M ex ic a n I n te r n a tio n a l r e p o r ts f o r J u n e 456,1 4 4 439,4 6 8 16,676 G ro ss O per. e x p e n se s . . . . 274,7 1 3 260,407 14,306 179,060 2,370 181,430 N et . F o r s ix m o n th s 258,112 2 ,930,138 G ro ss 2 ,6 7 2 ,0 2 6 O per. e x p e n se s . . . . 1,6 2 5 ,4 2 4 1 ,588,787 36,637 221,474 1 ,083,239 1 ,304,713 N et . N o rfo lk & W e s te rn r e p o r ts f o r J u n e 97,998 1 ,310,887 G ro ss ............................ 1 ,212,889 764 ,8 2 9 30,959 E x p e n s e s .................... 733 ,8 7 0 67,039 N e t ................................. 479,019 546 ,0 5 8 4,644 F ix e d c h a rg e s .......... 192,299 187,655 F is c a l y e a r—G ro ss .............................1 5 ,785,441 1 4 ,091,005 1,6 9 4 ,4 3 6 944,3 6 3 8 ,5 0 1 ,0 9 6 E x p e n s e s .................... 9,4 4 5 ,4 5 9 750,073 5,5 8 9 ,9 0 9 N e t ................................. 6,3 3 9 ,9 8 2 .................... 23,922 2 ,2 7 3 ,6 3 9 C h a rg e s ....................... 2,2 4 9 ,7 1 7 3,3 1 7 ,7 7 1 773,9 9 5 .................. S u r p lu s ......................... 4,0 9 0 ,2 6 5 T h e P e n n s y lv a n ia R R . Co. r e p o r ts fo r J u n e a n d f o r six m o n th s e n d ed J u n e 30, w ith sa m e p e rio d s of 1 9 0 0 — P e n n s y lv a n ia R R . lin e s d ire c tly o p e ra te d : M o n th . S ix m o n th s . In c . In c . G ro ss ...........................................................$61 1 ,2 0 0 $4,0 0 9 ,3 0 0 N e t .............................................................. 5 1 5 ,0 0 0 2 ,499,400 L in e s w e s t o f P it t s b u r g a n d E r ie d ir e c tly o p e ra te d — G ro ss ............................................................. 3 8 3 ,9 0 0 941,7 0 0 N e t ................................................................. 2 3 8 ,3 0 0 878,7 0 0 P e re M a r q u e tte r e p o r ts f o r J u n e — G ro ss ............................ 7 3 2 ,6 7 0 667,9 4 9 64,721 .................. E x p e n s e s .................... 557,3 5 9 539 ,0 2 4 18,335 .................. N e t ................................. 175,311 128 ,9 2 5 4 6 ,3 8 6 .................. C h a rg e s ....................... 119,307 1 0 8 ,0 2 6 11,281 .................. B a la n c e ......................... 5 6 ,004 20,899 25,105 .................. P ro m J a n . 1— G ro ss ............................ 4 ,2 6 3 ,6 6 8 3 ,8 4 3 ,8 4 6 419 ,8 2 2 .................. E x p e n s e s .................... 3 ,2 8 6 ,7 5 9 3 ,0 2 2 ,9 7 3 2 6 3 ,7 8 6 .................. N e t ................................. 9 7 6 ,9 0 9 820,8 7 3 156,0 3 6 .................. C h a rg e s ....................... 7 2 6 ,3 3 4 6 5 4 ,7 2 6 71,608 .................. B a la n c e ....................... 2 5 0 ,5 7 5 166,1 5 7 8 4 ,4 2 8 .................. T o ta l a u th o riz e d p r e f e r r e d s to c k 120,0 0 0 s h a r e s ( p e r c e n t) is $240,000. S e a b o a rd A ir L in e r e p o r ts f o r J u n e — 8 0 ,223 G ro ss ............................ 8 7 5 ,0 8 2 794,8 5 9 108,265 N e t ................................. 2 5 0 ,5 2 6 142,261 P ro m J a n . 1— 862,2 1 3 G ro ss ............................ 5 ,7 2 0 ,7 4 3 4 ,8 5 8 ,5 3 0 601,6 3 6 N e t ................................. 1,788,671 1,1 8 7 ,0 3 5 Annual Reports. D e n v e r & R io G ra n d e r e p o r ts f o r 12 m o n th s e n d in g J u n e 30G ro ss .............................11,4 5 2 ,4 0 3 10,2 4 6 ,0 7 9 1 ,2 0 6 ,3 2 4 ............... O per. e x p e n se s . . . . 7 ,1 2 3 ,8 9 7 6 ,4 8 5 ,8 3 9 638,0 5 8 ............... N e t ................................. 4 ,3 2 8 ,5 0 0 3 ,7 6 0 ,2 3 4 5 6 8 ,2 6 6 ............... O th e r i n c o m e ............. 108,8 5 5 9 2 ,964 15,891.................... T o ta l ............................ 4,4 3 7 ,3 6 1 3,8 5 3 ,2 0 4 584,157 ............... THE COMMERCIAL WEST, 14 Saturday, Aug. 10, 1901. Direct Wire To New York. Investment Securities. CHARLES C. ADSIT, STOCK BROKER. 224 LaSalle Street, Chicago. Continental National Bank Building. MASON, LEWIS & CO. JOHN H. WRENN & CO., The Rookery, 225 LaSalle Street. B A N K E R S . BO STO N , 6 0 D e v o n s h ir e S tr e e t. C H IC A G O , M o n a d a o c k B u ild in g . MUNICIPAL RAILROAD CORPORATION BOND S CHICAGO. Choice Issues. Stocks, Bonds, Grain, Provisions, Coffee, Cotton. Street Railway and G as Companies. LIST ON APPLICATION. P R IV A T E WIRES T O NEW YO RK A N D MINNEAPOLIS. ------C h a n g e s — In c . D ec. 1901. 1900. 25 ,1 9 5 F ix e d c h a rg e s . . . . 2 ,3 8 3 ,9 3 8 2 ,3 5 8 ,7 4 3 5 5 8 ,9 6 2 S u r p lu s ....................... 2 ,0 5 3 ,4 2 3 1,4 9 4 ,5 6 1 R enew al a n d bond 40,000 c o n v e rsio n ............. 1 4 0 ,0 0 0 1 8 0 ,0 0 0 59 8 ,9 6 7 B a la n c e ....................... 1 ,9 1 3 .4 2 3 1 ,3 1 4 ,4 5 6 23 6 ,5 0 0 .................. 1 ,1 8 2 ,5 6 0 9 6 4 ,0 0 0 D iv id e n d s 36 2 ,4 6 2 S u r p lu s ....................... 7 3 0 ,9 2 3 3 6 8 ,4 6 1 130,161 E q u ip m e n t ...................................... 1 3 0 ,1 6 1 4 9 2 ,6 2 3 .................. B a la n c e s u rp lu s . . . . 7 3 0 ,9 2 3 23 8 ,3 0 0 T h e p a m p h le t r e p o r t o f th e C h ic ag o & N o r th w e s te r n R y . Co. f o r th e fisc al y e a r e n d e d M ay 31, 1901, is issu e d . T h e r e s u lts o f o p e ra tio n s w ith c o m p a ris o n s a r e a s fo llo w s $ 1 4 6 ,1 1 9 G ro ss .......................... $ 4 3 ,0 9 8 ,5 8 7 $ 4 2 ,9 5 2 ,4 6 8 1 2 8 ,848 O p er. e x p en se s . . . 2 5 ,9 1 1 ,9 5 8 2 5 ,7 8 3 ,1 1 0 17,271 1 7 ,1 6 9 ,3 5 8 N e t .............................. 1 7 ,1 8 6 ,6 2 9 95 ,3 6 9 T a x e s ......................... 1 ,3 1 8 ,0 4 0 1 ,2 2 2 ,6 7 1 78,098 B a la n c e s .................... 1 5 ,8 6 8 ,5 8 9 1 5 ,9 4 6 ,6 8 7 ' ’2 5 5 ,1 5 9 I n t e r e s t o n b o n d s . . 6 ,3 2 4 ,7 5 2 6 ,0 6 9 ,5 9 3 333,257 B a la n c e .................... 9 ,5 4 3 ,8 3 7 9 ,8 7 7 ,0 9 4 22 ,5 0 0 S in k in g fu n d .......... 2 2 5 ,0 0 0 2 0 2 ,5 0 0 355,757 B a la n c e .................... 9 ,3 1 8 ,8 3 7 9 ,6 7 4 ,5 9 4 78,511 I n t. p a id in a d v a n c e 7 4 ,6 2 9 1 5 3 ,1 4 0 277,2 4 6 T o ta l n e t .................. 9 ,2 4 4 ,2 0 8 9 ,5 2 1 ,4 5 4 47 ,2 8 9 O th e r in co m e .......... 5 7 7 ,0 8 0 529,791 229,957 T o ta l in co m e .......... 9 ,9 8 2 ,2 7 8 1 0 ,0 5 1 ,2 4 5 .......... 4 D iv id e n d s ................. 3 ,9 1 4 ,3 9 4 3 ,9 1 4 ,3 9 0 229,9 ¿i S u r p lu s .................... 5 ,9 0 6 ,8 9 4 6 ,1 3 6 ,8 5 5 372,5 1 5 S pl. a p p . r e a l e s t . . 4 ,1 6 9 ,5 2 6 4 ,5 4 2 ,0 4 1 14 2 ,5 5 4 S u r p lu s ....................... 1 ,7 3 7 ,3 6 8 1 ,5 9 4 ,8 1 4 Watson & Company, Minneapolis, Aug. 8.— After almost a week of dull and dragging markets, prices today showed a decided inclination to advance and the undertone to the market could fairly be called quite firm. There has been today, re newed buying of Canadian Pacific, more strength in the; Steel stocks, notwithstanding the news from the striking district, a further advance in the Nickel Plate and Vanderbilt inter ests, and altogether a suggestion of recovery that is gratify ing. The volume of business, of course, remains small, which would be natural at this time of the year, but we notice stocks rebound more easily and decline more slowly. 1 he Standard Oil people are credited with rather extensive buying, not only of sugar, but of the Southwestern stocks, and to some extent of the Steel interests. Their buying is well disguised, but there would seem little reason to doubt its being a fact. The near approach of another Standard Oil dividend would also go to show that these investments are made somewhat in antici pation of the heavy disbursements which will be made by the company next month. Nickel Plate securities are by some deemed distinctly a purchase now, and we are disposed to be lieve that the steady absorption of these stocks by the Vander bilt party points toward a deal in the near future which will improve their value. The nature of it, of course, we cannot at the moment divine, and it would be premature even, to guess at it, but that something of the kind is on foot we have but little doubt. The crop reports along the Canadian Pacific railroad continue to be unusually favorable and it is not to be wondered that the stock reflects good buying. Orders are in the street from London, and our information is that such European buying is for permanent investment, and of a very high quality. The money situation reflects a little higher rate and a little more scarcity. There have been extensive loans made at 4 ^ per cent for six months on mixed col lateral and 5 per cent on pure industrial securities. These rates are a little discouraging to the ordinary speculator, who, basing his views on the price of call money, is very apt to be surprised at ascertaining what the expense may be for carry ing his securities. O f course, the reasonably conservative broker foresees difficulties in October, and possibly in Sep tember for the money market, and therefore is preparing him self accohrdingly. Many of the smaller concerns have been borrowers of money on time, and there is a good deal of un easiness among brokers as to future of money market. In conclusion, we may say that we feel more disposed towards a moderate investment buying of stocks than we have for some time past. Report of the Northern Trust Company Bank. R e p o r t o f th e c o n d itio n o f T h e N o r th e r n T r u s t C o m p a n y B an k , S. E . C o rn e r L a S a lle a n d A d a m s S ts . A t th e c o m m e n c e m e n t o f b u sin e ss, J u ly 29, 1901. R ESO U RCES. T im e lo a n s on s e c u rity ............................ $ 2 ,6 9 4 ,1 4 0 .7 1 D e m a n d lo a n s on s e c u rity .................. 9 ,0 8 1 ,3 3 5 .1 3 B o n d s a n d s to c k s ...................................... 6 ,0 2 5 ,6 9 4 .6 4 ------------------------ $ 1 7 ,8 0 1 ,1 7 0 .4 8 D u e fro m b a n k s ........................................... 2 ,7 4 0 ,3 3 7 .1 3 C h eck s f o r c le a r in g s ................................. 2 8 3 ,4 8 1 .2 6 C ash on h a n d ................................................ 3 ’2 9 2 ’4 9 3 , ; . ^ 6)31 6 ,3 1 1 .9 1 T o ta l $ 2 4 ,1 1 7 ,4 8 2 .3 9 L IA B IL IT IE S . C a p ita l s to c k ...................................................................................$ i ’n o n o o n 'o o S u r p lu s f u n d ................................................................................... L 0 0 0 .0 0 0 .0 0 U n d iv id e d p ro fits .................................................... - 3 6 ,0 0 9 .5 2 C a s h ie r’s c h ec k s ........................................ $ 5 5 ,6 4 6 .7 4 C e rtifie d c h ec k s ........................................ 7 4 ,4 8 2 .1 5 1 3 0 ,1 2 8 .8 9 D e m a n d d p o s its .......................................... $ 1 3 ,2 0 2 ,7 9 0 .5 5 T im e d e p o s its ............................................... 8 ,5 4 8 ,5 5 3 .4 3 2 1 ,7 5 1 ,3 4 3 .9 8 T o ta l .............................................................................................$ 2 4 ,1 1 7 ,4 8 2 .3 9 Bond Prices. . . . Chicago Foreign Exchange Quotations. N ew Y ork, A ug. 8.— Io w a C e n t, l s t s ..................1 1 5 % T h e N a tio n a l B a n k o f th e R ep u b lic on A ug. 7, q u o te d fo re ig n TT. s . re f. 2s, c o u p .............1 0 7 % L. & N . u n if. 4 s ..................10 1 % TT .S. re f. 2s, co u p .............1 0 7 % e x c h a n g e a s fo llo w s : -S te r lin g TJ. S. 3s r e g .............................1 0 8 % M. K . & T . 2 d s ....................... 81 D e m an d . 60 d a y s. II. S. 3 s co u p ........................1 0 8 % M. K . & T . 4 s ....................... 97 % 4 .8 8 % N. Y. C. l s t s .............................1 0 4 % U. S. n e w 4s, re g ........... 137 P o s te d r a te s ............................................................ f . 86 4 .8 8 N . J . C. g e n . 5 s ...................1 2 9 % U . S. n e w 4s, co u p ................137 A c tu a l ............................................................. L o r i / 4 .8 7 % N . P . 3s ...................................... 72 D o c u m e n ta ry ........................................................... ’ . 85 % U. S. o ld 4s, r e g ................113 N. P . 4s .......................................1 0 4 % TT. S. o ld 4s, co u p ..............113 C ab les ............................................................. 4 .8 8 % U. S. 5s r e g ............................107 % N. Y. C. & S t. L. 4 s ------107 B a n k r a te o f 3 p e r c e n t. TT. S. 5s, co u p .......................1 0 7 % N. &. W . c o n 4 s ...................... 102 P r iv a t e r a te , 2 9-16 p e r c e n t. ---------------F r a n c s O re. N a v . l s t s ........................1 0 7 % D e m an d . D is t. Col. 3 6 5 s .......................124 60 d a y s. A tc h . g e n . 4 s ........................1 0 3 % O re. N a v . 4 s .............................10 2 % 5 .1 6 % A c tu a l ..................................................... 5 • 18 % O. S. L. 6s ................................ 129 A tc h . ad.i. 4s ......................... 97 5 .1 6 % le ss 1-16 D o c u m e n ta ry ....................................... 5 • l® % O. S. L. con 5 s .......................117 C an . So. 2 d s ........................... 110 C ab les ......................................................5 .1 5 % C hes. & O. 4 % s ...................1 0 6 % R e a d in g g en. 4s ................. 95 B a n k r a t e o f 3 p e r c e n t. R io G. W . l s t s ...................... 1 0 0 % C hes. & O. 5 s .......................120 P r iv a t e r a te , 2 % p e r c e n t. M. con 5s . . . . 1 1 6 C. & N . c o n 7 s ........................1 3 5 % S t. L. & I. -M a rk sL o n d o n ch eq u es in P a r is , 25.20. — S t. L. & S. F . G. 6s ............... 125 C. & N . S. F . deb. 5 s .......... 122 D em an d . 60 d ay s. S t. P a u l C o n so ls ................... 173 C hi. T e rm . 4s ....................... 94 95 7-16 P. l s t s A1 1c 3tu%a l ..............................................................................95 Col. S o u th e rn 4 s .................. 8 7 % S t. P . C. & 95% D o c u m e n ta ry .............................................................. " S t. P . C. & P. 5s .............. 1 1 6 % D. & R. G. 4 s ...................... 1 0 1 % C ab les ............................................................................... 95 % E r ie gen. 4s ............................ 8 5 % So. P a c . 4 s ................................. 91 B a n k r a te , 3 % p e r c e n t. S o u th e rn R y. 5s ...................11 5 % F . W . & D. C. l s t s .............104 S ta n d . R. & T. 6s 55 P r iv a t e r a te , 2 % p e r c e n t. G en. E le c tric 5s ................. 200 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Saturday, Aug. io, 1901. THE COMMERCIAL WEST. New York Money Market. (S p e c ia l C o rre s p o n d e n c e o f th e City Real Estate Loans. C o m m e rc ia l W e s t.) New York, Aug. 7.— The feature of the monetary situation is the heavy movement of gold from the Klondike and the disbursements by the local sub-treasury against drafts drawn for the gold deposited at Seattle and San Francisco. The heavy disbursements on this account yesterday and this morning were chiefly responsible for the debit of the SubTreasury at Clearing House today amounting to $1,392,998. The money market is unchanged as to rates, but the tone, partly on account of the heavy gold receipts referred to and the recent reactionary movement of the stock market is easier. Rates on time are unchanged at 4 to 4y2 per cent and prime mercantile paper is discounted in this city at 4^2 to 5 per cent, the demand being still moderate. The inquiry on the part of out-of-town institutions is fairly good and rates are unchanged at 4 to 4]/2 per cent for best quality. Chicago Money Market. (S p e c ia l C o rre s p o n d e n c e o f th e C o m m e rc ial W e s t.) Chicago, Aug. 7.— The Chicago money market shows little or no change so far as demand is concerned. Rates rule 4@5 per cent. Official of a prominent La Salle Street institution said this morning: “ Chicago banks are well loaned up and are taking care of a small demand at currently quoted rates. A sudden increase in demand for funds from mercantile and manufacturing interests would doubtless lift the rates, but for the present these interests are not in the market. The outlook for fall business is encouraging. The steel strike, is of course, a depressing factor, though not materially so. A settlement would, however, remove an element of uncer tainty.” The demand for money to move crops is not large. Chi cago banks are shipping some currency for these purposes, but the movement is not abnormal. The state bank call which was received Monday shows that local institutions have not gained materially in deposits since the last previous call May 14. A summary of the reports of eleven banks shows a gain of 6.9 per cent in loans, 1.3 per cent in deposits, and 15 per cent decrease in cash. The sum mary follow s: .Tuly 29, 1901 M ay 14, 1901 In c re a s e ........................ P e rc e n ta g e ............................ * D e crea se. 15 L o a n s. $ 1 0 3 ,7 9 6 ,6 1 0 9 7 ,1 3 6 ,5 8 9 D e p o sits. $ 1 6 7 ,6 0 2 ,2 2 1 1 6 5 ,4 2 2 ,5 4 0 C ash R eso u rc e s. $ 5 0 ,4 7 8 ,2 6 9 5 9 ,4 2 6 ,427 $ 6 ,660,021 6.9 $ 2 ,1 7 9 ,6 8 1 1.3 * $ 8 ,9 4 8 ,1 58 15.0 The decrease in cash may be attributed wholly to the Il linois Trust and Merchants’ Loan and Trust companies. The two institutions show a decrease in cash of $7,556,416. The decrease in the Illinois Trust was $6,139,068. Minneapolis Money Market. New wheat has begun to move, and some of the elevator companies have taken a little money on six months time. One bank making such loans gave 4^ per cent as the rate obtained. Other banks have received notice from some of the grain people that funds would be wanted very soon. The season is starting in two weeks earlier than usual, and by the middle of the month, or the latter part, considerable activity is looked for in the local money market. The matter of rates is one of particular interest, now that a fair crop seems assured. The bankers believe that the general business situations justi fies a fair rate, say 4L >@5 per cent for time terminals. Should there be a greater carrying charge on wheat for the elevator companies than existed last year, which seems probable when the crop begins to move freely, the borrowers will not object to paying a little higher rate. On the last crop there was at times little or no carrying charge. This year conditions are radically different. The loan departments of the large real estate firms have noted an increased demand for money during the last week, although it has been fairly good all summer. Real estate business has been better during the summer than ever before in the same season. Loans ranging from $750 to $5,000 on. modern residences are the class handled by these companies. The net rate to the lender, on some recent loans of this char acter— on strictly modern residences— ranged from 5 to 6 per cent. A $5,000 loan was made at 5 and a $2,200 at 6, although most of the loans of one company for the week were at 5 per cent. Here are two examples of the ideas of lenders: A customer of the company, living in a central state, disposed of some Minneapolis property, and had $3,000 to loan. The agent offered him a first-class 5 per cent mortgage on a modern residence, but this was refused, the lender saying that he wanted 6 per cent. Another person, having $2,000, was satisfied with 5 per cent, and said that he would not take more, as he wanted security that was above any possibility of question. The range of rates in Minneapolis follow : D e m a n d te r m in a ls ...................................................................................3 % @4 T im e te r m in a ls .........................................................................................3 % @ 4 % C hoice e n d o rs e d ........................................................................................... 4% @ 5 L o c a l b a n k s a s k in g ...................................................................................3 % @8 L o n d o n 60 d a y s s ig h t d o c u m e n ta r y e x c h a n g e : F r id a y , A ug. 2 .............................................................................................4 .8 4 % S a tu r d a y , A ug. 3 ........................................................................................4 .8 5 M onday, A ug. 5 ..............................................................................................4 .8 5 T u e s d a y , A ug. 6 4 .8 5 W ed n e sd ay , A ug. 7 ...................................................................................4 .8 5 % T h u r s d a y , A ug. 8 ........................................................................................4 .8 5 % T h re e -d a y g u ild e rs ....................................................................................4 0 .2 5 M IN N E A P O L IS S E C U R IT IE S . M in n e a p o lis . A ug. 8, 1901. A sked. B id. 137 F i r s t N a tio n a l B a n k ...........................................................132 100 G e rm a n ia B a n k ........................................................................... G e rm a n -A m e ric a n B a n k ................................................. 110 H e n n e p in C o u n ty S a v in g s B a n k ..................................132 110 M e tr o p o lita n ............................................................................ 106 100 M in n . L o a n & T r u s t C o ..................................................... 92 110 M in n e a p o lis T r u s t C o ........................................................ 100 175 N o r th w e s te r n N a tio n a l B a n k ......................................... 160 129 N a tio n a l B a n k o f C o m m erce .......................................125 P e o p le s B a n k .............................................................................. S t. A n th o n y F a lls B a n k .................................................100 S e c u rity B a n k ....................................................................... 127 115 S w e d is h -A m e ric a n B a n k ................................................... 110 103 M in n e a p o lis S y n d ic a te ......................................................100 89 M in n e a p o lis B re w in g Co., C om m on ............................. 84 105 Do P r e f e r r e d .............................103 114 Do B o n d s ................................... 110 80 N. A. T e le g ra p h C o ............................................................... 75 Minneapolis Local. H. H. Thayer, vice-president of the National Bank of Commerce, left on Saturday for a two1 months’ trip to Eng land. He will join his family, who are spending the summer abroad, and return with them. E. A. Merrill, president of the Minnesota Loan & Trust company, leaves tonight, accompanied by his wife, for a two weeks’ trip to the Yellowstone Park. He goes via Duluth, on the Northern Pacific. St. Paul. There is no activity in the local money market. It is a midsummer condition, with a firm undertone. The bankers now feel easy about the wheat crop, and are looking forward to a good demand for money within the next few weeks. One bank reported a small loan to country grain dealers— the first on the new crop— at 5 per cent. The cashier of this bank declared that 5 per cent is low enough and that rates have been too low. He said that 3^2 per cent, at which elevator companies have in former years secured large amounts is not a living rate; and he thought that general business conditions this fall would warrant the banks in charging a Bankers Watch the Crops. fair margin of profit on their money. O f course eastern During the last week the bankers have watched the crop money may be offered at very low rates, but that is not at situation as closely as the elevator managers. In fact, the crop present certain. Another bank reported having made some has occupied their attention more than anything else. And loans in Chicago' during the week at 4l^@5 per cent, as the there is good reason for it, for they realize that the outcome money could not be put out at home as profitably. The of the wheat crop means either good business and a money possible effects of the steel strike has been causing the bank market here, or that they will be obliged to go elsewhere to ers some thought, though hardly any uneasiness, as they be loan their money. No other business reflects adverse or fa lieve there is so much at stake that the matter will be ad vorable crop conditions more quickly than banking, and the justed. This may not be done, however, before rates of in northwest is the most important of the typically agricultural terest are affected in the east, which of course would be re sections of the country. Agriculture is interwoven through flected here. out the whole commercial fabric, and when the farmer ceases to buy, all lines of trade languish. The country merchant Kansas Banks. (S p e c ia l C o rre s p o n d e n c e o f th e C o m m e rc ial W est..! feels it first. His stock lies idle on the shelves and his orders Atchison, Kan., Aug. 8.— In spite of the drouth the deposits to the jobber are small. The country banker’s deposits grow less, and loans greater— he is soon tied up into a tight knot. in the Kansas banks are increasing, and there is little doubt The jobbers, the city banks, the manufacturers, the lumber but that there is to the credit of Kansas people, and mostly men— all feel the pinch when the farmer begins to curtail his to the farmers, in these institutions a sum exceeding $75,000,expenses. They of necessity begin to cut down expenses too. 000. Many farmers have rushed their stock_ to market, for and the wheels of trade are reduced to half-time running. lack of feed, and the proceeds have gone into the banks. Knowing this as well as the bankers do, it is not strange that Many new banks have been chartered within the past few they have watched crop conditions closely and anxiously months, and still more are in contemplation. Many of the through the recent excessively hot weather. This week there state banks have five and some as high as ten times as much is a noticeable cheerfulness about the bankers, for they feel deposits as capital stock, and this situation gives almost pos that a year of exceptional prosperity will begin with the itive assurance that the banking laws of the state will be changed, in conformity with Bank Commissioner Albaugh’s movement of the crop. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis TH E COM M ERCIAL W EST. 16 views, so as to require larger capital, before charters are is sued, at the next session of the legislature. Good financiers are beginning to scent danger in so many banks with small capital stocks. The minimum in Kansas is $5,000. It is almost certain the amount will be increased. * * * The city of Emporia, Kan., has just issued the following debt statement: Issued to' refund water works bonds July 19, 1890, 20-year, at 5 per cent $15,000, payable N. Y. fiscal agency; Normal bonds issued April 5, 1894, 10-year, at 5 per cent, $5,800, payable Toledo, Kansas; refunding city bonds February 2, 1898, at 5 per cent, $43,000, payable at Topeka; water works bonds January 1, 1899, at 4% per cent, $162,000, payable N. Y. fiscal agency; December 1, 1899, at 4/2 per cent, $50,000 payable N. Y. agency. Total amount of bonds $275,800. Saturday, Aug. io, 1901. T H E St.Paul.Mihh. St. Joseph. (S p e c ia l C o rre s p o n d e n c e o f th e C o m m e rc ial W e st.) St. Joseph, Mo., Aug. 8.— St. Joseph banks have enjoyei another week of unusual activity. The showing of the clear ing house is an aggregate of $5,682,012, an increase of 55 per cent. But one other city in the Union or the Dominion of Canada, with an equal or greater volume of transactions, Indianapolis, showed so great an increase. The total clear ings for the month of July were $22,239,861.21 as against $21,630,171.48 for the same month in 1900. For the seven months ending July 31, 1901 the St. Joseph clearings aggregated $132,882,075.01, as against $127,046,736.15 for the like period in 1900, a gain of $5,835,338.86. The latest quotations of bonds and stocks of Buchanan county and the City of St. Joseph are as follows : B u c h a n a n C o u n ty 3 % c , 5-20 .............................. B u c h a n a n C o u n ty 3 % s , 10-20 ......................... B u c h a n a n C o u n ty 3 % c , 15-20 ......................... B u c h a n a n C o u n ty 3 % c , 20 .............................. S t. J o s e p h 3 % s , 1921 ........................................ S t. J o s e p h 6s, 1 903 ................................................ S t. J o s e p h S ch o o l 5s, 1888, 1 0 -2 0 .................. S t. J o s e p h S chool 4s, 1898, 10-20 .................. S t. J o s e p h S ch o o l 4s, 1898, 15-20 .................. S t. J o s e p h School 4s, 1918, 20 s ....................... S t. J o s e p h S ch o o l 4s, 1914, 20s ....................... S t. J o s e p h S ch o o l 4s, 1 8 99, 1 0 -2 0 ....................... S t. J o s e p h S ch o o l 4s, 1 9 20, 2 0 s ....................... S t. J o s e p h S ch o o l 4s, 1900, 10-20 .................. S t. J o s e p h S ch o o l 3 % s , 1921, 2 0 s .................. M e r c h a n ts B a n k ....................................................... F i r s t N a tio n a l ............................................................ G e rm a n -A m e ric a n ....................................................... P a r k ................................................................................... C h a m b e r o f C om m erce 8 p e r c e n t s to c k . . . C o m m e rc ia l B lo ck ..................................................... S t. J o s e p h G a s C o ....................................................... S t. J o s e p h G a s Co. 5 p e r c e n t b o n d s . . . . S t. J o s e p h WTa t e r Co., 5 p e r c e n t b o n d s . S t. J o s e p h S to c k y a rd s , 4 % p e r c e n t b o n d s S t. J o s e p h S to c k y a rd s s to c k ......................... N a tio n a l B is c u it C o.................................................... S w if t & C o m p a n y 6 p e r c e n t s to c k .......... S w if t & C o m p a n y 5 p e r c e n t b o n d s ............... ............... 101 ............... 1 0 1 % ............... 10 1 % ............... 102 ................ 104 105 @ 106 100 @ 102 101 @ 103% 102 @1051/2 103 @ 107 103 @ 105 y2 104 @ 105 1 0 3 i/2@ 107 105 @ 106 1 0 2 % @ 104 ............... 105 ............... 112 ............... 105 ............... 115 ............... 110 ............... 60 ............... 40 ............... 100 ............... 101 ................ 1 0 3 % ............... 150 ............... 42 ............... 108 ............... 10 2 % HELENA. “ Sheep Loans’' Being Paid Off—Banks Well Supplied with Money Which They Offer at Low Rates. (S p e c ia l C o r r e s p o n d e n c e o f t h e C o m m e r c ia l W e s t.) Helena, Mont., Aug. 8.— The feature of the banking situa tion at Helena during the last four weeks has been the pay ment of “ sheep loans.” The price of wool has been excep tionally good, at least two cents more than the ranchmen really expected. As a result of the higher price they have been able to take up more of their paper than usual at this season. The banks are therefore somewhat long on funds. But owing to the high price of wool the ranchmen will branch out more extensively than they have heretofore done, and consequently they will be able to use the funds which the banks are now offering them at low rates. Sheep loans are more and more in favor with the banks, as the sheep business is becoming more systematized and greater care is exercised over the animals. The sheep owners have been big borrowers the last two years, or since the Northern Pacific railroad in augurated its enlightened policy of selling its lands at reason able prices. The money borrowed is for the purchase of large tracts of lands for sheep-runs, and the purchase of fencing material. Since the Northern Pacific railroad commenced to sell its lands at low prices, sheep owners from the southern country are coming to Montana and buying lands. The re sult will be that in a few years the number of sheep shipped from Montana and the production of wool in the state will largely increase. Illinois Bankers Convention. The annual convention of the Illinois State Bankers’ asso ciation will he held at Quincy on Oct. 29 and 30. It is ex pected that Charles G. Dawes, controller of the currency, and Frank A. Vanderlip. vice-president of the National City bank, of New York, will address the association. The Bank of Arilla, at Arilla. Ind., owned by Henry W. Leach, and the Commercial bank of Cromwell, Ind., owned by Henry W. Leach and others, have suspended. They were started a year ago. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis CHICAGO BANK STOCK QUOTATIONS. A.J. WHIPPLE & CO. Members Chicago Stock Exchange, STOCK BROKERS. P r i v a t e W ire s t o a ll P r in c ip a l E x c h a n g e s . /-> A G O M a in F l o o r N ew Y o rk E ife B u ild in g , W O l W r Y v j U '. L o n g D is ta n c e T e le p h o n e , C e n t r a l 1 0 3 1 . O rd e rs b y w ire in g r a in a n d s to c k s p r o m p t ly e x e c u te d . A. J . W h ip p le & C o m p a n y s u b m it th e fo llo w in g •ices o n C h ic ag o b a n k s to c k s A ug. 8, 1 9 0 1 : R a te S a le . B ook V. D iv. 6 176 A m e ric a n T r u s t & S. B a n k . . 135 162 5 B a n k e rs ’ N a tio n a l ........................124 361 15 C h ic ag o N a tio n a l ........................226 160 8 C h ic ag o C ity B a n k ...................131 350 12 C o m m e rc ial N a tio n a l ................ 237 380 12 C o rn E x c h a n g e .............................188 180 6 C o n tin e n ta l N a tio n a l ................ 128 8 205 D ro v e rs ’ N a tio n a l ........................124 370 12 F i r s t N a tio n a l .............................175 6 118% F o r t D e a rb o rn N a tio n a l ........... 125 109 6 G a rd e n C ity ..................................121 930 12 Illin o is T r u s t ..................................236 356 12 M e r c h a n ts L o a n & T r u s t . . . .1 9 0 410 10 M e r c h a n ts N a tio n a l ...................275 252 8 M e tr o p o lita n N a tio n a l ..............174 110 6 M ilw a u k e e A ve. S t a t e B a n k . . 149 300 8 N a tio n a l L iv e S to c k ...................218 155 5 N a tio n a l B a n k R ep u b lic . . . . 1 2 4 400 6 N o r th e r n T r u s t .............................215 165 6 O a k la n d N a tio n a l ........................187 105 4 P r a ir ie S ta te ..................................126 139 5 R o y a l T r u s t C o..............................161 205 6 S ta te B a n k o f C h ic ag o ..............117 272 U n io n T r u s t ............... .......................... 100 W e s te rn S ta te ..................................101 b id a n d a sk e d L B id. 174 158 358 160 400 380 178 215 368 118% 115 900 360 400 252 110 325 154 165 105 138 205 275 100 A sked. 17 7 % 160 360% 165 425 385 180 370 122 118 925 365 420 260 125 335 160 400 110 143 210 105 Grain in Regular Minneapolis Elevators. W h e a t, bus. No. 1 h a r d . . . No. 1 n o r th e r n No. 2 n o r th e r n N o. 3 .................. R e je c te d ............. S p e c ia l b in . . . No g ra d e .......... T o ta ls D e c re a se . C o rn . . . . O a ts . . . . B a r le y . . . R ye .......... F la x . . . . W eek e n d in g A ug. 3. ____ 1,743 . ..4 ,4 7 5 ,3 1 8 ____ 412,5 5 5 ____ 339,4 5 6 ____ 3 1 ,927 . . . .1 ,2 9 9 ,6 1 7 ____ 26,563 6,5 8 4 ,1 8 2 909,6 1 5 51,664 5 5 0 ,5 2 0 5 ,060 17,955 8 ,900 Y e a r ago. 137 ,1 3 5 6 ,6 5 7 ,0 7 6 988,4 7 7 149,433 2,404 1 ,8 5 0 ,5 3 6 758 9 ,7 8 5 ,8 1 9 53,268 308,421 11,405 6,685 2,476 H. Poehler Company, Minneapolis, Aug. 7.— If the corn crop is going to be short 800,000,000 to 1,000,000,000 bushels, farmers will either have to sell their live stock or find some thing to replace corn. This does not necessarily infer that wheat is to be fed in large quantities to live stock, but it means that it is going to keep the constitutional bear guess ing; that it is bound to affect the price of wheat materially. With high prices for oats, barley, feed, potatoes, and in fact all farm and garden products, wheat will not go begging, es pecially when it is being shipped to Europe at the rate of over 1,000,000 bushels per day. The export clearances since July first are enormous, and they are averaging by far the heaviest in the history of the grain trade of this country. C. E. Lewis & Company, Minneapolis, Aug. 8.— W e believe wheat is a purchase on all soft spots as long as present ex port demand keeps up and coarse grains are as strong as they are_ W e believe European shortage will be in the neighbor hood of 60,000,000 bushels. Under these conditions we do not look for very weak wheat market, but advise buying it on all weak spots. The Standard Oil company has declared a dividend of $8 a share, payable Sept. 16 to stockholders of record on that date This dividend brings the amount declared so far this year up to 40 per cent, with one more declaration to be made. In the years from i 8q i to 1895 the Standard Oil company paid per cent a year. In 1806 31 per cent was paid, in 1897 33 per cent, in 1898 30 per cent, in 1899 33 per cent and in 1900 48 per cent. TH E COM M ERCIAL W EST. Saturday, A ug. IO, 19OI. 17 CHAPTER ONE OF THE CHICAGO BANK CLERKS. President, Frederick I. Kent, of the First National Bank. The Chicago Chapter of the American Institute of Bank Vice-President, Harold H. Rockwell, of the Northern Clerks, is known as “ Chapter One.” From the standpoint of members, of enthusiastic interest which the members •Trust Company. Secretary, H. C. Vernon, of the Commercial National take in the work of the chapter, and of the general public interest which has already become attached to such work, Bank. Treasurer, Ralph C. Wilson, of the Bankers’ National this chapter well deserves to be called “ Chapter One.” The American Institute of Bank Clerks was founded by Bank. Members of the Executive Committee: Huntington Ma the American Bankers’ Association, in order to stimulate bank employes to inform themselves of the theory and prac son, of the Merchants’ National bank, one year; Thomas tical duties of the positions they already may be filling, or Jansen, of the National Bank of the Republic, two years, and (1 ) P . A. C r a n d a ll. (2 ) T h o m a s J a n s e n . (5 ) H . C. V e rn o n . (3 ) H u n t i n g t o n M a s o n . (6 ) F r e d e r ic k I. K e n t. may be called upon to fill. To this end a correspondence school is provided for, which offers courses in penmanship, composition, business correspondence, commercial geography, financial and commercial history, bank arithmetic, bank book keeping, commercial law, government, practical finance and other subjects. An official paper containing announcements, reading courses, and special articles by economic writers, is also furnished. The Chicago Chapter No. 1, was organized on April 27, when the following officers were elected: https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis (4 ) H a r o ld H . R o c k w e ll. (7 ) R a lp h C. W ils o n . F. A. Crandall, of the Merchants’ Loan and Trust Company, three years.: In the selection of this list the Chicago chapter was cer tainly extremely fortunate. All of those in this list are com paratively young men, who have already shown in marked de gree, the capacity for thinking, the quality called “tact,” the disposition for hard work, the spark called “conscience,” all of which are so essential for advancement to positions of honor in the banking profession. The individual histories of each of these young men,1 afford interesting data of the 18 TH E COM M ERCIAL W EST. Saturday, Aug. io, 19OT. “stuff ' of which the average Chicago bank clerks are made, been very prominent. The Good Will camps for residents of of the promise they give of maintaining and advancing the the slum districts have taken a great deal of his outside time, standards of banking, when they shall be summoned to meet and have owed much of their success to him. He has been the responsibilities of the prominent bankers of to-day. In very prominently identified with the Boys’ club at the famous tbe columns following will be found these histories. Hull House. He was educated at the Oak Park high school. 1he first big meeting of the Chicago chapter was held on Chicago, and has been with the Northern Trust company May 27, at which Mr. J. B. Forgan, president of the First since 1891, first as statement clerk, then as chief clerk. He National bank of Chicago, and Mr. S. R. Flynn of the First has given much study to economics, having been an active National bank of St. Paul, delivered addresses. A detailed member of the Social Economics club. His chief amusement account of that meeting appeared in the subsequent issue of is golf. He is a member of the Westward Ho Golf club., J h e C o m m e r c ia l W e st . The addresses of Messrs. Forgan He is a brother of Roy Rockwell, formerly financial editor of and Flynn made an impression among the Chicago bank the Chicago Record, and now cashier of the leading bank at clerks, which they could not easily forget, and still furnishes Beloit, Wis. H. C. Vernon. a subject for mutual conversation. Mr. H. C. Vernon is a man whose life has been ordinary, 1 h e C o m m e r c ia l W est is now pleased to announce that this chapter has secured the promise of a course of sixteen full of the drudgery of bank work, and of commonplace lectures on “ 1 he Law of Negotiable Instruments,” from cares— yet a man who has succeeded in rising from the posi Julian W. Mack, the well-known professor of the North tion of messenger boy at the Commercial National to the western Law School. It also is to have feature addresses, position of chief clerk. He has done this not by aiming to probably in October, by James H. Eckels, president of the be brilliant, not by having tooi much ambition, but by doing Commercial National bank, and by Dorr A. Kimball, man his duty to the very best of his ability, by doing the very best ager of the credit department of Marshall, Field & Co. Mr. way it could be done, anything there was to be done. He is Eckels’ address promises to be one of the most important he extremely well liked in his circle of friends, is trustee of the has ever delivered. It will present the history of the con California Avenue Congregational church and vice-president troller's office, during the memorable term in which Mr. of the Chicago Society of Accountants. A t the Commercial Eckles was at its head. As an authority on credits, and as National bank—-the bank of such noteworthy men as Mr. an entertaining speaker on a number of public topics, Mr. Eckels, the most successful controller the United States ever Kimball has achieved a wide reputation, so that his address' had, Mr. McKeon, who as receiver of the National Bank of Illinois broke all records for successful receiverships, and also is awaited with great interest. Frederick I. Kent. Mr. Talbert, the most efficient state bank examiner Illinois Mr. Frederick I. Kent Affords an illustration of the fact ever had— the morale and general standard of efficiency is that all around culture is not incompatible with good bank very high. To be chief clerk of such a bank is no small ing; in fact, that the polish, and other attributes that go to thing. Ralph C. Wilson. make up a true “gentleman” can make themselves felt at the Mr. R. C. Wilson was born at Lafayette, Ind., Aug. 12, very “bottom” of the banking career, and be the means of steady advancement towards the top. A leader in Chicago 1867, and was educated at the Englewood high school, Chi musical circles, one of the best amateur photographers of cago. He entered the Atlas National bank as bookkeeper in the city, an interesting conversationalist, and one who has the 1890, filling every clerical position until the bank liquidated liberality of view that large experience as a traveler can alone in 1896. He is now discount clerk with the Bankers’ Na give, Mr. Kent is also one of the most efficient members of tional bank. He is a close student of everything that per the large force at the First National bank, where hard work tains to business. He is very popular among his associates. Huntington Mason. counts, and where success is won, as President Forgan re -Probably no young man ever started in banking “at the cently stated, by preparing for the opportunities that come. Mr. Kent has a frank, engaging manner, and large executive, bottom,” with larger mental capital, more reputation for suc ability. It was natural that such a man should be chosen cess achieved previous to his entree into this profession, and by the Chicago bank clerks to lead their chapter. As fof yet with more modesty, than Huntington Mason of the Mer Mr. Kent’s history, we quote the following from a recent chants’ National bank. A t Yale college from which he grad sketch in the Chicago Daily News series of “Young Men uated in 1897, M r Mason attracted large attention to himself, because of his intellectual gifts, and his popular qualities. Who Got There:” “ Possibilities of substantial recognition for young men in In classical studies Mr. Mason surpassed all records at Yale the larger banks of Chicago are illustrated in the success of for high standing. In Greek his work was considered to be Frederick 1. Kent of the First National bank, who recently the most scholarly and perfect of any student who ever en was elected president of the American Institute of Bank tered Yale. He was an editor of the famous Yale Literary Clerks. Mr. Kent entered the bank in 1886. He ‘began at Magazine, the oldest magazine in the United States, and one the bottom’ and to-day handles the domestic exchange and connected with the names of some of Yale’s most dis tinguished graduates. He was also a member of the Society telegraphic transfer for that Tank. “ Mr. Kent was born in "Chicago in 1869. His father was of Scroll and Keys, the greatest social honor at Yale. His H. L. Kent of the old firm of Lewis, Brooks & Kent. He father, the late Edward G. Mason, was considered the best was educated in the public schools and entered the First Na after-dinner speaker in Chicago, was president of the Chicago tional bank immediately on leaving the Englewood high Historical society, a director of the Egypt exploration fund, school. He was placed in charge of the distribution of the and a trustee of Yale college. From him Mr. Huntington private mail after a few years in minor clerkships and while Mason evidently inherited not only his mental gifts, but his in this position secured a practical knowledge of the inner capacity for hard work, and his taste for banking. The late Edward G. Mason was the legal advisor of the Merchants’ workings of the business. “Mr. Kent married Miss Ella G. Williams of Boston in National bank. It was while in the vaults of that bank, ex 1891 and his home is at 6536 Harvard avenue. For several amining certain titles, that he became stricken with the sud years he was conductor of the Kent Orchestral club and den illness which shortly afterward ended a career that had treasurer of the Chicago Symphony club. He always has been one of the most honorable and lustrous in Chicago’s been prominent in local musical circles, although his par history. ticipation in concert work has been for amusement only, Mr. Kent has traveled extensively in Europe and recently spent some time in Cuba.” Harold H. Rockwell. Mr. Harold H. Rockwell has an extremely engaging per sonality, and a very wide circle of friends who would esteem it pleasure to do any service for him. Unselfishness is per haps his strong characteristic, and that which has won for him so many friends. In charitable work in Chicago he has https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Thomas Jansen. Mr. Thomas Jansen is chief clerk of the National Bank of the Republic. His abilities are, however, not by any means limited to doing work that requires onlv clerical ability. His invention of a machine for photographing checks by elec tricity, announcement of which was made in last week’s issue of this paper, shows that no matter how dull and uninterest ing the work of a bank clerk may seem to an outsider, yet there are opportunities about it, that may yield by study and TH E COM M ERCIAL W EST. Saturday, Aug. io, 1901. 19 perseverance, fruits of the very richest kind. A bank clerk ship, as illustrated by Mr. Jansen, is not what the clerkship is, but what the man i s ; that is what he is able to do with such opportunities as are presented. Mr. Jansen is a man who has never had a “pull,” except such “pull” as he has made for himself, by winning himself friends, and by w in ning the complete confidence of his official superiors. He started in life as only a messenger boy, fifteen years ago, in New York city. He came to Chicago in 1876, and worked with the Traders’ National bank, until its failure in 1888, since which time he has been with the National Bank of the Republic. change department. He has been in the banking profession not quite twelve years, most of which time was spent in the employ of the Northern Trust Company as correspondence clerk. He is a man of extremely agreeable manners, and yet of impressive frankness. The writer of this sketch, asked him if he was in politics. “ No,” he said, “but I always try to vote right.” He is exceptionally well posted on business usages, being one wlm stores away facts, and remembers things, for future, if not for present use. Before he became a bank clerk, he held clerkships in several railroad and ex press companies, and gained much practical experience that a man who has been in banking and in nothing else, is not liable to gain. His theoretical education was acquired at the Barre F. A. Crandall. Academy, Barre, Vermont, where was his early home. Mr. Mr. Crandall holds the position with the Merchants’ Crandall is quite prominent in the National Union, and in Loan and Trust Company of manager of the bills of ex several other insurance societies. IN THE MINNESOTA VALLEY. The story of the natural resources of the west reads so like a fairy tale that it would not be given full credence on first reading except by western people to whom these wonders have become commonplaces. It is not uncommon to hear that men drilling for water find gas, or o il; or digging for lead find gold; or boring for oil strike asphaltum and oil. These are some of the more sensational items in the list. Such enough in agricultural resources to thickly people it and give it an abun dance of thrifty towns. The town of Kasota, Minn., while one of the thrifty farming towns of the valley, has a re source in its fine stone quarries that is practically exhaustless, and that forms the chief feature of the town. As fine stone may be found elsewhere, perhaps, but it is not often that in a rich prairie state such stone can be quarried within sion made possible the easy quarrying of Kasota stone today. This stone is a sandstone of light pinkish yellow, easy to- quarry, fairly soft to saw and chisel, but hardening on exposure to a very durable and very handsome building stone, well fitted to walls and trimmings. This stone is much sought for, and is used extensive ly in the Twin Cities. The Kasota block, corner of Hennepin avenue and V IE W IN S T O N E Q U A R R Y O F C. W . B A B C O C K & C O ., K A S O T A , M IN N . strikes may more often be found in rough, nonagricultural sections than in good farming country. But one can hardly cover any section of fine farming land in the Mississippi river valley with out passing some unusual natural re source that forms the nucleus of a set tlement. It may be a fine stone quarry, a gypsum bed, a soft coal mine, a pot tery or fire clay bed, a lead mine, a water-power— something that brings to that point an industry and to that sec tion a needed resource. The Town of Kasota. The Minnesota River valley is rich https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis easy reach of large cities. It is this stone in this location— seventy-five miles from Minneapolis and St. Paul that chiefly differentiates it from a hundred other towns of a thousand people in the upper Mississippi river valley. Kasota stands on the banks of the Minnesota river opposite St. Peter and three miles therefrom, but communicates with it by a bridge across the river. This valley was ploughed out in pre historic times by a glacial river that carried thawed ice from what is now the Red River valley off to the Missis sippi and thence to the gulf, This ero- Fourth street, Minneapolis, and the First Baptist church, Minneapolis, are samples of large structures built of this stone. Judging from the oldest build ings in which this stone is used it is a material that may be safely and prof itably put into structures that shall stand the wear of centuries. More than one company work this stone but the leading company is C. W. Babcock & Co., illustrations of whose quarry and works are given here with. The equipment of this company’s stone works are very complete. At the quarries are seven double-drum TH E COM M ERCIAL W EST 20 Saturday, Aug. io, 1901. herewith. Mr. Ostrander is one of the oldest settlers in this town and has been at the head as a merchant since the town had a corporate existence. The Standard Lumber company’s re tail lumber yard, a view of whose office and sheds is given herewith, is a good type of the best class of such yards to be found throughout the north central section of the United States. This yard is one of sixteen owned and operated by the company, whose headquarters are at Winona, Minn. This yard handles all the usual building accessories handled by retail yards, such as lime, cement, coal, etc., and the plant is equipped in a very modern way. C. E. Textor is local manager. Every town of fair size in southern Minnesota has one or more livery sta bles. Kasota’s industry in this line is carried on by Oscar J. Basye, one of the old settlers of the town, a well known and well liked man. Mr. Basye does C. W . B A B C O C K ’S K A S O T A S T O N E Q U A R R Y . steam hoists and eleven derricks, two steam channellers and three steam drills. A four-gang stone saw mill with large stone planer, compressed air pneumatic tools for cutting stone, a single cut and a circular saw for cutting stone are among the items of equipment of their stone saw mill. This mill is run by a Corliss engine. Three spur tracks reach the mill and quarries. The demand for the Kasota stone was never so good as now. Not men enough can be found to do the work necessary to fill orders promptly. In every western town some one man is found who having grown up with the town has led in one line or another or in all, and to whom men look as the representative man of the place, such a man is 'M. A. Ostrander, lead ing general merchant and implement dealer, a view of whose store is given ST A N D A R D D U M B E R C O ., K A S O T A . M , A. O S T R A N D E R ’S G E N E R A D S T O R E , K A S O T A . https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis TH E COM M ERCIAL W EST. Saturday, Aug. io, igoi L A K E IN N E W P R A G U E . not confine his activity to his livery busi ness, for he has several fine farms in southern Minnesota besides undevel oped agricultural and mining lands near Barnum and Moose Lake, Minn. The leading meat market is owned by L. C. Nason, one of the successful busi ness men of the place. Standing as it does in a fine spring wheat country, Kasota naturally has a good flour mill— the Kasota Roller mills. This plant is owned by E. R. Davis, but has been leased for years by the B. F. Raff company. The fame of j this mill’s “ Rock Rose” and “Ladies’ Choice” patent flours is much more than local. The capacity of the mill is 80 I barrels a day. Mr. Paff is much more than a good flour maker. He is the kind of a man that makes a good town. This town of a thousand population has four churches, a good school house, a city hall, a brick yard, a cream- ' ery, two barber shops, three general stores, a drug store and two dollar-aday hotels besides the railway eating house. The next business house needed is a bank. New Prague. This town of 1,200 inhabitants is in Scott county, about fifty miles southwest from the Twin Cities. It is situated in one of the richest farming communi ties in southern Minnesota, in the midst of the section once known as the “ Big Woods” region. In the immediate vi cinity such a thing as a crop failure has never been known. The farmers are mostly foreigners, frugal and industri ous. Land is valuable, and accordingly high in price. The farmers’ buildings are, for the most part, large, substantial and comfortable, and their appearance is abundant evidence that farming does pay, at least in this section. 21 Naturally, the products are more or less diversified, and considerable stock is raised, and all kinds of grain are grown to a greater or lesser extent. The soil is particularly adapted, how ever, to wheat, and this is the principal crop through this immediate territory. It is no doubt the abundance and excel lence of the wheat grown in this vicin ity that led to the building up of a large milling business here. The mill of the New Prague Flour ing Mill company, an illustration of which is given herewith, is one of the largest in the state of Minnesota, a state famous the world over for the excellence of its flour. The mill was built entirely new in the fall of 1896, and its capacity was increased in 1898, and again in 1900, the present capacity being 2,400 barrels daily. This rapid in crease would indicate that the mill was favorably situated as regards wheat supplies, and that its flour had found favor in the markets of the world. The mill is equipped throughout with a full line of Allis machinery. The plant is I complete in every detail, with all of the latest and best of labor saving devices. Warehouse facilities are ample, and a 200,000 bushel terminal elevator fur[ nishes ample capacity for carrying large supplies of wheat. The mill company have their own cooper shop, and make their own barrels. They employ from 75 to 100 men, and this is of considerI able advantage to the community. A great deal of the wheat required by the company is delivered direct by farmers to its own elevator, and is of the finest | hard timber wheat. The best wheat territory of Minnesota and Dakotas is also1 tributary to New Prague, and such outside wheat as they require is to be had from the best sources of supply. Their flour is particularly adapted to bakers’ uses, and has found favor not only in the principal domestic markets, J P L A N T O F T H E N E W P R A G U E F L O U R M IL L IN G C O ., N E W P R A G U E , M IN N . https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis TH E COM M ERCIAL W EST. 22 but in most foreign markets where American flour is sold. 1he company has a European representative, and shipments are made regularly not only to Great Britain, but to Norway, Swe den, Denmark and Finland, Holland. Germany, Turkey and Mediterranean ports. Some of their product also goes to Cuba and the West Indies, and South Africa, and occasional shipments Saturday, Aug. io, 1901. are made to South and Central America, where Minnesota flours are just now be ing introduced. The bank of New Prague, established in the fall of 1883, is reckoned among one of the solid banks of southern Min nesota. It has been from the start a promoter of legitimate home business. They make a specialty of loans on farms in Scott, Le Sueur and Rice counties. The capital of the hank is $25,000; the deposits upward of $110,000. The presi dent is Jos. Maertz; cashier, M. Schrei ner ; assistant cashier, J. B. Maertz. The city has erected this year a new brick school building 85x110 feet on the ground, modern and well finished. A weekly paper, the Times, is edited and published by J. F. Wrabek, a progressive young man, a member of the board of trade, which body is active and uncommonly efficient. lhomas Vanasek, is president of the board. The leading hotel of the city is the Hotel Broz, W. S. Broz, proprietor. This house is one of the well kept, small-city hotels, and is first-class in every particidar. The city of New Prague is located in a country well dotted with little lakes. A view of a small lake in the city limits is given herewith. west, but the movement there is not so heavy as a few weeks The live stock traffic was lighter, but it only decreased 8,000 head from the previous week, with deliveries of 321’000 head, and showed a gain of 90,000 over last year. At the four markets receipts were 576,000, a falling off of 83,000 from the previous week and an increase of 144,000 over last year. The Burlington was easily in the lead with 26 per cent; the Illinois Central had 12 per cent; the Rock Island and St. Paul tied on 11 per cent; the Alton had 7• and the Wabash, Great Western and Santa Fe each secured 6 per cent. Receipts of all grains for the week were 5,676,000 bushels, a gain of 1,028,000 over the previous week, 814,000 over the same week last year and 794.000 above the corresponding week in 1898. The comparison with 1899 was not so favorab e, there being a loss for the past week of i ,4I 7;°00 and ° f 3>7p4-~ 000 from 1897, and a reduction of 1,176,000 from the same time in 1896. H O T E L BROZ, N E W P R A G U E . Railroad Crop Reports. (S p e c ia l C o rre s p o n d e n c e o f th e July Railroad Traffic. (S p e c ia l C o rre s p o n d e n c e o f th e C o m m e rc ial W e st.) Chicago. Aug. 6.— The receipts of grain for July were the lightest in over six years, being 15,897 cars, a decrease of 7,137 cars from last year. The receipts of wheat were 5,487 cars, the largest in six years, and of corn 6,423 cars, the smallest in the same time. The Burlington had 22 per cent, Rock Island 13, Illinois Central 17, St. Paul 7 per cent. July's live stock traffic was the second largest on record and aggregated 25,248 cars, an increase of 5J91 cars over last year. The Burlington took the lead with 23 per cent, the Rock Island had 10 per cent, the St. Paul 15 per cent and the Northwestern 19 per cent. C o m m e rc ial W e s t.) Chicago, Aug. 6.— Atchison and Rock Island officials sav he oats crop is turning out much better than anticipated and hat some tonnage will come from this source as against what hey thought was a total failure a fortnight ago. Wheat is niversally good. . .. Threshing reports show excellent quality, especially m Cansas, where it is running 62 pounds to the bushel and is ieldiñg from 15 to 30 bushels to the acre. I he Burlington s mtlook is perhaps not quite as good as the other above menioned lines, inasmuch as its chief grain tonnage is m Nebras:a, where corn has suffered seriously. Wheat, however, in hat state is in good condition. . All officials of these roads think that earnings will hold veil up to last year until the late fall months and that then he losses in the corn crop may very likely tell. The Week’s Freight Traffic. (S p e c ia l C o r r e s p o n d e n c e o f t h e C o m m e r c ia l W e s t.) Chicago, Aug. 6.— There is dullness in eastbound traffic, but grain rates are no lower and on provisions are a trifle nearer the tariff than recently. Although the showing was not good, as compared with the previous week it was large as put against last year's. Shipments of flour were 71,541 barre.s, a decrease of 4.695 barrels from the previous week, but a gain of 41,367 barrels over last year. . The shipments of grain were 1,400,000 bushels, a gam of 76,000 bushels for the week and of 426.000 over last yeai. There was a reduction of 1,653 tons in the outward movement of provisions and the aggregate was 29.778 tons, a gam of 9,040 tons over last year. . The grain traffic of western and southwestern lines last week was the most satisfactory of any in a long time. I his was due to the large movement of wheat, 2,276,000 bushels, or more than double last year's. Had the corn receipts been up to the average the showing by the roads would have been much better. Cars to haul wheat are scarce in the south https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Cannot Transfer New Oklahoma Claims. Secretary Hitchcock says it will be impossible for holders allotments of land in the newly opened district of Oklaho i to transfer their lands to any second party until they have ed upon the land and improved it for five years. Whereas herto such transfers have been common owing to the lack proper registration facilities, in this instance there can no such juggling. Oil for Locomotives. (S p e c ia l C o rre s p o n d e n c e o f th e C o m m e rc ial W e s t.) New York. Aug. 3.— The Southern Pacific railroad is „out to issue from 10 million dollars to 15 rmlhon dollars new bonds, to be used largely for making the change in otive power on the Texas and California lines1 from coal oil, for constructing pipes to transfer oil and for oil propties which the company has acquired or is about t0, acquire. trv cnm r a n tee abundant supplies for years to come. Saturday. Aug. io, 1901. TH E COM M ERCIAL W EST. 23 MINNESOTA AS A CORN STATE. B y R o i .l i n Forty years ago, when Minnesota's prairies first began to lie broken in earnest, it was generally acknowledged by the farmers that while corn would grow, the crop would never be* one of importance, owing to the late spring and early fall. I wenty years later this verdict had not been changed. This was the beginning of the milling and wheat-growing era. I he state was now regarded as a wheat state, and the farmers thought of little else. To be sure, every farmer raised a ‘patch of corn ; but when the fall came and the little yellow ears were gathered in, the farmer would shake his head mourn fully, as he compared them with what he was accustomed to back in Ohio, Indiana, Pennsylvania, or even among the rocks of Vermont. Because the seed that the farmers brought from other states did not fully mature in the short summers of Minnesota, it was thought that the climate was at fault. The seed was all right, of course, but the climate was hopeless— and, anyway, more money could be made in raising wheat. So the farmers reasoned. They expected the climate to adapt itself to their seed-corn, possibly in their youth having heard something about the wind being tempered to the shorn lamb. But the climate of Minnesota isn’t that kind, it does the adapting it self; and all this time it was developing by a process of nature a kind of corn that was hardy, quick growing and early ma turing. Instead of the shrunken little kernels and “nubbins” of earlier days, the fall brought long ears, well covered with big kernels. 1 he farmers were so busily engaged in wheat raising that they had not yet perceived the change, but, never theless, a variety of corn had been evolved which, under at all favorable conditions, would fully mature and would give a large yield, say 33 bushels to the acre. In fact, that was the average yield for the state in 1900, while Texas averaged but ]8 bushels, Kentucky 26, Ohio 37, Indiana 38, Illinois 37, Iowa 28, Missouri 19, Nebraska 26. The greatest average yield was in Vermont, with 40 bushels, but of course the acreage was very small. I he time came, however, when southern Minnesota awoke to the fact that it must practice diversified farming. Wheat was not paying as it had, and flax did not yield as heavily as when the land was new. So the farmers raised more stock and hogs, and therefore needed more corn. The fields began to increase in number and size, and each year saw the corn land moving farther north. This was a slow process, for the northern part of the state developed at a more rapid pace than the corn could follow. Corn that would mature in the extreme southern counties would not do so well a hundred miles far Railway and Traffic Mention. I he Chicago Great Western Railway announces that R. F. Malone has been appointed assistant general passenger agent for the_ company with headquarters at Chicago. Also that L. H. Stdes is appointed division freight and passenger agent for the Cannon Valley branch, Mankato- to Red Wing, Minn., and the Duluth, Red Wing & Southern branch, Red Wing to Zumbrota, Minn. 1he Dodwell, Oriental and Alaska steamships, seventeen in number, plying from Tacoma in the coast and Orient trade, are being turned over to the Northern Pacific railroad as fast as they arrive in port at Tacoma. Of these three— the T a coma, Victoria and the Olympia— are purchased outright. The remainder are to be operated under charter. The new com pany has been incorporated as the Northern Pacific Steamship company with capital stock of $2,000,000. The incorporators are Fred Dodwell, Thomas Cooper, and Alexander Stewart. 1here will be no change in the sailings of the fleet, and Dod well & Co. will continue to act as agents for the company. The annual meeting of the stockholders of the Chicago Great Western Ry. Co. will be held in Chicago on Sept. 5. Books close Aug. 24 and reopen Sept. 6. Paul Morton, vice-president of the Atchison Railway, says if it becomes necessary the road will haul corn into Kansas at reduced rates so that farmers may fatten their live stock. Other roads have made no announcement, but it is a matter of course that if the Atchison takes such steps they will follow suit. E. S m i t h . ther north, and a variety that gave the best results in the mid dle section was too slow to escape the frosts up north. Each section must breed its own variety, which took time. It was therefore not until 1895 that Minnesota could announce itself as a corn state. But in that and the following year, the crop reached a total each year of nearly 45,000,000 bushels. Then it fell off a little for a few years, but last year, with an acreage of 1,200,000, the crop amounted to 40,000,000 bushels. These figures are somewhat in excess of those of the agricultural de partment at Washington, but the latter are unquestionably too low. The increase in corn growing may be taken as an indica tion of the increase of diversified farming, which includes stock raising; and while it has cut into the wheat fields of the south ern part of the state, additional acreage farther north which has been put into- wheat, has kept this from becoming apparent in the total wheat yield of the state. But persons familiar with the southern part of the state fifteen years ago, will re member little but wheat fields where now the tall and darkgreen corn breaks up the prairie landscape and gives it r checkered appearance. As stock raising increases, as it is do ing, the demand for corn will become greater. The production does not now equal the consumption in the state; a large amount is shipped in from Iowa for feeding purposes in the northern half of the state. The situation in corn raising in Minnesota is now about where wheat growing was in 1880. Farmers realize what they can do- with corn; they are no longer willing to risk the whole year's work on wheat, and they have found corn a profitable crop. In 1890 the price of cash corn in Minneapolis ranged from 28 cents in January to 41 cents in June, 40 cents in Sep tember, and down to 32L cents in December. The range of prices for 1900, by months, was as follow s: January, 1900, 28@29L c ; February, 28y2@ 3i}ic; March, 3i@35jJc; April, 36b2@38c; May, 38c down to 33^4c; June, 35kt@4Ic; July, 42L @ 3?c ; August, 38(0)390; September, 37R>@40c; October, 39L @ 37c ; November, 37c down to 3334c, and in December, 34@ 32A c. d he present year has so far been a good one as far as price is concerned, due to- Chicago manipulation in the early part of the year, and later to the drouth in the south west. On Aug. 1 cash corn sold in Minneapolis for 53 cents and the end not in sight. The outlook for the growing crop is not altogether promis ing at present, but a backset now and then is to he expected, and will have no effect on the steady advance that corn is mak ing in Minnesota. Rock Island Crop Report. (S p e c ia l C o rre s p o n d e n c e o f th e C o m m e rc ia l W e s t.) Chicago, Aug. 5.— Rock Island railway crop report half month ending July 31 : Rains have helped crops generally, though most of the Kansas and Missouri corn was beyond re demption. Kansas has spots where no rain has fallen. The crop for the state along lines of the road is estimated at bet ter than 25 per cent, and there is hope entertained that it may show oneMiird of an average yield. In Missouri the road has only 287 miles of line. Up to within thirty miles of the Missouri river it is estimated that there will be a half crop of corn, and from there to the river the yield may possibly be only a third of a crop. In the lat-, ter territory the road has about 100 miles of line. The damage to- oats in both of the above states, while great, is not as much as was first expected. 1 he yield is running along 30 to 35 bushels per acre, which is very good. Rains helped Illinois and Iowa very materially, and officials think the corn crop will turn out fully 75 per cent of an average yield. Oats are also better. Wheat is generally good and is threshing out abundantly and of excellent quality. In Texas corn is almost an, entire loss, but cotton revived with rain and looks like 75 per cent of full crop. Oklahoma and Indian Territory corn condition about same as Kansas. Argentine Wheat Shipments. (S p e c ia l C o rre s p o n d e n c e o f th e C o m m e rc ia l W e s t.) Chicago, Aug. 5.— The Argentine wheat shipments, Board's Washington reported : National bank notes received for figures, since Jan. 1 aggregate 28,024,000 bushels, compared redemption. $339,571 ; government receipts from internal rev with 60,338,000 in same period last year. The Argentine corn enue, $1,035,250; customs, $1,342,120; miscellaneous, $602,838. shipments since Jan. 1 aggregate 22,128,000 bushels, compared Expenditures, $1,475,000. with 14,202,000 last year. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis TH E COM M ERCIAL W EST. 24 Saturday, A ug. 10, 19OX. THE OPENING UP OF SIBERIA. B y H . D. B a k e r . A few years ago the Russian plan for building a railroad across Sjberia, and thereby developing its vast agricultural resources, was considered to bode evil rather than good to this country. It seemed as if the great wheat-growing sec tions of the Northwest, would surely meet a competition that would prove disastrous, and cause large losses in the value of this nation’s annual exports. Yet up to the present time the United States has gained richly from the opening up of Siberia. In not a single respect has it yet suffered competitively, by reason of the Siberian de velopment, and the prospect that it ever will so suffer, seems to lessen with every new mile toward completion of the .trans-Siberian railroad. When Eastern capital built railroads through the West, and opened up its great wheat fields and corn fields, it looked at first as if the East was raising up a rival to itself, that in time would destroy its prosperity. Yet as the West has been growing rich within the last few decades, so the East has also been growing richer and richer, until now New York City is able to question the supremacy of London, as the fi nancial headquarters of the world. In the same way, the de velopment of Siberia, largely through American capital, has been helping to create a vast new market for American pro ducts— a great new field in which wealth may be earned for the American people. Our Shipments of Implements to Russia. The Century for August contains an extremely interesting article by Alexander Hume Ford on “America’s Agricultural Regeneration of Russia.” Mr. Ford estimates that the direct and indirect shipments of American machinery to all Russia amounts to about $40,000,000 annually. Besides purely ag ricultural machinery, like the reaper (which one of the Cen tury illustrations shows drawn by camels) now sent every where throughout the Russian Empire. By every direct ship to the Black Sea go American cotton-gins and presses for the Central Asian provinces, and to Vladivostok; rice-milling machinery for use in Manchuria; and mining machinery for use in the mineral districts. Within a single year the ship ments of mowers, reapers and binders to both Asiatic and southern Russia have doubled. Within twenty days, in the spring of this year, twenty thousand tons of agricultural machinery was the record of shipments to Russian ports from New York. Mr. Ford believes that American manufacturers could capture from the European nations, the markets of Rus sia for almost every known commodity, if they but exhibited the foresight and enterprise exercised by the American mak ers of agricultural machinery. Despite the absence of foreign American banking facilities, these manufacturers have sent men everywhere in Russia to establish agencies, and offer the farmers agricultural machinery on time payments, the only possible way in which they could purchase. Opening W aterways for Commerce. In the commercial as well as in the agricultural develop ment of Russia, Mr. Ford shows the important part the United States is taking. He says:— “Dredges patterned after but larger than those in use on the Mississippi, are becoming a common sight on the rivers of the Czar. In everything the West seems to be giving Russia an example. It was a Chicago engineer who, at the request of the Czar, visited the rivers of Russia and designed the dredges to make their depth greater, while Siberia draws its grain-seed from Dakota, to be gathered, when grown, by mowers and reapers manufactured in the Western States of America. “In the first spring month of the new century a steamship line from Chicago to European ports began operation. With the already projected inland waterways of the two countries, Russia and America, completed, these Chicago steamers could travel inland, more than two-thirds of the way around the globe, from Chicago or Duluth to Kiakhta, beyond Lake Bai kal, on the borders of Siberia and China. “With the new century dawns the era of the inland shipcanal. In America it is proposed to unite the Great Lakes with the Atlantic.by a twenty-eight foot channel; in Russia hundreds of millions are to be spent on a ship-canal from the Baltic to the Black Sea, while the Don and Volga are to be connected by a forty-million-dollar ship-canal, thus bring ing Central Asia in direct water communication with the outside world. Shipments of agricultural machinery may yet be made from Chicago to inland Russia, and the enormous railway and transhipment charges saved to the consumer. Even now harvesters are floated two thousand miles up the Amur into the very heart of Siberia, and a thousand miles up the Sungari into central Manchuria, which country seems destined soon to become the garden spot and mineral hope of ever-expanding Russia.” Russia Will Consume Her Wheat Increase. As for Russia’s wheat competition with the United States, despite the building of railways, the dredging of waterways, and the introduction of American agricultural machinery, so well described in Mr. Ford's article, it seems very doubt ful if that competition will ever become much more formid able than it already is. A good part of the surplus from the Russian crops of some sections will become enabled, through the better transportation facilities, to be marketed in adjoining provinces, where there may be scarcities, and where under previous conditions, there would likely have been famines to take off the population by hundreds, and to open up the way for plague to reap a farther harvest of death. Every year, despite famine and plagues, there is an annual increase of births over deaths in European Russia— 2,000,000 every year. With this enormous increased number of bread eaters every year in Russia alone, with every other European nation ex cept France, also showing increase of births over deaths, which must mean steadily increasing consumption of breadstuffs ; with the millions of people in China becoming educated to the eating of wheat foods; there would seem to be ample opportunity for the consumption of Siberian crops without harmful competition with American wheat fields. The recent heavy exports of flour from Seattle and Taco ma, to Vladivostok, as well as to the ports of China and Japan, suggest the probability that unless Siberia can successfully compete with the United States in our milling, it will be im possible for it to compete successfully in wheat growing. In no country of the world can flour be milled at less cost than in the United States. In no wheat producing region of the world moreover, can a kind of wheat be grown more suitable for flour for the Oriental trade, than the famous blue stem variety of the Palouse, Walla Walla and Big Bend districts of our North Pacific coast. last y ear; but, if 1894 is any criterion, I should say that the Railway Losses from Drouth. loss will not be as great as many suppose. O f course, if live An Atchison, Topeka & Santa Fe railroad official, speaking stock is rushed to1 market in order not to have to feed it, the of the loss which will be sustained by his company as a re farmers cannot have i t ; but a great many head of cattle sult of the damage to the corn and spring wheat crops, said: spring up somehow during the year to take the place of those “ The loss of net revenue from handling corn will be more killed, and the Atchison will make a good showing on the than offset by the larger tonnage of wheat. The wheat crop live stock hauled during the current year.” in Kansas will be 15,000,000 bushels larger than last year, and the yield of wheat in Oklahoma and Indian Territory The Raymond Paper company was incorporated at Water7,000,000 bushels larger than last year, of which the Atchison town, N. Y., on the 30th with a capital stock of $125,000. will haul a large part. The loss to our railroad in hauling The company will build a big paper mill at Raymondville, the corn of the drouth-stricken states will not be more than St. Lawrence county. $450,000. I do not refer to the larger corn states, such as The secretary of the United States treasury has purchased Illinois, where corn has not been injured so much. “As for the loss of cattle and other live stock, I am not $I35.500 short term bonds as follows: $107,5°° 4s at 113-0886 prepared to say how much less business we shall have than and $28,000 5s at 109.2339. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis TH E COM M ERCIAL W EST. Saturday, Aug. io, 1901. Kansas City Grain. (S p e c ia l C o rre s p o n d e n c e o f th e C o m m e rc ia l W e s t.) Kansas City, Aug. 8.— The dealer in Kansas hard winter wheat is the man who is busier just now than any other handler of cash grains. There has been a great deal said the past week in other markets of the increasing importance and value of the hard winter wheat, which is this year as fine as wheat ever gets to be. In Chicago this variety of wheat has been in brisk demand of late and the price has advanced more than other kinds. A representative of a Chicago1 concern has been here this week and has purchased nearly all the car lots of No. 2 hard offered by sample on the market daily. A week ago today the No. 2 hard on track here sold at the Kansas City September price; today it sold ic above the Sep tember price and was in the best of demand. The discount of the No-. 2 hard under the Chicago- September price was 4%c yesterday; a year ago the discount was 8%c. The Wheat iYiovement. The receipts here are running very moderate now and deal ers who buy in the country say that it is difficult to- secure good shipments. The Kansas man is generally bullish on the grain markets. He has seen the corn crop deteriorate until the supply of merchantable corn is less than 25 per cent of an ordinary crop; the consequent rise in prices of corn and oats and most other food products has induced him to look for a corresponding rise in the price of wheat. The receipts here are just about half what they were a year ago and the Kansas crop this year is about equal to that of last year. On Monday the receipts were slightly over 500 cars; a year ago they were 990, which was the biggest for the year. The September movement of hard wheat is always smaller than for August. The elevator stocks of wheat here are half a mil lion bushels less now than they were a year ago. Usually it is the elevators that do most of the grain shipping from this market, but of late they have been cutting very little fig ure in the cash market; the wheat has been shipped east in the same cars it came from the country in. Corn Receipts Heavy. It was the most natural thing in the world to expect that the abnormally high prices prevalent here for cash corn for several weeks past would attract more corn here from parts of the country where a surplus existed than the requirements justified. The market for car lots has been lagging for a week, with larger offerings every day than could be sold. Elevator stocks here increased 25,000 bushels last week and the daily receipts this week are running ahead of the shipments. The buying of corn for shipment to the country has been comparatively light this week. The mills have been better buyers of white corn, however, and the No. 2 white sold here yesterday at y2c over the No. 2 m ixed; a week ago both kinds sold at the same price. The cash corn is still coming in freely from the east and north. The let-up in the country demand for cash corn is best shown by the statement that yesterday’s prices were y2c to i l/2c lower than a week ago-, while the futures prices were ijd$c higher. There has been less country buying in a speculative way than for some time past, though there are a good many interested people who think that the prices for futures will go still higher. The rains have been heavy nearly all over the western corn belt and they did an immense amount of good. Pastures have been re vived and a good deal o f rough feed can yet be raised. The selling of cattle and hogs has been larger since the rains than it was generally expected would be the case. While many farmers could keep the stock on their farms, the shortage of corn for fattening purposes would necessitate holding the stock over until another season before preparing for market, which would hardly appear a profitable venture for prob ably the greater number of the farmers of limited facilities for keeping stock. Prices for corn here today w ere: Sep tember, 58Ej@ ^ c ; December, s8pjc; May, 6ip2,@^c; No. 2 mixed in car lots on track, 58@58l^c; No. 2 white,, 58p2@59c. O ats. The cash oats market has experienced the same conditions as corn. Supplies have been pouring in here freely from the north and east until the market is unable to dispose of all offered. The receipts here Monday were 67 cars, the- heaviest for a long time. While receipts have been large the demand has dropped to very ordinary proportions. Prices for car lots were 2c lower yesterday than a week ago-. There is not as much inquiry from the south as of late. The people who have these oats for sale do not appear uneasy, though, and no violent efforts are being made to dispose of them. The rush of coarse grains to this market is probably over tem porarily, at least, and with lighter receipts the cash market will very likely come into better condition again. The receipts of wheat and -corn each day for the past week and for the corresponding week a year ago are here shown: W h e a t re c e ip ts . C o rn re c e ip ts. T h is y e a r . Y e a r ag o . T h is y e a r. Y e a r ago. T h u r s d a y .................... 1 3 5 ,2 0 0 2 3 0 .4 0 0 8 1 ,6 0 0 12,000 F r id a y ......................................... 2 2 2 ,4 0 0 3 4 8 ,8 0 0 4 7 ,2 0 0 17,600 S a tu r d a y ................................... 2 0 1 ,6 0 0 4 4 3 .2 0 0 7 2 ,0 0 0 13 ,600 M o n d ay .......................................4 0 3 ,2 0 0 7 0 2 .0 0 0 1 3 7 ,6 0 0 4 2 ,400 T u s e d a y .......................................2 1 6 ,8 0 0 3 0 0 .0 0 0 8 3 ,2 0 0 14,400 W e d n e s d a y .................................1 1 6 ,800 3 8 7 .2 0 0 3 6 ,0 0 0 13,600 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 25 Chicago Grain Market. (S p e c ia l C o rre s p o n d e n c e o f th e C o m m e rc ia l W e s t.) Chicago, Aug. 8.— Trading has been of a broad and active character this week, without, however, fluctuations showing such a wide range as during the three or four weeks pre vious. The close sympathetic relation between wheat and corn, or rather the strong sympathy of wheat for corn, has continued to be an interesting feature of the markets, not withstanding that the tendency is in the direction of a more independent and important position for wheat. With relation to corn there is now a feeling that while estimates of damage are none too high, the late rains will make some kind of fodder for cattle, and such fodder, together with cheap wheat, will neutralize in large measure the effects of the corn short age. As regards wheat, there is a disposition to consider serious ly the large feeding in Kansas and other districts, as well as the conditions pertinent to- wheat alone, such as the crop situation in the northwest and the heavy export demand. A t today’s closing prices of 70%c for wheat and 57^ c for corn, there is at this market a difference of i2% c between wheat and corn, which is nearly 2c greater than one week ago. Such an increasing difference seems to the local trade to be logical— for the extensive wheat feeding is bound to lessen the great urgency of the demand for corn, while at the same time it will materially reduce the amount of wheat that will get to market, this being especially true of the fine Kansas wheat crop. C h icag o W h e a t R e c e ip ts . C h ic ag o C o rn R e c e ip ts. T h is y e a r. L a s t y e a r. T h is y e a r. L a s t y e a r. B u. B u. B u. B u. F r id a y , A ug. 2 . . . . . . 3 0 6 ,2 6 7 183,8 0 0 194,6 0 0 210,9 5 0 S a tu r d a y , A ug. 3 ------ 278,1 0 7 1 4 8 ,5 5 0 177,275 210,7 5 0 9 9 ,3 5 0 1 8 6 ,9 5 0 195,4 0 0 M onday, A ug. 5 ............. 3 6 1 ,8 0 0 T u e s d a y , A ug. 6 ------ 305,6 8 1 194,3 5 0 2 2 9 ,3 0 0 128,800 W ed n e sd ay , A ug. 7 ------ 656,8 5 5 2 6 4 ,8 5 0 2 4 1 ,7 5 0 248,5 5 0 T h u r s d a y , A ug. 8 ------ 3 0 7 ,2 8 5 154,500 143,4 7 5 205,9 0 0 T o ta ls ......................... 2 ,0 1 4 ,9 9 5 1 ,0 4 5 ,4 0 0 1,1 7 3 ,3 5 0 1 ,200,050 New York Grain Market. (S p e c ia l C o r r e s p o n d e n c e o f t h e C o m m e r c ia l W e s t.) New York, Aug. 6.— There has been no well defined ten dency to the grain markets the past week. But they have been seesawing up and down- with weather reports, practically independent of both cables and export demand. Clearances of wheat have continued enormous, and the exporters have stood ready to buy almost everything offered nearly every day of the week. Yet these legitimate influences have not weighed against those of a speculative character because the former did not agree with the powers that make our markets, namely, the elevator interests and the exporters. The trouble has been the wrong parties own the wheat for a bull market, namely, the farmers, while the men who want to own it have fixed the price they will give them for it. The southwestern farmer has already refused to accept that price, and the shorts who sold the early movement of the winter crop to the ex porters are having to- hustle to make their deliveries. A good deal has been reported settled at a profit to the exporter equal to that obtainable by shipment. But the spring crop has to be moved also; and it would not do to let the south western farmer make the price for the northwestern farmer. So the elevator men and the exporters are working together, either tacitly or by agreement, the latter holding off whenever our market _advances, though the evidences are increasing that Europe’s wants are equal to our surplus, large as it is, or was before the shortage in the corn crop was assured; and with it a large consumption of wheat in the drouthstricken states, for feed. There has been no change, there fore, in the situation of wheat the past week, except to strengthen its position. The Position of Flour. Flour has not followed wheat up and down, as the mills could not get wheat from the farmers in the interior at their prices, and they have not offered flour ahead as usual this year, neither winter nor spring, while the stock of old has been almost exhausted in case of the former, though still ample in case of the latter. But the trade filled up a month ago at $ 3 . 6 o @ 3 . 8o and will not come in again until these are used up or the price recedes to those figures again, at which they have been bidders, with $3.75(0)4.00 asked. Crop Movement. R e c e ip ts of w h e a t in b u sh e ls, a t th e fo u r p rin c ip a l s p rin g w h e a t m a rk e ts , fro m A ug. 1, 1901, to A ug. 8, a n d fo r th e sa m e tim e a y e a r a go : 1901. 1900. M in n e a p o lis ........................................................................ 5 7 7 ,9 2 6 1,131,240 M ilw au k e e ........................................................................... 109,405 107 ,8 0 0 D u lu th .................................................................................. 211,6 7 9 579,379 C h ic ag o ................................................................................. 2 ,2 6 6 ,2 9 2 1 ,002,750 T o ta l ..................................................................... .. 3 ,1 6 5 ,3 0 2 2 ,821,169 R e c e ip ts o f w h e a t, in b u s h e ls , a t th e fo u r p r in c ip a l w in te r w h e a t m a rk e ts fro m J u ly 1, 1901, t o A ug. S, a n d f o r th e sa m e tim e a y e a r a go : T o led o ............................................................. 1.7 9 6 ,7 5 4 1 ,779,803 S t. L o u is ...............................................................................6,627,401 4 ,885,607 D e tr o it ................................................................................ 367,671 478,930 K a n s a s C ity .......................................................................... 5 ,2 8 8 ,8 0 0 6 ,1 6 6 ,8 6 7 T o ta l 14,0 8 0 ,6 2 6 1 3 ,311,207 THE COMMERCIAL WEST. 26 Saturday, Aug. io, 1901. Alfred L. Baker & Co. KNIGHT, B O N D S DONNELLEY &COMPANY STOCK BROKERS. N . Y . Stock Exchange, STOCKS Chicago Stock Exchange, 217 LA SALLE ST. (ROTUNDA THE ROOKERY) Chicago Board of Trade. M cm b eis N e w Y o r k S t o c k E x o h a n g î i N e w Y ork C ofph b E x ch a n g e C h ic a g o S t o c k E x c h a n g e C h ic a g o B o a r d o f T r a d e 209 LaSALLE Bank Stocks and Unlisted Securities CHICAGO. Branch Investment and Banking Office, iiS MONROE STREET, NEAR STREET, Carrington, Hannah & Co. DEARBORN. M em bers of th e C h ic ag o B o ard of T ra d e , L O G A N & SUCCESSORS TO B R Y A N , F. G. COMMISSION MERCHANTS LOGAN. 4 BOARD OF TRADE, CHICAGO. 0 &8 S herm an St., Bonds, Stocks, Provisions, Grains. CHICAGO. O rd e rs e x e c u te d fo r th e p u rc h a se o r s ale of g ra in a n d p ro v isio n s fo r F U T U R E D E L IV E R Y on m a rg in s o r fo r c a sh . MEMBERS NEW YORK AND CHICAGO STOCK EXCHANGES AND CHICAGO BOARD OF TRADE. T H E M IN N E A P O L IS G R A IN MARKET. THE WEEK IN WHEAT. reports for the week ending Fri day, August 9, that the northwest wheat harvest has pro gressed favorably u p to August 8, when heavy rains in North Dakota stopped work. The hope is that rains will not be se vere. A good quality of wheat is being secured in North Dakota. T h e C o m m e r c ia l W est estimates the yield of the three states at 183,000,000. In Minnesota a large part of the grain is in stack and secure from rain. T he C o m m e r c ia l W est O f f ic e of t h e C o m m e r c ia l W est, Minneapolis, August 8. The speculative market broadened considerably this week, and a larger volume of trading has been done than last week. Some of the additional business was caused by the steel strike— that is, some speculators dropped out of stocks, on account of the strike, and turned their attention to wheat. There was also an increased volume of trading from the country, the steady advance in wheat causing many who had been watching the market to take hold. Then, too, wheat being about the only cheap article of trade, it is looked upon favor ably by many. A feature of the week here was Jones’ report on the crop of the three states, which had been looked forward to with unusual interest. There is some fear that the move ment of new wheat may be heavy enough to affect the market, when it fairly starts in. The heavy movement of the Kansas crop is watched with apprehension by speculators here. grain is bright in color, but the berry is shrunken. A s no rain fell during harvest, and the weather has been dry ever since, the wheat can be stored indefinitely. Millers pronounce it of excellent milling quality. Minneapolis cash wheat prices have ranged as follows : M in n e a p o l is Ca sh W h ea t , Of f ic ia l C lo se . Wed. Mon. T u e s. F ri. S at. A ug. 2 N o. 1 b a rd ___ 69 No. 1 n o r t h e r n . .6 7 No. 2 n o r t h e r n . . 6 5 % A ug. A ug. 69% 67% 66% 71 69 67% 3 5 A ug. 6 70 y2 68% 67% A ug. 7 71% 69% 68% T h u r. A ug. 8 71% 69% 68% FLOUR AND MILLING. Flour Market Quiet—Mills Run Heavily—Inquiry for Flour from Winter Wheat Territory. A steadily advancing wheat market for the last week has had a quieting effect on flour. The sales of the mills this week have been below the output. There was a time when plain dealers, from jobber down to retail grocer, began to buy as soon as the market showed strength. But for the last year or so they have had little faith in advances, and have bought mainly after the advances have broken. From their abstain ing from buying to any extent on this advance indicates that they are adhering to the same policy, although dealers’ stocks are light in many cases. The manager of one of the mills said today that some of their biggest jobbers had very little stuff on hand, yet refused to buy. He also said he thought the dealers were making a mistake and would pay more money for flour. One manager reported numerous inquiries for flour from the central part of the winter wheat territory, and prices are such that business is almost possible. The managers said that dealers in that locality having a baker’ trade will pay Cash Wheat. 25c per barrel above winter wheat prices, as they realize the Receipts have fallen off sharply and have been considerably superiority of spring wheat flour. Export trade is very quiet, under a year ago. Local mills have not been active bidders and will be the remainder of the crop season, but when the for table stuff, preferring to draw on their elevator stocks. mills start on new wheat, a good export business is looked for. New wheat is being received, but the millers are not taking This belief is based on the position of the Minneapolis wheat hold of it. Stocks in elevators decreased 909,615 bushels last market as compared with others, and on the excellent qual week, to 6,584,182 bushels, against 9,785,819 a year ago. Ship ity of the new crop wheat in the northwest, which has been ments were 231,840 bushels in the week. No. 1 northern harvested under absolutely perfect weather conditions. The commanded a premium of i ^ c over the September, and new flour output of the Minneapolis mills for the week ended Aug. No. 1 northern ic. 3 was 319,100 barrels, which represents 85 per cent of the full New Wheat. The movement of new wheat has begun from southern Minnesota and South Dakota. Receipts this week are, on Monday, 54 cars; Tuesday, 36; Wednesday, 36; Thursday, 60. The grain graded as follows: No. 1 northern, 50 cars; No. 2 northern, 92; No. 3, 37. and rejected, 7. Thus out of 186 cars received, 142 were No. 1 or 2. These receipts were of course from the first threshing in the districts where the grain was prematurely ripened by the extreme heat. The https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis capacity. The mill s are running fully as heavily this week. Minneapolis flou r quotations on Aug. 8 follow : FLOUR P R IC E S, F . O. B. M IN N E A PO L IS, CAR L O TS, FOR EASTERN S H IP M ENTS. Per P a te n t, w ood ............................ F i r s t c le a r, w o o d .................... F i r s t c le a r, 140 lb. j u t e . . S eco n d c le a r, 140 lb., ju te R ed-dog, 140 lb., j u t e to n . bbl. $ 3 . 6 0 @ 3 .7 5 2 . 6 5 ® 2 .70 2.1 0 @ 2 .4 0 1 .7 0 ® 1 .8 5 1 6 .5 0 ® THE COMMERCIAL WEST. Saturday, Aug. io, 1901 27 much larger percentage grading No. 3 white than last year, and the grain is cleaner and brighter. The crop runs very Market Strong and Prices Higher—Mills Cannot Keep up with unevenly, ranging from 25 bushels yield in some localities to 50 in others. Therefore as yet no reliable estimates can Demand—Southwestern Inquiry Continues. be fnade of the probable total yield for the state. The position of millstuffs in Minneapolis is one of great Minneapolis quotations follow :' firmness and is apparently on a perfectly legitimate basis, D a ily c lo sin g p ric e s o f N o. ,3 w h ite o a ts d u rin g th e w eek w e r e : namely, supply and demand. There is little or no speculative Y e a r ago. interest, and the seemingly high prices are not high as com F r id a y A ug. 2 .................................................................... 25 35% 25 pared with other feedingstuffs. The eastern buyers have not S a tu r d a y , A ug. 3 .................... ............................................... 3 5 % 24-5 351/2 ...................................................................... M onday, A ug. 5 yet realized the true situation, or they are able to- get their 24% T u e s d a y , A ug. 6 ...................................................................... 3 4 % supplies elsewhere at lower prices. It is doubtful whether the W ed n e sd ay , A ug. 7 ................................................................. 35 24 2 3 % -4 millers of the central states can supply the east, as Minneapolis T h u r s d a y , A ug. 8 .................................................................... 35 brokers have received inquiries for feed from those millers. Barley. The southwestern demand is of course the strongest feature, New barley arriving does not average as heavy as the old though as the mills are sold ahead and are offering very little stuff, and as stocks are in strong hands, there seems no crop, but the color is better. It is sound and of good quality. probability of lower prices as far ahead as anyone can see. Heavy malting barley sells at 58@6oc for new, and light The east is considerably out of line with Minneapolis, al weight at 50@55c. New barley usually starts at 25@40c. though some sales are reported. Stuff could be worked to The malsters are not yet in the market, and will not be, unless Boston, lake and rail shipment, at the following figures, which earlier than customary, for several weeks. Elevator com are about 75c lower than can be obtained: Bran in 200-lbs, panies are absorbing the arrivals. The high prices of feeds $i 7-75@ i 8 ; standard middlings, $18(0)18.25; red dog, 140’s, and other coarse grains is reflected in barley. Daily receipts are given in another column. $20(5)20.25. Although the mills have been running heavily for several Flax. weeks and are still so running, there is no likelihood of the Six cars of new flax arrived yesterday, and it graded No. supply of millstuffs exceeding the demand. In fact, the mills 1. This is really the beginning of the new crop movement, have been unable to keep up with it. Brokers are bidding for although the first arrivals began to come in three or four September stuff, and at least one mill is sold into' that month. days earlier. The new seed comes from southern Minnesota, The southwest continues to take stuff from this market, and five of yesterday’s arrivals being off the Minneapolis & St. unless that part of the country soon has general and continued Louis railroad. This flax was fairly clean, though it con rains, it will need feed from other quarters for an indefinite tained some green seeds. No. 1 may contain 25 per cent of period. A Minneapolis broker received a letter this week impurities but must weigh not less than 50 pounds, while that from a large St. Louis dealer, in reply to an inquiry as to the received yesterday weighed 51 to 52^2 pounds. No. 1 is the situation, as follow s: “ The situation is a very peculiar one. The contract grade this year. No. 1 northwestern may contain east is out of line at least $2 per ton. There is a heavy de 12 per cent of impurities, and must weigh not less than 51 mand from the southwest and near by points. The east has pounds. The new flax sold for $1.65. New flax is being not yet bought very freely, so have little toward their supplies offered to arrive, and some is being taken by the crushers for for the winter trade.” The question is, how is the east going immediate oil orders; but there is too much difference be to get its supplies without paying the price? tween the September and the cash price to make it an in Quotations in Minneapolis show an advance of $1 per ton ducement to buy to arrive. Local oil mills are taking the from a week ago, as follow s: greater part of the receipts. Quotations follow : MILLSTUFFS. QUOTATIONS OP M IL L S T U F F S IN CAB L O TS, F . O. B. M IN N EA PO LIS. D Ton. B ra n , 200 lb. s a c k s ............................................................ .... . $ 1 4 .0 0 @ 1 4 .5 0 B ra n in b u lk ................................................................................... 1 3 .1 0 @ 1 3 .5 0 S ta n d a r d m id d lin g s. 2 0 0 lb. s a c k s ...................................... 1 4 .5 0 (5 )1 5 .0 0 F lo u r m id d lin g s, 2 0 0 lb. s a c k s ........................................... 1 6 .2 5 @ 1 6 .5 0 M ixed feed. 200 lb. s a c k s ....................................................... 1 5 .0 0 @ 1 5 .5 0 R ed-dog, 140 lb. j u t e .............................................................. 1 6 .2 5 (8 )1 7 .0 0 S c re e n in g s, b u lk ........................................................................... 1 0 .0 0 @ 1 0 .5 0 M ills tu ffs In 100 lb. s a c k s 50c p e r to n o v e r ab o v e q u o ta tio n s . R ed-dog in 1 0 0 ’s 25c o v e r. Corn. The demand for corn is purely local, for feeding purposes. The supply, although receipts are small, exceeds the demand. The southwestern demand is at an end. Receipts for the week ended Aug. 3 were 42,840 bushels, while stocks in regular ele vators on the same day amounted to 51,664 bushels, about the same as a year ago. Minneapolis quotations follow : D a ily c lo sin g p ric e s o f N o. 3 c o rn d u rin g th e w eek w e re : Y ear ................................... 5 3 % .......... 54 % M o n d ay , A ug. 5, ...................................... T u e s d a y . A ug. 6 ...................................... ................................... 5 4 % W ed n e sd ay , A ug. 7 .............................. ................................... 5 4 % T h u r s d a y . A ug. 8 ................................... ................................... 5 4 % Ago. 38 38 38 38% 38% 38% A ug. A ug. A ug. A ug. A ug. A ug. 2 3 5 6 7 8 . . . . . . . . . . . . C ash . . . .1 .7 4 . . . 1 .7 0 ...1.69 ...1 .6 8 ...1.65 ...1.62 ago. 1 .3 5 1 .3 3 1 .3 0 1 .2 8 1 .2 5 % 1 .2 8 D a ily c lo sin g p ric e s o f ry e d u r in g th e w eek w e re : 53 52% 52% 52% 52% 53 F r id a y , A ug. 2 S a tu r d a y , A ug. 3 . M onday, A ug. 5 . . T u e s d a y . A ug. 6 . . W ed n e sd ay , A ug. 7 T h u r s d a y , A ug. 8 . F r i. A ug. 2. M in n e a p o lis ___ 66 Y e a r ago . • •• 7 4 % C h icag o . . .. . . .6 8 % Y e a r ag o . . . .7 5 % D u lu th ......... . . .6 7 % K a n s a s C ity • - .6 4 % S t. L o u is . . . • • .6 6 % N ew Y ork . . . . .7 4 Oats. Up to a week ago there was a movement of oats to the southwest, and around 1,000,000 bushels was taken from this market. Nothing is doing now in that direction, and the de mand is to meet local feed requirements. Oats are being sold by Minneapolis firms for the southwest, but they are shipped direct from points in Iowa. Minneapolis is about ic too low to get Iowa oats at present, as that is in the territory of the American Cereal company, which pays relatively ic above a Minneapolis basis. While there is an eastern inquiry, oats are not workable to the east, although some were sold this week for Illinois shipment. The quality of the new crop oats is good. There is a https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis iiic e s F of . la x D u lu th . Sept. 1 .5 8 1 .5 7 1 .5 7 1 .6 2 1 .5 4 1 .5 4 % C h icag o . Sept. C ash . 1 .7 5 1 .7 0 1 .7 0 1 .6 5 1 .6 5 1 .6 5 1 .6 1 1 .6 0 1 .6 0 1 .5 5 1 .5 7 1 .5 7 % C ash . 1 .7 5 1 .7 5 1 .6 8 1 .6 5 1 .6 3 1 .6 3 Sept. 1 .6 0 1 .6 0 1 .6 0 1 .5 9 1 .5 6 1 .5 7 T u e s. W ed. A ug. 6. A ug. 7. 67% 68% 74% 75% 70 71% 76% ' 75% 70% 69% 66% 65 69% 68% 76% 75% M on. A ug. 5. 67% 74% 70% 75% 69% 65% 68% 75% S a t. A ug. 3. 66 % 74% 69% 75 68% 64% 67% 74% M IN N EA PO LIS AND DULUTH W H EAT RE C E IPT S. M o n d ay , J u ly 29 . . . . T u e s d a y . J u ly 30 . . . . W ed n e sd ay , J u ly 31 . . T h u r s d a y , A ug. 1 . . . . F r id a y , A ug. 2 ............. S a tu r d a y , A ug. 3 . . . . M o n d ay , A ug. 5 ............. T u e s d a y , A ug. 6 ............. W ed n esd ay , A ug. 7 . . . T h u r s d a y , A ug. 8 . . . . D A IL Y R E C E IP T S F r id a y , A ug. 2 ............... S a tu rd a y , A ug. 3 .......... M onday, A ug. 5 .......... T u e s d a y , A ug. 6 .......... W ed n e sd ay , A ug. 7 . . . T h u r s d a y , A ug. 8 . . . . M Y e a r ag o . 4 7 -8 4 6 -7 46474 6 -7 4 6 -7 P CLO SIN G W H EAT FUTURES PR IC E S. SEPTEM BER W HEAT. Rye. New rye is of good quality, most of the receipts grading No. 2. There is a shipping demand, some stuff going to the south for planting for fodder. The market has been very steady. Receipts have averaged eleven cars daily during the week. Quotations follow : l o s in g M in n e a p o lis . QUOTATIONS OF M IL L S T U F F S , BOSTON B A S IS , L A K E AND K A IL S H IP - B ra n , 200 lb. s a c k s ....................................................................$ 1 8 .2 5 @ 1 8 .4 0 S ta n d a r d m id d lin g s, 200 lb. s a c k s ................................. 1 8 .7 5 @ 1 9 .0 0 F lo u r m id d lin g s, 200 lb. s a c k s ........................................... 2 0 .2 5 (5 )2 0 .5 0 M ixed feed , 2 0 0 lb. s a c k s ..................................................... 1 9 .0 0 @ 1 9 .2 5 R ed-dog, 140 lb., j u te ............................................................... 2 0 .4 0 @ 2 0 .7 5 M ills tu ffs In 100 lb. s a c k s , 50c p e r to n o v e r a b o v e q u o ta tio n s . R ed-dog in 1 0 0 ’s 25c o v e r. C a il y D u lu th . M in n e a p o lis. C a rs. Y e a r a g o C a rs Y e a r ago 52 .................................280 13 237 164 13 240 48 76 .................................101 188 23 207 57 ................................. 94 29 28 180 .................................123 46 181 18 .................................I l l 46 409 57 .................................250 52 159 56 ................................. 81 29 38 ................................. 82 217 14 21 212 .................................167 OF COARSE G R A IN C o rn . C ars. ............... 4 ............... 9 ............... 23 ............... 14 ............... 4 ............... 14 in n e a p o l is W h ea t IN M IN N E A P O L IS . O a ts . C ars. 29 34 55 15 14 36 I B a rle y . R ye. C a rs. C ars. 6 3 3 10 22 22 8 9 2 11 10 9 n s p e c t io n F la x . C ars. 1 3 5 7 8 . In s p e c tio n o f w h e a t in M in n e a p o lis f o r th e w eeks e n d in g on th e d a te g iv e n w e r e : A ug. 3. J u ly 27. J u ly 20. 7 C a rs. C a rs. C ars. 8 .............................. 3 6,6 5 7 ,0 7 6 N o. 1 n o r th e r n ............. ............................4 ,472,318 670 269 No. 2 n o r t h e r n ............... .............................. 299 272 144 No. 3 w h e a t .................... .............................. 136 83 39 46 R e je c te d ............................ .............................. 223 122 No g ra d e ......................... .............................. 123 67 9 W in te r ................................. .............................. 129 T o ta l M ......................... .............................. in n e a p o l is W eek ly R e c e ip t s 752 812 of C o a rse G r a in 1,606 . R e c e ip ts o f c o a rs e g r a in a t M in n e a p o lis f o r th e w eek e n d in g on th e d a te g iv e n , w ith c o m p a ris o n s, w e r e : A ug. 3. J u ly 27. J u ly 20. A ug. 4. 1900. C orn, b u ................................................. 4 2 ,8 4 0 6 5 ,3 6 0 7 2 ,2 4 0 38,700 O a ts, b u ..................................................2 0 5 ,9 2 0 112,5 3 0 127,500 126,480 B a rle y , bu. ...................................... 1 7 ,6 8 0 3 ,7 0 0 5 ,670 15,340 R ye, b u ................................................. 3 4 ,3 2 0 14,560 10,500 4 ,140 F la x , b u ............................................... 5,740 1 1 ,480 19,680 1,240 28 T H E COM M ERCIAL W EST. Saturday, Aug. to, 190Î TO MOVE THE NORTHWESTERN CROP. B y J . B . F o r g a n , P r e s id e n t o f T h e F ir s t N a t io n a l B a n k o f C h ic a g o . Mr. J. B. Forgan, president of the First National bank, Chicago, expresses the belief that the demand for currency to move the crops this year will not be as large as it lias been in former years, and that it will be materially less than it was a year ago. He is quoted as follows in the Chicago Record-Herald of the 8th: “ i he establishment of so many new banks throughout the western country will relieve the city banks of a large part of the demand for currency that has been made upon them in former years at crop-moving periods. As the number of banks increases in the future in the country where the crops are grown, the demand on the city banks will decrease. For many years it was the custom to pay currency to the farmer for all the grain he delivered at country elevators. Now a large part of it is paid for in checks and drafts, and there is no need of the actual currency. In a town like Minneapolis, for instance, it used to be the custom for the owners of the big elevators and the wheat buyers to ship cash to their agents in all the small country towns to pay for the wheat they bought. Many of them have now arranged to make their payments to the farmers in checks on local banks, and the farmer, instead of taking cash home to be locked up or hidden away about the house till he needs to spend it, deposits his check in the bank and there is no currency in the transaction at all. O f course the increase in the number of banks fa cilitates the buying of grain in this manner, and the comp troller’s reports show the starting of so many new banks in the western country during the past year that I believe the demand on Chicago and New York for currency this fall will be much less than it was a year ago. While I was in Minne apolis the banks there used to be drained of their currency all through the crop-moving period by the demands of the banks in the small country towns. It was customary for us to draw $200,000 out of Chicago in the morning and have it all gone by night. Now an order from Minneapolis for the remittance of more than $50,000 is out of the ordinary. “ The payment for wheat by check instead of in currency is a good thing in many ways aside from the relief it gives to the city banks. In the first place, the farmer, instead of having his money locked up in the house, has it in bank drawing interest. Besides that, the small country banker has the use of it and makes a profit over and above the interest he pays the farmer, and a smaller volume of currency is re quired to do the same amount of business. The time is rap idly coming when the movement of the crops will not upset the financial centers as it has in the past.” THE NORTHWEST WHEAT FIELD. B y H . V. J o nes. The three states of Minnesota, North Dakota and South Dakota have raised 183,000,000 bushels of wheat in 1901. The estimated result is as follow s: A cres. M in n e s o ta ......................... 6 ,2 5 0 ,0 0 0 N o r th D a k o ta .................. 5 ,2 0 0 ,0 0 0 S o u th D a k o ta .................. 3 ,0 0 0 ,0 0 0 T o ta ls ............................1 4 ,4 5 0 ,0 0 0 A ve. B u. 12% Ily a 10 12% T o ta l B u. 78,0 0 0 ,0 0 0 7 5 ,0 0 0 ,0 0 0 3 0 ,0 0 0 ,0 0 0 1 8 3 ,0 0 0 ,0 0 0 The acreage basis is about the same as last year, but South Dakota has been reduced in this estimate a little and Minne sota and North Dakota have each been raised so as to about offset the reduction made in South Dakota. It has been my custom for several years to give the grain trade a general outline of conditions as they have been given consideration in the making of the annual estimate of north west production, and I believe I am the only estimator that makes a practice of doing this. It is reasonable that this should be done, because it is only by this method that the trade can judge for itself as to the value of conclusions drawn. Estimate Too Low Last Year. The wheat crop of 1901 has its interesting points, as did the crop of 1900. Last year there was great unanimity of opin ion in the northwest and in Chicago that the yield of wheat in the three northwest states was not above 100,000,000 bush els. The government placed the total on a basis of 90,000,000 and it was supported in this view by all the public estimators. My own judgment was 136,000,000, and the statistics of the distribution of the crop now available show 140,000,000 as the approximate total of the production in the three states last year. That was a season when a considerable crop was raised notwithstanding the popular opinion that it was a small pro duction. Estimate Too High This Year. The features of the crop this year is that the majority of estimators have erred in the opposite direction by putting the total yield much too high. The gossip has been all the year that the northwest had a “bumper” yield. The fact is, a “bumper” crop in the true sense would not have been realized had there been no intense heat to blight the crop, but a total of perhaps 210,000,000 would have been raised, a total no longer “bumper” in the three states, because of the acreage in crease since 1891. This is a safe conclusion, as proved by the average size of the wheat head this year; it could not when filled produce a “bumper” yield for the whole area. There is wheat of splendid yield this year in the northwest, but the area of heavy yield is quite limited in proportion to the acreage; the crop is distributed quite evenly. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis North Dakota Saves the Day. North Dakota has raised a fine crop of wheat— 75,000,000 bushels. And yet there are marked defects in the Red River valley. But for the help of the counties west of the Cheyenne river and along the north boundary, the yield of North Dakota would not justify great enthusiasm. But those outside coun ties came to the rescue and a fine yield has resulted. In Minnesota and South Dakota the result is only fair. Minnesota produces practically the same amount as last year and South Dakota produces less— not a less average, but a less yield due to changes made in acreage. With these general observations made let us look somewhat at the details of the crop. There is apparently no important difference of opinion as to the yield in North Dakota. The figures given here are one bushel lower per acre than the highest estimate of 80,000,000. My judgment, after four days’ inspection of the crop in this state, confined to the damaged portion of the Red River valley, was that 70,000,000 was high enough. After ten days’ inspection I added one bushel an acre to the average yield and placed the acreage at a high point. ninnesota’s Yield. There may be an impression that Minnesota has produced a crop considerably in excess of last year and to one who has not followed closely the changes of production area in the state such an opinion is natural. The fault with it is this: Last year the south 140 miles of the state produced heavy wheat averages in the main and it is here that there is a heavy wheat acreage, despite all opinions to the contrary. It was in these counties that the wheat was found last year on which to base the much-scoffed-at estimate of 80,000,000 for Minnesota. This year the production has changed from the southern counties to scattered sections all over the state. For instance, it is likely that the two counties showing the highest averages this year will be Carver or Sibley, in the south cen tral part, and Kittson, the most northern county. Between these counties are Polk and Pope counties, which will be counties of low yield. It is easy to see at once that here is a very different condition than obtained last year and we must figure accordingly. The counties in the southeast part o f the state did not produce heavily last year on account o f drouth effect and they are moderate producers this year on account of blight and the destructive work of chinch bugs. These insects worked their way well up into central Minnesota and with the blight re duced yields heavily. In the south central counties the blight was the chief cause of injury. In the southwest and some Saturday, Aug. io, 1901. TH E COM M ERCIAL W EST. of the western counties there are gains in yield this year over last, but the gain is small when compared with the loss in the other counties. We now pass to the Red River counties of Minnesota and find that in Norman, Polk and Marshall counties conditions for the whole area are but little, if any, better than a year ago. Polk county has been a great sufferer from water and a large acreage, several miles square, located north of Crookston and well up to Warren, will not yield a bushel, a considerable area will not produce both bread and seed, and a still larger area will produce an average of about eight bushels. I have not adverted to this in telegrams because I did not want to be charged with being sensational, but now that balances are to be struck these results must be given their place. Eastern Polk and scattered localities in the county have a nice yield of wheat. The extreme west of the county, along the Red river, has some good yields, but the center has a very light yield and the eastern averages are reduced sharply when the county average is struck. Marshall county will do a little better than Polk, but it has suffered from water, also, and a light average will result. In Kittson county there is a good average of wheat, but the acreage is not large enough to help make up much of the deficiency in the valley. This brings us down to the Northern Pacific railroad, without yields to offset the loss from last year in the southern counties. Becker and Wadena counties have good averages but small acreage. Otter Tail does very much better than last year, but Pope falls off again and parts of Douglas will show the effect of blight, as will Stearns, although the latter county will have a fair average. Over on the west, Big Stone is light, but Traverse does better and Wilkin is very good. The gain in all this area does not crowd the state total ahead of last year. We strike Renville, which may gain a bushel or two over last year’s average, but several counties south have lost two to five bushels average. Redwood falls behind and we narrow down to Sibley and Carver for a gain. The timber districts west and northwest of Minneapolis will all show some fine wheat, but they will also show some surprisingly small yields. It is fair, therefore, as the county yields show, to place Minnesota about on the basis of last year. 29 amount of low grade stuff, it will have the milling quality. North Dakota will send out some very fine samples this year. The Railroads. There is always interest as to the effect of crops on rail road tonnage. Speaking impartially the conspicuous features of this crop is the large increase of tonnage that will fall to the Great Northern, the Northern Pacific and the Soo roads. The gain of about 45,000,000 in production will fall in the main to these lines. The Great Northern road has been strongly favored. The big wheat crop of North Dakota lies all along the northern boundary, in the center of which the Great Northern gets the lion’s share. It is quite striking that production held well throughout Great Northern territory. Even in Minnesota the Sioux City line follows best production in the southern Min nesota counties, while the Huron line shows some improvement and the Ellendale branch is more fortunate than is usual. Only on the Crookston-St. Vincent line and the Fargo-Grafton section does there seem to be a letting down of the splendid production that will help to increase earnings of the Great Northern’s Dakota and Minnesota lines. The Northern Pacific occupies a rich clover patch also. Its Winnipeg line moves around and taps the points of best production in the valley, avoiding in the main the points of greatest weakness. A t Leeds it touches choice northern ter ritory and its main line will show a handsome tonnage in crease. Wheat is not the only crop to haul; there are millions of bushels of flax that will reach market by Northern Pacific lines and splendid gain in earnings will result. The Soo road is favored along its entire mileage to the Canadian boundary, except for a small area in central Minne sota and for a district west of Kulm. 1 here is an immense flax tonnage on the Soo, northwest of Valley City, and there is a good wheat yield on the Soo from Valley City to Minne apolis. This was not the case last year, and yet without a large crop tonnage Soo earnings in July were $426,937, an increase of 17 per cent and the largest July figures in the his tory of the road. With a large crop to haul the next twelve months the Soo can be expected to make high water mark in earnings, or more than double the dividend on its preferred stock. 1 he more southern lines were favored last year while the Conditions in South Dakota. three lines just mentioned took the brunt of crop failure. The In South Dakota the conditions have been overestimated. southern lines cannot hope to increase their crop tonnage in Blight did serious work. The centers of production are equal proportions to the northern roads, but they can hold changed from last year. The southern counties had good even with last year, and one or two may show some gain. averages a year ago. This year they will run light, except The Milwaukee will hold pretty evenly with last year on its around Parkston and along the Sioux Falls-Mitchell road, Minnesota lines and will gain considerably in its North Da where there is a gain for a considerable area and a holding kota territory, which is quite limited but choice. even with the production last year. The Jim valley and the The Northwestern and the Omaha will even up with last Missouri slope were hurt by the heat and yields will be very year, and so will the Minneapolis & St. Louis, and the latter light. The Aberdeen district suffered a good deal. The may show quite a gain on its western line. northeastern counties have gained and held even. The east The Chicago Great Western had quite a drouth area last ern tier has gained and held even. When the balance is struck, year that will produce fair to good this year and there will be the yield of the state is reduced from last year, when it was a fair increase of tonnage. The railroads will do a great busi 35.000,000 according to my figures. ness the coming year in the northwest. The North Dakota Counties. In North Dakota the highest county average of wheat will center in Pembina probably, although Walsh will make a fine showing. In Grand Forks the average will begin to show some decline but it will be good; in Traill, more decline; in Cass, only fa ir; in Richland, good. There are several sections in the Red River valley that will not be cut and a large area in Cass and Traill will show a light average. Along the north ern boundary good production continues to the Soo road and in the west central counties it holds fair to good, which is true of the southern counties. The result is an estimated aver age for the state of nearly fifteen bushels. The Work of Blight. The Wheat Crop of 1900. 1 he northwest wheat crop last year figured on the basis of the actual distribution statistics, was 140.000,000 bushels. The Jones estimate was 136,000,000. The distribution is as follow s: T, . . B u sh e ls. R eceived, M in n e a p o lis a n d D u lu th , in tw e lv e m o n th s . . . 1 00 ,0 0 0 ,0 0 0 C o u n try m ills, seed a n d c o n s u m p tio n ........................................ 50 000 000 D e stro y e d by r a in l a s t h a r v e s t ...................................... 7 000 000 C a rrie d o v e r, A u g 1, 1901. ..................................................... ! A l o ’o o o ’ooo T o ta l d is tr ib u tio n .................................................................... D e d u c t old w h e a t fro m 1899 c r o p ..................1 5 ,000,666 D e d u c t w h e a t fro m K a n s a s C i t y .......................1 2 ,000,006 167 ,0 0 0 ,0 0 0 27,0 0 0 ,0 0 0 N e t c ro p , 1900 1 40,000,000 It can be said in general terms that the crop in the three There are a few millions of wheat received from Iowa and states suffered from the heat. The damage is less marked in Nebraska, but these receipts are more than offset by ship North Dakota than elsewhere, but it is there, however. The ments out of southern Minnesota and South Dakota that do top of the head was hurt more or less in all parts of the north not come to Minneapolis. west. In the Red River valley the grasshoppers did consid Those who estimated 90,000,000 to 100,000,000 as the crop erable damage, destroying, perhaps, 3,000,000 bushels of wheat. last year are seeking to show the last crop to have been 116,The Quality of Wheat. 000,000, but they do it by making the old wheat from the crop It is believed that this is a good milling crop. There will of 1899 30,000,000, a total out of all reason, and one that can be a good deal of shrunken wheat, but outside of a moderate be disproved easily by the fall receipts of old wheat. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis THE COMMERCIAL WEST. 30 Saturday, Aug. io, 1901. K A N S A S N O T A N U N C E R T A I N C R O P STATE. (S p e c ia l C o rre s p o n d e n c e o f th e C o m m e rc ial W e s t.) Topeka, Kan., Aug. 8,— F. D. Coburn, secretary of the Kansas State Board of Agriculture, has replied as follows to a statement made by Secretary Wilson of the United States Department of Agriculture : “I have been amazed to see in the daily newspapers under a Washington date-line a statement that Secretary Wilson of the United States Department of Agriculture is starting on a visit to observe conditions in the ‘corn belt,’ which he is careful to define as ‘Iowa, Illinos and Missouri,’ Also, he ‘re futes the contention that Kansas and Nebraska are included for conditions there can never be counted on. The crops of those states are too uncertain.’ “ Mr. Wilson is a man of high character, great intelligence and with every facility for information about agricultural conditions, and I cannot credit him with such a grotesque perversion of truth, lack of knowledge, or willingness to ig nore the agricultural possibilities and performances of two states that his own reports show as rightfully standing among the foremost. No honest man qualified to teach a district school would risk his reputation for intelligence by giving utterance to any such balderdash. “The reports of Mr. Wilson’s department for the past five years show the foremost corn producing states of the world (in aggregate yield) to be Iowa, Illinois, Nebraska, Kansas and Missouri, in the order named, and that for ten years past, save one, these same states have led in producing the king of cereals. “ They reveal that in the five years young ‘semi-arid’ Kansas once ranked third, crowding the old Iowa for second place, surpassing both Missouri and Nebraska. Kansas in the same period ranked fourth once, and fifth in this galaxy of corn stars three times, while excluded Nebraska has a record as good or better, having distanced Illinois in 1896 and Iowa in 1897, leaving ‘reliable’ Missouri to occupy fourth place three years and fifth place two years in the five. Nebraska excelled Missouri in 1892, 1896, 1897, 1898, 1899 and 1900. Kansas raised more corn than Missouri in the years 1896 and 1899, and in 1896 harvested a crop three times greater than that of Iowa in 1894. In fact Kansas in 1896 grew almost as much corn as ‘reliable’ Iowa and Illinois combined in 1894, and in the past five years, according to Mr. Wilson’s reports, the ag gregate of corn produced in Kansas has exceeded that of Mis souri by nearly 100,000,000 bushels. “ The corn crop of Kansas in one of the past ten years was greater than that of Iowa in four different years of the same period; greater than that of Illinois in seven of the years; greater than Nebraska’s in nine of the years, while Missouri’s nearest approach in the decade fell nearly 10,000,000 bushels short of being its equal. “If the land of the central part of Kansas ‘belong to a semi-arid classification’ it is lamentable that there are not larger areas in the United States that can properly come under the same classification, for the particular portion of the Sun flower State as described constitutes what is probably by odds the most profitably productive wheat-field in the world, the flours from which are unsurpassed by the product from where soever, all of which is generally well known. “This part of the state is the portion that has made Kansas famous to the ends of the earth by its wondrous outputs of winter wheats, outdoing all would-be competitors, and placing the state in a class by itself. In short, this region, ‘arid,’ ‘semiarid,’ or otherwise, is without a peer in wheat production. “ Referring to Kansas as ‘semi-arid,’ ‘uncertain’ and terri tory where ‘conditions can never be counted on,’ it is proper to invite attention to the showing made by Mr. Wilson’s re ports as to the value of bread-growing crops (corn and wheat), produced in the five states he mentions in the past five years, thus: V a lu e. Illin o is ..................................................................................................... $ 3 6 1 ,5 3 0 ,6 1 8 Io w a ......................................................................................................... 320,78 9 ,7 7 1 M iss o u ri .................................................................................................. 2 7 5 ,9 6 1 ,9 8 3 N e b ra s k a ............................................................................................... 3 0 1 ,4 1 9 ,9 2 2 K a n s a s , ‘s e m i-a rid ’ a n d ‘u n c e r ta in ’ ........................................ 3 7 8 ,1 3 3 ,3 4 7 “Agriculturally, therefore, Kansas, it would seem, is bet ter equipped to successfully claim recognition as a foremost commonwealth than any of the states alleged to be so favor ably mentioned by our eminent secretary at Washington, pro ducing largely both wheat and corn; the forepart of the season being favorable, a record-breaking wheat crop is garnered, while if the later months are propitious a prodigious corn crop is gathered— one or the other, if not both; in ‘Iowa, Illinois and Missouri’ as compared with the situation in Kansas, it is apparently either corn or confusion. “ Brother Wilson is evidently misquoted or has escaped from his statistician. I opine the former.” MONTANA RANGES NOT OVERCROW DED. B y G r a y W . R ic h a r d s o n . (S p e c ia l C o rre s p o n d e n c e o f th e C o m m e rc ial W e s t.) Helena, Mont., Aug. 8.— Secretary Wilson stated in a re cent interview that the supply of meat drawn from the west ern range for consumption in the market of this country and of Europe would rapidly decrease. The statement of the sec retary is misleading. It is true that the supply of meat pro duced from cattle and sheep fed upon the open public range, is decreasing, but not for the reason indicated by the secretary — that the western ranges are so damaged by over-crowding and over-feeding that they would not produce the same amount of grass, and consequently as many animals could not subsist on them. While the number of animals raised under the open public range conditions are decreasing, it is not because the ranges are exhausted, but because the cattlemen and sheep owners of the Rocky mountain region, and particularly of Montana, are rapidly purchasing either from the government, under the various land laws, or from the railroads of from state land grants, large tracts of land which they are inclosing and raising cattle, sheep and horses under conditions similar to those in the east, i. e. in inclosed pastures. The result of this policy is that not only is the number of animals raised large ly increased but the quality of the animal itself is much im proved ; it no longer having to take the chances of cold storms of winter with its consequent setbacks. The land agents of the Northern Pacific railroad, also the Montana state land agent, says that the range, even the open range, in Montana is in better condition this year than at any https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis time during the last twenty years, indeed, this is the concensus of opinion of all the stockmen. The enclosing of large areas of land permits the grass to recover from the close feeding incident to the open range. Again, the animals in these inclosures are provided with ample water supply and do not have to travel the long distance to water, and trample the grass, as they did when the range was open. And, by hav ing these inclosures, the stockmen are able to save the grass in them for winter feeding, using the high bench lands and mountain tops, where the grass is usually most luxuriant for summer feed. This grass has heretofore been largely wasted because cattle and sheep prefer to feed at lower altitudes and range there both summer and winter, leaving the grass on the mountain tops and high bench lands to be destroyed by the range fires or to be rotted by next season’s rains. Summing up the situation in the range industry, there are more cattle, sheep and horses raised upon the Montana range under present conditions than ever before in the history of the state. The stockmen having these inclosures also provide hay for winter feeding and are not subject to the vicissitudes of climatic conditions like they were in by-gone years. The business of stockraising in the west is becoming systematized and with improved system, as is always the case, comes im proved output both in quantity and quality. The Northern Pacific land agent reports that he is selling lands this year to cattlemen and sheep owners and farmers for the third time, the same men having purchased lands last year and the year before. Saturday, Aug. io, 1901. THE COMMERCIAL WEST. 31 A M O N G TH E MINES. It has been reported in daily papers from lower Michigan ports that iron ore shipments were falling off on account of the great steel strike and that the future of the ore ranges is dark. While there has been a decline of shipments from Escanaba and Marquette for some reason the total business of the Lake Superior region was never so large as now, and the strike has had little or nothing to do with the decline there. There was never so large a June in point of ship ments as the last, and July came to the front with shipments exceeding any other month on record, 3,700,000 gross tons. There is still a shortage of 8 per cent as compared with a year ago at this time, but the shortage a month ago was 15 per cent. It is being made up rapidly, and in another month will be wiped out. Minnesota is this year shipping considerably more iron ore than Michigan and Wisconsin combined, and to date has sent 4,687,000 gross tons to the other two states’ 4,000,000. In no past year but 1900 has Minnesota led Michigan alone, and then it was very close. It is believed by iron ore men that this change is permanent, and that the day of the supremacy of Michigan as an iron ore mining state is past. With the increasing percentage of Mesaba ores that furnaces can use the Minnesota proportion has grown steadily. One Minne sota ore road, the Duluth & Iron Range, last month surpassed all records of any lines, moving over its tracks 965,000 gross tons and shipping off its docks more than 1,000,000 tons. It meant that ore trains passed over the entire road, one way or the other, every twenty-five minutes, except Sundays, for the entire time of the month. About thirty loaded trains per day passed down, and as many empties up. The live load per train on this road is now about 1,200 tons. The rate of business was equivalent to a movement of 8,000,000 tons for the season. There was no serious accident on account of this rate of operation. The state shipped in July more ore than in any preceding month, in all 2,120,000 gross tons, for the season to date, 4,687,000 tons, which is less by 144,000 tons than for the corresponding period of last year, but is 1,280,000 ahead of 1899 to the same date, and 1,919,000 more than in 1898. At one of the Lake Superior ports last month the aver age cargo of ore ships for the month was 5,300 net tons. No such cargo record has ever been made in any port of the world. * * * A tract of iron ore lands taken years ago by R. Pumpelly, the well known Newport geologist, has been leased to E. F. Bradt, and he is putting in drills for a thorough exploration. I he lands lie near Republic, and if ore is found will prob ably pass into the hands of some important mining and con suming concern in the east. Chester mine is closed indefinitely on account of the slack demand for its lean— under 40 per cent— ores. These ores, though bessemer, are so low in iron that they cannot com pete yet, even though they have a short rail haul. The closing of this mine is in no way indicative of any weakness in the situation. * * * Negaunee mine, Negaunee, Mich., which July 12 caved under the engine house and stopped the use of the hoisting plant. On last Monday a new engine house had been put up and the engine had been moved and set upon a new concrete base and hoisting recommenced. In the interim the mine hoisted 600 tons daily by a temporary plant. But the Negaunee is full of trouble, and now is meeting with water that threatens to cost the management much. A small share in the fee to this mine has been purchased by the lessees, the American Mining Co. (A. S. & W .) for a price that indicates a value of $1,500,000 for the mine. The American company has a 25cent lease and hopes to take out 250,000 tons a year before long. * * * A great concession has been granted by the Ontario government to Port Arthur men for exploring on Hunter’s Island, on the Minnesota boundary. The concession is for 147 square miles, most of it in the ore bearing formation, and is for three years, with the single proviso that $150,000 must be spent in explorations during the time. The right to take lands without cost is given the concessionees. This concession is now under negotiation with leading eastern mining interests. * * * The Republic Iron & Steel Co. is sinking an exploratory shaft on lands in the central Mesaba belonging to the Great Northern railway interests, with a lease of them in view. On adjoining lands P. L. Kimberly is to explore for ores. The Republic will have its Pettit mine hoisting in a month. It is stated that the Phoenix Iron company, that has been exploring near Hibbing, has found iron. West of Hibbing explorers have found a large body of ore, but chiefly of a low grade, though one hole runs up to 62 per cent iron, low in phosphorus. There are said to he 18,000,000 tons in the deposit. * * * More than 1,000 tons of graphite have been mined at the new L ’Anse mine and are being ground for shipment. In copper there has been a flat cut to i 6j4 cents a pound for refined lake. This comes as a result of steady small consumption on the other side and the continued great pro duction of all mines. It is not much of a reduction, all things considered, and can hardly be expected to accomplish its ob ject— the stimulation of consumption. Semi-annual United States copper statistics, just issued, are as follows : 1901. S. p ro d u c tio n fo r six m o n th s to J u n e 30 . . ------133,394 Im p o r ts , sa m e p e rio d . . ------ 26,631 U. T o ta l to n s .................. 1900. 1899. 1898. 134,577 2 0 ,066 124,487 13,908 120,487 6,811 154,643 138,395 127,298 S h ip m e n ts sa m e p e rio d . . ____ 5 4 ,877 89,618 53,903 66,424 L e f t fo r h o m e u se 89,618 8 4 ,492 60,874 .......... ___ 105,148 O f course, it is evident that the United States is not increasing its consumption to any such quantity as the figures indicate, therefore copper is piling up. The home demand is greater than last year by considerable, if it were not the price must have fallen long ago. The situation as to price is not encouraging. Now, it would appear, is a suitable time for the Amalgamated Copper company to do what it has said it A very remarkable piece of work has been done at the is able to do as to price and production. — D. E. W. Nebraska Not Seriously Hurt. (Special Correspondence of the Commercial West.) for sale in the sections overlooked in the recent downpours is quickly snapped up by farmers near by at reasonable prices. Already cattle are beginning to arrive from the more arid states to the south and east. Many farmers are contracting to feed their immense stocks of alfalfa, straw, stalks and other coarse feed to cattle brought in from those states to winter. Despite the drouth, Nebraska farmers will be pros perous and happy the coming year. Cozad, Neb., Aug. 5.— Forty-five cloudless, blistering days is the drouth record for a large portion of Nebraska, yet corn in this same section with recent heavy rains will make a good half crop or more. This phenomenal result is wholly due to the abundant rains of early June, thoroughly saturat ing the subsoil where it was conserved and held for the later extreme needs of the growing crop, by the immediate and Minneapolis Lumber Shipments. thorough cultivation of the fields. On the whole, Nebraska S h ip m e n ts o f lu m b e r a t M in n e a p o lis f o r th e f ir s t will have a good fair corn crop and will not lose her position o f 1901, by m o n th s , w ith c o m p a ris o n s, fo llo w : of second or third in the list of great corn producing states. 1901. F©Gt* With wheat making twenty to forty bushels per acre, excel J a n u a r y ............................................................................ 2 3 ,4 00 lent pasturage and crop of hay all in great demand at ad F e b r u a r y ..........................................................................3 0 ,2 14 50 .0 ,0 0 0 vancing prices, farmers have small grounds for serious com M a rc h ...............................................................................3 5 ,0 5 5 ,0 0 0 plaint. Her heavy stocks of cattle will be increased from A p ril ................................................................................. 3 9 ,2 7 0 ,0 0 0 ....................................................................................4 4 ,7 6 0 .0 0 0 the glutted pens of eastern markets, and all will be well fed, JMu ay n e ....................................................................................4 4 ,2 8 0 ,0 0 0 with much to spare to her more unfortunate neighbors. Stock J u ly ....................................................................................4 4 ,2 3 5 ,0 0 0 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis six m o n th s 1900. Foot 2 6 .2 2 0 ,0 0 0 24,1 6 5 ,0 0 0 3 3 ,5 9 0 ,0 0 0 3 4 ,1 5 5 ,0 0 0 3 8 ,4 6 0 ,0 0 0 3 7 ,9 6 5 ,0 0 0 2 8 ,0 5 0 ,0 0 0 TH E COM M ERCIAL W EST. 32 Saturday, Aug. 10, 1901 APPRECIATION IN FARM LAND VALUES. B y H arry L e e T a f t , Treasurer of the Pearsons-Taft Land Credit Company, Chicago. The recent statement of a New Jersey correspondent to the New York Sun concerning “the present depressed condition of real estate in the United States’’ and “the depreciated value of farm lands in the east and middle west” is one worthy of the attention of those familiar with the facts, since, as it relates to the latter at least, it is a statement entirely at vari ance with the real situation. O f city real estate the writer is not competent to speak but of the farm properties of the middle west it may be said without reservation that there has never been a better market nor have prices ever ruled higher than they do at the present time. The depreciation of the eastern and New England farm has been a recognized thing for the past quarter of a century and has in no wise come about during the period since 1890. as our correspondent assumes; moreover it is one due to most natural causes and could be foreseen years before it was ac complished. The farms of the east even in their virgin state never of fered such possibilities as the great loam prairies of the mid dle west. The former have been farmed continuously and harshly so that there has been a constant decrease in their intrinsic value and this combined with the fact that the fac tory town with which the east is spotted has taken from the agricultural district the young man who would most naturally have carried on the farming business of his father, has oc casioned a scarcity of buyers and the land itself in its debili tated condition simply occupies a position similar to a mining proposition from which the ore has been extracted. All this is a most natural thing— not a recent one, and not a phenomena to be alarmed about. These conditions however in no way apply to the great middle west and even in western Kansas and Nebraska where it might seem to the casual observer that there was a deprecia tion in value. Such is not the fact but is merely a return t.q the real and only value this land ever had. During the early 8o’s there was so vast an amount of money practically forced upon these territories by loan agents who were interested only in commission that it raised the price of these lands to a fic titious point recognized by all familiar with the locality and its conditions, to be far beyond any thing it could possibly become worth except under the influence of great irrigation systems; and thus these farms have simply and naturally sought their level as grazing land. But departing from a discussion of the extremes and con sidering that “middle west” of which the correspondent speaks— extending from just west of the sixth principal merid ian east into Ohio, we find not a depreciation of value or even a limited demand, but a constant steady growth and en hancement in value that has known no depreciation and only an occasional and temporary check since it was offered to the pioneer as wild prairie at government price. There have been local conditions such as a heat wave in , Missouri or Illinois or the grass-hoppers of 1872 and 1873 in northwestern Iowa which have caused a loss of crop and a resultant lack of demand for land. But even at such times the few transfers made have almost invariably been at the established price and have themselves been followed by a further advance when the local loss had been recovered from. Undoubtedly the unusual opportunity for quick profits in the stock market offered by the great economic changes of the past couple of years looking toward the combining and cen tralizing of manufacturing and railroad interests of the coun try, has had its effect on city real estate; for this latter is looked upon by the conservative investor as one of his “banks” and into this often puts those funds intended for permanent investment. These conditions however do not ap ply to farm lands for the great majority of transfers of these are to actual settlers. There have scarcely ever been two consecutive years which have seen so vast an exchange of farm lands at so advanced a price as the two just passed and the writer can point to county after county where twelve months has seen an increase of from 10 per cent to 25 per cent in value and can scarcely recall a locality where this influence is not felt to some ex tent. For the purpose of illustration we have taken ten farms where we have the figures in each of the states of Illinois, Iowa, Minnesota and Nebraska and figured the income on the actual investment with the following results: Illinois, 15 per cent; Iowa, 16 per cent; Nebraska, 22 per cent; Minnesota. 28 per cent. Another authority whose figures are before us figures Iowa at 21 per cent, but he has considered all source of income including eggs, vegetables, butter, etc., while we have taken only the grain raised. It is therefore reasonable to assume that land which will make such returns to one who brings no more business judgment and experience to bear upon his investment than does the average farmer, could not help but continue to increase in price. Crop failure even cannot stop but could only check this movement at a time when the number of actual settlers is increasing out of all proportion to the available tillable land That part of our country offering the settlers induce ments is now all taken up— it cannot be extended except b'r artificial means, involving an expenditure of vast sums o' money. The settlement however continues and must go into already populated regions. This forces the holdings down to smaller acreage and each such division means a high premi um for the portion with which the owner is obliged to part. Only this territory can successfully raise corn because of climatic conditions, yet the use of corn is increasing both at home and abroad at a surprising rate which theoretically at least, means an advance in price. What must be the result of all this? Figure it yourself and then reflect on “the depressed condition of farm lands in the middle west.” Farm Lands in Minnesota A cres. Pan-American Exposition Of course you are going. To insure a comfortable journey, see that your ticket between St. Paul and Chicago reads via Burlington Route. Lowest rates. Ask Your Home Agent for Tickets via This Line https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis P e r A. Aitkin county................15 ,000 ..$3.00 Becker county................ 3 ,500 .. 3.50 Beltrami county............ 2 ,000 .. 3.00 Cass county................... 30 ,000 .. 3.00 Crow Wing county....... 15,000 .. 3.00 Itasca county................. 50 ,000 .. 2.50 Morrison county........... 5 ,000 .. 3.00 Hubbard county........... 6,000 .. 2.75 Todd county.................. 6 ,000 .. 3.25 150,000 a c re s of A g ric u ltu r a l a n d M eadow L a n d s in th e N o rth e rn c o u n tie s of M inne s o ta . T h ese la n d s a re now r e ta ilin g from $1 50 to $7.00 a n a cre. T hey offer a t a bove w h o le sa le p ric e s an a b so lu te ly sec u re in v e stm e n t fo r B anks, E s ta te s a n d I n d iv id u a ls . W ill p ay good com m issio n s to liv e a g e n ts on b o th w h o le sa le a n d r e ta il sa le s S e n d fo r p la ts a n d p rices. W. D. WASHBURN, Jr., 300 Guaranty Bldg., Minneapolis, Minn. Saturday, Aug. io, 1901. THE COMMERCIAL WEST. 33 T h e F a r m L a n d M o v e m e n t. $2,400; w y sw y sec. 10 King, $3,600; s y nw%, n e y n w y sec. 1 Buffalo, $6,800; 40 acres sec. 7 Norway, $5,878; n ey sec. 30 Buffalo, $7,200. M IN N E SO T A . Jefferson County.— 40 acres 27-71-10, $350. Wright County.— S y n e y sec. 9 Buffalo, $1,000; ex /2 sey O ’Brien County.— W y nw y, n e y nw y , nwU neV 31sec. 24 Buffalo, $640; wx /2 ne*4 sec. 28 except 26 acres, Co- 95-42, $7,070. kato, $1,500. Sioux County.— SE 33*95-47, $3,360; swl/4 n w ^ 23-97-46, Polk County.— SEJ4 sec. 18, nwj£ 20-148-45, n w y sec. $1,500. 25, neJ4 26-149-45, $2,500; s e y 10-149-45, $2,500; s e % 2-147Appanoose County.— Wj^ n e y 30-70-16, $1,700; sy2 nw y 47, $2,000; swJ4 21-149-44, $2,200; el/ 2 24-152-46, $3,200; sw54 24-70-16, $1,200; nw y 24-70-16, $3,800. se/4 33-148-46, $280; nw^4 22-154-46, $2,080; nw y 24-149-47, Poweshiek County.— SE y sw ÿ sw y 21-80-13, $300; sw*4 $4,000. 34-80-15, $10,400; all sec. 27, sw ÿ 22-81-16, $8,000. Todd County.— S y nw 1/a, n/x 2 n w ^ 18-128-33, $3,000; Monona County.—80 acres, $3,880; 80 acres, $4,280;. 166 sw yi s e y 22-133-33, $350; ex / 2 se y , nw y se y 11-128-33, acres, $6,640; 240 acres, $11,640; 160 acres, $4,000. $500; wx / 2 sej4 9- 131-34, $i,4SO; s e y n e y 23-127-34, $1,000; Hamilton County.— 'W y sw ÿ, n e y sw y 22-88-23, $5,640; sw ^ nw%, ny2x SW/4 36-132-35, $1,200; s e y sw y, sw y sej^ n e y 25-89-25, $8,000; n e ÿ 18-87-23, $2,880. 21-131-25, $600. Bremer County.— 80 acres Fremont, $6,000. Martin County.— N y nw y, $y nw y sec. 26 Tenhassen, Fayette County.— E y n y , n w y n e y 32-91-9, $500; nw ÿ , $3,600; w y2i n e y , s e y ney. sec. 35 East Chain, $4,320; nl/2 nw y sw y 35-91-8, $8,000; n y n e y 5-92-9, $4,650. sec. 8 Nashville, $6,400; w~y nej4 sec. 15 Manyaska, $1,600; NORTH D AK O TA . sw^i sec. 10 Elm Creek, $565. Rice County.— 10 acres sec. 5 Bridgewater, $800; 40 acres Barnes County.— S W ^ 18-138-50, $3,920; n ey s e y 29sec. 33 Morristown, $1,800; 20 acres sec. 34 Walcott, $3,700; *37-50, $500; nwy 18-141-49, $3,000; swy 35-139-51, $2,850. 79 acres sec. 22 Northfield, $2,500; 40 acres sec. 30 ShieldsRichland County.— N E y sey , s y se y , s e y sw y 6-134ville, $1,100; 160 acres sec. 17 Richland, $5,800; 40 acres sec. 52, $750; se*4 sec. 29, sw y 28-129-47, $1,328; e y sec. 19, sy 36, Northfield, $1,000; 120 acres sec. 36 Northfield, $1,500. sec. 31, s e y 27-135-52, $2,850; w y s e y 13-134-50, $7,920; Otter Tail County.— S l/ 2 s e y , nw xy s e y 12-136-44, $2,750; swy 23-132-50, $3,000; n e y 19-131-51, $1500; n e y 20-133-52, ny2 nwyA 4- 135-40, $525; nw ^4 n e y 23-135-38, $270; n n w %, $1,550; s e y 20-133-52, $1,300; nwy 27-130-49, $800; sw y 9n w y n e y 24-134-36, $2,210; sw!4 29-137-36, $900; nw y ne*4 130-49, $800; n ey 35-136-50, $1,000; nw y 14-132-52, $1,800; 29-131-40, $400; e l/ 2 s e y 2-135-37, $940. nw% 23-132-52, $2,600; nwy 18-133-50, $1,760; e y n e y 7Sibley County.— E y2 n e y , swy n e y , nwxy se y 20-112- 132-47, $1,500. 31, $1,200; n e y n e y 17-114-31, $850; swj£ nwx y 23-114-28, Barnes County.— SWJ4 8-143-56, $1,000; nwy 33-137-57, $400. McLeod County.— SW j£ swy sec. 16 Round Grove, $500; $960; all of 1-137-61, $3,682.87; sw y 2-138-59, $2,400; ney, ex /2 swy , sw*4 sw y , se y nwl/ i swy , sec. 22, niy2 nwj4 sec. sw y 11-139-56, $1,840; n ey , swjy 11-139-56, $2,545. 27 Bergen, $10,000; s ]/2 swx y sec. 22, n y 2 nwy sec. 27 Lynn, Benson County.— N W ^ 21-152-69, $1,000; s e y sw^4 , sw^x $5,500; ny2 se y sec. 33 Winsted, $1,900; 70 acres sec. 29, s e y sec. 14, n y n e y 23-153-66, $500; nw*4 18-153-67, $ 1 , 2 00. e.y2 swy. swy sec. 20 Hale, $3,600; 35 acres ey2 n e y sec. 31 Hutchinson, $1,000. SO U T H D A K O T A . Dakota County.— 100 acres sec. 9 Marshan, $1,000; 120 Kingsbury County.— N E }4 34-110-58, $1,600; s e y sec. 4, acres sec. 13 Castle Rock, $4,200; 24 acres sec. 2 Lakeville, n e y 9-110-56, $5,700; nwRx 5-109-58, $1,200; ne*4 30-111-54, $1,500; 160 acres sec. 19 Greenvale, $2,500; 80 acres sec. 11 $3,300; se*4 24-109-57, $1,000; nwy 6-110-57, $2,500; all 20Vermillion, $2,000; 80 acres sec. 17 Waterford, $2,400; 80 111-56, $8,640; w y 2 nw y 11-111-55, $1,200; s e y 29-111-57, acres sec. 28 Hampton, $1,400; 240 acres sec. 21 Lebanon, $1,400; s w y 7-110-57, $2,400; s y nw y 1-112-58, $1,600; ne^ $1,200; 80 acres sec. 19 Waterford, $1,400. xo-ii- 55, $2,200; sw y 32-109-55, $2,000; n e y 32-119-55, $2,400. Meeker County.— NEj£ sec. 32 Cosmos, $4,000; sx / 2 sec. 32 Bon Homme County.— S E y 14-94-60, $3,950; se*4 27-96Cosmos, $7,680; nw ^4 se}4 sec. 33 Kingston, $200; ny2, nl/ 2 59» $3»35o; 1 acre in 6-94-59, $300. sw }4 sec. 34, n e y n e y sec. 33 Harvey, $3,000. Minnehaha County.— NEJ 4 2-104-50, $5,600; se^ 29-102Blue Earth County.— S E y se y sec. 10 Pleasant Mound, 52, $3,200; seRi 2-104-50, $4,160; se y , s y sw y 32-104-48, $1,800. Dodge County.— Sy2 sej^» nwj4 se y sec. 27 Canisteo, $2,- $7,920; s y n e y 15-104-48, $2,500; nwLx 11-104-50, $4,480; 200; se}4 sec. 21 Ripley, $5,200; swy nwiy sec. 13 Milton, s e y sw *4 sec. 23, n e y n w l/ i , n w 1/^ n e y 26-101-48, $3,000. $900; 5 acres swx y n e y sec. 19 Concord, $600. Brown County.— N E ^ 20-123-65, $1,800; ne^x 19-125-65, Lyon County.— N W ^ , nw^x n e y 13-110-41, $4,900; se*4 , $1,000; nw'A 21-123-65, $1,800; sw y 14-125-61, $900; nw y 10e y swy , e y n e y , s e y nw*4 sw y n e y 28-111-43, $10,000; *23-65» $775; s w 3-123-65, $1,200; se^4 sec. 11, nwy 12-12661, $2,000; n e y 15-124-64, $1,600. swRo s y nwy 20-110-41, $5,400; swy sec. 14, n e y nwy 23- 110-41, $5,800; e y s e y 17-110-43, $1,900; se y 10-112-42, M ONTANA. $5,700; swy 16-109-40, $5,000; all of sec. 27, swj4 sec. 26, n ey nwy 35-109-40, $35,000. Missoula County.— N W *4 n ey 26-13-18, $1,500. Steele County.— 40 acres sec. 16, 121 acres sec. 17 Meriden, Cascade County.— NWJ 4 n ey sec. 32, sw y sey , e y sw y, $5,000; 100 acres sec. 17 Medford, $3,000. 29-20-1, $2,000. Pipestone County.— NWJ 4 8-108-45, $4,800; w y n e y 15W ISC O N SIN . 107-45, $2,600; s e y 7-107-44, $4,770; n e y sec. 19, nwy 20Dane County.— N W ^ seRx sec. 11 Bristol, $100; nw y sec. 106-45, $12,687; s e y 9-107-46, $4,800; s e y 12-108-44, $5,000. 11 Middleton, $925; e y nwy sec. 35 Vienna, $5,400. Goodhue County.— S y nwy , sec. 29, s l/ 2 s y 2 s e y s e y sec. Oconto County.— 160 acres 29-29-17, $1,600; 56 acres 3-2631 Pine Island, $2,500; ny n w y sec. 29, $2,500; w y s w y 20, $1,000; 40 acres 22-30-19, $575; 40 acres 13-28-19, $1,000; 29-109-15, $500. Olmstead County.— 8 acres sec. 6 New Haven, $240; 80 40 acres 35-28-19, $700. acres sec. 4 Pleasant Grove, $4,500. Marathon County.— S y n e y , w y s e y , 1-26-3, $2,300; sxy s e y sec. 21, nx /2 n e y 28-27-3, $1,760. Scott County.— E y s e y 12-113-21, $1,440. Stearns County.— SWj£ 8-123-34, $4,000; swy 35-126-35, Winnebago County.— 15 acres 21-18-16, $3,000. $3,000; w y n e y 33-124-35, $800; sy 22-123-34, $8,000; nwy Clark County.— SWJ4 se*4 11-23-2, $425; s e y s e y 28-286-126-35, $600; n e y 26-123-33, $2,200; s e y 12-123-34, $3,400. 1, $480; w y nw y 3-27-1, $800; sw y sw y 28-24-2, $2,250; Watonwan County.— NWLx 22-107-33, $2,400; w y s e y w y n w y 13-26-1, $400; ej^ s e y 9-26-3, $400; nj^ ne^x 3031-107-33, $4,000; nwy 31-106-30, $17,920; s y sw y 8-106-31, 27-1, $600. $2,000; s e y 23-106-33, $6,000; ne^4 sec. 34, sy sw y 27-105M ICH IG AN . 33, $9,200; s e y s e y 14-105-33, $1,700; sy s e y 17-105-33, Chippewa County.— N y nwy. 7-44-2, $1,425. $960. W exford County.— S y swy , n e y swy sec. 26 Wexford, Benton County.— SWj£ se*4 8-38-31, $300; n e y 4-37-28, $300; nw yA s w y sec. 14 Slagle, $400; sw y ne T4 sec. 26 Sel $1,900; e y n e y 32-37-28, $1,300; ex / 2 sw^4 9-38-29, $560. Wadena County.— N E y s e y 35-158-44, $240; nw y n ey , ma, $100. KAN SAS. S/4 n ey , n y s e y 25-158-43, $2,210; n e y sec. 10, nw*4 nwy 11-154-49, $4,960; e y n e y sec:. 7, w y2 nwj£ 8-155-44, $1,200; Nemaha County.— N E y n ey 36-1-14, $1,200; n y 2-5-13, n e y 12-158-50, $1,400; s e y 4-154-45, $2,000; s e y swy sec. $6,348; se% 24-4-13, $4,500; n J/ 2 s e y 27-4-13, $1,600; nw cor 1, e y nwy ; swz4 nw y 12-154-45, $1,440. $6,348; s e y 24-4-13, $4,500; n y s e y 27-4-13, $1,600; nw cor St. Louis County.— N W *4 nw y 27-58-20, $30,000; se*4 ner n e y 25-2-12, $921. n w y 22-54-18, $100; s y n e y 14-63-12, $700. IO W A. J A E G E R (S l T O R E L L E , Hancock County.— NW j£ 30-97-26, $6,000; n e y 4-97-27, $5,500; e y n e y 26-94-25, $2,400; el/2 s e y 36-96-23, $3,400; T r a n s a c t a G e n e ra l R e a l E s ta te B usiness, b u t th e ir S p e c ia lty is se y 13-96-24, $9,000. Palo Alto County.— W y nw y, w y2 sw y, n ey , e y nwy 19-94-34, $15,930; sw y , s y nw y n-94-34, $10,800; e y n w y CO TTAGES, L O T S AND A C RES. 24- 97-32, $2,400. Winnebago County.— S y n ey sec. 16 King, $2,800; e y se y , nw y± se y sec. 25 Linden, $7,150; el/2 swx /A sec. 3 Buffalo, cataiogue.eir 310 Bank of Commerce, Minneapolis. L A K E https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis M I N N E T O N K A THE COMMERCIAL WEST, 34 ROBERT W. W EBB, A ss’t Sec’y a n d T reas. E L B R ID G E C. C O O K E, V -P res’t a n d Sec’y. SA M U EL H IL L , P re s ’t an d T reas. Saturday, Aug. io, 1901. ..niN N E A P O L IS MINNEAPOLIS TRUST C O / S K f C a p ita l P a id in , $ 5 0 0 ,0 0 0 .0 0 . G u a r a n ty F u n d w ith S ta te A u d ito r, $ 1 0 0 ,0 0 0 .0 0 . Acts as Executor, Adm inistrator, Trustee, Guardian and Transfer Agent. Safety Deposit V aults. Fire Insurance Agency. D ire c to rs: S am u el H ill, W m . H . D u n w o o d y , Ja m es J. H ill, E lb rid g e C. C ooke, W m. G. N o rth ru p , A. H . L in to n , Jo h n B. A tw a te r , C a v o u rS . L a n g d o n , R o b t. W . W ebb. M IN N EA PO LIS. M IN N EAPOLIS. II. NICKELS & SMITH, REAL ESTA TE AND LOANS 1 R e fe r: A m erican L oan & T ru st Co., Boston; U n ion M utual L ife Ins. Co., P ortlan d ; A m erican B ap tist M is sion ary U nion, Boston; A. W. M c L a u g h lin <fc Co., New Y ork; F . E. P atterson, P h ila d e lp h ia . Ne w Y o r k L i f e B u i l d i n g , M I N N E A P O L I S . Agent for th e Drexel E state In te re s ts o f n o n -resid en ts cared for. We refer t o M in n e ap o lis b a n k s a n d le a d in g b u si ness m en. K e a l E s ta te a n d L o a n s , B o n d s , L a n d s a n d M o rtg a g e s . Marsh &Bartlett ively on C om m ission. E sta b lish e d 1 8 7 4 . Special a tte n tio n to w ild a n d farm la n d s . L o an s a n d R e n ta ls. B usi ness p e rta in in g to o u r several d e p a rtm e n ts solicited. References: D rexel E s ta te , P h ila d e lp h ia , o r a n y B a n k in M in n eap o lis. 200 Oneida Building, Minneapolis. R. D. C O N E & CO. F. G. J A M E S , City and Suburban Lands Real Estate and Mortgage Loans, 517 Guaranty Building. M o rtg a g e L o a n s n e g o tia te d secured by first m o rtg a g e o n carefully selected real e s ta te in M in n eap o lis. R eal E s ta te , im p ro v e d a n d v a c a n t, b o u g h t, sold a n d m a n a g e d o n com m is sion. R en ts C ollected. E s ta te s m a n ag ed fo r resid en ts a n d n on-residents. FAC TO R Y SITES. B l d g . B est References F u rn ish ed . Tfce Buffalo Exposition. Is admitted to be the most beautiful ever seen. Purchase your railroad ticket via the Burlington Route. Your home agent can furnish tickets that way. G E N E R A L G R A IN STATISTICS. Visible Supply of Grain. W eek e n d in g W h e a t, bu. 1 .4 4 1 .0 0 0 1 012.000 1 .1 3 3 .0 0 0 3 .8 5 8 .0 0 0 2 3 9 .0 0 0 1 .8 8 5 .0 0 0 6 7 5 .0 0 0 1 .1 9 2 .0 0 0 3 1 1 .0 0 0 7 7 6 .0 0 0 3 7 0 .0 0 0 7 .4 9 4 .0 0 0 2 3 3 .0 0 0 1 .1 6 3 .0 0 0 2 .7 9 4 .0 0 0 . J u ly 27. C o rn , bu. 346 .0 0 0 3 8 2 .0 0 0 772 .0 0 0 6 .8 1 3 .0 0 0 6 4 ,000 1 .7 2 2 .0 0 0 3 2 .000 4 7 .000 5 9 3 .0 0 0 38.000 26.000 105.0 0 0 804.0 0 0 1 3 2 .0 0 0 3 0 0 .0 0 0 6 2 ,0 0 0 2 ,2 7 0 ,0 0 0 3 2 ,000 505,0 0 0 4 0 6 .0 0 0 3 6 .0 0 0 11 6 .0 0 0 1 ,2 9 6 ,0 0 0 70 .0 0 0 535,0 0 0 2 9 ,2 6 4 ,0 0 0 4 6 ,3 5 4 ,0 0 0 L a s t y e a r. v is ib le o a ts ............................................... 5 ,5 8 5 ,0 0 0 v is ib le ry e ................................................ 6 2 0 ,0 0 0 v is ib le b a rle y .......................................... 3 9 2 ,0 0 0 13.3 8 7 .0 0 0 11.6 9 2 .0 0 0 T h is y e a r. 4 ,3 5 4 ,0 0 0 6 5 6 .0 0 0 3 1 3 .0 0 0 1 2 ,6 0 4 ,0 0 0 1 2 ,3 2 0 ,0 0 0 185,000 34,000 352,0 0 0 Pacific Coast Wheat Stocks. ( R e p o rte d by B r a d s tr e e ts .) P o r tla n d , O re ......................................................................... T a c o m a , W a s h ....................................................................... S e a ttle , W a s h ......................................................................... T o ta l J u ly 2 7 , 1901 .................................................................... W eek ly c o m p a ris o n s sin ce J a n u a r y 1, 1 9 01, fo llo w : J u ly 27 . . J u ly 20 . J u ly 13 . J u ly 6 . . . J u n e 29 . J u n e 22 . J u n e 15 . June 8 .. June 1 .. M ay 25 . . M ay 18 . . M ay 11 . M ay 4 . . A p ril 27 . A p ril 20 . A p ril 13 A p ril 6 . . M a rc h 30 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis S p e c ia l A tte n tio n G iven to M an a g e m e n t of E s ta te s of N on -R esid en ts. 5 0 0 Oneida Building. (i n c o r p o r a t e d ) T o ta l T o ta l T o ta l (E stablished 1870. Incorporated 1893) Mortgage Loans Real Estate and Insurance. J. F. CALHOUN, Mortgage Loans, Real Estate, Rentals. T o ta ls ............. 3 0 ,3 6 9 ,0 0 0 L a s t y e a r ..................4 7 ,5 9 4 ,0 0 0 CORSERINVESTMENT CO. MINNEAPOLIS, MINN. David P. Jones & Company W eek e n d in g A ug. 3, C o rn , bu. I n s to re a t — W h e a t, b u . 2 8 3 .0 0 0 B a ltim o re ............... 1 ,8 3 5 ,0 0 0 2 3 5 .0 0 0 B o sto n .................... 9 9 3 ,0 0 0 2 9 8 .0 0 0 B u ffa lo .................... 1 ,1 0 7 ,0 0 0 6 .9 6 7 .0 0 0 C h ic ag o .................... 3 ,8 4 3 ,0 0 0 49 ,0 0 0 D e tr o it ...................... 3 1 4 ,0 0 0 1 .7 3 2 .0 0 0 D u lu th ....................... 1 ,7 7 4 ,0 0 0 F t . W illia m s , O n t . . 6 5 8 ,0 0 0 G a lv e s to n ............... 1 ,9 9 5 ,0 0 0 17 .0 0 0 In d ia n a p o lis ........ 4 0 9 ,0 0 0 7 3 .0 0 0 K a n s a s C ity ....... 1 ,0 4 1 ,0 0 0 6 1 7 .0 0 0 M ilw a u k e e ............... 2 5 9 ,0 0 0 5 2 .0 0 0 M in n e a p o lis ....... 6 ,5 8 4 ,0 0 0 2 6 .0 0 0 1 3 0 ,0 0 0 M o n tre a l .................. 1 0 5 .0 0 0 N ew O rle a n s . . . . 1 ,1 6 3 ,0 0 0 8 9 7 .0 0 0 N ew Y o rk ............... 3 ,2 1 4 ,0 0 0 17 ,0 0 0 do a flo a t ............. 8 ,0 0 0 6,000 P e o ria ........................ 2 6 8 ,0 0 0 3 1 6 .0 0 0 P h ila d e lp h ia ........ 5 0 3 ,0 0 0 P o r t A r th u r , O n t . . 8 5 ,0 0 0 1 9 0 ,0 0 0 S t. L o u is .................. 2 ,6 7 6 ,0 0 0 do a flo a t ...................................... 5 0 4 ,0 0 0 T o led o ....................... 3 7 7 ,0 0 0 T o r o n to .................... 3 3 ,0 0 0 6 0 ,0 0 0 O n C a n a ls ............. 1 9 1 ,0 0 0 16 0 ,0 0 0 O n L a k e s .................. 8 8 9 ,0 0 0 O n M iss. R iv e r . . 20 ,0 0 0 Minneapolis, Minn. I v A D D , P e rs o n a l care a n d m a n a g e m e n t of P r o p e rty : A ctin g a s T ru ste e . C o rre sp o n d ence solicited. 3 0 2 -3 0 3 A n d ru s B uilding, References. Oldest Continually Successful Operators in the City. G i a a r a n t y E . T w e n ty Y e a rs’ Successful E xperience in H a n d lin g M in n e ap o lis R ealty. Second Floor, 311 Nicollet Avenue. Sell R eal E s ta te , N e g o tia te M o rtg a g e s , M a n a g e E s ta te s w ith C a re a n d E conom y. 7 1 5 MOORE BROS. & SAWYER, 311 N icollet Avenue, F . C. Nickels [E s ta b lis h e d 1 8 7 8 .] F . G. S m ith PROPERTY.. Bought, Sold and Managed for lfon-residents. R e n ts collected; b u ild in g s im proved an d rec o n stru c te d to p roduce increased resu lts. W e h av e a n e s tab lish ed co n serv ativ e b u siness o f fo u rte e n y e a r s ’ s ta n d in g in th e m a n a g e m e n t ot c ity real e s ta te a n d M in n e so ta a n d D a k o ta lan d s. S a tis fa c to ry reference t o lo cal a n d e a s t ern p a rtie s. 500.0 0 0 125.0 0 0 6 2 5 .0 0 0 6 2 5 .0 0 0 8 4 7 .0 0 0 1 .0 5 7 .0 0 0 1 .1 8 6 .0 0 0 1 .0 8 3 .0 0 0 1 .2 6 9 .0 0 0 1 .3 3 8 .0 0 0 1.6 3 3 .0 0 0 1 .7 3 2 .0 0 0 1.6 1 3 .0 0 0 1 .4 2 5 .0 0 0 1.4 5 3 .0 0 0 1 .5 8 2 .0 0 0 J. B . T a b o u r S olicits th e p la c in g of y o u r m o n ey a n d th e care an d sale o f y o u r p r o p e rty . T w e n ty y e a r s ’ experience. References. 124 F o u r t h S t . S o u t h . M a rc h 23 .............................................................................. M a rc h 1 6 .............................................................................. M a rc h 9 .............................................................................. M a rc h 2 ................................................................................ F e b r u a r y 23 .................................................................... F e b r u a r y 16 ...................................................................... F e b r u a r y 9 ......................................................................... F e b r u a r y 2 ......................................................................... J a n u a r y 26 ......................................................................... J a n u a r y 19 ......................................................................... J a n u a r y 12 ......................................................................... J a n u a r y 5 ........................................................................... World’s Wheat Shipments. J u ly 25, 1901. B u. U n ite d S ta te s ........................6 ,9 7 4 ,5 2 6 A r g e n tin a .............................. 2 0 0 ,0 0 0 R u s s ia ...................................... 9 1 2 ,0 0 0 I n d ia ......................................... 1 ,3 6 0 ,0 0 0 D a n u b ia n .................................................... A u s t r a lia ................................. 3 8 4 ,0 0 0 T o ta ls ............................. 9 ,8 3 0 ,5 2 6 J u ly 18, 1901. B u. 5 ,2 1 1 ,8 0 0 6 8 8 ,0 0 0 7 9 2 ,0 0 0 5 2 0 ,0 0 0 •••••••• 176,0 0 0 J u ly 26, 1900. B u. 2 ,3 6 3 ,7 4 3 1 .7 1 0 .0 0 0 1 .416.000 7 ,3 9 7 ,8 0 0 5,9 6 9 ,7 4 3 440,0 0 0 4 0 ,000 World’ s Corn Shipments. T h e fo llo w in g ta b le e x h ib its t h e e x p o r ts o f C o rn fro m th e le a d in g c o u n trie s fo r th e w eeks e n d in g on th e d a te s n a m e d : J u ly 25, J u ly 18, J u ly 26, 1 901. 1901. 1900. B u. B u. B u. U n ite d S ta te s ..................... 1 ,1 5 5 ,2 7 6 1 ,7 1 4 ,0 8 1 ? -264,745 A rg e n tin a ............................... 2 ,0 6 5 ,0 0 0 2 ,7 8 8 ,0 0 0 1,2 1 5 ,0 0 0 R u is i a ...................................... 187^000 1 4 4 ,0 0 0 229,0 0 0 D a n u b ia n ............................... 1 ,0 2 0 ,0 0 0 1 ,2 4 9 ,0 0 0 450,0 0 0 T o ta ls ............................4 ,4 2 7 ,2 7 6 5,8 9 5 ,0 8 1 5 ,1 5 8 ,7 4 5 Wheat, Flour and Corn on Ocean Passage. T h e fo llo w in g ta b le sh o w s th e q u a n tity o f w h e a t a n d flo u r a n d c o rn o n p a s s a g e to th e U n ite d K in g d o m a n d c o n tin e n t f o r th e p o r ts o f c a ll a n d d ir e c t p o r ts o n th e d a te s m e n tio n e d : A ug. 3, J u ly 27, A ug. 4, 1901. 1901. 1900. U n ite d K i n g d o m 19,4 4 0 ,0 0 0 2 3 .1 5 2 .0 0 0 W h e a t, F lo u r , bu ..............2 2 ,4 7 2 ,0 0 0 6 .6 5 6 .0 0 0 6 .9 7 6 .0 0 0 C orn, bu .............................. 6 ,9 6 0 ,0 0 0 T o C o n tin e n t— 9 .8 8 8 .0 0 0 14.6 2 4 .0 0 0 W h e a t, bu .............................1 6 ,3 9 2 ,0 0 0 7 .6 8 8 .0 0 0 8 .3 5 2 .0 0 0 C o rn , b u .................................. 8 ,1 3 6 ,0 0 0 Stock of Grain in New York. T h e fo llo w in g ta b le e x h ib its th e s to c k o f G r a in in N ew Y ork on th e d a te s n a m e d : A ug. 5, A ug. 4, J u ly 27, A ug. 3, 1899. 1900. 1901. 1901. A rtic le s . 4 .1 8 2 .0 0 0 1 ,9 3 7 ,0 0 0 2,7 9 4 ,0 0 0 W h e a t, bu . . . . .3 ,2 1 4 .0 0 0 1.1 5 3 .0 0 0 8 4 7 .0 0 0 8 0 4 .0 0 0 C orn, bu . . . . . . 8 9 7 ,0 0 0 5 6 4 ,0 0 0 6 1 6 .0 0 0 889.0 0 0 O a ts, bu . . . ___ 7 2 7 ,0 0 0 9 4 .000 144.0 0 0 108.0 0 0 6 3 ,000 R ye. b u . . . .___ 63.000 233.0 0 0 138,000 B a rle y , bu. .___ 172,000 Available Stocks of Wheat and Corn. W h e a t, bu. U . S. e a s t o f “ R o ck ies” . . . . ............. 3 0 ,3 6 9 ,0 0 0 A flo a t o n o c ea n , U . K in g d o m .............2 2 ,4 7 2 ,0 0 0 A flo a t o n o c ea n , C on. E u ro p e .............1 6 ,3 9 2 ,0 0 0 C orn, bu. 12,604,000 6 .960.000 8.1 3 6 .0 0 0 6 9 .2 3 3 .0 0 0 6 7 .0 4 0 .0 0 0 7 6 .9 2 2 .0 0 0 6 9 .3 3 4 .0 0 0 3 0 .0 1 4 .0 0 0 2 9 .9 7 5 .0 0 0 2 7 .700.000 28.7 1 5 .0 0 0 2 6 .6 6 4 .0 0 0 2 5 .7 1 7 .0 0 0 3 0 .5 6 0 .0 0 0 2 6 .0 3 3 .0 0 0 T o ta l, A ug. 5, 1901 2.020.000 P r e v io u s w eek ............... 1 .9 1 7 .0 0 0 2.3 3 2 .0 0 0 2 .5 4 3 .0 0 0 2.8 5 5 .0 0 0 3 .1 5 3 .0 0 0 3 .4 1 5 .0 0 0 3 .3 4 8 .0 0 0 3 .2 3 2 .0 0 0 3 .8 3 4 .0 0 0 3 .7 0 9 .0 0 0 3 .7 1 2 .0 0 0 3 .7 6 5 .0 0 0 3 .6 7 1 .0 0 0 4 .6 3 6 .0 0 0 .3 ,3 0 6 ,0 0 0 .3 ,2 4 9 ,0 0 0 T o ta l, T o ta l, T o ta l, T o ta l, A ug. A ug. A ug. A ug. 6, 7, 8. 9, 190 0 . 1899 . 1898 . . 1897 . . . . . THE COMMERCIAL WEST. Saturday, Aug. io, 1901. Foreign Exports. T h e fo llo w in g w e re th e fo re ig n e x p o rts o f th e a r tic le s n a m e d fro m th e A tla n tic s e a b o a rd p o r ts f o r th e w eek e n d in g o n th e d a te s nam ed: A ug. 4, A ug. 3, J u ly 27, 1900. 1901. 1901. 28 3 ,400 F lo u r , b rls . . ....................... 3 4 5 ,8 0 0 2 6 1 ,0 0 0 2 ,1 6 0 ,0 0 0 W h e a t, b u . . .......................5 ,4 3 4 ,0 0 0 5 ,1 3 3 ,0 0 0 3 ,4 1 7 ,0 0 0 C o rn , bu . . . . ....................... 6 6 3 ,0 0 0 7 9 7 ,0 0 0 1 ,0 1 6 ,0 0 0 O a ts, bu . . . . ....................... 4 5 2 ,0 0 0 6 5 1 ,0 0 0 7 ,000 R ye, bu .......... ....................... 1 4 0 ,0 0 0 9 9 ,0 0 0 9 7 ,0 0 0 3 7 ,0 0 0 2 0 ,0 0 0 B a rle y , bu . . ....................... 3 ,990 2 ,150 P o rk , b rls . . . ....................... 1,800 6 ,3 6 5 ,0 0 0 1 0 ,1 8 2 ,0 0 0 L a rd , lbs. . . . .......................8 ,1 3 3 ,0 0 0 28 ,6 0 4 26 ,645 M ea ts, boxes ....................... 29 ,5 1 3 Cereal Exports with Destinations. 35 M a rc h 28 ......................... 3 ,5 8 2 ,9 4 3 A p ril 4 ...............................2,9 9 0 ,5 4 1 A p ril 11 ............................ 2 ,6 2 3 ,8 8 4 A p ril 18 .............................2 ,136,401 A p ril 25 .............................1 ,3 4 4 ,6 5 6 M ay 2 ................................ 2 ,3 7 1 ,8 9 2 M ay 9 ................................ 1 ,583,831 M ay 16 ..............................2 ,7 0 4 ,5 9 4 M ay 23 ..............................2,2 0 4 ,9 0 2 M ay 3 0 ..............................2,0 3 7 ,3 4 3 J u n e 6 ...............................2 ,4 5 5 ,1 0 2 J u n e 13 ............................ 2 ,5 6 9 ,2 5 4 J u n e 20 ............................ 2 ,4 3 5 ,4 8 7 J u n e 27 ............................2 ,4 5 5 ,4 6 0 J u ly 4 ................................ 2 ,2 4 0 ,9 3 3 J u ly 11 2 ,8 0 0 ,7 3 8 J u ly 18 .............................. 1,7 1 4 ,0 8 1 J u ly 25 ..............................1 ,1 5 5 ,2 7 6 A u g u s t 1 ......................... 5 6 3 ,6 0 4 2,4 1 1 ,4 4 3 3 ,7 2 4 ,6 5 4 2 ,6 6 6 ,1 2 5 3 ,0 9 1 ,9 4 0 2 ,6 1 5 ,0 7 9 2 ,8 4 7 ,2 9 0 2 ,7 6 8 ,6 9 4 2 ,7 5 3 ,4 1 4 3 ,8 4 5 ,8 1 8 3 ,9 2 2 ,4 9 7 3 ,3 3 9 ,8 8 9 3,2 8 5 ,3 0 1 2 ,8 7 2 ,4 3 2 4 ,4 8 2 ,1 1 6 4,0 9 7 ,1 4 4 4,5 5 3 ,7 3 9 3 ,6 6 6 ,2 9 4 3 ,7 0 0 ,3 2 0 5,0 2 7 ,7 0 6 3 ,1 9 3 ,6 3 8 4,3 6 1 ,5 9 1 2,7 9 9 ,4 4 3 3,1 5 8 ,7 4 7 3 ,6 2 0 ,6 6 4 3 ,4 1 1 ,0 1 5 4 ,6 3 8 ,1 4 0 3 ,4 3 7 ,9 9 4 4 ,3 7 4 ,1 4 5 3 .8 8 2 .2 9 4 3 ,0 8 4 ,4 7 4 3 ,6 3 4 ,2 0 5 2 ,5 1 4 ,5 9 3 4 ,0 0 0 ,6 5 4 3 .6 1 4 .2 9 4 4 ,0 2 2 ,0 6 8 4 ,1 8 2 ,1 5 9 3 ,2 6 4 ,7 4 5 3,8 9 0 ,0 0 5 4,5 0 7 ,7 2 2 3 ,5 5 7 ,0 0 0 4,6 6 1 ,1 9 4 3 ,3 6 3 ,4 8 2 4 ,2 1 6 ,0 6 6 6 ,1 8 5 ,9 0 4 6 ,0 7 7 ,2 7 0 5 ,5 5 0 ,5 7 9 6 ,164,451 6 ,6 0 5 ,4 2 3 4 ,7 7 4 ,3 0 3 4 ,1 0 6 ,7 0 6 3 ,902,321 2 ,6 0 1 ,5 6 0 2 ,4 1 1 ,2 7 2 2 ,8 2 2 ,2 4 8 2,8 2 2 ,1 2 8 2 ,601,821 2,8 5 6 ,9 2 3 T h e e x p o rts o f w h e a t, c o rn a n d flo u r fro m th e U n ite d S ta te s a n d C a n a d a (c o a s tw is e s h ip m e n ts in c lu d e d ), w ith p o r ts o f d e s tin a tio n , f o r th e w eek e n d in g J u ly 25, 1901, fo llo w : C o rn . F lo u r . To— W h e a t. L iv e rp o o l .................................. 1,1 1 9 .0 2 4 16 3 ,9 7 4 3 2 ,589 57 ,4 4 1 5 4 ,690 L o n d o n ...................................... 3 8 6 ,7 2 0 Business Failures. ........................................................ 15,752 B ris to l ................................... 2 6 5 ,6 8 2 TH E W E E K’ S FAILURES., UNITED STA TES AND CANADA, REPORTED BT 17 ,1 4 3 3 5 ,742 G la sg o w .................................... 145,071 BR ADSTREETS: ......................................................11,990 L e ith .......................................... 6 4 ,0 0 0 H u ll ........................................... 55 ,8 8 4 ......................................................1,537 Week ending N e w c a s tle .............................. 72 ,1 3 5 17 ,0 5 7 2 ,499 ------- th is weekJ u l y ’ 25, A ug. 1, S ta te s , e tc . ...................................................... 500 M a n c h e s te r ................................................ 1901. 1901. 1900. 1899. 1898. 1897. 53 63 B e lf a s t .......................................................... 45 50 55 M iddle .................... .......... 42 24 27 D u b lin ...................................... 6 4 ,9 3 5 1 7 ,0 0 0 3 ,425 39 34 33 N ew E n g la n d . . . .......... 21 29 16 O th e r U n ite d K in g d o m . . 9 6,201 22 7 16 S o u th e rn ............... .......... 16 67 48 U n ite d K in g d o m , o rd e rs . . 25 2 ,2 3 4 37 45 72 W e s te rn .................. .......... 50 15 12 1 7 0 ,8 9 0 224 N o rth w e s te r n . . . .......... 13 A n tw e rp ................................... 7 0 0 ,3 2 4 8 11 12 17 19 3 9 ,0 7 2 14 ,487 P a c ific .................... .......... 15 H o lla n d .....................................1,1 9 3 ,3 0 9 9 5 9 4 9 1 8 3 ,2 9 9 .................. 11 3 F r a n c e ...................................... 14 3 ,9 4 7 2 3 T e r r ito r ie s ............. .......... G e rm a n y ................................. 61 6 ,0 0 4 2 5 5 ,1 6 6 1,668 214 ......................................................2,719 T o ta ls ............... .......... 160 189 156 P o r tu g a l, I t a l y a n d S p a in 9 ,1 8 0 170 199 41 23 3 0 1 ,9 3 8 6 ,272 C a n a d a .................... .......... 18 26 S c a n d in a v ia ............................ 1 4 4 ,0 0 0 32 29 ......................................................7,750 1 A sia ............................................................... N e w fo u n d la n d . . . ......................................................4,071 T H IS W E E K ’ S FA ILU R E S C L A S SIF IE D AS TO CA P ITA L EM PLOYED. A fric a ............................................................ 8 1 ,4 7 2 4 6 ,2 7 2 W e s t In d ie s ................................................ 4-*O• 7 ,0 1 9 25 ,324 A ll o th e rs .............................. 1 7 3 ,7 3 3 0 56 FINANCIAL. U T o ta ls ..................................5 ,5 0 2 ,3 8 9 1 ,3 1 1 ,4 7 1 2 6 7 .511 S h ip m e n ts to H a m b u rg a n d th e o th e r p o r ts o f G e rm a n y sin ce th e f ir s t o f th e y e a r : W h e a t. C o rn . F lo u r . To B u. B u. B ris . 1 1 ,6 4 5 ,5 8 3 1 1 3 ,234 H a m b u rg ......................... 7 ,2 6 7 ,4 3 9 O th e r G e rm a n p o r ts . . 2 ,1 5 4 ,6 9 0 8 ,0 8 4 ,3 0 9 9 5 ,192 T o ta ls , a ll G e rm a n y 9 ,4 2 2 ,1 2 9 1 9 ,7 2 9 ,8 9 2 States, Etc. © O . 21 . 15 . 43 . 10 . 10 2 0 8 ,4 2 6 Wheat and Flour Exports. R e p o rte d by B r a d s tr e e t’s. T h e q u a n tity o f w h e a t (I n c lu d in g flo u r a s w h e a t) fro m tw e n ty -tw o U n ite d S ta te s a n d C a n a d ia n p o r ts fo r e n d in g w ith T h u r s d a y , is a s fo llo w s, in b u s h e l s : W e e k e n d in g 1901. 1900. 1899. Jan. 3 ............................3,914,301 2 ,5 0 9 ,6 8 2 6 ,8 6 0 ,2 6 8 January 10 ................... 5,961,095 4 ,2 4 8 ,9 2 6 5 ,6 4 7 ,0 7 1 January 1 7 ....................3,336,054 3 .0 6 1 .0 0 0 5 ,1 9 8 ,6 7 1 January 24 ................... 4,838,678 3 ,5 8 1 ,1 9 7 4 ,9 9 7 ,5 2 2 January 31 ................... 3,776,100 2 ,7 2 4 ,9 3 7 6 ,5 8 5 ,4 1 8 February 7 ................... 4,997,813 2 ,9 0 2 ,3 5 7 5 ,7 8 0 ,5 0 0 February 14 ................. 4,814,878 3 ,8 3 4 ,0 6 9 2 ,4 5 4 ,7 7 1 February 20 ................. 3,424,302 3 ,6 6 0 ,8 5 0 3 ,8 4 4 ,3 5 9 5 ,8 1 5 ,5 8 5 February 28 ..................5,233,313 3 ,8 6 3 ,3 8 7 4 ,3 9 8 ,8 2 1 March 7 ........................4,229,528 4 ,2 0 8 ,7 5 8 March 14 ........................4,693,939 2 .7 2 7 .4 5 0 4 .1 1 4 .0 4 6 March 21 ....................... 3,256,644 2 ,9 0 3 ,4 9 5 3 ,7 4 6 ,7 6 1 3 ,9 8 8 ,2 3 8 March 28 ....................... 4,494,635 2 ,9 6 2 ,3 4 9 3 ,3 8 4 ,8 0 0 April 4 ..........................4,698,693 3 ,8 3 6 ,9 6 3 1 ,9 8 3 ,6 1 9 April 1 1 ........................6,405,601 2 ,8 9 6 ,6 5 3 3 .8 9 8 .4 5 1 2 ,9 3 2 ,9 5 9 April 18 ........................5,306,217 3 ,0 2 8 ,4 0 3 April 25 ........................4,282,129 3 ,6 8 3 ,8 6 3 3 ,4 8 4 ,0 8 1 May 2 ............................5,100,763 4 ,5 3 7 ,0 2 2 3 ,4 8 0 ,5 7 4 3 ,2 8 4 ,1 8 2 May 9 ............................4,178,872 2 ,2 1 2 ,2 0 6 M ay 16 3,984,968 5 ,1 7 8 ,4 2 2 3 ,1 9 8 ,3 1 9 May 23 4,796,08*4 3 ,6 9 8 ,9 6 8 3 ,5 9 3 ,0 6 5 M ay 30 ..........................4,138,970 4 ,5 3 3 ,1 4 0 June 6 ............................6,644,644 4 ,2 3 0 ,2 2 1 3 .1 5 8 .0 4 7 June 13 ........................... 5 ,1 5 9 ,1 0 7 4 .6 7 8 .0 0 0 3 ,7 9 9 ,4 7 1 4 ,6 4 5 ,1 8 0 3 ,7 4 6 ,7 1 8 June 2 0 ........................... 5,520,831 June 27 ........................... 4 ,3 6 4 ,1 4 7 3 ,1 8 4 ,1 4 4 3 ,2 6 8 ,9 9 8 J u ly 4 .................................3 ,7 8 7 ,6 3 9 3 ,0 1 8 ,8 3 2 3 ,7 5 8 .9 7 2 J u ly 1 1 ..................................5 ,0 1 6 ,1 4 9 2 ,8 2 9 ,9 1 0 3 ,2 6 3 ,8 1 5 J u ly 18 ...............................5 ,2 2 1 ,8 8 0 3 ,0 2 9 ,3 8 1 3 ,4 0 8 ,0 7 3 J u ly 25 .............................. 6 ,9 7 4 ,5 2 6 2 ,3 6 3 ,7 4 3 3 ,3 6 6 ,4 3 2 A u g u s t 1 .............................6 ,4 6 3 ,3 9 1 3 ,3 2 7 ,0 0 3 4 ,7 1 1 ,6 1 4 A u g u s t 10 ........................................... 3 ,3 1 8 .7 6 0 3 ,6 1 6 ,1 5 4 A u g u s t 17 ........................................... 3 ,1 1 3 ,6 4 1 4 ,0 4 0 ,0 0 9 A u g u s t 24 ............................................ 2 ,6 9 5 ,1 6 8 3 ,3 4 3 ,8 2 5 A u g u s t 31 ............................................ 3 ,2 4 8 ,3 1 3 3 ,6 1 3 ,4 4 3 3 ,3 7 3 ,1 0 0 4 ,3 5 3 ,9 0 6 S e p t. 7 ..................................................... S e p t. 14 ................................................... 4 ,6 6 5 ,9 8 2 4 ,5 3 6 ,5 5 2 S e p t. 21 ................................................... 3 ,5 3 5 ,8 5 7 4 ,0 3 0 ,7 6 5 S e p t. 28 .................................................. 4 ,2 4 2 ,8 1 0 3 ,8 7 2 ,4 5 5 O c t. 5 ........................................................ 4 ,4 5 9 ,1 6 7 5 ,1 8 3 ,3 9 8 4 ,2 9 2 ,8 5 5 4 ,2 6 5 ,6 3 4 O ct. 12 .................................................. 3 ,7 9 6 ,6 4 3 4 ,1 6 0 ,6 1 8 O ct. 19 .................................................. O ct. 2 6 ................................................... 4 ,9 3 2 ,9 7 8 4 ,4 1 6 ,4 9 5 3 ,6 1 2 ,4 2 1 3 ,0 4 6 ,8 5 6 N ov. 2 3 ,5 5 5 ,5 0 7 4 ,6 5 0 ,8 4 2 N ov. 9 N ov. 16 ................................................... 4 ,0 6 2 ,0 2 0 4 ,5 4 0 ,0 0 7 N ov. 23 ................................................... 3 ,8 2 7 .2 9 6 3 ,6 8 8 ,6 7 7 N ov. 30 ................................................... 2 ,4 9 7 ,8 8 0 3 ,6 9 9 ,4 0 0 3 ,4 3 2 ,1 5 9 5 ,1 3 3 ,3 3 1 D ec. 7 ..................................................... 4 ,7 8 5 ,5 7 7 3 ,2 0 8 ,6 4 9 D ec. 14 .................................................. 21 ................................................... 4 ,1 2 3 ,3 5 0 2 ,8 1 3 ,7 1 4 D ec. D ec. 28 ................................................... 3 ,8 6 8 ,1 6 5 3 ,6 1 0 ,5 5 7 e x p o rte d th e w eek 1898. 3 ,4 8 1 ,5 7 4 5 ,2 9 9 ,5 1 6 3 ,7 2 6 ,0 6 7 5 ,0 2 6 ,0 2 4 3 ,6 3 5 ,0 3 4 3 ,4 1 9 ,5 0 5 3 ,8 3 2 ,7 4 4 3 .7 2 2 .4 6 9 3 ,2 5 2 ,0 0 3 4 ,4 8 4 ,7 6 1 3 ,6 7 9 ,0 5 6 3 ,8 9 6 ,3 1 8 3 ,5 5 0 ,6 6 4 3 .7 7 8 .7 2 6 4 ,4 2 5 ,3 0 2 3 ,2 3 2 ,1 0 6 4 ,4 4 9 ,0 0 9 2 ,9 2 3 ,7 7 5 3 ,6 4 6 ,5 4 3 4 ,0 6 4 ,8 3 2 4 ,3 0 9 ,1 3 3 5 ,2 4 8 ,0 8 6 4 ,7 3 0 ,9 8 2 4 ,3 9 6 ,7 8 7 3 .7 9 9 .4 7 0 4 ,7 1 6 ,4 0 1 2 .7 2 8 .6 4 2 2 ,9 1 0 ,8 2 7 2 ,3 0 3 ,4 6 9 2 ,3 7 1 ,8 7 2 4 ,1 1 1 ,3 1 2 3 .9 2 8 .6 0 6 3 ,9 8 8 ,3 4 8 3 ,5 6 3 ,4 7 6 3 ,6 8 7 ,0 4 0 3 ,2 0 0 ,2 0 8 3 ,6 7 5 ,2 91 5 ,2 2 4 ,9 2 7 5 ,3 0 6 ,8 7 9 5 ,4 9 7 ,2 2 4 4 ,7 2 9 ,9 9 5 4 ,2 8 2 ,7 7 3 5 ,5 6 0 ,9 9 1 6 .7 7 3 .6 4 3 3 ,7 7 4 ,6 9 3 5 ,6 7 9 ,1 41 5 .8 2 4 .7 2 6 7 ,4 8 3 ,9 5 9 6 ,8 6 8 ,9 5 2 6 ,2 4 3 ,8 5 9 5 ,5 1 5 ,2 3 1 6 ,2 9 2 ,6 2 5 Indian Corn Exports, in Bushels. R e p o r te d by B r a d s tr e e t’s. Week ending 1901. 1 9 00. 1899. J a n u a r y 3 ........................4 ,4 7 0 ,5 2 1 4 ,0 1 9 ,0 3 6 4 ,8 4 4 ,2 8 8 3 ,3 1 4 ,5 7 6 3 ,2 9 7 ,0 7 2 J a n u a r y 10 ........................4 ,8 9 7 ,3 4 5 J a n u a r y 17 ........................5 ,1 8 4 ,5 5 0 3 ,1 9 9 ,3 1 2 2 ,9 2 8 ,1 9 1 J a n u a r y 24 ........................3 ,9 7 2 ,1 5 2 3 ,5 2 6 ,8 3 4 3 ,6 9 5 ,7 3 3 J a n u a r y 31 ........................3 ,0 0 7 ,7 0 7 3 ,5 9 8 ,9 6 2 3 ,6 9 7 ,7 3 1 F e b r u a r y 7 ........................4 ,1 7 1 ,4 4 0 3 ,4 5 0 ,9 0 9 3 ,8 6 5 ,6 2 2 F e b r u a r y 14 ...................4 ,7 6 0 ,4 2 2 3 ,4 9 0 ,3 3 5 1 ,5 6 0 ,8 4 5 F e b r u a r y 2 0 ...................3 ,2 6 7 ,6 6 8 2 ,8 9 6 ,1 7 5 2 ,8 7 1 ,0 5 7 F e b r u a r y 28 4 ,1 8 5 ,4 4 9 4 ,5 3 3 ,7 3 0 5 ,7 9 4 .8 6 3 M a rc h 7 .............................3 ,9 5 6 ,1 3 7 2 ,1 8 7 ,8 2 4 3 ,7 3 6 ,5 8 6 M a rc h 14 .......................... 3 ,2 4 6 ,5 7 5 3 ,7 2 9 ,2 9 1 4 ,2 1 1 ,3 2 6 M a rc h 21 .......................... 2 ,6 0 5 ,0 8 4 3 ,1 2 3 ,8 4 8 3 ,6 9 9 ,6 2 9 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1898. 3 ,4 5 5 ,4 1 6 4 ,6 4 1 ,7 5 0 3 ,4 8 6 ,7 1 3 4 ,9 6 2 ,5 3 9 4 ,1 0 4 ,9 8 1 4 ,5 0 8 ,0 1 2 5 ,0 5 6 ,5 7 5 3 ,6 9 2 ,7 9 9 5 ,0 5 4 .6 9 4 3 ,2 8 5 .0 5 6 3 ,9 4 1 ,8 7 4 4 ,4 9 6 ,2 5 7 05 2 .134 17 O +J© © ©o ©© ©§ ©© 2 6 ©®- O©* 2.0 OH if.hV, 0Co»o W 9l09- W 1 7 i 4 1 4 1 2 2 OO <=>n 00 010 vH09 §o ! oH0 cT-O ®© o a mat r—a a 1 42 21 16 50 13 i 15 i 3 1 1 160 18 1 c e n t, o f th e t o t a l n u m b e r of I n th e U n ite d S ta te s a b o u t 83 p e r c o n c e rn s f a ilin g h a d $ 5 ,000 c a p ita l o r le ss a n d 11 p e r c e n t h a d fro m $ 5 ,000 to $ 2 0 ,0 0 0 c a p ita l. 18 6 Comparative Prices of Staples .35©$ 3.45 74®74% 60% C orn, No. 2 m ix e d ... 38 O a ts, No. 2 ................... 59% R ye, No. 2 w e s t e r n ... 8 1-16 C o tto n , m id . u p l d . . .. P r in tc lo th s , 64x64___ 2% 24 W ool, O hio & P a . X .. 25@26 P o rk , m ess, n e w ................. $15.50@$16.50 L a rd , p rim e, c o n t’t ........... 9.00 B u tte r, ex. c re a m e ry ......... 20% C heese, S ta te L . C. F ........ 9% S u g a r, c e n trif 96................ 4% 6 S u g a r, g r a n u la te d ............. 5,45 Coffee, No. 7, jo b ’g l o t s . .. 614 P e tro le u m , rfd g a l.. ....... 7.50 ♦ Iron, B ess, p ig ........ . . . . 15.25 ♦S teel b ille ts , t o n . .. ....... 24.00 . . . . 28.00 S te e l r a i l s ........... C o p p er, la k e in g lb . ....... 16% 4.37% L e a d , l b ...................... 27.75 T in , lb .......................... ....... ♦ P itts b u rg . J u ly 26. 1901. $ 3.35@$ 3.45 76% 59% 40% 59 8% 2% 24 25©26 $15.50@$16.50 8.90 2014 9% 4 3-16 5.35 614 7.50 15.25 24.00 28.00 17.00 4.37% 27.85 Ausr. 3, 1900. $ 3.60@$ 80% 43% 26 54% 9% 3 13-: 27 30@31 7.12% 19% 9% 1% 6.10 9% 7.85 16.50©17.00 19.00@19.50 35.00 16.00 4.10 32.12 LIVE S T O C K . T he fo llo w in g ta b le e x h ib its th e re c e ip ts of live sto ck a t th e p rin c ip a l W e ste rn m a rk e ts d u rin g th e p a s t w eek, w ith c o m p a ris o n s: Cattle. Hogs. Sheep. C h icag o .............................. K a n s a s C ity .................... O m a h a ............................... S t. L o u is ......................... ............... 5 9 ,400 ............... 3 7 ,900 ............... 12,300 ............... 2 3 ,300 153 ,5 0 0 6 5 ,400 4 5 ,200 3 1 ,7 0 0 8 5 ,2 0 0 2 9 ,2 0 0 3 3 ,600 9,500 T o ta l ......................... P r e v io u s w eek ............... T w o w eeks a go ............. C or. w eek, 1900 .......... C or. w eek, 1899 .......... C or. w eek, 1898 .......... C or. w eek, 1897 .......... C or. w eek, 1 896 .......... C or. w eek, 1895 .......... ............... 132,900 ............... 194,100 ............... 139 ,0 0 0 ............... 121,400 ............... 105,500 ............... 102,800 ............... 130 ,6 0 0 ............... 112,900 ............... 129,000 295 ,8 0 0 343,0 0 0 3 7 5 ,8 0 0 211,6 0 0 2 0 1 ,6 0 0 2 5 6 ,9 0 0 297,3 0 0 162,6 0 0 112,100 157,500 128,9 0 0 147,9 0 0 100,2 0 0 105,6 0 0 9 7 ,200 9 7 ,4 0 0 9 4 ,1 0 0 9 9 ,800 Exports of Hog Products. E x p o r ts o f p o rk , la r d a n d b a co n fro m th e A tla n tic p o r ts w ith th e n a m e s o f th e m a r k e ts to w h ic h e x p o rte d , f o r th e w eek e n d in g A ug. 3, 1 9 0 1 : P o rk . b rls . L a rd , lbs. M e a ts, bxs. 2 2 ,9 9 0 L iv e rp o o l ................................................ 3 3 0 2 ,2 7 1 ,0 0 0 735 697,0 0 0 L o n d o n ................................................... 100 1,440 G la sg o w .............................................................. 2 0 9 ,0 0 0 1,030 B r is to l ................................................................ 4 5 ,000 1,700 O th e r E n g lis h p o r ts ....................... 30 1,5 6 9 ,0 0 0 845 A n tw e rp ............................................................. 629,0 0 0 100 G e rm a n y ........................................................... 9 3 4 ,0 0 0 325 H o lla n d .............................................................. 381 ,0 0 0 F r a n c e ................................................................ .................. ' ‘ ‘ 3(3 O th e r C o n tin e n ta l ....................................... 837,0 0 0 318 E ls e w h e re .............................................. 1,340 561,0 0 0 T o ta l ............................................. 1,800 8 ,1 3 3 ,0 0 0 29,513 THE COMMERCIAL WEST. 36 Saturday, Aug. io, 1901. The Week's Bank Clearings. C o m p a re d w ith A ug. 2, 1900. P e r C en t. W eek e n d in g A ug. 1. 1901. In c . Dec. 4 8 .8 N ew Y ork ___ $ 1 ,1 2 5 ,5 5 6 ,8 5 2 1 3 6 ,5 9 5 ,0 7 2 1 2 .3 C h icag o .......... 1 2 0 ,3 3 2 ,9 8 4 1 6 .6 B o sto n ............. 1.0 8 0 ,9 0 9 ,7 3 6 P h ila d e lp h ia . . 3 8 ,5 8 3 ,0 5 0 3 8 .8 S t. L o u is . . . . 3 5 ,2 7 9 ,4 4 1 7 .6 P it ts b u r g .... 6 .0 1 9 ,5 5 8 ,1 7 5 B a ltim o re . . . . 2 4 ,4 9 8 ,0 4 5 1 5 .9 S a n F r a n c is c o . 1 5 ,9 6 0 ,1 0 0 1 6 .5 C in c in n a ti . . . . 1 9 ,3 6 9 ,1 6 9 4 4 .2 K a n s a s C ity . . 9 ,2 5 8 ,7 1 0 1 2 .2 M in n e a p o lis . . 1 2 ,5 9 1 ,4 6 2 1 7 .3 C le v e la n d . . . . 5 .2 6 ,5 1 2 ,9 0 4 N ew O rle a n s . 1 0 ,1 1 5 ,3 4 2 2 4 .5 D e tr o it ............. 7 ,8 9 8 ,7 6 3 L o u isv ille . . . . 9 ,9 9 5 ,4 0 1 ¿ 5 . 2 I n d ia n a p o lis . . 5 ,8 4 4 ,0 9 4 1 .4 O m a h a ............. 5 ,7 0 8 ,9 1 8 8 .2 M ilw au k e e . . . 5 ,2 8 9 ,2 7 8 4 .5 B u ffa lo ............. 3 .5 4 .4 4 4 ,3 8 9 S t. P a u l .......... 1 8 .3 2 ,8 6 9 .1 3 8 Savannah . . . . 1 2 .0 3 ,7 1 4 ,7 9 2 D e n v e r ............. 5 ,6 8 2 ,0 1 2 5 5 .0 S t. J o s e p h . . . 4 ,6 7 5 ,9 2 6 3 9 .5 R ic h m o n d . . . . 8 .4 1 ,9 3 1 ,6 9 7 M em p h is .......... 1 7 .3 2 ,2 6 3 ,8 6 2 S e a ttle ............. 3 .4 2 ,1 3 3 ,7 8 7 W a s h in g to n . . 5 .6 2 ,2 8 7 .2 4 8 H a r tf o r d .... 2 ,2 7 7 ,7 5 7 1 7 .7 L m A n g e les . . 3 ,1 2 9 ,5 9 0 5 7 .0 S a lt L a k e C ity . 4 .4 2 ,5 1 2 ,8 4 2 T oled o ............... 1 ,8 1 6 ,9 7 9 1 8 .3 P o r tla n d , O r e .. 5 .4 2 ,0 8 3 ,2 6 3 F o r t W o rth . . 3.i 1 ,2 3 3 ,9 7 1 D es M o in es . . 3 .7 1 ,2 3 7 ,8 3 5 G ra n d R a p id s . 9 3 3 ,6 5 2 2 2 .1 S io u x C ity . . . 8 7 9 ,1 9 0 1 .8 S p o k a n e .......... 1 ,0 6 8 ,5 1 5 1 8 .0 .......... Tacom a 2 .4 8 9 0 ,1 2 9 D a v en p o rt . . . 9 8 5 ,8 4 5 Ì 7 . 6 T o p e k a ............. 7 .3 66 0 .9 7 9 H e le n a ............. 4 9 5 ,3 8 0 i .8 W ic h ita .......... 2 4 7 ,4 1 4 2 .8 F a rg o . N . D. . . 3 .4 15 1 ,8 8 0 S io u x F a lls ,S .D . 1 3 8 ,1 7 8 1 7 .8 F r e m o n t, N eb.. 5 ,2 7 3 ,0 0 0 9 .8 G a lv e s to n . . . . 6 ,7 3 9 ,0 5 2 4 0 .4 H o u s to n .......... 7 1 7 ,6 1 7 C o lo ra d o S p g s . T o ta ls . TJ. S. 1 ,7 7 3 ,3 6 5 ,2 9 6 3 3 .5 6 4 7 .8 0 8 ,4 4 4 1 3 .1 T o .,o u tsid e N .Y . D O M IN [ON O F CA N A D A . 1 5 .1 9 9 ,0 5 6 2 0 .4 M o n tre a l .......... 1 0 ,1 8 7 ,0 3 6 1 5 .0 T o r o n to .......... 8 .2 2 ,0 5 7 ,9 0 6 W in n ip e g . . . . 1 .2 1 ,6 4 7 ,9 9 9 H a lif a x ............. 8 1 1 ,6 6 9 V a n c o u v e r, B.C 7 3 7 ,8 0 4 5 .2 H a m ilto n .... 7 0 1 ,4 1 7 S t. J o h n , N .B . 5 7 1 ,7 6 5 V ic to ria , B. C . 1 ,2 0 4 ,9 9 5 Q uebec ............. T o ta ls .......... 3 1 ,9 1 4 ,0 5 2 15. Ó 8 .3 1 2 .5 Security Mutual Life Insurance Co. OF BINGHAM TON, N . Y. Policies may be registered with the Insurance Department, and the reserves thereon guaranteed by special deposit with the State. A ssets D etcm ber 31, 1 9 0 0 ........................................................................................ $ 1 ,0 0 5 ,3 8 6 .2 2 L ia b ilities, in clu d in g R eserve-A ctuaries 4 per c e n t........................................ 3 5 9 ,7 1 9 .6 6 S u r p lu s .......................................................................................................................... $ 6 4 5 ,6 6 6 .4 6 In su ra n c e in f o rc e .......................... ........................................................................... 3 0 ,4 7 7 ,4 0 1 .0 0 RECORD FOR iqoo . In cre ase in A ssets............................................................................................................. 21 p e r ce n t In cre ase in S u rp lu s ........................................................................................................... 13 p e r cen t D e s i r a b l s O p e n i n g s In t h e N o r t h w e s t for R e l ia b l e M e n . A ddress Offices N orthw estern D epartm ent, 917 Guaranty Building, L. K. THOMPSON, Manager. Minneapolis, Minn. Better Than Government Bonds The New Contract issued by the Northwestern Mutual Life Insurance Company of Milwaukee, Wis., combines in one contract all the desirable features that you can purchase. This single Contract combines in itself these advantages : Life insurance for your w ife if yon die. Annual Income t ill you die. Endowment Insurance for yourself if you liv e . Then Annual Income to w ife t ill she dies. Then fu ll face amount to children. F o r in fo rm a tio n a d d re ss, I. KAUFMANN, General Agent, 2 1 0 -2 1 7 B a n k of C om m erce B uilding, MINNEAPOLIS, MINN. 1 3 .7 Life Insurance. There is a value im life insurance not ordinarily taken into account by the mem who solicit business, nor yet by the men insured. It is the self-confidence or the calmness of mind induced by the knowledge that one’s family is insured against poverty by reason of his possi ble taking off. One of the requisites to the best work is freedom from worry. The man with a dependent family, and with the aver age love for his family, cannot but be under constant, though perhaps not constantly conscious, mental strain be cause of his duty toward them. These are spurs to duty that make some men more efficient and perhaps more roundly successful. But such a spur must not be a constant thorn in the side, nor yet an unintermitted low irritant. The best continuous work is done when the worker is not care free, but free from fret. And no right minded man can be wholly free from fret if he knows his sudden death will leave de pendent friends in financial distress, Avhich distress he by present fore thought might ward off. So the in sured man’s earning capacity, other things being equal, is larger than that of the uninsured man. Beyond all this the foolishness of taking risks when risks can be guarded against is not to the credit of the un insured man. No business enterprise is reckoned good that has not provided in its plan against possible disaster. The bank that would aspire to handle other people’s funds must by law carry a cer tain cash reserve. The same principle should apply to individuals, and no such reserve is so cheaply carried as is good, safe life insurance. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis ^ THE NEW POLICY, j* j» Of the S T A T E M U T U A L L I F E ASSU R AN C E C O M P A N Y o f W orcester, M ass., meets every requirement o f the insurer F o r very cheap insurance the term policy a t the lo w est possible c o s t ; is convertible into a n y other form o f policy w ith o u t medical ex a m in a tio n ; for plain perm anent life insurance w ith o u t in vestm ent, the ordin ary life p o lic y ; cost steadily reduces b y dividends and has annual cash and paid-up values so th a t a t an y time even a life p olicy is really an endowm ent policy for a p rop ortionate su m ; limited paym ent life policies are the same except th a t th ey are paid-up during the stated term, and the cash surrender values o f a lim ited paym ent life policy w ill ab ou t equal the pre miums paid. F o r those w ho desire investm ent insurance the S ta te M u tu al endow m ent policy is unsurpassed. T h e i r r e t u r n s as a n in v e s t m e n t equal a savings ban k or governm ent bonds, and the c a s h v a l u e s in c r e a s e so r a p id l y th a t in a few years the annual increase in value exceeds the annual cost. Age an d ad d re ss to th e u n d ersig n ed w ill secure a fac-sim ile of a n y fo rm of policy w hich is desired w ith full e x p la n a tio n . C. W. VAN T U Y L , Gen. A g e n t , 5 0 5 -9 L u m b e r E xchange. ....NEVER FORGET.... That The NATIONAL LIFE INSURANCE COM PANY, of Montpelier, Vt., is recognized as having furnished for more than fifty years and is still fur nishing “ THE BEST INSURANCE IN THE WORLD” at the least cost. To have the BEST you must have a policy in THE NATIONAL LIFE, of Vermont. WM. H. M URPHY & SON, GENERAL MANAGERS. MINNEAPOLIS, MINN. Send Date of Your Birth to H A R T F O R D LIFE I N S U R A N C E C O . of Hartford, Conn. SAM UEL JOHNSTON, Northwestern Manager. Ninth Floor Guaranty Building, MINNEAPOLIS, MINN. TH E COM M ERCIAL W EST. Saturday, Aug. io, 1901 Dominion Line to Europe BOSTON, QUEENSTOWN, S. COM M ONW EALTH — COMMERCIAL LAW & ADJUSTMENT CO. LIVERPOOL. Fast Twin Screw Passenger Steamers S. 37 S.S.NEW 23=38 Loan and T ru s t Bldg. M I N N E A P O L I S , MI N N . Law, Collections and S u r e t y B o n d s . E N G L A N D — (n e w 1898) 575 f e e t l o n g ; 11,600 to n s (n e w 1900) 600 f e e t lo n g ; 13,000 to n s S E A S IC K N E S S IS R E D U C E D T O A M IN IM U M ON T H E S E V E S S E L S B E C A U S E O E T H E I R S T E A D Y P O I S E I N H I G H S E A S GEORGE C. STORER, President. P O R T L A N D T O L I V E RP O O L. S. S. D O M IN IO N . S. S. V A N C O U V E R . Unexcelled Service. THE S. S. C A M B R O M A N . Moderate Rates. T. H. LARKE, Gen’l Northwestern Agent, 127 South Third Street, Minneapolis, Minn. G u a ra n ty B id ’ g. Charles R. Fowler & William B. Henderson, Counsel and Attorneys. Harrison & Smith Co P r in te r s , L i th o g r a p h e r s , B la n k Book M a n u fa c tu re rs , E le v a to r B l a n k s a n d B n n k S u p p lie s t o o r d e r . E s t i m a t e s C h e e r f u l ly f u r n is h e d . KANSAS CITY SOUTHERN RAILWAY. ARTHUR R PORT “ S T R A I G H T 4 S THE C RO W FLI ES ” BETWEEN K A N S A S CITY A N D THE G U L F . Double Daily Train Service. F A S T E S T R O U T E 624-626-628 South 4t Street, MINNEAPOLIS. t o P i t t s b u r g , K a n . ; J o p l i n , M o .; F t , S m i t h , A r k .; “T e x a r k a n a , T e x .; S h r e v e p o r t , L a . ; B e a u m o n t , T e x . a n d L a k e C h a r l e s , L a . Only Direct Line to the Beaumont-Port Arthur Oil District. T h r o u g h P u l l m a n S le e p e r s t o S h r e v e p o r t , B e a u m o n t , P o r t A r t h u r , H u s t o n a n d G a lv e s to n . D ire c t c o n n e c tio n s fo r t h r o u g h b u s i n e s s t o a ll p o in ts in T E X A S , O K L A H O M A A N D T H E IN D IA N T E R R I T O R I E S . V is it th e f a m o u s A r k a n s a s H e a l th R e s o r ts — S ilo a m S p r in g s a n d S u lp h u r S p r in g s . C h e a p r a t e s t o th e a b o v e r e s o r ts a ll th e y e a r. : : : : : : : : : : : : : : : : • F o r f u r t h e r p a r t i c u l a r s a p p l y to D uton,E»Lic?t” 1£Ast'' S. G. Warner, D.H. Northern Wisconsin "fHE /h in n e a p o li Chicago Great W estern FOR S A L E . Railway. NEW SHORTUNI 0MÂH NEW TRAINS QUICK SERVICE Three “ Limited” Trains daily making connection at Chicago with all Eastern Trains. Cheapest rates and Superb Service via R A I LW A Y FARM LANDS S t . In o u ï s ’ T H E PAN AM ERICAN EXPOSITION LvhlfhiJ <?«AM Lv.Mpls. W M Hr Omhd WM «VAN A.ß.CatLi e.p. The Mines of Montana, Idaho, Oregon and Washington a r e le g iti m a t e a n d im m e n s e ly p ro fita b le b u s in e s s e n te rp ris e s . If in te r e s te d in M in in g i n v e s t ig a t e th e N o r th w e s t. G R E A T NORTHERN RY. Short route to the Northwest. Information and Rates, 413 Broadway. N. Y . F. I. W hitney, G. P. & T . A ., St. Paul, Minn. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis The Chicago, St. Paul, Minneapolis & Omaha Railway has choice farm lands for sale in northern Wisconsin, at low prices and easy terms of payment. Early buyers will secure the advan tage of locations on the many beautiful streams and lakes, which abound with fish and furnish a never ending and most excellent water supply, both for family use and for stock. Land is generally well timbered, the soil fertile and easy of cultivation and this is rapidly developing into one of the greatest sheep and cattle raising re gions in the northwest. Chicago, Milwaukee, St. Paul, Minne apolis, Duluth, Superior, Ashland and other towns on “ The North-Western Line” furnish good markets for stock and farm produce. For further particulars address: GEO. W. B ELL, Land Commissioner, Hudson, Wis., or G. H. M acRAE, Ass’t Gen’l Pass. Agent, St. Paul, Minn. A sk for Folder, containing maps of Buffalo and Exposition Grounds, and complete information in regard to Hotels, Boarding Houses, Rates, etc. J. P. ELM EFL. Gen’I Passenger Agt., CHICAGO, ILL. Our Cotton Exports. The fiscal year just closed shows the largest cotton export as measured in money value, ever shown by this coun try. The cotton exports from the Unit ed States for 1901 fell below the years 1895, 1898 and 1899 in amount, but the price was better and the total received for the raw cotton exported was $313,673,443 as against the highest previous record odf 1891, which was $290,712,898. The quantity of cotton exported in the years of highest record since 1880 are as follows: Y e a r—- 1881 1890 1892 1895 1898 1899 1900 1901 Q u a n tity . P o u n d s. 2 ,190,928,772 2 ,471,799,853 2 ,935 ,219,811 3,517,433,109 3 ,850 ,264,295 3 ,773,410,293 3 ,100,583,188 3,330,890,448 . . . . H O M E S E E K E R S ’ E X C U R S IO N S SOUTH F IR S T AND T H IR D TU ESD A Y O F EA C H M O N TH . 38 T H E COM M ERCIAL W EST. The PENMAN TANK and BOILER WORKS East Chicago, ______ Indiana. Iron and Steel Oil and Grain Storage Tanks. Boilers and Stacks, Standp i p e s and Car T a n k s . L A R G E S T O C K C O N T I N U A L L Y ON H A N D F O R IM M E D I A T E S H I P M E N T . Saturday, A ug. io, 1901. The Barnett & Reco rd C o m p a n y . Engineers and General Con tractors. M IN N E A P O L IS , MINN. Grain Elevators, Docks and Heavy Structures. Our S p e c i a l t i e s : Gr a i n Elevators of Steel and Tile. S* H. Tromanhauser BUILDER OF GRAIN ELEVATORS. S ° B u ild in g .ûlX MINNEAPOLIS, niNN. Advances Made on Consign ments. Cor respondence Sol i ci t ed. Up-to-Date C ountry E levators, Transfer and C lean in g Houses. Iv. O . H I C K O K , Grain Elevator Builder, 517 G u a ra n ty L o a n B ldg., Hinneapolis, ■= O ver T h irty Y ears Experience. Correspondence Solicited. Long Distance ’Phone Main 1406. Minn. STATE BANK OF KNOX, KNOX, N. D. NEGOTIATE MORTGAGES ON B E ST FA R M S IN BENSON AND PIE R C E COUNTIES L o a n s r u n fr o m $ 4 0 0 t o $800 p e r 1 6 0 a c r e s . S a m e f a r m s s e l l i n g f o r $ 1 ,2 0 0 t o C o r r e s p o n d e n c e w i t h in v e s t o r s is s o li c i t e d . $ 2 ,5 0 0 . G. B. Gunderson & C o m p a n y , GRAIN COMMISSION M E R C H A N T S B o a rd of T ra d e , - - D U L U T H , M !N N . 33 C h a m b e r of C o m m erce, M IN N E A P O L IS . Berger-Critt e n d e n Company. GRAIN COMMIS S IO N M E R C H A N T S . 49 Chamber of Commerce, M I L W A U K E E , WI S. S P E A R SAM PLE EN V E LO PE. P E R F E C T L Y SAFE. M A N U F A C T U R E D BY H E Y W O O D M FG. COMPANY, J f f iS « 1.*: J. W. Mi d d l e t o n , P U B L IS H E R INTERSTATE C O R PORATION RECORD C o n ta in in g O rg a n iz a tio n P ro c e e d in g s, ByL a w s, S e c re ta rie s ’ M in u te s, S to c k R ecords a n d D iv id e n d s. STOCK C E R T I F I C ATES, B O N D S, U . S. LO C K SE A L. 167 D e a r b o r n S t r e e t C H I C A G O https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Saturday, A u g. io, 1901. TH E COM M ERCIAL W EST. 39 The Van DusemHarrington Co. COMMISSION MERCHANTS. Grain Live Stock MINNEAPOLIS and DULUTH. SOUTH ST. PAUL. The Peavey System of Graie Elevators F. T. Heffelfinger. F. B. Wells. Frank H. Peavey, George W. Peauey. ■ G r a in E l e v a to r s w ith th e l a r g e s t a n y E l e v a t o r S y s te m in th e s t a t e s , 3 5 ,8 0 0 ,0 0 0 b u s h e ls . E m b ra c e s th e g r e a t e s t n u m b e r o f a g g r e g a t e s t o r a g e c a p a c ity o f w o r ld . T o t a l c a p a c ity in e ig h t HEADQUARTERS: MINNEAPOLIS, MINN. BRANCH Chicago. O F F IC E S : Duluth. Kansas City. Omaha. “ Ceresota” Flour ^ wide reputation for uniformity of quality* Manufactured by The Northwestern Consolidated Milling Co., MINNEAPOLIS» D a ily Capacity, 18,000 Barrels. M IN NESO TA . Pillsbury-Washburn FLOUR AU LLS COMPANY. L hnited. Henry L. MINNEAPOLIS, cMa.na.ger. M INN., U. S. A. 9 9 9 9 9 Capacity, 3 0 ,0 0 0 Barrel per Day. GOLD MEDAL FLOUR. Manufactured by WASHBURN-CRGSBY CO., MINNEAPOLIS, MINN. v s' 9 V Daily.Capacity, 25,000 Barrels. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis T H E COM M ERCIAL W EST. 40 H. P O E H L E R C O M P A N Y , E s ta b lis h e d 1855. I n c o rp o r a te d 1893. GRAIN COMMISSION MERCHANTS, Saturday, Aug. io, 1901. Milraine, Bodman & Co., STOCKS, BONDS, GRAIN, PROVISIONS, C O T TO N . M in n e a p o lis a n d D u lu th . Also member of Chicago Board of Trade and member of Milwaukee Chamber of Commerce. 5 (St 7 Board 0/ Trade, Chicago. The National Bank of Commerce NEW YORK OFFICE: 401 PRO DUCE EXCHANGE. MINNEAPOLIS, MINN. C apital and Surplus, - O F F IC E R S : S. A. H A R R IS , P re s id e n t. H . H . TH A Y ER , V ic e-P re sid en t. $ 1,20 0 ,0 0 0 .0 0 A. H . CRA N E, C a s h ie r. W . S. H A R R IS , A s s is ta n t C a sh ie r. SCHWARTZ, DUPEE & COMPANY S B o n d s , 210 r a i n M erchants’ E x change, St. L,ouis. Eshelman= Burdon Co. Washington Building, SEATTLE. W rite u s fo r reliable information a b o u t m in in g p ro p e rtie s in th e In d e x (W a sh .) a n d W e s te rn W a s h in g to n d is tric ts . O ffical b ro k e rs fo r th e C he la n T r a n s p o rta tio n & S m e ltin g Co., C h elan , W a s h in g to n . t o c k s , B M i n n e a p o li s O ffice: J . C. U e r h o e f f , M a n a g e r . GENERAL AGENTS INDEX TO WNSITB CO. . R efe re n c e s: P u r i t a n T r u s t Co., B os to n , M a ss.; B o sto n N a tio n a l B an k , S e a ttle . Il IO W all Street and A s|| tor Court, New YorR.»? G E O . B. L A N E 'D E A L E R IN ' COMMERCIAL P A P E R a Nn L O C A L S T O C K S AND : : : BONDS. : : : We give special attention to out-of-town speculative accounts. Our private wires and our connections with all of the principal exchanges enable us to give prompt and accurate service. Cor respondence invited. JAMES DORAN & CO., * l S K S 5 5 S r ST. PAUL, MINN. MINNEAPOLIS, MINN. ANY REFERENCE: B A N K IN M I N N E A P O L I S . N e l s E n g e , P r e s t. N . O . W e r n e r , V -P res. O. A. W e r n e r , Sec’y a n d T rea s. Minnesota Grain Go. SEATTLE IS GROWING! , , I t s g r o w th is ra p id h u t h e a lth y natur a l and perm anent. In v estm en t C on d i tions are ideal even for the m o st con servative in vestor. W rite for Information to the R ec e iv e rs a n d S h ip p e rs of W H EA T, COARSE GRAIN A N D FLAX SEED. * O rd e rs fo r fu tu r e d e liv e ry e x e c u te d in a ll m a rk e ts . Board of Trade, Duluth, Minn. Corn Exchange, Minneapolis, Minn. Ref: Sw. Am. N st’l B ark. Moore Investment Company, 112 Columbia Street, SEATTLE, WASH. C. A. SMITH, Pres’t. A. R. ROGERS, Vice-Pres't. C. A. SMITH LUMBER CO. M A N U F A C T U R E R S AND D E A L E R S IN Lumber, Lath, Shingles. Office, Mill and Yard, 44th Avenue North and Lyndale. MINNEAPOLIS, https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Farm Lands. E. ANDERSON, Treas. G. H. ROGERS, Sec y - MINNESOTA. W ild a n d Im p ro v p d L a n d s in a ll th e c o u n tie s in th e R e d R iv e r V alley of M in n eso ta, fro m $6.00 to $25.00 p e r a c re . S p e c ia l in d u c e m e n ts to in v e s to rs p u rc h a s n g la rg e tr a c ts W e a re a lso c o m p a n y ’s a g e n t fo r th e G re a t N o rth e rn R a ilw a y la n d s w ith m a in office a t S t. P a u l. B ra n c h offices a t A da, C ro o k sto n , W a r re n , S te p h e n a n d H a llo c k , M inneso ta. John Grove Land and Loan Third Street, Company 183ST.East PAUL, MINN.
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